Fluor (FLR) 10-Q 3 Nov 16 2016 Q3 Quarterly report Financial data

Document and Entity Information

Document and Entity Information - shares	9 Months Ended
	Sep. 30, 2016	Oct. 28, 2016
Document and Entity Information
Entity Registrant Name	FLUOR CORP
Entity Central Index Key	1,124,198
Document Type	10-Q
Document Period End Date	Sep. 30, 2016
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		139,250,204
Document Fiscal Year Focus	2,016
Document Fiscal Period Focus	Q3

CONDENSED CONSOLIDATED STATEMEN

CONDENSED CONSOLIDATED STATEMENT OF EARNINGS - USD ($) shares in Thousands, $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2016	Sep. 30, 2015	Sep. 30, 2016	Sep. 30, 2015
CONDENSED CONSOLIDATED STATEMENT OF EARNINGS
TOTAL REVENUE	$ 4,766,864	$ 4,384,612	$ 14,046,870	$ 13,743,367
TOTAL COST OF REVENUE	4,729,637	4,133,819	13,505,572	12,901,133
OTHER (INCOME) AND EXPENSES
Gain related to a partial sale of a subsidiary		(68,162)		(68,162)
Corporate general and administrative expense	27,144	35,165	134,897	124,060
Interest expense	17,377	10,170	50,741	33,739
Interest income	(4,643)	(4,590)	(12,312)	(13,340)
Total cost and expenses	4,769,515	4,106,402	13,678,898	12,977,430
EARNINGS (LOSS) FROM CONTINUING OPERATIONS BEFORE TAXES	(2,651)	278,210	367,972	765,937
INCOME TAX EXPENSE (BENEFIT)	(20,057)	91,417	111,501	252,796
EARNINGS FROM CONTINUING OPERATIONS	17,406	186,793	256,471	513,141
LOSS FROM DISCONTINUED OPERATIONS, NET OF TAXES		(5,057)		(5,057)
NET EARNINGS	17,406	181,736	256,471	508,084
LESS: NET EARNINGS ATTRIBUTABLE TO NONCONTROLLING INTERESTS	12,602	10,453	45,531	44,215
NET EARNINGS ATTRIBUTABLE TO FLUOR CORPORATION	4,804	171,283	210,940	463,869
AMOUNTS ATTRIBUTABLE TO FLUOR CORPORATION
Earnings from continuing operations attributable to Fluor Corporation	4,804	176,340	210,940	468,926
Loss from discontinued operations, net of taxes		(5,057)		(5,057)
NET EARNINGS ATTRIBUTABLE TO FLUOR CORPORATION	$ 4,804	$ 171,283	$ 210,940	$ 463,869
BASIC EARNINGS (LOSS) PER SHARE ATTRIBUTABLE TO FLUOR CORPORATION
Earnings from continuing operations (in dollars per share)	$ 0.03	$ 1.22	$ 1.52	$ 3.21
Loss from discontinued operations, net of taxes (in dollars per share)		(0.03)		(0.03)
Net earnings (in dollars per share)	0.03	1.19	1.52	3.18
DILUTED EARNINGS (LOSS) PER SHARE ATTRIBUTABLE TO FLUOR CORPORATION
Earnings from continuing operations (in dollars per share)	0.03	1.21	1.50	3.17
Loss from discontinued operations, net of taxes (in dollars per share)		(0.04)		(0.04)
Net earnings (in dollars per share)	$ 0.03	$ 1.17	$ 1.50	$ 3.13
SHARES USED TO CALCULATE EARNINGS PER SHARE
BASIC (in shares)	139,250	144,293	139,142	146,095
DILUTED (in shares)	140,924	146,085	140,863	147,974
DIVIDENDS DECLARED PER SHARE	$ 0.21	$ 0.21	$ 0.63	$ 0.63

CONDENSED CONSOLIDATED STATEME3

CONDENSED CONSOLIDATED STATEMENT OF COMPREHENSIVE INCOME - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2016	Sep. 30, 2015	Sep. 30, 2016	Sep. 30, 2015
CONDENSED CONSOLIDATED STATEMENT OF COMPREHENSIVE INCOME
NET EARNINGS	$ 17,406	$ 181,736	$ 256,471	$ 508,084
OTHER COMPREHENSIVE INCOME (LOSS), NET OF TAX:
Foreign currency translation adjustment	(23,227)	(45,053)	(39,407)	(80,892)
Ownership share of equity method investees' other comprehensive income (loss)	2,748	(5,363)	3,114	(8,191)
Defined benefit pension and postretirement plan adjustments	1,289	(9,347)	(828)	(3,982)
Unrealized gain (loss) on derivative contracts	1,980	(4,093)	2,901	(2,703)
Unrealized gain (loss) on available-for-sale securities	(280)	358	832	732
TOTAL OTHER COMPREHENSIVE LOSS, NET OF TAX	(17,490)	(63,498)	(33,388)	(95,036)
COMPREHENSIVE INCOME (LOSS)	(84)	118,238	223,083	413,048
LESS: COMPREHENSIVE INCOME ATTRIBUTABLE TO NONCONTROLLING INTERESTS	12,030	10,361	45,714	44,103
COMPREHENSIVE INCOME (LOSS) ATTRIBUTABLE TO FLUOR CORPORATION	$ (12,114)	$ 107,877	$ 177,369	$ 368,945

CONDENSED CONSOLIDATED BALANCE

CONDENSED CONSOLIDATED BALANCE SHEET - USD ($) $ in Thousands	Sep. 30, 2016	Dec. 31, 2015
CURRENT ASSETS
Cash and cash equivalents ($428,857 and $289,991 related to variable interest entities ("VIEs"))	$ 1,780,374	$ 1,949,886
Marketable securities, current ($77,232 and $70,176 related to VIEs)	130,821	197,092
Accounts and notes receivable, net ($239,206 and $186,833 related to VIEs)	1,670,172	1,203,024
Contract work in progress ($170,308 and $178,826 related to VIEs)	1,623,956	1,376,471
Other current assets ($33,295 and $27,362 related to VIEs)	536,255	378,927
Total current assets	5,741,578	5,105,400
Marketable securities, noncurrent	150,411	220,634
Property, plant and equipment ("PP&E") ((net of accumulated depreciation of $1,098,798 and $1,046,077) (net PP&E of $65,173 and $70,247 related to VIEs))	1,042,354	892,340
Goodwill	593,161	111,646
Investments	745,688	337,930
Deferred taxes	314,939	394,832
Deferred compensation trusts	345,701	360,725
Other assets ($24,806 and $24,141 related to VIEs)	382,774	201,899
TOTAL ASSETS	9,316,606	7,625,406
CURRENT LIABILITIES
Trade accounts payable ($242,531 and $178,139 related to VIEs)	1,642,739	1,266,509
Revolving credit facility and other borrowings	133,693
Advance billings on contracts ($230,096 and $188,484 related to VIEs)	716,592	754,037
Accrued salaries, wages and benefits ($39,419 and $47,526 related to VIEs)	755,027	669,592
Other accrued liabilities ($41,622 and $25,384 related to VIEs)	628,146	245,214
Total current liabilities	3,876,197	2,935,352
LONG-TERM DEBT DUE AFTER ONE YEAR	1,555,522	986,564
NONCURRENT LIABILITIES	630,279	589,991
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 - 139,250,204 and 139,018,309 shares in 2016 and 2015, respectively	1,393	1,390
Additional paid-in capital	29,985
Accumulated other comprehensive loss	(466,346)	(432,775)
Retained earnings	3,541,253	3,428,732
Total shareholders' equity	3,106,285	2,997,347
Noncontrolling interests	148,323	116,152
Total equity	3,254,608	3,113,499
TOTAL LIABILITIES AND EQUITY	$ 9,316,606	$ 7,625,406

CONDENSED CONSOLIDATED BALANCE5

CONDENSED CONSOLIDATED BALANCE SHEET (Parenthetical) - USD ($) $ in Thousands	Sep. 30, 2016	Dec. 31, 2015
Property, plant and equipment, net
Property, plant and equipment, accumulated depreciation	$ 1,098,798	$ 1,046,077
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)	139,250,204	139,018,309
Common stock, outstanding shares (in shares)	139,250,204	139,018,309
CURRENT ASSETS, VIEs
Cash and cash equivalents	$ 1,780,374	$ 1,949,886
Marketable securities, current	130,821	197,092
Accounts and notes receivable	1,670,172	1,203,024
Contract work in progress	1,623,956	1,376,471
Other current assets	536,255	378,927
Net property, plant and equipment	1,042,354	892,340
Other noncurrent assets	382,774	201,899
CURRENT LIABILITIES, VIEs
Trade accounts payable	1,642,739	1,266,509
Advance billings on contracts	716,592	754,037
Accrued salaries, wages and benefits	755,027	669,592
Other accrued liabilities	628,146	245,214
Consolidated variable interest entities
CURRENT ASSETS, VIEs
Cash and cash equivalents	428,857	289,991
Marketable securities, current	77,232	70,176
Accounts and notes receivable	239,206	186,833
Contract work in progress	170,308	178,826
Other current assets	33,295	27,362
Net property, plant and equipment	65,173	70,247
Other noncurrent assets	24,806	24,141
CURRENT LIABILITIES, VIEs
Trade accounts payable	242,531	178,139
Advance billings on contracts	230,096	188,484
Accrued salaries, wages and benefits	39,419	47,526
Other accrued liabilities	$ 41,622	$ 25,384

CONDENSED CONSOLIDATED STATEME6

CONDENSED CONSOLIDATED STATEMENT OF CASH FLOWS - USD ($) $ in Thousands	9 Months Ended
	Sep. 30, 2016	Sep. 30, 2015
CASH FLOWS FROM OPERATING ACTIVITIES
Net earnings	$ 256,471	$ 508,084
Adjustments to reconcile net earnings to cash provided (utilized) by operating activities:
Loss from discontinued operations, net of taxes		5,057
Depreciation of fixed assets	155,115	140,961
Amortization of intangibles	12,424	668
(Earnings) loss from equity method investments, net of distributions	12,381	(5,825)
Gain related to a partial sale of a subsidiary		(68,162)
Gain on sale of property, plant and equipment	(15,408)	(22,329)
Amortization of stock-based awards	31,842	41,424
Deferred compensation trust	(19,546)	55,919
Deferred compensation obligation	25,213	(20,778)
Deferred taxes	58,772	78,302
Net retirement plan accrual (contributions)	(7,880)	(11,056)
Changes in operating assets and liabilities	(57,538)	178,281
Cash outflows from discontinued operations		(312,451)
Other items	638	2,328
Cash provided by operating activities	452,484	570,423
CASH FLOWS FROM INVESTING ACTIVITIES
Purchases of marketable securities	(279,387)	(362,790)
Proceeds from the sales and maturities of marketable securities	415,862	324,057
Capital expenditures	(165,514)	(181,078)
Proceeds from disposal of property, plant and equipment	60,773	70,403
Proceeds from a partial sale of a subsidiary		45,566
Investments in partnerships and joint ventures	(518,009)	(80,886)
Acquisitions, net of cash acquired	(240,740)
Other items	10,237	14,479
Cash utilized by investing activities	(716,778)	(170,249)
CASH FLOWS FROM FINANCING ACTIVITIES
Repurchase of common stock	(9,718)	(359,560)
Dividends paid	(89,026)	(94,553)
Proceeds from issuance of 1.75% Senior Notes	552,958
Debt issuance costs	(3,513)
Repayment of Stork Notes, convertible debt and other borrowings	(331,267)	(28,425)
Borrowings under revolving lines of credit	883,288
Repayment of borrowing under revolving lines of credit	(884,876)
Distributions paid to noncontrolling interests	(25,628)	(44,577)
Capital contributions by noncontrolling interests	8,571	3,628
Taxes paid on vested restricted stock	(7,006)	(8,402)
Stock options exercised	3,315	1,162
Other items	711	(3,482)
Cash provided (utilized) by financing activities	97,809	(534,209)
Effect of exchange rate changes on cash	(3,027)	(77,691)
Decrease in cash and cash equivalents	(169,512)	(211,726)
Cash and cash equivalents at beginning of period	1,949,886	1,993,125
Cash and cash equivalents at end of period	$ 1,780,374	$ 1,781,399

CONDENSED CONSOLIDATED STATEME7

CONDENSED CONSOLIDATED STATEMENT OF CASH FLOWS (Parenthetical)	Sep. 30, 2016	Mar. 31, 2016
1.750% 2016 Senior Notes
Debt instruments
Debt interest rate (as a percent)	1.75%	1.75%

Principles of Consolidation

Principles of Consolidation	9 Months Ended
	Sep. 30, 2016
Principles of Consolidation
Principles of Consolidation	(1) Principles of Consolidation 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, 2015 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, 2016 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, 2016 and December 31, 2015 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 2015 have been reclassified to conform to the 2016 presentation due to the implementation of new accounting pronouncements discussed below. Segment operating information for 2015 has been recast to reflect changes in the composition of the company’s reportable segments as discussed in Note 16. Management has evaluated all material events occurring subsequent to the date of the financial statements up to the filing date of this Form 10-Q. The Condensed Consolidated Financial Statements as of and for the three and nine months ended September 30, 2016 include the financial statements of Stork Holding B.V. (“Stork”) since March 1, 2016, the date of acquisition. See Note 17 for a discussion of the acquisition.

