Document_and_Entity_Informatio
Document and Entity Information (USD $) | 12 Months Ended | ||
In Billions, except Share data, unless otherwise specified | Dec. 31, 2013 | Feb. 12, 2014 | Jun. 28, 2013 |
Document and Entity Information | ' | ' | ' |
Entity Registrant Name | 'FLUOR CORP | ' | ' |
Entity Central Index Key | '0001124198 | ' | ' |
Document Type | '10-K | ' | ' |
Document Period End Date | 31-Dec-13 | ' | ' |
Amendment Flag | 'false | ' | ' |
Current Fiscal Year End Date | '--12-31 | ' | ' |
Entity Well-known Seasoned Issuer | 'Yes | ' | ' |
Entity Voluntary Filers | 'No | ' | ' |
Entity Current Reporting Status | 'Yes | ' | ' |
Entity Filer Category | 'Large Accelerated Filer | ' | ' |
Entity Public Float | ' | ' | $9.60 |
Entity Common Stock, Shares Outstanding | ' | 160,347,488 | ' |
Document Fiscal Year Focus | '2013 | ' | ' |
Document Fiscal Period Focus | 'FY | ' | ' |
CONSOLIDATED_STATEMENT_OF_EARN
CONSOLIDATED STATEMENT OF EARNINGS (USD $) | 12 Months Ended | ||
In Thousands, except Per Share data, unless otherwise specified | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 |
CONSOLIDATED STATEMENT OF EARNINGS | ' | ' | ' |
TOTAL REVENUE | $27,351,573 | $27,577,135 | $23,381,399 |
TOTAL COST OF REVENUE | 25,986,382 | 26,692,138 | 22,232,483 |
OTHER (INCOME) AND EXPENSES | ' | ' | ' |
Corporate general and administrative expense | 175,148 | 151,010 | 163,460 |
Interest expense | 26,887 | 28,238 | 15,601 |
Interest income | -14,443 | -27,756 | -31,961 |
Total cost and expenses | 26,173,974 | 26,843,630 | 22,379,583 |
EARNINGS BEFORE TAXES | 1,177,599 | 733,505 | 1,001,816 |
INCOME TAX EXPENSE | 354,573 | 162,438 | 303,729 |
NET EARNINGS | 823,026 | 571,067 | 698,087 |
LESS: NET EARNINGS ATTRIBUTABLE TO NONCONTROLLING INTERESTS | 155,315 | 114,737 | 104,359 |
NET EARNINGS ATTRIBUTABLE TO FLUOR CORPORATION | $667,711 | $456,330 | $593,728 |
BASIC EARNINGS PER SHARE (in dollars per share) | $4.11 | $2.73 | $3.44 |
DILUTED EARNINGS PER SHARE (in dollars per share) | $4.06 | $2.71 | $3.40 |
SHARES USED TO CALCULATE EARNINGS PER SHARE | ' | ' | ' |
Basic (in shares) | 162,566 | 167,121 | 172,501 |
Diluted (in shares) | 164,354 | 168,491 | 174,564 |
DIVIDENDS DECLARED PER SHARE (in dollars per share) | $0.64 | $0.64 | $0.50 |
CONSOLIDATED_STATEMENT_OF_COMP
CONSOLIDATED STATEMENT OF COMPREHENSIVE INCOME (USD $) | 12 Months Ended | ||
In Thousands, unless otherwise specified | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 |
CONSOLIDATED STATEMENT OF COMPREHENSIVE INCOME | ' | ' | ' |
NET EARNINGS | $823,026 | $571,067 | $698,087 |
OTHER COMPREHENSIVE INCOME (LOSS), NET OF TAX: | ' | ' | ' |
Foreign currency translation adjustment | -46,901 | 29,703 | -40,118 |
Ownership share of equity method investees' other comprehensive income (loss) | 10,745 | 563 | -23,791 |
Defined benefit pension and postretirement plan adjustments | -5,573 | -91,155 | 58,451 |
Unrealized gain (loss) on derivative contracts | 1,384 | 1,298 | -12,342 |
Unrealized gain (loss) on available-for sale securities | -778 | 85 | -445 |
TOTAL OTHER COMPREHENSIVE LOSS, NET OF TAX | -41,123 | -59,506 | -18,245 |
COMPREHENSIVE INCOME | 781,903 | 511,561 | 679,842 |
LESS: COMPREHENSIVE INCOME ATTRIBUTABLE TO NONCONTROLLING INTERESTS | 154,543 | 113,789 | 109,095 |
COMPREHENSIVE INCOME ATTRIBUTABLE TO FLUOR CORPORATION | $627,360 | $397,772 | $570,747 |
CONSOLIDATED_BALANCE_SHEET
CONSOLIDATED BALANCE SHEET (USD $) | Dec. 31, 2013 | Dec. 31, 2012 |
In Thousands, unless otherwise specified | ||
CURRENT ASSETS | ' | ' |
Cash and cash equivalents ($488,426 and $411,550 related to variable interest entities ("VIEs")) | $2,283,582 | $2,154,541 |
Marketable securities, current ($64,084 and $30,369 related to VIEs) | 186,023 | 137,127 |
Accounts and notes receivable, net ($220,705 and $193,354 related to VIEs) | 1,274,024 | 1,242,691 |
Contract work in progress ($238,895 and $221,897 related to VIEs) | 1,740,821 | 1,942,679 |
Deferred taxes | 245,796 | 249,839 |
Other current assets | 273,437 | 367,260 |
Total current assets | 6,003,683 | 6,094,137 |
PROPERTY, PLANT AND EQUIPMENT | ' | ' |
Land | 88,763 | 51,644 |
Buildings and improvements | 458,582 | 453,484 |
Machinery and equipment | 1,474,932 | 1,461,307 |
Construction in progress | 51,601 | 17,329 |
Gross property, plant and equipment | 2,073,878 | 1,983,764 |
Less accumulated depreciation | 1,106,925 | 1,032,509 |
Net property, plant and equipment ($87,774 and $105,692 related to VIEs) | 966,953 | 951,255 |
OTHER ASSETS | ' | ' |
Marketable securities, noncurrent | 275,402 | 318,355 |
Goodwill | 114,107 | 101,332 |
Investments | 198,186 | 142,894 |
Deferred taxes | 139,773 | 79,357 |
Deferred compensation trusts | 388,408 | 332,904 |
Other | 237,338 | 255,809 |
Total other assets | 1,353,214 | 1,230,651 |
TOTAL ASSETS | 8,323,850 | 8,276,043 |
CURRENT LIABILITIES | ' | ' |
Trade accounts payable ($311,892 and $295,972 related to VIEs) | 1,641,109 | 1,954,108 |
Convertible senior notes, notes payable and other borrowings | 29,839 | 20,792 |
Advance billings on contracts ($327,820 and $300,491 related to VIEs) | 743,524 | 870,147 |
Accrued salaries, wages and benefits ($64,064 and $59,183 related to VIEs) | 753,452 | 755,075 |
Other accrued liabilities ($25,517 and $6,478 related to VIEs) | 239,236 | 286,992 |
Total current liabilities | 3,407,160 | 3,887,114 |
LONG-TERM DEBT DUE AFTER ONE YEAR | 496,604 | 520,205 |
NONCURRENT LIABILITIES | 539,263 | 441,630 |
CONTINGENCIES AND COMMITMENTS | ' | ' |
Capital stock | ' | ' |
Preferred - authorized 20,000,000 shares ($0.01 par value), none issued | ' | ' |
Common - authorized 375,000,000 shares ($0.01 par value); issued and outstanding -161,287,818 and 162,359,906 shares in 2013 and 2012, respectively | 1,613 | 1,624 |
Additional paid-in capital | 12,911 | ' |
Accumulated other comprehensive loss | -298,201 | -257,850 |
Retained earnings | 4,040,664 | 3,597,521 |
Total shareholders' equity | 3,756,987 | 3,341,295 |
Noncontrolling interests | 123,836 | 85,799 |
Total equity | 3,880,823 | 3,427,094 |
TOTAL LIABILITIES AND EQUITY | $8,323,850 | $8,276,043 |
CONSOLIDATED_BALANCE_SHEET_Par
CONSOLIDATED BALANCE SHEET (Parenthetical) (USD $) | Dec. 31, 2013 | Dec. 31, 2012 |
In Thousands, except Share data, unless otherwise specified | ||
Shareholders' equity | ' | ' |
Preferred stock, authorized shares (in shares) | 20,000,000 | 20,000,000 |
Preferred stock, par value (in dollars per share) | $0.01 | $0.01 |
Preferred stock, issued shares (in shares) | 0 | 0 |
Common stock, authorized shares (in shares) | 375,000,000 | 375,000,000 |
Common stock, par value (in dollars per share) | $0.01 | $0.01 |
Common stock, issued shares (in shares) | 161,287,818 | 162,359,906 |
Common stock, outstanding shares (in shares) | 161,287,818 | 162,359,906 |
CURRENT ASSETS, VIEs | ' | ' |
Cash and cash equivalents | $2,283,582 | $2,154,541 |
Marketable securities, current | 186,023 | 137,127 |
Accounts and notes receivable | 1,274,024 | 1,242,691 |
Contract work in progress | 1,740,821 | 1,942,679 |
Property, plant and equipment, net | 966,953 | 951,255 |
CURRENT LIABILITIES, VIEs | ' | ' |
Trade accounts payable | 1,641,109 | 1,954,108 |
Advance billings on contracts related | 743,524 | 870,147 |
Accrued salaries, wages and benefits | 753,452 | 755,075 |
Other accrued liabilities | 239,236 | 286,992 |
Consolidated variable interest entities | ' | ' |
CURRENT ASSETS, VIEs | ' | ' |
Cash and cash equivalents | 488,426 | 411,550 |
Marketable securities, current | 64,084 | 30,369 |
Accounts and notes receivable | 220,705 | 193,354 |
Contract work in progress | 238,895 | 221,897 |
Property, plant and equipment, net | 87,774 | 105,692 |
CURRENT LIABILITIES, VIEs | ' | ' |
Trade accounts payable | 311,892 | 295,972 |
Advance billings on contracts related | 327,820 | 300,491 |
Accrued salaries, wages and benefits | 64,064 | 59,183 |
Other accrued liabilities | $25,517 | $6,478 |
CONSOLIDATED_STATEMENT_OF_CASH
CONSOLIDATED STATEMENT OF CASH FLOWS (USD $) | 12 Months Ended | ||
In Thousands, unless otherwise specified | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 |
CASH FLOWS FROM OPERATING ACTIVITIES | ' | ' | ' |
Net earnings | $823,026 | $571,067 | $698,087 |
Adjustments to reconcile net earnings to cash provided (utilized) by operating activities: | ' | ' | ' |
Depreciation of fixed assets | 206,331 | 210,441 | 199,365 |
Amortization of intangibles | 767 | 1,940 | 2,574 |
Gain on sale of equity and cost method investments | -2,370 | -42,856 | ' |
Distributions in excess of earnings from equity method investments | 15,030 | 9,157 | 3,637 |
Impairment of long-lived assets | 5,406 | 10,434 | ' |
Restricted stock and stock option amortization | 42,909 | 37,400 | 36,757 |
Deferred compensation trust | -55,504 | -29,887 | 10,449 |
Deferred compensation obligation | 56,550 | 35,961 | -12,518 |
Statute expirations and tax settlements | ' | -13,152 | -13,795 |
Deferred taxes | -29,708 | 77,444 | -17,398 |
Excess tax benefit from stock-based plans | -6,668 | -4,356 | -12,737 |
Net retirement plan accrual (contributions) | 10,586 | -46,877 | -69,581 |
Changes in operating assets and liabilities | -261,596 | -195,510 | 61,593 |
Other items | -15,853 | 7,172 | 3,336 |
Cash provided by operating activities | 788,906 | 628,378 | 889,769 |
CASH FLOWS FROM INVESTING ACTIVITIES | ' | ' | ' |
Purchases of marketable securities | -492,633 | -922,024 | -857,787 |
Proceeds from the sales and maturities of marketable securities | 482,376 | 1,065,312 | 724,409 |
Capital expenditures | -288,487 | -254,747 | -338,167 |
Proceeds from disposal of property, plant and equipment | 74,028 | 77,772 | 53,752 |
Investments in partnerships and joint ventures | -27,057 | -30,782 | -8,089 |
Consolidation of a variable interest entity | 24,675 | ' | ' |
Proceeds from sale of equity and cost method investments and other assets | 3,005 | 55,136 | 11,016 |
Acquisitions | -23,075 | -19,337 | -27,326 |
Other items | 12,558 | -9,677 | 5,768 |
Cash utilized by investing activities | -234,610 | -38,347 | -436,424 |
CASH FLOWS FROM FINANCING ACTIVITIES | ' | ' | ' |
Repurchase of common stock | -200,052 | -389,233 | -639,556 |
Dividends paid | -78,716 | -128,650 | -87,678 |
Proceeds from issuance of 3.375% Senior Notes | ' | ' | 495,595 |
Debt issuance costs | ' | -3,241 | -4,066 |
Settlement of U.S. Treasury rate lock agreements | ' | ' | -16,778 |
Distributions paid to noncontrolling interests | -124,853 | -100,623 | -103,659 |
Capital contributions by noncontrolling interests | 1,697 | 2,665 | 22,789 |
Taxes paid on vested restricted stock | -11,404 | -11,744 | -18,693 |
Stock options exercised | 52,838 | 11,592 | 25,410 |
Excess tax benefit from stock-based plans | 6,668 | 4,356 | 12,737 |
Other items | 10,688 | 5,766 | -4,692 |
Cash utilized by financing activities | -369,569 | -616,626 | -395,825 |
Effect of exchange rate changes on cash | -55,686 | 19,725 | -31,106 |
Increase (decrease) in cash and cash equivalents | 129,041 | -6,870 | 26,414 |
Cash and cash equivalents at beginning of year | 2,154,541 | 2,161,411 | 2,134,997 |
Cash and cash equivalents at end of year | 2,283,582 | 2,154,541 | 2,161,411 |
5.625% Municipal Bonds | ' | ' | ' |
CASH FLOWS FROM FINANCING ACTIVITIES | ' | ' | ' |
Repayment of debt | -17,795 | ' | ' |
Convertible debt and notes payable | ' | ' | ' |
CASH FLOWS FROM FINANCING ACTIVITIES | ' | ' | ' |
Repayment of debt | ($8,640) | ($7,514) | ($77,234) |
CONSOLIDATED_STATEMENT_OF_CASH1
CONSOLIDATED STATEMENT OF CASH FLOWS (Parenthetical) | Dec. 31, 2012 | Dec. 31, 2013 | Sep. 30, 2011 |
5.625% Municipal Bonds | 3.375% Senior Notes | 3.375% Senior Notes | |
Debt instruments | ' | ' | ' |
Municipal bonds interest rate (as a percent) | 5.63% | 3.38% | 3.38% |
CONSOLIDATED_STATEMENT_OF_CHAN
CONSOLIDATED STATEMENT OF CHANGES IN EQUITY (USD $) | Total | Total Shareholders' Equity | Common Stock | Additional Paid-In Capital | Accumulated Other Comprehensive Income (Loss) | Retained Earnings | Noncontrolling Interests |
In Thousands, except Share data, unless otherwise specified | |||||||
BALANCE at Dec. 31, 2010 | $3,528,625 | $3,496,999 | $1,764 | $561,589 | ($176,311) | $3,109,957 | $31,626 |
BALANCE (in shares) at Dec. 31, 2010 | ' | ' | 176,425,000 | ' | ' | ' | ' |
Increase (Decrease) in Shareholders' Equity | ' | ' | ' | ' | ' | ' | ' |
Net earnings | 698,087 | 593,728 | ' | ' | ' | 593,728 | 104,359 |
Other comprehensive income (loss) | -18,245 | -22,981 | ' | ' | -22,981 | ' | 4,736 |
Dividends ($0.64, $0.64 and $0.50 per share for the year ended December 31, 2013, 2012 and 2011, respectively) | -86,669 | -86,669 | ' | ' | ' | -86,669 | ' |
Distributions to noncontrolling interests | -103,659 | ' | ' | ' | ' | ' | -103,659 |
Partner contributions in noncontrolling interests | 22,789 | ' | ' | ' | ' | ' | 22,789 |
Acquisition and other noncontrolling interest transactions | 3,996 | -534 | ' | -534 | ' | ' | 4,530 |
Stock-based plan activity | 56,207 | 56,207 | 11 | 56,196 | ' | ' | ' |
Stock-based plan activity (in shares) | ' | ' | 926,000 | ' | ' | ' | ' |
Repurchase of common stock | -639,556 | -639,556 | -101 | -612,992 | ' | -26,463 | ' |
Repurchase of common stock (in shares) | ' | ' | -10,050,000 | ' | ' | ' | ' |
Debt conversions | -1,669 | -1,669 | 16 | -1,685 | ' | ' | ' |
Debt conversions (in shares) | ' | ' | 1,678,000 | ' | ' | ' | ' |
BALANCE at Dec. 31, 2011 | 3,459,906 | 3,395,525 | 1,690 | 2,574 | -199,292 | 3,590,553 | 64,381 |
BALANCE (in shares) at Dec. 31, 2011 | ' | ' | 168,979,000 | ' | ' | ' | ' |
Increase (Decrease) in Shareholders' Equity | ' | ' | ' | ' | ' | ' | ' |
Net earnings | 571,067 | 456,330 | ' | ' | ' | 456,330 | 114,737 |
Other comprehensive income (loss) | -59,506 | -58,558 | ' | ' | -58,558 | ' | -948 |
Dividends ($0.64, $0.64 and $0.50 per share for the year ended December 31, 2013, 2012 and 2011, respectively) | -107,522 | -107,522 | ' | ' | ' | -107,522 | ' |
Distributions to noncontrolling interests | -100,623 | ' | ' | ' | ' | ' | -100,623 |
Partner contributions in noncontrolling interests | 2,665 | ' | ' | ' | ' | ' | 2,665 |
Acquisition and other noncontrolling interest transactions | 2,914 | -2,673 | ' | -2,673 | ' | ' | 5,587 |
Stock-based plan activity | 47,421 | 47,421 | 9 | 47,412 | ' | ' | ' |
Stock-based plan activity (in shares) | ' | ' | 771,000 | ' | ' | ' | ' |
Repurchase of common stock | -389,233 | -389,233 | -75 | -47,318 | ' | -341,840 | ' |
Repurchase of common stock (in shares) | ' | ' | -7,409,000 | ' | ' | ' | ' |
Debt conversions | 5 | 5 | ' | 5 | ' | ' | ' |
Debt conversions (in shares) | ' | ' | 19,000 | ' | ' | ' | ' |
BALANCE at Dec. 31, 2012 | 3,427,094 | 3,341,295 | 1,624 | ' | -257,850 | 3,597,521 | 85,799 |
BALANCE (in shares) at Dec. 31, 2012 | ' | ' | 162,360,000 | ' | ' | ' | ' |
Increase (Decrease) in Shareholders' Equity | ' | ' | ' | ' | ' | ' | ' |
Net earnings | 823,026 | 667,711 | ' | ' | ' | 667,711 | 155,315 |
Other comprehensive income (loss) | -41,123 | -40,351 | ' | ' | -40,351 | ' | -772 |
Dividends ($0.64, $0.64 and $0.50 per share for the year ended December 31, 2013, 2012 and 2011, respectively) | -104,488 | -104,488 | ' | ' | ' | -104,488 | ' |
Distributions to noncontrolling interests | -124,853 | ' | ' | ' | ' | ' | -124,853 |
Partner contributions in noncontrolling interests | 1,697 | ' | ' | ' | ' | ' | 1,697 |
Acquisition and other noncontrolling interest transactions | 5,675 | -975 | ' | -975 | ' | ' | 6,650 |
Stock-based plan activity | 93,847 | 93,847 | 15 | 93,832 | ' | ' | ' |
Stock-based plan activity (in shares) | ' | ' | 1,518,000 | ' | ' | ' | ' |
Repurchase of common stock | -200,052 | -200,052 | -26 | -79,946 | ' | -120,080 | ' |
Repurchase of common stock (in shares) | ' | ' | -2,592,000 | ' | ' | ' | ' |
Debt conversions (in shares) | ' | ' | 2,000 | ' | ' | ' | ' |
BALANCE at Dec. 31, 2013 | $3,880,823 | $3,756,987 | $1,613 | $12,911 | ($298,201) | $4,040,664 | $123,836 |
BALANCE (in shares) at Dec. 31, 2013 | ' | ' | 161,288,000 | ' | ' | ' | ' |
CONSOLIDATED_STATEMENT_OF_CHAN1
CONSOLIDATED STATEMENT OF CHANGES IN EQUITY (Parenthetical) (USD $) | 12 Months Ended | ||
Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 | |
CONSOLIDATED STATEMENT OF CHANGES IN EQUITY | ' | ' | ' |
DIVIDENDS DECLARED PER SHARE (in dollars per share) | $0.64 | $0.64 | $0.50 |
Major_Accounting_Policies
Major Accounting Policies | 12 Months Ended | ||||||||||||||||||||||||||||
Dec. 31, 2013 | |||||||||||||||||||||||||||||
Major Accounting Policies | ' | ||||||||||||||||||||||||||||
Major Accounting Policies | ' | ||||||||||||||||||||||||||||
1. Major Accounting Policies | |||||||||||||||||||||||||||||
Principles of Consolidation | |||||||||||||||||||||||||||||
The financial statements include the accounts of Fluor Corporation and its subsidiaries ("the company"). The company frequently forms joint ventures or partnerships with unrelated third parties for the execution of single contracts or projects. The company assesses its joint ventures and partnerships at inception to determine if any meet the qualifications of a variable interest entity ("VIE") in accordance with Accounting Standards Codification ("ASC") 810. If a joint venture or partnership is a VIE and the company is the primary beneficiary, the joint venture or partnership is fully consolidated (see "14. Variable Interest Entities" below). For partnerships and joint ventures in the construction industry, unless full consolidation is required, the company generally recognizes its proportionate share of revenue, cost and profit in its Consolidated Statement of Earnings and uses the one-line equity method of accounting in the Consolidated Balance Sheet, which is a common application of ASC 810-10-45-14 in the construction industry. At times, the cost and equity methods of accounting are also used, depending on the company's respective ownership interest, amount of influence in the VIE and other factors. | |||||||||||||||||||||||||||||
All significant intercompany transactions of consolidated subsidiaries are eliminated. Certain amounts in 2012 and 2011 have been reclassified to conform to the 2013 presentation. Management has evaluated all material events occurring subsequent to the date of the financial statements up to the date this annual report is filed on Form 10-K. | |||||||||||||||||||||||||||||
Use of Estimates | |||||||||||||||||||||||||||||
The preparation of financial statements in accordance with accounting principles generally accepted in the United States requires management to make estimates and assumptions that affect reported amounts. These estimates are based on information available through the date of the issuance of the financial statements. Therefore, actual results could differ from those estimates. | |||||||||||||||||||||||||||||
Cash and Cash Equivalents | |||||||||||||||||||||||||||||
Cash and cash equivalents include securities with maturities of three months or less at the date of purchase. Securities with maturities beyond three months are classified as marketable securities within current and noncurrent assets. | |||||||||||||||||||||||||||||
Marketable Securities | |||||||||||||||||||||||||||||
Marketable securities consist of time deposits placed with investment grade banks with original maturities greater than three months, which by their nature are typically held to maturity, and are classified as such because the company has the intent and ability to hold them to maturity. Held-to-maturity securities are carried at amortized cost. The company also has investments in debt securities which are classified as available-for-sale because the investments may be sold prior to their maturity date. Available-for-sale securities are carried at fair value. The cost of securities sold is determined by using the specific identification method. Marketable securities are assessed for other-than-temporary impairment. | |||||||||||||||||||||||||||||
Engineering and Construction Contracts | |||||||||||||||||||||||||||||
The company recognizes engineering and construction contract revenue using the percentage-of-completion method, based primarily on contract cost incurred to date compared to total estimated contract cost. Cost of revenue includes an allocation of depreciation and amortization. Customer-furnished materials, labor and equipment and, in certain cases, subcontractor materials, labor and equipment, are included in revenue and cost of revenue when management believes that the company is responsible for the ultimate acceptability of the project. Contracts are generally segmented between types of services, such as engineering and construction, and accordingly, gross margin related to each activity is recognized as those separate services are rendered. Changes to total estimated contract cost or losses, if any, are recognized in the period in which they are determined. Pre-contract costs are expensed as incurred. Revenue recognized in excess of amounts billed is classified as a current asset under contract work in progress. Advances that are payments on account of contract work in progress of $544 million and $702 million as of December 31, 2013 and 2012, respectively, have been deducted from contract work in progress. Amounts billed to clients in excess of revenue recognized to date are classified as a current liability under advance billings on contracts. The company anticipates that substantially all incurred cost associated with contract work in progress as of December 31, 2013 will be billed and collected in 2014. The company recognizes revenue, but not profit, for certain significant claims (including change orders in dispute and unapproved change orders in regard to both scope and price) when it is determined that recovery of incurred cost is probable and the amounts can be reliably estimated. Under ASC 605-35-25, these requirements are satisfied when the contract or other evidence provides a legal basis for the claim, additional costs were caused by circumstances that were unforeseen at the contract date and not the result of deficiencies in the company's performance, claim-related costs are identifiable and considered reasonable in view of the work performed, and evidence supporting the claim is objective and verifiable. Cost, but not profit, associated with unapproved change orders is accounted for in revenue when it is probable that the cost will be recovered through a change in the contract price. In circumstances where recovery is considered probable but the revenue cannot be reliably estimated, cost attributable to change orders is deferred pending determination of the impact on contract price. If the requirements for recognizing revenue for claims or unapproved change orders are met, revenue is recorded only to the extent that costs associated with the claims or unapproved change orders have been incurred. The company generally provides limited warranties for work performed under its engineering and construction contracts. The warranty periods typically extend for a limited duration following substantial completion of the company's work on a project. Historically, warranty claims have not resulted in material costs incurred, and any estimated costs for warranties are included in the individual project cost estimates for purposes of accounting for long-term contracts. | |||||||||||||||||||||||||||||
Property, Plant and Equipment | |||||||||||||||||||||||||||||
Property, plant and equipment are recorded at cost. Leasehold improvements are amortized over the shorter of their economic lives or the lease terms. Depreciation is calculated using the straight-line method over the following ranges of estimated useful service lives, in years: | |||||||||||||||||||||||||||||
December 31, | |||||||||||||||||||||||||||||
Estimated | |||||||||||||||||||||||||||||
Useful | |||||||||||||||||||||||||||||
Service | |||||||||||||||||||||||||||||
(cost in thousands) | 2013 | 2012 | Lives | ||||||||||||||||||||||||||
Buildings | $ | 282,842 | $ | 287,895 | 20 – 40 | ||||||||||||||||||||||||
Building and leasehold improvements | 175,740 | 165,589 | 6 – 20 | ||||||||||||||||||||||||||
Machinery and equipment | 1,328,434 | 1,315,756 | 2 – 10 | ||||||||||||||||||||||||||
Furniture and fixtures | 146,498 | 145,551 | 2 – 10 | ||||||||||||||||||||||||||
Goodwill and Intangible Assets | |||||||||||||||||||||||||||||
Goodwill is not amortized but is subject to annual impairment tests. Interim testing for impairment is performed if indicators of potential impairment exist. For purposes of impairment testing, goodwill is allocated to the applicable reporting units based on the current reporting structure. When testing goodwill for impairment quantitatively, the company first compares the fair value of each reporting unit with its carrying amount. If the carrying amount of a reporting unit exceeds its fair value, a second step is performed to measure the amount of potential impairment. In the second step, the company compares the implied fair value of reporting unit goodwill with the carrying amount of the reporting unit's goodwill. If the carrying amount of reporting unit goodwill exceeds the implied fair value of that goodwill, an impairment loss is recognized. During 2013, the company completed its annual goodwill impairment test in the first quarter and quantitatively determined that none of the goodwill was impaired because the fair value of each reporting unit substantially exceeded its carrying amount. Goodwill for each of the company's segments is shown in "15. Operations by Business Segment and Geographical Area." | |||||||||||||||||||||||||||||
In the first quarter of 2013, the company adopted Accounting Standards Update ("ASU") 2012-02, "Testing Indefinite-Lived Intangible Assets for Impairment." ASU 2012-02 allows entities testing an indefinite-lived intangible asset for impairment the option of performing a qualitative assessment before calculating the fair value of the asset. If entities determine, on the basis of qualitative factors, that the fair value of the indefinite-lived intangible asset is, more likely than not, greater than the carrying amount, a quantitative calculation would not be needed. | |||||||||||||||||||||||||||||
The company had intangible assets with a carrying value of $24 million and $21 million as of December 31, 2013 and 2012, respectively. Intangible assets with indefinite lives are not amortized but are subject to annual impairment tests. Interim testing for impairment is performed if indicators of potential impairment exist. An intangible asset with an indefinite life is impaired if its carrying value exceeds its fair value. As of December 31, 2013, none of the company's intangible assets with indefinite lives were impaired. Intangible assets with finite lives are amortized on a straight-line basis over the useful lives of those assets, ranging from one year to ten years. | |||||||||||||||||||||||||||||
Income Taxes | |||||||||||||||||||||||||||||
Deferred tax assets and liabilities are recognized for the expected future tax consequences of events that have been recognized in the company's financial statements or tax returns. The company evaluates the realizability of its deferred tax assets and maintains a valuation allowance, if necessary, to reduce certain deferred tax assets to amounts that are more likely than not to be realized. The factors used to assess the likelihood of realization are the company's forecast of future taxable income and available tax planning strategies that could be implemented to realize the net deferred tax assets. Failure to achieve forecasted taxable income in the applicable taxing jurisdictions could affect the ultimate realization of deferred tax assets and could result in an increase in the company's effective tax rate on future earnings. | |||||||||||||||||||||||||||||
Income tax positions must meet a more-likely-than-not recognition threshold to be recognized. Income tax positions that previously failed to meet the more-likely-than-not threshold are recognized in the first subsequent financial reporting period in which that threshold is met. Previously recognized tax positions that no longer meet the more-likely-than-not threshold are derecognized in the first subsequent financial reporting period in which that threshold is no longer met. The company recognizes potential interest and penalties related to unrecognized tax benefits within its global operations in income tax expense. | |||||||||||||||||||||||||||||
Judgment is required in determining the consolidated provision for income taxes as the company considers its worldwide taxable earnings and the impact of the continuing audit process conducted by various tax authorities. The final outcome of these audits by foreign jurisdictions, the Internal Revenue Service and various state governments could differ materially from that which is reflected in the Consolidated Financial Statements. | |||||||||||||||||||||||||||||
Derivatives and Hedging | |||||||||||||||||||||||||||||
The company limits exposure to foreign currency fluctuations in most of its engineering and construction contracts through provisions that require client payments in currencies corresponding to the currencies in which cost is incurred. Certain financial exposure, which includes currency and commodity price risk associated with engineering and construction contracts, currency risk associated with monetary assets and liabilities denominated in nonfunctional currencies and risk associated with interest rate volatility, may subject the company to earnings volatility. In cases where financial exposure is identified, the company generally implements a hedging strategy utilizing derivative instruments as hedging instruments to mitigate the risk. These hedging instruments are designated as either fair value or cash flow hedges in accordance with ASC 815, "Derivatives and Hedging." The company formally documents its hedge relationships at inception, including identification of the hedging instruments and the hedged items, as well as its risk management objectives and strategies for undertaking the hedge transaction. The company also formally assesses, both at inception and at least quarterly thereafter, whether the hedging instruments are highly effective in offsetting changes in the fair value of the hedged items. The fair values of all hedging instruments are recognized as assets or liabilities at the balance sheet date. For fair value hedges, the effective portion of the change in the fair value of the hedging instrument is offset against the change in the fair value of the underlying asset or liability through earnings. For cash flow hedges, the effective portion of the hedging instruments' gains or losses due to changes in fair value are recorded as a component of accumulated other comprehensive income (loss) ("AOCI") and are reclassified into earnings when the hedged items settle. Any ineffective portion of a hedging instrument's change in fair value is immediately recognized in earnings. The company does not enter into derivative instruments for speculative purposes. | |||||||||||||||||||||||||||||
Under ASC 815, in certain limited circumstances, foreign currency payment provisions could be deemed embedded derivatives. As of December 31, 2013, 2012 and 2011, the company had no significant embedded derivatives in any of its contracts. | |||||||||||||||||||||||||||||
The company maintains master netting arrangements with certain counterparties to facilitate the settlement of derivative instruments; however, the company reports the fair value of derivative instruments on a gross basis. | |||||||||||||||||||||||||||||
Concentrations of Credit Risk | |||||||||||||||||||||||||||||
Accounts receivable and all contract work in progress are from clients in various industries and locations throughout the world. Most contracts require payments as the projects progress or, in certain cases, advance payments. The company generally does not require collateral, but in most cases can place liens against the property, plant or equipment constructed or terminate the contract, if a material default occurs. The company evaluates the counterparty credit risk of third parties as part of its project risk review process and in determining the appropriate level of reserves. The company maintains adequate reserves for potential credit losses and generally such losses have been minimal and within management's estimates. | |||||||||||||||||||||||||||||
Cash and marketable securities are deposited with major banks throughout the world. Such deposits are placed with high quality institutions and the amounts invested in any single institution are limited to the extent possible in order to minimize concentration of counterparty credit risk. | |||||||||||||||||||||||||||||
The company's counterparties for derivative contracts are large financial institutions selected based on profitability, strength of balance sheet, credit ratings and capacity for timely payment of financial commitments. There are no significant concentrations of credit risk with any individual counterparty related to our derivative contracts. | |||||||||||||||||||||||||||||
The company monitors the credit quality of its counterparties and has not incurred any significant credit risk losses related to its deposits or derivative contracts. | |||||||||||||||||||||||||||||
Stock-Based Plans | |||||||||||||||||||||||||||||
The company applies the provisions of ASC 718 "Compensation — Stock Compensation" in its accounting and reporting for stock-based compensation. ASC 718 requires all stock-based payments to employees, including grants of employee stock options, to be recognized in the income statement based on their fair values. All unvested options outstanding under the company's option plans have grant prices equal to the market price of the company's stock on the dates of grant. Compensation cost for restricted stock and restricted stock units is determined based on the fair market value of the company's stock at the date of grant. Compensation cost for stock appreciation rights is determined based on the change in the fair market value of the company's stock during the period. Stock-based compensation expense is generally recognized over the required service period, or over a shorter period when employee retirement eligibility is a factor. Certain awards that may be settled in cash or company stock are classified as liabilities and remeasured at fair value at the end of each reporting period until the awards are settled. | |||||||||||||||||||||||||||||
Comprehensive Income (Loss) | |||||||||||||||||||||||||||||
ASC 220 "Comprehensive Income" establishes standards for reporting and displaying comprehensive income and its components in the consolidated financial statements. The company reports the cumulative foreign currency translation adjustments, unrealized gains and losses on available-for-sale securities and derivative contracts, ownership share of equity method investees' other comprehensive income (loss), and adjustments related to defined benefit pension and postretirement plans, as components of accumulated other comprehensive income (loss). | |||||||||||||||||||||||||||||
The tax effects of the components of other comprehensive income (loss) are as follows: | |||||||||||||||||||||||||||||
Year Ended December 31, | |||||||||||||||||||||||||||||
2013 | 2012 | 2011 | |||||||||||||||||||||||||||
(in thousands) | Before-Tax | Tax | Net-of-Tax | Before-Tax | Tax | Net-of-Tax | Before-Tax | Tax | Net-of-Tax | ||||||||||||||||||||
Amount | (Expense) | Amount | Amount | (Expense) | Amount | Amount | (Expense) | Amount | |||||||||||||||||||||
Benefit | Benefit | Benefit | |||||||||||||||||||||||||||
Other comprehensive income (loss): | |||||||||||||||||||||||||||||
Foreign currency translation adjustment | $ | (74,538 | ) | $ | 27,637 | $ | (46,901 | ) | $ | 47,780 | $ | (18,077 | ) | $ | 29,703 | $ | (66,717 | ) | $ | 26,599 | $ | (40,118 | ) | ||||||
Ownership share of equity method investees' other comprehensive income (loss) | 13,117 | (2,372 | ) | 10,745 | 1,487 | (924 | ) | 563 | (33,492 | ) | 9,701 | (23,791 | ) | ||||||||||||||||
Defined benefit pension and postretirement plan adjustments | (8,917 | ) | 3,344 | (5,573 | ) | (145,848 | ) | 54,693 | (91,155 | ) | 93,522 | (35,071 | ) | 58,451 | |||||||||||||||
Unrealized gain (loss) on derivative contracts | 2,171 | (787 | ) | 1,384 | 2,369 | (1,071 | ) | 1,298 | (19,420 | ) | 7,078 | (12,342 | ) | ||||||||||||||||
Unrealized gain (loss) on available-for-sale securities | (1,244 | ) | 466 | (778 | ) | 135 | (50 | ) | 85 | (711 | ) | 266 | (445 | ) | |||||||||||||||
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Total other comprehensive loss | (69,411 | ) | 28,288 | (41,123 | ) | (94,077 | ) | 34,571 | (59,506 | ) | (26,818 | ) | 8,573 | (18,245 | ) | ||||||||||||||
Less: Other comprehensive income (loss) attributable to noncontrolling interests | (772 | ) | — | (772 | ) | (948 | ) | — | (948 | ) | 4,736 | — | 4,736 | ||||||||||||||||
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Other comprehensive loss attributable to Fluor Corporation | $ | (68,639 | ) | $ | 28,288 | $ | (40,351 | ) | $ | (93,129 | ) | $ | 34,571 | $ | (58,558 | ) | $ | (31,554 | ) | $ | 8,573 | $ | (22,981 | ) | |||||
The changes in the balances of each after-tax component of AOCI attributable to Fluor Corporation for the years ended December 31, 2011 and 2012 are as follows: | |||||||||||||||||||||||||||||
(in thousands) | Foreign | Ownership | Defined Benefit | Unrealized | Unrealized | Accumulated | |||||||||||||||||||||||
Currency | Share of Equity | Pension and | Gain (Loss) | Gain (Loss) | Other | ||||||||||||||||||||||||
Translation | Method | Postretirement | on Derivative | on Available- | Comprehensive | ||||||||||||||||||||||||
Investees' Other | Plans | Contracts | for-Sale | Loss, Net | |||||||||||||||||||||||||
Comprehensive | Securities | ||||||||||||||||||||||||||||
Income (Loss) | |||||||||||||||||||||||||||||
Balance as of December 31, 2010 | $ | 60,101 | $ | (19,791 | ) | $ | (220,020 | ) | $ | 2,085 | $ | 1,314 | $ | (176,311 | ) | ||||||||||||||
Current-period other comprehensive income (loss) | (44,331 | ) | (23,791 | ) | 58,451 | (12,865 | ) | (445 | ) | (22,981 | ) | ||||||||||||||||||
| | | | | | | | | | | | | | | | | | | | ||||||||||
Balance as of December 31, 2011 | 15,770 | (43,582 | ) | (161,569 | ) | (10,780 | ) | 869 | (199,292 | ) | |||||||||||||||||||
Current-period other comprehensive income (loss) | 30,129 | 563 | (91,155 | ) | 1,820 | 85 | (58,558 | ) | |||||||||||||||||||||
| | | | | | | | | | | | | | | | | | | | ||||||||||
Balance as of December 31, 2012 | $ | 45,899 | $ | (43,019 | ) | $ | (252,724 | ) | $ | (8,960 | ) | $ | 954 | $ | (257,850 | ) | |||||||||||||
In the first quarter of 2013, the company adopted ASU 2013-02, "Reporting of Amounts Reclassified Out of Accumulated Other Comprehensive Income ("AOCI")," which requires an entity to disclose additional information about reclassification adjustments, including (a) changes in AOCI balances by component and (b) significant items reclassified out of AOCI. | |||||||||||||||||||||||||||||
The changes in the balances of each after-tax component of AOCI for the year ended December 31, 2013 are as follows: | |||||||||||||||||||||||||||||
(in thousands) | Foreign | Ownership | Defined Benefit | Unrealized | Unrealized | Accumulated | |||||||||||||||||||||||
Currency | Share of Equity | Pension and | Gain (Loss) | Gain (Loss) | Other | ||||||||||||||||||||||||
Translation | Method | Postretirement | on Derivative | on Available- | Comprehensive | ||||||||||||||||||||||||
Investees' Other | Plans | Contracts | for-Sale | Income | |||||||||||||||||||||||||
Comprehensive | Securities | (Loss), Net | |||||||||||||||||||||||||||
Income (Loss) | |||||||||||||||||||||||||||||
Attributable to Fluor Corporation: | |||||||||||||||||||||||||||||
Balance as of December 31, 2012 | $ | 45,899 | $ | (43,019 | ) | $ | (252,724 | ) | $ | (8,960 | ) | $ | 954 | $ | (257,850 | ) | |||||||||||||
Other comprehensive income (loss) before reclassifications | (46,063 | ) | 10,745 | (13,655 | ) | (2,536 | ) | (652 | ) | (52,161 | ) | ||||||||||||||||||
Amount reclassified from AOCI | — | — | 8,082 | 3,854 | (126 | ) | 11,810 | ||||||||||||||||||||||
| | | | | | | | | | | | | | | | | | | | ||||||||||
Net other comprehensive income (loss) | (46,063 | ) | 10,745 | (5,573 | ) | 1,318 | (778 | ) | (40,351 | ) | |||||||||||||||||||
| | | | | | | | | | | | | | | | | | | | ||||||||||
Balance as of December 31, 2013 | $ | (164 | ) | $ | (32,274 | ) | $ | (258,297 | ) | $ | (7,642 | ) | $ | 176 | $ | (298,201 | ) | ||||||||||||
Attributable to Noncontrolling Interests: | |||||||||||||||||||||||||||||
Balance as of December 31, 2012 | $ | 8,723 | $ | — | $ | — | $ | 1 | $ | — | $ | 8,724 | |||||||||||||||||
Other comprehensive income (loss) before reclassifications | (838 | ) | — | — | 62 | — | (776 | ) | |||||||||||||||||||||
Amount reclassified from AOCI | — | — | — | 4 | 4 | ||||||||||||||||||||||||
| | | | | | | | | | | | | | | | | | | | ||||||||||
Net other comprehensive income (loss) | (838 | ) | — | — | 66 | — | (772 | ) | |||||||||||||||||||||
| | | | | | | | | | | | | | | | | | | | ||||||||||
Balance as of December 31, 2013 | $ | 7,885 | $ | — | $ | — | $ | 67 | $ | — | $ | 7,952 | |||||||||||||||||
The significant items reclassified out of AOCI and the corresponding location and impact on the Consolidated Statement of Earnings are as follows: | |||||||||||||||||||||||||||||
(in thousands) | Location in Consolidated | Twelve Months Ended | |||||||||||||||||||||||||||
Statements of Earnings | December 31, 2013 | ||||||||||||||||||||||||||||
Component of AOCI: | |||||||||||||||||||||||||||||
Defined benefit pension plan adjustments | Various accounts(1) | $ | (12,931 | ) | |||||||||||||||||||||||||
Income tax benefit | Income tax expense | 4,849 | |||||||||||||||||||||||||||
| | | | | | | |||||||||||||||||||||||
Net of tax | $ | (8,082 | ) | ||||||||||||||||||||||||||
| | | | | | | |||||||||||||||||||||||
Unrealized gain (loss) on derivative contracts: | |||||||||||||||||||||||||||||
Commodity contracts and foreign currency contracts | Total cost of revenue | $ | (4,502 | ) | |||||||||||||||||||||||||
Interest rate contracts | Interest expense | (1,678 | ) | ||||||||||||||||||||||||||
Income tax benefit | Income tax expense | 2,322 | |||||||||||||||||||||||||||
| | | | | | | |||||||||||||||||||||||
Net of tax: | (3,858 | ) | |||||||||||||||||||||||||||
Less: Noncontrolling interests | Net earnings attributable to noncontrolling interests | 4 | |||||||||||||||||||||||||||
| | | | | | | |||||||||||||||||||||||
Net of tax and noncontrolling interests | $ | (3,854 | ) | ||||||||||||||||||||||||||
| | | | | | | |||||||||||||||||||||||
Unrealized gain on available-for-sale securities | Corporate general and administrative expense | $ | 202 | ||||||||||||||||||||||||||
Income tax expense | Income tax expense | (76 | ) | ||||||||||||||||||||||||||
