Document_and_Entity_Informatio
Document and Entity Information | 9 Months Ended | |
Sep. 30, 2013 | Oct. 25, 2013 | |
Document and Entity Information | ' | ' |
Entity Registrant Name | 'FLUOR CORP | ' |
Entity Central Index Key | '0001124198 | ' |
Document Type | '10-Q | ' |
Document Period End Date | 30-Sep-13 | ' |
Amendment Flag | 'false | ' |
Current Fiscal Year End Date | '--12-31 | ' |
Entity Current Reporting Status | 'Yes | ' |
Entity Filer Category | 'Large Accelerated Filer | ' |
Entity Common Stock, Shares Outstanding | ' | 163,352,559 |
Document Fiscal Year Focus | '2013 | ' |
Document Fiscal Period Focus | 'Q3 | ' |
CONDENSED_CONSOLIDATED_STATEME
CONDENSED CONSOLIDATED STATEMENT OF EARNINGS (USD $) | 3 Months Ended | 9 Months Ended | ||
In Thousands, except Per Share data, unless otherwise specified | Sep. 30, 2013 | Sep. 30, 2012 | Sep. 30, 2013 | Sep. 30, 2012 |
CONDENSED CONSOLIDATED STATEMENT OF EARNINGS | ' | ' | ' | ' |
TOTAL REVENUE | $6,684,216 | $7,136,056 | $21,060,168 | $20,554,413 |
TOTAL COST OF REVENUE | 6,329,685 | 6,829,781 | 20,030,907 | 19,653,774 |
OTHER (INCOME) AND EXPENSES | ' | ' | ' | ' |
Corporate general and administrative expense | 46,070 | 40,884 | 110,590 | 109,932 |
Interest expense | 6,435 | 6,890 | 19,838 | 20,381 |
Interest income | -2,716 | -6,001 | -10,948 | -23,157 |
Total cost and expenses | 6,379,474 | 6,871,554 | 20,150,387 | 19,760,930 |
EARNINGS BEFORE TAXES | 304,742 | 264,502 | 909,781 | 793,483 |
INCOME TAX EXPENSE | 87,391 | 92,164 | 271,834 | 251,449 |
NET EARNINGS | 217,351 | 172,338 | 637,947 | 542,034 |
LESS: NET EARNINGS ATTRIBUTABLE TO NONCONTROLLING INTERESTS | 44,305 | 27,755 | 137,031 | 81,379 |
NET EARNINGS ATTRIBUTABLE TO FLUOR CORPORATION | $173,046 | $144,583 | $500,916 | $460,655 |
BASIC EARNINGS PER SHARE (in dollars per share) | $1.06 | $0.87 | $3.08 | $2.74 |
DILUTED EARNINGS PER SHARE (in dollars per share) | $1.05 | $0.86 | $3.05 | $2.72 |
SHARES USED TO CALCULATE EARNINGS PER SHARE | ' | ' | ' | ' |
BASIC (in shares) | 162,940 | 166,660 | 162,715 | 167,925 |
DILUTED (in shares) | 164,845 | 167,968 | 164,324 | 169,271 |
DIVIDENDS DECLARED PER SHARE (in dollars per share) | $0.16 | $0.16 | $0.48 | $0.48 |
CONDENSED_CONSOLIDATED_STATEME1
CONDENSED CONSOLIDATED STATEMENT OF COMPREHENSIVE INCOME (USD $) | 3 Months Ended | 9 Months Ended | ||
In Thousands, unless otherwise specified | Sep. 30, 2013 | Sep. 30, 2012 | Sep. 30, 2013 | Sep. 30, 2012 |
CONDENSED CONSOLIDATED STATEMENT OF COMPREHENSIVE INCOME | ' | ' | ' | ' |
NET EARNINGS | $217,351 | $172,338 | $637,947 | $542,034 |
OTHER COMPREHENSIVE INCOME (LOSS), NET OF TAX: | ' | ' | ' | ' |
Foreign currency translation adjustment | 26,192 | 24,168 | -30,555 | 27,416 |
Ownership share of equity method investees' other comprehensive income (loss) | 2,262 | 133 | 8,353 | -1,356 |
Defined benefit pension and postretirement plan adjustments | -4,045 | 1,027 | 4,780 | 6,367 |
Unrealized gain (loss) on derivative contracts | 1,015 | 412 | -827 | 2,001 |
Unrealized gain (loss) on debt securities | 365 | 393 | -732 | 285 |
TOTAL OTHER COMPREHENSIVE INCOME (LOSS), NET OF TAX | 25,789 | 26,133 | -18,981 | 34,713 |
COMPREHENSIVE INCOME | 243,140 | 198,471 | 618,966 | 576,747 |
LESS: COMPREHENSIVE INCOME ATTRIBUTABLE TO NONCONTROLLING INTERESTS | 43,902 | 27,505 | 136,681 | 80,792 |
COMPREHENSIVE INCOME ATTRIBUTABLE TO FLUOR CORPORATION | $199,238 | $170,966 | $482,285 | $495,955 |
CONDENSED_CONSOLIDATED_BALANCE
CONDENSED CONSOLIDATED BALANCE SHEET (USD $) | Sep. 30, 2013 | Dec. 31, 2012 |
In Thousands, unless otherwise specified | ||
CURRENT ASSETS | ' | ' |
Cash and cash equivalents ($597,484 and $411,550 related to variable interest entities ("VIEs")) | $2,537,570 | $2,154,541 |
Marketable securities, current ($12,068 and $30,369 related to VIEs) | 157,910 | 137,127 |
Accounts and notes receivable, net ($208,819 and $193,354 related to VIEs) | 1,156,387 | 1,242,691 |
Contract work in progress ($280,350 and $221,897 related to VIEs) | 2,102,713 | 1,942,679 |
Deferred taxes | 267,082 | 249,839 |
Other current assets | 219,692 | 367,260 |
Total current assets | 6,441,354 | 6,094,137 |
Marketable securities, noncurrent | 281,999 | 318,355 |
Property, plant and equipment ((net of accumulated depreciation of $1,113,421 and $1,032,509) ($96,699 and $105,692 related to VIEs)) | 937,066 | 951,255 |
Investments and goodwill | 342,144 | 244,226 |
Deferred taxes | 116,164 | 79,357 |
Deferred compensation trusts | 364,622 | 332,904 |
Other | 243,819 | 255,809 |
TOTAL ASSETS | 8,727,168 | 8,276,043 |
CURRENT LIABILITIES | ' | ' |
Trade accounts payable ($342,972 and $295,972 related to VIEs) | 1,974,777 | 1,954,108 |
Convertible senior notes, notes payable and other borrowings | 25,433 | 20,792 |
Advance billings on contracts ($318,442 and $300,491 related to VIEs) | 796,601 | 870,147 |
Accrued salaries, wages and benefits ($75,870 and $59,183 related to VIEs) | 713,971 | 755,075 |
Other accrued liabilities ($26,189 and $6,478 related to VIEs) | 301,399 | 286,992 |
Total current liabilities | 3,812,181 | 3,887,114 |
LONG-TERM DEBT DUE AFTER ONE YEAR | 496,494 | 520,205 |
NONCURRENT LIABILITIES | 474,306 | 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 - 163,261,653 and 162,359,906 shares in 2013 and 2012, respectively | 1,633 | 1,624 |
Additional paid-in capital | 48,550 | ' |
Accumulated other comprehensive loss | -276,481 | -257,850 |
Retained earnings | 4,019,910 | 3,597,521 |
Total shareholders' equity | 3,793,612 | 3,341,295 |
Noncontrolling interests | 150,575 | 85,799 |
Total equity | 3,944,187 | 3,427,094 |
TOTAL LIABILITIES AND EQUITY | $8,727,168 | $8,276,043 |
CONDENSED_CONSOLIDATED_BALANCE1
CONDENSED CONSOLIDATED BALANCE SHEET (Parenthetical) (USD $) | Sep. 30, 2013 | Dec. 31, 2012 |
In Thousands, except Share data, unless otherwise specified | ||
CONDENSED CONSOLIDATED BALANCE SHEET | ' | ' |
Property, plant and equipment, accumulated depreciation | $1,113,421 | $1,032,509 |
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) | 163,261,653 | 162,359,906 |
Common stock, outstanding shares (in shares) | 163,261,653 | 162,359,906 |
CURRENT ASSETS, VIEs | ' | ' |
Cash and cash equivalents | 2,537,570 | 2,154,541 |
Marketable securities, current | 157,910 | 137,127 |
Accounts and notes receivable | 1,156,387 | 1,242,691 |
Contract work in progress | 2,102,713 | 1,942,679 |
Property, plant and equipment, net | 937,066 | 951,255 |
CURRENT LIABILITIES, VIEs | ' | ' |
Trade accounts payable | 1,974,777 | 1,954,108 |
Advance billings on contracts related | 796,601 | 870,147 |
Accrued salaries, wages and benefits | 713,971 | 755,075 |
Other accrued liabilities | 301,399 | 286,992 |
Consolidated variable interest entities | ' | ' |
CURRENT ASSETS, VIEs | ' | ' |
Cash and cash equivalents | 597,484 | 411,550 |
Marketable securities, current | 12,068 | 30,369 |
Accounts and notes receivable | 208,819 | 193,354 |
Contract work in progress | 280,350 | 221,897 |
Property, plant and equipment, net | 96,699 | 105,692 |
CURRENT LIABILITIES, VIEs | ' | ' |
Trade accounts payable | 342,972 | 295,972 |
Advance billings on contracts related | 318,442 | 300,491 |
Accrued salaries, wages and benefits | 75,870 | 59,183 |
Other accrued liabilities | $26,189 | $6,478 |
CONDENSED_CONSOLIDATED_STATEME2
CONDENSED CONSOLIDATED STATEMENT OF CASH FLOWS (USD $) | 9 Months Ended | |
In Thousands, unless otherwise specified | Sep. 30, 2013 | Sep. 30, 2012 |
CASH FLOWS FROM OPERATING ACTIVITIES | ' | ' |
Net earnings | $637,947 | $542,034 |
Adjustments to reconcile net earnings to cash provided (utilized) by operating activities: | ' | ' |
Depreciation of fixed assets | 162,264 | 155,497 |
Amortization of intangibles | 576 | 1,539 |
Gain on sale of an equity method investment | -2,370 | ' |
Restricted stock and stock option amortization | 31,861 | 28,240 |
Deferred compensation trust | -31,718 | -25,019 |
Deferred compensation obligation | 34,588 | 28,813 |
Deferred taxes | -40,980 | -28,856 |
Excess tax benefit from stock-based plans | -4,501 | -4,318 |
Retirement plan accrual, net of contributions | 2,436 | 7,761 |
Changes in operating assets and liabilities | -77,983 | -186,378 |
Undistributed earnings of equity method investments | -425 | -14,755 |
Other items | 955 | 5,744 |
Cash provided by operating activities | 712,650 | 510,302 |
CASH FLOWS FROM INVESTING ACTIVITIES | ' | ' |
Purchases of marketable securities | -348,949 | -813,440 |
Proceeds from the sales and maturities of marketable securities | 361,084 | 724,635 |
Capital expenditures | -181,059 | -188,876 |
Proceeds from disposal of property, plant and equipment | 33,630 | 65,623 |
Investments in partnerships and joint ventures | -37,540 | -12,028 |
Consolidation of a variable interest entity | 24,675 | ' |
Proceeds from sale of an equity method investment | 3,005 | ' |
Acquisitions | -7,674 | -19,337 |
Other items | 8,988 | -7,697 |
Cash utilized by investing activities | -143,840 | -251,120 |
CASH FLOWS FROM FINANCING ACTIVITIES | ' | ' |
Repurchase of common stock | ' | -164,187 |
Dividends paid | -52,457 | -75,646 |
Distributions paid to noncontrolling interests | -79,549 | -61,917 |
Capital contributions by noncontrolling interests | 1,549 | 3,553 |
Taxes paid on vested restricted stock | -11,404 | -11,696 |
Stock options exercised | 21,613 | 10,155 |
Excess tax benefit from stock-based plans | 4,501 | 4,318 |
Other items | 6,467 | 6,845 |
Cash utilized by financing activities | -135,715 | -289,478 |
Effect of exchange rate changes on cash | -50,066 | 19,911 |
Increase (Decrease) in cash and cash equivalents | 383,029 | -10,385 |
Cash and cash equivalents at beginning of period | 2,154,541 | 2,161,411 |
Cash and cash equivalents at end of period | 2,537,570 | 2,151,026 |
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) | ($903) |
CONDENSED_CONSOLIDATED_STATEME3
CONDENSED CONSOLIDATED STATEMENT OF CASH FLOWS (Parenthetical) (5.625% Municipal Bonds) | Dec. 31, 2012 |
5.625% Municipal Bonds | ' |
Debt instruments | ' |
Municipal bonds interest rate (as a percent) | 5.63% |
Principles_of_Consolidation
Principles of Consolidation | 9 Months Ended |
Sep. 30, 2013 | |
Principles of Consolidation | ' |
Principles of Consolidation | ' |
(1) The Condensed Consolidated Financial Statements do not include footnotes and certain financial information normally presented annually under accounting principles generally accepted in the United States and, therefore, should be read in conjunction with the company’s December 31, 2012 Annual Report on Form 10-K. Accounting measurements at interim dates inherently involve greater reliance on estimates than at year-end. The results of operations for the three and nine months ended September 30, 2013 may not necessarily be indicative of results that can be expected for the full year. | |
The Condensed Consolidated Financial Statements included herein are unaudited; however, they contain all adjustments of a normal recurring nature which, in the opinion of management, are necessary to present fairly its consolidated financial position as of September 30, 2013 and its consolidated results of operations and cash flows for the interim periods presented. All significant intercompany transactions of consolidated subsidiaries are eliminated. Certain amounts in 2012 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 quarterly report is filed on Form 10-Q. | |
Recent_Accounting_Pronouncemen
Recent Accounting Pronouncements | 9 Months Ended |
Sep. 30, 2013 | |
Recent Accounting Pronouncements | ' |
Recent Accounting Pronouncements | ' |
(2) New accounting pronouncements implemented by the company during the nine months ended September 30, 2013 or requiring implementation in future periods are discussed below or elsewhere in the notes, where appropriate. | |
In July 2013, the Financial Accounting Standards Board (“FASB”) issued Accounting Standards Update (“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 Accounting Standards Codification (“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. | |
In the first quarter of 2013, the company adopted 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 adoption of ASU 2012-02 did not have a material impact on the company’s financial position, results of operations or cash flows. | |
Comprehensive_Income
Comprehensive Income | 9 Months Ended | |||||||||||||||||||
Sep. 30, 2013 | ||||||||||||||||||||
Comprehensive Income | ' | |||||||||||||||||||
Comprehensive Income | ' | |||||||||||||||||||
(3) The tax effects of the components of other comprehensive income (loss) (“OCI”) for the three months ended September 30, 2013 and 2012 are as follows: | ||||||||||||||||||||
Three Months Ended | Three Months Ended | |||||||||||||||||||
September 30, 2013 | September 30, 2012 | |||||||||||||||||||
Tax | ||||||||||||||||||||
Before-Tax | Benefit | Net-of-Tax | Before-Tax | Tax | Net-of-Tax | |||||||||||||||
(in thousands) | Amount | (Expense) | Amount | Amount | Expense | Amount | ||||||||||||||
Other comprehensive income (loss): | ||||||||||||||||||||
Foreign currency translation adjustment | $ | 42,074 | $ | (15,882 | ) | $ | 26,192 | $ | 38,768 | $ | (14,600 | ) | $ | 24,168 | ||||||
Ownership share of equity method investees’ other comprehensive income | 3,118 | (856 | ) | 2,262 | 165 | (32 | ) | 133 | ||||||||||||
Defined benefit pension and postretirement plan adjustments | (6,472 | ) | 2,427 | (4,045 | ) | 1,643 | (616 | ) | 1,027 | |||||||||||
Unrealized gain on derivative contracts | 1,700 | (685 | ) | 1,015 | 693 | (281 | ) | 412 | ||||||||||||
Unrealized gain on debt securities | 585 | (220 | ) | 365 | 630 | (237 | ) | 393 | ||||||||||||