Recent Accounting Pronouncement

Recent Accounting Pronouncements	9 Months Ended
	Sep. 30, 2016
Recent Accounting Pronouncements
Recent Accounting Pronouncements	(2) Recent Accounting Pronouncements New accounting pronouncements implemented by the company during the nine months ended September 30, 2016 or requiring implementation in future periods are discussed below or in the related notes, where appropriate. In the first quarter of 2016, the company adopted Accounting Standards Update (“ASU”) 2015-17, “Balance Sheet Classification of Deferred Taxes” on a retrospective basis. This ASU requires entities to classify all deferred tax assets and liabilities as noncurrent on the balance sheet instead of separating deferred taxes into current and noncurrent. As a result of the adoption of ASU 2015-17, deferred tax assets of $173 million were reclassified from current assets to noncurrent assets on the Condensed Consolidated Balance Sheet as of December 31, 2015. The adoption of ASU 2015-17 did not have any impact on the company’s results of operations or cash flows. In the first quarter of 2016, the company adopted ASU 2015-16, “Simplifying the Accounting for Measurement-Period Adjustments.” This ASU requires an acquirer in a business combination to recognize adjustments to provisional amounts that are identified during the measurement period in the reporting period in which the adjustment amounts are determined. The adoption of ASU 2015-16 did not have any impact on the company’s financial position, results of operations or cash flows. In the first quarter of 2016, the company adopted ASU 2015-15, “Presentation and Subsequent Measurement of Debt Issuance Costs Associated with Line-of-Credit Arrangements — Amendments to SEC Paragraphs Pursuant to Staff Announcement at June 18, 2015 EITF Meeting (SEC Update),” which clarifies the presentation and measurement of debt issuance costs incurred in connection with line of credit arrangements. The adoption of ASU 2015-15 did not have any impact on the company’s financial position, results of operations or cash flows. In the first quarter of 2016, the company adopted ASU 2015-05, “Customer’s Accounting for Fees Paid in a Cloud Computing Arrangement” on a prospective basis. This ASU clarifies the circumstances under which a cloud computing customer would account for the arrangement as a license of internal-use software. The adoption of ASU 2015-05 did not have a material impact on the company’s financial position, results of operations or cash flows. In the first quarter of 2016, the company adopted ASU 2015-03, “Simplifying the Presentation of Debt Issuance Costs” on a retrospective basis. This ASU changes the presentation of debt issuance costs on the balance sheet by requiring entities to present such costs as a direct deduction from the related debt liability rather than as an asset. As a result of the adoption of ASU 2015-03, debt issuance costs of $6 million were reclassified from noncurrent assets to a direct deduction of long-term debt on the Condensed Consolidated Balance Sheet as of December 31, 2015. The adoption of ASU 2015-03 did not have any impact on the company’s results of operations or cash flows. In the first quarter of 2016, the company adopted ASU 2015-02, “Amendments to the Consolidation Analysis.” This ASU amends the consolidation guidance for VIEs and general partners’ investments in limited partnerships and modifies the evaluation of whether limited partnerships and similar legal entities are VIEs or voting interest entities. The adoption of ASU 2015-02 did not have a material impact on the company’s financial position, results of operations or cash flows. In the first quarter of 2016, the company adopted ASU 2015-01, “Simplifying Income Statement Presentation by Eliminating the Concept of Extraordinary Items.” Under this ASU, an entity will no longer be allowed to separately disclose extraordinary items, net of tax, in the income statement after income from continuing operations if an event or transaction is unusual in nature and occurs infrequently. The adoption of ASU 2015-01 did not have any impact on the company’s financial position, results of operations or cash flows. In the first quarter of 2016, the company adopted ASU 2014-12, “Accounting for Share-Based Payments When the Terms of an Award Provide That a Performance Target Could Be Achieved After the Requisite Service Period.” This ASU requires that a performance target that affects vesting, and that could be achieved after the requisite service period, be treated as a performance condition. The adoption of ASU 2014-12 did not have any impact on the company’s financial position, results of operations or cash flows. In August 2016, the Financial Accounting Standards Board (“FASB”) issued ASU 2016-15, “Classification of Certain Cash Receipts and Cash Payments.” ASU 2016-15 amends the guidance in Accounting Standards Codification (“ASC”) 230, which often requires judgment to determine the appropriate classification of cash flows as operating, investing or financing activities and has resulted in diversity in practice in how certain cash receipts and cash payments are classified. ASU 2016-15 is effective for interim and annual reporting periods beginning after December 15, 2017 and should be applied on a retrospective basis. Management does not expect the adoption of ASU 2016-13 to have a material impact on the company’s cash flows. In June 2016, the FASB issued ASU 2016-13, “Measurement of Credit Losses on Financial Instruments.” The amendments in this ASU replace the incurred loss impairment methodology in current practice with a methodology that reflects expected credit losses and requires consideration of a broader range of reasonable and supportable information to estimate credit losses. ASU 2016-13 is effective for interim and annual reporting periods beginning after December 15, 2019. Management does not expect the adoption of ASU 2016-13 to have a material impact on the company’s financial position, results of operations or cash flows. In March 2016, the FASB issued ASU 2016-09, “Improvements to Employee Share-Based Payment Accounting.” This ASU is intended to simplify various aspects of the accounting for share-based payment awards, including income tax consequences, classification of awards as either equity or liabilities, classification on the statement of cash flows and forfeiture rate calculations. ASU 2016-09 is effective for interim and annual reporting periods beginning after December 15, 2016. Management is currently evaluating the impact of adopting ASU 2016-09 on the company’s financial position, results of operations and cash flows. In March 2016, the FASB issued ASU 2016-07, “Simplifying the Transition to the Equity Method of Accounting” which eliminates the requirement to retrospectively apply equity method accounting when an investor obtains significant influence over a previously held investment. ASU 2016-07 is effective for interim and annual reporting periods beginning after December 15, 2016, and should be applied prospectively. Management does not expect the adoption of ASU 2016-07 to have a material impact on the company’s financial position, results of operations or cash flows. In March 2016, the FASB issued ASU 2016-05, “Effect of Derivative Contract Novations on Existing Hedge Accounting Relationships.” This ASU clarifies that the novation of a derivative contract in a hedge accounting relationship does not, in and of itself, require dedesignation of that hedge accounting relationship. ASU 2016-05 is effective for interim and annual reporting periods beginning after December 15, 2016. ASU 2016-05 can be applied on either a prospective or modified retrospective basis. Management does not expect the adoption of ASU 2016-05 to have a material impact on the company’s financial position, results of operations or cash flows. In February 2016, the FASB issued ASU 2016-02, “Leases: Amendments to the FASB Accounting Standards Codification,” which amends the existing guidance on accounting for leases. This ASU requires the recognition of lease assets and lease liabilities on the balance sheet, and the disclosure of key information about leasing arrangements. ASU 2016-02 is effective for interim and annual reporting periods beginning after December 15, 2018. Early adoption is permitted and modified retrospective application is required for leases that exist or are entered into after the beginning of the earliest comparative period in the financial statements. Management is currently evaluating the impact of adopting ASU 2016-02 on the company’s financial position, results of operations or cash flows. In January 2016, the FASB issued ASU 2016-01, “Financial Instruments — Overall — Recognition and Measurement of Financial Assets and Financial Liabilities.” This ASU requires entities to measure equity investments that do not result in consolidation and are not accounted for under the equity method at fair value and to recognize any changes in fair value in net income unless the investments qualify for a practicability exception. ASU 2016-01 is effective for interim and annual reporting periods beginning after December 15, 2017. Management does not expect the adoption of ASU 2016-01 to have a material impact on the company’s financial position, results of operations or cash flows. In August 2014, the FASB issued ASU 2014-15, “Disclosure of Uncertainties about an Entity’s Ability to Continue as a Going Concern.” This ASU requires management to perform interim and annual assessments of an entity’s ability to continue as a going concern within one year of the date the financial statements are issued and to provide certain disclosures if conditions or events raise substantial doubt about the entity’s ability to continue as a going concern. ASU 2014-15 is effective for annual reporting periods ending after December 15, 2016 and subsequent interim reporting periods. Management does not expect the adoption of ASU 2014-15 to have a material impact on the company’s financial position, results of operations or cash flows. Revenue Recognition In May 2014, the FASB issued ASU 2014-09, “Revenue from Contracts with Customers,” which outlines a single comprehensive model for entities to use in accounting for revenue arising from contracts with customers and supersedes most current revenue recognition guidance, including industry-specific guidance. ASU 2014-09 outlines a five-step process for revenue recognition that focuses on transfer of control, as opposed to transfer of risk and rewards, and also requires enhanced disclosures regarding the nature, amount, timing and uncertainty of revenues and cash flows from contracts with customers. Major provisions include determining which goods and services are distinct and require separate accounting (performance obligations), how variable consideration (which may include change orders and claims) is recognized, whether revenue should be recognized at a point in time or over time and ensuring the time value of money is considered in the transaction price. As a result of the deferral of the effective date in ASU 2015-14, “Revenue from Contracts with Customers — Deferral of the Effective Date,” the company will now be required to adopt ASU 2014-09 for interim and annual reporting periods beginning after December 15, 2017. Early adoption is permitted as of interim and annual reporting periods beginning after December 15, 2016. ASU 2014-09 can be applied either retrospectively to each prior period presented or as a cumulative-effect adjustment as of the date of adoption. In March 2016, the FASB issued ASU 2016-08, “Principal versus Agent Considerations (Reporting Revenue Gross versus Net)” which clarifies the principal versus agent guidance in ASU 2014-09. ASU 2016-08 clarifies how an entity determines whether to report revenue gross or net based on whether it controls a specific good or service before it is transferred to a customer. ASU 2016-08 also reframes the indicators to focus on evidence that an entity is acting as a principal rather than as an agent. In April 2016, the FASB issued ASU 2016-10, “Identifying Performance Obligations and Licensing,” which amends certain aspects of ASU 2014-09. ASU 2016-10 amends how an entity should identify performance obligations for immaterial promised goods or services, shipping and handling activities and promises that may represent performance obligations. ASU 2016-10 also provides implementation guidance for determining the nature of licensing and royalties arrangements. In May 2016, the FASB issued ASU 2016-12, “Narrow-Scope Improvements and Practical Expedients,” which also clarifies certain aspects of ASU 2014-09 including the assessment of collectability, presentation of sales taxes, treatment of noncash consideration, and accounting for completed contracts and contract modifications at transition. ASU 2016-12, 2016-10 and 2016-08 are effective upon adoption of ASU 2014-09. Management is currently evaluating the impact of adopting ASU 2014-09, 2016-08, 2016-10 and 2016-12 on the company’s financial position, results of operations, cash flows and related disclosures. Adoption of these ASUs is expected to affect the manner in which the company determines the unit of account for its projects (i.e., performance obligations). Under existing guidance, the company typically segments revenue and margin recognition between the engineering and construction phases of its contracts. Upon adoption, the company expects that the entire engineering and construction contract will typically be a single unit of account (a single performance obligation), which will result in a more constant recognition of revenue and margin over the term of the contract. The company will adopt ASU 2014-09 during the first quarter of 2018. The company expects to adopt this new standard using the modified retrospective method that will result in a cumulative effect adjustment as of the date of adoption.