| | | | | | | |||||||||||||||||||||||
Net of tax | $ | 126 | |||||||||||||||||||||||||||
| | | | | | | |||||||||||||||||||||||
-1 | |||||||||||||||||||||||||||||
Defined benefit pension plan adjustments were reclassified primarily to total cost of revenue and corporate general and administrative expense. | |||||||||||||||||||||||||||||
During 2013 and 2011, functional currency exchange rates for most of the company's international operations weakened against the U.S. dollar, resulting in unrealized translation losses. During 2012, functional currency exchange rates for most of the company's international operations strengthened against the U.S. dollar, resulting in unrealized translation gains. | |||||||||||||||||||||||||||||
Recent Accounting Pronouncements | |||||||||||||||||||||||||||||
In January 2014, the Financial Accounting Standards Board ("FASB") issued ASU 2014-05, "Service Concession Arrangements." This ASU clarifies that, unless certain circumstances are met, operating entities should not account for certain concession arrangements with public-sector entities as leases and should not recognize the related infrastructure as property, plant and equipment. This ASU is effective for interim and annual reporting periods beginning after December 15, 2014. Management does not expect the adoption of ASU 2014-05 to have a material impact on the company's financial position, results of operations or cash flows. | |||||||||||||||||||||||||||||
In July 2013, the FASB issued ASU 2013-11, "Presentation of an Unrecognized Tax Benefit When a Net Operating Loss Carryforward, a Similar Tax Loss, or a Tax Credit Carryforward Exists." This ASU clarifies the financial statement presentation of unrecognized tax benefits in certain circumstances. ASU 2013-11 is effective for interim and annual reporting periods beginning after December 15, 2013 and should be applied prospectively to all unrecognized tax benefits that exist at the effective date. Management does not expect the adoption of ASU 2013-11 to have a material impact on the company's financial position, results of operations or cash flows. | |||||||||||||||||||||||||||||
In April 2013, the FASB issued ASU 2013-07, "Liquidation Basis of Accounting," which clarifies when an entity should apply the liquidation basis of accounting. In addition, ASU 2013-07 provides principles for the recognition and measurement of assets and liabilities and requirements for financial statements prepared using the liquidation basis of accounting. ASU 2013-07 is effective for entities that determine liquidation is imminent during interim and annual reporting periods beginning after December 15, 2013. Management does not expect the adoption of ASU 2013-07 to have a material impact on the company's financial position, results of operations or cash flows. | |||||||||||||||||||||||||||||
In March 2013, the FASB issued ASU 2013-05, "Parent's Accounting for the Cumulative Translation Adjustment upon Derecognition of Certain Subsidiaries or Groups of Assets within a Foreign Entity or of an Investment in a Foreign Entity." The objective of ASU 2013-05 is to resolve a practice diversity in circumstances where reporting entities release cumulative translation adjustments into net income when a parent either sells a part or all of its investment in a foreign entity, or no longer holds a controlling financial interest in a subsidiary or group of assets that is a nonprofit activity or a business (other than a sale of in substance real estate or conveyance of oil and gas mineral rights) within a foreign entity. ASU 2013-05 is effective for interim and annual reporting periods beginning after December 15, 2013 and will be applied on a prospective basis. Management does not expect the adoption of ASU 2013-05 to have a material impact on the company's financial position, results of operations or cash flows. | |||||||||||||||||||||||||||||
In February 2013, the FASB issued ASU 2013-04, "Obligations Resulting from Joint and Several Liability Arrangements for Which the Total Amount of the Obligation Is Fixed at the Reporting Date," which addresses the recognition, measurement and disclosure of certain obligations including debt arrangements, other contractual obligations and settled litigation and judicial rulings. ASU 2013-04 is effective for interim and annual reporting periods beginning after December 15, 2013. Management does not expect the adoption of ASU 2013-04 to have a material impact on the company's financial position, results of operations or cash flows. | |||||||||||||||||||||||||||||
In the first quarter of 2013, the company adopted ASU 2012-04, "Technical Corrections and Improvements." The amendments in ASU 2012-04 make technical corrections, clarifications and limited-scope improvements to various topics throughout the ASC. The adoption of ASU 2012-04 did not have a material impact on the company's financial position, results of operations or cash flows. | |||||||||||||||||||||||||||||
Recovered_Sheet1
Consolidated Statement of Cash Flows | 12 Months Ended | ||||||||||
Dec. 31, 2013 | |||||||||||
Consolidated Statement of Cash Flows. | ' | ||||||||||
Consolidated Statement of Cash Flows | ' | ||||||||||
2. Consolidated Statement of Cash Flows | |||||||||||
The changes in operating assets and liabilities as shown in the Consolidated Statement of Cash Flows are comprised of: | |||||||||||
Year Ended December 31, | |||||||||||
(in thousands) | 2013 | 2012 | 2011 | ||||||||
(Increase) decrease in: | |||||||||||
Accounts and notes receivable, net | $ | (98,744 | ) | $ | 23,680 | $ | (43,501 | ) | |||
Contract work in progress | 101,158 | 29,669 | (504,670 | ) | |||||||
Other current assets | 102,417 | (111,311 | ) | 199,412 | |||||||
Other assets | (26,204 | ) | (65,418 | ) | (2,530 | ) | |||||
Increase (decrease) in: | |||||||||||
Trade accounts payable | (274,418 | ) | 195,147 | 320,708 | |||||||
Advance billings on contracts | (29,043 | ) | (237,497 | ) | 48,470 | ||||||
Accrued liabilities | (83,613 | ) | 28,993 | 60,050 | |||||||
Other liabilities | 46,851 | (58,773 | ) | (16,346 | ) | ||||||
Increase (decrease) in cash due to changes in operating assets and liabilities | $ | (261,596 | ) | $ | (195,510 | ) | $ | 61,593 | |||
Cash paid during the year for: | |||||||||||
Interest | $ | 22,585 | $ | 24,244 | $ | 28,255 | |||||
Income taxes | 268,889 | 294,214 | 176,915 | ||||||||
Income_Taxes
Income Taxes | 12 Months Ended | ||||||||||
Dec. 31, 2013 | |||||||||||
Income Taxes | ' | ||||||||||
Income Taxes | ' | ||||||||||
3. Income Taxes | |||||||||||
The income tax expense (benefit) included in the Consolidated Statement of Earnings is as follows: | |||||||||||
Year Ended December 31, | |||||||||||
(in thousands) | 2013 | 2012 | 2011 | ||||||||
Current: | |||||||||||
Federal | $ | 200,608 | $ | (133,312 | ) | $ | 117,868 | ||||
Foreign | 168,894 | 226,110 | 176,116 | ||||||||
State and local | 14,779 | (7,804 | ) | 27,143 | |||||||
Total current | 384,281 | 84,994 | 321,127 | ||||||||
Deferred: | |||||||||||
Federal | (29,873 | ) | 87,723 | (13,039 | ) | ||||||
Foreign | 2,054 | (16,645 | ) | (883 | ) | ||||||
State and local | (1,889 | ) | 6,366 | (3,476 | ) | ||||||
Total deferred | (29,708 | ) | 77,444 | (17,398 | ) | ||||||
Total income tax expense | $ | 354,573 | $ | 162,438 | $ | 303,729 | |||||
A reconciliation of U.S. statutory federal income tax expense to income tax expense is as follows: | |||||||||||
Year Ended December 31, | |||||||||||
(in thousands) | 2013 | 2012 | 2011 | ||||||||
U.S. statutory federal tax expense | $ | 412,159 | $ | 256,727 | $ | 350,635 | |||||
Increase (decrease) in taxes resulting from: | |||||||||||
State and local income taxes | 7,802 | 1,727 | 15,360 | ||||||||
Other permanent items, net | (17,517 | ) | (4,849 | ) | (7,932 | ) | |||||
Noncontrolling interests | (54,359 | ) | (39,600 | ) | (35,682 | ) | |||||
Foreign losses benefited, net | (18,568 | ) | (84,366 | ) | — | ||||||
Valuation allowance, net | 15,305 | 85,541 | 11,014 | ||||||||
Statute expirations and tax authority settlements | — | (13,152 | ) | (13,795 | ) | ||||||
Other changes to unrecognized tax positions | 9,261 | (29,740 | ) | (8,973 | ) | ||||||
Other, net | 490 | (9,850 | ) | (6,898 | ) | ||||||
Total income tax expense | $ | 354,573 | $ | 162,438 | $ | 303,729 | |||||
Deferred taxes reflect the tax effects of differences between the amounts recorded as assets and liabilities for financial reporting purposes and the amounts recorded for income tax purposes. The tax effects of significant temporary differences giving rise to deferred tax assets and liabilities are as follows: | |||||||||||
December 31, | |||||||||||
(in thousands) | 2013 | 2012 | |||||||||
Deferred tax assets: | |||||||||||
Accrued liabilities not currently deductible: | |||||||||||
Employee compensation and benefits | $ | 54,723 | $ | 42,387 | |||||||
Employee time-off accrual | 94,213 | 90,573 | |||||||||
Project and non-project reserves | 24,753 | 30,127 | |||||||||
Workers' compensation insurance accruals | 14,400 | 8,566 | |||||||||
Tax basis of investments in excess of book basis | 4,957 | 18,583 | |||||||||
Revenue recognition | 36,180 | 43,028 | |||||||||
Net operating loss carryforward | 266,664 | 257,692 | |||||||||
Unrealized currency loss | 6,817 | 6,991 | |||||||||
Capital loss carryforward | — | 3,896 | |||||||||
Foreign tax credits | 30,705 | — | |||||||||
Other comprehensive loss | 179,228 | 149,364 | |||||||||
Other | 21,274 | 7,367 | |||||||||
Total deferred tax assets | 733,914 | 658,574 | |||||||||
Valuation allowance for deferred tax assets | (245,428 | ) | (230,123 | ) | |||||||
Deferred tax assets, net | $ | 488,486 | $ | 428,451 | |||||||
Deferred tax liabilities: | |||||||||||
Book basis of property, equipment and other capital costs in excess of tax basis | (36,169 | ) | (44,332 | ) | |||||||
Residual U.S. tax on unremitted non-U.S. earnings | (50,569 | ) | (40,250 | ) | |||||||
Other | (16,179 | ) | (14,673 | ) | |||||||
Total deferred tax liabilities | (102,917 | ) | (99,255 | ) | |||||||
Deferred tax assets, net of deferred tax liabilities | $ | 385,569 | $ | 329,196 | |||||||
The company had non-U.S. net operating loss carryforwards, related to various jurisdictions, of approximately $1.1 billion as of December 31, 2013. Of the total losses, $1.0 billion can be carried forward indefinitely and $46 million will begin to expire in various jurisdictions starting in 2014. | |||||||||||
The company had foreign tax credits of approximately $31 million as of December 31, 2013, which will begin to expire in 2021. | |||||||||||
The company maintains a valuation allowance to reduce certain deferred tax assets to amounts that are more likely than not to be realized. The allowance for 2013 is primarily due to the deferred tax assets established for certain net operating loss carryforwards and certain reserves on investments. The allowance for 2012 was primarily related to the deferred tax assets established for certain net operating and capital loss carryforwards and certain reserves on investments. The net increase in the valuation allowance during 2013 was primarily due to an increase in net operating losses. | |||||||||||
The company conducts business globally and, as a result, the company or one or more of its subsidiaries files income tax returns in the U.S. federal jurisdiction and various state and foreign jurisdictions. In the normal course of business, the company is subject to examination by taxing authorities throughout the world, including such major jurisdictions as Australia, Canada, the Netherlands, South Africa, the United Kingdom and the United States. Although the company believes its reserves for its tax positions are reasonable, the final outcome of tax audits could be materially different, both favorably and unfavorably. With a few exceptions, the company is no longer subject to U.S. federal, state and local, or non-U.S. income tax examinations for years before 2003. | |||||||||||
During 2012, the company reached an agreement on certain issues with the U.S. Internal Revenue Service ("IRS") on a tax audit for tax years 2003 through 2005. This agreement resulted in a net reduction in tax expense of $13 million. | |||||||||||
The unrecognized tax benefits as of December 31, 2013 and 2012 were $54 million and $47 million, of which $40 million and $33 million, if recognized, would have favorably impacted the effective tax rates at the end of 2013 and 2012, respectively. The company does not anticipate any significant changes to the unrecognized tax benefits within the next twelve months. | |||||||||||
A reconciliation of the beginning and ending amount of unrecognized tax benefits including interest and penalties is as follows: | |||||||||||
(in thousands) | 2013 | 2012 | |||||||||
Balance at beginning of year | $ | 47,043 | $ | 214,998 | |||||||
Change in tax positions of prior years | 1,015 | (64,214 | ) | ||||||||
Change in tax positions of current year | 7,397 | — | |||||||||
Reduction in tax positions for statute expirations | (1,401 | ) | — | ||||||||
Reduction in tax positions for audit settlements | — | (103,741 | ) | ||||||||
Balance at end of year | $ | 54,054 | $ | 47,043 | |||||||
The company recognizes accrued interest and penalties related to unrecognized tax benefits in income tax expense. The company has $7 million in interest and penalties accrued as of both December 31, 2013 and 2012. | |||||||||||
U.S. and foreign earnings before taxes are as follows: | |||||||||||
Year Ended December 31, | |||||||||||
(in thousands) | 2013 | 2012 | 2011 | ||||||||
United States | $ | 303,070 | $ | 279,890 | $ | 346,016 | |||||
Foreign | 874,529 | 453,615 | 655,800 | ||||||||
Total | $ | 1,177,599 | $ | 733,505 | $ | 1,001,816 | |||||
Earnings before taxes in the United States increased in 2013 compared to 2012 principally due to improved performance in the Oil & Gas segment. Earnings before taxes in foreign jurisdictions increased in 2013 compared to 2012 because the prior year results included a pre-tax charge of an unexpected adverse decision in the arbitration proceedings related to the company's claim for additional compensation on the Greater Gabbard Project. Earnings before taxes in the United States declined in 2012 compared to 2011 principally due to reduced contributions from several completed projects in the Power segment and expenses associated with the company's continued investment in NuScale. Earnings before taxes in foreign jurisdictions decreased in 2012 compared to 2011 primarily due to the pre-tax charge on the Greater Gabbard Project discussed above. | |||||||||||
Retirement_Benefits
Retirement Benefits | 12 Months Ended | |||||||||||||||||||||||||
Dec. 31, 2013 | ||||||||||||||||||||||||||
Retirement Benefits | ' | |||||||||||||||||||||||||
Retirement Benefits | ' | |||||||||||||||||||||||||
4. Retirement Benefits | ||||||||||||||||||||||||||
The company sponsors contributory and non-contributory defined contribution retirement and defined benefit pension plans for eligible employees worldwide. Domestic and international defined contribution retirement plans are available to eligible salaried and craft employees. Contributions to defined contribution retirement plans are based on a percentage of the employee's eligible compensation. The company recognized expense of $151 million, $144 million and $101 million associated with contributions to its defined contribution retirement plans during 2013, 2012 and 2011, respectively. The increase in company contributions during 2012 was principally the result of certain U.S. plan amendments that increased employer contributions to the primary U.S. defined contribution plan and reduced contributions to the U.S. defined benefit pension plan. The defined benefit pension plans are available to domestic and international salaried employees and U.S. craft employees. Contributions to defined benefit pension plans are at least the minimum amounts required by applicable regulations. Payments to retired employees under these plans are generally based upon length of service and/or a percentage of qualifying compensation. | ||||||||||||||||||||||||||
Net periodic pension expense for the U.S. and non-U.S. defined benefit pension plans included the following components: | ||||||||||||||||||||||||||
U.S. Pension Plan | Non-U.S. Pension Plans | |||||||||||||||||||||||||
Year Ended December 31, | Year Ended December 31, | |||||||||||||||||||||||||
(in thousands) | 2013 | 2012 | 2011 | 2013 | 2012 | 2011 | ||||||||||||||||||||
Service cost | $ | 6,453 | $ | 5,957 | $ | 37,172 | $ | 15,390 | $ | 7,723 | $ | 8,219 | ||||||||||||||
Interest cost | 29,100 | 33,293 | 36,136 | 32,176 | 32,630 | 34,502 | ||||||||||||||||||||
Expected return on assets | (30,975 | ) | (35,322 | ) | (40,430 | ) | (46,420 | ) | (41,949 | ) | (42,852 | ) | ||||||||||||||
Amortization of prior service cost/(credits) | 103 | (114 | ) | (168 | ) | — | — | — | ||||||||||||||||||
Recognized net actuarial loss | 6,039 | 4,279 | 13,955 | 6,788 | 1,663 | 5,874 | ||||||||||||||||||||
(Gain on curtailment)/loss on settlement | (309 | ) | — | (618 | ) | — | — | 1,111 | ||||||||||||||||||
Net periodic pension expense | $ | 10,411 | $ | 8,093 | $ | 46,047 | $ | 7,934 | $ | 67 | $ | 6,854 | ||||||||||||||
The ranges of assumptions indicated below cover defined benefit pension plans in the United States, the Netherlands, the United Kingdom, Australia, the Philippines and Germany (2011 only) and are based on the economic environment in each host country at the end of each respective annual reporting period. The discount rate assumption for the U.S. defined benefit pension plan was determined by discounting the expected future benefit payments using yields based on a portfolio of high quality corporate bonds having maturities that are consistent with the expected timing of future payments to plan participants. The discount rates for the non-U.S. defined benefit pension plans were determined primarily based on a hypothetical yield curve developed from the yields on high quality corporate and government bonds with durations consistent with the pension obligations in those countries. The expected long-term rate of return on asset assumptions utilizing historical returns, correlations and investment manager forecasts are established for each major asset category including public U.S. and international equities, U.S. private equities and debt securities. | ||||||||||||||||||||||||||
U.S. Pension Plan | Non-U.S. Pension Plans | |||||||||||||||||||||||||
December 31, | December 31, | |||||||||||||||||||||||||
2013 | 2012 | 2011 | 2013 | 2012 | 2011 | |||||||||||||||||||||
For determining projected benefit obligation at year-end: | ||||||||||||||||||||||||||
Discount rates | 4.95% | 4.05% | 5.05% | 3.55-5.50% | 3.60-6.00% | 3.75-6.75% | ||||||||||||||||||||
Rates of increase in compensation levels | N/A | N/A | N/A | 2.25-9.00% | 2.25-9.00% | 2.25-9.00% | ||||||||||||||||||||
For determining net periodic cost for the year: | ||||||||||||||||||||||||||
Discount rates | 4.05% | 5.05% | 5.65% | 3.60-6.00% | 3.75-6.75% | 5.10-9.20% | ||||||||||||||||||||
Rates of increase in compensation levels | N/A | N/A | 4.00% | 2.25-9.00% | 2.25-9.00% | 2.25-9.00% | ||||||||||||||||||||
Expected long-term rates of return on assets | 4.25% | 5.25% | 6.69% | 5.00-7.00% | 5.00-7.00% | 5.00-8.00% | ||||||||||||||||||||
The company evaluates the funded status of each of its retirement plans using the above assumptions and determines the appropriate funding level considering applicable regulatory requirements, tax deductibility, reporting considerations and other factors. The funding status of the plans is sensitive to changes in long-term interest rates and returns on plan assets, and funding obligations could increase substantially if interest rates fall dramatically or returns on plan assets are below expectations. Assuming no changes in current assumptions, the company expects to fund approximately $30 million to $60 million for calendar year 2014, which is expected to be in excess of the minimum funding required. If the discount rates were reduced by 25 basis points, plan liabilities for the U.S. and non-U.S. plans would increase by approximately $16 million and $42 million, respectively. | ||||||||||||||||||||||||||
During the third quarter of 2013, the company and its Board of Directors approved an amendment to the U.S. defined benefit pension plan to close participation and freeze the accrual of future service-related benefits for craft participants on December 31, 2013. Also, the company's defined benefit pension plan in the Netherlands was closed to new participants on December 31, 2013. These changes did not have a material impact on the pension obligations or accumulated other comprehensive income balances of the plans. | ||||||||||||||||||||||||||
The company and its Board of Directors previously approved amendments to freeze the accrual of future service-related benefits for certain eligible salaried participants of the U.S. pension plan as of December 31, 2011 and eligible participants of the U.K. pension plan as of April 1, 2011. | ||||||||||||||||||||||||||
The following table sets forth the target allocations and the weighted average actual allocations of plan assets: | ||||||||||||||||||||||||||
U.S. Plan | Non-U.S. Plan | |||||||||||||||||||||||||
Assets | Assets | |||||||||||||||||||||||||
December 31, | December 31, | |||||||||||||||||||||||||
Target | 2013 | 2012 | Target | 2013 | 2012 | |||||||||||||||||||||
Allocation | Allocation | |||||||||||||||||||||||||
Asset category: | ||||||||||||||||||||||||||
Debt securities | 90% - 100% | 94% | 95% | 55% - 65% | 63% | 60% | ||||||||||||||||||||
Equity securities | 0% - 10% | 5% | 5% | 20% - 45% | 32% | 35% | ||||||||||||||||||||
Other | 0% - 5% | 1% | 0% | 5% - 15% | 5% | 5% | ||||||||||||||||||||
Total | 100% | 100% | 100% | 100% | ||||||||||||||||||||||
The company's investment strategy is to maintain asset allocations that appropriately address risk within the context of seeking adequate returns. Investment allocations are determined by each plan's investment committee and/or trustees. In the case of certain foreign plans, asset allocations may be affected by local requirements. Long-term allocation guidelines are set and expressed in terms of a target range allocation for each asset class to provide portfolio management flexibility. Short-term deviations from these allocations may exist from time to time for tactical investment or strategic implementation purposes. | ||||||||||||||||||||||||||
Investments in debt securities are used to provide stable investment returns while protecting the funding status of the plans. Investments in equity securities are utilized to generate long-term capital appreciation to mitigate the effects of increases in benefit obligations resulting from inflation, longer life expectancy and salary growth. While most of the company's plans are not prohibited from investing in the company's common stock or debt securities, there are no such direct investments at the present time. | ||||||||||||||||||||||||||
Plan assets included investments in common or collective trusts, which offer efficient access to diversified investments across various asset categories. The estimated fair value of the investments in the common or collective trusts represents the underlying net asset value of the shares or units of such funds as determined by the issuer. A redemption notice period of no more than 30 days is required for the plans to redeem certain investments in common or collective trusts. At the present time, there are no other restrictions on how the plans may redeem their investments. | ||||||||||||||||||||||||||
Debt securities are comprised of corporate bonds, government securities and common or collective trusts, with underlying investments in corporate bonds, government and asset backed securities and interest rate swaps. Corporate bonds primarily consist of investment-grade rated bonds and notes, of which no significant concentration exists in any one rating category or industry. Government securities include U.S. and international government bonds, some of which are inflation-indexed. Corporate bonds and government securities are valued based on pricing models, which are determined from a compilation of primarily observable market information, broker quotes in non-active markets or similar assets. As of December 31, 2013 and 2012, the investments in corporate bonds and government securities held by the U.S. plan were primarily concentrated in U.S. issuers. | ||||||||||||||||||||||||||
Equity securities are diversified across various industries and are comprised of common and preferred stocks of U.S. and international companies, common or collective trusts with underlying investments in common and preferred stocks and limited partnerships. Publicly traded corporate equity securities are valued based on the last trade or official close of an active market or exchange on the last business day of the plan's year. Securities not traded on the last business day are valued at the last reported bid price. As of December 31, 2013 and 2012, direct investments in equity securities, excluding common or collective trusts, were concentrated solely in international securities held by the company's non-U.S. pension plans. Limited partnerships are valued at the plan's proportionate share of the estimated fair value of the underlying net assets as determined by the general partners. The limited partnerships are classified as Level 3 investments. | ||||||||||||||||||||||||||
Other is primarily comprised of common or collective trusts, short-term investment funds, foreign exchange forward contracts and insurance contracts. Common or collective trusts hold underlying investments in commodities, foreign exchange foreign contracts and real estate. Common or collective trusts with underlying investments in real estate are classified as Level 3 investments. Insurance contracts are valued based on actuarial assumptions and are also classified as Level 3 investments. | ||||||||||||||||||||||||||
Liabilities primarily consist of foreign currency exchange contracts and obligations to return collateral under securities lending arrangements. The estimated fair value of foreign exchange forward contracts is determined from broker quotes. The estimated fair value of obligations to return collateral under securities lending arrangements are determined based on the last traded price of the underlying securities held as collateral. | ||||||||||||||||||||||||||
The company measures and reports assets and liabilities at fair value utilizing pricing information received from third-party pricing services. The company performs procedures to verify the reasonableness of pricing information received for significant assets and liabilities classified as Level 2. | ||||||||||||||||||||||||||
The fair value hierarchy established by ASC 820, "Fair Value Measurement," prioritizes the use of inputs used in valuation techniques into the following three levels: | ||||||||||||||||||||||||||
• | ||||||||||||||||||||||||||
Level 1 — quoted prices in active markets for identical assets and liabilities | ||||||||||||||||||||||||||
• | ||||||||||||||||||||||||||
Level 2 — inputs other than quoted prices in active markets for identical assets and liabilities that are observable, either directly or indirectly | ||||||||||||||||||||||||||
• | ||||||||||||||||||||||||||
Level 3 — unobservable inputs | ||||||||||||||||||||||||||
The following table presents, for each of the fair value hierarchy levels required under ASC 820-10, the plan assets and liabilities of the company's U.S. and non-U.S. defined benefit pension plans that are measured at fair value on a recurring basis as of December 31, 2013 and 2012: | ||||||||||||||||||||||||||
U.S. Pension Plan | ||||||||||||||||||||||||||
December 31, 2013 | December 31, 2012 | |||||||||||||||||||||||||
Fair Value Hierarchy | Fair Value Hierarchy | |||||||||||||||||||||||||
(in thousands) | Total | Level 1 | Level 2 | Level 3 | Total | Level 1 | Level 2 | Level 3 | ||||||||||||||||||
Assets: | ||||||||||||||||||||||||||
Equity securities: | ||||||||||||||||||||||||||
Common or collective trusts | $ | 17,068 | $ | — | $ | 17,068 | $ | — | $ | 18,164 | $ | — | $ | 18,164 | $ | — | ||||||||||
Limited Partnerships | 17,546 | — | — | 17,546 | 17,630 | — | — | 17,630 | ||||||||||||||||||
Debt securities: | ||||||||||||||||||||||||||
Common or collective trusts | 202,575 | — | 202,575 | — | 200,401 | — | 200,401 | — | ||||||||||||||||||
Corporate bonds | 397,524 | — | 397,524 | — | 456,123 | — | 456,123 | — | ||||||||||||||||||
Government securities | 69,562 | — | 69,562 | — | 66,973 | — | 66,973 | — | ||||||||||||||||||
Other: | ||||||||||||||||||||||||||
Common or collective trusts — money market funds | 3,644 | — | 3,644 | — | 5,285 | — | 5,285 | — | ||||||||||||||||||
Other assets | 4,374 | — | 4,374 | — | 1,487 | — | 1,487 | — | ||||||||||||||||||
Liabilities: | ||||||||||||||||||||||||||
Foreign currency contracts and other | (4,338 | ) | — | (4,338 | ) | — | (1,598 | ) | — | (1,598 | ) | — | ||||||||||||||
Plan assets measured at fair value, net | $ | 707,955 | $ | — | $ | 690,409 | $ | 17,546 | $ | 764,465 | $ | — | $ | 746,835 | $ | 17,630 | ||||||||||
Plan assets not measured at fair value, net | 775 | 2,831 | ||||||||||||||||||||||||
| | | | | | | | | | | | | | | | | | | | | | | | | | |
Total plan assets, net | $ | 708,730 | $ | 767,296 | ||||||||||||||||||||||
Non-U.S. Pension Plans | ||||||||||||||||||||||||||
December 31, 2013 | December 31, 2012 | |||||||||||||||||||||||||
Fair Value Hierarchy | Fair Value Hierarchy | |||||||||||||||||||||||||
(in thousands) | Total | Level 1 | Level 2 | Level 3 | Total | Level 1 | Level 2 | Level 3 | ||||||||||||||||||
Assets: | ||||||||||||||||||||||||||
Equity securities: | ||||||||||||||||||||||||||
Common and preferred stock | $ | 71,567 | $ | 71,567 | $ | — | $ | — | $ | 88,034 | $ | 88,034 | $ | — | $ | — | ||||||||||
Common or collective trusts | 228,608 | — | 228,608 | — | 218,542 | — | 218,542 | — | ||||||||||||||||||
Debt securities: | ||||||||||||||||||||||||||
Common or collective trusts | 321,086 | — | 321,086 | — | 317,494 | — | 317,494 | — | ||||||||||||||||||
Corporate bonds | 107,658 | — | 107,658 | — | 96,457 | — | 96,457 | — | ||||||||||||||||||
Government securities | 160,586 | — | 160,586 | — | 114,531 | — | 114,531 | — | ||||||||||||||||||
Other: | ||||||||||||||||||||||||||
Common or collective trusts | 48,409 | — | 40,667 | 7,742 | 45,554 | — | 37,754 | 7,800 | ||||||||||||||||||
Other assets | 2,634 | — | 2,634 | — | 2,729 | — | 2,729 | — | ||||||||||||||||||
Liabilities: | ||||||||||||||||||||||||||
Foreign currency contracts and other | (3,979 | ) | — | (3,979 | ) | — | (1,988 | ) | — | (1,988 | ) | — | ||||||||||||||
Plan assets measured at fair value, net | $ | 936,569 | $ | 71,567 | $ | 857,260 | $ | 7,742 | $ | 881,353 | $ | 88,034 | $ | 785,519 | $ | 7,800 | ||||||||||
Plan assets not measured at fair value, net | 9,268 | 4,788 | ||||||||||||||||||||||||
| | | | | | | | | | | | | | | | | | | | | | | | | | |
Total plan assets, net | $ | 945,837 | $ | 886,141 | ||||||||||||||||||||||
The following table presents a reconciliation of the beginning and ending balances of the fair value measurements using significant unobservable inputs (Level 3): | ||||||||||||||||||||||||||
U.S. | Non-U.S. | |||||||||||||||||||||||||
Pension Plan | Pension Plans | |||||||||||||||||||||||||
(in thousands) | 2013 | 2012 | 2013 | 2012 | ||||||||||||||||||||||
Balance at beginning of year | $ | 17,630 | $ | 19,314 | $ | $7,800 | $ | $11,882 | ||||||||||||||||||
Actual return on plan assets: | ||||||||||||||||||||||||||
Assets still held at reporting date | 418 | 112 | (58 | ) | (291 | ) | ||||||||||||||||||||
Assets sold during the period | 357 | 2,184 | — | — | ||||||||||||||||||||||
Purchases | — | 17 | — | — | ||||||||||||||||||||||
Sales | (859 | ) | (3,997 | ) | — | (3,791 | ) | |||||||||||||||||||
Settlements | — | — | — | — | ||||||||||||||||||||||
Balance at end of year | $ | 17,546 | $ | 17,630 | $ | 7,742 | $ | 7,800 | ||||||||||||||||||
The following table presents expected benefit payments for the U.S. and non-U.S. defined benefit pension plans: | ||||||||||||||||||||||||||
(in thousands) | U.S. | Non-U.S. | ||||||||||||||||||||||||
Pension Plan | Pension Plans | |||||||||||||||||||||||||
Year Ended December 31, | ||||||||||||||||||||||||||
2014 | $ | 94,178 | $ | 27,769 | ||||||||||||||||||||||
2015 | 40,119 | 28,757 | ||||||||||||||||||||||||
2016 | 41,331 | 31,152 | ||||||||||||||||||||||||
2017 | 42,724 | 33,277 | ||||||||||||||||||||||||
2018 | 43,539 | 34,119 | ||||||||||||||||||||||||
2019 — 2023 | 225,545 | 196,164 | ||||||||||||||||||||||||
Measurement dates for the company's U.S. and non-U.S. defined benefit pension plans are December 31. The following table sets forth the change in projected benefit obligation, plan assets and funded status of the U.S. and non-U.S. plans: | ||||||||||||||||||||||||||
U.S. Pension Plan | Non-U.S. Pension Plans | |||||||||||||||||||||||||
December 31, | December 31, | |||||||||||||||||||||||||
(in thousands) | 2013 | 2012 | 2013 | 2012 | ||||||||||||||||||||||
Change in projected benefit obligation | ||||||||||||||||||||||||||
Benefit obligation at beginning of year | $ | 756,976 | $ | 677,005 | $ | 826,466 | $ | 620,117 | ||||||||||||||||||
Service cost | 6,453 | 5,957 | 15,390 | 7,723 | ||||||||||||||||||||||
Interest cost | 29,100 | 33,293 | 32,176 | 32,630 | ||||||||||||||||||||||
Employee contributions | — | — | 3,832 | 3,854 | ||||||||||||||||||||||
Currency translation | — | — | 25,885 | 22,460 | ||||||||||||||||||||||
Actuarial (gain) loss | (59,990 | ) | 77,858 | 29,510 | 169,220 | |||||||||||||||||||||
Plan amendments | 6,367 | 3,736 | — | — | ||||||||||||||||||||||
Benefits paid | (48,204 | ) | (37,833 | ) | (24,729 | ) | (25,536 | ) | ||||||||||||||||||
Curtailments | — | — | — | — | ||||||||||||||||||||||
Other | (3,725 | ) | (3,040 | ) | — | (4,002 | ) | |||||||||||||||||||
Projected benefit obligation at end of year | 686,977 | 756,976 | 908,530 | 826,466 | ||||||||||||||||||||||
Change in plan assets | ||||||||||||||||||||||||||
Plan assets at beginning of year | 767,296 | 690,554 | 886,141 | 767,961 | ||||||||||||||||||||||
Actual return on plan assets | (6,637 | ) | 72,615 | 40,508 | 107,583 | |||||||||||||||||||||
Company contributions | — | 45,000 | 13,133 | 11,830 | ||||||||||||||||||||||
Employee contributions | — | — | 3,832 | 3,854 | ||||||||||||||||||||||
Currency translation | — | — | 26,952 | 23,854 | ||||||||||||||||||||||
Benefits paid | (48,204 | ) | (37,833 | ) | (24,729 | ) | (25,536 | ) | ||||||||||||||||||
Other | (3,725 | ) | (3,040 | ) | — | (3,405 | ) | |||||||||||||||||||
Plan assets at end of year | 708,730 | 767,296 | 945,837 | 886,141 | ||||||||||||||||||||||
Funded status | $ | 21,753 | $ | 10,320 | $ | 37,307 | $ | 59,675 | ||||||||||||||||||
Amounts recognized in the Consolidated Balance Sheet | ||||||||||||||||||||||||||
Pension assets included in other assets | $ | 21,753 | $ | 10,320 | $ | 58,849 | $ | 67,931 | ||||||||||||||||||
Pension liabilities included in noncurrent liabilities | — | — | (21,542 | ) | (8,256 | ) | ||||||||||||||||||||
Accumulated other comprehensive loss (pre-tax) | $ | 162,534 | $ | 184,378 | $ | 252,995 | $ | 216,856 | ||||||||||||||||||
During 2014, approximately $5 million for the U.S. plan and $8 million for the non-U.S. plans of the amount of accumulated other comprehensive loss shown above is expected to be recognized as components of net periodic pension expense. | ||||||||||||||||||||||||||
For the defined benefit pension plans in the Netherlands and Philippines, the projected benefit obligations exceeded the plan assets. In the aggregate, these plans had projected benefit obligations of $553 million and plan assets with a fair value of $532 million. | ||||||||||||||||||||||||||
The total accumulated benefit obligation for the U.S. and non-U.S. plans as of December 31, 2013 was $687 million and $853 million, respectively. The total accumulated benefit obligation for the U.S. and non-U.S. plans as of December 31, 2012 was $757 million and $775 million, respectively. As of December 31, 2013 and 2012, plan assets for each of the company's benefit plans exceeded the accumulated benefit obligation. | ||||||||||||||||||||||||||
In addition to the company's U.S. defined benefit pension plans, the company and certain of its subsidiaries provide health care and life insurance benefits for certain retired U.S. employees. The health care and life insurance plans are generally contributory, with retiree contributions adjusted annually. The accumulated postretirement benefit obligation as of December 31, 2013 and 2012 was determined in accordance with the current terms of the company's health care plans, together with relevant actuarial assumptions and health care cost trend rates projected at annual rates ranging from 7.5 percent in 2014 down to five percent in 2019 and beyond. The effect of a one percent annual increase in these assumed cost trend rates would increase the accumulated postretirement benefit obligation and interest cost by approximately $0.4 million and less than $0.1 million, respectively. The effect of a one percent annual decrease in these assumed cost trend rates would decrease the accumulated postretirement benefit obligation and interest cost by approximately $0.4 million and less than $0.1 million, respectively. | ||||||||||||||||||||||||||
Net periodic postretirement benefit cost included the following components: | ||||||||||||||||||||||||||
Year Ended December 31, | ||||||||||||||||||||||||||
(in thousands) | 2013 | 2012 | 2011 | |||||||||||||||||||||||
Service cost | $ | — | $ | — | $ | — | ||||||||||||||||||||
Interest cost | 351 | 592 | 723 | |||||||||||||||||||||||
Expected return on assets | — | — | — | |||||||||||||||||||||||
Amortization of prior service cost | — | — | — | |||||||||||||||||||||||
Recognized net actuarial loss | 341 | 640 | 679 | |||||||||||||||||||||||
Net periodic postretirement benefit cost | $ | 692 | $ | 1,232 | $ | 1,402 | ||||||||||||||||||||
The following table sets forth the change in the accumulated postretirement benefit obligation: | ||||||||||||||||||||||||||
Year Ended | ||||||||||||||||||||||||||
December 31, | ||||||||||||||||||||||||||
(in thousands) | 2013 | 2012 | ||||||||||||||||||||||||
Change in accumulated postretirement benefit obligation | ||||||||||||||||||||||||||
Benefit obligation at beginning of year | $ | 14,512 | $ | 16,828 | ||||||||||||||||||||||
Service cost | — | — | ||||||||||||||||||||||||
Interest cost | 351 | 592 | ||||||||||||||||||||||||
Employee contributions | 421 | 399 | ||||||||||||||||||||||||
Actuarial (gain) loss | (596 | ) | (955 | ) | ||||||||||||||||||||||
Benefits paid | (2,059 | ) | (2,352 | ) | ||||||||||||||||||||||
Benefit obligation at end of year | $ | 12,629 | $ | 14,512 | ||||||||||||||||||||||
Funded status | $ | (12,629 | ) | $ | (14,512 | ) | ||||||||||||||||||||
Unrecognized net actuarial losses totaling $2 million and $3 million as of December 31, 2013 and 2012, respectively, were classified in accumulated other comprehensive loss. The accumulated postretirement benefit obligation classified in current liabilities was approximately $3 million as of both December 31, 2013 and 2012. The remaining balance of the accumulated postretirement benefit obligation was classified in noncurrent liabilities for both years. | ||||||||||||||||||||||||||
The discount rate used in determining the accumulated postretirement benefit obligation was 3.40 percent as of December 31, 2013 and 2.65 percent as of December 31, 2012. The discount rate used for accumulated postretirement obligation is determined based on the same considerations discussed above that impact defined benefit plans in the United States. Benefit payments, as offset by retiree contributions, are not expected to change significantly in the future. | ||||||||||||||||||||||||||
The preceding information does not include amounts related to benefit plans applicable to employees associated with certain contracts with the U.S. Department of Energy because the company is not responsible for the current or future funded status of these plans. | ||||||||||||||||||||||||||
In addition to the company's defined benefit pension plans discussed above, the company participates in multiemployer pension plans for its union construction and maintenance craft employees. Contributions are based on the hours worked by employees covered under various collective bargaining agreements. Company contributions to these multiemployer pension plans were $19 million, $24 million and $36 million during 2013, 2012 and 2011, respectively. The company does not have any significant future obligations or funding requirements related to these plans other than the ongoing contributions that are paid as hours are worked by plan participants. None of these multiemployer pension plans are individually significant to the company. | ||||||||||||||||||||||||||
Fair_Value_of_Financial_Instru
Fair Value of Financial Instruments | 12 Months Ended | |||||||||||||||||||||||||
Dec. 31, 2013 | ||||||||||||||||||||||||||
Fair Value of Financial Instruments | ' | |||||||||||||||||||||||||
Fair Value of Financial Instruments | ' | |||||||||||||||||||||||||
5. Fair Value of Financial Instruments | ||||||||||||||||||||||||||
The following table presents, for each of the fair value hierarchy levels required under ASC 820-10, the company's assets and liabilities that are measured at fair value on a recurring basis as of December 31, 2013 and 2012: | ||||||||||||||||||||||||||
December 31, 2013 | December 31, 2012 | |||||||||||||||||||||||||
Fair Value Hierarchy | Fair Value Hierarchy | |||||||||||||||||||||||||
(in thousands) | Total | Level 1 | Level 2 | Level 3 | Total | Level 1 | Level 2 | Level 3 | ||||||||||||||||||
Assets(1): | ||||||||||||||||||||||||||
Cash and cash equivalents | $ | 50,081 | $ | 50,081 | -2 | $ | — | $ | — | $ | 14,457 | $ | 14,457 | -2 | $ | — | $ | — | ||||||||
Marketable securities, current | 111,333 | — | 111,333 | -3 | — | 102,439 | — | 102,439 | -3 | — | ||||||||||||||||
Deferred compensation trusts | 87,507 | 87,507 | -4 | — | — | 80,842 | 80,842 | -4 | — | — | ||||||||||||||||
Marketable securities, noncurrent | 275,402 | — | 275,402 | -5 | — | 318,355 | — | 318,355 | -5 | — | ||||||||||||||||
Derivative assets(6) | ||||||||||||||||||||||||||
Commodity contracts | 438 | — | 438 | — | 95 | — | 95 | — | ||||||||||||||||||
Foreign currency contracts | 855 | — | 855 | — | 640 | — | 640 | — | ||||||||||||||||||
Liabilities(1): | ||||||||||||||||||||||||||
Derivative liabilities(6) | ||||||||||||||||||||||||||
Commodity contracts | $ | 3 | $ | — | $ | 3 | $ | — | $ | 28 | $ | — | $ | 28 | $ | — | ||||||||||
Foreign currency contracts | 967 | — | 967 | — | 2,151 | — | 2,151 | — | ||||||||||||||||||