Total other comprehensive income | 41,005 | (15,216 | ) | 25,789 | 41,899 | (15,766 | ) | 26,133 | ||||||||||||
Less: Other comprehensive loss attributable to noncontrolling interests | (403 | ) | — | (403 | ) | (250 | ) | — | (250 | ) | ||||||||||
Other comprehensive income attributable to Fluor Corporation | $ | 41,408 | $ | (15,216 | ) | $ | 26,192 | $ | 42,149 | $ | (15,766 | ) | $ | 26,383 | ||||||
The tax effects of the components of OCI for the nine months ended September 30, 2013 and 2012 are as follows: | ||||||||||||||||||||
Nine Months Ended | Nine Months Ended | |||||||||||||||||||
September 30, 2013 | September 30, 2012 | |||||||||||||||||||
Tax | ||||||||||||||||||||
Before-Tax | Benefit | Net-of-Tax | Before-Tax | Tax | Net-of-Tax | |||||||||||||||
(in thousands) | Amount | (Expense) | Amount | Amount | Expense | Amount | ||||||||||||||
Other comprehensive income (loss): | ||||||||||||||||||||
Foreign currency translation adjustment | $ | (48,753 | ) | $ | 18,198 | $ | (30,555 | ) | $ | 43,922 | $ | (16,506 | ) | $ | 27,416 | |||||
Ownership share of equity method investees’ other comprehensive income (loss) | 11,471 | (3,118 | ) | 8,353 | (1,138 | ) | (218 | ) | (1,356 | ) | ||||||||||
Defined benefit pension and postretirement plan adjustments | 7,648 | (2,868 | ) | 4,780 | 10,187 | (3,820 | ) | 6,367 | ||||||||||||
Unrealized gain (loss) on derivative contracts | (1,247 | ) | 420 | (827 | ) | 3,465 | (1,464 | ) | 2,001 | |||||||||||
Unrealized gain (loss) on debt securities | (1,170 | ) | 438 | (732 | ) | 456 | (171 | ) | 285 | |||||||||||
Total other comprehensive income (loss) | (32,051 | ) | 13,070 | (18,981 | ) | 56,892 | (22,179 | ) | 34,713 | |||||||||||
Less: Other comprehensive loss attributable to noncontrolling interests | (350 | ) | — | (350 | ) | (587 | ) | — | (587 | ) | ||||||||||
Other comprehensive income (loss) attributable to Fluor Corporation | $ | (31,701 | ) | $ | 13,070 | $ | (18,631 | ) | $ | 57,479 | $ | (22,179 | ) | $ | 35,300 | |||||
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 AOCI balances by component (after-tax) for the three months ended September 30, 2013 are as follows: | ||||||||||||||||||||
(in thousands) | Foreign | Ownership Share of | Defined Benefit | Unrealized | Unrealized Gain | Accumulated Other | ||||||||||||||
Currency | Equity Method | Pension and | Gain (Loss) | (Loss) on Available- | Comprehensive | |||||||||||||||
Translation | Investees’ Other | Postretirement | on | for-Sale Securities | Income (Loss), Net | |||||||||||||||
Comprehensive | Plans | Derivative | ||||||||||||||||||
Income (Loss) | Contracts | |||||||||||||||||||
Attributable to Fluor Corporation: | ||||||||||||||||||||
Balance as of June 30, 2013 | $ | (10,902 | ) | $ | (36,928 | ) | $ | (243,899 | ) | $ | (10,801 | ) | $ | (143 | ) | $ | (302,673 | ) | ||
Other comprehensive income (loss) before reclassifications | 26,471 | 2,262 | (6,057 | ) | (443 | ) | 367 | 22,600 | ||||||||||||
Amounts reclassified from AOCI | — | — | 2,012 | 1,582 | (2 | ) | 3,592 | |||||||||||||
Net other comprehensive income (loss) | 26,471 | 2,262 | (4,045 | ) | 1,139 | 365 | 26,192 | |||||||||||||
Balance as of September 30, 2013 | $ | 15,569 | $ | (34,666 | ) | $ | (247,944 | ) | $ | (9,662 | ) | $ | 222 | $ | (276,481 | ) | ||||
Attributable to Noncontrolling Interests: | ||||||||||||||||||||
Balance as of June 30, 2013 | $ | 8,777 | $ | — | $ | — | $ | — | $ | — | $ | 8,777 | ||||||||
Other comprehensive loss before reclassifications | (279 | ) | — | — | (124 | ) | — | (403 | ) | |||||||||||
Amounts reclassified from AOCI | — | — | — | — | — | — | ||||||||||||||
Net other comprehensive loss | (279 | ) | — | — | (124 | ) | — | (403 | ) | |||||||||||
Balance as of September 30, 2013 | $ | 8,498 | $ | — | $ | — | $ | (124 | ) | $ | — | $ | 8,374 | |||||||
The changes in AOCI balances by component (after-tax) for the nine months ended as of September 30, 2013 are as follows: | ||||||||||||||||||||
(in thousands) | Foreign | Ownership Share of | Defined Benefit | Unrealized | Unrealized Gain | Accumulated Other | ||||||||||||||
Currency | Equity Method | Pension and | Gain (Loss) | (Loss) on Available- | Comprehensive | |||||||||||||||
Translation | Investees’ Other | Postretirement | on | for-Sale Securities | Income (Loss), Net | |||||||||||||||
Comprehensive | Plans | Derivative | ||||||||||||||||||
Income (Loss) | Contracts | |||||||||||||||||||
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 | (30,330 | ) | 8,353 | (1,261 | ) | (2,883 | ) | (645 | ) | (26,766 | ) | |||||||||
Amounts reclassified from AOCI | — | — | 6,041 | 2,181 | (87 | ) | 8,135 | |||||||||||||
Net other comprehensive income (loss) | (30,330 | ) | 8,353 | 4,780 | (702 | ) | (732 | ) | (18,631 | ) | ||||||||||
Balance as of September 30, 2013 | $ | 15,569 | $ | (34,666 | ) | $ | (247,944 | ) | $ | (9,662 | ) | $ | 222 | $ | (276,481 | ) | ||||
Attributable to Noncontrolling Interests: | ||||||||||||||||||||
Balance as of December 31, 2012 | $ | 8,723 | $ | — | $ | — | $ | 1 | $ | — | $ | 8,724 | ||||||||
Other comprehensive loss before reclassifications | (225 | ) | — | — | (124 | ) | — | (349 | ) | |||||||||||
Amounts reclassified from AOCI | — | — | — | (1 | ) | — | (1 | ) | ||||||||||||
Net other comprehensive loss | (225 | ) | — | — | (125 | ) | — | (350 | ) | |||||||||||
Balance as of September 30, 2013 | $ | 8,498 | $ | — | $ | — | $ | (124 | ) | $ | — | $ | 8,374 | |||||||
The significant items reclassified out of AOCI and the corresponding location in and impact on the Condensed Consolidated Statement of Earnings are as follows: | ||||||||||||||||||||
Location in Condensed | Three Months Ended | Nine Months Ended | ||||||||||||||||||
(in thousands) | Consolidated Statement of Earnings | September 30, 2013 | September 30, 2013 | |||||||||||||||||
Component of AOCI: | ||||||||||||||||||||
Defined benefit pension plan adjustments | Various accounts(1) | $ | (3,220 | ) | $ | (9,666 | ) | |||||||||||||
Income tax benefit | Income tax expense | 1,208 | 3,625 | |||||||||||||||||
Net of tax | $ | (2,012 | ) | $ | (6,041 | ) | ||||||||||||||
Unrealized loss on derivative contracts: | ||||||||||||||||||||
Commodity contracts and foreign currency contracts | Total cost of revenue | $ | (2,112 | ) | $ | (2,237 | ) | |||||||||||||
Interest rate contracts | Interest expense | (419 | ) | (1,258 | ) | |||||||||||||||
Income tax benefit | Income tax expense | 949 | 1,315 | |||||||||||||||||
Net of tax | (1,582 | ) | (2,180 | ) | ||||||||||||||||
Less: Noncontrolling interests | Net earnings attributable to noncontrolling interests | — | (1 | ) | ||||||||||||||||
Net of tax and noncontrolling interests | $ | (1,582 | ) | $ | (2,181 | ) | ||||||||||||||
Unrealized gain on available-for-sale securities | Corporate general and administrative expense | $ | 3 | $ | 139 | |||||||||||||||
Income tax expense | Income tax expense | (1 | ) | (52 | ) | |||||||||||||||
Net of tax | $ | 2 | $ | 87 | ||||||||||||||||
(1) Defined benefit pension plan adjustments were reclassified primarily to total cost of revenue and corporate general and administrative expense. | ||||||||||||||||||||
Income_Taxes
Income Taxes | 9 Months Ended |
Sep. 30, 2013 | |
Income Taxes | ' |
Income Taxes | ' |
(4) The effective tax rate, based on the company’s operating results for the three and nine months ended September 30, 2013 was 28.7 percent and 29.9 percent, respectively, compared to 34.8 percent and 31.7 percent for the corresponding periods of 2012. The effective tax rate for the three months ended September 30, 2013 was favorably impacted primarily by research tax credits, lower deferred U.S. taxes on foreign earnings and an increase in earnings attributable to noncontrolling interests for which income taxes are not typically the responsibility of the company. The effective tax rate for the three months ended September 30, 2012 was unfavorably impacted by the payment of additional foreign taxes from the settlement of an audit and a reassessment of certain tax exposures. The effective tax rate for the nine months ended September 30, 2013 was favorably impacted by research tax credits and an increase in earnings attributable to noncontrolling interests for which income taxes are not typically the responsibility of the company. The effective tax rate for the nine months ended September 30, 2012 was favorably impacted by the recognition of a deferred U.S. tax benefit of $16 million primarily attributable to foreign earnings in South Africa. | |
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 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. | |
Consolidated_Statement_of_Cash
Consolidated Statement of Cash Flows | 9 Months Ended |
Sep. 30, 2013 | |
Consolidated Statement of Cash Flows | ' |
Consolidated Statement of Cash Flows | ' |
(5) Cash paid for interest was $20.9 million for both the nine months ended September 30, 2013 and 2012. Income tax payments, net of receipts, were $153.3 million and $243.2 million during the nine-month periods ended September 30, 2013 and 2012, respectively. | |
Earnings_Per_Share
Earnings Per Share | 9 Months Ended | |||||||||||||
Sep. 30, 2013 | ||||||||||||||
Earnings Per Share | ' | |||||||||||||
Earnings Per Share | ' | |||||||||||||
(6) Diluted earnings per share (“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 three and nine months ended September 30, 2013 and 2012 are presented below: | ||||||||||||||
Three Months Ended | Nine Months Ended | |||||||||||||
September 30, | September 30, | |||||||||||||
(in thousands, except per share amounts) | 2013 | 2012 | 2013 | 2012 | ||||||||||
Net earnings attributable to Fluor Corporation | $ | 173,046 | $ | 144,583 | $ | 500,916 | $ | 460,655 | ||||||
Basic EPS: | ||||||||||||||
Weighted average common shares outstanding | 162,940 | 166,660 | 162,715 | 167,925 | ||||||||||
Basic earnings per share | $ | 1.06 | $ | 0.87 | $ | 3.08 | $ | 2.74 | ||||||
Diluted EPS: | ||||||||||||||
Weighted average common shares outstanding | 162,940 | 166,660 | 162,715 | 167,925 | ||||||||||
Diluted effect: | ||||||||||||||
Employee stock options and restricted stock units and shares | 1,490 | 964 | 1,218 | 1,004 | ||||||||||
Conversion equivalent of dilutive convertible debt | 415 | 344 | 391 | 342 | ||||||||||
Weighted average diluted shares outstanding | 164,845 | 167,968 | 164,324 | 169,271 | ||||||||||
Diluted earnings per share | $ | 1.05 | $ | 0.86 | $ | 3.05 | $ | 2.72 | ||||||
Anti-dilutive securities not included above | 1,845 | 1,653 | 1,914 | 1,529 | ||||||||||
During the three and nine months ended September 30, 2012, the company repurchased and cancelled 600,900 and 3,223,949 shares of its common stock, respectively, under its stock repurchase program for $31 million and $164 million, respectively. | ||||||||||||||
Fair_Value_of_Financial_Instru
Fair Value of Financial Instruments | 9 Months Ended | |||||||||||||||||||||||||
Sep. 30, 2013 | ||||||||||||||||||||||||||
Fair Value of Financial Instruments | ' | |||||||||||||||||||||||||
Fair Value of Financial Instruments | ' | |||||||||||||||||||||||||
(7) 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 company’s assets and liabilities that are measured at fair value on a recurring basis as of September 30, 2013 and December 31, 2012: | ||||||||||||||||||||||||||
September 30, 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 | $ | 19,114 | $ | 19,114 | -2 | $ | — | $ | — | $ | 14,457 | $ | 14,457 | -2 | $ | — | $ | — | ||||||||
Marketable securities, current | 135,098 | — | 135,098 | -3 | — | 102,439 | — | 102,439 | -3 | |||||||||||||||||
Deferred compensation trusts | 81,350 | 81,350 | -4 | — | — | 80,842 | 80,842 | -4 | — | — | ||||||||||||||||
Marketable securities, noncurrent | 281,999 | — | 281,999 | -5 | — | 318,355 | — | 318,355 | -5 | — | ||||||||||||||||
Derivative assets(6) | ||||||||||||||||||||||||||
Commodity contracts | 219 | — | 219 | — | 95 | — | 95 | — | ||||||||||||||||||
Foreign currency contracts | 805 | — | 805 | — | 640 | — | 640 | — | ||||||||||||||||||
Liabilities(1): | ||||||||||||||||||||||||||
Derivative liabilities(6) | ||||||||||||||||||||||||||
Commodity contracts | $ | 290 | $ | — | $ | 290 | $ | — | $ | 28 | $ | — | $ | 28 | $ | — | ||||||||||
Foreign currency contracts | 3,344 | — | 3,344 | — | 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. | ||||||||||||||||||||||||||
(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 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 Note 8 for the classification of commodity contracts and foreign currency contracts on the Condensed 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 September 30, 2013: money market funds of $19 million, U.S. agency securities of $157 million, U.S. Treasury securities of $21 million, corporate debt securities of $223 million, commercial paper of $10 million and other debt securities of $6 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 than the fair value. During the three and nine months ended September 30, 2013, proceeds from the sales and maturities of available-for-sale securities were $29 million and $235 million, respectively, compared to $85 million and $434 million, respectively, for the corresponding periods of 2012. | ||||||||||||||||||||||||||
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 Condensed Consolidated Balance Sheet are as follows: | ||||||||||||||||||||||||||
September 30, 2013 | December 31, 2012 | |||||||||||||||||||||||||
Fair Value | Carrying | Fair | Carrying | Fair | ||||||||||||||||||||||