Other Comprehensive Income (Los

Other Comprehensive Income (Loss)	9 Months Ended
	Sep. 30, 2016
Other Comprehensive Income (Loss)
Other Comprehensive Income (Loss)	(3) Other Comprehensive Income (Loss) The tax effects of the components of other comprehensive income (loss) (“OCI”) for the three months ended September 30, 2016 and 2015 are as follows: Three Months Ended Three Months Ended September 30, 2016 September 30, 2015 Tax Tax Before-Tax Benefit Net-of-Tax Before-Tax Benefit Net-of-Tax (in thousands) Amount (Expense) Amount Amount (Expense) Amount Other comprehensive income (loss): Foreign currency translation adjustment $ ) $ $ ) $ ) $ $ ) Ownership share of equity method investees’ other comprehensive income (loss) ) ) ) Defined benefit pension and postretirement plan adjustments ) ) ) Unrealized gain (loss) on derivative contracts ) ) ) Unrealized gain (loss) on available-for-sale securities ) ) ) Total other comprehensive loss ) ) ) ) Less: Other comprehensive loss attributable to noncontrolling interests ) — ) ) — ) Other comprehensive loss attributable to Fluor Corporation $ ) $ $ ) $ ) $ $ ) The tax effects of the components of OCI for the nine months ended September 30, 2016 and 2015 are as follows: Nine Months Ended Nine Months Ended September 30, 2016 September 30, 2015 Tax Tax Before-Tax Benefit Net-of-Tax Before-Tax Benefit Net-of-Tax (in thousands) Amount (Expense) Amount Amount (Expense) Amount Other comprehensive income (loss): Foreign currency translation adjustment $ ) $ $ ) $ ) $ $ ) Ownership share of equity method investees’ other comprehensive income (loss) ) ) ) Defined benefit pension and postretirement plan adjustments ) ) ) ) Unrealized gain (loss) on derivative contracts ) ) ) Unrealized gain on available-for-sale securities ) ) Total other comprehensive loss ) ) ) ) Less: Other comprehensive income (loss) attributable to noncontrolling interests — ) — ) Other comprehensive loss attributable to Fluor Corporation $ ) $ $ ) $ ) $ $ ) The changes in accumulated other comprehensive income (“AOCI”) balances by component (after-tax) for the three months ended September 30, 2016 are as follows: (in thousands) Foreign Ownership Share of Defined Benefit Unrealized Gain Unrealized Gain Accumulated Other Attributable to Fluor Corporation: Balance as of June 30, 2016 $ ) $ ) $ ) $ ) $ $ ) Other comprehensive income (loss) before reclassifications ) — ) ) Amounts reclassified from AOCI — — ) Net other comprehensive income (loss) ) ) ) Balance as of September 30, 2016 $ ) $ ) $ ) $ ) $ $ ) Attributable to Noncontrolling Interests: Balance as of June 30, 2016 $ $ — $ — $ ) $ — $ Other comprehensive income (loss) before reclassifications ) — — — ) Amounts reclassified from AOCI — — — — Net other comprehensive income (loss) ) — — — ) Balance as of September 30, 2016 $ ) $ — $ — $ ) $ — $ ) The changes in AOCI balances by component (after-tax) for the nine months ended September 30, 2016 are as follows: (in thousands) Foreign Ownership Share of Defined Benefit Unrealized Gain Unrealized Gain Accumulated Other Attributable to Fluor Corporation: Balance as of December 31, 2015 $ ) $ ) $ ) $ ) $ ) $ ) Other comprehensive income (loss) before reclassifications ) ) ) ) Amounts reclassified from AOCI — — ) Net other comprehensive income (loss) ) ) ) Balance as of September 30, 2016 $ ) $ ) $ ) $ ) $ $ ) Attributable to Noncontrolling Interests: Balance as of December 31, 2015 $ ) $ — $ — $ ) $ — $ ) Other comprehensive income (loss) before reclassifications ) — — — ) Amounts reclassified from AOCI — — — — Net other comprehensive income (loss) ) — — — Balance as of September 30, 2016 $ ) $ — $ — $ ) $ — $ ) The changes in AOCI balances by component (after-tax) for the three months ended September 30, 2015 are as follows: (in thousands) Foreign Ownership Share of Defined Benefit Unrealized Gain Unrealized Gain Accumulated Other Attributable to Fluor Corporation: Balance as of June 30, 2015 $ ) $ ) $ ) $ ) $ $ ) Other comprehensive income (loss) before reclassifications ) ) ) ) ) Amounts reclassified from AOCI — Net other comprehensive income (loss) ) ) ) ) ) Balance as of September 30, 2015 $ ) $ ) $ ) $ ) $ $ ) Attributable to Noncontrolling Interests: Balance as of June 30, 2015 $ $ — $ — $ ) $ — $ Other comprehensive loss before reclassifications ) — — ) — ) Amounts reclassified from AOCI — — — — Net other comprehensive loss ) — — ) — ) Balance as of September 30, 2015 $ $ — $ — $ ) $ — $ The changes in AOCI balances by component (after-tax) for the nine months ended September 30, 2015 are as follows: (in thousands) Foreign Ownership Share of Defined Benefit Unrealized Gain Unrealized Gain Accumulated Other Attributable to Fluor Corporation: Balance as of December 31, 2014 $ ) $ ) $ ) $ ) $ ) $ ) Other comprehensive income (loss) before reclassifications ) ) ) ) ) Amounts reclassified from AOCI — ) Net other comprehensive income (loss) ) ) ) ) ) Balance as of September 30, 2015 $ ) $ ) $ ) $ ) $ $ ) Attributable to Noncontrolling Interests: Balance as of December 31, 2014 $ $ — $ — $ ) $ — $ Other comprehensive loss before reclassifications ) — — ) — ) Amounts reclassified from AOCI — — — — Net other comprehensive income (loss) ) — — — ) Balance as of September 30, 2015 $ $ — $ — $ ) $ — $ The significant items reclassified out of AOCI and the corresponding location and impact on the Condensed Consolidated Statement of Earnings are as follows: Location in Three Months Ended Nine Months Ended Condensed Consolidated September 30, September 30, (in thousands) Statement of Earnings 2016 2015 2016 2015 Component of AOCI: Foreign currency translation adjustment Gain related to a partial sale of a subsidiary $ — $ ) $ — $ ) Income tax benefit — — Net of tax $ — $ ) $ — $ ) Defined benefit pension plan adjustments Various accounts (1) $ ) $ ) $ ) $ ) Income tax benefit Income tax expense (benefit) Net of tax $ ) $ ) $ ) $ ) Unrealized gain (loss) on derivative contracts: Commodity contracts and foreign currency contracts Total cost of revenue $ ) $ ) $ ) $ ) Interest rate contracts Interest expense ) ) ) ) Income tax benefit (net) Income tax expense (benefit) Net of tax ) ) ) ) Less: Noncontrolling interests Net earnings attributable to noncontrolling interests ) ) ) ) Net of tax and noncontrolling interests $ ) $ ) $ ) $ ) Unrealized gain (loss) on available-for-sale securities Corporate general and administrative expense $ $ ) $ $ Income tax benefit (expense) Income tax expense (benefit) ) ) ) Net of tax $ $ ) $ $ (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, 2016
Income Taxes
Income Taxes	(4) Income Taxes The effective tax rates on earnings from continuing operations for the three and nine months ended September 30, 2016 were impacted by a benefit for a favorable resolution of an IRS audit for tax years 2009-2013 and an increase in the research tax credit. Both the 2015 and 2016 periods benefitted from earnings attributable to noncontrolling interests for which income taxes are not typically the responsibility of the company. The company’s effective tax rate on the loss from discontinued operations for the three and nine months ended September 30, 2015 was 35.5 percent. 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 2012.

Cash Paid for Interest and Taxe

Cash Paid for Interest and Taxes	9 Months Ended
	Sep. 30, 2016
Cash Paid for Interest and Taxes
Cash Paid for Interest and Taxes	(5) Cash Paid for Interest and Taxes Cash paid for interest was $55 million and $30 million for the nine months ended September 30, 2016 and 2015, respectively. Income tax payments, net of refunds, were $138 million and $148 million during the nine-month periods ended September 30, 2016 and 2015, respectively.

Earnings Per Share

Earnings Per Share	9 Months Ended
	Sep. 30, 2016
Earnings Per Share
Earnings Per Share	(6) Earnings Per Share 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, 2016 and 2015 are presented below: Three Months Ended Nine Months Ended September 30, September 30, (in thousands, except per share amounts) 2016 2015 2016 2015 Amounts attributable to Fluor Corporation: Earnings from continuing operations $ $ $ $ Loss from discontinued operations, net of taxes — ) — ) Net earnings $ $ $ $ Basic EPS: Weighted average common shares outstanding Basic EPS attributable to Fluor Corporation: Earnings from continuing operations $ $ $ $ Loss from discontinued operations, net of taxes — ) — ) Net earnings $ $ $ $ Diluted EPS: Weighted average common shares outstanding Diluted effect: Employee stock options, restricted stock units and shares and Value Driver Incentive units Conversion equivalent of dilutive convertible debt — — — Weighted average diluted shares outstanding Diluted EPS attributable to Fluor Corporation: Earnings from continuing operations $ $ $ $ Loss from discontinued operations, net of taxes — ) — ) Net earnings $ $ $ $ Anti-dilutive securities not included above During the nine months ended September 30, 2016, the company repurchased and cancelled 202,650 shares of its common stock under its stock repurchase program for approximately $10 million. No shares were repurchased during the three months ended September 30, 2016. During the three and nine months ended September 30, 2015, the company repurchased and cancelled 3,165,855 and 6,888,531 shares, respectively, of its common stock under its stock repurchase program for approximately $145 million and $360 million, respectively.

Fair Value Measurements

Fair Value Measurements	9 Months Ended
	Sep. 30, 2016
Fair Value Measurements
Fair Value Measurements	(7) Fair Value Measurements 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 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. 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, 2016 and December 31, 2015: September 30, 2016 December 31, 2015 Fair Value Hierarchy Fair Value Hierarchy (in thousands) Total Level 1 Level 2 Level 3 Total Level 1 Level 2 Level 3 Assets: Cash and cash equivalents (1) $ $ $ — $ — $ $ $ — $ — Marketable securities, current (2) — — — — Deferred compensation trusts (3) — — — — Marketable securities, noncurrent (4) — — — — Derivative assets (5) Commodity contracts — — — — — — Foreign currency contracts — — — — Liabilities: Derivative liabilities (5) Commodity contracts $ $ — $ $ — $ $ — $ $ — Foreign currency contracts — — — — (1) 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. (2) Consists of investments in U.S. agency securities, U.S. Treasury securities and corporate 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. (3) Consists primarily of registered money market funds and an equity index fund valued at fair value. These investments, which are trading securities, represent the net asset value of the shares of such funds as of the close of business at the end of the period based on the last trade or official close of an active market or exchange. (4) Consists of investments in U.S. agency securities, U.S. Treasury securities and corporate 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. (5) See Note 8 for the classification of commodity and foreign currency contracts on the Condensed Consolidated Balance Sheet. Commodity 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, 2016: money market funds of $18 million, U.S. agency securities of $12 million, U.S. Treasury securities of $87 million and corporate debt securities of $103 million. As of December 31, 2015, available-for-sale securities consisted of money market funds of $19 million, U.S. agency securities of $18 million, U.S. Treasury securities of $102 million and corporate debt securities of $189 million. The amortized cost of these available-for-sale securities is not materially different from the fair value. During the three and nine months ended September 30, 2016, proceeds from sales and maturities of available-for-sale securities were $38 million and $252 million, respectively, compared to $94 million and $296 million for the corresponding periods of 2015. The carrying values and estimated fair values of the company’s financial instruments that are not required to be measured at fair value on the Condensed Consolidated Balance Sheet are as follows: September 30, 2016 December 31, 2015 Fair Value Carrying Fair Carrying Fair (in thousands) Hierarchy Value Value Value Value Assets: Cash (1) Level 1 $ $ $ $ Cash equivalents (2) Level 2 Marketable securities, current (3) Level 2 Notes receivable, including noncurrent portion (4) Level 3 Liabilities: 1.750% Senior Notes (5) Level 2 $ $ $ — $ — 3.375% Senior Notes (5) Level 2 3.5% Senior Notes (5) Level 2 Revolving Credit Facility (6) Level 2 — — Other borrowings, including noncurrent portion (7) Level 2 — — (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 1.750% Senior Notes, 3.375% Senior Notes and 3.5% Senior Notes were estimated based on quoted market prices for similar issues. (6) Amounts represent borrowings under the company’s €125 million Revolving Credit Facility which expires in April 2017, as discussed in Note 10. The carrying amount of the borrowings under this revolving credit facility approximates fair value because of the short-term maturity. (7) Other borrowings as of September 30, 2016 primarily represent bank loans and other financing arrangements assumed in conjunction with the acquisition of Stork. See Note 17 for a further discussion of the acquisition. The majority of these borrowings mature within one year. The carrying amounts of the borrowings under these arrangements approximate fair value because of the short-term maturity.

Derivatives and Hedging

Derivatives and Hedging	9 Months Ended
	Sep. 30, 2016
Derivatives and Hedging
Derivatives and Hedging	(8) Derivatives and Hedging The company limits exposure to foreign currency fluctuations in most of its engineering and construction contracts through provisions that require client payments in currencies corresponding to the currencies in which cost is incurred. Certain financial exposure, which includes currency and commodity price risk associated with engineering and construction contracts, currency risk associated with monetary assets and liabilities denominated in nonfunctional currencies and risk associated with interest rate volatility, may subject the company to earnings volatility. In cases where financial exposure is identified, the company generally implements a hedging strategy utilizing derivative instruments as hedging instruments to mitigate the risk. These hedging instruments are designated as either fair value or cash flow hedges in accordance with ASC 815, “Derivatives and Hedging.” The company formally documents its hedge relationships at inception, including identification of the hedging instruments and the hedged items, as well as its risk management objectives and strategies for undertaking the hedge transaction. The company also formally assesses, both at inception and at least quarterly thereafter, whether the hedging instruments are highly effective in offsetting changes in the fair value of the hedged items. The fair values of all hedging instruments are recognized as assets or liabilities at the balance sheet date. For fair value hedges, the effective portion of the change in the fair value of the hedging instrument is offset against the change in the fair value of the underlying asset or liability through earnings. For cash flow hedges, the effective portion of the hedging instrument’s gain or loss due to changes in fair value is recorded as a component of AOCI and is reclassified into earnings when the hedged item settles. Any ineffective portion of a hedging instrument’s change in fair value is immediately recognized in earnings. The company does not enter into derivative instruments for speculative purposes. 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, 2016, the company had total gross notional amounts of $817 million of foreign currency contracts and $5 million of commodity contracts outstanding relating to hedging of engineering and construction contract obligations and monetary assets and liabilities denominated in nonfunctional currencies. The foreign currency contracts are of varying duration, none of which extend beyond December 2019. The commodity contracts are of varying duration, none of which extend beyond December 2017. The impact to earnings due to hedge ineffectiveness was immaterial for the three and nine months ended September 30, 2016 and 2015. The fair values of derivatives designated as hedging instruments under ASC 815 as of September 30, 2016 and December 31, 2015 were as follows: Asset Derivatives Liability Derivatives Balance Sheet September 30, December 31, Balance Sheet September 30, December 31, (in thousands) Location 2016 2015 Location 2016 2015 Commodity contracts Other current assets $ — $ Other accrued liabilities $ $ Foreign currency contracts Other current assets Other accrued liabilities Commodity contracts Other assets — Noncurrent liabilities Foreign currency contracts Other assets Noncurrent liabilities Total $ $ $ $ The pre-tax net gains (losses) recognized in earnings associated with the hedging instruments designated as fair value hedges for the three and nine months ended September 30, 2016 and 2015 were as follows: Three Months Ended Nine Months Ended September 30, September 30, Fair Value Hedges (in thousands) Location of Gain (Loss) 2016 2015 2016 2015 Foreign currency contracts Corporate general and administrative expense $ $ ) $ ) $ ) 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 amount 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 was as follows: Three Months Ended Nine Months Ended September 30, September 30, Cash Flow Hedges (in thousands) 2016 2015 2016 2015 Commodity contracts $ ) $ ) $ $ ) Foreign currency contracts ) ) ) Total $ $ ) $ ) $ ) The after-tax amount of gain (loss) reclassified from AOCI into earnings associated with the derivative instruments designated as cash flow hedges was as follows: Three Months Ended Nine Months Ended September 30, September 30, Cash Flow Hedges (in thousands) Location of Gain (Loss) 2016 2015 2016 2015 Commodity contracts Total cost of revenue $ ) $ ) $ ) $ ) Foreign currency contracts Total cost of revenue ) ) ) ) Interest rate contracts Interest expense ) ) ) ) Total $ ) $ ) $ ) $ ) As of September 30, 2016, the company also had total gross notional amounts of $0.3 million of foreign currency contracts and $0.1 million of commodity contracts outstanding that were not designated as hedging instruments. These contracts primarily related to engineering and construction and operations and maintenance contract obligations denominated in nonfunctional currencies. A loss of $0.3 million and a gain of less than $0.1 million associated with these contracts were included in Cost of Revenues for the three and nine months ended September 30, 2016, respectively.