-1 | ||||||||||||||||||||||||||
The company measures and reports assets and liabilities at fair value utilizing pricing information received from third parties. The company performs procedures to verify the reasonableness of pricing information received for significant assets and liabilities classified as Level 2. | ||||||||||||||||||||||||||
-2 | ||||||||||||||||||||||||||
Consists primarily of registered money market funds valued at fair value. These investments represent the net asset value of the shares of such funds as of the close of business at the end of the period. | ||||||||||||||||||||||||||
-3 | ||||||||||||||||||||||||||
Consists of investments in U.S. agency securities, U.S. Treasury securities, corporate debt securities, commercial paper and other debt securities with maturities of less than one year that are valued based on pricing models, which are determined from a compilation of primarily observable market information, broker quotes in non-active markets or similar assets. | ||||||||||||||||||||||||||
-4 | ||||||||||||||||||||||||||
Consists primarily of registered money market funds and an equity index fund valued at fair value. These investments, which are trading securities, represent the net asset value of the shares of such funds as of the close of business at the end of the period based on the last trade or official close of an active market or exchange. | ||||||||||||||||||||||||||
-5 | ||||||||||||||||||||||||||
Consists of investments in U.S. agency securities, U.S. Treasury securities, corporate debt securities and other debt securities with maturities ranging from one year to three years at December 31, 2013 that are valued based on pricing models, which are determined from a compilation of primarily observable market information, broker quotes in non-active markets or similar assets. | ||||||||||||||||||||||||||
-6 | ||||||||||||||||||||||||||
See "6. Derivatives and Hedging" for the classification of commodity contracts and foreign currency contracts on the Consolidated Balance Sheet. Commodity contracts and foreign currency contracts are estimated using standard pricing models with market-based inputs, which take into account the present value of estimated future cash flows. | ||||||||||||||||||||||||||
All of the company's financial instruments carried at fair value are included in the table above. All of the above financial instruments are available-for-sale securities except for those held in the deferred compensation trusts (which are trading securities) and derivative assets and liabilities. The company has determined that there was no other-than-temporary impairment of available-for-sale securities with unrealized losses, and the company expects to recover the entire cost basis of the securities. The available-for-sale securities are made up of the following security types as of December 31, 2013: money market funds of $50 million, U.S. agency securities of $119 million, U.S. Treasury securities of $26 million, corporate debt securities of $228 million, commercial paper of $7 million and other debt securities of $7 million. As of December 31, 2012, available-for-sale securities consisted of money market funds of $14 million, U.S. agency securities of $161 million, U.S. Treasury securities of $67 million, corporate debt securities of $184 million and other debt securities of $9 million. The amortized cost of these available-for-sale securities is not materially different from the fair value. During 2013, 2012 and 2011, proceeds from sales and maturities of available-for-sale securities were $346 million, $523 million and $497 million, respectively. | ||||||||||||||||||||||||||
The carrying values and estimated fair values of the company's financial instruments that are not required to be measured at fair value in the Consolidated Balance Sheet are as follows: | ||||||||||||||||||||||||||
December 31, 2013 | December 31, 2012 | |||||||||||||||||||||||||
Fair Value | ||||||||||||||||||||||||||
(in thousands) | Hierarchy | Carrying Value | Fair Value | Carrying Value | Fair Value | |||||||||||||||||||||
Assets: | ||||||||||||||||||||||||||
Cash(1) | Level 1 | $ | 1,444,656 | $ | 1,444,656 | $ | 1,343,866 | $ | 1,343,866 | |||||||||||||||||
Cash equivalents(2) | Level 2 | 788,845 | 788,845 | 796,218 | 796,218 | |||||||||||||||||||||
Marketable securities, current(3) | Level 2 | 74,690 | 74,690 | 34,688 | 34,688 | |||||||||||||||||||||
Notes receivable, including noncurrent portion(4) | Level 3 | 27,602 | 27,602 | 34,471 | 34,471 | |||||||||||||||||||||
Liabilities: | ||||||||||||||||||||||||||
3.375% Senior Notes(5) | Level 2 | $ | 496,604 | $ | 484,204 | $ | 496,164 | $ | 527,219 | |||||||||||||||||
1.5% Convertible Senior Notes(5) | Level 2 | 18,398 | 54,027 | 18,472 | 39,392 | |||||||||||||||||||||
5.625% Municipal Bonds(5) | Level 2 | — | — | 17,795 | 17,878 | |||||||||||||||||||||
Other borrowings(6) | Level 2 | 11,441 | 11,441 | — | — | |||||||||||||||||||||
Notes payable, including noncurrent portion(7) | Level 3 | — | — | 8,566 | 8,566 | |||||||||||||||||||||
-1 | ||||||||||||||||||||||||||
Cash consists of bank deposits. Carrying amounts approximate fair value. | ||||||||||||||||||||||||||
-2 | ||||||||||||||||||||||||||
Cash equivalents consist of held-to-maturity time deposits with maturities of three months or less at the date of purchase. The carry amounts of these time deposits approximate fair value because of the short-term maturity of these instruments. | ||||||||||||||||||||||||||
-3 | ||||||||||||||||||||||||||
Marketable securities, current consist of held-to-maturity time deposits with original maturities greater than three months that will mature within one year. The carrying amounts of these time deposits approximate fair value because of the short-term maturity of these instruments. Amortized cost is not materially different from the fair value. | ||||||||||||||||||||||||||
-4 | ||||||||||||||||||||||||||
Notes receivable are carried at net realizable value which approximates fair value. Factors considered by the company in determining the fair value include the credit worthiness of the borrower, current interest rates, the term of the note and any collateral pledged as security. Notes receivable are periodically assessed for impairment. | ||||||||||||||||||||||||||
-5 | ||||||||||||||||||||||||||
The fair value of the 3.375% Senior Notes, 1.5% Convertible Senior Notes and 5.625% Municipal Bonds are estimated based on quoted market prices for similar issues. During 2013, the company redeemed its 5.625% Municipal Bonds at a price of 100% of their principal amount. | ||||||||||||||||||||||||||
-6 | ||||||||||||||||||||||||||
Other borrowings represent amounts outstanding under a short-term credit facility. The carrying amount of borrowings under this credit facility approximates fair value because of the short-term maturity. | ||||||||||||||||||||||||||
-7 | ||||||||||||||||||||||||||
Notes payable consist primarily of equipment loans with banks at various interest rates with maturities ranging from less than one year to four years. The carrying value of notes payable approximates fair value. Factors considered by the company in determining the fair value include the company's current credit rating, current interest rates, the term of the note and any collateral pledged as security. During 2013, the company paid off the remaining balances of various notes payable that were assumed in connection with the 2012 acquisition of an equipment company. | ||||||||||||||||||||||||||
Derivatives_and_Hedging
Derivatives and Hedging | 12 Months Ended | |||||||||||||||||||||
Dec. 31, 2013 | ||||||||||||||||||||||
Derivatives and Hedging | ' | |||||||||||||||||||||
Derivatives and Hedging | ' | |||||||||||||||||||||
6. Derivatives and Hedging | ||||||||||||||||||||||
As of December 31, 2013, the company had total gross notional amounts of $104 million of foreign currency contracts and $12 million of commodity contracts outstanding relating to engineering and construction contract obligations and monetary assets and liabilities denominated in nonfunctional currencies. The foreign currency contracts are of varying duration, none of which extend beyond December 2014. The commodity contracts are of varying duration, none of which extend beyond May 2017. The impact to earnings due to hedge ineffectiveness was immaterial for the years ended December 31, 2013, 2012 and 2011. | ||||||||||||||||||||||
The fair values of derivatives designated as hedging instruments under ASC 815 as of December 31, 2013 and 2012 were as follows: | ||||||||||||||||||||||
Asset Derivatives | Liability Derivatives | |||||||||||||||||||||
(in thousands) | Balance Sheet | December 31, | December 31, | Balance Sheet | December 31, | December 31, | ||||||||||||||||
Location | 2013 | 2012 | Location | 2013 | 2012 | |||||||||||||||||
Commodity contracts | Other current assets | $ | 296 | $ | 95 | Other accrued liabilities | $ | 3 | $ | 15 | ||||||||||||
Foreign currency contracts | Other current assets | 855 | 640 | Other accrued liabilities | 967 | 2,130 | ||||||||||||||||
Commodity contracts | Other assets | 142 | — | Noncurrent liabilities | — | 13 | ||||||||||||||||
Foreign currency contracts | Other assets | — | — | Noncurrent liabilities | — | 21 | ||||||||||||||||
Total | $ | 1,293 | $ | 735 | $ | 970 | $ | 2,179 | ||||||||||||||
The pre-tax amount of gain (loss) recognized in earnings associated with the hedging instruments designated as fair value hedges for the years ended December 31, 2013, 2012 and 2011 was as follows: | ||||||||||||||||||||||
Fair Value Hedges (in thousands) | Location of Gain (Loss) | 2013 | 2012 | 2011 | ||||||||||||||||||
Foreign currency contracts | Corporate general and administrative expense | $ | 2,885 | $ | (14,236 | ) | $ | 15,064 | ||||||||||||||
The pre-tax amount of gain (loss) recognized in earnings on hedging instruments for the fair value hedges noted in the table above offset the amounts of gain (loss) recognized in earnings on the hedged items in the same locations on the Consolidated Statement of Earnings. | ||||||||||||||||||||||
The after-tax amount of gain (loss) recognized in OCI and reclassified from AOCI into earnings associated with the derivative instruments designated as cash flow hedges for the years ended December 31, 2013, 2012 and 2011 was as follows: | ||||||||||||||||||||||
After-Tax Amount of Gain | After-Tax Amount of Gain | |||||||||||||||||||||
(Loss) Recognized in OCI | (Loss) Reclassified from | |||||||||||||||||||||
Cash Flow Hedges (in thousands) | Location of Gain (Loss) | AOCI into Earnings | ||||||||||||||||||||
2013 | 2012 | 2011 | 2013 | 2012 | 2011 | |||||||||||||||||
Commodity contracts | $ | (265 | ) | $ | 1,138 | $ | 1,755 | Total cost of revenue | $ | 50 | $ | 1,859 | $ | 4,052 | ||||||||
Foreign currency contracts | 2,801 | 2,933 | (1,544 | ) | Total cost of revenue | (2,855 | ) | 1,441 | (1,156 | ) | ||||||||||||
Interest rate contracts | — | — | (10,486 | ) | Interest expense | (1,049 | ) | (1,049 | ) | (306 | ) | |||||||||||
Total | $ | 2,536 | $ | 4,071 | $ | (10,275 | ) | $ | (3,854 | ) | $ | 2,251 | $ | 2,590 | ||||||||
In the first quarter of 2013, the company adopted ASU 2011-11, "Disclosures about Offsetting Assets and Liabilities" and ASU 2013-01, "Clarifying the Scope of Disclosures about Offsetting Assets and Liabilities." ASU 2011-11 requires an entity to disclose the nature of its rights of setoff and related arrangements associated with its financial instruments and derivative instruments. ASU 2013-01 clarifies which instruments and transactions are subject to the offsetting disclosure requirements established by ASU 2011-11. | ||||||||||||||||||||||
In the third quarter of 2013, the company adopted ASU 2013-10, "Inclusion of the Fed Funds Effective Swap Rate (or Overnight Index Swap Rate) as a Benchmark Interest Rate for Hedge Accounting Purposes." ASU 2013-10 permits the use of the Fed Funds Effective Swap Rate as a U.S. benchmark interest rate for hedge accounting purposes and also removes the restriction on using different benchmark rates for similar hedges. ASU 2013-10 is effective prospectively for qualifying new or redesignated hedging relationships entered into on or after July 17, 2013. The adoption of ASU 2013-10 did not have a material impact on the company's financial position, results of operations or cash flows. | ||||||||||||||||||||||
Financing_Arrangements
Financing Arrangements | 12 Months Ended | |||||||
Dec. 31, 2013 | ||||||||
Financing Arrangements | ' | |||||||
Financing Arrangements | ' | |||||||
7. Financing Arrangements | ||||||||
On November 9, 2012, the company entered into a $1.8 billion Revolving Loan and Letter of Credit Facility Agreement ("Credit Facility") that matures in 2017. Borrowings on the Credit Facility are to bear interest at rates based on the London Interbank Offered Rate ("LIBOR") or an alternative base rate, plus an applicable borrowing margin. The Credit Facility may be increased up to an additional $500 million subject to certain conditions, and contains customary financial and restrictive covenants, including a maximum ratio of consolidated debt to tangible net worth of one-to-one and a cap on the aggregate amount of debt of $600 million for the company's subsidiaries. On the same day, the company terminated its $800 million Revolving Loan and Financial Letter of Credit Facility and its $500 million Letter of Credit Facility and all outstanding letters of credit thereunder were assigned or otherwise transferred to the new Credit Facility. | ||||||||
In conjunction with the Credit Facility, the company also amended its existing $1.2 billion Revolving Performance Letter of Credit Facility ("PLOC Facility") dated as of December 14, 2010. The cap on the PLOC Facility for the aggregate amount of debt for the company subsidiaries was increased from $500 million to $600 million subject to certain conditions. | ||||||||
As of December 31, 2013, the company had a combination of committed and uncommitted lines of credit that totaled $4.6 billion. These lines may be used for revolving loans, letters of credit and/or general purposes. Letters of credit are provided in the ordinary course of business primarily to indemnify the company's clients if the company fails to perform its obligations under its contracts. As of December 31, 2013, letters of credit and borrowings under credit facilities totaling $1.0 billion were outstanding under these committed and uncommitted lines of credit. As an alternative to letters of credit, surety bonds are used as a form of credit enhancement. | ||||||||
Consolidated debt consisted of the following: | ||||||||
December 31, | ||||||||
(in thousands) | 2013 | 2012 | ||||||
Current: | ||||||||
1.5% Convertible Senior Notes | $ | 18,398 | $ | 18,472 | ||||
Other borrowings | 11,441 | — | ||||||
Notes payable | — | 2,320 | ||||||
Long-Term: | ||||||||
3.375% Senior Notes | $ | 496,604 | $ | 496,164 | ||||
5.625% Municipal Bonds | — | 17,795 | ||||||
Notes payable | — | 6,246 | ||||||
In September 2011, the company issued $500 million of 3.375% Senior Notes (the "2011 Notes") due September 15, 2021 and received proceeds of $492 million, net of underwriting discounts and debt issuance costs. Interest on the 2011 Notes is payable semi-annually on March 15 and September 15 of each year, and began on March 15, 2012. The company may, at any time, redeem the 2011 Notes at a redemption price equal to 100 percent of the principal amount, plus a "make whole" premium described in the indenture. Additionally, if a change of control triggering event occurs, as defined by the terms of the indenture, the company will be required to offer to purchase the 2011 Notes at a purchase price equal to 101 percent of their principal amount, plus accrued and unpaid interest, if any, to the date of purchase. The company is generally not limited under the indenture governing the 2011 Notes in its ability to incur additional indebtedness provided the company is in compliance with certain restrictive covenants, including restrictions on liens and restrictions on sale and leaseback transactions. | ||||||||
In February 2004, the company issued $330 million of 1.5% Convertible Senior Notes (the "2004 Notes") due February 15, 2024 and received proceeds of $323 million, net of underwriting discounts. In December 2004, the company irrevocably elected to pay the principal amount of the 2004 Notes in cash. Interest on the 2004 Notes is payable semi-annually on February 15 and August 15 of each year. The 2004 Notes are convertible into shares of the company's common stock par value $0.01 per share, at a conversion rate of 36.6729 shares per each $1,000 principal amount of the 2004 Notes, subject to adjustment as described in the indenture. The 2004 Notes are convertible during any fiscal quarter if the closing price of the company's common stock for at least 20 trading days in the 30 consecutive trading day-period ending on the last trading day of the previous fiscal quarter is greater than or equal to 130 percent of the conversion price in effect on that 30th trading day (the "trigger price"). The trigger price is currently $35.45, but is subject to adjustment as outlined in the indenture. The trigger price condition was satisfied during the fourth quarter of 2013 and 2012 and the 2004 Notes were therefore classified as short-term debt as of December 31, 2013 and 2012, respectively. | ||||||||
Holders of the 2004 Notes were entitled to require the company to purchase all or a portion of their 2004 Notes on February 17, 2009 and February 15, 2014 at 100 percent of the principal amount plus accrued and unpaid interest; a de minimis amount of 2004 Notes were tendered for purchase. Holders of the 2004 Notes will again be entitled to have the company purchase their 2004 Notes at the same price on February 15, 2019. The 2004 Notes are currently redeemable at the option of the company, in whole or in part, at 100 percent of the principal amount plus accrued and unpaid interest. In the event of a change of control of the company, each holder may require the company to repurchase the 2004 Notes for cash, in whole or in part, at 100 percent of the principal amount plus accrued and unpaid interest. | ||||||||
Pursuant to the requirements of ASC 260-10, "Earnings per Share," the company includes in the diluted EPS computations, based on the treasury stock method, shares that may be issuable upon conversion of the 2004 Notes. On December 30, 2004, the company irrevocably elected to pay the principal amount of the 2004 Notes in cash, and therefore there is no dilutive impact on EPS unless the average stock price exceeds the conversion price of $27.27. Upon conversion, shares of the company's common stock are issued to satisfy any appreciation between the conversion price and the market price on the date of conversion. During 2013, holders converted $0.1 million of the 2004 Notes in exchange for the principal balance owed in cash plus 1,562 shares of the company's common stock. During 2012, holders converted $1 million of the 2004 Notes in exchange for the principal balance owed in cash plus 18,899 shares of the company's common stock. | ||||||||
The company applies the provisions of ASC 470-20, "Debt with Conversion and Other Options." ASC 470-20 requires the issuer of a convertible debt instrument to separately account for the liability and equity components in a manner that reflects the entity's nonconvertible debt borrowing rate when interest expense is recognized in subsequent periods. | ||||||||
The following table presents information related to the liability and equity components of the 2004 Notes: | ||||||||
December 31, | ||||||||
(in thousands) | 2013 | 2012 | ||||||
Carrying value of the equity component | $ | 19,519 | $ | 19,519 | ||||
Principal amount and carrying value of the liability component | 18,398 | 18,472 | ||||||
Interest expense on the 2004 Notes for the years ended December 31, 2013, 2012 and 2011 includes original coupon interest of $0.3 million, $0.3 million and $0.5 million, respectively. The effective interest rate on the liability component was 4.375 percent through February 15, 2009 at which time the discount on the liability was fully amortized. The if-converted value is $54 million and is in excess of the principal value as of December 31, 2013. | ||||||||
In the first quarter of 2013, the company redeemed its 5.625% Municipal Bonds at a price of 100% of their principal amount and paid off the remaining balances of various notes payable that were assumed in connection with the 2012 acquisition of an equipment company. | ||||||||
During the third quarter of 2013, the company established a short-term credit facility to purchase land and construction equipment associated with the equipment operations in the Global Services segment. Outstanding borrowings under the facility were $11 million as of December 31, 2013. | ||||||||
As of December 31, 2013, the company was in compliance with all of the financial covenants related to its debt agreements. | ||||||||
Other_Noncurrent_Liabilities
Other Noncurrent Liabilities | 12 Months Ended |
Dec. 31, 2013 | |
Other Noncurrent Liabilities | ' |
Other Noncurrent Liabilities | ' |
8. Other Noncurrent Liabilities | |
The company has deferred compensation and retirement arrangements for certain key executives which generally provide for payments upon retirement, death or termination of employment. The deferrals can earn either market-based fixed or variable rates of return, at the option of the participants. As of December 31, 2013 and 2012, $415 million and $337 million, respectively, of obligations related to these plans were included in noncurrent liabilities. To fund these obligations, the company has established non-qualified trusts, which are classified as noncurrent assets. These trusts primarily hold company-owned life insurance policies, reported at cash surrender value, and marketable equity securities, reported at fair value. These trusts were valued at $388 million and $333 million as of December 31, 2013 and 2012, respectively. Periodic changes in value of these trust investments, most of which are unrealized, are recognized in earnings, and serve to mitigate changes to obligations included in noncurrent liabilities which are also reflected in earnings. | |
The company maintains appropriate levels of insurance for business risks, including workers compensation and general liability. Insurance coverages contain various retention amounts for which the company provides accruals based on the aggregate of the liability for reported claims and an actuarially determined estimated liability for claims incurred but not reported. Other noncurrent liabilities included $28 million and $23 million as of December 31, 2013 and 2012, respectively, relating to these liabilities. For certain professional liability risks the company's retention amount under its claims-made insurance policies does not include an accrual for claims incurred but not reported because there is insufficient claims history or other reliable basis to support an estimated liability. The company believes that retained professional liability amounts are manageable risks and are not expected to have a material adverse impact on results of operations or financial position. | |
StockBased_Plans
Stock-Based Plans | 12 Months Ended | |||||||||||||||||||
Dec. 31, 2013 | ||||||||||||||||||||
Stock-Based Plans | ' | |||||||||||||||||||
Stock-Based Plans | ' | |||||||||||||||||||
9. Stock-Based Plans | ||||||||||||||||||||
The company's executive stock-based plans provide for grants of nonqualified or incentive stock options, restricted stock awards or units, stock appreciation rights and performance-based VDI units. All executive stock-based plans are administered by the Organization and Compensation Committee of the Board of Directors ("Committee") comprised of outside directors, none of whom are eligible to participate in the executive plans. Recorded compensation cost for stock-based payment arrangements, which is generally recognized on a straight-line basis, totaled $54 million, $40 million and $37 million for the years ended December 31, 2013, 2012 and 2011, respectively, net of recognized tax benefits of $32 million, $24 million and $22 million for the years ended 2013, 2012 and 2011, respectively. | ||||||||||||||||||||
The following table summarizes restricted stock, restricted stock unit and stock option activity: | ||||||||||||||||||||
Restricted Stock or | Stock Options | |||||||||||||||||||
Restricted Stock Units | ||||||||||||||||||||
Number | Weighted | Number | Weighted | |||||||||||||||||
Average | Average | |||||||||||||||||||
Grant Date | Exercise Price | |||||||||||||||||||
Fair Value | Per Share | |||||||||||||||||||
Per Share | ||||||||||||||||||||
Outstanding as of December 31, 2010 | 1,886,108 | $ | 39.25 | 3,035,839 | $ | 44.71 | ||||||||||||||
Granted | 291,912 | 70.59 | 548,391 | 70.76 | ||||||||||||||||
Expired or canceled | (55,159 | ) | 52.87 | (73,599 | ) | 56.66 | ||||||||||||||
Vested/exercised | (828,246 | ) | 41.44 | (611,130 | ) | 41.57 | ||||||||||||||
Outstanding as of December 31, 2011 | 1,294,615 | $ | 44.33 | 2,899,501 | $ | 50 | ||||||||||||||
Granted | 450,668 | 61.7 | 688,380 | 62.18 | ||||||||||||||||
Expired or canceled | (17,109 | ) | 58.35 | (45,164 | ) | 61.57 | ||||||||||||||
Vested/exercised | (657,998 | ) | 43.46 | (309,692 | ) | 37.41 | ||||||||||||||
Outstanding as of December 31, 2012 | 1,070,176 | $ | 51.96 | 3,233,025 | $ | 53.64 | ||||||||||||||
Granted | 482,959 | 61.62 | 884,574 | 61.45 | ||||||||||||||||
Expired or canceled | (11,104 | ) | 62.35 | (15,607 | ) | 65.46 | ||||||||||||||
Vested/exercised | (564,265 | ) | 50.65 | (1,137,285 | ) | 46.53 | ||||||||||||||
Outstanding as of December 31, 2013 | 977,766 | $ | 57.36 | 2,964,707 | $ | 58.63 | ||||||||||||||
Options exercisable as of December 31, 2013 | 1,477,345 | $ | 54.51 | |||||||||||||||||
Remaining unvested options outstanding and expected to vest | 1,442,741 | $ | 62.73 | |||||||||||||||||
As of December 31, 2013, there were a maximum of 13,179,273 shares available for future grant under the company's various stock-based plans. Shares available for future grant included shares which may be granted by the Committee as either stock options, on a share-for-share basis, or restricted stock awards, restricted stock units and VDI units on the basis of one share for each 2.25 available shares. | ||||||||||||||||||||
Restricted stock awards issued under the plans provide that shares awarded may not be sold or otherwise transferred until service-based restrictions have lapsed and any performance objectives have been attained as established by the Committee. Restricted stock units are rights to receive shares subject to certain service and performance conditions as established by the Committee. Generally, upon termination of employment, restricted stock units and restricted shares which have not vested are forfeited. Restricted units and shares granted in 2013, 2012 and 2011 vest ratably over three years. Restricted units and shares granted to the company's directors in 2013, 2012 and 2011 vest or vested on the first anniversary of the grant, except for initial grants that certain directors received upon joining the Board of Directors which vest ratably over a five year period. For the years 2013, 2012 and 2011, recognized compensation expense of $28 million, $25 million and $25 million, respectively, is included in corporate general and administrative expense related to restricted stock awards and units. The fair value of restricted stock that vested during 2013, 2012 and 2011 was $36 million, $38 million and $58 million, respectively. The balance of unamortized restricted stock expense as of December 31, 2013 was $19 million, which is expected to be recognized over a weighted-average period of 1.3 years. | ||||||||||||||||||||
Option grant amounts and award dates are established by the Committee. Option grant prices are the fair value of the company's common stock at such date of grant. Options normally extend for 10 years and become exercisable over a vesting period determined by the Committee. The options granted in 2013, 2012 and 2011 vest ratably over three years. The aggregate intrinsic value, representing the difference between market value on the date of exercise and the option price, of stock options exercised during 2013, 2012 and 2011 was $29 million, $7 million and $18 million, respectively. The balance of unamortized stock option expense as of December 31, 2013 was $8 million, which is expected to be recognized over a weighted-average period of 1.2 years. Expense associated with stock options for the years ended December 31, 2013, 2012 and 2011, which is included in corporate general and administrative expense in the accompanying Consolidated Statement of Earnings, totaled $15 million, $13 million and $12 million, respectively. | ||||||||||||||||||||
The fair value on the grant date and the significant assumptions used in the Black-Scholes option-pricing model are as follows: | ||||||||||||||||||||
December 31, | ||||||||||||||||||||
2013 | 2012 | |||||||||||||||||||
Weighted average grant date fair value | $ | 17.22 | $ | 19.85 | ||||||||||||||||
Expected life of options (in years) | 4.5 | 4.5 | ||||||||||||||||||
Risk-free interest rate | 0.8 | % | 0.8 | % | ||||||||||||||||
Expected volatility | 35.8 | % | 41.1 | % | ||||||||||||||||
Expected annual dividend per share | $ | 0.64 | $ | 0.64 | ||||||||||||||||
The computation of the expected volatility assumption used in the Black-Scholes calculations is based on a 50/50 blend of historical and implied volatility. | ||||||||||||||||||||
Information related to options outstanding as of December 31, 2013 is summarized below: | ||||||||||||||||||||
Options Outstanding | Options Exercisable | |||||||||||||||||||
Range of Exercise Prices | Number | Weighted | Weighted | Number | Weighted | Weighted | ||||||||||||||
Outstanding | Average | Average | Exercisable | Average | Average | |||||||||||||||
Remaining | Exercise Price | Remaining | Exercise Price | |||||||||||||||||
Contractual | Per Share | Contractual | Per Share | |||||||||||||||||
Life (In Years) | Life (In Years) | |||||||||||||||||||
$30.46 - $41.77 | 203,118 | 5.2 | $ | 30.46 | 203,118 | 5.2 | $ | 30.46 | ||||||||||||
$42.11 - $62.50 | 1,968,710 | 7.8 | 57.1 | 651,771 | 5.6 | 47.84 | ||||||||||||||
$68.36 - $80.12 | 792,879 | 5.8 | 69.64 | 622,456 | 5.4 | 69.34 | ||||||||||||||
2,964,707 | 7.1 | $ | 58.63 | 1,477,345 | 5.5 | $ | 54.51 | |||||||||||||
As of December 31, 2013, options outstanding and options exercisable had an aggregate intrinsic value of approximately $64 million and $38 million, respectively. | ||||||||||||||||||||
Performance-based VDI units issued under the plans are based on target award values. The number of units awarded is determined by dividing the applicable target award value by the closing price of the company's common stock on the date of grant. The number of units is adjusted at the end of each performance period based on the achievement of performance criteria. The VDI awards granted in 2013 vest after a period of approximately three years. The VDI awards granted in 2012 vest on the first and third anniversaries of the date of grant. The awards may be settled in cash, based on the closing price of the company's common stock on the vesting date, or company stock. In accordance with ASC 718, these awards are classified as liabilities and remeasured at fair value at the end of each reporting period until the awards are settled. Compensation expense of $43 million, $26 million and $22 million related to these awards is included in corporate general and administrative expense in 2013, 2012 and 2011, respectively, of which $14 million was paid in 2013. The balance of unamortized compensation expense associated with VDI units as of December 31, 2013 was $19 million, which is expected to be recognized over a weighted-average period of 2.0 years. | ||||||||||||||||||||
Earnings_Per_Share
Earnings Per Share | 12 Months Ended | ||||||||||
Dec. 31, 2013 | |||||||||||
Earnings Per Share | ' | ||||||||||
Earnings Per Share | ' | ||||||||||
10. Earnings Per Share | |||||||||||
Basic earnings per share ("EPS") is calculated by dividing net earnings attributable to Fluor Corporation by the weighted average number of common shares outstanding during the period. Potentially dilutive securities include employee stock options, restricted stock units and shares, VDI units and the 1.5% Convertible Senior Notes (see "7. Financing Arrangements" above for information about the Convertible Senior Notes). Diluted EPS reflects the assumed exercise or conversion of all dilutive securities using the treasury stock method. | |||||||||||
The calculations of the basic and diluted EPS for the years ended December 31, 2013, 2012 and 2011 under the treasury stock method are presented below: | |||||||||||
Year Ended December 31, | |||||||||||
(in thousands, except per share amounts) | 2013 | 2012 | 2011 | ||||||||
Net earnings attributable to Fluor Corporation | $ | 667,711 | $ | 456,330 | $ | 593,728 | |||||
Basic EPS: | |||||||||||
Weighted average common shares outstanding | 162,566 | 167,121 | 172,501 | ||||||||
Basic earnings per share | $ | 4.11 | $ | 2.73 | $ | 3.44 | |||||
Diluted EPS: | |||||||||||
Weighted average common shares outstanding | 162,566 | 167,121 | 172,501 | ||||||||
Diluted effect: | |||||||||||
Employee stock options, restricted stock units and shares and VDI units | 1,383 | 1,024 | 1,393 | ||||||||
Conversion equivalent of dilutive convertible debt | 405 | 346 | 670 | ||||||||
Weighted average diluted shares outstanding | 164,354 | 168,491 | 174,564 | ||||||||
Diluted earnings per share | $ | 4.06 | $ | 2.71 | $ | 3.4 | |||||
Anti-dilutive securities not included above | 1,436 | 1,557 | 824 | ||||||||
During the years ended December 31, 2013, 2012 and 2011, the company repurchased and canceled 2,591,557, 7,409,200 and 10,050,000 shares of its common stock, respectively, under its stock repurchase program for $200 million, $389 million, and $640 million, respectively. | |||||||||||
Lease_Obligations
Lease Obligations | 12 Months Ended | ||||
Dec. 31, 2013 | |||||
Lease Obligations | ' | ||||
Lease Obligations | ' | ||||
11. Lease Obligations | |||||
Net rental expense amounted to approximately $206 million, $181 million and $166 million in the years ended December 31, 2013, 2012 and 2011, respectively. The company's lease obligations relate primarily to office facilities, equipment used in connection with long-term construction contracts and other personal property. Net rental expense in 2013 was higher compared to 2012, primarily due to an increase in rental equipment required to support project execution activities in the Industrial & Infrastructure segment. Net rental expense in 2012 was higher compared to 2011, primarily due to an increase in rental equipment required to support project execution activities in the Government segment. | |||||
The company's obligations for minimum rentals under non-cancelable operating leases are as follows: | |||||
Year Ended December 31, | (in thousands) | ||||
2014 | $ | 54,500 | |||
2015 | 52,200 | ||||
2016 | 41,500 | ||||
2017 | 35,000 | ||||
2018 | 23,300 | ||||
Thereafter | 67,900 |
Noncontrolling_Interests
Noncontrolling Interests | 12 Months Ended |
Dec. 31, 2013 | |
Noncontrolling Interests | ' |
Noncontrolling Interests | ' |
12. Noncontrolling Interests | |
The company applies the provisions of ASC 810-10-45, which establishes accounting and reporting standards for ownership interests in subsidiaries held by parties other than the parent, the amount of consolidated net earnings attributable to the parent and to the noncontrolling interest, changes in a parent's ownership interest and the valuation of retained noncontrolling equity investments when a subsidiary is deconsolidated. | |
As required by ASC 810-10-45, the company has separately disclosed on the face of the Consolidated Statement of Earnings for all periods presented the amount of net earnings attributable to the company and the amount of net earnings attributable to noncontrolling interests. For the years ended December 31, 2013, 2012 and 2011, net earnings attributable to noncontrolling interests were $155 million, $115 million and $104 million, respectively. Income taxes associated with earnings attributable to noncontrolling interests were immaterial in all periods presented. Distributions paid to noncontrolling interests were $125 million, $101 million and $104 million for the years ended December 31, 2013, 2012 and 2011, respectively. Capital contributions by noncontrolling interests were $2 million, $3 million and $23 million for the years ended December 31, 2013, 2012 and 2011, respectively. | |
Contingencies_and_Commitments
Contingencies and Commitments | 12 Months Ended |
Dec. 31, 2013 | |
Contingencies and Commitments | ' |
Contingencies and Commitments | ' |
13. Contingencies and Commitments | |
The company and certain of its subsidiaries are subject to litigation, claims, performance guarantees, and other commitments and contingencies arising in the ordinary course of business, including matters related to government contracting and environmental regulations. The company currently does not expect that the ultimate resolution of these matters will have a material adverse effect on its consolidated financial position or results of operations. | |
As of December 31, 2013 and 2012, several matters were in the litigation and dispute resolution process. The following discussion provides a background and current status of these matters: | |
Greater Gabbard Offshore Wind Farm Project | |
The company was involved in a dispute in connection with the Greater Gabbard Project, a $1.8 billion lump-sum project to provide engineering, procurement and construction services for the client's offshore wind farm project in the United Kingdom. The primary dispute was resolved in November 2012 resulting in a pre-tax charge against the company's earnings in the fourth quarter of 2012. | |
The client had also filed a counterclaim against the company, seeking to recover up to $100 million for past and future costs associated with, among other things, monitoring certain monopiles and transition pieces for alleged defects. The counterclaim and all related disputes were resolved during the second quarter of 2013, with no material effect on earnings. This concluded the company's involvement in the completion of the project. | |
St. Joe Minerals Matters | |
Since 1995, the company has been named as a defendant in a number of lawsuits alleging injuries resulting from the lead business of St. Joe Minerals Corporation ("St. Joe") and The Doe Run Company ("Doe Run") in Herculaneum, Missouri, which are discontinued operations. The company was named as a defendant in these lawsuits as a result of its ownership or other interests in St. Joe and Doe Run in the period between 1981 and 1994. In 1994, the company sold its interests in St. Joe and Doe Run, along with all liabilities associated with the lead business, pursuant to a sale agreement in which the buyer agreed to indemnify the company for those liabilities. Until December 2010, substantially all the lawsuits were settled and paid by the buyer; and in all cases the company was fully released. | |
In December 2010, the buyer settled with certain plaintiffs without obtaining a release for the benefit of the company, leaving the company to defend its case with these plaintiffs in the City of St. Louis Circuit Court. In late July 2011, the jury reached an unexpected verdict in this case, ruling in favor of 16 of the plaintiffs and against the company and certain former subsidiaries for $38.5 million in compensatory and economic damages and $320 million in punitive damages. In August 2011, the court entered judgments based on the verdict. | |
In December 2011, the company appealed the judgments of the court. Briefings and oral arguments before the Missouri Court of Appeals (Eastern District) have been completed, and the company is awaiting a decision. The company strongly believes that the judgments are not supported by the facts or the law and that it is probable that such judgments will be overturned. Therefore, based upon the present status of this matter, the company does not believe it is probable that a loss will be incurred. Accordingly, the company has not recorded a charge as a result of the judgments. The company has also taken steps to enforce its rights to the indemnification described above. | |
The company, the buyer and other entities are defendants in 21 additional lawsuits relating to the lead business of St. Joe and Doe Run. The company believes it has strong defenses to these lawsuits and is vigorously defending its position. The company is unable to estimate a range of possible losses in these lawsuits. In addition, the company has filed claims for indemnification under the sale agreement and for other matters raised in these lawsuits. While management believes the company will be ultimately successful in these various matters, if the company was unsuccessful in its appeal of the ruling referenced above or in any of the other lawsuits, or in the prosecution of and collection on our indemnity claims, the company could recognize a material charge to its earnings. | |
Conex International v. Fluor Enterprises, Inc. | |
In November 2006, a Jefferson County, Texas, jury reached an unexpected verdict in the case of Conex International ("Conex") v. Fluor Enterprises Inc. ("FEI"), ruling in favor of Conex and awarding $99 million in damages related to a 2001 construction project. | |
In 2001, Atofina (now part of Total Petrochemicals Inc.) hired Conex International to be the mechanical contractor on a project at Atofina's refinery in Port Arthur, Texas. FEI was also hired to provide certain engineering advice to Atofina on the project. There was no contract between Conex and FEI. Later in 2001 after the project was complete, Conex and Atofina negotiated a final settlement for extra work on the project. Conex sued FEI in September 2003, alleging damages for interference and misrepresentation and demanding that FEI should pay Conex the balance of the extra work charges that Atofina did not pay in the settlement. Conex also asserted that FEI interfered with Conex's contract and business relationship with Atofina. The jury verdict awarded damages for the extra work and the alleged interference. | |
The company appealed the decision and the judgment against the company was reversed in its entirety in December 2008. Both parties appealed the decision to the Texas Supreme Court, and the court denied both petitions. The company requested rehearing on two issues to the Texas Supreme Court, and that request was denied. The Texas Supreme Court remanded the matter back to the trial court for a new trial. The matter was stayed, pending resolution of certain technical issues associated with the 2011 bankruptcy filing by the plaintiff's parent. These issues have been resolved. The matter has been remanded to the court in Jefferson County, Texas. Based upon the present status of this matter, the company does not believe that there is a reasonable possibility that a loss will be incurred. | |