(in thousands) | Hierarchy | Value | Value | Value | Value | |||||||||||||||||||||
Assets: | ||||||||||||||||||||||||||
Cash(1) | Level 1 | $ | 1,604,552 | $ | 1,604,552 | $ | 1,343,866 | $ | 1,343,866 | |||||||||||||||||
Cash equivalents(2) | Level 2 | 913,904 | 913,904 | 796,218 | 796,218 | |||||||||||||||||||||
Marketable securities, current(3) | Level 2 | 22,812 | 22,812 | 34,688 | 34,688 | |||||||||||||||||||||
Notes receivable, including noncurrent portion(4) | Level 3 | 25,836 | 25,836 | 34,471 | 34,471 | |||||||||||||||||||||
Liabilities: | ||||||||||||||||||||||||||
3.375% Senior Notes(5) | Level 2 | $ | 496,494 | $ | 493,992 | $ | 496,164 | $ | 527,219 | |||||||||||||||||
1.5% Convertible Senior Notes(5) | Level 2 | 18,398 | 47,510 | 18,472 | 39,392 | |||||||||||||||||||||
5.625% Municipal Bonds(5) | Level 2 | — | — | 17,795 | 17,878 | |||||||||||||||||||||
Other borrowings(6) | Level 2 | 7,035 | 7,035 | — | — | |||||||||||||||||||||
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 carrying 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 the first nine months of 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 the first nine months of 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 | 9 Months Ended | |||||||||||||||||
Sep. 30, 2013 | ||||||||||||||||||
Derivatives and Hedging | ' | |||||||||||||||||
Derivatives and Hedging | ' | |||||||||||||||||
(8) 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 intercompany transactions, deposits denominated in non-functional 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 mitigates the risk by utilizing derivative instruments as hedging instruments that 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 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 hedging instruments or engage in hedging activities for speculative purposes. 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. | ||||||||||||||||||
As of September 30, 2013, the company had total gross notional amounts of $127 million of foreign currency contracts and $12 million of commodity contracts outstanding relating to engineering and construction contract obligations and intercompany transactions. The foreign currency contracts are of varying duration, none of which extend beyond April 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 three and nine months ended September 30, 2013 and 2012. | ||||||||||||||||||
The fair values of derivatives designated as hedging instruments under ASC 815 as of September 30, 2013 and December 31, 2012 are as follows: | ||||||||||||||||||
Asset Derivatives | Liability Derivatives | |||||||||||||||||
Balance Sheet | September 30, | December 31, | Balance Sheet | September 30, | December 31, | |||||||||||||
(in thousands) | Location | 2013 | 2012 | Location | 2013 | 2012 | ||||||||||||
Commodity contracts | Other current assets | $ | 219 | $ | 95 | Other accrued liabilities | $ | 106 | $ | 15 | ||||||||
Foreign currency contracts | Other current assets | 805 | 640 | Other accrued liabilities | 3,344 | 2,130 | ||||||||||||
Commodity contracts | Other assets | — | — | Noncurrent liabilities | 184 | 13 | ||||||||||||
Foreign currency contracts | Other assets | — | — | Noncurrent liabilities | — | 21 | ||||||||||||
Total | $ | 1,024 | $ | 735 | $ | 3,634 | $ | 2,179 | ||||||||||
The pre-tax amount of gain (loss) recognized in earnings associated with the hedging instruments designated as fair value hedges for the three and nine months ended September 30, 2013 and 2012 is as follows: | ||||||||||||||||||
Three Months Ended | Nine Months Ended | |||||||||||||||||
September 30, | September 30, | |||||||||||||||||
Fair Value Hedges (in thousands) | Location of Gain (Loss) | 2013 | 2012 | 2013 | 2012 | |||||||||||||
Foreign currency contracts | Corporate general and administrative expense | $ | (81 | ) | $ | (12,075 | ) | $ | 4,064 | $ | (19,773 | ) | ||||||
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 Condensed Consolidated Statement of Earnings. | ||||||||||||||||||
The after-tax amount of gain (loss) recognized in OCI associated with the derivative instruments designated as cash flow hedges is as follows: | ||||||||||||||||||
Three Months Ended | Nine Months Ended | |||||||||||||||||
September 30, | September 30, | |||||||||||||||||
Cash Flow Hedges (in thousands) | 2013 | 2012 | 2013 | 2012 | ||||||||||||||
Commodity contracts | $ | 47 | $ | 619 | $ | 79 | $ | 1,011 | ||||||||||
Foreign currency contracts | (490 | ) | 884 | (2,962 | ) | 2,910 | ||||||||||||
Total | $ | (443 | ) | $ | 1,503 | $ | (2,883 | ) | $ | 3,921 | ||||||||
The after-tax amount of gain (loss) reclassified from AOCI into earnings associated with the derivative instruments designated as cash flow hedges is as follows: | ||||||||||||||||||
Three Months Ended | Nine Months Ended | |||||||||||||||||
September 30, | September 30, | |||||||||||||||||
Cash Flow Hedges (in thousands) | Location of Gain (Loss) | 2013 | 2012 | 2013 | 2012 | |||||||||||||
Commodity contracts | Total cost of revenue | $ | (1 | ) | $ | 710 | $ | 59 | $ | 1,654 | ||||||||
Foreign currency contracts | Total cost of revenue | (1,319 | ) | 557 | (1,454 | ) | 558 | |||||||||||
Interest rate contracts | Interest expense | (262 | ) | (262 | ) | (786 | ) | (786 | ) | |||||||||
Total | $ | (1,582 | ) | $ | 1,005 | $ | (2,181 | ) | $ | 1,426 | ||||||||
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. | ||||||||||||||||||
Retirement_Benefits
Retirement Benefits | 9 Months Ended | |||||||||||||||||||||||||
Sep. 30, 2013 | ||||||||||||||||||||||||||
Retirement Benefits | ' | |||||||||||||||||||||||||
Retirement Benefits | ' | |||||||||||||||||||||||||
(9) Net periodic pension expense for the U.S. and non-U.S. defined benefit pension plans includes the following components: | ||||||||||||||||||||||||||
U.S. Pension Plan | Non-U.S. Pension Plans | |||||||||||||||||||||||||
Three Months Ended | Nine Months Ended | Three Months Ended | Nine Months Ended | |||||||||||||||||||||||
September 30, | September 30, | September 30, | September 30, | |||||||||||||||||||||||
(in thousands) | 2013 | 2012 | 2013 | 2012 | 2013 | 2012 | 2013 | 2012 | ||||||||||||||||||
Service cost | $ | 1,613 | $ | 1,489 | $ | 4,840 | $ | 4,468 | $ | 3,809 | $ | 1,921 | $ | 11,505 | $ | 5,815 | ||||||||||
Interest cost | 7,275 | 8,323 | 21,825 | 24,970 | 7,989 | 8,070 | 23,925 | 24,518 | ||||||||||||||||||
Expected return on assets | (7,744 | ) | (8,830 | ) | (23,232 | ) | (26,492 | ) | (11,527 | ) | (10,369 | ) | (34,507 | ) | (31,446 | ) | ||||||||||
Amortization of prior service cost | 26 | (28 | ) | 77 | (85 | ) | — | — | — | — | ||||||||||||||||
Recognized net actuarial loss | 1,510 | 3,409 | 4,530 | 10,226 | 1,683 | 786 | 5,058 | 2,352 | ||||||||||||||||||
Net periodic pension expense | $ | 2,680 | $ | 4,363 | $ | 8,040 | $ | 13,087 | $ | 1,954 | $ | 408 | $ | 5,981 | $ | 1,239 | ||||||||||
The company currently expects to fund approximately $20 million to $40 million into its defined benefit pension plans during 2013, which is expected to be in excess of the minimum funding required. During the nine months ended September 30, 2013, contributions of approximately $11 million were made by the company. | ||||||||||||||||||||||||||
During the third quarter of 2013, the company’s Board of Directors approved an amendment to the U.S. pension plan to freeze the accrual of future service-related benefits for craft participants on December 31, 2013. The amendment did not have a material impact on the plan’s pension obligation or accumulated other comprehensive income. | ||||||||||||||||||||||||||
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. | ||||||||||||||||||||||||||
Financing_Arrangements
Financing Arrangements | 9 Months Ended | |||||||
Sep. 30, 2013 | ||||||||
Financing Arrangements | ' | |||||||
Financing Arrangements | ' | |||||||
(10) 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. The 2004 Notes are convertible if a specified trading price of the company’s common stock (the “trigger price”) is achieved and maintained for a specified period. The trigger price condition was satisfied during the fourth quarter of 2012 and third quarter of 2013 and the 2004 Notes were therefore classified as short-term debt as of December 31, 2012 and September 30, 2013. During the nine months ended September 30, 2013, holders converted less than $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 the nine months ended September 30, 2012, holders converted $0.9 million of the 2004 Notes in exchange for the principal balance owed in cash plus 17,352 shares of the company’s common stock. | ||||||||
The following table presents information related to the liability and equity components of the 2004 Notes: | ||||||||
September 30, | 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 | ||||||
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. Interest expense for the three and nine month periods included original coupon interest of $0.1 million and $0.2 million, respectively, during both 2013 and 2012. The if-converted value of $48 million was in excess of the principal value as of September 30, 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 borrowed $7 million under a short-term credit facility to purchase land and construction equipment associated with the equipment operations in the Global Services segment. | ||||||||
As of September 30, 2013, the company was in compliance with all of the financial covenants related to its debt agreements. | ||||||||
StockBased_Plans
Stock-Based Plans | 9 Months Ended |
Sep. 30, 2013 | |
Stock-Based Plans | ' |
Stock-Based Plans | ' |
(11) The company’s executive and director stock-based compensation plans are described, and informational disclosures provided, in the Notes to Consolidated Financial Statements included in the Form 10-K for the year ended December 31, 2012. In the first nine months of 2013 and 2012, restricted stock units and restricted shares totaling 477,731 and 450,668, respectively, were granted to executives and directors at weighted-average per share prices of $61.45 and $61.70, respectively. For the company’s executives, the restricted units and shares granted in 2013 and 2012 vest ratably over three years. For the company’s directors, the restricted units and shares granted in 2013 and 2012 vest or vested on the first anniversary of the grant. During the first nine months of 2013 and 2012, options for the purchase of 884,574 shares at a weighted-average exercise price of $61.45 per share and 688,380 shares at a weighted-average exercise price of $62.18 per share, respectively, were awarded to executives. The options granted in 2013 and 2012 vest ratably over three years. The options expire ten years after the grant date. In the first nine months of 2013 and 2012, performance-based Value Driver Incentive (“VDI”) units totaling 385,742 and 341,104, respectively, were granted to executives at weighted-average per share prices of $61.45 and $62.29, respectively. 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. | |
Noncontrolling_Interests
Noncontrolling Interests | 9 Months Ended |
Sep. 30, 2013 | |
Noncontrolling Interests | ' |
Noncontrolling Interests | ' |
(12) 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 interests, 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 Condensed 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 three and nine months ended September 30, 2013, net earnings attributable to noncontrolling interests were $44.3 million and $137.0 million, respectively. For the three and nine months ended September 30, 2012, net earnings attributable to noncontrolling interests were $27.8 million and $81.4 million, respectively. Income taxes associated with earnings attributable to noncontrolling interests were immaterial in all periods presented. Distributions paid to noncontrolling interests were $79.5 million and $61.9 million for the nine months ended September 30, 2013 and 2012, respectively. Capital contributions by noncontrolling interests were $1.5 million and $3.6 million for the nine months ended September 30, 2013 and 2012, respectively. | |
Contingencies_and_Commitments
Contingencies and Commitments | 9 Months Ended |
Sep. 30, 2013 | |
Contingencies and Commitments | ' |
Contingencies and Commitments | ' |
(13) The company and certain of its subsidiaries are involved in various litigation matters. Additionally, the company and certain of its subsidiaries are contingently liable for commitments and performance guarantees arising in the ordinary course of business. 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 for that period in the accompanying Condensed Consolidated Balance Sheet. There were no recognized claims against clients as of September 30, 2013. | |
As of September 30, 2013, several matters were in the litigation and dispute resolution process. The following discussion provides a background and current status of these matters: | |
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 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 its indemnity claims, the company could recognize a material charge to its earnings. | |
Embassy Projects | |
The company constructed 11 embassy projects for the U.S. Department of State under fixed-price contracts. Some of these projects were adversely impacted by higher costs due to schedule extensions, scope changes causing material deviations from the Standard Embassy Design, increased costs to meet client requirements for additional security-cleared labor, site conditions at certain locations, subcontractor and teaming partner difficulties and the availability and productivity of construction labor. All embassy projects were completed prior to 2011. | |