Retirement Benefits

Retirement Benefits	9 Months Ended
	Sep. 30, 2016
Retirement Benefits
Retirement Benefits	(9) Retirement Benefits Net periodic pension expense for the company’s defined benefit pension plans included 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) 2016 2015 2016 2015 2016 2015 2016 2015 Service cost $ — $ $ — $ $ $ $ $ Interest cost — — Expected return on assets — ) — ) ) ) ) ) Amortization of prior service cost — — ) ) ) ) Recognized net actuarial loss — — Settlements — — — — — — Net periodic pension expense $ — $ $ — $ $ $ $ $ In December 2015, the company settled the remaining obligations associated with its U.S. defined benefit pension plan. A detailed discussion of the plan settlement is provided in the Notes to Consolidated Financial Statements included in the Form 10-K for the year ended December 31, 2015. The company currently expects to contribute between $15 million and $20 million into its non-U.S. defined benefit pension plans during 2016, which is expected to be in excess of the minimum funding required. During the nine months ended September 30, 2016, contributions of approximately $15 million were made by the company. During the nine months ended September 30, 2015, lump-sum distributions to participants of the U.S. Plan exceeded the sum of the service cost and interest cost components of net periodic pension cost. As a result, the company recorded a pre-tax settlement charge of $9 million during the third quarter of 2015 which was included in “Corporate general and administrative expense” in the Condensed Consolidated Statement of Earnings. The lump-sum distributions were funded by assets of the U.S. Plan. In anticipation of the plan settlement, the company purchased $10 million in investments in limited partnerships from the U.S. Plan during the third quarter of 2015, as allowed under a prohibited transaction exemption with the U.S. Department of Labor. The purchase price approximated the fair value of the investments as of September 30, 2015. The company’s investments in the limited partnerships are accounted for as cost method investments.

Financing Arrangements

Financing Arrangements	9 Months Ended
	Sep. 30, 2016
Financing Arrangements
Financing Arrangements	(10) Financing Arrangements As of September 30, 2016, the company had a combination of committed and uncommitted lines of credit totaling $6.0 billion that may be used for revolving loans and letters of credit. As of September 30, 2016, letters of credit and borrowings totaling $1.9 billion were outstanding under these committed and uncommitted lines of credit. The committed lines of credit include a $1.7 billion Revolving Loan and Letter of Credit Facility and a $1.8 billion Revolving Loan and Letter of Credit Facility. Both facilities mature in February 2021. The company may utilize up to $1.75 billion in the aggregate of the combined $3.5 billion committed lines of credit for revolving loans, which may be used for acquisitions and/or general purposes. Each of the credit facilities may be increased up to an additional $500 million subject to certain conditions, and contains customary financial and restrictive covenants, including a maximum ratio of consolidated debt to tangible net worth of one-to-one and a cap on the aggregate amount of debt of the greater of $750 million or €750 million for the company’s subsidiaries. Borrowings under both facilities, which may be denominated in USD, EUR, GBP or CAD, bear interest at rates based on the Eurodollar Rate or an alternative base rate, plus an applicable borrowing margin. In connection with the Stork acquisition, the company assumed a €110 million Super Senior Revolving Credit Facility that bore interest at EURIBOR plus 3.75%. In April 2016, the company repaid and replaced the €110 million Super Senior Revolving Credit Facility with a €125 million Revolving Credit Facility which may be used for revolving loans, bank guarantees, letters of credit and to fund working capital in the ordinary course of business. This replacement facility expires in April 2017 and bears interest at EURIBOR plus .75%. The €125 million Revolving Credit Facility was included in committed lines of credit as of September 30, 2016. Outstanding borrowings under this facility amounted to €80 million (or approximately $90 million) as of September 30, 2016. Letters of credit are provided in the ordinary course of business primarily to indemnify the company’s clients if the company fails to perform its obligations under its contracts. Surety bonds may be used as an alternative to letters of credit. In March 2016, the company issued €500 million of 1.750% Senior Notes (the “2016 Notes”) due March 21, 2023 and received proceeds of €497 million, net of underwriting discounts. Interest on the 2016 Notes is payable annually on March 21 of each year, beginning on March 21, 2017. Prior to December 21, 2022, the company may redeem the 2016 Notes at a redemption price equal to 100 percent of the principal amount, plus a “make whole” premium described in the indenture. On or after December 21, 2022, the company may redeem the 2016 Notes at 100 percent of the principal amount plus accrued and unpaid interest, if any, to the date of redemption. Additionally, the company may redeem the 2016 Notes at any time upon the occurrence of certain changes in U.S. tax laws, as described in the indenture, at 100 percent of the principal amount plus accrued and unpaid interest, if any, to the date of redemption. In November 2014, the company issued $500 million of 3.5% Senior Notes (the “2014 Notes”) due December 15, 2024 and received proceeds of $491 million, net of underwriting discounts. Interest on the 2014 Notes is payable semi-annually on June 15 and December 15 of each year, and began on June 15, 2015. Prior to September 15, 2024, the company may redeem the 2014 Notes at a redemption price equal to 100 percent of the principal amount, plus a “make whole” premium described in the indenture. On or after September 15, 2024, the company may redeem the 2014 Notes at 100 percent of the principal amount plus accrued and unpaid interest, if any, to the date of redemption. 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. 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. For the 2016 Notes, the 2014 Notes and the 2011 Notes, if a change of control triggering event occurs, as defined by the terms of the respective indentures, the company will be required to offer to purchase the applicable notes at a purchase price equal to 101 percent of their principal amount, plus accrued and unpaid interest, if any, to the date of redemption. The company is generally not limited under the indentures governing the 2016 Notes, the 2014 Notes and 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 conjunction with the acquisition of Stork on March 1, 2016, the company assumed Stork’s outstanding debt obligations, including its 11.0% Super Senior Notes due 2017 (the ‘‘Stork Notes’’), borrowings under the €110 million Super Senior Revolving Credit Facility, and other debt obligations. On March 2, 2016, the company gave notice to all holders of the Stork Notes of the full redemption of the outstanding €273 million (or approximately $296 million) principal amount of Stork Notes plus a redemption premium of €7 million (or approximately $8 million) effective March 17, 2016. The redemption of the Stork Notes was initially funded with additional borrowings under the company’s $1.7 billion Revolving Loan and Letter of Credit Facility, which borrowings were subsequently repaid from the net proceeds of the 2016 Notes. Certain other outstanding debt obligations assumed in the Stork acquisition of €20 million (or approximately $22 million) were settled in March 2016. See Note 17 for a further discussion of the acquisition. Other borrowings of $54 million as of September 30, 2016 primarily represent bank loans and other financing arrangements assumed in conjunction with the acquisition of Stork, exclusive of the Stork Notes. As of September 30, 2016, the company was in compliance with all of the financial covenants related to its debt agreements.

Stock-Based Plans

Stock-Based Plans	9 Months Ended
	Sep. 30, 2016
Stock-Based Plans
Stock-Based Plans	(11) Stock-Based Plans The company’s executive and director stock-based compensation plans are described, and informational disclosures are provided, in the Notes to Consolidated Financial Statements included in the Form 10-K for the year ended December 31, 2015. In the first nine months of 2016 and 2015, restricted stock units totaling 553,415 and 556,323, respectively, were granted to executives and directors, at weighted-average per share prices of $46.50 and $58.85, respectively. For the company’s executives, the restricted stock units granted in 2016 and 2015 generally vest ratably over three years. For the company’s directors, the restricted stock units granted in 2016 and 2015 vest or vested on the first anniversary of the grant. During the first nine months of 2016 and 2015, options for the purchase of 662,001 shares at a weighted-average exercise price of $46.07 per share and 963,288 shares at a weighted-average exercise price of $59.05 per share, respectively, were awarded to executives. The options granted in 2016 and 2015 vest ratably over three years. The options expire ten years after the grant date. In the first nine months of 2016 and 2015, performance-based Value Driver Incentive (“VDI”) units totaling 98,684 and 430,970, respectively, were granted to executives at weighted-average per share prices of $46.07 and $59.05, respectively. The number of units is adjusted at the end of each performance period based on the achievement of certain performance criteria. The VDI awards granted in 2016 and 2015 can only be settled in company stock and are accounted for as equity awards in accordance with ASC 718. The VDI awards granted in 2016 and 2015 vest after a period of approximately three years. Stock-based VDI awards granted during 2016 are also subject to a post-vest holding period restriction for the period of three years.

Noncontrolling Interests

Noncontrolling Interests	9 Months Ended
	Sep. 30, 2016
Noncontrolling Interests
Noncontrolling Interests	(12) Noncontrolling Interests The company applies the provisions of ASC 810-10-45, which establishes accounting and reporting standards for ownership interests in subsidiaries held by parties other than the parent, the amount of consolidated net earnings attributable to the parent and to the noncontrolling 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, 2016, net earnings attributable to noncontrolling interests were $13 million and $46 million, respectively. For the three and nine months ended September 30, 2015, net earnings attributable to noncontrolling interests were $10 million and $44 million, respectively. Income taxes associated with earnings attributable to noncontrolling interests were immaterial in both periods presented. Distributions paid to noncontrolling interests were $26 million and $45 million for the nine months ended September 30, 2016 and 2015, respectively. Capital contributions by noncontrolling interests were $9 million and $4 million for the nine months ended September 30, 2016 and 2015, respectively.

Contingencies and Commitments

Contingencies and Commitments	9 Months Ended
	Sep. 30, 2016
Contingencies and Commitments
Contingencies and Commitments	(13) Contingencies and Commitments The company and certain of its subsidiaries are subject to litigation, claims and other commitments and contingencies arising in the ordinary course of business. Although the asserted value of these matters may be significant, the company currently does not expect that the ultimate resolution of any open matters will have a material adverse effect on its consolidated financial position or results of operations. Other Matters The company has made claims arising from the performance under its contracts. The company recognizes revenue, but not profit, for certain 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. As of September 30, 2016 and December 31, 2015, the company had recorded $56 million and $30 million, respectively, of claim revenue for costs incurred to date and such costs are included in contract work in progress. Additional costs, which will increase the claim revenue balance over time, are expected to be incurred in future quarters. The company believes the ultimate recovery of incurred and future costs related to these claims is probable in accordance with ASC 605-35-25. From time to time, the company enters into significant contracts with the U.S. government and its agencies. Government contracts are subject to audits and investigations by government representatives with respect to the company’s compliance with various restrictions and regulations applicable to government contractors, including but not limited to the allowability of costs incurred under reimbursable contracts. In connection with performing government contracts, the company maintains reserves for estimated exposures associated with these matters.

Guarantees

Guarantees	9 Months Ended
	Sep. 30, 2016
Guarantees
Guarantees	(14) Guarantees In the ordinary course of business, the company enters into various agreements providing performance assurances and guarantees to clients on behalf of certain unconsolidated and consolidated partnerships, joint ventures and other jointly executed contracts. These agreements are entered into primarily to support the project execution commitments of these entities. The performance guarantees have various expiration dates ranging from mechanical completion of the project 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 $17.3 billion as of September 30, 2016. 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, 2016 and December 31, 2015 in accordance with ASC 460, “Guarantees,” and the carrying value of the liability was not material. Financial guarantees, made in the ordinary course of business in certain limited circumstances, are entered into with financial institutions and other credit grantors and generally obligate the company to make payment in the event of a default by the borrower. These arrangements generally require the borrower to pledge collateral to support the fulfillment of the borrower’s obligation.

Partnerships and Joint Ventures

Partnerships and Joint Ventures	9 Months Ended
	Sep. 30, 2016
Partnerships and Joint Ventures
Partnerships and Joint Ventures	(15) Partnerships and Joint Ventures 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. Receivables related to work performed for unconsolidated partnerships and joint ventures included in “Accounts and notes receivable, net” on the Condensed Consolidated Balance Sheet were $181 million and $132 million as of September 30, 2016 and December 31, 2015, respectively. For unconsolidated partnerships and joint ventures in the construction industry, the company generally 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 on the Condensed Consolidated Balance Sheet, which is a common application of ASC 810-10-45-14 in the construction industry. The equity method of accounting is also used for other investments in entities where the company has significant influence. The company’s investments in unconsolidated partnerships and joint ventures accounted for under these methods amounted to $487 million and $292 million as of September 30, 2016 and December 31, 2015, respectively, and were classified under “Investments” and “Other accrued liabilities” on the Condensed Consolidated Balance Sheet. In February 2016, the company made an initial cash investment of $350 million in COOEC Fluor Heavy Industries Co., Ltd. (“CFHI”), a joint venture in which the company has a 49% ownership interest and Offshore Oil Engineering Co., Ltd., a subsidiary of China National Offshore Oil Corporation, has 51% ownership interest. Through CFHI, the two companies own, operate and manage the Zhuhai Fabrication Yard in China’s Guangdong province. An additional investment of $62 million was made in the third quarter of 2016 and another $78 million is expected to be made in September 2017. Variable Interest Entities In accordance with ASC 810, “Consolidation,” the company assesses its partnerships and joint ventures at inception to determine if any meet the qualifications of a variable interest entity (“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. The net carrying value of the unconsolidated VIEs classified under “Investments” and “Other accrued liabilities” on the Condensed Consolidated Balance Sheet was a net asset of $21 million and $208 million as of September 30, 2016 and December 31, 2015, 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, 2016 for the unconsolidated VIEs were $36 million. In some cases, the company is required to consolidate certain VIEs. As of September 30, 2016, the carrying values of the assets and liabilities associated with the operations of the consolidated VIEs were $1.1 billion and $570 million, respectively. As of December 31, 2015, the carrying values of the assets and liabilities associated with the operations of the consolidated VIEs were $863 million and $443 million, respectively. The assets of a VIE are restricted for use only for the particular VIE and are not available for general operations of the company. The company has agreements with certain VIEs to provide financial or performance assurances to clients. See Note 14 for a further discussion of such agreements. A discussion of some of the company’s more significant or unique VIEs is provided in the Notes to Consolidated Financial Statements included in the Form 10-K for the year ended December 31, 2015.