Guarantees | |
In the ordinary course of business, the company enters into various agreements providing performance assurances and guarantees to clients on behalf of certain unconsolidated and consolidated partnerships, joint ventures and other jointly executed contracts. These agreements are entered into primarily to support the project execution commitments of these entities. The performance guarantees have various expiration dates ranging from mechanical completion of the facilities being constructed to a period extending beyond contract completion in certain circumstances. The maximum potential amount of future payments that the company could be required to make under outstanding performance guarantees, which represents the remaining cost of work to be performed by or on behalf of third parties under engineering and construction contracts, was estimated to be $7.8 billion as of December 31, 2013. Amounts that may be required to be paid in excess of estimated cost to complete contracts in progress are not estimable. For cost reimbursable contracts, amounts that may become payable pursuant to guarantee provisions are normally recoverable from the client for work performed under the contract. For lump-sum or fixed-price contracts, the performance guarantee amount is the cost to complete the contracted work, less amounts remaining to be billed to the client under the contract. Remaining billable amounts could be greater or less than the cost to complete. In those cases where costs exceed the remaining amounts payable under the contract, the company may have recourse to third parties, such as owners, co-venturers, subcontractors or vendors for claims. The company assessed its performance guarantee obligation as of December 31, 2013 and 2012 in accordance with ASC 460, "Guarantees" and the carrying value of the liability was not material. | |
Financial guarantees, made in the ordinary course of business in certain limited circumstances, are entered into with financial institutions and other credit grantors and generally obligate the company to make payment in the event of a default by the borrower. These arrangements generally require the borrower to pledge collateral to support the fulfillment of the borrower's obligation. | |
Other Matters | |
The company and certain of its clients have made claims arising from the performance under its contracts. The company recognizes revenue, but not profit, for certain significant claims (including change orders in dispute and unapproved change orders in regard to both scope and price) when it is determined that recovery of incurred costs is probable and the amounts can be reliably estimated. Under ASC 605-35-25, these requirements are satisfied when (a) the contract or other evidence provides a legal basis for the claim, (b) additional costs were caused by circumstances that were unforeseen at the contract date and not the result of deficiencies in the company's performance, (c) claim-related costs are identifiable and considered reasonable in view of the work performed, and (d) evidence supporting the claim is objective and verifiable. The company periodically evaluates its position and the amounts recognized in revenue with respect to all its claims. Recognized claims against clients amounted to $20 million as of December 31, 2012, and are included in contract work in progress in the accompanying Consolidated Balance Sheet. There were no recognized claims against clients as of December 31, 2013. The company periodically evaluates its position and the amounts recognized in revenue with respect to all its claims. | |
From time to time, the company enters into significant contracts with the U.S. government and its agencies. Government contracts are subject to audits and investigations by government representatives with respect to the company's compliance with various restrictions and regulations applicable to government contractors, including but not limited to the allowability of costs incurred under reimbursable contracts. In connection with performing government contracts, the company maintains reserves for estimated exposures associated with these matters. | |
The company's operations are subject to and affected by federal, state and local laws and regulations regarding the protection of the environment. The company maintains reserves for potential future environmental cost where such obligations are either known or considered probable, and can be reasonably estimated. The company believes, based upon present information available to it, that its reserves with respect to future environmental cost are adequate and such future cost will not have a material effect on the company's consolidated financial position, results of operations or liquidity. However, the imposition of more stringent requirements under environmental laws or regulations, new developments or changes regarding site cleanup cost or the allocation of such cost among potentially responsible parties, or a determination that the company is potentially responsible for the release of hazardous substances at sites other than those currently identified, could result in additional expenditures, or the provision of additional reserves in expectation of such expenditures. | |
Variable_Interest_Entities
Variable Interest Entities | 12 Months Ended |
Dec. 31, 2013 | |
Variable Interest Entities | ' |
Variable Interest Entities | ' |
14. Variable Interest Entities | |
In the normal course of business, the company forms partnerships or joint ventures primarily for the execution of single contracts or projects. The majority of these partnerships or joint ventures are characterized by a 50 percent or less, noncontrolling ownership or participation interest, with decision making and distribution of expected gains and losses typically being proportionate to the ownership or participation interest. Many of the partnership and joint venture agreements provide for capital calls to fund operations, as necessary. Such funding is infrequent and is not anticipated to be material. The company accounts for its partnerships and joint ventures in accordance with ASC 810. | |
In accordance with ASC 810, the company assesses its partnerships and joint ventures at inception to determine if any meet the qualifications of a VIE. The company considers a partnership or joint venture a VIE if either (a) the total equity investment is not sufficient to permit the entity to finance its activities without additional subordinated financial support, (b) characteristics of a controlling financial interest are missing (either the ability to make decisions through voting or other rights, the obligation to absorb the expected losses of the entity or the right to receive the expected residual returns of the entity), or (c) the voting rights of the equity holders are not proportional to their obligations to absorb the expected losses of the entity and/or their rights to receive the expected residual returns of the entity, and substantially all of the entity's activities either involve or are conducted on behalf of an investor that has disproportionately few voting rights. Upon the occurrence of certain events outlined in ASC 810, the company reassesses its initial determination of whether the partnership or joint venture is a VIE. The majority of the company's partnerships and joint ventures qualify as VIEs because the total equity investment is typically nominal and not sufficient to permit the entity to finance its activities without additional subordinated financial support. | |
The company also performs a qualitative assessment of each VIE to determine if the company is its primary beneficiary, as required by ASC 810. The company concludes that it is the primary beneficiary and consolidates the VIE if the company has both (a) the power to direct the economically significant activities of the entity and (b) the obligation to absorb losses of, or the right to receive benefits from, the entity that could potentially be significant to the VIE. The company considers the contractual agreements that define the ownership structure, distribution of profits and losses, risks, responsibilities, indebtedness, voting rights and board representation of the respective parties in determining if the company is the primary beneficiary. The company also considers all parties that have direct or implicit variable interests when determining whether it is the primary beneficiary. As required by ASC 810, management's assessment of whether the company is the primary beneficiary of a VIE is continuously performed. | |
In most cases, when the company is not the primary beneficiary and not required to consolidate the VIE, the proportionate consolidation method of accounting is used for joint ventures and partnerships in the construction industry, whereby the company recognizes its proportionate share of revenue, cost and profit in its Consolidated Statement of Earnings and uses the one-line equity method of accounting in the Consolidated Balance Sheet, which is a common application of ASC 810-10-45-14 in the construction industry. The equity and cost methods of accounting for the investments are also used, depending on the company's respective ownership interest, amount of influence over the VIE and the nature of services provided by the VIE. The net carrying value of the unconsolidated VIEs classified under "Investments" and "Other accrued liabilities" in the Consolidated Balance Sheet was a net asset of $122 million and $22 million as of December 31, 2013 and 2012, respectively. Some of the company's VIEs have debt; however, such debt is typically non-recourse in nature. The company's maximum exposure to loss as a result of its investments in unconsolidated VIEs is typically limited to the aggregate of the carrying value of the investment and future funding commitments. Future funding commitments as of December 31, 2013 for the unconsolidated VIEs were $36 million. | |
In some cases, the company is required to consolidate certain VIEs. As of December 31, 2013, the carrying values of the assets and liabilities associated with the operations of the consolidated VIEs were $1.2 billion and $731 million, respectively. As of December 31, 2012, the carrying values of the assets and liabilities associated with the operations of the consolidated VIEs were $1.0 billion and $664 million, respectively. The assets of a VIE are restricted for use only for the particular VIE and are not available for general operations of the company. | |
The company has agreements with certain VIEs to provide financial or performance assurances to clients. See "13. Contingencies and Commitments" for a further discussion of such agreements. None of the VIEs are individually material to the company's results of operations, financial position or cash flows except for the Fluor SKM joint venture, which is material to the company's revenue and is discussed below under "— Fluor SKM Joint Venture." Below is a discussion of some of the company's more significant or unique VIEs and related accounting considerations. | |
Interstate 95 High-Occupancy Toll ("HOT") Lanes Project | |
In August 2012, the company was awarded the $925 million Interstate 95 HOT Lanes Project in Virginia. The project is a public-private partnership between the Virginia Department of Transportation ("VDOT") and 95 Express Lanes, LLC, a joint venture in which the company has a 10 percent interest and Transurban (USA) Inc. has a 90 percent interest. Under the agreement, VDOT owns and oversees the addition and extension of HOT lanes, interchange improvements and construction of commuter parking lots on 29 miles of I-95 in northern Virginia. As concessionaire, 95 Express Lanes, LLC will develop, design, finance, construct, maintain and operate the improvements and HOT lanes under a 75-year concession agreement. The construction is being financed primarily through grant funding from VDOT, private activity bonds, a non-recourse loan from the federal Transportation Infrastructure Finance Innovation Act ("TIFIA"), which is administered by the U.S. Department of Transportation, and equity contributions from the joint venture members. | |
The construction of the improvements and HOT lanes are being performed by a construction joint venture in which the company has a 65 percent interest and Lane Construction has a 35 percent interest ("Fluor-Lane 95"). Transurban (USA) Inc. will perform the operations and maintenance upon completion of the improvements and commencement of operations of the toll lanes. The company has evaluated its interest in Fluor-Lane 95 and has determined that it is the primary beneficiary. Accordingly, the company consolidates the accounts of Fluor-Lane 95. As of December 31, 2013, the company's financial statements included assets of $119 million and liabilities of $115 million for Fluor-Lane 95. As of December 31, 2012, the company's financial statements included assets of $80 million and liabilities of $68 million for Fluor-Lane 95. | |
The company has also evaluated its interest in 95 Express Lanes, LLC and has determined that it is not the primary beneficiary. Based on contractual documents, the company's maximum exposure to loss relating to its investment in Fluor-Transurban is its future funding commitment of $9 million, plus its investment balance of $19 million. The company will never have repayment obligations associated with any of the debt because it is non-recourse to the joint venture members. The company accounts for its ownership interest in 95 Express Lanes, LLC under the equity method of accounting. | |
Eagle P3 Commuter Rail Project | |
In August 2010, the company was awarded its $1.7 billion share of the Eagle P3 Commuter Rail Project in the Denver metropolitan area. The project is a public-private partnership between the Regional Transportation District in Denver, Colorado ("RTD") and Denver Transit Partners ("DTP"), a wholly-owned subsidiary of Denver Transit Holdings LLC ("DTH"), a joint venture in which the company has a 10 percent interest, with two additional partners each owning a 45 percent interest. Under the agreement, RTD owns and oversees the addition of railways, facilities and rolling stock for three new commuter and light rail corridors in the Denver metropolitan area. RTD is funding the construction of the railways and facilities through the issuance of $398 million of private activity bonds, as well as from various other sources, including federal grants. RTD advanced the proceeds of the private activity bonds to DTP as a loan that is non-recourse to the company and will be repaid to RTD over the life of the concession agreement. DTP, as concessionaire, will design, build, finance, operate and maintain the railways, facilities and rolling stock under a 35-year concession agreement. The company has determined that DTH is a VIE for which the company is not the primary beneficiary. DTH is accounted for under the equity method of accounting. Based on contractual documents, the company's maximum exposure to loss relating to its investments in DTH is limited to its future funding commitment of $5 million, plus the carrying value of its investment of less than $1 million. | |
The construction of the railways and facilities is being performed through subcontract arrangements by Denver Transit Systems ("DTS") and Denver Transit Constructors ("DTC"), construction joint ventures in which the company has an ownership interest of 50 percent and 40 percent, respectively. The company has determined that DTS and DTC are VIEs for which the company is the primary beneficiary. Therefore, the company consolidates the accounts of DTS and DTC in its financial statements. As of December 31, 2013, the combined carrying values of the assets and liabilities of DTS and DTC were $150 million and $72 million, respectively. As of December 31, 2012, the combined carrying values of the assets and liabilities of DTS and DTC were $120 million and $79 million, respectively. The company has provided certain performance guarantees on behalf of DTS. | |
Fluor SKM Joint Venture | |
In 2008, the Fluor SKM joint venture was awarded the initial program management, engineering and construction management contract for the expansion of port, rail and mine facilities for BHP Billiton Limited's iron ore mining project in the Pilbara region of Western Australia. Fluor SKM is a joint venture between Fluor Australia Pty Ltd and Sinclair Knight Merz ("Fluor SKM") in which Fluor Australia Pty Ltd has a 55 percent interest and Sinclair Knight Merz has the remaining 45 percent interest. | |
The company has evaluated its interest in Fluor SKM and has determined that the company is the primary beneficiary. Accordingly, the company consolidates the accounts of Fluor SKM. For the years ended December 31, 2013, 2012 and 2011, the company's results of operations included revenue of $1.8 billion, $3.4 billion and $1.8 billion, respectively. As of December 31, 2013, the carrying values of the assets and liabilities of the Fluor SKM joint venture were $62 million and $83 million, respectively. As of December 31, 2012, the carrying values of the assets and liabilities of the Fluor SKM joint venture were $107 million and $123 million, respectively. | |
Interstate 495 Capital Beltway Project | |
In December 2007, the company was awarded the $1.3 billion Interstate 495 Capital Beltway HOT Lanes Project in Virginia. The project is a public-private partnership between VDOT and Capital Beltway Express LLC, a joint venture in which the company has a 10 percent interest and Transurban (USA) Inc. has a 90 percent interest ("Fluor-Transurban"). Under the agreement, VDOT owns and oversees the addition of traffic lanes, interchange improvements and construction of HOT lanes on 14 miles of the I-495 Capital Beltway in northern Virginia. Fluor-Transurban, as concessionaire, will develop, design, finance, construct, maintain and operate the improvements and HOT lanes under an 80-year concession agreement. The construction was financed through grant funding from VDOT, non-recourse borrowings from issuance of public tax-exempt bonds, a non-recourse loan from TIFIA, which is administered by the U.S. Department of Transportation and equity contributions from the joint venture members. | |
The construction of the improvements and HOT lanes, which was completed during 2013, was performed by a construction joint venture in which the company has a 65 percent interest and Lane Construction has a 35 percent interest ("Fluor-Lane"). Transurban (USA) Inc. is currently performing the operations and maintenance of the toll lanes. The company has evaluated its interest in Fluor-Lane and has determined that it is the primary beneficiary. Accordingly, the company consolidates the accounts of Fluor-Lane. As of December 31, 2013, the company's financial statements included assets of $7 million and liabilities of $7 million for Fluor-Lane. As of December 31, 2012, the company's financial statements included assets of $53 million and liabilities of $49 million for Fluor-Lane. | |
The company has also evaluated its interest in Fluor-Transurban and has determined that it is not the primary beneficiary. The company's maximum exposure to loss relating to its investment in Fluor-Transurban is its investment balance of $10 million. The company will never have repayment obligations associated with any of the debt because it is non-recourse to the joint venture members. The company accounts for its ownership interest in Fluor-Transurban under the equity method of accounting. | |
Operations_by_Business_Segment
Operations by Business Segment and Geographic Area | 12 Months Ended | ||||||||||||||||
Dec. 31, 2013 | |||||||||||||||||
Operations by Business Segment and Geographic Area | ' | ||||||||||||||||
Operations by Business Segment and Geographic Area | ' | ||||||||||||||||
15. Operations by Business Segment and Geographic Area | |||||||||||||||||
The company provides professional services in the fields of engineering, procurement, construction and maintenance, as well as project management, on a global basis and serves a diverse set of industries worldwide. The five principal business segments are: Oil & Gas, Industrial & Infrastructure, Government, Global Services and Power, as discussed further below. | |||||||||||||||||
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 as part of the new industrial services business line, which also includes project execution activities that were previously reported in the manufacturing and life sciences business line. 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 its procurement entity, Acqyre. Segment operating information for 2012 and 2011 has been recast to reflect these organizational changes. | |||||||||||||||||
The Oil & Gas segment provides design, engineering, procurement, construction and project management professional services for upstream oil and gas production, downstream refining, offshore production, chemicals and petrochemicals markets. The revenue of a single customer and its affiliates of the Oil & Gas segment amounted to 12 percent, 11 percent and 13 percent of the company's consolidated revenue during the year ended December 31, 2013, 2012 and 2011, respectively. | |||||||||||||||||
The Industrial & Infrastructure segment provides design, engineering, procurement and construction services to the mining and metals, transportation, life sciences, manufacturing, commercial and institutional, telecommunications, wind power, microelectronics, water and healthcare sectors. The revenue of a single customer and its affiliates of the Industrial & Infrastructure segment amounted to 13 percent of the company's consolidated revenue during the year ended December 31, 2012. | |||||||||||||||||
The Government segment provides engineering, construction, logistics support, contingency response, and management and operations services to the U.S. government. The percentage of the company's consolidated revenue from work performed for various agencies of the U.S. government was 10 percent, 12 percent and 14 percent during the years ended December 31, 2013, 2012 and 2011, respectively. | |||||||||||||||||
The Global Services segment includes site equipment and tool services, industrial fleet services, construction, fabrication and modularization and supply chain solutions. In addition, Global Services provides temporary staffing of technical, professional and administrative personnel for projects in all segments. | |||||||||||||||||
The Power segment provides engineering, procurement, construction, program management, start-up and commissioning, operations and maintenance and technical services to the gas fueled, solid fueled, environmental compliance, renewables, nuclear and power services markets. The Power segment includes the operations of NuScale Power, LLC, the Oregon-based designer of small modular nuclear reactors acquired by the company in 2011, which is managed as a separate operating segment within the Power segment. | |||||||||||||||||
The reportable segments follow the same accounting policies as those described in Major Accounting Policies. Management evaluates a segment's performance based upon segment profit. Intersegment revenue is insignificant. The company incurs cost and expenses and holds certain assets at the corporate level which relate to its business as a whole. Certain of these amounts have been charged to the company's business segments by various methods, largely on the basis of usage. Total assets not allocated to segments and held in "Corporate and other" primarily include cash, marketable securities, income-tax related assets, pension assets, deferred compensation trust assets and corporate property, plant and equipment. | |||||||||||||||||
Engineering services for international projects are often performed within the United States or a country other than where the project is located. Revenue associated with these services has been classified within the geographic area where the work was performed. | |||||||||||||||||
Operating Information by Segment | |||||||||||||||||
Year Ended December 31, | |||||||||||||||||
(in millions) | 2013 | 2012 | 2011 | ||||||||||||||
External revenue | |||||||||||||||||
Oil & Gas | $ | 11,519.80 | $ | 9,513.90 | $ | 7,961.70 | |||||||||||
Industrial & Infrastructure | 11,081.70 | 13,237.80 | 10,705.50 | ||||||||||||||
Government | 2,749.10 | 3,304.70 | 3,398.20 | ||||||||||||||
Global Services | 611.8 | 679.6 | 572.6 | ||||||||||||||
Power | 1,389.20 | 841.1 | 743.4 | ||||||||||||||
Total external revenue | $ | 27,351.60 | $ | 27,577.10 | $ | 23,381.40 | |||||||||||
Segment profit (loss) | |||||||||||||||||
Oil & Gas | $ | 441.1 | $ | 334.7 | $ | 275.6 | |||||||||||
Industrial & Infrastructure | 476 | 176.5 | 418.9 | ||||||||||||||
Government | 161.4 | 149.7 | 145.5 | ||||||||||||||
Global Services | 119.7 | 125.4 | 122.2 | ||||||||||||||
Power | 11.7 | (16.9 | ) | 81.1 | |||||||||||||
Total segment profit | $ | 1,209.90 | $ | 769.4 | $ | 1,043.30 | |||||||||||
Depreciation and amortization of fixed assets | |||||||||||||||||
Oil & Gas | $ | — | $ | — | $ | — | |||||||||||
Industrial & Infrastructure | 1.5 | 2.4 | 5.3 | ||||||||||||||
Government | 9.5 | 12.9 | 10.8 | ||||||||||||||
Global Services | 117.7 | 124.6 | 117 | ||||||||||||||
Power | 1.1 | 0.9 | — | ||||||||||||||
Corporate and other | 76.5 | 69.6 | 66.3 | ||||||||||||||
Total depreciation and amortization of fixed assets | $ | 206.3 | $ | 210.4 | $ | 199.4 | |||||||||||
Capital expenditures | |||||||||||||||||
Oil & Gas | $ | — | $ | — | $ | — | |||||||||||
Industrial & Infrastructure | 2.9 | 0.5 | 0.6 | ||||||||||||||
Government | 4.1 | 5.7 | 10.7 | ||||||||||||||
Global Services | 145.3 | 184.5 | 248 | ||||||||||||||
Power | 1.3 | 3.6 | — | ||||||||||||||
Corporate and other | 134.9 | 60.4 | 78.9 | ||||||||||||||
Total capital expenditures | $ | 288.5 | $ | 254.7 | $ | 338.2 | |||||||||||
Total assets | |||||||||||||||||
Oil & Gas | $ | 1,643.80 | $ | 1,704.40 | |||||||||||||
Industrial & Infrastructure | 909.7 | 751.7 | |||||||||||||||
Government | 580.6 | 827.2 | |||||||||||||||
Global Services | 758.9 | 768.9 | |||||||||||||||
Power | 154.9 | 120.6 | |||||||||||||||
Corporate and other | 4,276.00 | 4,103.20 | |||||||||||||||
Total assets | $ | 8,323.90 | $ | 8,276.00 | |||||||||||||
Goodwill | |||||||||||||||||
Oil & Gas | $ | 7.1 | $ | 7.1 | |||||||||||||
Industrial & Infrastructure | 18.6 | 18.7 | |||||||||||||||
Government | 57.5 | 46.5 | |||||||||||||||
Global Services | 20.3 | 18.4 | |||||||||||||||
Power | 10.6 | 10.6 | |||||||||||||||
Total goodwill | $ | 114.1 | $ | 101.3 | |||||||||||||
• | |||||||||||||||||
Industrial & Infrastructure. Segment profit for 2012 and 2011 was impacted by pre-tax charges for the Greater Gabbard Project totaling $416 million and $60 million, respectively. Segment profit for 2012 also included a pre-tax gain of $43 million on the sale of the company's unconsolidated interest in a telecommunications company located in the United Kingdom. | |||||||||||||||||
• | |||||||||||||||||
Government. Segment profit in 2013 included pre-tax income of $57 million resulting from the favorable resolution of various issues with the U.S. government related to 2001 - 2013. Of this amount, $31 million was the result of resolving challenges as to the reimbursability of certain costs, $11 million was the result of a favorable court ruling that resolved certain disputed items and $15 million was related to the closeout and final disposition of other matters. | |||||||||||||||||
• | |||||||||||||||||
Global Services. During 2013, 2012 and 2011, intercompany revenue for the Global Services segment, excluded from the amounts shown above, was $505 million, $462 million and $406 million, respectively. | |||||||||||||||||
• | |||||||||||||||||
Power. Segment profit for 2013, 2012 and 2011 included research and development expenses of $53 million, $63 million and $7 million, respectively, associated with the operations of NuScale. | |||||||||||||||||
Reconciliation of Segment Information to Consolidated Amounts | |||||||||||||||||
Year Ended December 31, | |||||||||||||||||
(in millions) | 2013 | 2012 | 2011 | ||||||||||||||
Total segment profit | $ | 1,209.90 | $ | 769.4 | $ | 1,043.30 | |||||||||||
Corporate general and administrative expense | (175.1 | ) | (151.0 | ) | (163.5 | ) | |||||||||||
Interest income (expense), net | (12.5 | ) | (0.5 | ) | 16.4 | ||||||||||||
Earnings attributable to noncontrolling interests | 155.3 | 115.6 | 105.6 | ||||||||||||||
Earnings before taxes | $ | 1,177.60 | $ | 733.5 | $ | 1,001.80 | |||||||||||
Operating Information by Geographic Area | |||||||||||||||||
External Revenue | Total Assets | ||||||||||||||||
Year Ended December 31, | As of December 31, | ||||||||||||||||
(in millions) | 2013 | 2012 | 2011 | 2013 | 2012 | ||||||||||||
United States | $ | 7,295.00 | $ | 7,021.40 | $ | 6,959.80 | $ | 4,329.40 | $ | 4,410.30 | |||||||
Canada | 6,275.80 | 5,371.90 | 4,127.50 | 927.8 | 925.9 | ||||||||||||
Asia Pacific (includes Australia) | 4,503.40 | 6,349.70 | 4,395.50 | 791.4 | 1,140.30 | ||||||||||||
Europe | 2,096.30 | 1,632.90 | 1,736.80 | 1,150.40 | 1,196.20 | ||||||||||||
Central and South America | 3,509.70 | 3,526.50 | 2,822.50 | 657.8 | 260.2 | ||||||||||||
Middle East and Africa | 3,671.40 | 3,674.70 | 3,339.30 | 467.1 | 343.1 | ||||||||||||
Total | $ | 27,351.60 | $ | 27,577.10 | $ | 23,381.40 | $ | 8,323.90 | $ | 8,276.00 | |||||||
Non-Operating Expense | |||||||||||||||||
Non-operating expense items of $1.8 million, $11.7 million and $13.5 million were included in corporate general and administrative expense in 2013, 2012 and 2011, respectively. Non-operating expenses in 2013, 2012 and 2011 primarily included expenses associated with previously divested operations. | |||||||||||||||||
Quarterly_Financial_Data_Unaud
Quarterly Financial Data (Unaudited) | 12 Months Ended | |||||||||||||
Dec. 31, 2013 | ||||||||||||||
Quarterly Financial Data (Unaudited) | ' | |||||||||||||
Quarterly Financial Data (Unaudited) | ' | |||||||||||||
16. Quarterly Financial Data (Unaudited) | ||||||||||||||
The following is a summary of the quarterly results of operations: | ||||||||||||||
(in millions, except per share amounts) | First Quarter | Second Quarter | Third Quarter | Fourth Quarter | ||||||||||
Year ended December 31, 2013 | ||||||||||||||
Revenue | $ | 7,185.60 | $ | 7,190.30 | $ | 6,684.20 | $ | 6,291.50 | ||||||
Cost of revenue | 6,843.80 | 6,857.50 | 6,329.70 | 5,955.40 | ||||||||||
Earnings before taxes | 306.3 | 298.7 | 304.7 | 267.9 | ||||||||||
Net earnings | 213.3 | 207.3 | 217.4 | 185 | ||||||||||
Net earnings attributable to Fluor Corporation | 166.5 | 161.4 | 173 | 166.8 | ||||||||||
Earnings per share | ||||||||||||||
Basic | $ | 1.02 | $ | 0.99 | $ | 1.06 | $ | 1.03 | ||||||
Diluted | 1.02 | 0.98 | 1.05 | 1.01 | ||||||||||
Year ended December 31, 2012 | ||||||||||||||
Revenue | $ | 6,290.10 | $ | 7,128.20 | $ | 7,136.10 | $ | 7,022.70 | ||||||
Cost of revenue | 6,014.20 | 6,809.80 | 6,829.80 | 7,038.30 | ||||||||||
Earnings (loss) before taxes | 240.8 | 288.2 | 264.5 | (60.0 | ) | |||||||||
Net earnings | 177.2 | 192.5 | 172.3 | 29.1 | ||||||||||
Net earnings (loss) attributable to Fluor Corporation | 154.9 | 161.2 | 144.6 | (4.4 | ) | |||||||||
Earnings (loss) per share | ||||||||||||||
Basic | $ | 0.92 | $ | 0.96 | $ | 0.87 | $ | (0.03 | ) | |||||
Diluted | 0.91 | 0.95 | 0.86 | (0.03 | ) | |||||||||
Net earnings in the fourth quarter in 2013 included pre-tax income of $57 million (or $0.22 per diluted share) resulting from the favorable resolution of various issues with the U.S. government related to 2001 - 2013. Of this amount, $31 million was the result of resolving challenges as to the reimbursability of certain costs, $11 million was the result of a favorable court ruling that resolved certain disputed items and $15 million was related to the closeout and final disposition of other matters. | ||||||||||||||
Net earnings in the fourth quarter of 2012 were impacted by pre-tax charges for the Greater Gabbard Project totaling $416 million (or $1.61 per diluted share). Net earnings in the fourth quarter of 2012 also included a pre-tax gain of $43 million (or $0.17 per diluted share) on the October 2012 sale of the company's unconsolidated interest in a telecommunications company located in the United Kingdom and tax benefits of $43 million ($0.26 per diluted share) associated with the net reduction of tax reserves for various domestic and international disputed items and an IRS settlement. The tax benefits are disclosed in "3. Income Taxes" above. | ||||||||||||||
Major_Accounting_Policies_Poli
Major Accounting Policies (Policies) | 12 Months Ended | ||||||||||||||||||||||||||||
Dec. 31, 2013 | |||||||||||||||||||||||||||||
Major Accounting Policies | ' | ||||||||||||||||||||||||||||
Principles of Consolidation | ' | ||||||||||||||||||||||||||||
Principles of Consolidation | |||||||||||||||||||||||||||||
The financial statements include the accounts of Fluor Corporation and its subsidiaries ("the company"). The company frequently forms joint ventures or partnerships with unrelated third parties for the execution of single contracts or projects. The company assesses its joint ventures and partnerships at inception to determine if any meet the qualifications of a variable interest entity ("VIE") in accordance with Accounting Standards Codification ("ASC") 810. If a joint venture or partnership is a VIE and the company is the primary beneficiary, the joint venture or partnership is fully consolidated (see "14. Variable Interest Entities" below). For partnerships and joint ventures in the construction industry, unless full consolidation is required, the company generally recognizes its proportionate share of revenue, cost and profit in its Consolidated Statement of Earnings and uses the one-line equity method of accounting in the Consolidated Balance Sheet, which is a common application of ASC 810-10-45-14 in the construction industry. At times, the cost and equity methods of accounting are also used, depending on the company's respective ownership interest, amount of influence in the VIE and other factors. | |||||||||||||||||||||||||||||
All significant intercompany transactions of consolidated subsidiaries are eliminated. Certain amounts in 2012 and 2011 have been reclassified to conform to the 2013 presentation. Management has evaluated all material events occurring subsequent to the date of the financial statements up to the date this annual report is filed on Form 10-K. | |||||||||||||||||||||||||||||
Use of Estimates | ' | ||||||||||||||||||||||||||||
Use of Estimates | |||||||||||||||||||||||||||||
The preparation of financial statements in accordance with accounting principles generally accepted in the United States requires management to make estimates and assumptions that affect reported amounts. These estimates are based on information available through the date of the issuance of the financial statements. Therefore, actual results could differ from those estimates. | |||||||||||||||||||||||||||||
Cash and Cash Equivalents | ' | ||||||||||||||||||||||||||||
Cash and Cash Equivalents | |||||||||||||||||||||||||||||
Cash and cash equivalents include securities with maturities of three months or less at the date of purchase. Securities with maturities beyond three months are classified as marketable securities within current and noncurrent assets. | |||||||||||||||||||||||||||||
Marketable Securities | ' | ||||||||||||||||||||||||||||
Marketable Securities | |||||||||||||||||||||||||||||
Marketable securities consist of time deposits placed with investment grade banks with original maturities greater than three months, which by their nature are typically held to maturity, and are classified as such because the company has the intent and ability to hold them to maturity. Held-to-maturity securities are carried at amortized cost. The company also has investments in debt securities which are classified as available-for-sale because the investments may be sold prior to their maturity date. Available-for-sale securities are carried at fair value. The cost of securities sold is determined by using the specific identification method. Marketable securities are assessed for other-than-temporary impairment. | |||||||||||||||||||||||||||||
Engineering and Construction Contracts | ' | ||||||||||||||||||||||||||||
Engineering and Construction Contracts | |||||||||||||||||||||||||||||
The company recognizes engineering and construction contract revenue using the percentage-of-completion method, based primarily on contract cost incurred to date compared to total estimated contract cost. Cost of revenue includes an allocation of depreciation and amortization. Customer-furnished materials, labor and equipment and, in certain cases, subcontractor materials, labor and equipment, are included in revenue and cost of revenue when management believes that the company is responsible for the ultimate acceptability of the project. Contracts are generally segmented between types of services, such as engineering and construction, and accordingly, gross margin related to each activity is recognized as those separate services are rendered. Changes to total estimated contract cost or losses, if any, are recognized in the period in which they are determined. Pre-contract costs are expensed as incurred. Revenue recognized in excess of amounts billed is classified as a current asset under contract work in progress. Advances that are payments on account of contract work in progress of $544 million and $702 million as of December 31, 2013 and 2012, respectively, have been deducted from contract work in progress. Amounts billed to clients in excess of revenue recognized to date are classified as a current liability under advance billings on contracts. The company anticipates that substantially all incurred cost associated with contract work in progress as of December 31, 2013 will be billed and collected in 2014. The company recognizes revenue, but not profit, for certain significant claims (including change orders in dispute and unapproved change orders in regard to both scope and price) when it is determined that recovery of incurred cost is probable and the amounts can be reliably estimated. Under ASC 605-35-25, these requirements are satisfied when the contract or other evidence provides a legal basis for the claim, additional costs were caused by circumstances that were unforeseen at the contract date and not the result of deficiencies in the company's performance, claim-related costs are identifiable and considered reasonable in view of the work performed, and evidence supporting the claim is objective and verifiable. Cost, but not profit, associated with unapproved change orders is accounted for in revenue when it is probable that the cost will be recovered through a change in the contract price. In circumstances where recovery is considered probable but the revenue cannot be reliably estimated, cost attributable to change orders is deferred pending determination of the impact on contract price. If the requirements for recognizing revenue for claims or unapproved change orders are met, revenue is recorded only to the extent that costs associated with the claims or unapproved change orders have been incurred. The company generally provides limited warranties for work performed under its engineering and construction contracts. The warranty periods typically extend for a limited duration following substantial completion of the company's work on a project. Historically, warranty claims have not resulted in material costs incurred, and any estimated costs for warranties are included in the individual project cost estimates for purposes of accounting for long-term contracts. | |||||||||||||||||||||||||||||
Property, Plant and Equipment | ' | ||||||||||||||||||||||||||||
Property, Plant and Equipment | |||||||||||||||||||||||||||||
Property, plant and equipment are recorded at cost. Leasehold improvements are amortized over the shorter of their economic lives or the lease terms. Depreciation is calculated using the straight-line method over the following ranges of estimated useful service lives, in years: | |||||||||||||||||||||||||||||
December 31, | |||||||||||||||||||||||||||||
Estimated | |||||||||||||||||||||||||||||
Useful | |||||||||||||||||||||||||||||
Service | |||||||||||||||||||||||||||||
(cost in thousands) | 2013 | 2012 | Lives | ||||||||||||||||||||||||||
Buildings | $ | 282,842 | $ | 287,895 | 20 – 40 | ||||||||||||||||||||||||
Building and leasehold improvements | 175,740 | 165,589 | 6 – 20 | ||||||||||||||||||||||||||
Machinery and equipment | 1,328,434 | 1,315,756 | 2 – 10 | ||||||||||||||||||||||||||
Furniture and fixtures | 146,498 | 145,551 | 2 – 10 | ||||||||||||||||||||||||||
Goodwill and Intangible Assets | ' | ||||||||||||||||||||||||||||
Goodwill and Intangible Assets | |||||||||||||||||||||||||||||
Goodwill is not amortized but is subject to annual impairment tests. Interim testing for impairment is performed if indicators of potential impairment exist. For purposes of impairment testing, goodwill is allocated to the applicable reporting units based on the current reporting structure. When testing goodwill for impairment quantitatively, the company first compares the fair value of each reporting unit with its carrying amount. If the carrying amount of a reporting unit exceeds its fair value, a second step is performed to measure the amount of potential impairment. In the second step, the company compares the implied fair value of reporting unit goodwill with the carrying amount of the reporting unit's goodwill. If the carrying amount of reporting unit goodwill exceeds the implied fair value of that goodwill, an impairment loss is recognized. During 2013, the company completed its annual goodwill impairment test in the first quarter and quantitatively determined that none of the goodwill was impaired because the fair value of each reporting unit substantially exceeded its carrying amount. Goodwill for each of the company's segments is shown in "15. Operations by Business Segment and Geographical Area." | |||||||||||||||||||||||||||||
In the first quarter of 2013, the company adopted Accounting Standards Update ("ASU") 2012-02, "Testing Indefinite-Lived Intangible Assets for Impairment." ASU 2012-02 allows entities testing an indefinite-lived intangible asset for impairment the option of performing a qualitative assessment before calculating the fair value of the asset. If entities determine, on the basis of qualitative factors, that the fair value of the indefinite-lived intangible asset is, more likely than not, greater than the carrying amount, a quantitative calculation would not be needed. | |||||||||||||||||||||||||||||