During the first quarter of 2012, the company received an adverse judgment from the Board of Contract Appeals (“BCA”) associated with a claim on one embassy project and, as a result, recorded a charge of $13 million. The company filed an appeal, but the Court of Appeals for the Federal Circuit summarily affirmed the BCA’s decision in September 2013. The company has chosen not to further appeal this matter. | |
A hearing on the final embassy claim was held during the second quarter of 2012, and a decision was rendered during the second quarter of 2013. While the BCA found in favor of Fluor on certain of its claims, the BCA award was less than the company’s demand which resulted in a charge to earnings of approximately $17 million during the second quarter of 2013. The company has chosen not to appeal the BCA’s decision in this matter. | |
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
Guarantees | 9 Months Ended |
Sep. 30, 2013 | |
Guarantees | ' |
Guarantees | ' |
(14) 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 $8.6 billion as of September 30, 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 September 30, 2013 and December 31, 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 may require the borrower to pledge collateral to support the fulfillment of the borrower’s obligation. | |
Variable_Interest_Entities
Variable Interest Entities | 9 Months Ended |
Sep. 30, 2013 | |
Variable Interest Entities | ' |
Variable Interest Entities | ' |
(15) 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 Condensed Consolidated Statement of Earnings and uses the one-line equity method of accounting in the Condensed 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 goodwill” and “Other accrued liabilities” in the Condensed Consolidated Balance Sheet was a net asset of $150 million and $22 million as of September 30, 2013 and December 31, 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 September 30, 2013 for the unconsolidated VIEs were $38 million. | |
In some cases, the company is required to consolidate certain VIEs. As of September 30, 2013, the carrying values of the assets and liabilities associated with the operations of the consolidated VIEs were $1.3 billion and $765 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. | |
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, a consolidated joint venture formed for the execution of an iron ore project in Australia, which is material to the company’s revenue for the 2012 periods. The company’s results of operations included revenue related to the Fluor SKM joint venture of $322 million and $1.6 billion for the three and nine months ended September 30, 2013, respectively, and $1.0 billion and $2.5 billion for the three and nine months ended September 30, 2012, respectively. | |
Operations_by_Business_Segment
Operations by Business Segment and Geographical Area | 9 Months Ended | |||||||||||||
Sep. 30, 2013 | ||||||||||||||
Operations by Business Segment and Geographical Area | ' | |||||||||||||
Operations by Business Segment and Geographical Area | ' | |||||||||||||
(16) Effective January 1, 2013, the company implemented certain organizational changes that impacted the composition of its reportable segments. The company’s operations and maintenance activities, previously included in the Global Services segment, have been integrated into the Industrial & Infrastructure segment 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 a new procurement entity, Acqyre, which was formed to provide strategic sourcing solutions to third parties. Segment operating information and total assets for 2012 have been recast to reflect these organizational changes. | ||||||||||||||
Operating information by segment is as follows: | ||||||||||||||
Three Months Ended | Nine Months Ended | |||||||||||||
September 30, | September 30, | |||||||||||||
External Revenue (in millions) | 2013 | 2012 | 2013 | 2012 | ||||||||||
Oil & Gas | $ | 2,892.70 | $ | 2,551.60 | $ | 8,518.50 | $ | 6,887.40 | ||||||
Industrial & Infrastructure | 2,665.00 | 3,465.00 | 8,879.50 | 10,102.00 | ||||||||||
Government | 675.2 | 790.1 | 2,101.00 | 2,511.50 | ||||||||||
Global Services | 149.7 | 159.5 | 454 | 503 | ||||||||||
Power | 301.6 | 169.9 | 1,107.20 | 550.5 | ||||||||||
Total external revenue | $ | 6,684.20 | $ | 7,136.10 | $ | 21,060.20 | $ | 20,554.40 | ||||||
Intercompany revenue for the Global Services segment, excluded from the amounts shown above, was $128.0 million and $371.1 million for the three and nine months ended September 30, 2013, respectively, and $116.0 million and $341.8 million for the three and nine months ended September 30, 2012, respectively. | ||||||||||||||
Three Months Ended | Nine Months Ended | |||||||||||||
September 30, | September 30, | |||||||||||||
Segment Profit (Loss) (in millions) | 2013 | 2012 | 2013 | 2012 | ||||||||||
Oil & Gas | $ | 108.3 | $ | 87.2 | $ | 319.6 | $ | 244.7 | ||||||
Industrial & Infrastructure | 132.4 | 145 | 388.7 | 389.6 | ||||||||||
Government | 37.8 | 22.9 | 92.7 | 98.1 | ||||||||||
Global Services | 24.5 | 29.2 | 79.8 | 100.4 | ||||||||||
Power | 7.6 | (6.0 | ) | 11.4 | (14.5 | ) | ||||||||
Total segment profit | $ | 310.6 | $ | 278.3 | $ | 892.2 | $ | 818.3 | ||||||
Power segment profit for the three and nine months ended September 30, 2013 included research and development expenses of $12.7 million and $41.1 million, respectively, and $15.7 million and $40.6 million for the three and nine months ended September 30, 2012, respectively, associated with the operations of NuScale. | ||||||||||||||
A reconciliation of the segment information to consolidated amounts is as follows: | ||||||||||||||
Three Months Ended | Nine Months Ended | |||||||||||||
Reconciliation of Total Segment Profit to | September 30, | September 30, | ||||||||||||
Earnings Before Taxes (in millions) | 2013 | 2012 | 2013 | 2012 | ||||||||||
Total segment profit | $ | 310.6 | $ | 278.3 | $ | 892.2 | $ | 818.3 | ||||||
Corporate general and administrative expense | (46.1 | ) | (40.9 | ) | (110.6 | ) | (109.9 | ) | ||||||
Interest income (expense), net | (3.7 | ) | (0.9 | ) | (8.9 | ) | 2.8 | |||||||
Earnings attributable to noncontrolling interests | 43.9 | 28 | 137.1 | 82.3 | ||||||||||
Earnings before taxes | $ | 304.7 | $ | 264.5 | $ | 909.8 | $ | 793.5 | ||||||
Total assets by segment are as follows: | ||||||||||||||
September 30, | December 31, | |||||||||||||
Total Assets (in millions) | 2013 | 2012 | ||||||||||||
Oil & Gas | $ | 1,871.80 | $ | 1,704.40 | ||||||||||
Industrial & Infrastructure | 965.5 | 751.7 | ||||||||||||
Government | 545.8 | 827.2 | ||||||||||||
Global Services | 729.7 | 768.9 | ||||||||||||
Power | 205.1 | 120.6 | ||||||||||||
The increase in total assets for the Oil & Gas segment was due to higher levels of working capital needed to support the segment’s revenue growth. The increase in total assets for the Industrial & Infrastructure segment resulted primarily from the consolidation of a variable interest entity in the mining and metals business line during the first quarter of 2013, offset somewhat by a reduction in project working capital associated with the decrease in volume in the mining and metals business line. The decrease in total assets for the Government segment was primarily the result of reduced project working capital needs for LOGCAP IV. The increase in total assets for the Power segment was primarily due to an increase in working capital to support project execution activities. | ||||||||||||||
Comprehensive_Income_Tables
Comprehensive Income (Tables) | 9 Months Ended | |||||||||||||||||||
Sep. 30, 2013 | ||||||||||||||||||||
Comprehensive Income | ' | |||||||||||||||||||
Schedule of tax effects of the components of other comprehensive income | ' | |||||||||||||||||||
The tax effects of the components of other comprehensive income (loss) (“OCI”) for the three months ended September 30, 2013 and 2012 are as follows: | ||||||||||||||||||||
Three Months Ended | Three Months Ended | |||||||||||||||||||
September 30, 2013 | September 30, 2012 | |||||||||||||||||||
Tax | ||||||||||||||||||||
Before-Tax | Benefit | Net-of-Tax | Before-Tax | Tax | Net-of-Tax | |||||||||||||||
(in thousands) | Amount | (Expense) | Amount | Amount | Expense | Amount | ||||||||||||||
Other comprehensive income (loss): | ||||||||||||||||||||
Foreign currency translation adjustment | $ | 42,074 | $ | (15,882 | ) | $ | 26,192 | $ | 38,768 | $ | (14,600 | ) | $ | 24,168 | ||||||
Ownership share of equity method investees’ other comprehensive income | 3,118 | (856 | ) | 2,262 | 165 | (32 | ) | 133 | ||||||||||||
Defined benefit pension and postretirement plan adjustments | (6,472 | ) | 2,427 | (4,045 | ) | 1,643 | (616 | ) | 1,027 | |||||||||||
Unrealized gain on derivative contracts | 1,700 | (685 | ) | 1,015 | 693 | (281 | ) | 412 | ||||||||||||
Unrealized gain on debt securities | 585 | (220 | ) | 365 | 630 | (237 | ) | 393 | ||||||||||||
Total other comprehensive income | 41,005 | (15,216 | ) | 25,789 | 41,899 | (15,766 | ) | 26,133 | ||||||||||||
Less: Other comprehensive loss attributable to noncontrolling interests | (403 | ) | — | (403 | ) | (250 | ) | — | (250 | ) | ||||||||||
Other comprehensive income attributable to Fluor Corporation | $ | 41,408 | $ | (15,216 | ) | $ | 26,192 | $ | 42,149 | $ | (15,766 | ) | $ | 26,383 | ||||||
The tax effects of the components of OCI for the nine months ended September 30, 2013 and 2012 are as follows: | ||||||||||||||||||||
Nine Months Ended | Nine Months Ended | |||||||||||||||||||
September 30, 2013 | September 30, 2012 | |||||||||||||||||||
Tax | ||||||||||||||||||||
Before-Tax | Benefit | Net-of-Tax | Before-Tax | Tax | Net-of-Tax | |||||||||||||||
(in thousands) | Amount | (Expense) | Amount | Amount | Expense | Amount | ||||||||||||||
Other comprehensive income (loss): | ||||||||||||||||||||
Foreign currency translation adjustment | $ | (48,753 | ) | $ | 18,198 | $ | (30,555 | ) | $ | 43,922 | $ | (16,506 | ) | $ | 27,416 | |||||
Ownership share of equity method investees’ other comprehensive income (loss) | 11,471 | (3,118 | ) | 8,353 | (1,138 | ) | (218 | ) | (1,356 | ) | ||||||||||
Defined benefit pension and postretirement plan adjustments | 7,648 | (2,868 | ) | 4,780 | 10,187 | (3,820 | ) | 6,367 | ||||||||||||
Unrealized gain (loss) on derivative contracts | (1,247 | ) | 420 | (827 | ) | 3,465 | (1,464 | ) | 2,001 | |||||||||||
Unrealized gain (loss) on debt securities | (1,170 | ) | 438 | (732 | ) | 456 | (171 | ) | 285 | |||||||||||
Total other comprehensive income (loss) | (32,051 | ) | 13,070 | (18,981 | ) | 56,892 | (22,179 | ) | 34,713 | |||||||||||
Less: Other comprehensive loss attributable to noncontrolling interests | (350 | ) | — | (350 | ) | (587 | ) | — | (587 | ) | ||||||||||
Other comprehensive income (loss) attributable to Fluor Corporation | $ | (31,701 | ) | $ | 13,070 | $ | (18,631 | ) | $ | 57,479 | $ | (22,179 | ) | $ | 35,300 | |||||
Schedule of changes in AOCI balances by component (after-tax) | ' | |||||||||||||||||||
The changes in AOCI balances by component (after-tax) for the three months ended September 30, 2013 are as follows: | ||||||||||||||||||||
(in thousands) | Foreign | Ownership Share of | Defined Benefit | Unrealized | Unrealized Gain | Accumulated Other | ||||||||||||||
Currency | Equity Method | Pension and | Gain (Loss) | (Loss) on Available- | Comprehensive | |||||||||||||||
Translation | Investees’ Other | Postretirement | on | for-Sale Securities | Income (Loss), Net | |||||||||||||||
Comprehensive | Plans | Derivative | ||||||||||||||||||
Income (Loss) | Contracts | |||||||||||||||||||
Attributable to Fluor Corporation: | ||||||||||||||||||||
Balance as of June 30, 2013 | $ | (10,902 | ) | $ | (36,928 | ) | $ | (243,899 | ) | $ | (10,801 | ) | $ | (143 | ) | $ | (302,673 | ) | ||
Other comprehensive income (loss) before reclassifications | 26,471 | 2,262 | (6,057 | ) | (443 | ) | 367 | 22,600 | ||||||||||||
Amounts reclassified from AOCI | — | — | 2,012 | 1,582 | (2 | ) | 3,592 | |||||||||||||
Net other comprehensive income (loss) | 26,471 | 2,262 | (4,045 | ) | 1,139 | 365 | 26,192 | |||||||||||||
Balance as of September 30, 2013 | $ | 15,569 | $ | (34,666 | ) | $ | (247,944 | ) | $ | (9,662 | ) | $ | 222 | $ | (276,481 | ) | ||||
Attributable to Noncontrolling Interests: | ||||||||||||||||||||
Balance as of June 30, 2013 | $ | 8,777 | $ | — | $ | — | $ | — | $ | — | $ | 8,777 | ||||||||
Other comprehensive loss before reclassifications | (279 | ) | — | — | (124 | ) | — | (403 | ) | |||||||||||
Amounts reclassified from AOCI | — | — | — | — | — | — | ||||||||||||||
Net other comprehensive loss | (279 | ) | — | — | (124 | ) | — | (403 | ) | |||||||||||
Balance as of September 30, 2013 | $ | 8,498 | $ | — | $ | — | $ | (124 | ) | $ | — | $ | 8,374 | |||||||
The changes in AOCI balances by component (after-tax) for the nine months ended as of September 30, 2013 are as follows: | ||||||||||||||||||||
(in thousands) | Foreign | Ownership Share of | Defined Benefit | Unrealized | Unrealized Gain | Accumulated Other | ||||||||||||||
Currency | Equity Method | Pension and | Gain (Loss) | (Loss) on Available- | Comprehensive | |||||||||||||||
Translation | Investees’ Other | Postretirement | on | for-Sale Securities | Income (Loss), Net | |||||||||||||||
Comprehensive | Plans | Derivative | ||||||||||||||||||
Income (Loss) | Contracts | |||||||||||||||||||
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 | (30,330 | ) | 8,353 | (1,261 | ) | (2,883 | ) | (645 | ) | (26,766 | ) | |||||||||