Operating Information by Segmen

Operating Information by Segment	9 Months Ended
	Sep. 30, 2016
Operating Information by Segment
Operating Information by Segment	(16) Operating Information by Segment During the first quarter of 2016, the company changed the composition of its reportable segments to better reflect the diverse end markets that the company serves. The company now reports its operating results in four reportable segments as follows: Energy, Chemicals & Mining; Industrial, Infrastructure & Power; Government; and Maintenance, Modification & Asset Integrity. Segment operating information and assets for 2015 have been recast to reflect these changes. The Energy, Chemicals & Mining segment is driven by the supply and demand for commodities. This segment provides design, engineering, procurement, construction, fabrication and project management services for chemicals and petrochemicals, downstream refining, pipelines, upstream oil and gas production, liquefied natural gas and offshore production markets. This segment also provides design, engineering, procurement, construction, project management and commissioning and start-up support for mining and metals markets. The Industrial, Infrastructure & Power segment provides design, engineering, procurement, construction, project management, start-up and commissioning, and technical services to the transportation, commercial and institutional, life sciences and advanced manufacturing, telecommunications, microelectronics and water sectors as well as the gas fueled, solid fueled, environmental compliance, renewables, and nuclear power markets. The Industrial, Infrastructure & Power segment includes the operations of NuScale Power, LLC, an Oregon-based designer of small modular nuclear reactors, which is managed as a separate operating segment within the Industrial, Infrastructure & Power segment. The Government segment provides engineering, construction, logistics, base and facilities operations and maintenance, contingency response and environmental and nuclear services to the U.S. government and governments abroad. The Maintenance, Modification & Asset Integrity segment is comprised of several operating segments that do not meet the requirements under ASC 280, “Segment Reporting” for separate disclosure, and therefore, have been combined under the aggregation criteria of ASC 280. The Maintenance, Modification & Asset Integrity segment includes the operations of the company’s equipment business, temporary staffing, power services, the former operations and maintenance business line as well as Stork. For service contracts (including maintenance contracts) that do not satisfy the criteria for revenue recognition using the percentage-of-completion method, revenue is recognized when services are performed. Revenue recognized on service contracts that have not been billed to clients is classified as a current asset under contract work in progress. Amounts billed to clients in excess of revenue recognized on service contracts to date are classified as a current liability under advance billings on contracts. Operating information by reportable segment is as follows: Three Months Ended Nine Months Ended September 30, September 30, External Revenue (in millions) 2016 2015 2016 2015 Energy, Chemicals & Mining $ $ $ $ Industrial, Infrastructure & Power Government Maintenance, Modification & Asset Integrity Total external revenue $ $ $ $ Intercompany revenue for the Maintenance, Modification & Asset Integrity segment, excluded from the amounts shown above, was $133 million and $373 million for the three and nine months ended September 30, 2016, respectively, and $107 million and $331 million for the three and nine months ended September 30, 2015, respectively. Segment profit is an earnings measure that the company utilizes to evaluate and manage its business performance. Segment profit is calculated as revenue less cost of revenue and earnings attributable to noncontrolling interests excluding: corporate general and administrative expense; interest expense; interest income; domestic and foreign income taxes; other non-operating income and expense items; and loss from discontinued operations. Three Months Ended Nine Months Ended September 30, September 30, Segment Profit (Loss) (in millions) 2016 2015 2016 2015 Energy, Chemicals & Mining $ ) $ $ $ Industrial, Infrastructure & Power ) ) Government Maintenance, Modification & Asset Integrity Total segment profit $ $ $ $ · Energy, Chemicals & Mining. Segment profit for the three and nine months ended September 30, 2016 was adversely affected by pre-tax charges of $241 million (or $1.10 per diluted share) and $265 million (or $1.20 per diluted share), respectively, related to forecast revisions for estimated cost increases on a petrochemical project in the United States. · Industrial, Infrastructure & Power. Segment profit for the three and nine months ended September 30, 2016 and 2015 included the operations of NuScale, which are primarily research and development activities associated with the licensing and commercialization of small modular nuclear reactor technology. In May 2014, NuScale entered into a cost-sharing agreement with the U.S. Department of Energy (“DOE”) establishing the terms and conditions of a multi-year funding award that allows certain qualified expenditures to be reimbursed. NuScale expenses included in the determination of segment profit were $22 million and $70 million for the three and nine months ended September 30, 2016, respectively, and $29 million and $65 million for the three and nine months ended September 30, 2015, respectively. NuScale expenses were net of qualified reimbursable expenses of $15 million and $47 million for the three and nine month periods of 2016, respectively, and $13 million and $44 million for the three and nine month periods of 2015, respectively. The company recognizes the cost-sharing award with the DOE, when earned, as a reduction of “Total cost of revenue” on the Condensed Consolidated Statement of Earnings and, correspondingly, as an increase to segment profit in the period for which the related costs are recognized. A reconciliation of total segment profit to net earnings attributable to Fluor Corporation is as follows: Reconciliation of Total Segment Profit to Earnings Three Months Ended Nine Months Ended from Continuing Operations Attributable to Fluor September 30, September 30, Corporation (in millions) 2016 2015 2016 2015 Total segment profit $ $ $ $ Gain related to a partial sale of a subsidiary — — Corporate general and administrative expense ) ) ) ) Interest income (expense), net ) ) ) ) Income tax benefit (expense) ) ) ) Earnings from continuing operations attributable to Fluor Corporation $ $ $ $ Total assets by segment are as follows: September 30, December 31, Total Assets by Segment (in millions) 2016 2015 Energy, Chemicals & Mining $ $ Industrial, Infrastructure & Power Government Maintenance, Modification & Asset Integrity The increase in total assets in the Energy, Chemicals & Mining segment resulted from the company’s investment in CFHI and increased working capital in support of project execution activities. The increase in total assets in the Industrial, Infrastructure & Power segment resulted from increased working capital in support of project execution activities. The increase in total assets in the Maintenance, Modification & Asset Integrity resulted from the company’s acquisition of Stork.

Acquisition of Stork Holding B.

Acquisition of Stork Holding B.V.	9 Months Ended
	Sep. 30, 2016
Acquisition of Stork Holding B.V.
Acquisition of Stork Holding B.V.	(17) Acquisition of Stork Holding B.V. In December 2015, the company signed an agreement to acquire 100 percent of Stork for an aggregate purchase price of €695 million (or approximately $756 million), including the assumption of debt and other liabilities. Stork, based in the Netherlands, is a global provider of maintenance, modification and asset integrity services associated with large existing industrial facilities in the oil and gas, chemicals, petrochemicals, industrial and power markets. On March 1, 2016 (“the acquisition date”), the company completed the Stork acquisition and paid €276 million (or approximately $300 million) in cash consideration. The company borrowed €200 million (or approximately $217 million) under its $1.7 billion Revolving Loan and Letter of Credit Facility, and paid €76 million (or approximately $83 million) of cash on hand to initially finance the Stork acquisition. The €200 million borrowed under the $1.7 billion Revolving Loan and Letter of Credit Facility was subsequently repaid from the net proceeds of the 2016 Notes as discussed in Note 10. In conjunction with the acquisition, the company assumed Stork’s outstanding debt obligations, including the Stork Notes, borrowings under a €110 million Super Senior Revolving Credit Facility, and other debt obligations. On March 2, 2016, the company gave notice to all holders of the Stork Notes of the full redemption of the outstanding €273 million (or approximately $296 million) principal amount of Stork Notes plus a redemption premium of €7 million (or approximately $8 million) effective March 17, 2016. The redemption of the Stork Notes was initially funded with additional borrowings under the company’s $1.7 billion Revolving Loan and Letter of Credit Facility, which borrowings were subsequently repaid from the net proceeds of the 2016 Notes. Certain other outstanding debt obligations assumed in the Stork acquisition of €20 million (or approximately $22 million) were settled in March 2016. In April 2016, the company repaid and replaced the €110 million Super Senior Revolving Credit Facility with a €125 million Revolving Credit Facility that is available to fund working capital in the ordinary course of business. This replacement facility expires in April 2017 and bears interest at EURIBOR plus .75%. The purchase accounting for assets acquired and liabilities assumed in connection with the Stork acquisition is incomplete as of the filing date of this Form 10-Q. Third party valuations for property, plant and equipment, intangible assets and liabilities, and pension obligations are still underway; and the company is continuing to assess deferred taxes, certain tax positions and other liabilities related to the acquisition. Therefore, the amounts recognized in the financial statements for the business combination have been determined provisionally. The aggregate purchase price noted above has been preliminarily allocated to the major categories of assets acquired and liabilities assumed based upon their estimated fair values as of the acquisition date. The excess of the purchase price over the estimated fair value of the net tangible and identifiable intangible assets acquired, totaling €429 million (or approximately $466 million), has been preliminarily recorded as goodwill. The company has made certain changes to the preliminary purchase price allocation since the initial estimates reported in the first quarter of 2016. These changes primarily relate to the following: · Identifiable intangible assets, which were originally aggregated with goodwill, have been separately reported at their estimated fair value of €167 million (or approximately $181 million). · Deferred tax liabilities increased by €47 million (or approximately $51 million) primarily to record the deferred tax impact of valuation adjustments associated with identifiable intangible assets. · Property, plant and equipment increased by €8 million (or approximately $9 million) to reflect its estimated fair value. · Additional fair value adjustments, primarily related to contracts, and certain balance sheet reclassifications have been made to other assets and liabilities resulting in a net decrease of €25 million (or approximately $27 million) to net assets acquired. These adjustments did not materially affect any individual asset or liability account. · Goodwill decreased by €103 million (or approximately $112 million) to reflect all of the changes to the purchase price allocation noted above. Adjustments to the Condensed Consolidated Statement of Earnings for the three and nine months ended September 30, 2016 related to the income effects that would have been recognized in previous periods if the adjustments to provisional amounts were recognized as of the acquisition date were not significant. The purchase price allocation is based upon preliminary information and is subject to change when additional information is obtained. The following table summarizes the company’s updated preliminary estimate of the fair values of assets acquired and liabilities assumed as of the acquisition date: (in thousands) In EUR In USD Cash and cash equivalents € $ Accounts and notes receivable Contract work in progress Other current assets Property, plant and equipment Investments Intangible assets (1) Goodwill (2) Other assets Trade accounts payable ) ) Advance billings on contracts ) ) Other accrued liabilities ) ) Revolving credit facility and other borrowings ) ) Long-term debt ) ) Deferred taxes, net ) ) Noncurrent liabilities ) ) Noncontrolling interests ) ) Net assets acquired € $ (1) Acquired intangible assets consist primarily of customer relationships and trade names. A third party valuation is currently underway to determine the fair value of identifiable intangible assets and their useful lives. (2) Goodwill represents the excess of the purchase price over the fair value of the underlying net assets acquired. Factors contributing to the goodwill balance include the acquired established workforce and the estimated future synergies associated with the combined operations. Of the total goodwill recorded in conjunction with the Stork acquisition, none is expected to be deductible for tax purposes. The goodwill recognized in conjunction with the Stork acquisition has been reported in the Maintenance, Modification & Asset Integrity segment. Since the acquisition date, revenue and earnings from Stork of $350 million and $2 million for the three months ended September 30, 2016, respectively, and $863 million and $9 million for the nine months ended September 30, 2016, respectively, have been included on the Condensed Consolidated Statement of Earnings. Integration costs of $1 million and $12 million for the three and nine months ended September 30, 2016, respectively, and transaction costs of $11 million for the nine months ended September 30, 2016 were included in corporate general and administrative expense. No transactions costs were recorded during the three months ended September 30, 2016. The following pro forma financial information reflects the Stork acquisition as if it had occurred on January 1, 2015 and includes adjustments for debt refinancing and transaction costs. Three Months Ended Nine Months Ended (in thousands) 2016 2015 2016 2015 Pro forma revenue $ $ $ $ Pro forma net earnings attributable to Fluor Corporation

Partial Sale of a Subsidiary

Partial Sale of a Subsidiary	9 Months Ended
	Sep. 30, 2016
Partial Sale of a Subsidiary
Partial Sale of a Subsidiary	(18) Partial Sale of a Subsidiary On September 30, 2015, the company sold 50% of its ownership of Fluor S.A., its principal Spanish operating subsidiary, to Sacyr Industrial, S.L.U. for a cash purchase price of approximately $46 million, subject to certain purchase price adjustments. The company deconsolidated the subsidiary and recorded a pre-tax non-operating gain of $68 million during the third quarter of 2015, which was determined based on the sum of the proceeds received on the sale and the estimated fair value of the company’s retained 50% noncontrolling interest, less the carrying value of the net assets associated with the former subsidiary. The estimated fair value of the company’s retained noncontrolling interest was $44 million as of the transaction date. The fair value was estimated using a combination of income-based and market-based valuation approaches utilizing unobservable Level 3 inputs, including significant management assumptions such as forecasted revenue and operating margins, weighted average cost of capital and earnings multiples. Observable inputs, such as the cash consideration received for the divested share of the entity, were also considered.