The company had intangible assets with a carrying value of $24 million and $21 million as of December 31, 2013 and 2012, respectively. Intangible assets with indefinite lives are not amortized but are subject to annual impairment tests. Interim testing for impairment is performed if indicators of potential impairment exist. An intangible asset with an indefinite life is impaired if its carrying value exceeds its fair value. As of December 31, 2013, none of the company's intangible assets with indefinite lives were impaired. Intangible assets with finite lives are amortized on a straight-line basis over the useful lives of those assets, ranging from one year to ten years. | |||||||||||||||||||||||||||||
Income Taxes | ' | ||||||||||||||||||||||||||||
Income Taxes | |||||||||||||||||||||||||||||
Deferred tax assets and liabilities are recognized for the expected future tax consequences of events that have been recognized in the company's financial statements or tax returns. The company evaluates the realizability of its deferred tax assets and maintains a valuation allowance, if necessary, to reduce certain deferred tax assets to amounts that are more likely than not to be realized. The factors used to assess the likelihood of realization are the company's forecast of future taxable income and available tax planning strategies that could be implemented to realize the net deferred tax assets. Failure to achieve forecasted taxable income in the applicable taxing jurisdictions could affect the ultimate realization of deferred tax assets and could result in an increase in the company's effective tax rate on future earnings. | |||||||||||||||||||||||||||||
Income tax positions must meet a more-likely-than-not recognition threshold to be recognized. Income tax positions that previously failed to meet the more-likely-than-not threshold are recognized in the first subsequent financial reporting period in which that threshold is met. Previously recognized tax positions that no longer meet the more-likely-than-not threshold are derecognized in the first subsequent financial reporting period in which that threshold is no longer met. The company recognizes potential interest and penalties related to unrecognized tax benefits within its global operations in income tax expense. | |||||||||||||||||||||||||||||
Judgment is required in determining the consolidated provision for income taxes as the company considers its worldwide taxable earnings and the impact of the continuing audit process conducted by various tax authorities. The final outcome of these audits by foreign jurisdictions, the Internal Revenue Service and various state governments could differ materially from that which is reflected in the Consolidated Financial Statements. | |||||||||||||||||||||||||||||
Derivatives and Hedging | ' | ||||||||||||||||||||||||||||
Derivatives and Hedging | |||||||||||||||||||||||||||||
The company limits exposure to foreign currency fluctuations in most of its engineering and construction contracts through provisions that require client payments in currencies corresponding to the currencies in which cost is incurred. Certain financial exposure, which includes currency and commodity price risk associated with engineering and construction contracts, currency risk associated with monetary assets and liabilities denominated in nonfunctional currencies and risk associated with interest rate volatility, may subject the company to earnings volatility. In cases where financial exposure is identified, the company generally implements a hedging strategy utilizing derivative instruments as hedging instruments to mitigate the risk. These hedging instruments are designated as either fair value or cash flow hedges in accordance with ASC 815, "Derivatives and Hedging." The company formally documents its hedge relationships at inception, including identification of the hedging instruments and the hedged items, as well as its risk management objectives and strategies for undertaking the hedge transaction. The company also formally assesses, both at inception and at least quarterly thereafter, whether the hedging instruments are highly effective in offsetting changes in the fair value of the hedged items. The fair values of all hedging instruments are recognized as assets or liabilities at the balance sheet date. For fair value hedges, the effective portion of the change in the fair value of the hedging instrument is offset against the change in the fair value of the underlying asset or liability through earnings. For cash flow hedges, the effective portion of the hedging instruments' gains or losses due to changes in fair value are recorded as a component of accumulated other comprehensive income (loss) ("AOCI") and are reclassified into earnings when the hedged items settle. Any ineffective portion of a hedging instrument's change in fair value is immediately recognized in earnings. The company does not enter into derivative instruments for speculative purposes. | |||||||||||||||||||||||||||||
Under ASC 815, in certain limited circumstances, foreign currency payment provisions could be deemed embedded derivatives. As of December 31, 2013, 2012 and 2011, the company had no significant embedded derivatives in any of its contracts. | |||||||||||||||||||||||||||||
The company maintains master netting arrangements with certain counterparties to facilitate the settlement of derivative instruments; however, the company reports the fair value of derivative instruments on a gross basis. | |||||||||||||||||||||||||||||
Concentrations of Credit Risk | ' | ||||||||||||||||||||||||||||
Concentrations of Credit Risk | |||||||||||||||||||||||||||||
Accounts receivable and all contract work in progress are from clients in various industries and locations throughout the world. Most contracts require payments as the projects progress or, in certain cases, advance payments. The company generally does not require collateral, but in most cases can place liens against the property, plant or equipment constructed or terminate the contract, if a material default occurs. The company evaluates the counterparty credit risk of third parties as part of its project risk review process and in determining the appropriate level of reserves. The company maintains adequate reserves for potential credit losses and generally such losses have been minimal and within management's estimates. | |||||||||||||||||||||||||||||
Cash and marketable securities are deposited with major banks throughout the world. Such deposits are placed with high quality institutions and the amounts invested in any single institution are limited to the extent possible in order to minimize concentration of counterparty credit risk. | |||||||||||||||||||||||||||||
The company's counterparties for derivative contracts are large financial institutions selected based on profitability, strength of balance sheet, credit ratings and capacity for timely payment of financial commitments. There are no significant concentrations of credit risk with any individual counterparty related to our derivative contracts. | |||||||||||||||||||||||||||||
The company monitors the credit quality of its counterparties and has not incurred any significant credit risk losses related to its deposits or derivative contracts. | |||||||||||||||||||||||||||||
Stock-Based Plans | ' | ||||||||||||||||||||||||||||
Stock-Based Plans | |||||||||||||||||||||||||||||
The company applies the provisions of ASC 718 "Compensation — Stock Compensation" in its accounting and reporting for stock-based compensation. ASC 718 requires all stock-based payments to employees, including grants of employee stock options, to be recognized in the income statement based on their fair values. All unvested options outstanding under the company's option plans have grant prices equal to the market price of the company's stock on the dates of grant. Compensation cost for restricted stock and restricted stock units is determined based on the fair market value of the company's stock at the date of grant. Compensation cost for stock appreciation rights is determined based on the change in the fair market value of the company's stock during the period. Stock-based compensation expense is generally recognized over the required service period, or over a shorter period when employee retirement eligibility is a factor. Certain awards that may be settled in cash or company stock are classified as liabilities and remeasured at fair value at the end of each reporting period until the awards are settled. | |||||||||||||||||||||||||||||
Comprehensive Income (Loss) | ' | ||||||||||||||||||||||||||||
Comprehensive Income (Loss) | |||||||||||||||||||||||||||||
ASC 220 "Comprehensive Income" establishes standards for reporting and displaying comprehensive income and its components in the consolidated financial statements. The company reports the cumulative foreign currency translation adjustments, unrealized gains and losses on available-for-sale securities and derivative contracts, ownership share of equity method investees' other comprehensive income (loss), and adjustments related to defined benefit pension and postretirement plans, as components of accumulated other comprehensive income (loss). | |||||||||||||||||||||||||||||
The tax effects of the components of other comprehensive income (loss) are as follows: | |||||||||||||||||||||||||||||
Year Ended December 31, | |||||||||||||||||||||||||||||
2013 | 2012 | 2011 | |||||||||||||||||||||||||||
(in thousands) | Before-Tax | Tax | Net-of-Tax | Before-Tax | Tax | Net-of-Tax | Before-Tax | Tax | Net-of-Tax | ||||||||||||||||||||
Amount | (Expense) | Amount | Amount | (Expense) | Amount | Amount | (Expense) | Amount | |||||||||||||||||||||
Benefit | Benefit | Benefit | |||||||||||||||||||||||||||
Other comprehensive income (loss): | |||||||||||||||||||||||||||||
Foreign currency translation adjustment | $ | (74,538 | ) | $ | 27,637 | $ | (46,901 | ) | $ | 47,780 | $ | (18,077 | ) | $ | 29,703 | $ | (66,717 | ) | $ | 26,599 | $ | (40,118 | ) | ||||||
Ownership share of equity method investees' other comprehensive income (loss) | 13,117 | (2,372 | ) | 10,745 | 1,487 | (924 | ) | 563 | (33,492 | ) | 9,701 | (23,791 | ) | ||||||||||||||||
Defined benefit pension and postretirement plan adjustments | (8,917 | ) | 3,344 | (5,573 | ) | (145,848 | ) | 54,693 | (91,155 | ) | 93,522 | (35,071 | ) | 58,451 | |||||||||||||||
Unrealized gain (loss) on derivative contracts | 2,171 | (787 | ) | 1,384 | 2,369 | (1,071 | ) | 1,298 | (19,420 | ) | 7,078 | (12,342 | ) | ||||||||||||||||
Unrealized gain (loss) on available-for-sale securities | (1,244 | ) | 466 | (778 | ) | 135 | (50 | ) | 85 | (711 | ) | 266 | (445 | ) | |||||||||||||||
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Total other comprehensive loss | (69,411 | ) | 28,288 | (41,123 | ) | (94,077 | ) | 34,571 | (59,506 | ) | (26,818 | ) | 8,573 | (18,245 | ) | ||||||||||||||
Less: Other comprehensive income (loss) attributable to noncontrolling interests | (772 | ) | — | (772 | ) | (948 | ) | — | (948 | ) | 4,736 | — | 4,736 | ||||||||||||||||
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Other comprehensive loss attributable to Fluor Corporation | $ | (68,639 | ) | $ | 28,288 | $ | (40,351 | ) | $ | (93,129 | ) | $ | 34,571 | $ | (58,558 | ) | $ | (31,554 | ) | $ | 8,573 | $ | (22,981 | ) | |||||
The changes in the balances of each after-tax component of AOCI attributable to Fluor Corporation for the years ended December 31, 2011 and 2012 are as follows: | |||||||||||||||||||||||||||||
(in thousands) | Foreign | Ownership | Defined Benefit | Unrealized | Unrealized | Accumulated | |||||||||||||||||||||||
Currency | Share of Equity | Pension and | Gain (Loss) | Gain (Loss) | Other | ||||||||||||||||||||||||
Translation | Method | Postretirement | on Derivative | on Available- | Comprehensive | ||||||||||||||||||||||||
Investees' Other | Plans | Contracts | for-Sale | Loss, Net | |||||||||||||||||||||||||
Comprehensive | Securities | ||||||||||||||||||||||||||||
Income (Loss) | |||||||||||||||||||||||||||||
Balance as of December 31, 2010 | $ | 60,101 | $ | (19,791 | ) | $ | (220,020 | ) | $ | 2,085 | $ | 1,314 | $ | (176,311 | ) | ||||||||||||||
Current-period other comprehensive income (loss) | (44,331 | ) | (23,791 | ) | 58,451 | (12,865 | ) | (445 | ) | (22,981 | ) | ||||||||||||||||||
| | | | | | | | | | | | | | | | | | | | ||||||||||
Balance as of December 31, 2011 | 15,770 | (43,582 | ) | (161,569 | ) | (10,780 | ) | 869 | (199,292 | ) | |||||||||||||||||||
Current-period other comprehensive income (loss) | 30,129 | 563 | (91,155 | ) | 1,820 | 85 | (58,558 | ) | |||||||||||||||||||||
| | | | | | | | | | | | | | | | | | | | ||||||||||
Balance as of December 31, 2012 | $ | 45,899 | $ | (43,019 | ) | $ | (252,724 | ) | $ | (8,960 | ) | $ | 954 | $ | (257,850 | ) | |||||||||||||
In the first quarter of 2013, the company adopted ASU 2013-02, "Reporting of Amounts Reclassified Out of Accumulated Other Comprehensive Income ("AOCI")," which requires an entity to disclose additional information about reclassification adjustments, including (a) changes in AOCI balances by component and (b) significant items reclassified out of AOCI. | |||||||||||||||||||||||||||||
The changes in the balances of each after-tax component of AOCI for the year ended December 31, 2013 are as follows: | |||||||||||||||||||||||||||||
(in thousands) | Foreign | Ownership | Defined Benefit | Unrealized | Unrealized | Accumulated | |||||||||||||||||||||||
Currency | Share of Equity | Pension and | Gain (Loss) | Gain (Loss) | Other | ||||||||||||||||||||||||
Translation | Method | Postretirement | on Derivative | on Available- | Comprehensive | ||||||||||||||||||||||||
Investees' Other | Plans | Contracts | for-Sale | Income | |||||||||||||||||||||||||
Comprehensive | Securities | (Loss), Net | |||||||||||||||||||||||||||
Income (Loss) | |||||||||||||||||||||||||||||
Attributable to Fluor Corporation: | |||||||||||||||||||||||||||||
Balance as of December 31, 2012 | $ | 45,899 | $ | (43,019 | ) | $ | (252,724 | ) | $ | (8,960 | ) | $ | 954 | $ | (257,850 | ) | |||||||||||||
Other comprehensive income (loss) before reclassifications | (46,063 | ) | 10,745 | (13,655 | ) | (2,536 | ) | (652 | ) | (52,161 | ) | ||||||||||||||||||
Amount reclassified from AOCI | — | — | 8,082 | 3,854 | (126 | ) | 11,810 | ||||||||||||||||||||||
| | | | | | | | | | | | | | | | | | | | ||||||||||
Net other comprehensive income (loss) | (46,063 | ) | 10,745 | (5,573 | ) | 1,318 | (778 | ) | (40,351 | ) | |||||||||||||||||||
| | | | | | | | | | | | | | | | | | | | ||||||||||
Balance as of December 31, 2013 | $ | (164 | ) | $ | (32,274 | ) | $ | (258,297 | ) | $ | (7,642 | ) | $ | 176 | $ | (298,201 | ) | ||||||||||||
Attributable to Noncontrolling Interests: | |||||||||||||||||||||||||||||
Balance as of December 31, 2012 | $ | 8,723 | $ | — | $ | — | $ | 1 | $ | — | $ | 8,724 | |||||||||||||||||
Other comprehensive income (loss) before reclassifications | (838 | ) | — | — | 62 | — | (776 | ) | |||||||||||||||||||||
Amount reclassified from AOCI | — | — | — | 4 | 4 | ||||||||||||||||||||||||
| | | | | | | | | | | | | | | | | | | | ||||||||||
Net other comprehensive income (loss) | (838 | ) | — | — | 66 | — | (772 | ) | |||||||||||||||||||||
| | | | | | | | | | | | | | | | | | | | ||||||||||
Balance as of December 31, 2013 | $ | 7,885 | $ | — | $ | — | $ | 67 | $ | — | $ | 7,952 | |||||||||||||||||
The significant items reclassified out of AOCI and the corresponding location and impact on the Consolidated Statement of Earnings are as follows: | |||||||||||||||||||||||||||||
(in thousands) | Location in Consolidated | Twelve Months Ended | |||||||||||||||||||||||||||
Statements of Earnings | December 31, 2013 | ||||||||||||||||||||||||||||
Component of AOCI: | |||||||||||||||||||||||||||||
Defined benefit pension plan adjustments | Various accounts(1) | $ | (12,931 | ) | |||||||||||||||||||||||||
Income tax benefit | Income tax expense | 4,849 | |||||||||||||||||||||||||||
| | | | | | | |||||||||||||||||||||||
Net of tax | $ | (8,082 | ) | ||||||||||||||||||||||||||
| | | | | | | |||||||||||||||||||||||
Unrealized gain (loss) on derivative contracts: | |||||||||||||||||||||||||||||
Commodity contracts and foreign currency contracts | Total cost of revenue | $ | (4,502 | ) | |||||||||||||||||||||||||
Interest rate contracts | Interest expense | (1,678 | ) | ||||||||||||||||||||||||||
Income tax benefit | Income tax expense | 2,322 | |||||||||||||||||||||||||||
| | | | | | | |||||||||||||||||||||||
Net of tax: | (3,858 | ) | |||||||||||||||||||||||||||
Less: Noncontrolling interests | Net earnings attributable to noncontrolling interests | 4 | |||||||||||||||||||||||||||
| | | | | | | |||||||||||||||||||||||
Net of tax and noncontrolling interests | $ | (3,854 | ) | ||||||||||||||||||||||||||
| | | | | | | |||||||||||||||||||||||
Unrealized gain on available-for-sale securities | Corporate general and administrative expense | $ | 202 | ||||||||||||||||||||||||||
Income tax expense | Income tax expense | (76 | ) | ||||||||||||||||||||||||||
| | | | | | | |||||||||||||||||||||||
Net of tax | $ | 126 | |||||||||||||||||||||||||||
| | | | | | | |||||||||||||||||||||||
-1 | |||||||||||||||||||||||||||||
Defined benefit pension plan adjustments were reclassified primarily to total cost of revenue and corporate general and administrative expense. | |||||||||||||||||||||||||||||
During 2013 and 2011, functional currency exchange rates for most of the company's international operations weakened against the U.S. dollar, resulting in unrealized translation losses. During 2012, functional currency exchange rates for most of the company's international operations strengthened against the U.S. dollar, resulting in unrealized translation gains. | |||||||||||||||||||||||||||||
Recent Accounting Pronouncements | ' | ||||||||||||||||||||||||||||
Recent Accounting Pronouncements | |||||||||||||||||||||||||||||
In January 2014, the Financial Accounting Standards Board ("FASB") issued ASU 2014-05, "Service Concession Arrangements." This ASU clarifies that, unless certain circumstances are met, operating entities should not account for certain concession arrangements with public-sector entities as leases and should not recognize the related infrastructure as property, plant and equipment. This ASU is effective for interim and annual reporting periods beginning after December 15, 2014. Management does not expect the adoption of ASU 2014-05 to have a material impact on the company's financial position, results of operations or cash flows. | |||||||||||||||||||||||||||||
In July 2013, the FASB issued ASU 2013-11, "Presentation of an Unrecognized Tax Benefit When a Net Operating Loss Carryforward, a Similar Tax Loss, or a Tax Credit Carryforward Exists." This ASU clarifies the financial statement presentation of unrecognized tax benefits in certain circumstances. ASU 2013-11 is effective for interim and annual reporting periods beginning after December 15, 2013 and should be applied prospectively to all unrecognized tax benefits that exist at the effective date. Management does not expect the adoption of ASU 2013-11 to have a material impact on the company's financial position, results of operations or cash flows. | |||||||||||||||||||||||||||||
In April 2013, the FASB issued ASU 2013-07, "Liquidation Basis of Accounting," which clarifies when an entity should apply the liquidation basis of accounting. In addition, ASU 2013-07 provides principles for the recognition and measurement of assets and liabilities and requirements for financial statements prepared using the liquidation basis of accounting. ASU 2013-07 is effective for entities that determine liquidation is imminent during interim and annual reporting periods beginning after December 15, 2013. Management does not expect the adoption of ASU 2013-07 to have a material impact on the company's financial position, results of operations or cash flows. | |||||||||||||||||||||||||||||
In March 2013, the FASB issued ASU 2013-05, "Parent's Accounting for the Cumulative Translation Adjustment upon Derecognition of Certain Subsidiaries or Groups of Assets within a Foreign Entity or of an Investment in a Foreign Entity." The objective of ASU 2013-05 is to resolve a practice diversity in circumstances where reporting entities release cumulative translation adjustments into net income when a parent either sells a part or all of its investment in a foreign entity, or no longer holds a controlling financial interest in a subsidiary or group of assets that is a nonprofit activity or a business (other than a sale of in substance real estate or conveyance of oil and gas mineral rights) within a foreign entity. ASU 2013-05 is effective for interim and annual reporting periods beginning after December 15, 2013 and will be applied on a prospective basis. Management does not expect the adoption of ASU 2013-05 to have a material impact on the company's financial position, results of operations or cash flows. | |||||||||||||||||||||||||||||
In February 2013, the FASB issued ASU 2013-04, "Obligations Resulting from Joint and Several Liability Arrangements for Which the Total Amount of the Obligation Is Fixed at the Reporting Date," which addresses the recognition, measurement and disclosure of certain obligations including debt arrangements, other contractual obligations and settled litigation and judicial rulings. ASU 2013-04 is effective for interim and annual reporting periods beginning after December 15, 2013. Management does not expect the adoption of ASU 2013-04 to have a material impact on the company's financial position, results of operations or cash flows. | |||||||||||||||||||||||||||||
In the first quarter of 2013, the company adopted ASU 2012-04, "Technical Corrections and Improvements." The amendments in ASU 2012-04 make technical corrections, clarifications and limited-scope improvements to various topics throughout the ASC. The adoption of ASU 2012-04 did not have a material impact on the company's financial position, results of operations or cash flows. | |||||||||||||||||||||||||||||
Major_Accounting_Policies_Tabl
Major Accounting Policies (Tables) | 12 Months Ended | ||||||||||||||||||||||||||||
Dec. 31, 2013 | |||||||||||||||||||||||||||||
Major Accounting Policies | ' | ||||||||||||||||||||||||||||
Property, plant and equipment | ' | ||||||||||||||||||||||||||||
December 31, | |||||||||||||||||||||||||||||
Estimated | |||||||||||||||||||||||||||||
Useful | |||||||||||||||||||||||||||||
Service | |||||||||||||||||||||||||||||
(cost in thousands) | 2013 | 2012 | Lives | ||||||||||||||||||||||||||
Buildings | $ | 282,842 | $ | 287,895 | 20 – 40 | ||||||||||||||||||||||||
Building and leasehold improvements | 175,740 | 165,589 | 6 – 20 | ||||||||||||||||||||||||||
Machinery and equipment | 1,328,434 | 1,315,756 | 2 – 10 | ||||||||||||||||||||||||||
Furniture and fixtures | 146,498 | 145,551 | 2 – 10 | ||||||||||||||||||||||||||
Schedule of tax effects of the components of other comprehensive income (loss) | ' | ||||||||||||||||||||||||||||
Year Ended December 31, | |||||||||||||||||||||||||||||
2013 | 2012 | 2011 | |||||||||||||||||||||||||||
(in thousands) | Before-Tax | Tax | Net-of-Tax | Before-Tax | Tax | Net-of-Tax | Before-Tax | Tax | Net-of-Tax | ||||||||||||||||||||
Amount | (Expense) | Amount | Amount | (Expense) | Amount | Amount | (Expense) | Amount | |||||||||||||||||||||
Benefit | Benefit | Benefit | |||||||||||||||||||||||||||
Other comprehensive income (loss): | |||||||||||||||||||||||||||||
Foreign currency translation adjustment | $ | (74,538 | ) | $ | 27,637 | $ | (46,901 | ) | $ | 47,780 | $ | (18,077 | ) | $ | 29,703 | $ | (66,717 | ) | $ | 26,599 | $ | (40,118 | ) | ||||||
Ownership share of equity method investees' other comprehensive income (loss) | 13,117 | (2,372 | ) | 10,745 | 1,487 | (924 | ) | 563 | (33,492 | ) | 9,701 | (23,791 | ) | ||||||||||||||||
Defined benefit pension and postretirement plan adjustments | (8,917 | ) | 3,344 | (5,573 | ) | (145,848 | ) | 54,693 | (91,155 | ) | 93,522 | (35,071 | ) | 58,451 | |||||||||||||||
Unrealized gain (loss) on derivative contracts | 2,171 | (787 | ) | 1,384 | 2,369 | (1,071 | ) | 1,298 | (19,420 | ) | 7,078 | (12,342 | ) | ||||||||||||||||
Unrealized gain (loss) on available-for-sale securities | (1,244 | ) | 466 | (778 | ) | 135 | (50 | ) | 85 | (711 | ) | 266 | (445 | ) | |||||||||||||||
Total other comprehensive loss | (69,411 | ) | 28,288 | (41,123 | ) | (94,077 | ) | 34,571 | (59,506 | ) | (26,818 | ) | 8,573 | (18,245 | ) | ||||||||||||||
Less: Other comprehensive income (loss) attributable to noncontrolling interests | (772 | ) | — | (772 | ) | (948 | ) | — | (948 | ) | 4,736 | — | 4,736 | ||||||||||||||||
Other comprehensive loss attributable to Fluor Corporation | $ | (68,639 | ) | $ | 28,288 | $ | (40,351 | ) | $ | (93,129 | ) | $ | 34,571 | $ | (58,558 | ) | $ | (31,554 | ) | $ | 8,573 | $ | (22,981 | ) | |||||
Schedule of changes in the balances of each after-tax component of AOCI | ' | ||||||||||||||||||||||||||||
(in thousands) | Foreign | Ownership | Defined Benefit | Unrealized | Unrealized | Accumulated | |||||||||||||||||||||||
Currency | Share of Equity | Pension and | Gain (Loss) | Gain (Loss) | Other | ||||||||||||||||||||||||
Translation | Method | Postretirement | on Derivative | on Available- | Comprehensive | ||||||||||||||||||||||||
Investees' Other | Plans | Contracts | for-Sale | Loss, Net | |||||||||||||||||||||||||
Comprehensive | Securities | ||||||||||||||||||||||||||||
Income (Loss) | |||||||||||||||||||||||||||||
Balance as of December 31, 2010 | $ | 60,101 | $ | (19,791 | ) | $ | (220,020 | ) | $ | 2,085 | $ | 1,314 | $ | (176,311 | ) | ||||||||||||||
Current-period other comprehensive income (loss) | (44,331 | ) | (23,791 | ) | 58,451 | (12,865 | ) | (445 | ) | (22,981 | ) | ||||||||||||||||||
Balance as of December 31, 2011 | 15,770 | (43,582 | ) | (161,569 | ) | (10,780 | ) | 869 | (199,292 | ) | |||||||||||||||||||
Current-period other comprehensive income (loss) | 30,129 | 563 | (91,155 | ) | 1,820 | 85 | (58,558 | ) | |||||||||||||||||||||
Balance as of December 31, 2012 | $ | 45,899 | $ | (43,019 | ) | $ | (252,724 | ) | $ | (8,960 | ) | $ | 954 | $ | (257,850 | ) | |||||||||||||
(in thousands) | Foreign | Ownership | Defined Benefit | Unrealized | Unrealized | Accumulated | |||||||||||||||||||||||
Currency | Share of Equity | Pension and | Gain (Loss) | Gain (Loss) | Other | ||||||||||||||||||||||||
Translation | Method | Postretirement | on Derivative | on Available- | Comprehensive | ||||||||||||||||||||||||
Investees' Other | Plans | Contracts | for-Sale | Income | |||||||||||||||||||||||||
Comprehensive | Securities | (Loss), Net | |||||||||||||||||||||||||||
Income (Loss) | |||||||||||||||||||||||||||||
Attributable to Fluor Corporation: | |||||||||||||||||||||||||||||
Balance as of December 31, 2012 | $ | 45,899 | $ | (43,019 | ) | $ | (252,724 | ) | $ | (8,960 | ) | $ | 954 | $ | (257,850 | ) | |||||||||||||
Other comprehensive income (loss) before reclassifications | (46,063 | ) | 10,745 | (13,655 | ) | (2,536 | ) | (652 | ) | (52,161 | ) | ||||||||||||||||||
Amount reclassified from AOCI | — | — | 8,082 | 3,854 | (126 | ) | 11,810 | ||||||||||||||||||||||
Net other comprehensive income (loss) | (46,063 | ) | 10,745 | (5,573 | ) | 1,318 | (778 | ) | (40,351 | ) | |||||||||||||||||||
Balance as of December 31, 2013 | $ | (164 | ) | $ | (32,274 | ) | $ | (258,297 | ) | $ | (7,642 | ) | $ | 176 | $ | (298,201 | ) | ||||||||||||
Attributable to Noncontrolling Interests: | |||||||||||||||||||||||||||||
Balance as of December 31, 2012 | $ | 8,723 | $ | — | $ | — | $ | 1 | $ | — | $ | 8,724 | |||||||||||||||||
Other comprehensive income (loss) before reclassifications | (838 | ) | — | — | 62 | — | (776 | ) | |||||||||||||||||||||
Amount reclassified from AOCI | — | — | — | 4 | 4 | ||||||||||||||||||||||||
Net other comprehensive income (loss) | (838 | ) | — | — | 66 | — | (772 | ) | |||||||||||||||||||||
Balance as of December 31, 2013 | $ | 7,885 | $ | — | $ | — | $ | 67 | $ | — | $ | 7,952 | |||||||||||||||||
Summary of significant items reclassified out of AOCI and the corresponding location and impact on the Condensed Consolidated Statement of Earnings | ' | ||||||||||||||||||||||||||||
(in thousands) | Location in Consolidated | Twelve Months Ended | |||||||||||||||||||||||||||
Statements of Earnings | December 31, 2013 | ||||||||||||||||||||||||||||
Component of AOCI: | |||||||||||||||||||||||||||||
Defined benefit pension plan adjustments | Various accounts(1) | $ | (12,931 | ) | |||||||||||||||||||||||||
Income tax benefit | Income tax expense | 4,849 | |||||||||||||||||||||||||||
| | | | | | | |||||||||||||||||||||||
Net of tax | $ | (8,082 | ) | ||||||||||||||||||||||||||
| | | | | | | |||||||||||||||||||||||
Unrealized gain (loss) on derivative contracts: | |||||||||||||||||||||||||||||
Commodity contracts and foreign currency contracts | Total cost of revenue | $ | (4,502 | ) | |||||||||||||||||||||||||
Interest rate contracts | Interest expense | (1,678 | ) | ||||||||||||||||||||||||||
Income tax benefit | Income tax expense | 2,322 | |||||||||||||||||||||||||||
| | | | | | | |||||||||||||||||||||||
Net of tax: | (3,858 | ) | |||||||||||||||||||||||||||
Less: Noncontrolling interests | Net earnings attributable to noncontrolling interests | 4 | |||||||||||||||||||||||||||
| | | | | | | |||||||||||||||||||||||
Net of tax and noncontrolling interests | $ | (3,854 | ) | ||||||||||||||||||||||||||
| | | | | | | |||||||||||||||||||||||
Unrealized gain on available-for-sale securities | Corporate general and administrative expense | $ | 202 | ||||||||||||||||||||||||||
Income tax expense | Income tax expense | (76 | ) | ||||||||||||||||||||||||||
| | | | | | | |||||||||||||||||||||||
Net of tax | $ | 126 | |||||||||||||||||||||||||||
| | | | | | | |||||||||||||||||||||||
-1 | |||||||||||||||||||||||||||||
Defined benefit pension plan adjustments were reclassified primarily to total cost of revenue and corporate general and administrative expense. | |||||||||||||||||||||||||||||
Recovered_Sheet2
Consolidated Statement of Cash Flows (Tables) | 12 Months Ended | ||||||||||
Dec. 31, 2013 | |||||||||||
Consolidated Statement of Cash Flows. | ' | ||||||||||
Changes in operating assets and liabilities as shown in the Consolidated Statement of Cash Flows | ' | ||||||||||
Year Ended December 31, | |||||||||||
(in thousands) | 2013 | 2012 | 2011 | ||||||||
(Increase) decrease in: | |||||||||||
Accounts and notes receivable, net | $ | (98,744 | ) | $ | 23,680 | $ | (43,501 | ) | |||
Contract work in progress | 101,158 | 29,669 | (504,670 | ) | |||||||
Other current assets | 102,417 | (111,311 | ) | 199,412 | |||||||
Other assets | (26,204 | ) | (65,418 | ) | (2,530 | ) | |||||
Increase (decrease) in: | |||||||||||
Trade accounts payable | (274,418 | ) | 195,147 | 320,708 | |||||||
Advance billings on contracts | (29,043 | ) | (237,497 | ) | 48,470 | ||||||
Accrued liabilities | (83,613 | ) | 28,993 | 60,050 | |||||||
Other liabilities | 46,851 | (58,773 | ) | (16,346 | ) | ||||||
Increase (decrease) in cash due to changes in operating assets and liabilities | $ | (261,596 | ) | $ | (195,510 | ) | $ | 61,593 | |||
Cash paid during the year for: | |||||||||||
Interest | $ | 22,585 | $ | 24,244 | $ | 28,255 | |||||
Income taxes | 268,889 | 294,214 | 176,915 | ||||||||
Income_Taxes_Tables
Income Taxes (Tables) | 12 Months Ended | ||||||||||
Dec. 31, 2013 | |||||||||||
Income Taxes | ' | ||||||||||
Income tax expense (benefit) included in the Consolidated Statement of Earnings | ' | ||||||||||
Year Ended December 31, | |||||||||||
(in thousands) | 2013 | 2012 | 2011 | ||||||||
Current: | |||||||||||
Federal | $ | 200,608 | $ | (133,312 | ) | $ | 117,868 | ||||
Foreign | 168,894 | 226,110 | 176,116 | ||||||||
State and local | 14,779 | (7,804 | ) | 27,143 | |||||||
Total current | 384,281 | 84,994 | 321,127 | ||||||||
Deferred: | |||||||||||
Federal | (29,873 | ) | 87,723 | (13,039 | ) | ||||||
Foreign | 2,054 | (16,645 | ) | (883 | ) | ||||||
State and local | (1,889 | ) | 6,366 | (3,476 | ) | ||||||
Total deferred | (29,708 | ) | 77,444 | (17,398 | ) | ||||||
Total income tax expense | $ | 354,573 | $ | 162,438 | $ | 303,729 | |||||
Reconciliation of U.S. statutory federal income tax expense to income tax expense | ' | ||||||||||
Year Ended December 31, | |||||||||||
(in thousands) | 2013 | 2012 | 2011 | ||||||||
U.S. statutory federal tax expense | $ | 412,159 | $ | 256,727 | $ | 350,635 | |||||
Increase (decrease) in taxes resulting from: | |||||||||||
State and local income taxes | 7,802 | 1,727 | 15,360 | ||||||||
Other permanent items, net | (17,517 | ) | (4,849 | ) | (7,932 | ) | |||||
Noncontrolling interests | (54,359 | ) | (39,600 | ) | (35,682 | ) | |||||
Foreign losses benefited, net | (18,568 | ) | (84,366 | ) | — | ||||||
Valuation allowance, net | 15,305 | 85,541 | 11,014 | ||||||||
Statute expirations and tax authority settlements | — | (13,152 | ) | (13,795 | ) | ||||||
Other changes to unrecognized tax positions | 9,261 | (29,740 | ) | (8,973 | ) | ||||||
Other, net | 490 | (9,850 | ) | (6,898 | ) | ||||||
Total income tax expense | $ | 354,573 | $ | 162,438 | $ | 303,729 | |||||
Tax effects of significant temporary differences leading to deferred tax assets and liabilities | ' | ||||||||||
December 31, | |||||||||||
(in thousands) | 2013 | 2012 | |||||||||
Deferred tax assets: | |||||||||||
Accrued liabilities not currently deductible: | |||||||||||
Employee compensation and benefits | $ | 54,723 | $ | 42,387 | |||||||
Employee time-off accrual | 94,213 | 90,573 | |||||||||
Project and non-project reserves | 24,753 | 30,127 | |||||||||
Workers' compensation insurance accruals | 14,400 | 8,566 | |||||||||
Tax basis of investments in excess of book basis | 4,957 | 18,583 | |||||||||
Revenue recognition | 36,180 | 43,028 | |||||||||
Net operating loss carryforward | 266,664 | 257,692 | |||||||||
Unrealized currency loss | 6,817 | 6,991 | |||||||||
Capital loss carryforward | — | 3,896 | |||||||||
Foreign tax credits | 30,705 | — | |||||||||
Other comprehensive loss | 179,228 | 149,364 | |||||||||
Other | 21,274 | 7,367 | |||||||||
Total deferred tax assets | 733,914 | 658,574 | |||||||||
Valuation allowance for deferred tax assets | (245,428 | ) | (230,123 | ) | |||||||
Deferred tax assets, net | $ | 488,486 | $ | 428,451 | |||||||
Deferred tax liabilities: | |||||||||||
Book basis of property, equipment and other capital costs in excess of tax basis | (36,169 | ) | (44,332 | ) | |||||||
Residual U.S. tax on unremitted non-U.S. earnings | (50,569 | ) | (40,250 | ) | |||||||
Other | (16,179 | ) | (14,673 | ) | |||||||
Total deferred tax liabilities | (102,917 | ) | (99,255 | ) | |||||||
Deferred tax assets, net of deferred tax liabilities | $ | 385,569 | $ | 329,196 | |||||||
Reconciliation of the beginning and ending amount of unrecognized tax benefits including interest and penalties | ' | ||||||||||
(in thousands) | 2013 | 2012 | |||||||||
Balance at beginning of year | $ | 47,043 | $ | 214,998 | |||||||
Change in tax positions of prior years | 1,015 | (64,214 | ) | ||||||||
Change in tax positions of current year | 7,397 | — | |||||||||
Reduction in tax positions for statute expirations | (1,401 | ) | — | ||||||||
Reduction in tax positions for audit settlements | — | (103,741 | ) | ||||||||
Balance at end of year | $ | 54,054 | $ | 47,043 | |||||||
U.S. and foreign earnings before taxes | ' | ||||||||||
Year Ended December 31, | |||||||||||
(in thousands) | 2013 | 2012 | 2011 | ||||||||
United States | $ | 303,070 | $ | 279,890 | $ | 346,016 | |||||
Foreign | 874,529 | 453,615 | 655,800 | ||||||||
Total | $ | 1,177,599 | $ | 733,505 | $ | 1,001,816 | |||||
Retirement_Benefits_Tables
Retirement Benefits (Tables) | 12 Months Ended | |||||||||||||||||||||||||
Dec. 31, 2013 | ||||||||||||||||||||||||||
Defined Benefit Pension Plans | ' | |||||||||||||||||||||||||
Defined Benefit Plans and Other Postretirement Benefit Plans | ' | |||||||||||||||||||||||||
Net periodic pension expense for U.S and non-U.S. defined benefit pension plans or net periodic postretirement benefit cost | ' | |||||||||||||||||||||||||
U.S. Pension Plan | Non-U.S. Pension Plans | |||||||||||||||||||||||||
Year Ended December 31, | Year Ended December 31, | |||||||||||||||||||||||||
(in thousands) | 2013 | 2012 | 2011 | 2013 | 2012 | 2011 | ||||||||||||||||||||
Service cost | $ | 6,453 | $ | 5,957 | $ | 37,172 | $ | 15,390 | $ | 7,723 | $ | 8,219 | ||||||||||||||
Interest cost | 29,100 | 33,293 | 36,136 | 32,176 | 32,630 | 34,502 | ||||||||||||||||||||
Expected return on assets | (30,975 | ) | (35,322 | ) | (40,430 | ) | (46,420 | ) | (41,949 | ) | (42,852 | ) | ||||||||||||||
Amortization of prior service cost/(credits) | 103 | (114 | ) | (168 | ) | — | — | — | ||||||||||||||||||
Recognized net actuarial loss | 6,039 | 4,279 | 13,955 | 6,788 | 1,663 | 5,874 | ||||||||||||||||||||
(Gain on curtailment)/loss on settlement | (309 | ) | — | (618 | ) | — | — | 1,111 | ||||||||||||||||||
Net periodic pension expense | $ | 10,411 | $ | 8,093 | $ | 46,047 | $ | 7,934 | $ | 67 | $ | 6,854 | ||||||||||||||
Schedule of assumptions for determining projected benefit obligation at year end and net periodic cost for year | ' | |||||||||||||||||||||||||
U.S. Pension Plan | Non-U.S. Pension Plans | |||||||||||||||||||||||||
December 31, | December 31, | |||||||||||||||||||||||||
2013 | 2012 | 2011 | 2013 | 2012 | 2011 | |||||||||||||||||||||
For determining projected benefit obligation at year-end: | ||||||||||||||||||||||||||
Discount rates | 4.95% | 4.05% | 5.05% | 3.55-5.50% | 3.60-6.00% | 3.75-6.75% | ||||||||||||||||||||
Rates of increase in compensation levels | N/A | N/A | N/A | 2.25-9.00% | 2.25-9.00% | 2.25-9.00% | ||||||||||||||||||||
For determining net periodic cost for the year: | ||||||||||||||||||||||||||
Discount rates | 4.05% | 5.05% | 5.65% | 3.60-6.00% | 3.75-6.75% | 5.10-9.20% | ||||||||||||||||||||
Rates of increase in compensation levels | N/A | N/A | 4.00% | 2.25-9.00% | 2.25-9.00% | 2.25-9.00% | ||||||||||||||||||||
Expected long-term rates of return on assets | 4.25% | 5.25% | 6.69% | 5.00-7.00% | 5.00-7.00% | 5.00-8.00% | ||||||||||||||||||||
Schedule of target allocations and the weighted average actual allocations of plan assets | ' | |||||||||||||||||||||||||
U.S. Plan | Non-U.S. Plan | |||||||||||||||||||||||||
Assets | Assets | |||||||||||||||||||||||||
December 31, | December 31, | |||||||||||||||||||||||||
Target | 2013 | 2012 | Target | 2013 | 2012 | |||||||||||||||||||||
Allocation | Allocation | |||||||||||||||||||||||||
Asset category: | ||||||||||||||||||||||||||
Debt securities | 90% - 100% | 94% | 95% | 55% - 65% | 63% | 60% | ||||||||||||||||||||
Equity securities | 0% - 10% | 5% | 5% | 20% - 45% | 32% | 35% | ||||||||||||||||||||
Other | 0% - 5% | 1% | 0% | 5% - 15% | 5% | 5% | ||||||||||||||||||||
Total | 100% | 100% | 100% | 100% | ||||||||||||||||||||||
Schedule of plan assets and liabilities of defined benefit pension plans, measured at fair value | ' | |||||||||||||||||||||||||
U.S. Pension Plan | ||||||||||||||||||||||||||
December 31, 2013 | December 31, 2012 | |||||||||||||||||||||||||
Fair Value Hierarchy | Fair Value Hierarchy | |||||||||||||||||||||||||
(in thousands) | Total | Level 1 | Level 2 | Level 3 | Total | Level 1 | Level 2 | Level 3 | ||||||||||||||||||
Assets: | ||||||||||||||||||||||||||
Equity securities: | ||||||||||||||||||||||||||
Common or collective trusts | $ | 17,068 | $ | — | $ | 17,068 | $ | — | $ | 18,164 | $ | — | $ | 18,164 | $ | — | ||||||||||
Limited Partnerships | 17,546 | — | — | 17,546 | 17,630 | — | — | 17,630 | ||||||||||||||||||
Debt securities: | ||||||||||||||||||||||||||
Common or collective trusts | 202,575 | — | 202,575 | — | 200,401 | — | 200,401 | — | ||||||||||||||||||
Corporate bonds | 397,524 | — | 397,524 | — | 456,123 | — | 456,123 | — | ||||||||||||||||||
Government securities | 69,562 | — | 69,562 | — | 66,973 | — | 66,973 | — | ||||||||||||||||||
Other: | ||||||||||||||||||||||||||
Common or collective trusts — money market funds | 3,644 | — | 3,644 | — | 5,285 | — | 5,285 | — | ||||||||||||||||||
Other assets | 4,374 | — | 4,374 | — | 1,487 | — | 1,487 | — | ||||||||||||||||||
Liabilities: | ||||||||||||||||||||||||||
Foreign currency contracts and other | (4,338 | ) | — | (4,338 | ) | — | (1,598 | ) | — | (1,598 | ) | — | ||||||||||||||
Plan assets measured at fair value, net | $ | 707,955 | $ | — | $ | 690,409 | $ | 17,546 | $ | 764,465 | $ | — | $ | 746,835 | $ | 17,630 | ||||||||||
Plan assets not measured at fair value, net | 775 | 2,831 | ||||||||||||||||||||||||
| | | | | | | | | | | | | | | | | | | | | | | | | | |
Total plan assets, net | $ | 708,730 | $ | 767,296 | ||||||||||||||||||||||
Non-U.S. Pension Plans | ||||||||||||||||||||||||||
December 31, 2013 | December 31, 2012 | |||||||||||||||||||||||||
Fair Value Hierarchy | Fair Value Hierarchy | |||||||||||||||||||||||||
(in thousands) | Total | Level 1 | Level 2 | Level 3 | Total | Level 1 | Level 2 | Level 3 | ||||||||||||||||||
Assets: | ||||||||||||||||||||||||||
Equity securities: | ||||||||||||||||||||||||||
Common and preferred stock | $ | 71,567 | $ | 71,567 | $ | — | $ | — | $ | 88,034 | $ | 88,034 | $ | — | $ | — | ||||||||||
Common or collective trusts | 228,608 | — | 228,608 | — | 218,542 | — | 218,542 | — | ||||||||||||||||||
Debt securities: | ||||||||||||||||||||||||||
Common or collective trusts | 321,086 | — | 321,086 | — | 317,494 | — | 317,494 | — | ||||||||||||||||||
Corporate bonds | 107,658 | — | 107,658 | — | 96,457 | — | 96,457 | — | ||||||||||||||||||
Government securities | 160,586 | — | 160,586 | — | 114,531 | — | 114,531 | — | ||||||||||||||||||
Other: | ||||||||||||||||||||||||||
Common or collective trusts | 48,409 | — | 40,667 | 7,742 | 45,554 | — | 37,754 | 7,800 | ||||||||||||||||||
Other assets | 2,634 | — | 2,634 | — | 2,729 | — | 2,729 | — | ||||||||||||||||||
Liabilities: | ||||||||||||||||||||||||||
Foreign currency contracts and other | (3,979 | ) | — | (3,979 | ) | — | (1,988 | ) | — | (1,988 | ) | — | ||||||||||||||
Plan assets measured at fair value, net | $ | 936,569 | $ | 71,567 | $ | 857,260 | $ | 7,742 | $ | 881,353 | $ | 88,034 | $ | 785,519 | $ | 7,800 | ||||||||||
Plan assets not measured at fair value, net | 9,268 | 4,788 | ||||||||||||||||||||||||
| | | | | | | | | | | | | | | | | | | | | | | | | | |
Total plan assets, net | $ | 945,837 | $ | 886,141 | ||||||||||||||||||||||
Reconciliation of the beginning and ending balances of the fair value measurements using significant unobservable inputs (Level 3) | ' | |||||||||||||||||||||||||
U.S. | Non-U.S. | |||||||||||||||||||||||||
Pension Plan | Pension Plans | |||||||||||||||||||||||||