Amounts reclassified from AOCI | — | — | 6,041 | 2,181 | (87 | ) | 8,135 | |||||||||||||
Net other comprehensive income (loss) | (30,330 | ) | 8,353 | 4,780 | (702 | ) | (732 | ) | (18,631 | ) | ||||||||||
Balance as of September 30, 2013 | $ | 15,569 | $ | (34,666 | ) | $ | (247,944 | ) | $ | (9,662 | ) | $ | 222 | $ | (276,481 | ) | ||||
Attributable to Noncontrolling Interests: | ||||||||||||||||||||
Balance as of December 31, 2012 | $ | 8,723 | $ | — | $ | — | $ | 1 | $ | — | $ | 8,724 | ||||||||
Other comprehensive loss before reclassifications | (225 | ) | — | — | (124 | ) | — | (349 | ) | |||||||||||
Amounts reclassified from AOCI | — | — | — | (1 | ) | — | (1 | ) | ||||||||||||
Net other comprehensive loss | (225 | ) | — | — | (125 | ) | — | (350 | ) | |||||||||||
Balance as of September 30, 2013 | $ | 8,498 | $ | — | $ | — | $ | (124 | ) | $ | — | $ | 8,374 | |||||||
Summary of significant items reclassified out of AOCI and the corresponding location and impact on the Condensed Consolidated Statement of Earnings | ' | |||||||||||||||||||
Location in Condensed | Three Months Ended | Nine Months Ended | ||||||||||||||||||
(in thousands) | Consolidated Statement of Earnings | September 30, 2013 | September 30, 2013 | |||||||||||||||||
Component of AOCI: | ||||||||||||||||||||
Defined benefit pension plan adjustments | Various accounts(1) | $ | (3,220 | ) | $ | (9,666 | ) | |||||||||||||
Income tax benefit | Income tax expense | 1,208 | 3,625 | |||||||||||||||||
Net of tax | $ | (2,012 | ) | $ | (6,041 | ) | ||||||||||||||
Unrealized loss on derivative contracts: | ||||||||||||||||||||
Commodity contracts and foreign currency contracts | Total cost of revenue | $ | (2,112 | ) | $ | (2,237 | ) | |||||||||||||
Interest rate contracts | Interest expense | (419 | ) | (1,258 | ) | |||||||||||||||
Income tax benefit | Income tax expense | 949 | 1,315 | |||||||||||||||||
Net of tax | (1,582 | ) | (2,180 | ) | ||||||||||||||||
Less: Noncontrolling interests | Net earnings attributable to noncontrolling interests | — | (1 | ) | ||||||||||||||||
Net of tax and noncontrolling interests | $ | (1,582 | ) | $ | (2,181 | ) | ||||||||||||||
Unrealized gain on available-for-sale securities | Corporate general and administrative expense | $ | 3 | $ | 139 | |||||||||||||||
Income tax expense | Income tax expense | (1 | ) | (52 | ) | |||||||||||||||
Net of tax | $ | 2 | $ | 87 | ||||||||||||||||
(1) Defined benefit pension plan adjustments were reclassified primarily to total cost of revenue and corporate general and administrative expense. | ||||||||||||||||||||
Earnings_Per_Share_Tables
Earnings Per Share (Tables) | 9 Months Ended | |||||||||||||
Sep. 30, 2013 | ||||||||||||||
Earnings Per Share | ' | |||||||||||||
Calculations of the basic and diluted EPS under the treasury stock method | ' | |||||||||||||
Three Months Ended | Nine Months Ended | |||||||||||||
September 30, | September 30, | |||||||||||||
(in thousands, except per share amounts) | 2013 | 2012 | 2013 | 2012 | ||||||||||
Net earnings attributable to Fluor Corporation | $ | 173,046 | $ | 144,583 | $ | 500,916 | $ | 460,655 | ||||||
Basic EPS: | ||||||||||||||
Weighted average common shares outstanding | 162,940 | 166,660 | 162,715 | 167,925 | ||||||||||
Basic earnings per share | $ | 1.06 | $ | 0.87 | $ | 3.08 | $ | 2.74 | ||||||
Diluted EPS: | ||||||||||||||
Weighted average common shares outstanding | 162,940 | 166,660 | 162,715 | 167,925 | ||||||||||
Diluted effect: | ||||||||||||||
Employee stock options and restricted stock units and shares | 1,490 | 964 | 1,218 | 1,004 | ||||||||||
Conversion equivalent of dilutive convertible debt | 415 | 344 | 391 | 342 | ||||||||||
Weighted average diluted shares outstanding | 164,845 | 167,968 | 164,324 | 169,271 | ||||||||||
Diluted earnings per share | $ | 1.05 | $ | 0.86 | $ | 3.05 | $ | 2.72 | ||||||
Anti-dilutive securities not included above | 1,845 | 1,653 | 1,914 | 1,529 | ||||||||||
Fair_Value_of_Financial_Instru1
Fair Value of Financial Instruments (Tables) | 9 Months Ended | |||||||||||||||||||||||||
Sep. 30, 2013 | ||||||||||||||||||||||||||
Fair Value of Financial Instruments | ' | |||||||||||||||||||||||||
Fair value of assets and liabilities measured on recurring basis | ' | |||||||||||||||||||||||||
September 30, 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 | $ | 19,114 | $ | 19,114 | -2 | $ | — | $ | — | $ | 14,457 | $ | 14,457 | -2 | $ | — | $ | — | ||||||||
Marketable securities, current | 135,098 | — | 135,098 | -3 | — | 102,439 | — | 102,439 | -3 | |||||||||||||||||
Deferred compensation trusts | 81,350 | 81,350 | -4 | — | — | 80,842 | 80,842 | -4 | — | — | ||||||||||||||||
Marketable securities, noncurrent | 281,999 | — | 281,999 | -5 | — | 318,355 | — | 318,355 | -5 | — | ||||||||||||||||
Derivative assets(6) | ||||||||||||||||||||||||||
Commodity contracts | 219 | — | 219 | — | 95 | — | 95 | — | ||||||||||||||||||
Foreign currency contracts | 805 | — | 805 | — | 640 | — | 640 | — | ||||||||||||||||||
Liabilities(1): | ||||||||||||||||||||||||||
Derivative liabilities(6) | ||||||||||||||||||||||||||
Commodity contracts | $ | 290 | $ | — | $ | 290 | $ | — | $ | 28 | $ | — | $ | 28 | $ | — | ||||||||||
Foreign currency contracts | 3,344 | — | 3,344 | — | 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. | ||||||||||||||||||||||||||
(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 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 Note 8 for the classification of commodity contracts and foreign currency contracts on the Condensed 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 | ' | |||||||||||||||||||||||||
September 30, 2013 | December 31, 2012 | |||||||||||||||||||||||||
Fair Value | Carrying | Fair | Carrying | Fair | ||||||||||||||||||||||
(in thousands) | Hierarchy | Value | Value | Value | Value | |||||||||||||||||||||
Assets: | ||||||||||||||||||||||||||
Cash(1) | Level 1 | $ | 1,604,552 | $ | 1,604,552 | $ | 1,343,866 | $ | 1,343,866 | |||||||||||||||||
Cash equivalents(2) | Level 2 | 913,904 | 913,904 | 796,218 | 796,218 | |||||||||||||||||||||
Marketable securities, current(3) | Level 2 | 22,812 | 22,812 | 34,688 | 34,688 | |||||||||||||||||||||
Notes receivable, including noncurrent portion(4) | Level 3 | 25,836 | 25,836 | 34,471 | 34,471 | |||||||||||||||||||||
Liabilities: | ||||||||||||||||||||||||||
3.375% Senior Notes(5) | Level 2 | $ | 496,494 | $ | 493,992 | $ | 496,164 | $ | 527,219 | |||||||||||||||||
1.5% Convertible Senior Notes(5) | Level 2 | 18,398 | 47,510 | 18,472 | 39,392 | |||||||||||||||||||||
5.625% Municipal Bonds(5) | Level 2 | — | — | 17,795 | 17,878 | |||||||||||||||||||||
Other borrowings(6) | Level 2 | 7,035 | 7,035 | — | — | |||||||||||||||||||||
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 carrying 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 the first nine months of 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 the first nine months of 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) | 9 Months Ended | |||||||||||||||||
Sep. 30, 2013 | ||||||||||||||||||
Derivatives and Hedging | ' | |||||||||||||||||
Schedule of Fair Values of Derivatives Designated as Hedging Instruments | ' | |||||||||||||||||
Asset Derivatives | Liability Derivatives | |||||||||||||||||
Balance Sheet | September 30, | December 31, | Balance Sheet | September 30, | December 31, | |||||||||||||
(in thousands) | Location | 2013 | 2012 | Location | 2013 | 2012 | ||||||||||||
Commodity contracts | Other current assets | $ | 219 | $ | 95 | Other accrued liabilities | $ | 106 | $ | 15 | ||||||||
Foreign currency contracts | Other current assets | 805 | 640 | Other accrued liabilities | 3,344 | 2,130 | ||||||||||||
Commodity contracts | Other assets | — | — | Noncurrent liabilities | 184 | 13 | ||||||||||||
Foreign currency contracts | Other assets | — | — | Noncurrent liabilities | — | 21 | ||||||||||||
Total | $ | 1,024 | $ | 735 | $ | 3,634 | $ | 2,179 | ||||||||||
Schedule of after-tax amount of gain (loss) recognized in OCI and reclassified from AOCI into earnings associated with cash flow hedges | ' | |||||||||||||||||
The after-tax amount of gain (loss) recognized in OCI associated with the derivative instruments designated as cash flow hedges is as follows: | ||||||||||||||||||
Three Months Ended | Nine Months Ended | |||||||||||||||||
September 30, | September 30, | |||||||||||||||||
Cash Flow Hedges (in thousands) | 2013 | 2012 | 2013 | 2012 | ||||||||||||||
Commodity contracts | $ | 47 | $ | 619 | $ | 79 | $ | 1,011 | ||||||||||
Foreign currency contracts | (490 | ) | 884 | (2,962 | ) | 2,910 | ||||||||||||
Total | $ | (443 | ) | $ | 1,503 | $ | (2,883 | ) | $ | 3,921 | ||||||||
The after-tax amount of gain (loss) reclassified from AOCI into earnings associated with the derivative instruments designated as cash flow hedges is as follows: | ||||||||||||||||||
Three Months Ended | Nine Months Ended | |||||||||||||||||
September 30, | September 30, | |||||||||||||||||
Cash Flow Hedges (in thousands) | Location of Gain (Loss) | 2013 | 2012 | 2013 | 2012 | |||||||||||||
Commodity contracts | Total cost of revenue | $ | (1 | ) | $ | 710 | $ | 59 | $ | 1,654 | ||||||||
Foreign currency contracts | Total cost of revenue | (1,319 | ) | 557 | (1,454 | ) | 558 | |||||||||||
Interest rate contracts | Interest expense | (262 | ) | (262 | ) | (786 | ) | (786 | ) | |||||||||
Total | $ | (1,582 | ) | $ | 1,005 | $ | (2,181 | ) | $ | 1,426 | ||||||||
Hedging instruments designated as fair value hedges | ' | |||||||||||||||||
Derivative gain (loss) | ' | |||||||||||||||||
Schedule of pre-tax amount of gain (loss) recognized in earnings | ' | |||||||||||||||||
Three Months Ended | Nine Months Ended | |||||||||||||||||
September 30, | September 30, | |||||||||||||||||
Fair Value Hedges (in thousands) | Location of Gain (Loss) | 2013 | 2012 | 2013 | 2012 | |||||||||||||
Foreign currency contracts | Corporate general and administrative expense | $ | (81 | ) | $ | (12,075 | ) | $ | 4,064 | $ | (19,773 | ) | ||||||
Retirement_Benefits_Tables
Retirement Benefits (Tables) | 9 Months Ended | |||||||||||||||||||||||||
Sep. 30, 2013 | ||||||||||||||||||||||||||
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 | |||||||||||||||||||||||||
Three Months Ended | Nine Months Ended | Three Months Ended | Nine Months Ended | |||||||||||||||||||||||
September 30, | September 30, | September 30, | September 30, | |||||||||||||||||||||||
(in thousands) | 2013 | 2012 | 2013 | 2012 | 2013 | 2012 | 2013 | 2012 | ||||||||||||||||||
Service cost | $ | 1,613 | $ | 1,489 | $ | 4,840 | $ | 4,468 | $ | 3,809 | $ | 1,921 | $ | 11,505 | $ | 5,815 | ||||||||||
Interest cost | 7,275 | 8,323 | 21,825 | 24,970 | 7,989 | 8,070 | 23,925 | 24,518 | ||||||||||||||||||
Expected return on assets | (7,744 | ) | (8,830 | ) | (23,232 | ) | (26,492 | ) | (11,527 | ) | (10,369 | ) | (34,507 | ) | (31,446 | ) | ||||||||||
Amortization of prior service cost | 26 | (28 | ) | 77 | (85 | ) | — | — | — | — | ||||||||||||||||
Recognized net actuarial loss | 1,510 | 3,409 | 4,530 | 10,226 | 1,683 | 786 | 5,058 | 2,352 | ||||||||||||||||||
Net periodic pension expense | $ | 2,680 | $ | 4,363 | $ | 8,040 | $ | 13,087 | $ | 1,954 | $ | 408 | $ | 5,981 | $ | 1,239 |
Financing_Arrangements_Tables
Financing Arrangements (Tables) | 9 Months Ended | |||||||
Sep. 30, 2013 | ||||||||
Financing Arrangements | ' | |||||||
Schedule of Liability and Equity Components of Convertible Debt | ' | |||||||
September 30, | 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 | ||||||
Operations_by_Business_Segment1
Operations by Business Segment and Geographical Area (Tables) | 9 Months Ended | |||||||||||||
Sep. 30, 2013 | ||||||||||||||
Operations by Business Segment and Geographical Area | ' | |||||||||||||
Schedule of Segment External Revenue, Segment Profit (Loss) and Total Assets | ' | |||||||||||||
Three Months Ended | Nine Months Ended | |||||||||||||
September 30, | September 30, | |||||||||||||
External Revenue (in millions) | 2013 | 2012 | 2013 | 2012 | ||||||||||
Oil & Gas | $ | 2,892.70 | $ | 2,551.60 | $ | 8,518.50 | $ | 6,887.40 | ||||||
Industrial & Infrastructure | 2,665.00 | 3,465.00 | 8,879.50 | 10,102.00 | ||||||||||
Government | 675.2 | 790.1 | 2,101.00 | 2,511.50 | ||||||||||
Global Services | 149.7 | 159.5 | 454 | 503 | ||||||||||
Power | 301.6 | 169.9 | 1,107.20 | 550.5 | ||||||||||
Total external revenue | $ | 6,684.20 | $ | 7,136.10 | $ | 21,060.20 | $ | 20,554.40 | ||||||
Three Months Ended | Nine Months Ended | |||||||||||||
September 30, | September 30, | |||||||||||||
Segment Profit (Loss) (in millions) | 2013 | 2012 | 2013 | 2012 | ||||||||||
Oil & Gas | $ | 108.3 | $ | 87.2 | $ | 319.6 | $ | 244.7 | ||||||
Industrial & Infrastructure | 132.4 | 145 | 388.7 | 389.6 | ||||||||||
Government | 37.8 | 22.9 | 92.7 | 98.1 | ||||||||||
Global Services | 24.5 | 29.2 | 79.8 | 100.4 | ||||||||||
Power | 7.6 | (6.0 | ) | 11.4 | (14.5 | ) | ||||||||
Total segment profit | $ | 310.6 | $ | 278.3 | $ | 892.2 | $ | 818.3 | ||||||
September 30, | December 31, | |||||||||||||
Total Assets (in millions) | 2013 | 2012 | ||||||||||||
Oil & Gas | $ | 1,871.80 | $ | 1,704.40 | ||||||||||
Industrial & Infrastructure | 965.5 | 751.7 | ||||||||||||
Government | 545.8 | 827.2 | ||||||||||||
Global Services | 729.7 | 768.9 | ||||||||||||
Power | 205.1 | 120.6 | ||||||||||||
Schedule of reconciliation of segment information to consolidated amounts | ' | |||||||||||||
Three Months Ended | Nine Months Ended | |||||||||||||
Reconciliation of Total Segment Profit to | September 30, | September 30, | ||||||||||||