Discontinued Operations

Discontinued Operations	9 Months Ended
	Sep. 30, 2016
Discontinued Operations
Discontinued Operations	(19) Discontinued Operations During the nine months ended September 30, 2015, the company made payments totaling $306 million to settle certain lead exposure cases associated with the divested lead business of St. Joe Minerals Corporation and The Doe Run Company in Herculaneum, Missouri, which the company sold in 1994. The company has filed suit against the buyer seeking indemnification for all liabilities arising from these lead exposure cases. During the three and nine months ended September 30, 2015, the company recorded an after-tax loss from discontinued operations of $5 million resulting from the settlement of lead exposure cases related to the divested lead business and the payment of legal fees incurred in connection with a pending indemnification action against the buyer of the lead business for these settlements and others. The tax effects associated with these losses were $3 million for both the three and nine months ended September 30, 2015.

Other Comprehensive Income (L27

Other Comprehensive Income (Loss) (Tables)	9 Months Ended
	Sep. 30, 2016
Other Comprehensive Income (Loss)
Schedule of tax effects of components of other comprehensive income (loss)	Three Months Ended Three Months Ended September 30, 2016 September 30, 2015 Tax Tax Before-Tax Benefit Net-of-Tax Before-Tax Benefit Net-of-Tax (in thousands) Amount (Expense) Amount Amount (Expense) Amount Other comprehensive income (loss): Foreign currency translation adjustment $ ) $ $ ) $ ) $ $ ) Ownership share of equity method investees’ other comprehensive income (loss) ) ) ) Defined benefit pension and postretirement plan adjustments ) ) ) Unrealized gain (loss) on derivative contracts ) ) ) Unrealized gain (loss) on available-for-sale securities ) ) ) Total other comprehensive loss ) ) ) ) Less: Other comprehensive loss attributable to noncontrolling interests ) — ) ) — ) Other comprehensive loss attributable to Fluor Corporation $ ) $ $ ) $ ) $ $ ) Nine Months Ended Nine Months Ended September 30, 2016 September 30, 2015 Tax Tax Before-Tax Benefit Net-of-Tax Before-Tax Benefit Net-of-Tax (in thousands) Amount (Expense) Amount Amount (Expense) Amount Other comprehensive income (loss): Foreign currency translation adjustment $ ) $ $ ) $ ) $ $ ) Ownership share of equity method investees’ other comprehensive income (loss) ) ) ) Defined benefit pension and postretirement plan adjustments ) ) ) ) Unrealized gain (loss) on derivative contracts ) ) ) Unrealized gain on available-for-sale securities ) ) Total other comprehensive loss ) ) ) ) Less: Other comprehensive income (loss) attributable to noncontrolling interests — ) — ) Other comprehensive loss attributable to Fluor Corporation $ ) $ $ ) $ ) $ $ )
Schedule of changes in accumulated other comprehensive income balances by component (after-tax)	(in thousands) Foreign Ownership Share of Defined Benefit Unrealized Gain Unrealized Gain Accumulated Other Attributable to Fluor Corporation: Balance as of June 30, 2016 $ ) $ ) $ ) $ ) $ $ ) Other comprehensive income (loss) before reclassifications ) — ) ) Amounts reclassified from AOCI — — ) Net other comprehensive income (loss) ) ) ) Balance as of September 30, 2016 $ ) $ ) $ ) $ ) $ $ ) Attributable to Noncontrolling Interests: Balance as of June 30, 2016 $ $ — $ — $ ) $ — $ Other comprehensive income (loss) before reclassifications ) — — — ) Amounts reclassified from AOCI — — — — Net other comprehensive income (loss) ) — — — ) Balance as of September 30, 2016 $ ) $ — $ — $ ) $ — $ ) (in thousands) Foreign Ownership Share of Defined Benefit Unrealized Gain Unrealized Gain Accumulated Other Attributable to Fluor Corporation: Balance as of December 31, 2015 $ ) $ ) $ ) $ ) $ ) $ ) Other comprehensive income (loss) before reclassifications ) ) ) ) Amounts reclassified from AOCI — — ) Net other comprehensive income (loss) ) ) ) Balance as of September 30, 2016 $ ) $ ) $ ) $ ) $ $ ) Attributable to Noncontrolling Interests: Balance as of December 31, 2015 $ ) $ — $ — $ ) $ — $ ) Other comprehensive income (loss) before reclassifications ) — — — ) Amounts reclassified from AOCI — — — — Net other comprehensive income (loss) ) — — — Balance as of September 30, 2016 $ ) $ — $ — $ ) $ — $ ) (in thousands) Foreign Ownership Share of Defined Benefit Unrealized Gain Unrealized Gain Accumulated Other Attributable to Fluor Corporation: Balance as of June 30, 2015 $ ) $ ) $ ) $ ) $ $ ) Other comprehensive income (loss) before reclassifications ) ) ) ) ) Amounts reclassified from AOCI — Net other comprehensive income (loss) ) ) ) ) ) Balance as of September 30, 2015 $ ) $ ) $ ) $ ) $ $ ) Attributable to Noncontrolling Interests: Balance as of June 30, 2015 $ $ — $ — $ ) $ — $ Other comprehensive loss before reclassifications ) — — ) — ) Amounts reclassified from AOCI — — — — Net other comprehensive loss ) — — ) — ) Balance as of September 30, 2015 $ $ — $ — $ ) $ — $ (in thousands) Foreign Ownership Share of Defined Benefit Unrealized Gain Unrealized Gain Accumulated Other Attributable to Fluor Corporation: Balance as of December 31, 2014 $ ) $ ) $ ) $ ) $ ) $ ) Other comprehensive income (loss) before reclassifications ) ) ) ) ) Amounts reclassified from AOCI — ) Net other comprehensive income (loss) ) ) ) ) ) Balance as of September 30, 2015 $ ) $ ) $ ) $ ) $ $ ) Attributable to Noncontrolling Interests: Balance as of December 31, 2014 $ $ — $ — $ ) $ — $ Other comprehensive loss before reclassifications ) — — ) — ) Amounts reclassified from AOCI — — — — Net other comprehensive income (loss) ) — — — ) Balance as of September 30, 2015 $ $ — $ — $ ) $ — $
Schedule of significant items reclassified out of AOCI and corresponding location and impact	Location in Three Months Ended Nine Months Ended Condensed Consolidated September 30, September 30, (in thousands) Statement of Earnings 2016 2015 2016 2015 Component of AOCI: Foreign currency translation adjustment Gain related to a partial sale of a subsidiary $ — $ ) $ — $ ) Income tax benefit — — Net of tax $ — $ ) $ — $ ) Defined benefit pension plan adjustments Various accounts (1) $ ) $ ) $ ) $ ) Income tax benefit Income tax expense (benefit) Net of tax $ ) $ ) $ ) $ ) Unrealized gain (loss) on derivative contracts: Commodity contracts and foreign currency contracts Total cost of revenue $ ) $ ) $ ) $ ) Interest rate contracts Interest expense ) ) ) ) Income tax benefit (net) Income tax expense (benefit) Net of tax ) ) ) ) Less: Noncontrolling interests Net earnings attributable to noncontrolling interests ) ) ) ) Net of tax and noncontrolling interests $ ) $ ) $ ) $ ) Unrealized gain (loss) on available-for-sale securities Corporate general and administrative expense $ $ ) $ $ Income tax benefit (expense) Income tax expense (benefit) ) ) ) Net of tax $ $ ) $ $ (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, 2016
Earnings Per Share
Schedule of calculations of basic and diluted EPS	Three Months Ended Nine Months Ended September 30, September 30, (in thousands, except per share amounts) 2016 2015 2016 2015 Amounts attributable to Fluor Corporation: Earnings from continuing operations $ $ $ $ Loss from discontinued operations, net of taxes — ) — ) Net earnings $ $ $ $ Basic EPS: Weighted average common shares outstanding Basic EPS attributable to Fluor Corporation: Earnings from continuing operations $ $ $ $ Loss from discontinued operations, net of taxes — ) — ) Net earnings $ $ $ $ Diluted EPS: Weighted average common shares outstanding Diluted effect: Employee stock options, restricted stock units and shares and Value Driver Incentive units Conversion equivalent of dilutive convertible debt — — — Weighted average diluted shares outstanding Diluted EPS attributable to Fluor Corporation: Earnings from continuing operations $ $ $ $ Loss from discontinued operations, net of taxes — ) — ) Net earnings $ $ $ $ Anti-dilutive securities not included above

Fair Value Measurements (Tables

Fair Value Measurements (Tables)	9 Months Ended
	Sep. 30, 2016
Fair Value Measurements
Schedule of assets and liabilities measured at fair value on a recurring basis	September 30, 2016 December 31, 2015 Fair Value Hierarchy Fair Value Hierarchy (in thousands) Total Level 1 Level 2 Level 3 Total Level 1 Level 2 Level 3 Assets: Cash and cash equivalents (1) $ $ $ — $ — $ $ $ — $ — Marketable securities, current (2) — — — — Deferred compensation trusts (3) — — — — Marketable securities, noncurrent (4) — — — — Derivative assets (5) Commodity contracts — — — — — — Foreign currency contracts — — — — Liabilities: Derivative liabilities (5) Commodity contracts $ $ — $ $ — $ $ — $ $ — Foreign currency contracts — — — — (1) 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. (2) Consists of investments in U.S. agency securities, U.S. Treasury securities and corporate 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. (3) Consists primarily of registered money market funds and an equity index fund valued at fair value. These investments, which are trading securities, represent the net asset value of the shares of such funds as of the close of business at the end of the period based on the last trade or official close of an active market or exchange. (4) Consists of investments in U.S. agency securities, U.S. Treasury securities and corporate 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. (5) See Note 8 for the classification of commodity and foreign currency contracts on the Condensed Consolidated Balance Sheet. Commodity 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.
Schedule of carrying values and estimated fair values of financial instruments not required to be measured at fair value	September 30, 2016 December 31, 2015 Fair Value Carrying Fair Carrying Fair (in thousands) Hierarchy Value Value Value Value Assets: Cash (1) Level 1 $ $ $ $ Cash equivalents (2) Level 2 Marketable securities, current (3) Level 2 Notes receivable, including noncurrent portion (4) Level 3 Liabilities: 1.750% Senior Notes (5) Level 2 $ $ $ — $ — 3.375% Senior Notes (5) Level 2 3.5% Senior Notes (5) Level 2 Revolving Credit Facility (6) Level 2 — — Other borrowings, including noncurrent portion (7) Level 2 — — (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 1.750% Senior Notes, 3.375% Senior Notes and 3.5% Senior Notes were estimated based on quoted market prices for similar issues. (6) Amounts represent borrowings under the company’s €125 million Revolving Credit Facility which expires in April 2017, as discussed in Note 10. The carrying amount of the borrowings under this revolving credit facility approximates fair value because of the short-term maturity. (7) Other borrowings as of September 30, 2016 primarily represent bank loans and other financing arrangements assumed in conjunction with the acquisition of Stork. See Note 17 for a further discussion of the acquisition. The majority of these borrowings mature within one year. The carrying amounts of the borrowings under these arrangements approximate fair value because of the short-term maturity.

Derivatives and Hedging (Tables

Derivatives and Hedging (Tables)	9 Months Ended
	Sep. 30, 2016
Derivatives and Hedging
Schedule of fair values of derivatives designated as hedging instruments under ASC 815	Asset Derivatives Liability Derivatives Balance Sheet September 30, December 31, Balance Sheet September 30, December 31, (in thousands) Location 2016 2015 Location 2016 2015 Commodity contracts Other current assets $ — $ Other accrued liabilities $ $ Foreign currency contracts Other current assets Other accrued liabilities Commodity contracts Other assets — Noncurrent liabilities Foreign currency contracts Other assets Noncurrent liabilities Total $ $ $ $
Schedule of after-tax amount of gain (loss) recognized in OCI and reclassified from AOCI into earnings associated with derivative instruments designated as cash flow hedges	Three Months Ended Nine Months Ended September 30, September 30, Cash Flow Hedges (in thousands) 2016 2015 2016 2015 Commodity contracts $ ) $ ) $ $ ) Foreign currency contracts ) ) ) Total $ $ ) $ ) $ ) The after-tax amount of gain (loss) reclassified from AOCI into earnings associated with the derivative instruments designated as cash flow hedges was as follows: Three Months Ended Nine Months Ended September 30, September 30, Cash Flow Hedges (in thousands) Location of Gain (Loss) 2016 2015 2016 2015 Commodity contracts Total cost of revenue $ ) $ ) $ ) $ ) Foreign currency contracts Total cost of revenue ) ) ) ) Interest rate contracts Interest expense ) ) ) ) Total $ ) $ ) $ ) $ )
Hedging instruments designated as fair value hedges
Derivatives and Hedging
Schedule of pre-tax net gains (losses) recognized in earnings	Three Months Ended Nine Months Ended September 30, September 30, Fair Value Hedges (in thousands) Location of Gain (Loss) 2016 2015 2016 2015 Foreign currency contracts Corporate general and administrative expense $ $ ) $ ) $ )

Retirement Benefits (Tables)

Retirement Benefits (Tables)	9 Months Ended
	Sep. 30, 2016
Defined Benefit Pension Plans
Defined Benefit Plans and Other Postretirement Benefit Plans
Schedule of components of net periodic pension expense	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) 2016 2015 2016 2015 2016 2015 2016 2015 Service cost $ — $ $ — $ $ $ $ $ Interest cost — — Expected return on assets — ) — ) ) ) ) ) Amortization of prior service cost — — ) ) ) ) Recognized net actuarial loss — — Settlements — — — — — — Net periodic pension expense $ — $ $ — $ $ $ $ $