(in thousands) | 2013 | 2012 | 2013 | 2012 | ||||||||||||||||||||||
Balance at beginning of year | $ | 17,630 | $ | 19,314 | $ | $7,800 | $ | $11,882 | ||||||||||||||||||
Actual return on plan assets: | ||||||||||||||||||||||||||
Assets still held at reporting date | 418 | 112 | (58 | ) | (291 | ) | ||||||||||||||||||||
Assets sold during the period | 357 | 2,184 | — | — | ||||||||||||||||||||||
Purchases | — | 17 | — | — | ||||||||||||||||||||||
Sales | (859 | ) | (3,997 | ) | — | (3,791 | ) | |||||||||||||||||||
Settlements | — | — | — | — | ||||||||||||||||||||||
Balance at end of year | $ | 17,546 | $ | 17,630 | $ | 7,742 | $ | 7,800 | ||||||||||||||||||
Schedule of expected benefit payments for U.S and non-U.S defined benefit pension plans | ' | |||||||||||||||||||||||||
(in thousands) | U.S. | Non-U.S. | ||||||||||||||||||||||||
Pension Plan | Pension Plans | |||||||||||||||||||||||||
Year Ended December 31, | ||||||||||||||||||||||||||
2014 | $ | 94,178 | $ | 27,769 | ||||||||||||||||||||||
2015 | 40,119 | 28,757 | ||||||||||||||||||||||||
2016 | 41,331 | 31,152 | ||||||||||||||||||||||||
2017 | 42,724 | 33,277 | ||||||||||||||||||||||||
2018 | 43,539 | 34,119 | ||||||||||||||||||||||||
2019 — 2023 | 225,545 | 196,164 | ||||||||||||||||||||||||
Schedule of changes in the benefit obligations and plan assets, the funded status of the plans for U.S and Non-U.S pension plans and postretirement benefit plans | ' | |||||||||||||||||||||||||
U.S. Pension Plan | Non-U.S. Pension Plans | |||||||||||||||||||||||||
December 31, | December 31, | |||||||||||||||||||||||||
(in thousands) | 2013 | 2012 | 2013 | 2012 | ||||||||||||||||||||||
Change in projected benefit obligation | ||||||||||||||||||||||||||
Benefit obligation at beginning of year | $ | 756,976 | $ | 677,005 | $ | 826,466 | $ | 620,117 | ||||||||||||||||||
Service cost | 6,453 | 5,957 | 15,390 | 7,723 | ||||||||||||||||||||||
Interest cost | 29,100 | 33,293 | 32,176 | 32,630 | ||||||||||||||||||||||
Employee contributions | — | — | 3,832 | 3,854 | ||||||||||||||||||||||
Currency translation | — | — | 25,885 | 22,460 | ||||||||||||||||||||||
Actuarial (gain) loss | (59,990 | ) | 77,858 | 29,510 | 169,220 | |||||||||||||||||||||
Plan amendments | 6,367 | 3,736 | — | — | ||||||||||||||||||||||
Benefits paid | (48,204 | ) | (37,833 | ) | (24,729 | ) | (25,536 | ) | ||||||||||||||||||
Curtailments | — | — | — | — | ||||||||||||||||||||||
Other | (3,725 | ) | (3,040 | ) | — | (4,002 | ) | |||||||||||||||||||
Projected benefit obligation at end of year | 686,977 | 756,976 | 908,530 | 826,466 | ||||||||||||||||||||||
Change in plan assets | ||||||||||||||||||||||||||
Plan assets at beginning of year | 767,296 | 690,554 | 886,141 | 767,961 | ||||||||||||||||||||||
Actual return on plan assets | (6,637 | ) | 72,615 | 40,508 | 107,583 | |||||||||||||||||||||
Company contributions | — | 45,000 | 13,133 | 11,830 | ||||||||||||||||||||||
Employee contributions | — | — | 3,832 | 3,854 | ||||||||||||||||||||||
Currency translation | — | — | 26,952 | 23,854 | ||||||||||||||||||||||
Benefits paid | (48,204 | ) | (37,833 | ) | (24,729 | ) | (25,536 | ) | ||||||||||||||||||
Other | (3,725 | ) | (3,040 | ) | — | (3,405 | ) | |||||||||||||||||||
Plan assets at end of year | 708,730 | 767,296 | 945,837 | 886,141 | ||||||||||||||||||||||
Funded status | $ | 21,753 | $ | 10,320 | $ | 37,307 | $ | 59,675 | ||||||||||||||||||
Schedule of amounts recognized in the consolidated balance sheet | ' | |||||||||||||||||||||||||
Amounts recognized in the Consolidated Balance Sheet | ||||||||||||||||||||||||||
Pension assets included in other assets | $ | 21,753 | $ | 10,320 | $ | 58,849 | $ | 67,931 | ||||||||||||||||||
Pension liabilities included in noncurrent liabilities | — | — | (21,542 | ) | (8,256 | ) | ||||||||||||||||||||
Accumulated other comprehensive loss (pre-tax) | $ | 162,534 | $ | 184,378 | $ | 252,995 | $ | 216,856 | ||||||||||||||||||
Postretirement Benefit | ' | |||||||||||||||||||||||||
Defined Benefit Plans and Other Postretirement Benefit Plans | ' | |||||||||||||||||||||||||
Net periodic pension expense for U.S and non-U.S. defined benefit pension plans or net periodic postretirement benefit cost | ' | |||||||||||||||||||||||||
Year Ended December 31, | ||||||||||||||||||||||||||
(in thousands) | 2013 | 2012 | 2011 | |||||||||||||||||||||||
Service cost | $ | — | $ | — | $ | — | ||||||||||||||||||||
Interest cost | 351 | 592 | 723 | |||||||||||||||||||||||
Expected return on assets | — | — | — | |||||||||||||||||||||||
Amortization of prior service cost | — | — | — | |||||||||||||||||||||||
Recognized net actuarial loss | 341 | 640 | 679 | |||||||||||||||||||||||
Net periodic postretirement benefit cost | $ | 692 | $ | 1,232 | $ | 1,402 | ||||||||||||||||||||
Schedule of changes in the benefit obligations and plan assets, the funded status of the plans for U.S and Non-U.S pension plans and postretirement benefit plans | ' | |||||||||||||||||||||||||
Year Ended | ||||||||||||||||||||||||||
December 31, | ||||||||||||||||||||||||||
(in thousands) | 2013 | 2012 | ||||||||||||||||||||||||
Change in accumulated postretirement benefit obligation | ||||||||||||||||||||||||||
Benefit obligation at beginning of year | $ | 14,512 | $ | 16,828 | ||||||||||||||||||||||
Service cost | — | — | ||||||||||||||||||||||||
Interest cost | 351 | 592 | ||||||||||||||||||||||||
Employee contributions | 421 | 399 | ||||||||||||||||||||||||
Actuarial (gain) loss | (596 | ) | (955 | ) | ||||||||||||||||||||||
Benefits paid | (2,059 | ) | (2,352 | ) | ||||||||||||||||||||||
Benefit obligation at end of year | $ | 12,629 | $ | 14,512 | ||||||||||||||||||||||
Funded status | $ | (12,629 | ) | $ | (14,512 | ) | ||||||||||||||||||||
Fair_Value_of_Financial_Instru1
Fair Value of Financial Instruments (Tables) | 12 Months Ended | |||||||||||||||||||||||||
Dec. 31, 2013 | ||||||||||||||||||||||||||
Fair Value of Financial Instruments | ' | |||||||||||||||||||||||||
Fair value of assets and liabilities measured on recurring basis | ' | |||||||||||||||||||||||||
December 31, 2013 | December 31, 2012 | |||||||||||||||||||||||||
Fair Value Hierarchy | Fair Value Hierarchy | |||||||||||||||||||||||||
(in thousands) | Total | Level 1 | Level 2 | Level 3 | Total | Level 1 | Level 2 | Level 3 | ||||||||||||||||||
Assets(1): | ||||||||||||||||||||||||||
Cash and cash equivalents | $ | 50,081 | $ | 50,081 | -2 | $ | — | $ | — | $ | 14,457 | $ | 14,457 | -2 | $ | — | $ | — | ||||||||
Marketable securities, current | 111,333 | — | 111,333 | -3 | — | 102,439 | — | 102,439 | -3 | — | ||||||||||||||||
Deferred compensation trusts | 87,507 | 87,507 | -4 | — | — | 80,842 | 80,842 | -4 | — | — | ||||||||||||||||
Marketable securities, noncurrent | 275,402 | — | 275,402 | -5 | — | 318,355 | — | 318,355 | -5 | — | ||||||||||||||||
Derivative assets(6) | ||||||||||||||||||||||||||
Commodity contracts | 438 | — | 438 | — | 95 | — | 95 | — | ||||||||||||||||||
Foreign currency contracts | 855 | — | 855 | — | 640 | — | 640 | — | ||||||||||||||||||
Liabilities(1): | ||||||||||||||||||||||||||
Derivative liabilities(6) | ||||||||||||||||||||||||||
Commodity contracts | $ | 3 | $ | — | $ | 3 | $ | — | $ | 28 | $ | — | $ | 28 | $ | — | ||||||||||
Foreign currency contracts | 967 | — | 967 | — | 2,151 | — | 2,151 | — | ||||||||||||||||||
-1 | ||||||||||||||||||||||||||
The company measures and reports assets and liabilities at fair value utilizing pricing information received from third parties. The company performs procedures to verify the reasonableness of pricing information received for significant assets and liabilities classified as Level 2. | ||||||||||||||||||||||||||
-2 | ||||||||||||||||||||||||||
Consists primarily of registered money market funds valued at fair value. These investments represent the net asset value of the shares of such funds as of the close of business at the end of the period. | ||||||||||||||||||||||||||
-3 | ||||||||||||||||||||||||||
Consists of investments in U.S. agency securities, U.S. Treasury securities, corporate debt securities, commercial paper and other debt securities with maturities of less than one year that are valued based on pricing models, which are determined from a compilation of primarily observable market information, broker quotes in non-active markets or similar assets. | ||||||||||||||||||||||||||
-4 | ||||||||||||||||||||||||||
Consists primarily of registered money market funds and an equity index fund valued at fair value. These investments, which are trading securities, represent the net asset value of the shares of such funds as of the close of business at the end of the period based on the last trade or official close of an active market or exchange. | ||||||||||||||||||||||||||
-5 | ||||||||||||||||||||||||||
Consists of investments in U.S. agency securities, U.S. Treasury securities, corporate debt securities and other debt securities with maturities ranging from one year to three years at December 31, 2013 that are valued based on pricing models, which are determined from a compilation of primarily observable market information, broker quotes in non-active markets or similar assets. | ||||||||||||||||||||||||||
-6 | ||||||||||||||||||||||||||
See "6. Derivatives and Hedging" for the classification of commodity contracts and foreign currency contracts on the Consolidated Balance Sheet. Commodity contracts and foreign currency contracts are estimated using standard pricing models with market-based inputs, which take into account the present value of estimated future cash flows. | ||||||||||||||||||||||||||
Carrying values and Estimated fair values of financial instruments that are not measured on a recurring basis | ' | |||||||||||||||||||||||||
December 31, 2013 | December 31, 2012 | |||||||||||||||||||||||||
Fair Value | ||||||||||||||||||||||||||
(in thousands) | Hierarchy | Carrying Value | Fair Value | Carrying Value | Fair Value | |||||||||||||||||||||
Assets: | ||||||||||||||||||||||||||
Cash(1) | Level 1 | $ | 1,444,656 | $ | 1,444,656 | $ | 1,343,866 | $ | 1,343,866 | |||||||||||||||||
Cash equivalents(2) | Level 2 | 788,845 | 788,845 | 796,218 | 796,218 | |||||||||||||||||||||
Marketable securities, current(3) | Level 2 | 74,690 | 74,690 | 34,688 | 34,688 | |||||||||||||||||||||
Notes receivable, including noncurrent portion(4) | Level 3 | 27,602 | 27,602 | 34,471 | 34,471 | |||||||||||||||||||||
Liabilities: | ||||||||||||||||||||||||||
3.375% Senior Notes(5) | Level 2 | $ | 496,604 | $ | 484,204 | $ | 496,164 | $ | 527,219 | |||||||||||||||||
1.5% Convertible Senior Notes(5) | Level 2 | 18,398 | 54,027 | 18,472 | 39,392 | |||||||||||||||||||||
5.625% Municipal Bonds(5) | Level 2 | — | — | 17,795 | 17,878 | |||||||||||||||||||||
Other borrowings(6) | Level 2 | 11,441 | 11,441 | — | — | |||||||||||||||||||||
Notes payable, including noncurrent portion(7) | Level 3 | — | — | 8,566 | 8,566 | |||||||||||||||||||||
-1 | ||||||||||||||||||||||||||
Cash consists of bank deposits. Carrying amounts approximate fair value. | ||||||||||||||||||||||||||
-2 | ||||||||||||||||||||||||||
Cash equivalents consist of held-to-maturity time deposits with maturities of three months or less at the date of purchase. The carry amounts of these time deposits approximate fair value because of the short-term maturity of these instruments. | ||||||||||||||||||||||||||
-3 | ||||||||||||||||||||||||||
Marketable securities, current consist of held-to-maturity time deposits with original maturities greater than three months that will mature within one year. The carrying amounts of these time deposits approximate fair value because of the short-term maturity of these instruments. Amortized cost is not materially different from the fair value. | ||||||||||||||||||||||||||
-4 | ||||||||||||||||||||||||||
Notes receivable are carried at net realizable value which approximates fair value. Factors considered by the company in determining the fair value include the credit worthiness of the borrower, current interest rates, the term of the note and any collateral pledged as security. Notes receivable are periodically assessed for impairment. | ||||||||||||||||||||||||||
-5 | ||||||||||||||||||||||||||
The fair value of the 3.375% Senior Notes, 1.5% Convertible Senior Notes and 5.625% Municipal Bonds are estimated based on quoted market prices for similar issues. During 2013, the company redeemed its 5.625% Municipal Bonds at a price of 100% of their principal amount. | ||||||||||||||||||||||||||
-6 | ||||||||||||||||||||||||||
Other borrowings represent amounts outstanding under a short-term credit facility. The carrying amount of borrowings under this credit facility approximates fair value because of the short-term maturity. | ||||||||||||||||||||||||||
-7 | ||||||||||||||||||||||||||
Notes payable consist primarily of equipment loans with banks at various interest rates with maturities ranging from less than one year to four years. The carrying value of notes payable approximates fair value. Factors considered by the company in determining the fair value include the company's current credit rating, current interest rates, the term of the note and any collateral pledged as security. During 2013, the company paid off the remaining balances of various notes payable that were assumed in connection with the 2012 acquisition of an equipment company. | ||||||||||||||||||||||||||
Derivatives_and_Hedging_Tables
Derivatives and Hedging (Tables) | 12 Months Ended | |||||||||||||||||||||
Dec. 31, 2013 | ||||||||||||||||||||||
Derivatives and Hedging | ' | |||||||||||||||||||||
Schedule of Fair Values of Derivatives Designated as Hedging Instruments | ' | |||||||||||||||||||||
Asset Derivatives | Liability Derivatives | |||||||||||||||||||||
(in thousands) | Balance Sheet | December 31, | December 31, | Balance Sheet | December 31, | December 31, | ||||||||||||||||
Location | 2013 | 2012 | Location | 2013 | 2012 | |||||||||||||||||
Commodity contracts | Other current assets | $ | 296 | $ | 95 | Other accrued liabilities | $ | 3 | $ | 15 | ||||||||||||
Foreign currency contracts | Other current assets | 855 | 640 | Other accrued liabilities | 967 | 2,130 | ||||||||||||||||
Commodity contracts | Other assets | 142 | — | Noncurrent liabilities | — | 13 | ||||||||||||||||
Foreign currency contracts | Other assets | — | — | Noncurrent liabilities | — | 21 | ||||||||||||||||
Total | $ | 1,293 | $ | 735 | $ | 970 | $ | 2,179 | ||||||||||||||
Schedule of after-tax amount of gain (loss) recognized in OCI and reclassified from AOCI into earnings associated with cash flow hedges | ' | |||||||||||||||||||||
After-Tax Amount of Gain | After-Tax Amount of Gain | |||||||||||||||||||||
(Loss) Recognized in OCI | (Loss) Reclassified from | |||||||||||||||||||||
Cash Flow Hedges (in thousands) | Location of Gain (Loss) | AOCI into Earnings | ||||||||||||||||||||
2013 | 2012 | 2011 | 2013 | 2012 | 2011 | |||||||||||||||||
Commodity contracts | $ | (265 | ) | $ | 1,138 | $ | 1,755 | Total cost of revenue | $ | 50 | $ | 1,859 | $ | 4,052 | ||||||||
Foreign currency contracts | 2,801 | 2,933 | (1,544 | ) | Total cost of revenue | (2,855 | ) | 1,441 | (1,156 | ) | ||||||||||||
Interest rate contracts | — | — | (10,486 | ) | Interest expense | (1,049 | ) | (1,049 | ) | (306 | ) | |||||||||||
Total | $ | 2,536 | $ | 4,071 | $ | (10,275 | ) | $ | (3,854 | ) | $ | 2,251 | $ | 2,590 | ||||||||
Hedging instruments designated as fair value hedges | ' | |||||||||||||||||||||
Derivative gain (loss) | ' | |||||||||||||||||||||
Schedule of pre-tax amount of gain (loss) recognized in earnings | ' | |||||||||||||||||||||
Fair Value Hedges (in thousands) | Location of Gain (Loss) | 2013 | 2012 | 2011 | ||||||||||||||||||
Foreign currency contracts | Corporate general and administrative expense | $ | 2,885 | $ | (14,236 | ) | $ | 15,064 |
Financing_Arrangements_Tables
Financing Arrangements (Tables) | 12 Months Ended | |||||||
Dec. 31, 2013 | ||||||||
Financing Arrangements | ' | |||||||
Consolidated debt | ' | |||||||
December 31, | ||||||||
(in thousands) | 2013 | 2012 | ||||||
Current: | ||||||||
1.5% Convertible Senior Notes | $ | 18,398 | $ | 18,472 | ||||
Other borrowings | 11,441 | — | ||||||
Notes payable | — | 2,320 | ||||||
Long-Term: | ||||||||
3.375% Senior Notes | $ | 496,604 | $ | 496,164 | ||||
5.625% Municipal Bonds | — | 17,795 | ||||||
Notes payable | — | 6,246 | ||||||
Schedule of Liability and Equity Components of Convertible Debt | ' | |||||||
December 31, | ||||||||
(in thousands) | 2013 | 2012 | ||||||
Carrying value of the equity component | $ | 19,519 | $ | 19,519 | ||||
Principal amount and carrying value of the liability component | 18,398 | 18,472 |
StockBased_Plans_Tables
Stock-Based Plans (Tables) | 12 Months Ended | |||||||||||||||||||
Dec. 31, 2013 | ||||||||||||||||||||
Stock-Based Plans | ' | |||||||||||||||||||
Summary of restricted stock, restricted stock unit and stock option activity | ' | |||||||||||||||||||
Restricted Stock or | Stock Options | |||||||||||||||||||
Restricted Stock Units | ||||||||||||||||||||
Number | Weighted | Number | Weighted | |||||||||||||||||
Average | Average | |||||||||||||||||||
Grant Date | Exercise Price | |||||||||||||||||||
Fair Value | Per Share | |||||||||||||||||||
Per Share | ||||||||||||||||||||
Outstanding as of December 31, 2010 | 1,886,108 | $ | 39.25 | 3,035,839 | $ | 44.71 | ||||||||||||||
Granted | 291,912 | 70.59 | 548,391 | 70.76 | ||||||||||||||||
Expired or canceled | (55,159 | ) | 52.87 | (73,599 | ) | 56.66 | ||||||||||||||
Vested/exercised | (828,246 | ) | 41.44 | (611,130 | ) | 41.57 | ||||||||||||||
Outstanding as of December 31, 2011 | 1,294,615 | $ | 44.33 | 2,899,501 | $ | 50 | ||||||||||||||
Granted | 450,668 | 61.7 | 688,380 | 62.18 | ||||||||||||||||
Expired or canceled | (17,109 | ) | 58.35 | (45,164 | ) | 61.57 | ||||||||||||||
Vested/exercised | (657,998 | ) | 43.46 | (309,692 | ) | 37.41 | ||||||||||||||
Outstanding as of December 31, 2012 | 1,070,176 | $ | 51.96 | 3,233,025 | $ | 53.64 | ||||||||||||||
Granted | 482,959 | 61.62 | 884,574 | 61.45 | ||||||||||||||||
Expired or canceled | (11,104 | ) | 62.35 | (15,607 | ) | 65.46 | ||||||||||||||
Vested/exercised | (564,265 | ) | 50.65 | (1,137,285 | ) | 46.53 | ||||||||||||||
Outstanding as of December 31, 2013 | 977,766 | $ | 57.36 | 2,964,707 | $ | 58.63 | ||||||||||||||
Options exercisable as of December 31, 2013 | 1,477,345 | $ | 54.51 | |||||||||||||||||
Remaining unvested options outstanding and expected to vest | 1,442,741 | $ | 62.73 | |||||||||||||||||
Fair value on the grant date and the significant assumptions used in the Black-Scholes option-pricing model | ' | |||||||||||||||||||
December 31, | ||||||||||||||||||||
2013 | 2012 | |||||||||||||||||||
Weighted average grant date fair value | $ | 17.22 | $ | 19.85 | ||||||||||||||||
Expected life of options (in years) | 4.5 | 4.5 | ||||||||||||||||||
Risk-free interest rate | 0.8 | % | 0.8 | % | ||||||||||||||||
Expected volatility | 35.8 | % | 41.1 | % | ||||||||||||||||
Expected annual dividend per share | $ | 0.64 | $ | 0.64 | ||||||||||||||||
Summary of information related to options outstanding | ' | |||||||||||||||||||
Options Outstanding | Options Exercisable | |||||||||||||||||||
Range of Exercise Prices | Number | Weighted | Weighted | Number | Weighted | Weighted | ||||||||||||||
Outstanding | Average | Average | Exercisable | Average | Average | |||||||||||||||
Remaining | Exercise Price | Remaining | Exercise Price | |||||||||||||||||
Contractual | Per Share | Contractual | Per Share | |||||||||||||||||
Life (In Years) | Life (In Years) | |||||||||||||||||||
$30.46 - $41.77 | 203,118 | 5.2 | $ | 30.46 | 203,118 | 5.2 | $ | 30.46 | ||||||||||||
$42.11 - $62.50 | 1,968,710 | 7.8 | 57.1 | 651,771 | 5.6 | 47.84 | ||||||||||||||
$68.36 - $80.12 | 792,879 | 5.8 | 69.64 | 622,456 | 5.4 | 69.34 | ||||||||||||||
2,964,707 | 7.1 | $ | 58.63 | 1,477,345 | 5.5 | $ | 54.51 |
Earnings_Per_Share_Tables
Earnings Per Share (Tables) | 12 Months Ended | ||||||||||
Dec. 31, 2013 | |||||||||||
Earnings Per Share | ' | ||||||||||
Calculations of the basic and diluted EPS under the treasury stock method | ' | ||||||||||
Year Ended December 31, | |||||||||||
(in thousands, except per share amounts) | 2013 | 2012 | 2011 | ||||||||
Net earnings attributable to Fluor Corporation | $ | 667,711 | $ | 456,330 | $ | 593,728 | |||||
Basic EPS: | |||||||||||
Weighted average common shares outstanding | 162,566 | 167,121 | 172,501 | ||||||||
Basic earnings per share | $ | 4.11 | $ | 2.73 | $ | 3.44 | |||||
Diluted EPS: | |||||||||||
Weighted average common shares outstanding | 162,566 | 167,121 | 172,501 | ||||||||
Diluted effect: | |||||||||||
Employee stock options, restricted stock units and shares and VDI units | 1,383 | 1,024 | 1,393 | ||||||||
Conversion equivalent of dilutive convertible debt | 405 | 346 | 670 | ||||||||
Weighted average diluted shares outstanding | 164,354 | 168,491 | 174,564 | ||||||||
Diluted earnings per share | $ | 4.06 | $ | 2.71 | $ | 3.4 | |||||
Anti-dilutive securities not included above | 1,436 | 1,557 | 824 | ||||||||
Lease_Obligations_Tables
Lease Obligations (Tables) | 12 Months Ended | ||||
Dec. 31, 2013 | |||||
Lease Obligations | ' | ||||
Obligations for minimum rentals under non-cancelable operating leases | ' | ||||
Year Ended December 31, | (in thousands) | ||||
2014 | $ | 54,500 | |||
2015 | 52,200 | ||||
2016 | 41,500 | ||||
2017 | 35,000 | ||||
2018 | 23,300 | ||||
Thereafter | 67,900 |
Operations_by_Business_Segment1
Operations by Business Segment and Geographic Area (Tables) | 12 Months Ended | ||||||||||||||||
Dec. 31, 2013 | |||||||||||||||||
Operations by Business Segment and Geographic Area | ' | ||||||||||||||||
Schedule of Segment External Revenue, Segment Profit (Loss) and Total Assets | ' | ||||||||||||||||
Year Ended December 31, | |||||||||||||||||
(in millions) | 2013 | 2012 | 2011 | ||||||||||||||
External revenue | |||||||||||||||||
Oil & Gas | $ | 11,519.80 | $ | 9,513.90 | $ | 7,961.70 | |||||||||||
Industrial & Infrastructure | 11,081.70 | 13,237.80 | 10,705.50 | ||||||||||||||
Government | 2,749.10 | 3,304.70 | 3,398.20 | ||||||||||||||
Global Services | 611.8 | 679.6 | 572.6 | ||||||||||||||
Power | 1,389.20 | 841.1 | 743.4 | ||||||||||||||
Total external revenue | $ | 27,351.60 | $ | 27,577.10 | $ | 23,381.40 | |||||||||||
Segment profit (loss) | |||||||||||||||||
Oil & Gas | $ | 441.1 | $ | 334.7 | $ | 275.6 | |||||||||||
Industrial & Infrastructure | 476 | 176.5 | 418.9 | ||||||||||||||
Government | 161.4 | 149.7 | 145.5 | ||||||||||||||
Global Services | 119.7 | 125.4 | 122.2 | ||||||||||||||
Power | 11.7 | (16.9 | ) | 81.1 | |||||||||||||
Total segment profit | $ | 1,209.90 | $ | 769.4 | $ | 1,043.30 | |||||||||||
Depreciation and amortization of fixed assets | |||||||||||||||||
Oil & Gas | $ | — | $ | — | $ | — | |||||||||||
Industrial & Infrastructure | 1.5 | 2.4 | 5.3 | ||||||||||||||
Government | 9.5 | 12.9 | 10.8 | ||||||||||||||
Global Services | 117.7 | 124.6 | 117 | ||||||||||||||
Power | 1.1 | 0.9 | — | ||||||||||||||
Corporate and other | 76.5 | 69.6 | 66.3 | ||||||||||||||
Total depreciation and amortization of fixed assets | $ | 206.3 | $ | 210.4 | $ | 199.4 | |||||||||||
Capital expenditures | |||||||||||||||||
Oil & Gas | $ | — | $ | — | $ | — | |||||||||||
Industrial & Infrastructure | 2.9 | 0.5 | 0.6 | ||||||||||||||
Government | 4.1 | 5.7 | 10.7 | ||||||||||||||
Global Services | 145.3 | 184.5 | 248 | ||||||||||||||
Power | 1.3 | 3.6 | — | ||||||||||||||
Corporate and other | 134.9 | 60.4 | 78.9 | ||||||||||||||
Total capital expenditures | $ | 288.5 | $ | 254.7 | $ | 338.2 | |||||||||||
Total assets | |||||||||||||||||
Oil & Gas | $ | 1,643.80 | $ | 1,704.40 | |||||||||||||
Industrial & Infrastructure | 909.7 | 751.7 | |||||||||||||||
Government | 580.6 | 827.2 | |||||||||||||||
Global Services | 758.9 | 768.9 | |||||||||||||||
Power | 154.9 | 120.6 | |||||||||||||||
Corporate and other | 4,276.00 | 4,103.20 | |||||||||||||||
Total assets | $ | 8,323.90 | $ | 8,276.00 | |||||||||||||
Goodwill | |||||||||||||||||
Oil & Gas | $ | 7.1 | $ | 7.1 | |||||||||||||
Industrial & Infrastructure | 18.6 | 18.7 | |||||||||||||||
Government | 57.5 | 46.5 | |||||||||||||||
Global Services | 20.3 | 18.4 | |||||||||||||||
Power | 10.6 | 10.6 | |||||||||||||||
Total goodwill | $ | 114.1 | $ | 101.3 | |||||||||||||
Schedule of reconciliation of segment information to consolidated amounts | ' | ||||||||||||||||
Year Ended December 31, | |||||||||||||||||
(in millions) | 2013 | 2012 | 2011 | ||||||||||||||
Total segment profit | $ | 1,209.90 | $ | 769.4 | $ | 1,043.30 | |||||||||||
Corporate general and administrative expense | (175.1 | ) | (151.0 | ) | (163.5 | ) | |||||||||||
Interest income (expense), net | (12.5 | ) | (0.5 | ) | 16.4 | ||||||||||||
Earnings attributable to noncontrolling interests | 155.3 | 115.6 | 105.6 | ||||||||||||||
Earnings before taxes | $ | 1,177.60 | $ | 733.5 | $ | 1,001.80 | |||||||||||
Operating Information by Geographic Area | ' | ||||||||||||||||
External Revenue | Total Assets | ||||||||||||||||
Year Ended December 31, | As of December 31, | ||||||||||||||||
(in millions) | 2013 | 2012 | 2011 | 2013 | 2012 | ||||||||||||
United States | $ | 7,295.00 | $ | 7,021.40 | $ | 6,959.80 | $ | 4,329.40 | $ | 4,410.30 | |||||||
Canada | 6,275.80 | 5,371.90 | 4,127.50 | 927.8 | 925.9 | ||||||||||||
Asia Pacific (includes Australia) | 4,503.40 | 6,349.70 | 4,395.50 | 791.4 | 1,140.30 | ||||||||||||
Europe | 2,096.30 | 1,632.90 | 1,736.80 | 1,150.40 | 1,196.20 | ||||||||||||
Central and South America | 3,509.70 | 3,526.50 | 2,822.50 | 657.8 | 260.2 | ||||||||||||
Middle East and Africa | 3,671.40 | 3,674.70 | 3,339.30 | 467.1 | 343.1 | ||||||||||||
Total | $ | 27,351.60 | $ | 27,577.10 | $ | 23,381.40 | $ | 8,323.90 | $ | 8,276.00 | |||||||
Quarterly_Financial_Data_Unaud1
Quarterly Financial Data (Unaudited) (Tables) | 12 Months Ended | |||||||||||||
Dec. 31, 2013 | ||||||||||||||
Quarterly Financial Data (Unaudited) | ' | |||||||||||||
Summary of the quarterly results of operations | ' | |||||||||||||
(in millions, except per share amounts) | First Quarter | Second Quarter | Third Quarter | Fourth Quarter | ||||||||||
Year ended December 31, 2013 | ||||||||||||||
Revenue | $ | 7,185.60 | $ | 7,190.30 | $ | 6,684.20 | $ | 6,291.50 | ||||||
Cost of revenue | 6,843.80 | 6,857.50 | 6,329.70 | 5,955.40 | ||||||||||
Earnings before taxes | 306.3 | 298.7 | 304.7 | 267.9 | ||||||||||
Net earnings | 213.3 | 207.3 | 217.4 | 185 | ||||||||||
Net earnings attributable to Fluor Corporation | 166.5 | 161.4 | 173 | 166.8 | ||||||||||
Earnings per share | ||||||||||||||
Basic | $ | 1.02 | $ | 0.99 | $ | 1.06 | $ | 1.03 | ||||||
Diluted | 1.02 | 0.98 | 1.05 | 1.01 | ||||||||||
Year ended December 31, 2012 | ||||||||||||||
Revenue | $ | 6,290.10 | $ | 7,128.20 | $ | 7,136.10 | $ | 7,022.70 | ||||||
Cost of revenue | 6,014.20 | 6,809.80 | 6,829.80 | 7,038.30 | ||||||||||
Earnings (loss) before taxes | 240.8 | 288.2 | 264.5 | (60.0 | ) | |||||||||
Net earnings | 177.2 | 192.5 | 172.3 | 29.1 | ||||||||||
Net earnings (loss) attributable to Fluor Corporation | 154.9 | 161.2 | 144.6 | (4.4 | ) | |||||||||
Earnings (loss) per share | ||||||||||||||
Basic | $ | 0.92 | $ | 0.96 | $ | 0.87 | $ | (0.03 | ) | |||||
Diluted | 0.91 | 0.95 | 0.86 | (0.03 | ) |
Major_Accounting_Policies_Deta
Major Accounting Policies (Details) (USD $) | Dec. 31, 2013 | Dec. 31, 2012 |
Engineering and Construction Contracts | ' | ' |
Advances payments on account of contract work in progress | $544,000,000 | $702,000,000 |
Major_Accounting_Policies_Deta1
Major Accounting Policies (Details 2) (USD $) | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2013 | Dec. 31, 2013 |
In Thousands, unless otherwise specified | Buildings | Buildings | Buildings | Buildings | Building and leasehold improvements | Building and leasehold improvements | Building and leasehold improvements | Building and leasehold improvements | Machinery and equipment | Machinery and equipment | Machinery and equipment | Machinery and equipment | Furniture and fixtures | Furniture and fixtures | Furniture and fixtures | Furniture and fixtures | ||
Minimum | Maximum | Minimum | Maximum | Minimum | Maximum | Minimum | Maximum | |||||||||||
Property plant and equipment | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Property, plant and equipment, at cost | $2,073,878 | $1,983,764 | $282,842 | $287,895 | ' | ' | $175,740 | $165,589 | ' | ' | $1,328,434 | $1,315,756 | ' | ' | $146,498 | $145,551 | ' | ' |
Estimated useful service lives | ' | ' | ' | ' | '20 years | '40 years | ' | ' | '6 years | '20 years | ' | ' | '2 years | '10 years | ' | ' | '2 years | '10 years |
Major_Accounting_Policies_Deta2
Major Accounting Policies (Details 3) (USD $) | 0 Months Ended | 3 Months Ended | 12 Months Ended | ||
In Millions, unless otherwise specified | Dec. 31, 2013 | Mar. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2013 | Dec. 31, 2013 |
Minimum | Maximum | ||||
Goodwill and Intangible Assets | ' | ' | ' | ' | ' |
Goodwill impaired | ' | $0 | ' | ' | ' |
Carrying value of intangible assets | 24 | ' | 21 | ' | ' |
Intangible assets with indefinite lives impaired | $0 | ' | ' | ' | ' |
Finite lived intangible assets | ' | ' | ' | ' | ' |
Useful lives of intangible assets with finite lives | ' | ' | ' | '1 year | '10 years |
Major_Accounting_Policies_Deta3
Major Accounting Policies (Details 4) (USD $) | 12 Months Ended | ||
In Thousands, unless otherwise specified | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 |
Other comprehensive income (loss), Before-Tax Amount: | ' | ' | ' |
Total other comprehensive loss, Before-Tax Amount | ($69,411) | ($94,077) | ($26,818) |
Less: Other comprehensive income (loss) attributable to noncontrolling interests, Before-Tax Amount | -772 | -948 | 4,736 |
Other comprehensive loss attributable to Fluor Corporation, Before-Tax Amount | -68,639 | -93,129 | -31,554 |
Other comprehensive income (loss), Tax (Expense) Benefit: | ' | ' | ' |
Total other comprehensive loss, Tax (Expense) Benefit | 28,288 | 34,571 | 8,573 |
Other comprehensive loss attributable to Fluor Corporation, Tax (Expense) Benefit | 28,288 | 34,571 | 8,573 |
Other comprehensive income (loss), Net-of-Tax: | ' | ' | ' |
TOTAL OTHER COMPREHENSIVE LOSS, NET OF TAX | -41,123 | -59,506 | -18,245 |
Less: Other comprehensive loss attributable to noncontrolling interests, Net-of-Tax Amount | -772 | -948 | 4,736 |
Other comprehensive income (loss) attributable to Fluor Corporation, Net-of-Tax Amount | -40,351 | -58,558 | -22,981 |
Foreign currency translation adjustment | ' | ' | ' |
Other comprehensive income (loss), Before-Tax Amount: | ' | ' | ' |
Total other comprehensive loss, Before-Tax Amount | -74,538 | 47,780 | -66,717 |
Other comprehensive income (loss), Tax (Expense) Benefit: | ' | ' | ' |
Total other comprehensive loss, Tax (Expense) Benefit | 27,637 | -18,077 | 26,599 |
Other comprehensive income (loss), Net-of-Tax: | ' | ' | ' |
TOTAL OTHER COMPREHENSIVE LOSS, NET OF TAX | -46,901 | 29,703 | -40,118 |
Less: Other comprehensive loss attributable to noncontrolling interests, Net-of-Tax Amount | -838 | ' | ' |
Other comprehensive income (loss) attributable to Fluor Corporation, Net-of-Tax Amount | -46,063 | 30,129 | -44,331 |
Ownership share of equity method investees' other comprehensive income (loss) | ' | ' | ' |
Other comprehensive income (loss), Before-Tax Amount: | ' | ' | ' |
Total other comprehensive loss, Before-Tax Amount | 13,117 | 1,487 | -33,492 |
Other comprehensive income (loss), Tax (Expense) Benefit: | ' | ' | ' |
Total other comprehensive loss, Tax (Expense) Benefit | -2,372 | -924 | 9,701 |
Other comprehensive income (loss), Net-of-Tax: | ' | ' | ' |
TOTAL OTHER COMPREHENSIVE LOSS, NET OF TAX | 10,745 | 563 | -23,791 |
Other comprehensive income (loss) attributable to Fluor Corporation, Net-of-Tax Amount | 10,745 | 563 | -23,791 |
Defined benefit pension and postretirement plan adjustments | ' | ' | ' |
Other comprehensive income (loss), Before-Tax Amount: | ' | ' | ' |
Total other comprehensive loss, Before-Tax Amount | -8,917 | -145,848 | 93,522 |
Other comprehensive income (loss), Tax (Expense) Benefit: | ' | ' | ' |
Total other comprehensive loss, Tax (Expense) Benefit | 3,344 | 54,693 | -35,071 |
Other comprehensive income (loss), Net-of-Tax: | ' | ' | ' |
TOTAL OTHER COMPREHENSIVE LOSS, NET OF TAX | -5,573 | -91,155 | 58,451 |
Other comprehensive income (loss) attributable to Fluor Corporation, Net-of-Tax Amount | -5,573 | -91,155 | 58,451 |
Unrealized gain (loss) on derivative contracts | ' | ' | ' |
Other comprehensive income (loss), Before-Tax Amount: | ' | ' | ' |
Total other comprehensive loss, Before-Tax Amount | 2,171 | 2,369 | -19,420 |
Other comprehensive income (loss), Tax (Expense) Benefit: | ' | ' | ' |
Total other comprehensive loss, Tax (Expense) Benefit | -787 | -1,071 | 7,078 |
Other comprehensive income (loss), Net-of-Tax: | ' | ' | ' |
TOTAL OTHER COMPREHENSIVE LOSS, NET OF TAX | 1,384 | 1,298 | -12,342 |
Less: Other comprehensive loss attributable to noncontrolling interests, Net-of-Tax Amount | 66 | ' | ' |
Other comprehensive income (loss) attributable to Fluor Corporation, Net-of-Tax Amount | 1,318 | 1,820 | -12,865 |
Unrealized gain (loss) on available-for-sale securities | ' | ' | ' |
Other comprehensive income (loss), Before-Tax Amount: | ' | ' | ' |
Total other comprehensive loss, Before-Tax Amount | -1,244 | 135 | -711 |
Other comprehensive income (loss), Tax (Expense) Benefit: | ' | ' | ' |
Total other comprehensive loss, Tax (Expense) Benefit | 466 | -50 | 266 |
Other comprehensive income (loss), Net-of-Tax: | ' | ' | ' |
TOTAL OTHER COMPREHENSIVE LOSS, NET OF TAX | -778 | 85 | -445 |
Other comprehensive income (loss) attributable to Fluor Corporation, Net-of-Tax Amount | ($778) | $85 | ($445) |
Major_Accounting_Policies_Deta4
Major Accounting Policies (Details 5) (USD $) | 12 Months Ended | ||
In Thousands, unless otherwise specified | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 |
Changes in the balances of each after-tax component of AOCI attributable to Fluor Corporation | ' | ' | ' |
Accumulated Other Comprehensive Income (Loss), Net, balance at the beginning of the period | ($257,850) | ($199,292) | ($176,311) |
Other comprehensive income (loss) before reclassifications | -52,161 | ' | ' |
Amount reclassified from AOCI | 11,810 | ' | ' |
Other comprehensive income (loss) attributable to Fluor Corporation, Net-of-Tax Amount | -40,351 | -58,558 | -22,981 |
Accumulated Other Comprehensive Income (Loss), Net, balance at the end of the period | -298,201 | -257,850 | -199,292 |
Foreign Currency Translation | ' | ' | ' |
Changes in the balances of each after-tax component of AOCI attributable to Fluor Corporation | ' | ' | ' |
Accumulated Other Comprehensive Income (Loss), Net, balance at the beginning of the period | 45,899 | 15,770 | 60,101 |
Other comprehensive income (loss) before reclassifications | -46,063 | ' | ' |
Other comprehensive income (loss) attributable to Fluor Corporation, Net-of-Tax Amount | -46,063 | 30,129 | -44,331 |
Accumulated Other Comprehensive Income (Loss), Net, balance at the end of the period | -164 | 45,899 | 15,770 |
Ownership Share of Equity Method Investees' Other Comprehensive Income (Loss) | ' | ' | ' |
Changes in the balances of each after-tax component of AOCI attributable to Fluor Corporation | ' | ' | ' |
Accumulated Other Comprehensive Income (Loss), Net, balance at the beginning of the period | -43,019 | -43,582 | -19,791 |
Other comprehensive income (loss) before reclassifications | 10,745 | ' | ' |
Other comprehensive income (loss) attributable to Fluor Corporation, Net-of-Tax Amount | 10,745 | 563 | -23,791 |
Accumulated Other Comprehensive Income (Loss), Net, balance at the end of the period | -32,274 | -43,019 | -43,582 |
Defined Benefit Pension and Postretirement Plans | ' | ' | ' |
Changes in the balances of each after-tax component of AOCI attributable to Fluor Corporation | ' | ' | ' |
Accumulated Other Comprehensive Income (Loss), Net, balance at the beginning of the period | -252,724 | -161,569 | -220,020 |
Other comprehensive income (loss) before reclassifications | -13,655 | ' | ' |
Amount reclassified from AOCI | 8,082 | ' | ' |
Other comprehensive income (loss) attributable to Fluor Corporation, Net-of-Tax Amount | -5,573 | -91,155 | 58,451 |
Accumulated Other Comprehensive Income (Loss), Net, balance at the end of the period | -258,297 | -252,724 | -161,569 |
Unrealized Gain (Loss) on Derivative Contracts | ' | ' | ' |
Changes in the balances of each after-tax component of AOCI attributable to Fluor Corporation | ' | ' | ' |
Accumulated Other Comprehensive Income (Loss), Net, balance at the beginning of the period | -8,960 | -10,780 | 2,085 |
Other comprehensive income (loss) before reclassifications | -2,536 | ' | ' |
Amount reclassified from AOCI | 3,854 | ' | ' |
Other comprehensive income (loss) attributable to Fluor Corporation, Net-of-Tax Amount | 1,318 | 1,820 | -12,865 |
Accumulated Other Comprehensive Income (Loss), Net, balance at the end of the period | -7,642 | -8,960 | -10,780 |
Unrealized Gain (Loss) on Available-for-Sale Securities | ' | ' | ' |
Changes in the balances of each after-tax component of AOCI attributable to Fluor Corporation | ' | ' | ' |
Accumulated Other Comprehensive Income (Loss), Net, balance at the beginning of the period | 954 | 869 | 1,314 |
Other comprehensive income (loss) before reclassifications | -652 | ' | ' |
Amount reclassified from AOCI | -126 | ' | ' |
Other comprehensive income (loss) attributable to Fluor Corporation, Net-of-Tax Amount | -778 | 85 | -445 |
Accumulated Other Comprehensive Income (Loss), Net, balance at the end of the period | $176 | $954 | $869 |
Major_Accounting_Policies_Deta5
Major Accounting Policies (Details 6) (USD $) | 12 Months Ended | ||
In Thousands, unless otherwise specified | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 |
Changes in AOCI balances by component (after-tax) attributable to Noncontrolling Interest | ' | ' | ' |
Accumulated Other Comprehensive Income (Loss), Net, Attributable to Noncontrolling Interests, balance as of beginning of year | $8,724 | ' | ' |
Other comprehensive income (loss) before reclassifications attributable to noncontrolling interests | -776 | ' | ' |
Amount reclassified from AOCI attributable to noncontrolling interests | 4 | ' | ' |
Net other comprehensive income (loss) attributable to noncontrolling interests | -772 | -948 | 4,736 |
Accumulated Other Comprehensive Income (Loss), Net, Attributable to Noncontrolling Interests, balance as of end of year | 7,952 | 8,724 | ' |
Foreign Currency Translation | ' | ' | ' |
Changes in AOCI balances by component (after-tax) attributable to Noncontrolling Interest | ' | ' | ' |
Accumulated Other Comprehensive Income (Loss), Net, Attributable to Noncontrolling Interests, balance as of beginning of year | 8,723 | ' | ' |
Other comprehensive income (loss) before reclassifications attributable to noncontrolling interests | -838 | ' | ' |
Net other comprehensive income (loss) attributable to noncontrolling interests | -838 | ' | ' |
Accumulated Other Comprehensive Income (Loss), Net, Attributable to Noncontrolling Interests, balance as of end of year | 7,885 | ' | ' |
Unrealized Gain (Loss) on Derivative Contracts | ' | ' | ' |
Changes in AOCI balances by component (after-tax) attributable to Noncontrolling Interest | ' | ' | ' |
Accumulated Other Comprehensive Income (Loss), Net, Attributable to Noncontrolling Interests, balance as of beginning of year | 1 | ' | ' |
Other comprehensive income (loss) before reclassifications attributable to noncontrolling interests | 62 | ' | ' |
Amount reclassified from AOCI attributable to noncontrolling interests | 4 | ' | ' |
Net other comprehensive income (loss) attributable to noncontrolling interests | 66 | ' | ' |
Accumulated Other Comprehensive Income (Loss), Net, Attributable to Noncontrolling Interests, balance as of end of year | $67 | ' | ' |
Major_Accounting_Policies_Deta6
Major Accounting Policies (Details 7) (USD $) | 3 Months Ended | 12 Months Ended | |||||||||
In Thousands, unless otherwise specified | Dec. 31, 2013 | Sep. 30, 2013 | Jun. 30, 2013 | Mar. 31, 2013 | Dec. 31, 2012 | Sep. 30, 2012 | Jun. 30, 2012 | Mar. 31, 2012 | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 |
Reclassifications out of accumulated other comprehensive income (loss) | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Total cost of revenue | ($5,955,400) | ($6,329,700) | ($6,857,500) | ($6,843,800) | ($7,038,300) | ($6,829,800) | ($6,809,800) | ($6,014,200) | ($25,986,382) | ($26,692,138) | ($22,232,483) |
Interest expense | ' | ' | ' | ' | ' | ' | ' | ' | -26,887 | -28,238 | -15,601 |
Corporate general and administrative expense | ' | ' | ' | ' | ' | ' | ' | ' | -175,148 | -151,010 | -163,460 |
Income tax expense | ' | ' | ' | ' | ' | ' | ' | ' | -354,573 | -162,438 | -303,729 |
NET EARNINGS | 185,000 | 217,400 | 207,300 | 213,300 | 29,100 | 172,300 | 192,500 | 177,200 | 823,026 | 571,067 | 698,087 |
Net earnings attributable to noncontrolling interests | ' | ' | ' | ' | ' | ' | ' | ' | -155,315 | -114,737 | -104,359 |
Net of tax and noncontrolling interest | 166,800 | 173,000 | 161,400 | 166,500 | -4,400 | 144,600 | 161,200 | 154,900 | 667,711 | 456,330 | 593,728 |
Defined benefit pension plan | Reclassified out of AOCI | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Reclassifications out of accumulated other comprehensive income (loss) | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Various accounts, primarily cost of revenue and corporate general and administrative expense | ' | ' | ' | ' | ' | ' | ' | ' | -12,931 | ' | ' |
Income tax expense | ' | ' | ' | ' | ' | ' | ' | ' | 4,849 | ' | ' |
NET EARNINGS | ' | ' | ' | ' | ' | ' | ' | ' | -8,082 | ' | ' |
Unrealized gain (loss) on derivative contracts | Reclassified out of AOCI | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Reclassifications out of accumulated other comprehensive income (loss) | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Income tax expense | ' | ' | ' | ' | ' | ' | ' | ' | 2,322 | ' | ' |
NET EARNINGS | ' | ' | ' | ' | ' | ' | ' | ' | -3,858 | ' | ' |
Net earnings attributable to noncontrolling interests | ' | ' | ' | ' | ' | ' | ' | ' | 4 | ' | ' |
Net of tax and noncontrolling interest | ' | ' | ' | ' | ' | ' | ' | ' | -3,854 | ' | ' |
Unrealized gain (loss) on derivative contracts | Reclassified out of AOCI | Commodity contracts and foreign currency contracts | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Reclassifications out of accumulated other comprehensive income (loss) | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Total cost of revenue | ' | ' | ' | ' | ' | ' | ' | ' | -4,502 | ' | ' |
Unrealized gain (loss) on derivative contracts | Reclassified out of AOCI | Interest rate contracts | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Reclassifications out of accumulated other comprehensive income (loss) | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Interest expense | ' | ' | ' | ' | ' | ' | ' | ' | -1,678 | ' | ' |