Earnings Before Taxes (in millions) | 2013 | 2012 | 2013 | 2012 | ||||||||||
Total segment profit | $ | 310.6 | $ | 278.3 | $ | 892.2 | $ | 818.3 | ||||||
Corporate general and administrative expense | (46.1 | ) | (40.9 | ) | (110.6 | ) | (109.9 | ) | ||||||
Interest income (expense), net | (3.7 | ) | (0.9 | ) | (8.9 | ) | 2.8 | |||||||
Earnings attributable to noncontrolling interests | 43.9 | 28 | 137.1 | 82.3 | ||||||||||
Earnings before taxes | $ | 304.7 | $ | 264.5 | $ | 909.8 | $ | 793.5 |
Comprehensive_Income_Details
Comprehensive Income (Details) (USD $) | 3 Months Ended | 9 Months Ended | ||
In Thousands, unless otherwise specified | Sep. 30, 2013 | Sep. 30, 2012 | Sep. 30, 2013 | Sep. 30, 2012 |
Other comprehensive income (loss), Before-Tax Amount: | ' | ' | ' | ' |
Total other comprehensive income (loss), Before-Tax Amount | $41,005 | $41,899 | ($32,051) | $56,892 |
Less: Other comprehensive loss attributable to noncontrolling interests, Before-Tax Amount | -403 | -250 | -350 | -587 |
Other comprehensive income (loss) attributable to Fluor Corporation, Before-Tax Amount | 41,408 | 42,149 | -31,701 | 57,479 |
Other comprehensive income (loss), Tax Benefit (Expense): | ' | ' | ' | ' |
Total other comprehensive income (loss), Tax Benefit (Expense) | -15,216 | -15,766 | 13,070 | -22,179 |
Other comprehensive income (loss) attributable to Fluor Corporation, Tax Benefit (Expense) | -15,216 | -15,766 | 13,070 | -22,179 |
Other comprehensive income (loss), Net-of-Tax: | ' | ' | ' | ' |
TOTAL OTHER COMPREHENSIVE INCOME (LOSS), NET OF TAX | 25,789 | 26,133 | -18,981 | 34,713 |
Less: Other comprehensive loss attributable to noncontrolling interests, Net-of-Tax Amount | -403 | -250 | -350 | -587 |
Other comprehensive income (loss) attributable to Fluor Corporation, Net-of-Tax Amount | 26,192 | 26,383 | -18,631 | 35,300 |
Foreign currency translation adjustment | ' | ' | ' | ' |
Other comprehensive income (loss), Before-Tax Amount: | ' | ' | ' | ' |
Total other comprehensive income (loss), Before-Tax Amount | 42,074 | 38,768 | -48,753 | 43,922 |
Other comprehensive income (loss), Tax Benefit (Expense): | ' | ' | ' | ' |
Total other comprehensive income (loss), Tax Benefit (Expense) | -15,882 | -14,600 | 18,198 | -16,506 |
Other comprehensive income (loss), Net-of-Tax: | ' | ' | ' | ' |
TOTAL OTHER COMPREHENSIVE INCOME (LOSS), NET OF TAX | 26,192 | 24,168 | -30,555 | 27,416 |
Other comprehensive income (loss) attributable to Fluor Corporation, Net-of-Tax Amount | 26,471 | ' | -30,330 | ' |
Ownership share of equity method investees' other comprehensive income | ' | ' | ' | ' |
Other comprehensive income (loss), Before-Tax Amount: | ' | ' | ' | ' |
Total other comprehensive income (loss), Before-Tax Amount | 3,118 | 165 | 11,471 | -1,138 |
Other comprehensive income (loss), Tax Benefit (Expense): | ' | ' | ' | ' |
Total other comprehensive income (loss), Tax Benefit (Expense) | -856 | -32 | -3,118 | -218 |
Other comprehensive income (loss), Net-of-Tax: | ' | ' | ' | ' |
TOTAL OTHER COMPREHENSIVE INCOME (LOSS), NET OF TAX | 2,262 | 133 | 8,353 | -1,356 |
Other comprehensive income (loss) attributable to Fluor Corporation, Net-of-Tax Amount | 2,262 | ' | 8,353 | ' |
Defined benefit pension and postretirement plan adjustments | ' | ' | ' | ' |
Other comprehensive income (loss), Before-Tax Amount: | ' | ' | ' | ' |
Total other comprehensive income (loss), Before-Tax Amount | -6,472 | 1,643 | 7,648 | 10,187 |
Other comprehensive income (loss), Tax Benefit (Expense): | ' | ' | ' | ' |
Total other comprehensive income (loss), Tax Benefit (Expense) | 2,427 | -616 | -2,868 | -3,820 |
Other comprehensive income (loss), Net-of-Tax: | ' | ' | ' | ' |
TOTAL OTHER COMPREHENSIVE INCOME (LOSS), NET OF TAX | -4,045 | 1,027 | 4,780 | 6,367 |
Other comprehensive income (loss) attributable to Fluor Corporation, Net-of-Tax Amount | -4,045 | ' | 4,780 | ' |
Unrealized gain (loss) on derivative contracts | ' | ' | ' | ' |
Other comprehensive income (loss), Before-Tax Amount: | ' | ' | ' | ' |
Total other comprehensive income (loss), Before-Tax Amount | 1,700 | 693 | -1,247 | 3,465 |
Other comprehensive income (loss), Tax Benefit (Expense): | ' | ' | ' | ' |
Total other comprehensive income (loss), Tax Benefit (Expense) | -685 | -281 | 420 | -1,464 |
Other comprehensive income (loss), Net-of-Tax: | ' | ' | ' | ' |
TOTAL OTHER COMPREHENSIVE INCOME (LOSS), NET OF TAX | 1,015 | 412 | -827 | 2,001 |
Other comprehensive income (loss) attributable to Fluor Corporation, Net-of-Tax Amount | 1,139 | ' | -702 | ' |
Unrealized gain (loss) on debt securities | ' | ' | ' | ' |
Other comprehensive income (loss), Before-Tax Amount: | ' | ' | ' | ' |
Total other comprehensive income (loss), Before-Tax Amount | 585 | 630 | -1,170 | 456 |
Other comprehensive income (loss), Tax Benefit (Expense): | ' | ' | ' | ' |
Total other comprehensive income (loss), Tax Benefit (Expense) | -220 | -237 | 438 | -171 |
Other comprehensive income (loss), Net-of-Tax: | ' | ' | ' | ' |
TOTAL OTHER COMPREHENSIVE INCOME (LOSS), NET OF TAX | 365 | 393 | -732 | 285 |
Other comprehensive income (loss) attributable to Fluor Corporation, Net-of-Tax Amount | $365 | ' | ($732) | ' |
Comprehensive_Income_Details_2
Comprehensive Income (Details 2) (USD $) | 3 Months Ended | 9 Months Ended | ||
In Thousands, unless otherwise specified | Sep. 30, 2013 | Sep. 30, 2012 | Sep. 30, 2013 | Sep. 30, 2012 |
Changes in AOCI balances by component (after-tax) attributable to Fluor Corporation | ' | ' | ' | ' |
Accumulated Other Comprehensive Income (Loss), Net, balance at the beginning of the period | ($302,673) | ' | ($257,850) | ' |
Other comprehensive income (loss) before reclassifications | 22,600 | ' | -26,766 | ' |
Amounts reclassified from AOCI | 3,592 | ' | 8,135 | ' |
Other comprehensive income (loss) attributable to Fluor Corporation, Net-of-Tax Amount | 26,192 | 26,383 | -18,631 | 35,300 |
Accumulated Other Comprehensive Income (Loss), Net, balance at the end of the period | -276,481 | ' | -276,481 | ' |
Foreign Currency Translation | ' | ' | ' | ' |
Changes in AOCI balances by component (after-tax) attributable to Fluor Corporation | ' | ' | ' | ' |
Accumulated Other Comprehensive Income (Loss), Net, balance at the beginning of the period | -10,902 | ' | 45,899 | ' |
Other comprehensive income (loss) before reclassifications | 26,471 | ' | -30,330 | ' |
Other comprehensive income (loss) attributable to Fluor Corporation, Net-of-Tax Amount | 26,471 | ' | -30,330 | ' |
Accumulated Other Comprehensive Income (Loss), Net, balance at the end of the period | 15,569 | ' | 15,569 | ' |
Ownership Share of Equity Method Investees' Other Comprehensive Income (Loss) | ' | ' | ' | ' |
Changes in AOCI balances by component (after-tax) attributable to Fluor Corporation | ' | ' | ' | ' |
Accumulated Other Comprehensive Income (Loss), Net, balance at the beginning of the period | -36,928 | ' | -43,019 | ' |
Other comprehensive income (loss) before reclassifications | 2,262 | ' | 8,353 | ' |
Other comprehensive income (loss) attributable to Fluor Corporation, Net-of-Tax Amount | 2,262 | ' | 8,353 | ' |
Accumulated Other Comprehensive Income (Loss), Net, balance at the end of the period | -34,666 | ' | -34,666 | ' |
Defined Benefit Pension and Postretirement Plans | ' | ' | ' | ' |
Changes in AOCI balances by component (after-tax) attributable to Fluor Corporation | ' | ' | ' | ' |
Accumulated Other Comprehensive Income (Loss), Net, balance at the beginning of the period | -243,899 | ' | -252,724 | ' |
Other comprehensive income (loss) before reclassifications | -6,057 | ' | -1,261 | ' |
Amounts reclassified from AOCI | 2,012 | ' | 6,041 | ' |
Other comprehensive income (loss) attributable to Fluor Corporation, Net-of-Tax Amount | -4,045 | ' | 4,780 | ' |
Accumulated Other Comprehensive Income (Loss), Net, balance at the end of the period | -247,944 | ' | -247,944 | ' |
Unrealized Gain (Loss) on Derivative Contracts | ' | ' | ' | ' |
Changes in AOCI balances by component (after-tax) attributable to Fluor Corporation | ' | ' | ' | ' |
Accumulated Other Comprehensive Income (Loss), Net, balance at the beginning of the period | -10,801 | ' | -8,960 | ' |
Other comprehensive income (loss) before reclassifications | -443 | ' | -2,883 | ' |
Amounts reclassified from AOCI | 1,582 | ' | 2,181 | ' |
Other comprehensive income (loss) attributable to Fluor Corporation, Net-of-Tax Amount | 1,139 | ' | -702 | ' |
Accumulated Other Comprehensive Income (Loss), Net, balance at the end of the period | -9,662 | ' | -9,662 | ' |
Unrealized Gain (Loss) on Available-for-Sale Securities | ' | ' | ' | ' |
Changes in AOCI balances by component (after-tax) attributable to Fluor Corporation | ' | ' | ' | ' |
Accumulated Other Comprehensive Income (Loss), Net, balance at the beginning of the period | -143 | ' | 954 | ' |
Other comprehensive income (loss) before reclassifications | 367 | ' | -645 | ' |
Amounts reclassified from AOCI | -2 | ' | -87 | ' |
Other comprehensive income (loss) attributable to Fluor Corporation, Net-of-Tax Amount | 365 | ' | -732 | ' |
Accumulated Other Comprehensive Income (Loss), Net, balance at the end of the period | $222 | ' | $222 | ' |
Comprehensive_Income_Details_3
Comprehensive Income (Details 3) (USD $) | 3 Months Ended | 9 Months Ended | ||
In Thousands, unless otherwise specified | Sep. 30, 2013 | Sep. 30, 2012 | Sep. 30, 2013 | Sep. 30, 2012 |
Changes in AOCI balances by component (after-tax) attributable to Noncontrolling Interest | ' | ' | ' | ' |
Accumulated Other Comprehensive Income (Loss), Net, balance at the beginning of the period | ($302,673) | ' | ($257,850) | ' |
Other comprehensive income (loss) before reclassifications | 22,600 | ' | -26,766 | ' |
Amounts reclassified from AOCI | 3,592 | ' | 8,135 | ' |
TOTAL OTHER COMPREHENSIVE INCOME (LOSS), NET OF TAX | 25,789 | 26,133 | -18,981 | 34,713 |
Accumulated Other Comprehensive Income (Loss), Net, balance at the end of the period | -276,481 | ' | -276,481 | ' |
Foreign Currency Translation | ' | ' | ' | ' |
Changes in AOCI balances by component (after-tax) attributable to Noncontrolling Interest | ' | ' | ' | ' |
Accumulated Other Comprehensive Income (Loss), Net, balance at the beginning of the period | -10,902 | ' | 45,899 | ' |
Other comprehensive income (loss) before reclassifications | 26,471 | ' | -30,330 | ' |
TOTAL OTHER COMPREHENSIVE INCOME (LOSS), NET OF TAX | 26,192 | 24,168 | -30,555 | 27,416 |
Accumulated Other Comprehensive Income (Loss), Net, balance at the end of the period | 15,569 | ' | 15,569 | ' |
Unrealized Gain (Loss) on Derivative Contracts | ' | ' | ' | ' |
Changes in AOCI balances by component (after-tax) attributable to Noncontrolling Interest | ' | ' | ' | ' |
Accumulated Other Comprehensive Income (Loss), Net, balance at the beginning of the period | -10,801 | ' | -8,960 | ' |
Other comprehensive income (loss) before reclassifications | -443 | ' | -2,883 | ' |
Amounts reclassified from AOCI | 1,582 | ' | 2,181 | ' |
TOTAL OTHER COMPREHENSIVE INCOME (LOSS), NET OF TAX | 1,015 | 412 | -827 | 2,001 |
Accumulated Other Comprehensive Income (Loss), Net, balance at the end of the period | -9,662 | ' | -9,662 | ' |
Noncontrolling Interests | ' | ' | ' | ' |
Changes in AOCI balances by component (after-tax) attributable to Noncontrolling Interest | ' | ' | ' | ' |
Accumulated Other Comprehensive Income (Loss), Net, balance at the beginning of the period | 8,777 | ' | 8,724 | ' |
Other comprehensive income (loss) before reclassifications | -403 | ' | -349 | ' |
Amounts reclassified from AOCI | ' | ' | -1 | ' |
TOTAL OTHER COMPREHENSIVE INCOME (LOSS), NET OF TAX | -403 | ' | -350 | ' |
Accumulated Other Comprehensive Income (Loss), Net, balance at the end of the period | 8,374 | ' | 8,374 | ' |
Noncontrolling Interests | Foreign Currency Translation | ' | ' | ' | ' |
Changes in AOCI balances by component (after-tax) attributable to Noncontrolling Interest | ' | ' | ' | ' |
Accumulated Other Comprehensive Income (Loss), Net, balance at the beginning of the period | 8,777 | ' | 8,723 | ' |
Other comprehensive income (loss) before reclassifications | -279 | ' | -225 | ' |
TOTAL OTHER COMPREHENSIVE INCOME (LOSS), NET OF TAX | -279 | ' | -225 | ' |
Accumulated Other Comprehensive Income (Loss), Net, balance at the end of the period | 8,498 | ' | 8,498 | ' |
Noncontrolling Interests | Unrealized Gain (Loss) on Derivative Contracts | ' | ' | ' | ' |
Changes in AOCI balances by component (after-tax) attributable to Noncontrolling Interest | ' | ' | ' | ' |
Accumulated Other Comprehensive Income (Loss), Net, balance at the beginning of the period | ' | ' | 1 | ' |
Other comprehensive income (loss) before reclassifications | -124 | ' | -124 | ' |
Amounts reclassified from AOCI | ' | ' | -1 | ' |
TOTAL OTHER COMPREHENSIVE INCOME (LOSS), NET OF TAX | -124 | ' | -125 | ' |
Accumulated Other Comprehensive Income (Loss), Net, balance at the end of the period | ($124) | ' | ($124) | ' |
Comprehensive_Income_Details_4
Comprehensive Income (Details 4) (USD $) | 3 Months Ended | 9 Months Ended | ||
In Thousands, unless otherwise specified | Sep. 30, 2013 | Sep. 30, 2012 | Sep. 30, 2013 | Sep. 30, 2012 |
Reclassifications out of accumulated other comprehensive income (loss) | ' | ' | ' | ' |
Total cost of revenue | ($6,329,685) | ($6,829,781) | ($20,030,907) | ($19,653,774) |
Interest expense | -6,435 | -6,890 | -19,838 | -20,381 |
Corporate general and administrative expense | -46,070 | -40,884 | -110,590 | -109,932 |
Income tax expense | -87,391 | -92,164 | -271,834 | -251,449 |
NET EARNINGS | 217,351 | 172,338 | 637,947 | 542,034 |