Operating Information by Segm32

Operating Information by Segment (Tables)	9 Months Ended
	Sep. 30, 2016
Operating Information by Segment
Schedule of operating information and total assets by reportable segment	Three Months Ended Nine Months Ended September 30, September 30, External Revenue (in millions) 2016 2015 2016 2015 Energy, Chemicals & Mining $ $ $ $ Industrial, Infrastructure & Power Government Maintenance, Modification & Asset Integrity Total external revenue $ $ $ $ Three Months Ended Nine Months Ended September 30, September 30, Segment Profit (Loss) (in millions) 2016 2015 2016 2015 Energy, Chemicals & Mining $ ) $ $ $ Industrial, Infrastructure & Power ) ) Government Maintenance, Modification & Asset Integrity Total segment profit $ $ $ $ September 30, December 31, Total Assets by Segment (in millions) 2016 2015 Energy, Chemicals & Mining $ $ Industrial, Infrastructure & Power Government Maintenance, Modification & Asset Integrity
Reconciliation of total segment profit to net earnings	Reconciliation of Total Segment Profit to Earnings Three Months Ended Nine Months Ended from Continuing Operations Attributable to Fluor September 30, September 30, Corporation (in millions) 2016 2015 2016 2015 Total segment profit $ $ $ $ Gain related to a partial sale of a subsidiary — — Corporate general and administrative expense ) ) ) ) Interest income (expense), net ) ) ) ) Income tax benefit (expense) ) ) ) Earnings from continuing operations attributable to Fluor Corporation $ $ $ $

Acquisition of Stork Holding 33

Acquisition of Stork Holding B.V. (Tables)	9 Months Ended
	Sep. 30, 2016
Acquisition of Stork Holding B.V.
Summary of preliminary estimate of fair values of assets acquired and liabilities assumed as of the acquisition date	(in thousands) In EUR In USD Cash and cash equivalents € $ Accounts and notes receivable Contract work in progress Other current assets Property, plant and equipment Investments Intangible assets (1) Goodwill (2) Other assets Trade accounts payable ) ) Advance billings on contracts ) ) Other accrued liabilities ) ) Revolving credit facility and other borrowings ) ) Long-term debt ) ) Deferred taxes, net ) ) Noncurrent liabilities ) ) Noncontrolling interests ) ) Net assets acquired € $ (1) Acquired intangible assets consist primarily of customer relationships and trade names. A third party valuation is currently underway to determine the fair value of identifiable intangible assets and their useful lives. (2) Goodwill represents the excess of the purchase price over the fair value of the underlying net assets acquired. Factors contributing to the goodwill balance include the acquired established workforce and the estimated future synergies associated with the combined operations. Of the total goodwill recorded in conjunction with the Stork acquisition, none is expected to be deductible for tax purposes. The goodwill recognized in conjunction with the Stork acquisition has been reported in the Maintenance, Modification & Asset Integrity segment.
Schedule of pro forma financial information	Three Months Ended Nine Months Ended (in thousands) 2016 2015 2016 2015 Pro forma revenue $ $ $ $ Pro forma net earnings attributable to Fluor Corporation

Recent Accounting Pronounceme34

Recent Accounting Pronouncements (Details) - USD ($) $ in Thousands	Sep. 30, 2016	Dec. 31, 2015
New accounting pronouncements implemented
Other noncurrent assets	$ 382,774	$ 201,899
Long-term debt	$ 1,555,522	986,564
ASU 2015-17, Balance Sheet Classification of Deferred Taxes | Early Adoption
New accounting pronouncements implemented
Current deferred tax assets		(173,000)
Noncurrent deferred tax assets		173,000
ASU 2015-03, Simplifying the Presentation of Debt Issuance Costs | Adjustment
New accounting pronouncements implemented
Other noncurrent assets		(6,000)
Long-term debt		$ (6,000)

Other Comprehensive Income (L35

Other Comprehensive Income (Loss) - Tax Effects of Components of Other Comprehensive Income (Loss) (Details) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2016	Sep. 30, 2015	Sep. 30, 2016	Sep. 30, 2015
Other comprehensive loss, Before-Tax Amount:
Total other comprehensive loss, Before-Tax	$ (28,023)	$ (101,094)	$ (50,561)	$ (151,202)
Less: Other comprehensive income (loss) attributable to noncontrolling interests, Before-Tax	(572)	(92)	183	(112)
Other comprehensive loss attributable to Fluor Corporation, Before-Tax	(27,451)	(101,002)	(50,744)	(151,090)
Other comprehensive loss, Tax Benefit (Expense):
Total other comprehensive loss, Tax Benefit (Expense)	10,533	37,596	17,173	56,166
Other comprehensive loss attributable to Fluor Corporation, Tax Benefit (Expense)	10,533	37,596	17,173	56,166
Other comprehensive loss, Net-of-Tax Amount:
TOTAL OTHER COMPREHENSIVE LOSS, NET OF TAX	(17,490)	(63,498)	(33,388)	(95,036)
Less: Other comprehensive income (loss) attributable to noncontrolling interests, Net-of-Tax	(572)	(92)	183	(112)
Other comprehensive loss attributable to Fluor Corporation, Net-of-Tax	(16,918)	(63,406)	(33,571)	(94,924)
Foreign currency translation adjustment, including noncontrolling interests
Other comprehensive loss, Before-Tax Amount:
Total other comprehensive loss, Before-Tax	(36,754)	(72,085)	(62,922)	(129,274)
Other comprehensive loss, Tax Benefit (Expense):
Total other comprehensive loss, Tax Benefit (Expense)	13,527	27,032	23,515	48,382
Other comprehensive loss, Net-of-Tax Amount:
TOTAL OTHER COMPREHENSIVE LOSS, NET OF TAX	(23,227)	(45,053)	(39,407)	(80,892)
Ownership share of equity method investees' other comprehensive income (loss), including noncontrolling interests
Other comprehensive loss, Before-Tax Amount:
Total other comprehensive loss, Before-Tax	4,086	(8,216)	5,106	(12,380)
Other comprehensive loss, Tax Benefit (Expense):
Total other comprehensive loss, Tax Benefit (Expense)	(1,338)	2,853	(1,992)	4,189
Other comprehensive loss, Net-of-Tax Amount:
TOTAL OTHER COMPREHENSIVE LOSS, NET OF TAX	2,748	(5,363)	3,114	(8,191)
Defined benefit pension and postretirement plan adjustments, including noncontrolling interests
Other comprehensive loss, Before-Tax Amount:
Total other comprehensive loss, Before-Tax	2,062	(14,955)	1,445	(6,371)
Other comprehensive loss, Tax Benefit (Expense):
Total other comprehensive loss, Tax Benefit (Expense)	(773)	5,608	(2,273)	2,389
Other comprehensive loss, Net-of-Tax Amount:
TOTAL OTHER COMPREHENSIVE LOSS, NET OF TAX	1,289	(9,347)	(828)	(3,982)
Unrealized gain (loss) on derivative contracts, including noncontrolling interests
Other comprehensive loss, Before-Tax Amount:
Total other comprehensive loss, Before-Tax	3,032	(6,410)	4,480	(4,348)
Other comprehensive loss, Tax Benefit (Expense):
Total other comprehensive loss, Tax Benefit (Expense)	(1,052)	2,317	(1,579)	1,645
Other comprehensive loss, Net-of-Tax Amount:
TOTAL OTHER COMPREHENSIVE LOSS, NET OF TAX	1,980	(4,093)	2,901	(2,703)
Unrealized gain (loss) on available-for-sale securities, including noncontrolling interests
Other comprehensive loss, Before-Tax Amount:
Total other comprehensive loss, Before-Tax	(449)	572	1,330	1,171
Other comprehensive loss, Tax Benefit (Expense):
Total other comprehensive loss, Tax Benefit (Expense)	169	(214)	(498)	(439)
Other comprehensive loss, Net-of-Tax Amount:
TOTAL OTHER COMPREHENSIVE LOSS, NET OF TAX	$ (280)	$ 358	$ 832	$ 732

Other Comprehensive Income (L36

Other Comprehensive Income (Loss) - Changes in AOCI Balances by Component (Details) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2016	Sep. 30, 2015	Sep. 30, 2016	Sep. 30, 2015
Changes in AOCI balances by component (after-tax)
BALANCE			$ 3,113,499
TOTAL OTHER COMPREHENSIVE LOSS, NET OF TAX	$ (17,490)	$ (63,498)	(33,388)	$ (95,036)
BALANCE	3,254,608		3,254,608
Accumulated Other Comprehensive Income (Loss)
Changes in AOCI balances by component (after-tax)
BALANCE	(449,428)	(515,730)	(432,775)	(484,212)
Other comprehensive income (loss) before reclassifications	(18,784)	(79,133)	(40,732)	(116,625)
Amounts reclassified from AOCI	1,866	15,727	7,161	21,701
TOTAL OTHER COMPREHENSIVE LOSS, NET OF TAX	(16,918)	(63,406)	(33,571)	(94,924)
BALANCE	(466,346)	(579,136)	(466,346)	(579,136)
Foreign Currency Translation
Changes in AOCI balances by component (after-tax)
BALANCE	(239,217)	(155,000)	(222,569)	(119,416)
Other comprehensive income (loss) before reclassifications	(22,545)	(51,260)	(39,193)	(86,844)
Amounts reclassified from AOCI		6,208		6,208
TOTAL OTHER COMPREHENSIVE LOSS, NET OF TAX	(22,545)	(45,052)	(39,193)	(80,636)
BALANCE	(261,762)	(200,052)	(261,762)	(200,052)
Ownership Share of Equity Method Investees' Other Comprehensive Income (Loss)
Changes in AOCI balances by component (after-tax)
BALANCE	(37,583)	(33,264)	(37,949)	(30,436)
Other comprehensive income (loss) before reclassifications	2,748	(5,363)	3,114	(8,191)
TOTAL OTHER COMPREHENSIVE LOSS, NET OF TAX	2,748	(5,363)	3,114	(8,191)
BALANCE	(34,835)	(38,627)	(34,835)	(38,627)
Defined Benefit Pension and Postretirement Plans
Changes in AOCI balances by component (after-tax)
BALANCE	(164,647)	(319,780)	(162,530)	(325,145)
Other comprehensive income (loss) before reclassifications		(17,919)	(4,617)	(17,919)
Amounts reclassified from AOCI	1,289	8,572	3,789	13,937
TOTAL OTHER COMPREHENSIVE LOSS, NET OF TAX	1,289	(9,347)	(828)	(3,982)
BALANCE	(163,358)	(329,127)	(163,358)	(329,127)
Unrealized Gain (Loss) on Derivative Contracts
Changes in AOCI balances by component (after-tax)
BALANCE	(8,621)	(7,799)	(9,255)	(8,954)
Other comprehensive income (loss) before reclassifications	1,233	(4,920)	(951)	(4,444)
Amounts reclassified from AOCI	637	918	3,455	1,597
TOTAL OTHER COMPREHENSIVE LOSS, NET OF TAX	1,870	(4,002)	2,504	(2,847)
BALANCE	(6,751)	(11,801)	(6,751)	(11,801)
Unrealized Gain (Loss) on Available-for-Sale Securities
Changes in AOCI balances by component (after-tax)
BALANCE	640	113	(472)	(261)
Other comprehensive income (loss) before reclassifications	(220)	329	915	773
Amounts reclassified from AOCI	(60)	29	(83)	(41)
TOTAL OTHER COMPREHENSIVE LOSS, NET OF TAX	(280)	358	832	732
BALANCE	360	471	360	471
Accumulated Other Comprehensive Income (Loss) Attributable to Noncontrolling Interests
Changes in AOCI balances by component (after-tax)
BALANCE	131	623	(624)	643
Other comprehensive income (loss) before reclassifications	(636)	(157)	(58)	(310)
Amounts reclassified from AOCI	64	65	241	198
TOTAL OTHER COMPREHENSIVE LOSS, NET OF TAX	(572)	(92)	183	(112)
BALANCE	(441)	531	(441)	531
Foreign Currency Translation Attributable to Noncontrolling Interests
Changes in AOCI balances by component (after-tax)
BALANCE	354	1,073	(114)	1,328
Other comprehensive income (loss) before reclassifications	(682)	(1)	(214)	(256)
TOTAL OTHER COMPREHENSIVE LOSS, NET OF TAX	(682)	(1)	(214)	(256)
BALANCE	(328)	1,072	(328)	1,072
Unrealized Gain (Loss) on Derivative Contracts Attributable Noncontrolling Interests
Changes in AOCI balances by component (after-tax)
BALANCE	(223)	(450)	(510)	(685)
Other comprehensive income (loss) before reclassifications	46	(156)	156	(54)
Amounts reclassified from AOCI	64	65	241	198
TOTAL OTHER COMPREHENSIVE LOSS, NET OF TAX	110	(91)	397	144
BALANCE	$ (113)	$ (541)	$ (113)	$ (541)