Unrealized gain on available-for- sale securities | Reclassified out of AOCI | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Reclassifications out of accumulated other comprehensive income (loss) | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Corporate general and administrative expense | ' | ' | ' | ' | ' | ' | ' | ' | 202 | ' | ' |
Income tax expense | ' | ' | ' | ' | ' | ' | ' | ' | -76 | ' | ' |
NET EARNINGS | ' | ' | ' | ' | ' | ' | ' | ' | $126 | ' | ' |
Consolidated_Statement_of_Cash2
Consolidated Statement of Cash Flows (Details) (USD $) | 12 Months Ended | ||
In Thousands, unless otherwise specified | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 |
(Increase) decrease in: | ' | ' | ' |
Accounts and notes receivable, net | ($98,744) | $23,680 | ($43,501) |
Contract work in progress | 101,158 | 29,669 | -504,670 |
Other current assets | 102,417 | -111,311 | 199,412 |
Other assets | -26,204 | -65,418 | -2,530 |
Increase (decrease) in: | ' | ' | ' |
Trade accounts payable | -274,418 | 195,147 | 320,708 |
Advance billings on contracts | -29,043 | -237,497 | 48,470 |
Accrued liabilities | -83,613 | 28,993 | 60,050 |
Other liabilities | 46,851 | -58,773 | -16,346 |
Increase (decrease) in cash due to changes in operating assets and liabilities | -261,596 | -195,510 | 61,593 |
Cash paid during the year | ' | ' | ' |
Cash paid for interest | 22,585 | 24,244 | 28,255 |
Income tax payments, net of receipts | $268,889 | $294,214 | $176,915 |
Income_Taxes_Details
Income Taxes (Details) (USD $) | 12 Months Ended | ||
In Thousands, unless otherwise specified | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 |
Current: | ' | ' | ' |
Federal | $200,608 | ($133,312) | $117,868 |
Foreign | 168,894 | 226,110 | 176,116 |
State and local | 14,779 | -7,804 | 27,143 |
Total current | 384,281 | 84,994 | 321,127 |
Deferred: | ' | ' | ' |
Federal | -29,873 | 87,723 | -13,039 |
Foreign | 2,054 | -16,645 | -883 |
State and local | -1,889 | 6,366 | -3,476 |
Total deferred | -29,708 | 77,444 | -17,398 |
Total income tax expense | $354,573 | $162,438 | $303,729 |
Income_Taxes_Details_2
Income Taxes (Details 2) (USD $) | 12 Months Ended | ||
In Thousands, unless otherwise specified | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 |
Reconciliation of U.S. statutory federal income tax expense to income tax expense | ' | ' | ' |
U.S. statutory federal tax expense | $412,159 | $256,727 | $350,635 |
Increase (decrease) in taxes resulting from: | ' | ' | ' |
State and local income taxes | 7,802 | 1,727 | 15,360 |
Other permanent items, net | -17,517 | -4,849 | -7,932 |
Noncontrolling interests | -54,359 | -39,600 | -35,682 |
Foreign losses benefited, net | -18,568 | -84,366 | ' |
Valuation allowance, net | 15,305 | 85,541 | 11,014 |
Statute expirations and tax authority settlements | ' | -13,152 | -13,795 |
Other changes to unrecognized tax positions | 9,261 | -29,740 | -8,973 |
Other, net | 490 | -9,850 | -6,898 |
Total income tax expense | $354,573 | $162,438 | $303,729 |
Income_Taxes_Details_3
Income Taxes (Details 3) (USD $) | Dec. 31, 2013 | Dec. 31, 2012 |
In Thousands, unless otherwise specified | ||
Accrued liabilities not currently deductible: | ' | ' |
Employee compensation and benefits | $54,723 | $42,387 |
Employee time-off accrual | 94,213 | 90,573 |
Project and non-project reserves | 24,753 | 30,127 |
Workers' compensation insurance accruals | 14,400 | 8,566 |
Tax basis of investments in excess of book basis | 4,957 | 18,583 |
Revenue recognition | 36,180 | 43,028 |
Net operating loss carryforward | 266,664 | 257,692 |
Unrealized currency loss | 6,817 | 6,991 |
Capital loss carryforward | ' | 3,896 |
Foreign tax credits | 30,705 | ' |
Other comprehensive loss | 179,228 | 149,364 |
Other | 21,274 | 7,367 |
Total deferred tax assets | 733,914 | 658,574 |
Valuation allowance for deferred tax assets | -245,428 | -230,123 |
Deferred tax assets, net | 488,486 | 428,451 |
Deferred tax liabilities: | ' | ' |
Book basis of property, equipment and other capital costs in excess of tax basis | -36,169 | -44,332 |
Residual U.S. tax on unremitted non-U.S. earnings | -50,569 | -40,250 |
Other | -16,179 | -14,673 |
Total deferred tax liabilities | -102,917 | -99,255 |
Deferred tax assets, net of deferred tax liabilities | $385,569 | $329,196 |
Income_Taxes_Details_4
Income Taxes (Details 4) (Foreign, USD $) | Dec. 31, 2013 |
Foreign | ' |
Net operating loss carryforwards | ' |
Non-U.S. net operating loss carryforwards | $1,100,000,000 |
Net operating loss carryforwards, indefinite carry forward period | 1,000,000,000 |
Net operating loss carryforwards, subject to expiration | $46,000,000 |
Income_Taxes_Details_5
Income Taxes (Details 5) (Foreign, USD $) | Dec. 31, 2013 |
In Millions, unless otherwise specified | |
Foreign | ' |
Capital loss carryforwards | ' |
Tax credit | $31 |
Income_Taxes_Details_6
Income Taxes (Details 6) (USD $) | 3 Months Ended | 12 Months Ended | |||||||||
Dec. 31, 2013 | Sep. 30, 2013 | Jun. 30, 2013 | Mar. 31, 2013 | Dec. 31, 2012 | Sep. 30, 2012 | Jun. 30, 2012 | Mar. 31, 2012 | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 | |
Unrecognized tax benefits | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Unrecognized tax benefits that would impact effective tax rate | $40,000,000 | ' | ' | ' | $33,000,000 | ' | ' | ' | $40,000,000 | $33,000,000 | ' |
Reconciliation of the beginning and ending amount of unrecognized tax benefits including interest and penalties | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Balance at the beginning of the period | ' | ' | ' | 47,043,000 | ' | ' | ' | 214,998,000 | 47,043,000 | 214,998,000 | ' |
Change in tax positions of prior years | ' | ' | ' | ' | ' | ' | ' | ' | 1,015,000 | ' | ' |
Change in tax positions of prior years | ' | ' | ' | ' | ' | ' | ' | ' | ' | -64,214,000 | ' |
Change in tax positions of current year | ' | ' | ' | ' | ' | ' | ' | ' | 7,397,000 | ' | ' |
Reduction in tax positions for statute expirations | ' | ' | ' | ' | ' | ' | ' | ' | -1,401,000 | ' | ' |
Reduction in tax positions for audit settlements | ' | ' | ' | ' | ' | ' | ' | ' | ' | -103,741,000 | ' |
Balance at the end of the period | 54,054,000 | ' | ' | ' | 47,043,000 | ' | ' | ' | 54,054,000 | 47,043,000 | 214,998,000 |
Accrued interest and penalties as of date | 7,000,000 | ' | ' | ' | 7,000,000 | ' | ' | ' | 7,000,000 | 7,000,000 | ' |
U.S. and foreign earnings before taxes | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
U.S. earnings before taxes | ' | ' | ' | ' | ' | ' | ' | ' | 303,070,000 | 279,890,000 | 346,016,000 |
Foreign earnings before taxes | ' | ' | ' | ' | ' | ' | ' | ' | 874,529,000 | 453,615,000 | 655,800,000 |
EARNINGS BEFORE TAXES | 267,900,000 | 304,700,000 | 298,700,000 | 306,300,000 | -60,000,000 | 264,500,000 | 288,200,000 | 240,800,000 | 1,177,599,000 | 733,505,000 | 1,001,816,000 |
IRS | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Tax audit | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Reduction in tax expense | ' | ' | ' | ' | ' | ' | ' | ' | ' | $13,000,000 | ' |
Retirement_Benefits_Details
Retirement Benefits (Details) (USD $) | 12 Months Ended | ||
Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 | |
Retirement Benefits | ' | ' | ' |
Defined contribution retirement plans, expense recognized | $151,000,000 | $144,000,000 | $101,000,000 |
Defined Benefit Pension Plans | Direct investment in company common stock or debt securities | ' | ' | ' |
Target allocations and the weighted average actual allocations of plan assets | ' | ' | ' |
Weighted average actual allocation (as a percent) | 0.00% | ' | ' |
Defined Benefit Pension Plans | Minimum | ' | ' | ' |
For determining net periodic cost for the year: | ' | ' | ' |
Expected future benefit payments | 30,000,000 | ' | ' |
Defined Benefit Pension Plans | Maximum | ' | ' | ' |
For determining net periodic cost for the year: | ' | ' | ' |
Expected future benefit payments | 60,000,000 | ' | ' |
Defined Benefit Pension Plans | Maximum | Common or collective trusts | ' | ' | ' |
Target allocations and the weighted average actual allocations of plan assets | ' | ' | ' |
Redemption notice period to redeem investments | '30 days | ' | ' |
Defined Benefit U.S. Pension Plans | ' | ' | ' |
Components of net periodic pension expense | ' | ' | ' |
Service cost | 6,453,000 | 5,957,000 | 37,172,000 |
Interest cost | 29,100,000 | 33,293,000 | 36,136,000 |
Expected return on assets | -30,975,000 | -35,322,000 | -40,430,000 |
Amortization of prior service cost/(credits) | 103,000 | -114,000 | -168,000 |
Recognized net actuarial loss | 6,039,000 | 4,279,000 | 13,955,000 |
(Gain on curtailment)/loss on settlement | -309,000 | ' | -618,000 |
Net periodic pension expense | 10,411,000 | 8,093,000 | 46,047,000 |
For determining projected benefit obligation at year-end: | ' | ' | ' |
Discount rates (as a percent) | 4.95% | 4.05% | 5.05% |
For determining net periodic cost for the year: | ' | ' | ' |
Discount rates (as a percent) | 4.05% | 5.05% | 5.65% |
Rates of increase in compensation levels (as a percent) | ' | ' | 4.00% |
Expected long-term rates of return on assets (as a percent) | 4.25% | 5.25% | 6.69% |
Increase in plan liability, if discount rate were reduced by 25 basis points | 16,000,000 | ' | ' |
Target allocations and the weighted average actual allocations of plan assets | ' | ' | ' |
Weighted average actual allocation (as a percent) | 100.00% | 100.00% | ' |
Defined Benefit U.S. Pension Plans | Debt securities | ' | ' | ' |
Target allocations and the weighted average actual allocations of plan assets | ' | ' | ' |
Target allocation, minimum (as a percent) | 90.00% | ' | ' |
Target allocation, maximum (as a percent) | 100.00% | ' | ' |
Weighted average actual allocation (as a percent) | 94.00% | 95.00% | ' |
Defined Benefit U.S. Pension Plans | Equity securities | ' | ' | ' |
Target allocations and the weighted average actual allocations of plan assets | ' | ' | ' |
Target allocation, minimum (as a percent) | 0.00% | ' | ' |
Target allocation, maximum (as a percent) | 10.00% | ' | ' |
Weighted average actual allocation (as a percent) | 5.00% | 5.00% | ' |
Defined Benefit U.S. Pension Plans | Other | ' | ' | ' |
Target allocations and the weighted average actual allocations of plan assets | ' | ' | ' |
Target allocation, minimum (as a percent) | 0.00% | ' | ' |
Target allocation, maximum (as a percent) | 5.00% | ' | ' |
Weighted average actual allocation (as a percent) | 1.00% | 0.00% | ' |
Defined Benefit Non-U.S. Pension Plans | ' | ' | ' |
Components of net periodic pension expense | ' | ' | ' |
Service cost | 15,390,000 | 7,723,000 | 8,219,000 |
Interest cost | 32,176,000 | 32,630,000 | 34,502,000 |
Expected return on assets | -46,420,000 | -41,949,000 | -42,852,000 |
Recognized net actuarial loss | 6,788,000 | 1,663,000 | 5,874,000 |
(Gain on curtailment)/loss on settlement | ' | ' | 1,111,000 |
Net periodic pension expense | 7,934,000 | 67,000 | 6,854,000 |
For determining net periodic cost for the year: | ' | ' | ' |
Increase in plan liability, if discount rate were reduced by 25 basis points | 42,000,000 | ' | ' |
Target allocations and the weighted average actual allocations of plan assets | ' | ' | ' |
Weighted average actual allocation (as a percent) | 100.00% | 100.00% | ' |
Defined Benefit Non-U.S. Pension Plans | Debt securities | ' | ' | ' |
Target allocations and the weighted average actual allocations of plan assets | ' | ' | ' |
Target allocation, minimum (as a percent) | 55.00% | ' | ' |
Target allocation, maximum (as a percent) | 65.00% | ' | ' |
Weighted average actual allocation (as a percent) | 63.00% | 60.00% | ' |
Defined Benefit Non-U.S. Pension Plans | Equity securities | ' | ' | ' |
Target allocations and the weighted average actual allocations of plan assets | ' | ' | ' |
Target allocation, minimum (as a percent) | 20.00% | ' | ' |
Target allocation, maximum (as a percent) | 45.00% | ' | ' |
Weighted average actual allocation (as a percent) | 32.00% | 35.00% | ' |
Defined Benefit Non-U.S. Pension Plans | Other | ' | ' | ' |
Target allocations and the weighted average actual allocations of plan assets | ' | ' | ' |
Target allocation, minimum (as a percent) | 5.00% | ' | ' |
Target allocation, maximum (as a percent) | 15.00% | ' | ' |
Weighted average actual allocation (as a percent) | 5.00% | 5.00% | ' |
Defined Benefit Non-U.S. Pension Plans | Minimum | ' | ' | ' |
For determining projected benefit obligation at year-end: | ' | ' | ' |
Discount rates (as a percent) | 3.55% | 3.60% | 3.75% |
Rates of increase in compensation levels (as a percent) | 2.25% | 2.25% | 2.25% |
For determining net periodic cost for the year: | ' | ' | ' |
Discount rates (as a percent) | 3.60% | 3.75% | 5.10% |
Rates of increase in compensation levels (as a percent) | 2.25% | 2.25% | 2.25% |
Expected long-term rates of return on assets (as a percent) | 5.00% | 5.00% | 5.00% |
Defined Benefit Non-U.S. Pension Plans | Maximum | ' | ' | ' |
For determining projected benefit obligation at year-end: | ' | ' | ' |
Discount rates (as a percent) | 5.50% | 6.00% | 6.75% |
Rates of increase in compensation levels (as a percent) | 9.00% | 9.00% | 9.00% |
For determining net periodic cost for the year: | ' | ' | ' |
Discount rates (as a percent) | 6.00% | 6.75% | 9.20% |
Rates of increase in compensation levels (as a percent) | 9.00% | 9.00% | 9.00% |
Expected long-term rates of return on assets (as a percent) | 7.00% | 7.00% | 8.00% |
Postretirement Benefit | ' | ' | ' |
Components of net periodic pension expense | ' | ' | ' |
Interest cost | 351,000 | 592,000 | 723,000 |
Recognized net actuarial loss | 341,000 | 640,000 | 679,000 |
Net periodic pension expense | $692,000 | $1,232,000 | $1,402,000 |
For determining projected benefit obligation at year-end: | ' | ' | ' |
Discount rates (as a percent) | 3.40% | 2.65% | ' |
Retirement_Benefits_Details_2
Retirement Benefits (Details 2) (USD $) | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2013 | Dec. 31, 2012 |
In Thousands, unless otherwise specified | Defined Benefit U.S. Pension Plans | Defined Benefit U.S. Pension Plans | Defined Benefit U.S. Pension Plans | Defined Benefit U.S. Pension Plans | Defined Benefit U.S. Pension Plans | Defined Benefit U.S. Pension Plans | Defined Benefit U.S. Pension Plans | Defined Benefit U.S. Pension Plans | Defined Benefit U.S. Pension Plans | Defined Benefit U.S. Pension Plans | Defined Benefit U.S. Pension Plans | Defined Benefit U.S. Pension Plans | Defined Benefit U.S. Pension Plans | Defined Benefit U.S. Pension Plans | Defined Benefit U.S. Pension Plans | Defined Benefit U.S. Pension Plans | Defined Benefit U.S. Pension Plans | Defined Benefit U.S. Pension Plans | Defined Benefit U.S. Pension Plans | Defined Benefit U.S. Pension Plans | Defined Benefit U.S. Pension Plans | Defined Benefit U.S. Pension Plans | Defined Benefit U.S. Pension Plans | Defined Benefit U.S. Pension Plans | Defined Benefit U.S. Pension Plans | Defined Benefit U.S. Pension Plans | Defined Benefit U.S. Pension Plans | Defined Benefit U.S. Pension Plans | Defined Benefit U.S. Pension Plans | Defined Benefit U.S. Pension Plans | Defined Benefit U.S. Pension Plans | Defined Benefit U.S. Pension Plans | Defined Benefit U.S. Pension Plans | Defined Benefit U.S. Pension Plans | Defined Benefit U.S. Pension Plans | Defined Benefit U.S. Pension Plans | Defined Benefit U.S. Pension Plans | Defined Benefit U.S. Pension Plans | Defined Benefit U.S. Pension Plans | Defined Benefit U.S. Pension Plans | Defined Benefit U.S. Pension Plans | Defined Benefit U.S. Pension Plans | Defined Benefit U.S. Pension Plans | Defined Benefit U.S. Pension Plans | Defined Benefit U.S. Pension Plans | Defined Benefit U.S. Pension Plans | Defined Benefit U.S. Pension Plans | Defined Benefit Non-U.S. Pension Plans | Defined Benefit Non-U.S. Pension Plans | Defined Benefit Non-U.S. Pension Plans | Defined Benefit Non-U.S. Pension Plans | Defined Benefit Non-U.S. Pension Plans | Defined Benefit Non-U.S. Pension Plans | Defined Benefit Non-U.S. Pension Plans | Defined Benefit Non-U.S. Pension Plans | Defined Benefit Non-U.S. Pension Plans | Defined Benefit Non-U.S. Pension Plans | Defined Benefit Non-U.S. Pension Plans | Defined Benefit Non-U.S. Pension Plans | Defined Benefit Non-U.S. Pension Plans | Defined Benefit Non-U.S. Pension Plans | Defined Benefit Non-U.S. Pension Plans | Defined Benefit Non-U.S. Pension Plans | Defined Benefit Non-U.S. Pension Plans | Defined Benefit Non-U.S. Pension Plans | Defined Benefit Non-U.S. Pension Plans | Defined Benefit Non-U.S. Pension Plans | Defined Benefit Non-U.S. Pension Plans | Defined Benefit Non-U.S. Pension Plans | Defined Benefit Non-U.S. Pension Plans | Defined Benefit Non-U.S. Pension Plans | Defined Benefit Non-U.S. Pension Plans | Defined Benefit Non-U.S. Pension Plans | Defined Benefit Non-U.S. Pension Plans | Defined Benefit Non-U.S. Pension Plans | Defined Benefit Non-U.S. Pension Plans | Defined Benefit Non-U.S. Pension Plans | Defined Benefit Non-U.S. Pension Plans | Defined Benefit Non-U.S. Pension Plans | Defined Benefit Non-U.S. Pension Plans | Defined Benefit Non-U.S. Pension Plans | Defined Benefit Non-U.S. Pension Plans | Defined Benefit Non-U.S. Pension Plans | Defined Benefit Non-U.S. Pension Plans | Defined Benefit Non-U.S. Pension Plans | Defined Benefit Non-U.S. Pension Plans | Defined Benefit Non-U.S. Pension Plans | Defined Benefit Non-U.S. Pension Plans | Defined Benefit Non-U.S. Pension Plans | Defined Benefit Non-U.S. Pension Plans | Defined Benefit Non-U.S. Pension Plans | Defined Benefit Non-U.S. Pension Plans | Defined Benefit Non-U.S. Pension Plans | Defined Benefit Non-U.S. Pension Plans | Defined Benefit Non-U.S. Pension Plans | Defined Benefit Non-U.S. Pension Plans | Defined Benefit Non-U.S. Pension Plans | Defined Benefit Non-U.S. Pension Plans |
Not measured at fair value | Not measured at fair value | Total, measured at fair value and not measured at fair value | Total, measured at fair value and not measured at fair value | Fair Value | Fair Value | Fair Value | Fair Value | Fair Value | Fair Value | Fair Value | Fair Value | Fair Value | Fair Value | Fair Value | Fair Value | Fair Value | Fair Value | Fair Value | Fair Value | Fair Value | Fair Value | Level 2 | Level 2 | Level 2 | Level 2 | Level 2 | Level 2 | Level 2 | Level 2 | Level 2 | Level 2 | Level 2 | Level 2 | Level 2 | Level 2 | Level 2 | Level 2 | Significant Unobservable Inputs (Level 3) | Significant Unobservable Inputs (Level 3) | Significant Unobservable Inputs (Level 3) | Significant Unobservable Inputs (Level 3) | Significant Unobservable Inputs (Level 3) | Significant Unobservable Inputs (Level 3) | Not measured at fair value | Not measured at fair value | Total, measured at fair value and not measured at fair value | Total, measured at fair value and not measured at fair value | Fair Value | Fair Value | Fair Value | Fair Value | Fair Value | Fair Value | Fair Value | Fair Value | Fair Value | Fair Value | Fair Value | Fair Value | Fair Value | Fair Value | Fair Value | Fair Value | Fair Value | Fair Value | Level 1 | Level 1 | Level 1 | Level 1 | Level 2 | Level 2 | Level 2 | Level 2 | Level 2 | Level 2 | Level 2 | Level 2 | Level 2 | Level 2 | Level 2 | Level 2 | Level 2 | Level 2 | Level 2 | Level 2 | Significant Unobservable Inputs (Level 3) | Significant Unobservable Inputs (Level 3) | Significant Unobservable Inputs (Level 3) | Significant Unobservable Inputs (Level 3) | Significant Unobservable Inputs (Level 3) | Significant Unobservable Inputs (Level 3) | |||||||
Foreign currency contracts and other | Foreign currency contracts and other | Equity securities | Equity securities | Limited Partnerships | Limited Partnerships | Debt securities | Debt securities | Corporate debt securities | Corporate debt securities | Government securities | Government securities | Money market funds | Money market funds | Other assets | Other assets | Total, at fair value | Total, at fair value | Foreign currency contracts and other | Foreign currency contracts and other | Equity securities | Equity securities | Debt securities | Debt securities | Corporate debt securities | Corporate debt securities | Government securities | Government securities | Money market funds | Money market funds | Other assets | Other assets | Total, at fair value | Total, at fair value | Limited Partnerships | Limited Partnerships | Total, at fair value | Total, at fair value | Foreign currency contracts and other | Foreign currency contracts and other | Equity securities | Equity securities | Common and preferred stock | Common and preferred stock | Debt securities | Debt securities | Corporate debt securities | Corporate debt securities | Government securities | Government securities | Other | Other | Other assets | Other assets | Total, at fair value | Total, at fair value | Common and preferred stock | Common and preferred stock | Total, at fair value | Total, at fair value | Foreign currency contracts and other | Foreign currency contracts and other | Equity securities | Equity securities | Debt securities | Debt securities | Corporate debt securities | Corporate debt securities | Government securities | Government securities | Other | Other | Other assets | Other assets | Total, at fair value | Total, at fair value | Other | Other | Total, at fair value | Total, at fair value | |||||||||||||||||||
Common or collective trusts | Common or collective trusts | Common or collective trusts | Common or collective trusts | Common or collective trusts | Common or collective trusts | Common or collective trusts | Common or collective trusts | Common or collective trusts | Common or collective trusts | Common or collective trusts | Common or collective trusts | Common or collective trusts | Common or collective trusts | Common or collective trusts | Common or collective trusts | Common or collective trusts | Common or collective trusts | Common or collective trusts | Common or collective trusts | Common or collective trusts | Common or collective trusts | Common or collective trusts | Common or collective trusts | Common or collective trusts | Common or collective trusts | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Components of net periodic pension expense | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Plan assets, net | $708,730 | $767,296 | $690,554 | $775 | $2,831 | $708,730 | $767,296 | ($4,338) | ($1,598) | $17,068 | $18,164 | $17,546 | $17,630 | $202,575 | $200,401 | $397,524 | $456,123 | $69,562 | $66,973 | $3,644 | $5,285 | $4,374 | $1,487 | $707,955 | $764,465 | ($4,338) | ($1,598) | $17,068 | $18,164 | $202,575 | $200,401 | $397,524 | $456,123 | $69,562 | $66,973 | $3,644 | $5,285 | $4,374 | $1,487 | $690,409 | $746,835 | ' | ' | $17,546 | $17,630 | $17,546 | $17,630 | $945,837 | $886,141 | $767,961 | $9,268 | $4,788 | $945,837 | $886,141 | ($3,979) | ($1,988) | $228,608 | $218,542 | $71,567 | $88,034 | $321,086 | $317,494 | $107,658 | $96,457 | $160,586 | $114,531 | $48,409 | $45,554 | $2,634 | $2,729 | $936,569 | $881,353 | $71,567 | $88,034 | $71,567 | $88,034 | ($3,979) | ($1,988) | $228,608 | $218,542 | $321,086 | $317,494 | $107,658 | $96,457 | $160,586 | $114,531 | $40,667 | $37,754 | $2,634 | $2,729 | $857,260 | $785,519 | ' | ' | $7,742 | $7,800 | $7,742 | $7,800 |
Reconciliation of the beginning and ending balances of the fair value measurements using significant unobservable inputs (Level 3): | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Balance at beginning of year | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 17,630 | 19,314 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 7,800 | 11,882 | ' | ' | ' | ' |
Actual return on plan assets, assets still held at reporting date | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 418 | 112 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | -58 | -291 | ' | ' | ' | ' |
Actual return on plan assets, assets sold during the period | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 357 | 2,184 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Purchases | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 17 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Sales | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | -859 | -3,997 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | -3,791 | ' | ' | ' | ' |
Balance at end of year | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 17,546 | 17,630 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 7,742 | 7,800 | ' | ' | ' | ' |
Estimated future benefit payments | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
2014 | 94,178 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 27,769 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
2015 | 40,119 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 28,757 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
2016 | 41,331 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 31,152 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
2017 | 42,724 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 33,277 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
2018 | 43,539 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 34,119 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
2019 - 2023 | $225,545 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | $196,164 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Retirement_Benefits_Details_3
Retirement Benefits (Details 3) (USD $) | 12 Months Ended | ||
Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 | |
Defined Benefit U.S. Pension Plans | ' | ' | ' |
Change in projected benefit obligation | ' | ' | ' |
Benefit obligation at the beginning of the period | $756,976,000 | $677,005,000 | ' |
Service cost | 6,453,000 | 5,957,000 | 37,172,000 |
Interest cost | 29,100,000 | 33,293,000 | 36,136,000 |
Actuarial (gain) loss | -59,990,000 | 77,858,000 | ' |
Plan amendments | 6,367,000 | 3,736,000 | ' |
Benefits paid | -48,204,000 | -37,833,000 | ' |
Other | -3,725,000 | -3,040,000 | ' |
Projected benefit obligation at the end of the period | 686,977,000 | 756,976,000 | 677,005,000 |
Change in plan assets | ' | ' | ' |
Plan assets at beginning of year | 767,296,000 | 690,554,000 | ' |
Actual return on plan assets | -6,637,000 | 72,615,000 | ' |
Company contributions | ' | 45,000,000 | ' |
Benefits paid | -48,204,000 | -37,833,000 | ' |
Other | -3,725,000 | -3,040,000 | ' |
Plan assets at end of year | 708,730,000 | 767,296,000 | 690,554,000 |
Funded status | 21,753,000 | 10,320,000 | ' |
Amounts recognized in the Consolidated Balance Sheet | ' | ' | ' |
Pension assets included in other assets | 21,753,000 | 10,320,000 | ' |
Accumulated other comprehensive loss (pre-tax) | 162,534,000 | 184,378,000 | ' |
Amount of accumulated other comprehensive loss expected to be recognized as components of net periodic pension expense | 5,000,000 | ' | ' |
Pension plans with accumulated benefit obligations in excess of plan assets | ' | ' | ' |
The total accumulated benefit obligation | 687,000,000 | 757,000,000 | ' |
Defined Benefit Non-U.S. Pension Plans | ' | ' | ' |
Change in projected benefit obligation | ' | ' | ' |
Benefit obligation at the beginning of the period | 826,466,000 | 620,117,000 | ' |
Service cost | 15,390,000 | 7,723,000 | 8,219,000 |
Interest cost | 32,176,000 | 32,630,000 | 34,502,000 |
Employee contributions | 3,832,000 | 3,854,000 | ' |
Currency translation | 25,885,000 | 22,460,000 | ' |
Actuarial (gain) loss | 29,510,000 | 169,220,000 | ' |
Benefits paid | -24,729,000 | -25,536,000 | ' |
Other | ' | -4,002,000 | ' |
Projected benefit obligation at the end of the period | 908,530,000 | 826,466,000 | 620,117,000 |
Change in plan assets | ' | ' | ' |
Plan assets at beginning of year | 886,141,000 | 767,961,000 | ' |
Actual return on plan assets | 40,508,000 | 107,583,000 | ' |
Company contributions | 13,133,000 | 11,830,000 | ' |
Employee contributions | 3,832,000 | 3,854,000 | ' |
Currency translation | 26,952,000 | 23,854,000 | ' |
Benefits paid | -24,729,000 | -25,536,000 | ' |
Other | ' | -3,405,000 | ' |
Plan assets at end of year | 945,837,000 | 886,141,000 | 767,961,000 |
Funded status | 37,307,000 | 59,675,000 | ' |
Amounts recognized in the Consolidated Balance Sheet | ' | ' | ' |
Pension assets included in other assets | 58,849,000 | 67,931,000 | ' |
Pension liabilities included in noncurrent liabilities | -21,542,000 | -8,256,000 | ' |
Accumulated other comprehensive loss (pre-tax) | 252,995,000 | 216,856,000 | ' |
Amount of accumulated other comprehensive loss expected to be recognized as components of net periodic pension expense | 8,000,000 | ' | ' |
Pension plans with accumulated benefit obligations in excess of plan assets | ' | ' | ' |
Projected benefit obligations in excess of plan assets | 553,000,000 | ' | ' |
Fair value of plan assets for plans with projected benefit obligations in excess of plan assets | 532,000,000 | ' | ' |
The total accumulated benefit obligation | 853,000,000 | 775,000,000 | ' |
Postretirement Benefit | ' | ' | ' |
Health care cost trend rates | ' | ' | ' |
Health care cost trend rates in next fiscal year (as a percent) | 7.50% | ' | ' |
Health care cost trend rates in 2019 and thereafter (as a percent) | 5.00% | ' | ' |
A one-percentage-point change in assumed health care cost trend rates | ' | ' | ' |
Effect of a one-percentage-point increase on the post-retirement benefit obligation | 400,000 | ' | ' |
Effect of a one-percentage-point decrease on the post-retirement benefit obligation | 400,000 | ' | ' |
Change in projected benefit obligation | ' | ' | ' |
Benefit obligation at the beginning of the period | 14,512,000 | 16,828,000 | ' |
Interest cost | 351,000 | 592,000 | 723,000 |
Employee contributions | 421,000 | 399,000 | ' |
Actuarial (gain) loss | -596,000 | -955,000 | ' |
Benefits paid | -2,059,000 | -2,352,000 | ' |
Projected benefit obligation at the end of the period | 12,629,000 | 14,512,000 | 16,828,000 |
Change in plan assets | ' | ' | ' |
Employee contributions | 421,000 | 399,000 | ' |
Benefits paid | -2,059,000 | -2,352,000 | ' |
Funded status | -12,629,000 | -14,512,000 | ' |
Pension plans with accumulated benefit obligations in excess of plan assets | ' | ' | ' |
Unrecognized net actuarial losses recognized in accumulated other comprehensive loss | 2,000,000 | 3,000,000 | ' |
Postretirement benefit obligation classified in current liabilities | 3,000,000 | 3,000,000 | ' |
Postretirement Benefit | Maximum | ' | ' | ' |
A one-percentage-point change in assumed health care cost trend rates | ' | ' | ' |
Effect of a one-percentage-point increase on the total of service and interest cost components | 100,000 | ' | ' |
Effect of a one-percentage-point decrease on the total of service and interest cost components | $100,000 | ' | ' |
Retirement_Benefits_Details_4
Retirement Benefits (Details 4) (USD $) | 12 Months Ended | ||
In Millions, unless otherwise specified | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 |
Multiemployer pension plans | ' | ' | ' |
Company contributions to multiemployer pension plans | $19 | $24 | $36 |
Fair_Value_of_Financial_Instru2
Fair Value of Financial Instruments (Details) (USD $) | 12 Months Ended | ||
Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 | |
Fair value of assets and liabilities measured on recurring basis | ' | ' | ' |
Deferred compensation trusts | $388,408,000 | $332,904,000 | ' |
Other-than-temporary impairment of available-for-sale securities | 0 | ' | ' |
Proceeds from the sales and maturities of available-for-sale securities | 346,000,000 | 523,000,000 | 497,000,000 |
Minimum | ' | ' | ' |
Fair value of assets and liabilities measured on recurring basis | ' | ' | ' |
Debt securities maturity period | '1 year | ' | ' |
Maximum | ' | ' | ' |
Fair value of assets and liabilities measured on recurring basis | ' | ' | ' |
Debt securities maturity period | '3 years | ' | ' |
Fair Value, Measurements, Recurring | Money market funds | ' | ' | ' |
Fair value of assets and liabilities measured on recurring basis | ' | ' | ' |
Available-for-sale securities | 50,000,000 | 14,000,000 | ' |
Fair Value, Measurements, Recurring | U.S. agency securities | ' | ' | ' |
Fair value of assets and liabilities measured on recurring basis | ' | ' | ' |
Available-for-sale securities | 119,000,000 | 161,000,000 | ' |
Fair Value, Measurements, Recurring | U.S. Treasury securities | ' | ' | ' |
Fair value of assets and liabilities measured on recurring basis | ' | ' | ' |
Available-for-sale securities | 26,000,000 | 67,000,000 | ' |
Fair Value, Measurements, Recurring | Corporate debt securities | ' | ' | ' |
Fair value of assets and liabilities measured on recurring basis | ' | ' | ' |
Available-for-sale securities | 228,000,000 | 184,000,000 | ' |
Fair Value, Measurements, Recurring | Commercial paper | ' | ' | ' |
Fair value of assets and liabilities measured on recurring basis | ' | ' | ' |
Available-for-sale securities | 7,000,000 | ' | ' |
Fair Value, Measurements, Recurring | Other debt securities | ' | ' | ' |
Fair value of assets and liabilities measured on recurring basis | ' | ' | ' |
Available-for-sale securities | 7,000,000 | 9,000,000 | ' |
Fair Value, Measurements, Recurring | Total | ' | ' | ' |
Fair value of assets and liabilities measured on recurring basis | ' | ' | ' |
Cash and cash equivalents | 50,081,000 | 14,457,000 | ' |
Marketable securities, current | 111,333,000 | 102,439,000 | ' |
Deferred compensation trusts | 87,507,000 | 80,842,000 | ' |
Marketable securities, noncurrent | 275,402,000 | 318,355,000 | ' |
Fair Value, Measurements, Recurring | Total | Commodity contracts | ' | ' | ' |
Fair value of assets and liabilities measured on recurring basis | ' | ' | ' |
Derivative assets | 438,000 | 95,000 | ' |
Derivative liabilities | 3,000 | 28,000 | ' |
Fair Value, Measurements, Recurring | Total | Foreign currency contracts | ' | ' | ' |
Fair value of assets and liabilities measured on recurring basis | ' | ' | ' |
Derivative assets | 855,000 | 640,000 | ' |
Derivative liabilities | 967,000 | 2,151,000 | ' |
Fair Value, Measurements, Recurring | Level 1 | ' | ' | ' |
Fair value of assets and liabilities measured on recurring basis | ' | ' | ' |
Cash and cash equivalents | 50,081,000 | 14,457,000 | ' |
Deferred compensation trusts | 87,507,000 | 80,842,000 | ' |
Fair Value, Measurements, Recurring | Level 2 | ' | ' | ' |
Fair value of assets and liabilities measured on recurring basis | ' | ' | ' |
Marketable securities, current | 111,333,000 | 102,439,000 | ' |
Marketable securities, noncurrent | 275,402,000 | 318,355,000 | ' |
Fair Value, Measurements, Recurring | Level 2 | Commodity contracts | ' | ' | ' |
Fair value of assets and liabilities measured on recurring basis | ' | ' | ' |
Derivative assets | 438,000 | 95,000 | ' |
Derivative liabilities | 3,000 | 28,000 | ' |
Fair Value, Measurements, Recurring | Level 2 | Foreign currency contracts | ' | ' | ' |
Fair value of assets and liabilities measured on recurring basis | ' | ' | ' |
Derivative assets | 855,000 | 640,000 | ' |
Derivative liabilities | $967,000 | $2,151,000 | ' |
Fair_Value_of_Financial_Instru3
Fair Value of Financial Instruments (Details 2) (USD $) | 12 Months Ended | 3 Months Ended | 12 Months Ended | ||||||||||||||||||||||||||||
In Thousands, unless otherwise specified | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2013 | Sep. 30, 2011 | Dec. 31, 2013 | Feb. 29, 2004 | Mar. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2012 | Dec. 31, 2012 | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2012 | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2012 |
Minimum | Maximum | 3.375% Senior Notes | 3.375% Senior Notes | 1.5% Convertible Senior Notes | 1.5% Convertible Senior Notes | 5.625% Municipal Bonds | 5.625% Municipal Bonds | 5.625% Municipal Bonds | Carrying Value | Carrying Value | Carrying Value | Carrying Value | Carrying Value | Carrying Value | Carrying Value | Carrying Value | Carrying Value | Fair Value | Fair Value | Fair Value | Fair Value | Fair Value | Fair Value | Fair Value | Fair Value | Fair Value | Fair Value | Fair Value | Fair Value | Fair Value | |
Other borrowings | 3.375% Senior Notes | 3.375% Senior Notes | 1.5% Convertible Senior Notes | 1.5% Convertible Senior Notes | 5.625% Municipal Bonds | Notes payable, including noncurrent portion | Level 1 | Level 1 | Level 2 | Level 2 | Level 2 | Level 2 | Level 2 | Level 2 | Level 2 | Level 2 | Level 3 | Level 3 | Level 3 | ||||||||||||
Other borrowings | 3.375% Senior Notes | 3.375% Senior Notes | 1.5% Convertible Senior Notes | 1.5% Convertible Senior Notes | 5.625% Municipal Bonds | Notes payable, including noncurrent portion | |||||||||||||||||||||||||
Estimated fair values of the company's financial instruments that are not measured at fair value on a recurring basis | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Cash | ' | ' | ' | ' | ' | ' | ' | ' | ' | $1,444,656 | $1,343,866 | ' | ' | ' | ' | ' | ' | ' | $1,444,656 | $1,343,866 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Cash equivalents | ' | ' | ' | ' | ' | ' | ' | ' | ' | 788,845 | 796,218 | ' | ' | ' | ' | ' | ' | ' | ' | ' | 788,845 | 796,218 | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Marketable securities, current | ' | ' | ' | ' | ' | ' | ' | ' | ' | 74,690 | 34,688 | ' | ' | ' | ' | ' | ' | ' | ' | ' | 74,690 | 34,688 | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Notes receivable, including noncurrent portion | ' | ' | ' | ' | ' | ' | ' | ' | ' | 27,602 | 34,471 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 27,602 | 34,471 | ' |
Debt | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | $11,441 | $496,604 | $496,164 | $18,398 | $18,472 | $17,795 | $8,566 | ' | ' | ' | ' | $11,441 | $484,204 | $527,219 | $54,027 | $39,392 | $17,878 | ' | ' | $8,566 |
Debt instrument interest rate (as a percent) | ' | ' | 3.38% | 3.38% | 1.50% | 1.50% | ' | ' | 5.63% | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Redemption price as a percentage of the principal amount of bonds (as a percent) | ' | ' | ' | ' | ' | ' | 100.00% | 100.00% | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Notes payable, maturity period | '1 year | '4 years | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Derivatives_and_Hedging_Detail
Derivatives and Hedging (Details) (USD $) | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2012 | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2012 |
Commodity contracts | Commodity contracts | Foreign currency contracts | Foreign currency contracts | Designated as Hedging Instrument | Designated as Hedging Instrument | Designated as Hedging Instrument | Designated as Hedging Instrument | Designated as Hedging Instrument | Designated as Hedging Instrument | Designated as Hedging Instrument | Designated as Hedging Instrument | Designated as Hedging Instrument | Designated as Hedging Instrument | Designated as Hedging Instrument | Designated as Hedging Instrument | Designated as Hedging Instrument | |
Maximum | Maximum | Commodity contracts | Commodity contracts | Commodity contracts | Commodity contracts | Commodity contracts | Commodity contracts | Foreign currency contracts | Foreign currency contracts | Foreign currency contracts | Foreign currency contracts | Foreign currency contracts | |||||
Other current assets | Other current assets | Other assets | Other accrued liabilities | Other accrued liabilities | Noncurrent liabilities | Other current assets | Other current assets | Other accrued liabilities | Other accrued liabilities | Noncurrent liabilities | |||||||
Derivatives, Fair Value | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Total gross notional amount | $12,000,000 | ' | $104,000,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Derivative contract maturity | ' | 31-May-17 | ' | 31-Dec-14 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Asset Derivatives | ' | ' | ' | ' | 1,293,000 | 735,000 | 296,000 | 95,000 | 142,000 | ' | ' | ' | 855,000 | 640,000 | ' | ' | ' |
Liability Derivatives | ' | ' | ' | ' | $970,000 | $2,179,000 | ' | ' | ' | $3,000 | $15,000 | $13,000 | ' | ' | $967,000 | $2,130,000 | $21,000 |
Derivatives_and_Hedging_Detail1
Derivatives and Hedging (Details 2) (USD $) | 12 Months Ended | ||
In Thousands, unless otherwise specified | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 |
Derivative Instruments, Gain (Loss) | ' | ' | ' |
After-tax amount of gain (loss) recognized in OCI | $2,536 | $4,071 | ($10,275) |
After-tax amount of gain (loss) reclassified from AOCI into earnings | -3,854 | 2,251 | 2,590 |
Commodity contracts | ' | ' | ' |
Derivative Instruments, Gain (Loss) | ' | ' | ' |
After-tax amount of gain (loss) recognized in OCI | -265 | 1,138 | 1,755 |
Commodity contracts | Total cost of revenue | ' | ' | ' |
Derivative Instruments, Gain (Loss) | ' | ' | ' |
After-tax amount of gain (loss) reclassified from AOCI into earnings | 50 | 1,859 | 4,052 |
Foreign currency contracts | ' | ' | ' |
Derivative Instruments, Gain (Loss) | ' | ' | ' |
After-tax amount of gain (loss) recognized in OCI | 2,801 | 2,933 | -1,544 |
Foreign currency contracts | Corporate general and administrative expense | ' | ' | ' |
Derivative Instruments, Gain (Loss) | ' | ' | ' |
Amount of Gain (Loss) Recognized in Earnings | 2,885 | -14,236 | 15,064 |
Foreign currency contracts | Total cost of revenue | ' | ' | ' |
Derivative Instruments, Gain (Loss) | ' | ' | ' |
After-tax amount of gain (loss) reclassified from AOCI into earnings | -2,855 | 1,441 | -1,156 |
Interest rate contracts | ' | ' | ' |
Derivative Instruments, Gain (Loss) | ' | ' | ' |
After-tax amount of gain (loss) recognized in OCI | ' | ' | -10,486 |
Interest rate contracts | Interest expense | ' | ' | ' |
Derivative Instruments, Gain (Loss) | ' | ' | ' |
After-tax amount of gain (loss) reclassified from AOCI into earnings | ($1,049) | ($1,049) | ($306) |
Financing_Arrangements_Details
Financing Arrangements (Details) (USD $) | Dec. 31, 2013 | Dec. 31, 2012 | Feb. 29, 2004 | Sep. 30, 2011 | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2013 | Feb. 29, 2004 | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 30, 2004 | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2012 | Dec. 31, 2013 | Nov. 09, 2012 | Nov. 09, 2012 | Nov. 09, 2012 | Nov. 09, 2012 | Nov. 09, 2012 | Dec. 14, 2010 | Nov. 09, 2012 | Dec. 14, 2010 | Nov. 08, 2012 | Dec. 31, 2013 | Nov. 08, 2012 |
3.375% Senior Notes due September 15, 2021 | 3.375% Senior Notes due September 15, 2021 | 3.375% Senior Notes due September 15, 2021 | 3.375% Senior Notes due September 15, 2021 | 1.5% Convertible Senior Notes due February 15, 2024 | 1.5% Convertible Senior Notes due February 15, 2024 | 1.5% Convertible Senior Notes due February 15, 2024 | 1.5% Convertible Senior Notes due February 15, 2024 | 1.5% Convertible Senior Notes due February 15, 2024 | Notes payable | 5.625% Municipal Bonds | Other borrowings | Credit Facility due 2017 | Credit Facility due 2017 | Credit Facility due 2017 | Credit Facility due 2017 | Credit Facility due 2017 | 2010 Performance Letter of Credit Facility | 2010 Performance Letter of Credit Facility | 2010 Performance Letter of Credit Facility | Letter of credit facility due 2014 | Committed and uncommitted lines of credit | Revolving Loan and Financial Letter of Credit Facility | ||||