Net earnings attributable to noncontrolling interests | -44,305 | -27,755 | -137,031 | -81,379 |
Net of tax and noncontrolling interest | 173,046 | 144,583 | 500,916 | 460,655 |
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 | -3,220 | ' | -9,666 | ' |
Income tax expense | 1,208 | ' | 3,625 | ' |
NET EARNINGS | -2,012 | ' | -6,041 | ' |
Unrealized loss on derivative contracts | Reclassified out of AOCI | ' | ' | ' | ' |
Reclassifications out of accumulated other comprehensive income (loss) | ' | ' | ' | ' |
Income tax expense | 949 | ' | 1,315 | ' |
NET EARNINGS | -1,582 | ' | -2,180 | ' |
Net earnings attributable to noncontrolling interests | ' | ' | -1 | ' |
Net of tax and noncontrolling interest | -1,582 | ' | -2,181 | ' |
Unrealized 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 | -2,112 | ' | -2,237 | ' |
Unrealized loss on derivative contracts | Reclassified out of AOCI | Interest rate contracts | ' | ' | ' | ' |
Reclassifications out of accumulated other comprehensive income (loss) | ' | ' | ' | ' |
Interest expense | -419 | ' | -1,258 | ' |
Unrealized gain on available-for- sale securities | Reclassified out of AOCI | ' | ' | ' | ' |
Reclassifications out of accumulated other comprehensive income (loss) | ' | ' | ' | ' |
Corporate general and administrative expense | 3 | ' | 139 | ' |
Income tax expense | -1 | ' | -52 | ' |
NET EARNINGS | $2 | ' | $87 | ' |
Income_Taxes_Details
Income Taxes (Details) (USD $) | 3 Months Ended | 9 Months Ended | ||
In Millions, unless otherwise specified | Sep. 30, 2013 | Sep. 30, 2012 | Sep. 30, 2013 | Sep. 30, 2012 |
Income Taxes | ' | ' | ' | ' |
Effective tax rate, continuing operations (as a percent) | 28.70% | 34.80% | 29.90% | 31.70% |
Effective tax rate, favorable impact of recognition of deferred U.S. tax benefit primarily attributable to foreign earnings in South Africa | ' | ' | ' | $16 |
Consolidated_Statement_of_Cash1
Consolidated Statement of Cash Flows (Details) (USD $) | 9 Months Ended | |
In Millions, unless otherwise specified | Sep. 30, 2013 | Sep. 30, 2012 |
Cash paid during the year | ' | ' |
Cash paid for interest | $20.90 | $20.90 |
Income tax payments, net of receipts | $153.30 | $243.20 |
Earnings_Per_Share_Details
Earnings Per Share (Details) (USD $) | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2013 | Sep. 30, 2012 | Sep. 30, 2013 | Sep. 30, 2012 | |
Earnings Per Share | ' | ' | ' | ' |
Net earnings attributable to Fluor Corporation (in dollars) | $173,046,000 | $144,583,000 | $500,916,000 | $460,655,000 |
Basic EPS: | ' | ' | ' | ' |
Weighted average common shares outstanding (in shares) | 162,940,000 | 166,660,000 | 162,715,000 | 167,925,000 |
Basic earnings per share (in dollars per share) | $1.06 | $0.87 | $3.08 | $2.74 |
Diluted EPS: | ' | ' | ' | ' |
Weighted average common shares outstanding (in shares) | 162,940,000 | 166,660,000 | 162,715,000 | 167,925,000 |
Diluted effect: | ' | ' | ' | ' |
Employee stock options and restricted stock units and shares (in shares) | 1,490,000 | 964,000 | 1,218,000 | 1,004,000 |
Conversion equivalent of dilutive convertible debt (in shares) | 415,000 | 344,000 | 391,000 | 342,000 |
Weighted average diluted shares outstanding (in shares) | 164,845,000 | 167,968,000 | 164,324,000 | 169,271,000 |
Diluted earnings per share (in dollars per share) | $1.05 | $0.86 | $3.05 | $2.72 |
Anti-dilutive securities not included above (in shares) | 1,845,000 | 1,653,000 | 1,914,000 | 1,529,000 |
Common stock repurchased and cancelled, shares (in shares) | ' | 600,900 | ' | 3,223,949 |
Common stock repurchased and cancelled, amount (in dollars) | ' | $31,000,000 | ' | $164,000,000 |
Fair_Value_of_Financial_Instru2
Fair Value of Financial Instruments (Details) (USD $) | 3 Months Ended | 9 Months Ended | |||
Sep. 30, 2013 | Sep. 30, 2012 | Sep. 30, 2013 | Sep. 30, 2012 | Dec. 31, 2012 | |
Fair value of assets and liabilities measured on recurring basis | ' | ' | ' | ' | ' |
Deferred compensation trusts | $364,622,000 | ' | $364,622,000 | ' | $332,904,000 |
Other-than-temporary impairment of available-for-sale securities | ' | ' | 0 | ' | ' |
Proceeds from the sales and maturities of available-for-sale securities | 29,000,000 | 85,000,000 | 235,000,000 | 434,000,000 | ' |
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 | 19,000,000 | ' | 19,000,000 | ' | 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 | 157,000,000 | ' | 157,000,000 | ' | 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 | 21,000,000 | ' | 21,000,000 | ' | 67,000,000 |
Fair Value, Measurements, Recurring | Corporate debt securities | ' | ' | ' | ' | ' |
Fair value of assets and liabilities measured on recurring basis | ' | ' | ' | ' | ' |
Available-for-sale securities | 223,000,000 | ' | 223,000,000 | ' | 184,000,000 |
Fair Value, Measurements, Recurring | Commercial paper | ' | ' | ' | ' | ' |
Fair value of assets and liabilities measured on recurring basis | ' | ' | ' | ' | ' |
Available-for-sale securities | 10,000,000 | ' | 10,000,000 | ' | ' |
Fair Value, Measurements, Recurring | Other debt securities | ' | ' | ' | ' | ' |
Fair value of assets and liabilities measured on recurring basis | ' | ' | ' | ' | ' |
Available-for-sale securities | 6,000,000 | ' | 6,000,000 | ' | 9,000,000 |
Fair Value, Measurements, Recurring | Total | ' | ' | ' | ' | ' |
Fair value of assets and liabilities measured on recurring basis | ' | ' | ' | ' | ' |
Cash and cash equivalents | 19,114,000 | ' | 19,114,000 | ' | 14,457,000 |
Marketable securities, current | 135,098,000 | ' | 135,098,000 | ' | 102,439,000 |
Deferred compensation trusts | 81,350,000 | ' | 81,350,000 | ' | 80,842,000 |
Marketable securities, noncurrent | 281,999,000 | ' | 281,999,000 | ' | 318,355,000 |
Fair Value, Measurements, Recurring | Total | Commodity contracts | ' | ' | ' | ' | ' |
Fair value of assets and liabilities measured on recurring basis | ' | ' | ' | ' | ' |
Derivative assets | 219,000 | ' | 219,000 | ' | 95,000 |
Derivative liabilities | 290,000 | ' | 290,000 | ' | 28,000 |
Fair Value, Measurements, Recurring | Total | Foreign currency contracts | ' | ' | ' | ' | ' |
Fair value of assets and liabilities measured on recurring basis | ' | ' | ' | ' | ' |
Derivative assets | 805,000 | ' | 805,000 | ' | 640,000 |
Derivative liabilities | 3,344,000 | ' | 3,344,000 | ' | 2,151,000 |
Fair Value, Measurements, Recurring | Level 1 | ' | ' | ' | ' | ' |
Fair value of assets and liabilities measured on recurring basis | ' | ' | ' | ' | ' |
Cash and cash equivalents | 19,114,000 | ' | 19,114,000 | ' | 14,457,000 |
Deferred compensation trusts | 81,350,000 | ' | 81,350,000 | ' | 80,842,000 |
Fair Value, Measurements, Recurring | Level 2 | ' | ' | ' | ' | ' |
Fair value of assets and liabilities measured on recurring basis | ' | ' | ' | ' | ' |
Marketable securities, current | 135,098,000 | ' | 135,098,000 | ' | 102,439,000 |
Marketable securities, noncurrent | 281,999,000 | ' | 281,999,000 | ' | 318,355,000 |
Fair Value, Measurements, Recurring | Level 2 | Commodity contracts | ' | ' | ' | ' | ' |
Fair value of assets and liabilities measured on recurring basis | ' | ' | ' | ' | ' |
Derivative assets | 219,000 | ' | 219,000 | ' | 95,000 |
Derivative liabilities | 290,000 | ' | 290,000 | ' | 28,000 |
Fair Value, Measurements, Recurring | Level 2 | Foreign currency contracts | ' | ' | ' | ' | ' |
Fair value of assets and liabilities measured on recurring basis | ' | ' | ' | ' | ' |
Derivative assets | 805,000 | ' | 805,000 | ' | 640,000 |
Derivative liabilities | $3,344,000 | ' | $3,344,000 | ' | $2,151,000 |
Fair_Value_of_Financial_Instru3
Fair Value of Financial Instruments (Details 2) (USD $) | 9 Months Ended | 3 Months Ended | 9 Months Ended | ||||||||||||||||||||||||||||||
In Thousands, unless otherwise specified | Sep. 30, 2013 | Sep. 30, 2013 | Sep. 30, 2013 | Dec. 31, 2012 | Sep. 30, 2011 | Sep. 30, 2013 | Dec. 31, 2012 | Feb. 29, 2004 | Mar. 31, 2013 | Sep. 30, 2013 | Dec. 31, 2012 | Sep. 30, 2013 | Dec. 31, 2012 | Sep. 30, 2013 | Sep. 30, 2013 | Dec. 31, 2012 | Sep. 30, 2013 | Dec. 31, 2012 | Dec. 31, 2012 | Dec. 31, 2012 | Sep. 30, 2013 | Dec. 31, 2012 | Sep. 30, 2013 | Dec. 31, 2012 | Sep. 30, 2013 | Dec. 31, 2012 | Sep. 30, 2013 | Sep. 30, 2013 | Dec. 31, 2012 | Sep. 30, 2013 | Dec. 31, 2012 | Dec. 31, 2012 | Dec. 31, 2012 |
Minimum | Maximum | 3.375% Senior Notes | 3.375% Senior Notes | 3.375% Senior Notes | 1.5% Convertible 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 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 | ||||||||||||||
Level 2 | Level 2 | Level 2 | Level 2 | Level 2 | Level 2 | Level 3 | |||||||||||||||||||||||||||
Estimated fair values of the company's financial instruments that are not measured at fair value on a recurring basis | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Cash | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | $1,604,552 | $1,343,866 | ' | ' | ' | ' | ' | ' | ' | $1,604,552 | $1,343,866 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Cash equivalents | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 913,904 | 796,218 | ' | ' | ' | ' | ' | ' | ' | ' | ' | 913,904 | 796,218 | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Marketable securities, current | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 22,812 | 34,688 | ' | ' | ' | ' | ' | ' | ' | ' | ' | 22,812 | 34,688 | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Notes receivable, including noncurrent portion | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 25,836 | 34,471 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 25,836 | 34,471 | ' | ' | ' | ' | ' | ' | ' |
Debt | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | $7,035 | $496,494 | $496,164 | $18,398 | $18,472 | $17,795 | $8,566 | ' | ' | ' | ' | ' | ' | $7,035 | $493,992 | $527,219 | $47,510 | $39,392 | $17,878 | $8,566 |
Debt instrument interest rate (as a percent) | ' | ' | 3.38% | 3.38% | 3.38% | 1.50% | 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 $) | Sep. 30, 2013 | Dec. 31, 2012 |
Commodity contracts | ' | ' |
Derivatives, Fair Value | ' | ' |
Total gross notional amount | $12,000,000 | ' |
Foreign currency contracts | ' | ' |
Derivatives, Fair Value | ' | ' |
Total gross notional amount | 127,000,000 | ' |
Designated as Hedging Instrument | ' | ' |
Derivatives, Fair Value | ' | ' |
Total asset derivatives | 1,024,000 | 735,000 |
Liability Derivative, Total | 3,634,000 | 2,179,000 |
Designated as Hedging Instrument | Commodity contracts | Other current assets | ' | ' |
Derivatives, Fair Value | ' | ' |
Total asset derivatives | 219,000 | 95,000 |
Designated as Hedging Instrument | Commodity contracts | Other accrued liabilities | ' | ' |
Derivatives, Fair Value | ' | ' |
Liability Derivative, Total | 106,000 | 15,000 |
Designated as Hedging Instrument | Commodity contracts | Noncurrent liabilities | ' | ' |
Derivatives, Fair Value | ' | ' |
Liability Derivative, Total | 184,000 | 13,000 |
Designated as Hedging Instrument | Foreign currency contracts | Other current assets | ' | ' |
Derivatives, Fair Value | ' | ' |
Total asset derivatives | 805,000 | 640,000 |
Designated as Hedging Instrument | Foreign currency contracts | Other accrued liabilities | ' | ' |
Derivatives, Fair Value | ' | ' |
Liability Derivative, Total | 3,344,000 | 2,130,000 |
Designated as Hedging Instrument | Foreign currency contracts | Noncurrent liabilities | ' | ' |
Derivatives, Fair Value | ' | ' |
Liability Derivative, Total | ' | $21,000 |
Derivatives_and_Hedging_Detail1
Derivatives and Hedging (Details 2) (USD $) | 3 Months Ended | 9 Months Ended | ||
In Thousands, unless otherwise specified | Sep. 30, 2013 | Sep. 30, 2012 | Sep. 30, 2013 | Sep. 30, 2012 |
Derivative Instruments, Gain (Loss) | ' | ' | ' | ' |
After-tax amount of gain (loss) recognized in OCI | ($443) | $1,503 | ($2,883) | $3,921 |
After-tax amount of gain (loss) reclassified from AOCI into earnings | -1,582 | 1,005 | -2,181 | 1,426 |
Commodity contracts | ' | ' | ' | ' |
Derivative Instruments, Gain (Loss) | ' | ' | ' | ' |
After-tax amount of gain (loss) recognized in OCI | 47 | 619 | 79 | 1,011 |
Commodity contracts | Total cost of revenue | ' | ' | ' | ' |
Derivative Instruments, Gain (Loss) | ' | ' | ' | ' |
After-tax amount of gain (loss) reclassified from AOCI into earnings | -1 | 710 | 59 | 1,654 |
Foreign currency contracts | ' | ' | ' | ' |
Derivative Instruments, Gain (Loss) | ' | ' | ' | ' |
After-tax amount of gain (loss) recognized in OCI | -490 | 884 | -2,962 | 2,910 |
Foreign currency contracts | Corporate general and administrative expense | ' | ' | ' | ' |
Derivative Instruments, Gain (Loss) | ' | ' | ' | ' |
Amount of Gain (Loss) Recognized in Earnings | -81 | -12,075 | 4,064 | -19,773 |
Foreign currency contracts | Total cost of revenue | ' | ' | ' | ' |
Derivative Instruments, Gain (Loss) | ' | ' | ' | ' |
After-tax amount of gain (loss) reclassified from AOCI into earnings | -1,319 | 557 | -1,454 | 558 |
Interest rate contracts | Interest expense | ' | ' | ' | ' |
Derivative Instruments, Gain (Loss) | ' | ' | ' | ' |
After-tax amount of gain (loss) reclassified from AOCI into earnings | ($262) | ($262) | ($786) | ($786) |
Retirement_Benefits_Details
Retirement Benefits (Details) (USD $) | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2013 | Sep. 30, 2012 | Sep. 30, 2013 | Sep. 30, 2012 | |
Defined Benefit Pension Plans | ' | ' | ' | ' |
Components of net periodic pension expense | ' | ' | ' | ' |
Company contributions | ' | ' | $11,000,000 | ' |
Defined Benefit Pension Plans | Minimum | ' | ' | ' | ' |
Components of net periodic pension expense | ' | ' | ' | ' |
Expected future benefit payments | ' | ' | 20,000,000 | ' |
Defined Benefit Pension Plans | Maximum | ' | ' | ' | ' |
Components of net periodic pension expense | ' | ' | ' | ' |
Expected future benefit payments | ' | ' | 40,000,000 | ' |
Defined Benefit U.S. Pension Plans | ' | ' | ' | ' |
Components of net periodic pension expense | ' | ' | ' | ' |
Service cost | 1,613,000 | 1,489,000 | 4,840,000 | 4,468,000 |
Interest cost | 7,275,000 | 8,323,000 | 21,825,000 | 24,970,000 |
Expected return on assets | -7,744,000 | -8,830,000 | -23,232,000 | -26,492,000 |
Amortization of prior service cost | 26,000 | -28,000 | 77,000 | -85,000 |
Recognized net actuarial loss | 1,510,000 | 3,409,000 | 4,530,000 | 10,226,000 |
Net periodic pension expense | 2,680,000 | 4,363,000 | 8,040,000 | 13,087,000 |
Defined Benefit Non-U.S. Pension Plans | ' | ' | ' | ' |
Components of net periodic pension expense | ' | ' | ' | ' |
Service cost | 3,809,000 | 1,921,000 | 11,505,000 | 5,815,000 |
Interest cost | 7,989,000 | 8,070,000 | 23,925,000 | 24,518,000 |
Expected return on assets | -11,527,000 | -10,369,000 | -34,507,000 | -31,446,000 |
Recognized net actuarial loss | 1,683,000 | 786,000 | 5,058,000 | 2,352,000 |
Net periodic pension expense | $1,954,000 | $408,000 | $5,981,000 | $1,239,000 |
Financing_Arrangements_Details
Financing Arrangements (Details) (USD $) | 1 Months Ended | 9 Months Ended | 9 Months Ended | 1 Months Ended | 9 Months Ended | 9 Months Ended | |||
In Millions, except Share data, unless otherwise specified | Sep. 30, 2011 | Sep. 30, 2013 | Dec. 31, 2012 | Sep. 30, 2013 | Feb. 29, 2004 | Sep. 30, 2013 | Sep. 30, 2012 | Dec. 31, 2012 | Sep. 30, 2013 |
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 | |
Change of control triggering event | Maximum | ||||||||
Financing Arrangements | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Issue price of notes | $500 | ' | ' | ' | $330 | ' | ' | ' | ' |
Debt instrument interest rate (as a percent) | 3.38% | 3.38% | 3.38% | ' | 1.50% | 1.50% | ' | 1.50% | ' |
Proceeds from notes | 492 | ' | ' | ' | 323 | ' | ' | ' | ' |
Redemption option, price as a percentage of principal | ' | 100.00% | ' | 101.00% | ' | ' | ' | ' | ' |
Debt conversion, amount of original debt | ' | ' | ' | ' | ' | ' | $0.90 | ' | $0.10 |
Debt conversions (in shares) | ' | ' | ' | ' | ' | 1,562 | 17,352 | ' | ' |
Financing_Arrangements_Details1
Financing Arrangements (Details 2) (USD $) | Sep. 30, 2013 | Dec. 31, 2012 | Sep. 30, 2013 | Sep. 30, 2013 | Sep. 30, 2012 | Sep. 30, 2013 | Sep. 30, 2012 | Dec. 31, 2012 | Feb. 29, 2004 | Mar. 31, 2013 | Sep. 30, 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 | 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 | ' | $19,519,000 | ' | ' | ' | ' |
Principal amount and carrying value of the liability component | ' | ' | ' | 18,398,000 | ' | 18,398,000 | ' | 18,472,000 | ' | ' | ' | ' |
Common stock, par value (in dollars per share) | $0.01 | $0.01 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Conversion rate per $1,000 principal amount of Notes (in shares) | ' | ' | ' | ' | ' | 36.6729 | ' | ' | ' | ' | ' | ' |
Debt instrument, coupon interest | ' | ' | ' | 100,000 | 100,000 | 200,000 | 200,000 | ' | ' | ' | ' | ' |
Debt instrument, convertible, if-converted value | ' | ' | ' | ' | ' | 48,000,000 | ' | ' | ' | ' | ' | ' |
Debt instrument interest rate (as a percent) | ' | ' | ' | 1.50% | ' | 1.50% | ' | 1.50% | 1.50% | ' | ' | 5.63% |
Redemption price as a percentage of the principal amount (as a percent) | ' | ' | ' | ' | ' | ' | ' | ' | ' | 100.00% | 100.00% | ' |
Borrowings under short-term credit facility | ' | ' | $7,000,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' |
StockBased_Plans_Details
Stock-Based Plans (Details) (USD $) | 9 Months Ended | |
Sep. 30, 2013 | Sep. 30, 2012 | |
Restricted stock units and restricted shares | Executives and directors | ' | ' |
Stock Plans | ' | ' |
Share-based compensation arrangement by share-based payment award, restricted stock units and restricted shares (in shares) | 477,731 | 450,668 |
Share-based compensation arrangement by share-based payment award, restricted stock units and restricted shares, weighted-average per share price (in dollars per share) | $61.45 | $61.70 |
Restricted stock units | Executives | ' | ' |
Stock Plans | ' | ' |
Share-based compensation arrangement by share-based payment award, award vesting period | '3 years | '3 years |
Restricted shares | Executives | ' | ' |
Stock Plans | ' | ' |
Share-based compensation arrangement by share-based payment award, award vesting period | '3 years | '3 years |
Stock Options | Executives | ' | ' |
Stock Plans | ' | ' |
Share-based compensation arrangement by share-based payment award, options awarded (in shares) | 884,574 | 688,380 |
Share-based compensation arrangement by share-based payment award, options awarded weighted average exercise price (in dollars per share) | $61.45 | $62.18 |
Share-based compensation arrangement by share-based payment award, award vesting period | '3 years | '3 years |
Share-based compensation arrangement by share-based payment award, award expiration period | '10 years | '10 years |
Performance-based VDI units | Executives | ' | ' |
Stock Plans | ' | ' |
Share-based compensation arrangement by share-based payment award, restricted stock units and restricted shares (in shares) | 385,742 | 341,104 |
Share-based compensation arrangement by share-based payment award, restricted stock units and restricted shares, weighted-average per share price (in dollars per share) | $61.45 | $62.29 |
Share-based compensation arrangement by share-based payment award, award vesting period | '3 years | ' |
Noncontrolling_Interests_Detai
Noncontrolling Interests (Details) (USD $) | 3 Months Ended | 9 Months Ended | ||
In Thousands, unless otherwise specified | Sep. 30, 2013 | Sep. 30, 2012 | Sep. 30, 2013 | Sep. 30, 2012 |
Noncontrolling Interests | ' | ' | ' | ' |
Net earnings attributable to noncontrolling interests | $44,305 | $27,755 | $137,031 | $81,379 |
Distributions paid to noncontrolling interest holders | ' | ' | 79,549 | 61,917 |
Capital contribution from noncontrolling interests | ' | ' | $1,549 | $3,553 |
Contingencies_and_Commitments_
Contingencies and Commitments (Details) (USD $) | Sep. 30, 2013 | Dec. 31, 2012 | Jun. 30, 2013 | Mar. 31, 2012 | Nov. 30, 2006 | Jul. 31, 2011 | Sep. 30, 2013 |
In Millions, unless otherwise specified | Embassy Projects Dispute | Embassy Projects Dispute | Conex International v. Fluor Enterprises, Inc. | St. Joe and Doe Run | St. Joe and Doe Run | ||
St. Joe and Doe Run December 2010 litigation | St. Joe and Doe Run additional litigation matters | ||||||
item | lawsuit | ||||||
Litigation and dispute resolution | ' | ' | ' | ' | ' | ' | ' |
Contracts receivable, claims and uncertain amounts | $0 | $20 | ' | ' | ' | ' | ' |
Number of plaintiffs | ' | ' | ' | ' | ' | 16 | ' |
Compensatory and economic damages | ' | ' | ' | ' | ' | 38.5 | ' |
Punitive damages | ' | ' | ' | ' | ' | 320 | ' |
Number of lawsuits | ' | ' | ' | ' | ' | ' | 21 |
Loss contingency charge in period | ' | ' | 17 | 13 | ' | ' | ' |
Damages awarded, subsequently appealed and reverse | ' | ' | ' | ' | $99 | ' | ' |
Guarantees_Details
Guarantees (Details) (Performance Guarantee, USD $) | Sep. 30, 2013 |
In Billions, unless otherwise specified | |
Performance Guarantee | ' |
Guarantees | ' |
Estimated performance guarantees outstanding | $8.60 |
Variable_Interest_Entities_Det
Variable Interest Entities (Details) (USD $) | 3 Months Ended | 9 Months Ended | 3 Months Ended | 9 Months Ended | |||||||||||
Sep. 30, 2013 | Sep. 30, 2012 | Sep. 30, 2013 | Sep. 30, 2012 | Sep. 30, 2013 | Sep. 30, 2013 | Sep. 30, 2013 | Dec. 31, 2012 | Sep. 30, 2013 | Sep. 30, 2013 | Dec. 31, 2012 | Sep. 30, 2013 | Sep. 30, 2012 | Sep. 30, 2013 | Sep. 30, 2012 | |
Partnership | Joint ventures | 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 | |||||
Majority | Majority | Future funding commitment | Fluor SKM joint venture | Fluor SKM joint venture | Fluor SKM joint venture | Fluor SKM joint venture | |||||||||
Variable interest entity information | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Entity's interest in joint venture (as a percent) | ' | ' | ' | ' | 50.00% | 50.00% | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Carrying value of the unconsolidated VIEs | ' | ' | ' | ' | ' | ' | $150,000,000 | $22,000,000 | ' | ' | ' | ' | ' | ' | ' |
Future funding amount | ' | ' | ' | ' | ' | ' | ' | ' | 38,000,000 | ' | ' | ' | ' | ' | ' |
Carrying value of assets | ' | ' | ' | ' | ' | ' | ' | ' | ' | 1,300,000,000 | 1,000,000,000 | ' | ' | ' | ' |
Carrying value of liabilities | ' | ' | ' | ' | ' | ' | ' | ' | ' | 765,000,000 | 664,000,000 | ' | ' | ' | ' |
Revenue | $6,684,216,000 | $7,136,056,000 | $21,060,168,000 | $20,554,413,000 | ' | ' | ' | ' | ' | ' | ' | $322,000,000 | $1,000,000,000 | $1,600,000,000 | $2,500,000,000 |
Operations_by_Business_Segment2
Operations by Business Segment and Geographical Area (Details) (USD $) | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2013 | Sep. 30, 2012 | Sep. 30, 2013 | Sep. 30, 2012 | |
Operating information by segment | ' | ' | ' | ' |
Total revenue | $6,684,216,000 | $7,136,056,000 | $21,060,168,000 | $20,554,413,000 |
Oil and Gas Segment | ' | ' | ' | ' |
Operating information by segment | ' | ' | ' | ' |
Total revenue | 2,892,700,000 | 2,551,600,000 | 8,518,500,000 | 6,887,400,000 |
Industrial and Infrastructure Segment | ' | ' | ' | ' |
Operating information by segment | ' | ' | ' | ' |
Total revenue | 2,665,000,000 | 3,465,000,000 | 8,879,500,000 | 10,102,000,000 |
Government Segment | ' | ' | ' | ' |
Operating information by segment | ' | ' | ' | ' |
Total revenue | 675,200,000 | 790,100,000 | 2,101,000,000 | 2,511,500,000 |
Global Services Segment | ' | ' | ' | ' |
Operating information by segment | ' | ' | ' | ' |
Total revenue | 149,700,000 | 159,500,000 | 454,000,000 | 503,000,000 |
Power Segment | ' | ' | ' | ' |
Operating information by segment | ' | ' | ' | ' |
Total revenue | 301,600,000 | 169,900,000 | 1,107,200,000 | 550,500,000 |
Intercompany | Global Services Segment | ' | ' | ' | ' |
Operating information by segment | ' | ' | ' | ' |
Total revenue | 128,000,000 | 116,000,000 | 371,100,000 | 341,800,000 |
Reportable segments | ' | ' | ' | ' |
Operating information by segment | ' | ' | ' | ' |
Total segment profit (loss) | 310,600,000 | 278,300,000 | 892,200,000 | 818,300,000 |
Reportable segments | Oil and Gas Segment | ' | ' | ' | ' |
Operating information by segment | ' | ' | ' | ' |
Total segment profit (loss) | 108,300,000 | 87,200,000 | 319,600,000 | 244,700,000 |
Reportable segments | Industrial and Infrastructure Segment | ' | ' | ' | ' |
Operating information by segment | ' | ' | ' | ' |
Total segment profit (loss) | 132,400,000 | 145,000,000 | 388,700,000 | 389,600,000 |
Reportable segments | Government Segment | ' | ' | ' | ' |
Operating information by segment | ' | ' | ' | ' |
Total segment profit (loss) | 37,800,000 | 22,900,000 | 92,700,000 | 98,100,000 |
Reportable segments | Global Services Segment | ' | ' | ' | ' |
Operating information by segment | ' | ' | ' | ' |
Total segment profit (loss) | 24,500,000 | 29,200,000 | 79,800,000 | 100,400,000 |
Reportable segments | Power Segment | ' | ' | ' | ' |
Operating information by segment | ' | ' | ' | ' |
Total segment profit (loss) | 7,600,000 | -6,000,000 | 11,400,000 | -14,500,000 |
Research and development expense | $12,700,000 | $15,700,000 | $41,100,000 | $40,600,000 |
Operations_by_Business_Segment3
Operations by Business Segment and Geographical Area (Details 2) (USD $) | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2013 | Sep. 30, 2012 | Sep. 30, 2013 | Sep. 30, 2012 | |
Reconciliation of segment information to consolidated amounts | ' | ' | ' | ' |
Corporate general and administrative expense | ($46,070,000) | ($40,884,000) | ($110,590,000) | ($109,932,000) |
Interest income (expense), net | -3,700,000 | -900,000 | -8,900,000 | 2,800,000 |
EARNINGS BEFORE TAXES | 304,742,000 | 264,502,000 | 909,781,000 | 793,483,000 |
Reportable segments | ' | ' | ' | ' |
Reconciliation of segment information to consolidated amounts | ' | ' | ' | ' |
Total segment profit | 310,600,000 | 278,300,000 | 892,200,000 | 818,300,000 |
Reconciling item | Earnings attributable to noncontrolling interests | ' | ' | ' | ' |
Reconciliation of segment information to consolidated amounts | ' | ' | ' | ' |
EARNINGS BEFORE TAXES | $43,900,000 | $28,000,000 | $137,100,000 | $82,300,000 |
Operations_by_Business_Segment4
Operations by Business Segment and Geographical Area (Details 3) (USD $) | Sep. 30, 2013 | Dec. 31, 2012 |
In Thousands, unless otherwise specified | ||
Operations by Business Segment and Geographical Area | ' | ' |
Total assets | $8,727,168 | $8,276,043 |
Reportable segments | Oil and Gas Segment | ' | ' |
Operations by Business Segment and Geographical Area | ' | ' |
Total assets | 1,871,800 | 1,704,400 |
Reportable segments | Industrial and Infrastructure Segment | ' | ' |
Operations by Business Segment and Geographical Area | ' | ' |
Total assets | 965,500 | 751,700 |
Reportable segments | Government Segment | ' | ' |
Operations by Business Segment and Geographical Area | ' | ' |
Total assets | 545,800 | 827,200 |
Reportable segments | Global Services Segment | ' | ' |
Operations by Business Segment and Geographical Area | ' | ' |
Total assets | 729,700 | 768,900 |
Reportable segments | Power Segment | ' | ' |
Operations by Business Segment and Geographical Area | ' | ' |
Total assets | $205,100 | $120,600 |