Change of control triggering event | item | Change of control triggering event | London Interbank Offered Rate (LIBOR) borrowings | Alternative base rate borrowings | Maximum | Maximum | Maximum | Maximum | ||||||||||||||||||
Subsidiaries | Subsidiaries | Subsidiaries | ||||||||||||||||||||||||
Financing Arrangements | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Maximum borrowing capacity | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | $1,800,000,000 | ' | ' | ' | ' | $1,200,000,000 | ' | ' | $500,000,000 | $4,600,000,000 | $800,000,000 |
Variable interest basis | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 'LIBOR | 'Alternative base rate | ' | ' | ' | ' | ' | ' | ' | ' |
Maximum borrowing capacity additional amount, subject to certain conditions | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 500,000,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Aggregate amount of debt | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 600,000,000 | ' | 600,000,000 | 500,000,000 | ' | ' | ' |
Ratio of consolidated debt to tangible net worth | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 1 | ' | ' | ' | ' | ' | ' | ' |
Amount outstanding under credit facilities | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 11,000,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | 1,000,000,000 | ' |
Current: | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Debt, Current | 29,839,000 | 20,792,000 | ' | ' | ' | ' | ' | ' | 18,398,000 | 18,472,000 | ' | ' | 2,320,000 | ' | 11,441,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Long-Term: | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Debt, Long-Term | 496,604,000 | 520,205,000 | ' | ' | 496,604,000 | 496,164,000 | ' | ' | ' | ' | ' | ' | 6,246,000 | 17,795,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Issue price of notes | ' | ' | ' | 500,000,000 | ' | ' | ' | 330,000,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Debt instrument interest rate (as a percent) | ' | ' | ' | 3.38% | 3.38% | ' | ' | 1.50% | 1.50% | ' | ' | ' | ' | 5.63% | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Proceeds from notes | ' | ' | ' | 492,000,000 | ' | ' | ' | 323,000,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Common stock, par value (in dollars per share) | $0.01 | $0.01 | $0.01 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Conversion rate per $1,000 principal amount of Notes (in shares) | ' | ' | ' | ' | ' | ' | ' | 0.036729 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Number of days within 30 consecutive trading days in which the closing price of the entity's common stock must exceed the conversion price for the notes to be redeemable | ' | ' | ' | ' | ' | ' | ' | 20 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Number of consecutive trading days during which the closing price of the entity's common stock must exceed the conversion price for at least 20 days in order for the notes to be redeemable | ' | ' | ' | ' | ' | ' | ' | '30 days | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Percentage of the closing sales price of the entity's common stock that the conversion price must exceed in order for the notes to be convertible | ' | ' | ' | ' | ' | ' | ' | 130.00% | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Current trigger price (in dollars per share) | ' | ' | ' | ' | ' | ' | ' | ' | $35.45 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Redemption price as a percentage of principal | ' | ' | ' | ' | 100.00% | ' | 101.00% | ' | 100.00% | ' | ' | 100.00% | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Conversion price (in dollars per share) | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | $27.27 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Debt conversion, amount of original debt | ' | ' | ' | ' | ' | ' | ' | ' | $100,000 | $1,000,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Debt conversions (in shares) | ' | ' | ' | ' | ' | ' | ' | ' | 1,562 | 18,899 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Financing_Arrangements_Details1
Financing Arrangements (Details 2) (USD $) | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 | Feb. 15, 2009 | Feb. 29, 2004 | Mar. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2012 |
Other borrowings | 1.5% Convertible Senior Notes due February 15, 2024 | 1.5% Convertible Senior Notes due February 15, 2024 | 1.5% Convertible Senior Notes due February 15, 2024 | 1.5% Convertible Senior Notes due February 15, 2024 | 1.5% Convertible Senior Notes due February 15, 2024 | 5.625% Municipal Bonds | 5.625% Municipal Bonds | 5.625% Municipal Bonds | |
Financing Arrangements | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Carrying value of the equity component | ' | $19,519,000 | $19,519,000 | ' | ' | ' | ' | ' | ' |
Principal amount and carrying value of the liability component | ' | 18,398,000 | 18,472,000 | ' | ' | ' | ' | ' | ' |
Debt instrument, coupon interest | ' | 300,000 | 300,000 | 500,000 | ' | ' | ' | ' | ' |
Effective interest rate of convertible debt instrument (as a percent) | ' | ' | ' | ' | 4.38% | ' | ' | ' | ' |
If-converted value | ' | 54,000,000 | ' | ' | ' | ' | ' | ' | ' |
Redemption price as a percentage of the principal amount (as a percent) | ' | ' | ' | ' | ' | ' | 100.00% | 100.00% | ' |
Debt instrument interest rate (as a percent) | ' | 1.50% | ' | ' | ' | 1.50% | ' | ' | 5.63% |
Amount outstanding under credit facilities | $11,000,000 | ' | ' | ' | ' | ' | ' | ' | ' |
Other_Noncurrent_Liabilities_D
Other Noncurrent Liabilities (Details) (USD $) | Dec. 31, 2013 | Dec. 31, 2012 |
Other Noncurrent Liabilities | ' | ' |
Deferred compensation and retirement obligations included in noncurrent liabilities | $415,000,000 | $337,000,000 |
Marketable equity securities held in trust | 388,408,000 | 332,904,000 |
Accrued retention amount related to insurance coverages | $28,000,000 | $23,000,000 |
StockBased_Plans_Details
Stock-Based Plans (Details) (USD $) | 12 Months Ended | ||
In Millions, except Share data, unless otherwise specified | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 |
Stock-Based Plans | ' | ' | ' |
Recorded compensation cost for stock based payment arrangements, net of tax | $54 | $40 | $37 |
Recognized tax benefits for stock based payment arrangements | 32 | 24 | 22 |
Shares available for future grant under the various stock plans (in shares) | 13,179,273 | ' | ' |
Restricted Stock or Restricted Stock Units | ' | ' | ' |
Restricted Stock or Restricted Stock Units activity | ' | ' | ' |
Outstanding at the beginning of the period (in shares) | 1,070,176 | 1,294,615 | 1,886,108 |
Granted (in shares) | 482,959 | 450,668 | 291,912 |
Canceled (in shares) | -11,104 | -17,109 | -55,159 |
Vested (in shares) | -564,265 | -657,998 | -828,246 |
Outstanding at the end of the period (in shares) | 977,766 | 1,070,176 | 1,294,615 |
Outstanding at the beginning of the period, weighted average grant date fair value (in dollars per share) | $51.96 | $44.33 | $39.25 |
Granted, weighted average grant date fair value (in dollars per share) | $61.62 | $61.70 | $70.59 |
Canceled, weighted average grant date fair value (in dollars per share) | $62.35 | $58.35 | $52.87 |
Vested, weighted average grant date fair value (in dollars per share) | $50.65 | $43.46 | $41.44 |
Outstanding at the end of the period, weighted average grant date fair value (in dollars per share) | $57.36 | $51.96 | $44.33 |
Restricted Stock or Restricted Stock Units | Corporate general and administrative expense | ' | ' | ' |
Stock option activity | ' | ' | ' |
Recognized compensation expense | 28 | 25 | 25 |
Restricted stock units | ' | ' | ' |
Restricted Stock or Restricted Stock Units activity | ' | ' | ' |
Conversion ratio | 0.44 | ' | ' |
Fair value on the grant date and the significant assumptions used in the Black-Scholes option-pricing model | ' | ' | ' |
Share-based compensation arrangement by share-based payment award, award vesting period | '3 years | '3 years | '3 years |
Restricted stock units | Upon joining Board of Directors | Directors | ' | ' | ' |
Fair value on the grant date and the significant assumptions used in the Black-Scholes option-pricing model | ' | ' | ' |
Share-based compensation arrangement by share-based payment award, award vesting period | '5 years | '5 years | '5 years |
Stock Options | ' | ' | ' |
Stock option activity | ' | ' | ' |
Outstanding at the beginning of the period (in shares) | 3,233,025 | 2,899,501 | 3,035,839 |
Granted (in shares) | 884,574 | 688,380 | 548,391 |
Expired or canceled (in shares) | -15,607 | -45,164 | -73,599 |
Exercised (in shares) | -1,137,285 | -309,692 | -611,130 |
Outstanding at the end of the period (in shares) | 2,964,707 | 3,233,025 | 2,899,501 |
Outstanding at the beginning of the period (in dollars per share) | $53.64 | $50 | $44.71 |
Granted (in dollars per share) | $61.45 | $62.18 | $70.76 |
Expired or canceled (in dollars per share) | $65.46 | $61.57 | $56.66 |
Exercised (in dollars per share) | $46.53 | $37.41 | $41.57 |
Outstanding at the end of the period (in dollars per share) | $58.63 | $53.64 | $50 |
Options exercisable (in shares) | 1,477,345 | ' | ' |
Options exercisable (in dollars per share) | $54.51 | ' | ' |
Remaining unvested options outstanding and expected to vest (in shares) | 1,442,741 | ' | ' |
Remaining unvested options outstanding and expected to vest (in dollars per share) | $62.73 | ' | ' |
Fair value on the grant date and the significant assumptions used in the Black-Scholes option-pricing model | ' | ' | ' |
Weighted average grant date fair value (in dollars per share) | $17.22 | $19.85 | ' |
Expected life of options (in years) | '4 years 6 months | '4 years 6 months | ' |
Risk-free interest rate (as a percent) | 0.80% | 0.80% | ' |
Expected volatility (as a percent) | 35.80% | 41.10% | ' |
Expected annual dividend (in dollars per share) | $0.64 | $0.64 | ' |
Blend of historical and implied volatility | 50.00% | ' | ' |
Balance of unamortized expense | 8 | ' | ' |
Weighted average period of recognition of unamortized expense | '1 year 2 months 12 days | ' | ' |
Share-based compensation arrangement by share-based payment award, award expiration period | '10 years | ' | ' |
Share-based compensation arrangement by share-based payment award, award vesting period | '3 years | '3 years | '3 years |
Total intrinsic value of stock options exercised | 29 | 7 | 18 |
Stock Options | Corporate general and administrative expense | ' | ' | ' |
Stock option activity | ' | ' | ' |
Recognized compensation expense | 15 | 13 | 12 |
Restricted shares | ' | ' | ' |
Fair value on the grant date and the significant assumptions used in the Black-Scholes option-pricing model | ' | ' | ' |
Fair value of restricted stock vested | 36 | 38 | 58 |
Balance of unamortized expense | $19 | ' | ' |
Weighted average period of recognition of unamortized expense | '1 year 3 months 18 days | ' | ' |
Share-based compensation arrangement by share-based payment award, award vesting period | '3 years | '3 years | '3 years |
Restricted shares | Upon joining Board of Directors | Directors | ' | ' | ' |
Fair value on the grant date and the significant assumptions used in the Black-Scholes option-pricing model | ' | ' | ' |
Share-based compensation arrangement by share-based payment award, award vesting period | '5 years | '5 years | '5 years |
StockBased_Plans_Details_2
Stock-Based Plans (Details 2) (USD $) | 12 Months Ended |
In Millions, except Share data, unless otherwise specified | Dec. 31, 2013 |
Share-based Compensation, Shares Authorized under Stock Option Plans, Exercise Price Range | ' |
Number Outstanding (in shares) | 2,964,707 |
Weighted Average Remaining Contractual Life | '7 years 1 month 6 days |
Weighted Average Exercise Price (in dollars per share) | $58.63 |
Options exercisable (in shares) | 1,477,345 |
Weighted Average Remaining Contractual Life, Exercisable | '5 years 6 months |
Weighted Average Exercise Price Per Share (in dollars per share) | $54.51 |
Options outstanding, aggregate intrinsic value | $64 |
Options exercisable, aggregate intrinsic value | $38 |
$30.46 - $41.77 | ' |
Share-based Compensation, Shares Authorized under Stock Option Plans, Exercise Price Range | ' |
Range of Exercise Prices, low end of range (in dollars per share) | $30.46 |
Range of Exercise Prices, high end of range (in dollars per share) | $41.77 |
Number Outstanding (in shares) | 203,118 |
Weighted Average Remaining Contractual Life | '5 years 2 months 12 days |
Weighted Average Exercise Price (in dollars per share) | $30.46 |
Options exercisable (in shares) | 203,118 |
Weighted Average Remaining Contractual Life, Exercisable | '5 years 2 months 12 days |
Weighted Average Exercise Price Per Share (in dollars per share) | $30.46 |
$42.11 - $62.50 | ' |
Share-based Compensation, Shares Authorized under Stock Option Plans, Exercise Price Range | ' |
Range of Exercise Prices, low end of range (in dollars per share) | $42.11 |
Range of Exercise Prices, high end of range (in dollars per share) | $62.50 |
Number Outstanding (in shares) | 1,968,710 |
Weighted Average Remaining Contractual Life | '7 years 9 months 18 days |
Weighted Average Exercise Price (in dollars per share) | $57.10 |
Options exercisable (in shares) | 651,771 |
Weighted Average Remaining Contractual Life, Exercisable | '5 years 7 months 6 days |
Weighted Average Exercise Price Per Share (in dollars per share) | $47.84 |
$68.36 - $80.12 | ' |
Share-based Compensation, Shares Authorized under Stock Option Plans, Exercise Price Range | ' |
Range of Exercise Prices, low end of range (in dollars per share) | $68.36 |
Range of Exercise Prices, high end of range (in dollars per share) | $80.12 |
Number Outstanding (in shares) | 792,879 |
Weighted Average Remaining Contractual Life | '5 years 9 months 18 days |
Weighted Average Exercise Price (in dollars per share) | $69.64 |
Options exercisable (in shares) | 622,456 |
Weighted Average Remaining Contractual Life, Exercisable | '5 years 4 months 24 days |
Weighted Average Exercise Price Per Share (in dollars per share) | $69.34 |
StockBased_Plans_Details_3
Stock-Based Plans (Details 3) (Performance-based VDI units, USD $) | 12 Months Ended | ||
In Millions, unless otherwise specified | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 |
Stock option activity | ' | ' | ' |
Share-based compensation arrangement by share-based payment award, award vesting period | '3 years | ' | ' |
Performance-based liabilities paid during year | $14 | ' | ' |
Unamortized compensation expense | 19 | ' | ' |
Weighted average period of recognition of unamortized expense | '2 years | ' | ' |
Corporate general and administrative expense | ' | ' | ' |
Stock option activity | ' | ' | ' |
Recognized compensation expense | $43 | $26 | $22 |
Earnings_Per_Share_Details
Earnings Per Share (Details) (USD $) | 3 Months Ended | 12 Months Ended | |||||||||||
In Thousands, except Share data, unless otherwise specified | Dec. 31, 2013 | Sep. 30, 2013 | Jun. 30, 2013 | Mar. 31, 2013 | Dec. 31, 2012 | Sep. 30, 2012 | Jun. 30, 2012 | Mar. 31, 2012 | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 | Dec. 31, 2013 | Feb. 29, 2004 |
1.5% Convertible Senior Notes due February 15, 2024 | 1.5% Convertible Senior Notes due February 15, 2024 | ||||||||||||
Debt | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Debt instrument interest rate (as a percent) | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 1.50% | 1.50% |
Net earnings | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Net earnings attributable to Fluor Corporation (in dollars) | $166,800 | $173,000 | $161,400 | $166,500 | ($4,400) | $144,600 | $161,200 | $154,900 | $667,711 | $456,330 | $593,728 | ' | ' |
Basic EPS: | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Weighted average common shares outstanding (in shares) | ' | ' | ' | ' | ' | ' | ' | ' | 162,566,000 | 167,121,000 | 172,501,000 | ' | ' |
Basic earnings per share (in dollars per share) | $1.03 | $1.06 | $0.99 | $1.02 | ($0.03) | $0.87 | $0.96 | $0.92 | $4.11 | $2.73 | $3.44 | ' | ' |
Diluted EPS: | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Weighted average common shares outstanding (in shares) | ' | ' | ' | ' | ' | ' | ' | ' | 162,566,000 | 167,121,000 | 172,501,000 | ' | ' |
Diluted effect: | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Employee stock options, restricted stock units and shares and VDI units (in shares) | ' | ' | ' | ' | ' | ' | ' | ' | 1,383,000 | 1,024,000 | 1,393,000 | ' | ' |
Conversion equivalent of dilutive convertible debt (in shares) | ' | ' | ' | ' | ' | ' | ' | ' | 405,000 | 346,000 | 670,000 | ' | ' |
Weighted average diluted shares outstanding (in shares) | ' | ' | ' | ' | ' | ' | ' | ' | 164,354,000 | 168,491,000 | 174,564,000 | ' | ' |
Diluted earnings per share (in dollars per share) | $1.01 | $1.05 | $0.98 | $1.02 | ($0.03) | $0.86 | $0.95 | $0.91 | $4.06 | $2.71 | $3.40 | ' | ' |
Anti-dilutive securities not included above (in shares) | ' | ' | ' | ' | ' | ' | ' | ' | 1,436,000 | 1,557,000 | 824,000 | ' | ' |
Common stock repurchased and cancelled, shares (in shares) | ' | ' | ' | ' | ' | ' | ' | ' | 2,591,557 | 7,409,200 | 10,050,000 | ' | ' |
Common stock repurchased and cancelled, amount (in dollars) | ' | ' | ' | ' | ' | ' | ' | ' | $200,052 | $389,233 | $639,556 | ' | ' |
Lease_Obligations_Details
Lease Obligations (Details) (USD $) | 12 Months Ended | ||
Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 | |
Lease Obligations | ' | ' | ' |
Net rental expense | $206,000,000 | $181,000,000 | $166,000,000 |
Obligations for minimum rentals under non-cancelable operating leases | ' | ' | ' |
2014 | 54,500,000 | ' | ' |
2015 | 52,200,000 | ' | ' |
2016 | 41,500,000 | ' | ' |
2017 | 35,000,000 | ' | ' |
2018 | 23,300,000 | ' | ' |
Thereafter | $67,900,000 | ' | ' |
Noncontrolling_Interests_Detai
Noncontrolling Interests (Details) (USD $) | 12 Months Ended | ||
In Thousands, unless otherwise specified | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 |
Noncontrolling Interests | ' | ' | ' |
Net earnings attributable to noncontrolling interests | $155,315 | $114,737 | $104,359 |
Distributions paid to noncontrolling interest holders | 124,853 | 100,623 | 103,659 |
Capital contribution from noncontrolling interests | $1,697 | $2,665 | $22,789 |
Contingencies_and_Commitments_
Contingencies and Commitments (Details) (USD $) | Dec. 31, 2013 | Nov. 30, 2006 | Jun. 30, 2013 | Jul. 31, 2011 | Dec. 31, 2013 |
In Millions, unless otherwise specified | Greater Gabbard Offshore Wind Farm Project | Conex International v. Fluor Enterprises, Inc. | Greater Gabbard Offshore Wind Farm Project Client Counterclaim | St. Joe and Doe Run | St. Joe and Doe Run |
Maximum | St. Joe and Doe Run December 2010 litigation | St. Joe and Doe Run additional litigation matters | |||
item | lawsuit | ||||
Litigation and dispute resolution | ' | ' | ' | ' | ' |
Claim amount | ' | ' | $100 | ' | ' |
Project amount | 1,800 | ' | ' | ' | ' |
Number of plaintiffs | ' | ' | ' | 16 | ' |
Compensatory and economic damages | ' | ' | ' | 38.5 | ' |
Punitive damages | ' | ' | ' | 320 | ' |
Number of lawsuits | ' | ' | ' | ' | 21 |
Damages awarded, subsequently appealed and reverse | ' | $99 | ' | ' | ' |
Contingencies_and_Commitments_1
Contingencies and Commitments (Details 2) (USD $) | Dec. 31, 2013 | Dec. 31, 2012 |
Recognized claims against clients | ' | ' |
Contracts receivable, claims and uncertain amounts | $0 | $20,000,000 |
Performance Guarantee | ' | ' |
Guarantees | ' | ' |
Estimated performance guarantees outstanding | $7,800,000,000 | ' |
Variable_Interest_Entities_Det
Variable Interest Entities (Details) (USD $) | 3 Months Ended | 12 Months Ended | 1 Months Ended | 12 Months Ended | 1 Months Ended | 12 Months Ended | 12 Months Ended | 12 Months Ended | 12 Months Ended | 1 Months Ended | 1 Months Ended | 1 Months Ended | |||||||||||||||||||||||||||||||||||||
Dec. 31, 2013 | Sep. 30, 2013 | Jun. 30, 2013 | Mar. 31, 2013 | Dec. 31, 2012 | Sep. 30, 2012 | Jun. 30, 2012 | Mar. 31, 2012 | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 | Aug. 31, 2010 | Dec. 31, 2013 | Dec. 31, 2013 | Aug. 31, 2012 | Aug. 31, 2012 | Dec. 31, 2013 | Dec. 31, 2008 | Aug. 31, 2010 | Aug. 31, 2010 | Aug. 31, 2010 | Dec. 31, 2007 | Dec. 31, 2007 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 | Dec. 31, 2008 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2013 | Dec. 31, 2012 | Aug. 31, 2012 | Dec. 31, 2013 | Dec. 31, 2013 | Aug. 31, 2010 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2007 | Dec. 31, 2013 | |
Eagle P3 Commuter Rail Project | Partnership | Joint ventures | 95 Express Lanes, LLC joint venture | 95 Express Lanes, LLC joint venture | Fluor-Lane 95 construction joint venture | Fluor SKM joint venture | DTH joint venture | DTH joint venture | DTP | Fluor-Transurban | Fluor-Transurban | Fluor-Lane construction joint venture | Unconsolidated variable interest entities | Unconsolidated variable interest entities | Unconsolidated variable interest entities | Consolidated variable interest entities | Consolidated variable interest entities | Primary beneficiary | Primary beneficiary | Primary beneficiary | Primary beneficiary | Primary beneficiary | Primary beneficiary | Primary beneficiary | Primary beneficiary | Primary beneficiary | Primary beneficiary | Primary beneficiary | Primary beneficiary | Not primary beneficiary | Not primary beneficiary | Not primary beneficiary | Not primary beneficiary | Not primary beneficiary | Not primary beneficiary | Not primary beneficiary | Not primary beneficiary | ||||||||||||
RTD | Majority | Majority | Interstate 95 HOT Lanes Project | Eagle P3 Commuter Rail Project | Additional partners | Eagle P3 Commuter Rail Project | Interstate 495 Capital Beltway HOT Lanes Project | Future funding commitment | Fluor-Lane 95 construction joint venture | Fluor-Lane 95 construction joint venture | Fluor SKM joint venture | Fluor SKM joint venture | Fluor SKM joint venture | Fluor SKM joint venture | DTS | DTC | DTS and DTC | DTS and DTC | Fluor-Lane construction joint venture | Fluor-Lane construction joint venture | 95 Express Lanes, LLC joint venture | 95 Express Lanes, LLC joint venture | 95 Express Lanes, LLC joint venture | DTH joint venture | DTH joint venture | DTH joint venture | Fluor-Transurban | Fluor-Transurban | |||||||||||||||||||||
Private activity bonds | item | Future funding commitment | Future funding commitment | Maximum | |||||||||||||||||||||||||||||||||||||||||||||
Variable interest entity information | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Entity's interest in joint venture (as a percent) | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 65.00% | ' | ' | ' | ' | 55.00% | 50.00% | 40.00% | ' | ' | 65.00% | ' | 10.00% | ' | ' | 10.00% | ' | ' | 10.00% | ' |
Entity's interest in joint venture (as a percent) | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 50.00% | 50.00% | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Carrying value of the unconsolidated VIEs | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | $122,000,000 | $22,000,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Future funding amount | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 36,000,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 9,000,000 | ' | 5,000,000 | ' | ' | ' |
Revenue | 6,291,500,000 | 6,684,200,000 | 7,190,300,000 | 7,185,600,000 | 7,022,700,000 | 7,136,100,000 | 7,128,200,000 | 6,290,100,000 | 27,351,573,000 | 27,577,135,000 | 23,381,399,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 1,800,000,000 | 3,400,000,000 | 1,800,000,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Carrying value of assets | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 1,200,000,000 | 1,000,000,000 | 119,000,000 | 80,000,000 | 62,000,000 | 107,000,000 | ' | ' | ' | ' | 150,000,000 | 120,000,000 | 7,000,000 | 53,000,000 | ' | ' | ' | ' | ' | ' | ' | ' |
Carrying value of liabilities | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 731,000,000 | 664,000,000 | 115,000,000 | 68,000,000 | 83,000,000 | 123,000,000 | ' | ' | ' | ' | 72,000,000 | 79,000,000 | 7,000,000 | 49,000,000 | ' | ' | ' | ' | ' | ' | ' | ' |
Project amount | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 925,000,000 | ' | ' | 1,700,000,000 | ' | ' | ' | 1,300,000,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Co-investor's interest in joint venture (as a percent) | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 90.00% | ' | 35.00% | 45.00% | ' | 45.00% | ' | 90.00% | ' | 35.00% | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Concession agreement | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | '75 years | ' | ' | ' | ' | '35 years | ' | '80 years | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Investment balance | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 19,000,000 | ' | ' | ' | 1,000,000 | ' | 10,000,000 |
Number of third party partners in the VIE | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 2 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Debt issued for funding to VIE | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | $398,000,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Operations_by_Business_Segment2
Operations by Business Segment and Geographic Area (Details) (USD $) | 3 Months Ended | 12 Months Ended | |||||||||
Dec. 31, 2013 | Sep. 30, 2013 | Jun. 30, 2013 | Mar. 31, 2013 | Dec. 31, 2012 | Sep. 30, 2012 | Jun. 30, 2012 | Mar. 31, 2012 | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 | |
segment | |||||||||||
Operations by Business Segment and Geographic Area | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Number of business segments | ' | ' | ' | ' | ' | ' | ' | ' | 5 | ' | ' |
Operating information by segment | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Total external revenue | $6,291,500,000 | $6,684,200,000 | $7,190,300,000 | $7,185,600,000 | $7,022,700,000 | $7,136,100,000 | $7,128,200,000 | $6,290,100,000 | $27,351,573,000 | $27,577,135,000 | $23,381,399,000 |
Depreciation and amortization of fixed assets | ' | ' | ' | ' | ' | ' | ' | ' | 206,331,000 | 210,441,000 | 199,365,000 |
Total capital expenditures | ' | ' | ' | ' | ' | ' | ' | ' | 288,487,000 | 254,747,000 | 338,167,000 |
Total assets | 8,323,850,000 | ' | ' | ' | 8,276,043,000 | ' | ' | ' | 8,323,850,000 | 8,276,043,000 | ' |
Goodwill | 114,107,000 | ' | ' | ' | 101,332,000 | ' | ' | ' | 114,107,000 | 101,332,000 | ' |
Oil and Gas Segment | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Operating information by segment | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Total external revenue | ' | ' | ' | ' | ' | ' | ' | ' | 11,519,800,000 | 9,513,900,000 | 7,961,700,000 |
Goodwill | 7,100,000 | ' | ' | ' | 7,100,000 | ' | ' | ' | 7,100,000 | 7,100,000 | ' |
Industrial and Infrastructure Segment | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Operating information by segment | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Total external revenue | ' | ' | ' | ' | ' | ' | ' | ' | 11,081,700,000 | 13,237,800,000 | 10,705,500,000 |
Goodwill | 18,600,000 | ' | ' | ' | 18,700,000 | ' | ' | ' | 18,600,000 | 18,700,000 | ' |
Government Segment | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Operating information by segment | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Total external revenue | ' | ' | ' | ' | ' | ' | ' | ' | 2,749,100,000 | 3,304,700,000 | 3,398,200,000 |
Goodwill | 57,500,000 | ' | ' | ' | 46,500,000 | ' | ' | ' | 57,500,000 | 46,500,000 | ' |
Global Services Segment | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Operating information by segment | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Total external revenue | ' | ' | ' | ' | ' | ' | ' | ' | 611,800,000 | 679,600,000 | 572,600,000 |
Goodwill | 20,300,000 | ' | ' | ' | 18,400,000 | ' | ' | ' | 20,300,000 | 18,400,000 | ' |
Power Segment | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Operating information by segment | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Total external revenue | ' | ' | ' | ' | ' | ' | ' | ' | 1,389,200,000 | 841,100,000 | 743,400,000 |
Goodwill | 10,600,000 | ' | ' | ' | 10,600,000 | ' | ' | ' | 10,600,000 | 10,600,000 | ' |
Reportable segments | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Operating information by segment | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Total segment profit (loss) | ' | ' | ' | ' | ' | ' | ' | ' | 1,209,900,000 | 769,400,000 | 1,043,300,000 |
Reportable segments | Oil and Gas Segment | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Operating information by segment | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Total segment profit (loss) | ' | ' | ' | ' | ' | ' | ' | ' | 441,100,000 | 334,700,000 | 275,600,000 |
Total assets | 1,643,800,000 | ' | ' | ' | 1,704,400,000 | ' | ' | ' | 1,643,800,000 | 1,704,400,000 | ' |
Reportable segments | Industrial and Infrastructure Segment | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Operating information by segment | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Total segment profit (loss) | ' | ' | ' | ' | ' | ' | ' | ' | 476,000,000 | 176,500,000 | 418,900,000 |
Depreciation and amortization of fixed assets | ' | ' | ' | ' | ' | ' | ' | ' | 1,500,000 | 2,400,000 | 5,300,000 |
Total capital expenditures | ' | ' | ' | ' | ' | ' | ' | ' | 2,900,000 | 500,000 | 600,000 |
Total assets | 909,700,000 | ' | ' | ' | 751,700,000 | ' | ' | ' | 909,700,000 | 751,700,000 | ' |
Additional operating information by segment | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Pre-tax gain on sale of unconsolidated interest | ' | ' | ' | ' | ' | ' | ' | ' | ' | 43,000,000 | ' |
Reportable segments | Industrial and Infrastructure Segment | Greater Gabbard Offshore Wind Farm Project | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Additional operating information by segment | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Charges and provisions included in segment profit | ' | ' | ' | ' | ' | ' | ' | ' | ' | 416,000,000 | 60,000,000 |
Reportable segments | Government Segment | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Operating information by segment | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Total segment profit (loss) | ' | ' | ' | ' | ' | ' | ' | ' | 161,400,000 | 149,700,000 | 145,500,000 |
Depreciation and amortization of fixed assets | ' | ' | ' | ' | ' | ' | ' | ' | 9,500,000 | 12,900,000 | 10,800,000 |
Total capital expenditures | ' | ' | ' | ' | ' | ' | ' | ' | 4,100,000 | 5,700,000 | 10,700,000 |
Total assets | 580,600,000 | ' | ' | ' | 827,200,000 | ' | ' | ' | 580,600,000 | 827,200,000 | ' |
Reportable segments | Government Segment | Favorable resolution of various issues with U.S. government related to 2001-2013 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Additional operating information by segment | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Income recognized | ' | ' | ' | ' | ' | ' | ' | ' | 57,000,000 | ' | ' |
Reportable segments | Government Segment | Resolution of U.S. government challenges as to reimbursability of certain costs | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Additional operating information by segment | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Income recognized | ' | ' | ' | ' | ' | ' | ' | ' | 31,000,000 | ' | ' |
Reportable segments | Government Segment | Favorable court ruling that resolved certain U.S. government disputed items | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Additional operating information by segment | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Income recognized | ' | ' | ' | ' | ' | ' | ' | ' | 11,000,000 | ' | ' |
Reportable segments | Government Segment | Closeout and final disposition of other U.S. government matters | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Additional operating information by segment | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Income recognized | ' | ' | ' | ' | ' | ' | ' | ' | 15,000,000 | ' | ' |
Reportable segments | Global Services Segment | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Operating information by segment | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Total segment profit (loss) | ' | ' | ' | ' | ' | ' | ' | ' | 119,700,000 | 125,400,000 | 122,200,000 |
Depreciation and amortization of fixed assets | ' | ' | ' | ' | ' | ' | ' | ' | 117,700,000 | 124,600,000 | 117,000,000 |
Total capital expenditures | ' | ' | ' | ' | ' | ' | ' | ' | 145,300,000 | 184,500,000 | 248,000,000 |
Total assets | 758,900,000 | ' | ' | ' | 768,900,000 | ' | ' | ' | 758,900,000 | 768,900,000 | ' |
Reportable segments | Power Segment | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Operating information by segment | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Total segment profit (loss) | ' | ' | ' | ' | ' | ' | ' | ' | 11,700,000 | -16,900,000 | 81,100,000 |
Depreciation and amortization of fixed assets | ' | ' | ' | ' | ' | ' | ' | ' | 1,100,000 | 900,000 | ' |
Total capital expenditures | ' | ' | ' | ' | ' | ' | ' | ' | 1,300,000 | 3,600,000 | ' |
Total assets | 154,900,000 | ' | ' | ' | 120,600,000 | ' | ' | ' | 154,900,000 | 120,600,000 | ' |
Additional operating information by segment | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Research and development expense | ' | ' | ' | ' | ' | ' | ' | ' | 53,000,000 | 63,000,000 | 7,000,000 |
Corporate and other | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Operating information by segment | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Depreciation and amortization of fixed assets | ' | ' | ' | ' | ' | ' | ' | ' | 76,500,000 | 69,600,000 | 66,300,000 |
Total capital expenditures | ' | ' | ' | ' | ' | ' | ' | ' | 134,900,000 | 60,400,000 | 78,900,000 |
Total assets | 4,276,000,000 | ' | ' | ' | 4,103,200,000 | ' | ' | ' | 4,276,000,000 | 4,103,200,000 | ' |
Intercompany | Global Services Segment | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Operating information by segment | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Total external revenue | ' | ' | ' | ' | ' | ' | ' | ' | $505,000,000 | $462,000,000 | $406,000,000 |
Customer concentration | Consolidated revenue | Single customer | Oil and Gas Segment | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Operating information by segment | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Percentage of the entity's consolidated revenue from customer | ' | ' | ' | ' | ' | ' | ' | ' | 12.00% | 11.00% | 13.00% |
Customer concentration | Consolidated revenue | Single customer | Industrial and Infrastructure Segment | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Operating information by segment | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Percentage of the entity's consolidated revenue from customer | ' | ' | ' | ' | ' | ' | ' | ' | ' | 13.00% | ' |
Customer concentration | Consolidated revenue | Various agencies of the U.S. government | Government Segment | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Operating information by segment | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Percentage of the entity's consolidated revenue from customer | ' | ' | ' | ' | ' | ' | ' | ' | 10.00% | 12.00% | 14.00% |
Operations_by_Business_Segment3
Operations by Business Segment and Geographic Area (Details 2) (USD $) | 3 Months Ended | 12 Months Ended | |||||||||
Dec. 31, 2013 | Sep. 30, 2013 | Jun. 30, 2013 | Mar. 31, 2013 | Dec. 31, 2012 | Sep. 30, 2012 | Jun. 30, 2012 | Mar. 31, 2012 | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 | |
Reconciliation of segment information to consolidated amounts | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Corporate general and administrative expense | ' | ' | ' | ' | ' | ' | ' | ' | ($175,148,000) | ($151,010,000) | ($163,460,000) |
Interest income (expense), net | ' | ' | ' | ' | ' | ' | ' | ' | -12,500,000 | -500,000 | 16,400,000 |
EARNINGS BEFORE TAXES | 267,900,000 | 304,700,000 | 298,700,000 | 306,300,000 | -60,000,000 | 264,500,000 | 288,200,000 | 240,800,000 | 1,177,599,000 | 733,505,000 | 1,001,816,000 |
Reportable segments | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Reconciliation of segment information to consolidated amounts | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Total segment profit | ' | ' | ' | ' | ' | ' | ' | ' | 1,209,900,000 | 769,400,000 | 1,043,300,000 |
Reconciling item | Earnings attributable to noncontrolling interests | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Reconciliation of segment information to consolidated amounts | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
EARNINGS BEFORE TAXES | ' | ' | ' | ' | ' | ' | ' | ' | $155,300,000 | $115,600,000 | $105,600,000 |
Operations_by_Business_Segment4
Operations by Business Segment and Geographic Area (Details 3) (USD $) | 3 Months Ended | 12 Months Ended | |||||||||
In Thousands, unless otherwise specified | Dec. 31, 2013 | Sep. 30, 2013 | Jun. 30, 2013 | Mar. 31, 2013 | Dec. 31, 2012 | Sep. 30, 2012 | Jun. 30, 2012 | Mar. 31, 2012 | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 |
Revenues from external customers and long lived assets | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Revenue | $6,291,500 | $6,684,200 | $7,190,300 | $7,185,600 | $7,022,700 | $7,136,100 | $7,128,200 | $6,290,100 | $27,351,573 | $27,577,135 | $23,381,399 |
Assets | 8,323,850 | ' | ' | ' | 8,276,043 | ' | ' | ' | 8,323,850 | 8,276,043 | ' |
United States | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Revenues from external customers and long lived assets | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Revenue | ' | ' | ' | ' | ' | ' | ' | ' | 7,295,000 | 7,021,400 | 6,959,800 |
Assets | 4,329,400 | ' | ' | ' | 4,410,300 | ' | ' | ' | 4,329,400 | 4,410,300 | ' |
Canada | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Revenues from external customers and long lived assets | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Revenue | ' | ' | ' | ' | ' | ' | ' | ' | 6,275,800 | 5,371,900 | 4,127,500 |
Assets | 927,800 | ' | ' | ' | 925,900 | ' | ' | ' | 927,800 | 925,900 | ' |
Asia Pacific (includes Australia) | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Revenues from external customers and long lived assets | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Revenue | ' | ' | ' | ' | ' | ' | ' | ' | 4,503,400 | 6,349,700 | 4,395,500 |
Assets | 791,400 | ' | ' | ' | 1,140,300 | ' | ' | ' | 791,400 | 1,140,300 | ' |
Europe | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Revenues from external customers and long lived assets | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Revenue | ' | ' | ' | ' | ' | ' | ' | ' | 2,096,300 | 1,632,900 | 1,736,800 |
Assets | 1,150,400 | ' | ' | ' | 1,196,200 | ' | ' | ' | 1,150,400 | 1,196,200 | ' |
Central and South America | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Revenues from external customers and long lived assets | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Revenue | ' | ' | ' | ' | ' | ' | ' | ' | 3,509,700 | 3,526,500 | 2,822,500 |
Assets | 657,800 | ' | ' | ' | 260,200 | ' | ' | ' | 657,800 | 260,200 | ' |
Middle East and Africa | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Revenues from external customers and long lived assets | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Revenue | ' | ' | ' | ' | ' | ' | ' | ' | 3,671,400 | 3,674,700 | 3,339,300 |
Assets | $467,100 | ' | ' | ' | $343,100 | ' | ' | ' | $467,100 | $343,100 | ' |
Operations_by_Business_Segment5
Operations by Business Segment and Geographic Area (Details 4) (Corporate general and administrative expense, USD $) | 12 Months Ended | ||
In Millions, unless otherwise specified | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 |
Corporate general and administrative expense | ' | ' | ' |
Non-Operating Expense | ' | ' | ' |
Non-operating expense items | $1.80 | $11.70 | $13.50 |
Quarterly_Financial_Data_Unaud2
Quarterly Financial Data (Unaudited) (Details) (USD $) | 3 Months Ended | 12 Months Ended | |||||||||
In Thousands, except Per Share data, unless otherwise specified | Dec. 31, 2013 | Sep. 30, 2013 | Jun. 30, 2013 | Mar. 31, 2013 | Dec. 31, 2012 | Sep. 30, 2012 | Jun. 30, 2012 | Mar. 31, 2012 | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 |
Quarterly results of operations | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Revenue | $6,291,500 | $6,684,200 | $7,190,300 | $7,185,600 | $7,022,700 | $7,136,100 | $7,128,200 | $6,290,100 | $27,351,573 | $27,577,135 | $23,381,399 |
Cost of revenue | 5,955,400 | 6,329,700 | 6,857,500 | 6,843,800 | 7,038,300 | 6,829,800 | 6,809,800 | 6,014,200 | 25,986,382 | 26,692,138 | 22,232,483 |
Earnings (loss) before taxes | 267,900 | 304,700 | 298,700 | 306,300 | -60,000 | 264,500 | 288,200 | 240,800 | 1,177,599 | 733,505 | 1,001,816 |
Net earnings | 185,000 | 217,400 | 207,300 | 213,300 | 29,100 | 172,300 | 192,500 | 177,200 | 823,026 | 571,067 | 698,087 |
Net earnings attributable to Fluor Corporation (in dollars) | $166,800 | $173,000 | $161,400 | $166,500 | ($4,400) | $144,600 | $161,200 | $154,900 | $667,711 | $456,330 | $593,728 |
Earnings (loss) per share | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Basic earnings per share (in dollars per share) | $1.03 | $1.06 | $0.99 | $1.02 | ($0.03) | $0.87 | $0.96 | $0.92 | $4.11 | $2.73 | $3.44 |
Diluted earnings per share (in dollars per share) | $1.01 | $1.05 | $0.98 | $1.02 | ($0.03) | $0.86 | $0.95 | $0.91 | $4.06 | $2.71 | $3.40 |
Quarterly_Financial_Data_Unaud3
Quarterly Financial Data (Unaudited) (Details 2) (USD $) | 3 Months Ended | ||||||
In Millions, except Per Share data, unless otherwise specified | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2012 | Dec. 31, 2012 |
Favorable resolution of various issues with U.S. government related to 2001-2013 | Resolution of U.S. government challenges as to reimbursability of certain costs | Favorable court ruling that resolved certain U.S. government disputed items | Closeout and final disposition of other U.S. government matters | Greater Gabbard Offshore Wind Farm Project Dispute | Gain on sale of unconsolidated interest in United Kingdom telecommunications company | Net tax reserve reduction, domestic and international disputed items and IRS settlement | |
Effect of fourth quarter events | ' | ' | ' | ' | ' | ' | ' |
Fourth quarter pre-tax income (charges) | $57 | $31 | $11 | $15 | ($416) | $43 | $43 |
Fourth quarter pre-tax income (charges) per diluted share (in dollars per share) | $0.22 | ' | ' | ' | ($1.61) | $0.17 | $0.26 |