Other Comprehensive Income (L37

Other Comprehensive Income (Loss) - Significant Items Reclassified Out of AOCI (Details) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2016	Sep. 30, 2015	Sep. 30, 2016	Sep. 30, 2015
Reclassifications out of accumulated other comprehensive income (loss)
Gain related to a partial sale of a subsidiary		$ 68,162		$ 68,162
Total cost of revenue	$ (4,729,637)	(4,133,819)	$ (13,505,572)	(12,901,133)
Interest expense	(17,377)	(10,170)	(50,741)	(33,739)
Corporate general and administrative expense	(27,144)	(35,165)	(134,897)	(124,060)
Income tax expense (benefit)	20,057	(91,417)	(111,501)	(252,796)
NET EARNINGS	17,406	181,736	256,471	508,084
Net earnings attributable to noncontrolling interests	12,602	10,453	45,531	44,215
NET EARNINGS ATTRIBUTABLE TO FLUOR CORPORATION	4,804	171,283	210,940	463,869
Foreign Currency Translation | Reclassified out of AOCI
Reclassifications out of accumulated other comprehensive income (loss)
Gain related to a partial sale of a subsidiary		(9,932)		(9,932)
Income tax expense (benefit)		3,724		3,724
NET EARNINGS		(6,208)		(6,208)
Defined Benefit Pension and Postretirement Plans
Reclassifications out of accumulated other comprehensive income (loss)
Adjustments	(2,062)	(13,715)	(6,062)	(22,299)
Income tax benefit	773	5,143	2,273	8,362
Net of tax	(1,289)	(8,572)	(3,789)	(13,937)
Unrealized Gain (Loss) on Derivative Contracts | Reclassified out of AOCI
Reclassifications out of accumulated other comprehensive income (loss)
Income tax expense (benefit)	389	589	2,117	1,076
NET EARNINGS	(701)	(983)	(3,696)	(1,795)
Net earnings attributable to noncontrolling interests	(64)	(65)	(241)	(198)
NET EARNINGS ATTRIBUTABLE TO FLUOR CORPORATION	(637)	(918)	(3,455)	(1,597)
Unrealized Gain (Loss) on Derivative Contracts | Reclassified out of AOCI | Commodity contracts and foreign currency contracts
Reclassifications out of accumulated other comprehensive income (loss)
Total cost of revenue	(671)	(1,153)	(4,555)	(1,613)
Unrealized Gain (Loss) on Derivative Contracts | Reclassified out of AOCI | Interest rate contracts
Reclassifications out of accumulated other comprehensive income (loss)
Interest expense	(419)	(419)	(1,258)	(1,258)
Unrealized Gain (Loss) on Available-for-Sale Securities | Reclassified out of AOCI
Reclassifications out of accumulated other comprehensive income (loss)
Corporate general and administrative expense	97	(46)	133	66
Income tax expense (benefit)	(37)	17	(50)	(25)
NET EARNINGS	$ 60	$ (29)	$ 83	$ 41

Income Taxes (Details)

Income Taxes (Details)	3 Months Ended	9 Months Ended
	Sep. 30, 2015	Sep. 30, 2015
Income Taxes
Effective tax rate, discontinued operations (as a percent)	35.50%	35.50%

Cash Paid for Interest and Ta39

Cash Paid for Interest and Taxes (Details) - USD ($) $ in Millions	9 Months Ended
	Sep. 30, 2016	Sep. 30, 2015
Cash Paid for Interest and Taxes
Interest	$ 55	$ 30
Income taxes payments, net of refunds	$ 138	$ 148

Earnings Per Share - Calculatio

Earnings Per Share - Calculations of Basic and Diluted EPS and Share Repurchases (Details) - USD ($) $ / shares in Units, $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2016	Sep. 30, 2015	Sep. 30, 2016	Sep. 30, 2015
Amounts attributable to Fluor Corporation
Earnings from continuing operations attributable to Fluor Corporation	$ 4,804	$ 176,340	$ 210,940	$ 468,926
Loss from discontinued operations, net of taxes		(5,057)		(5,057)
NET EARNINGS ATTRIBUTABLE TO FLUOR CORPORATION	$ 4,804	$ 171,283	$ 210,940	$ 463,869
Basic EPS:
Weighted average common shares outstanding (in shares)	139,250,000	144,293,000	139,142,000	146,095,000
Basic EPS attributable to Fluor Corporation:
Earnings from continuing operations (in dollars per share)	$ 0.03	$ 1.22	$ 1.52	$ 3.21
Loss from discontinued operations, net of taxes (in dollars per share)		(0.03)		(0.03)
Net earnings (in dollars per share)	$ 0.03	$ 1.19	$ 1.52	$ 3.18
Diluted EPS:
Weighted average common shares outstanding (in shares)	139,250,000	144,293,000	139,142,000	146,095,000
Diluted effect:
Employee stock options, restricted stock units and shares and Value Driver Incentive units (in shares)	1,674,000	1,792,000	1,721,000	1,759,000
Conversion equivalent of dilutive convertible debt (in shares)				120,000
Weighted average diluted shares outstanding (in shares)	140,924,000	146,085,000	140,863,000	147,974,000
Diluted EPS attributable to Fluor Corporation:
Earnings from continuing operations (in dollars per share)	$ 0.03	$ 1.21	$ 1.50	$ 3.17
Loss from discontinued operations, net of taxes (in dollars per share)		(0.04)		(0.04)
Net earnings (in dollars per share)	$ 0.03	$ 1.17	$ 1.50	$ 3.13
Anti-dilutive securities not included above (in shares)	4,097,000	3,500,000	3,977,000	3,387,000
Repurchases of common stock
Common stock repurchased and cancelled, shares (in shares)	0	3,165,855	202,650	6,888,531
Common stock repurchased and cancelled, amount (in dollars)		$ 145,000	$ 10,000	$ 360,000

Fair Value Measurements - Recur

Fair Value Measurements - Recurring Basis (Details) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended		12 Months Ended
	Sep. 30, 2016	Sep. 30, 2015	Sep. 30, 2016	Sep. 30, 2015	Dec. 31, 2015
Fair value of assets and liabilities measured on recurring basis
Other-than-temporary impairment of available-for-sale securities			$ 0		$ 0
Proceeds from sale and maturity of available-for-sale securities
Proceeds from the sales and maturities of available-for-sale securities	$ 38,000	$ 94,000	$ 252,000	$ 296,000
Marketable securities, available-for-sale | Minimum
Fair value of assets and liabilities measured on recurring basis
Debt securities maturity period			1 year		1 year
Marketable securities, available-for-sale | Maximum
Fair value of assets and liabilities measured on recurring basis
Debt securities maturity period			3 years		3 years
Fair Value, Measurements, Recurring
Fair value of assets and liabilities measured on recurring basis
Cash and cash equivalents	18,061		$ 18,061		$ 19,161
Marketable securities, current	51,432		51,432		87,763
Deferred compensation trusts	31,975		31,975		60,003
Marketable securities, noncurrent	150,411		150,411		220,634
Fair Value, Measurements, Recurring | Money market funds
Fair value of assets and liabilities measured on recurring basis
Available-for-sale securities	18,000		18,000		19,000
Fair Value, Measurements, Recurring | U.S. agency securities
Fair value of assets and liabilities measured on recurring basis
Available-for-sale securities	12,000		12,000		18,000
Fair Value, Measurements, Recurring | U.S. Treasury securities
Fair value of assets and liabilities measured on recurring basis
Available-for-sale securities	87,000		87,000		102,000
Fair Value, Measurements, Recurring | Corporate debt securities
Fair value of assets and liabilities measured on recurring basis
Available-for-sale securities	103,000		103,000		189,000
Fair Value, Measurements, Recurring | Commodity contracts
Fair value of assets and liabilities measured on recurring basis
Derivative assets					341
Derivative liabilities	839		839		2,510
Fair Value, Measurements, Recurring | Foreign currency contracts
Fair value of assets and liabilities measured on recurring basis
Derivative assets	31,968		31,968		8,439
Derivative liabilities	34,258		34,258		14,138
Fair Value, Measurements, Recurring | Level 1
Fair value of assets and liabilities measured on recurring basis
Cash and cash equivalents	18,061		18,061		19,161
Deferred compensation trusts	31,975		31,975		60,003
Fair Value, Measurements, Recurring | Level 2
Fair value of assets and liabilities measured on recurring basis
Marketable securities, current	51,432		51,432		87,763
Marketable securities, noncurrent	150,411		150,411		220,634
Fair Value, Measurements, Recurring | Level 2 | Commodity contracts
Fair value of assets and liabilities measured on recurring basis
Derivative assets					341
Derivative liabilities	839		839		2,510
Fair Value, Measurements, Recurring | Level 2 | Foreign currency contracts
Fair value of assets and liabilities measured on recurring basis
Derivative assets	31,968		31,968		8,439
Derivative liabilities	$ 34,258		$ 34,258		$ 14,138

Fair Value Measurements - Finan

Fair Value Measurements - Financial Instruments Not Required to be Measured at Fair Value (Details)	Sep. 30, 2016USD ($)	Apr. 30, 2016EUR (€)	Mar. 31, 2016	Mar. 01, 2016EUR (€)	Dec. 31, 2015USD ($)	Nov. 30, 2014	Sep. 30, 2011
Lines of credit
Estimated fair values of the company's financial instruments that are not measured at fair value on a recurring basis
Maximum borrowing capacity	$ 6,000,000,000
Lines of credit | Committed credit line
Estimated fair values of the company's financial instruments that are not measured at fair value on a recurring basis
Maximum borrowing capacity	$ 3,500,000,000
1.750% 2016 Senior Notes
Estimated fair values of the company's financial instruments that are not measured at fair value on a recurring basis
Interest rate (as a percent)	1.75%		1.75%
3.375% 2011 Senior Notes
Estimated fair values of the company's financial instruments that are not measured at fair value on a recurring basis
Interest rate (as a percent)	3.375%				3.375%		3.375%
3.5% 2014 Senior Notes
Estimated fair values of the company's financial instruments that are not measured at fair value on a recurring basis
Interest rate (as a percent)	3.50%				3.50%	3.50%
Super Senior Revolving Credit Facility | Lines of credit | Committed credit line
Estimated fair values of the company's financial instruments that are not measured at fair value on a recurring basis
Maximum borrowing capacity | €		€ 110,000,000		€ 110,000,000
April 2016 Revolving Credit Facility due April 2017 | Lines of credit | Committed credit line
Estimated fair values of the company's financial instruments that are not measured at fair value on a recurring basis
Maximum borrowing capacity | €		€ 125,000,000
Carrying Value
Estimated fair values of the company's financial instruments that are not measured at fair value on a recurring basis
Marketable securities, held-to-maturity	$ 79,389,000				$ 109,329,000
Notes receivable, including noncurrent portion	26,330,000				19,182,000
Carrying Value | Other borrowings.
Estimated fair values of the company's financial instruments that are not measured at fair value on a recurring basis
Debt	54,113,000
Carrying Value | 1.750% 2016 Senior Notes
Estimated fair values of the company's financial instruments that are not measured at fair value on a recurring basis
Debt	557,358,000
Carrying Value | 3.375% 2011 Senior Notes
Estimated fair values of the company's financial instruments that are not measured at fair value on a recurring basis
Debt	495,800,000				495,165,000
Carrying Value | 3.5% 2014 Senior Notes
Estimated fair values of the company's financial instruments that are not measured at fair value on a recurring basis
Debt	492,120,000				491,399,000
Carrying Value | Super Senior Revolving Credit Facility
Estimated fair values of the company's financial instruments that are not measured at fair value on a recurring basis
Debt	89,824,000
Fair Value | Level 2
Estimated fair values of the company's financial instruments that are not measured at fair value on a recurring basis
Marketable securities, held-to-maturity	79,389,000				109,329,000
Fair Value | Level 2 | Other borrowings.
Estimated fair values of the company's financial instruments that are not measured at fair value on a recurring basis
Debt	54,113,000
Fair Value | Level 2 | 1.750% 2016 Senior Notes
Estimated fair values of the company's financial instruments that are not measured at fair value on a recurring basis
Debt	600,490,000
Fair Value | Level 2 | 3.375% 2011 Senior Notes
Estimated fair values of the company's financial instruments that are not measured at fair value on a recurring basis
Debt	534,295,000				509,025,000
Fair Value | Level 2 | 3.5% 2014 Senior Notes
Estimated fair values of the company's financial instruments that are not measured at fair value on a recurring basis
Debt	532,545,000				504,265,000
Fair Value | Level 2 | Super Senior Revolving Credit Facility
Estimated fair values of the company's financial instruments that are not measured at fair value on a recurring basis
Debt	89,824,000
Fair Value | Level 3
Estimated fair values of the company's financial instruments that are not measured at fair value on a recurring basis
Notes receivable, including noncurrent portion	26,330,000				19,182,000
Bank deposits | Carrying Value
Estimated fair values of the company's financial instruments that are not measured at fair value on a recurring basis
Cash and cash equivalents	1,133,215,000				1,073,756,000
Bank deposits | Fair Value | Level 1
Estimated fair values of the company's financial instruments that are not measured at fair value on a recurring basis
Cash and cash equivalents	1,133,215,000				1,073,756,000
Time deposits | Carrying Value
Estimated fair values of the company's financial instruments that are not measured at fair value on a recurring basis
Cash and cash equivalents	629,098,000				856,969,000
Time deposits | Fair Value | Level 2
Estimated fair values of the company's financial instruments that are not measured at fair value on a recurring basis
Cash and cash equivalents	$ 629,098,000				$ 856,969,000

Derivatives and Hedging - Notio

Derivatives and Hedging - Notional Amounts and Fair Values (Details) - Designated as Hedging Instrument - USD ($) $ in Thousands	Sep. 30, 2016	Dec. 31, 2015
Derivatives, Fair Value
Asset Derivatives	$ 31,968	$ 8,780
Liability Derivatives	35,097	16,648
Commodity contracts
Derivatives, Fair Value
Total gross notional amount	5,000
Commodity contracts | Other current assets
Derivatives, Fair Value
Asset Derivatives		326
Commodity contracts | Other assets
Derivatives, Fair Value
Asset Derivatives		15
Commodity contracts | Other accrued liabilities
Derivatives, Fair Value
Liability Derivatives	813	2,195
Commodity contracts | Noncurrent liabilities
Derivatives, Fair Value
Liability Derivatives	26	315
Foreign currency contracts
Derivatives, Fair Value
Total gross notional amount	817,000
Foreign currency contracts | Other current assets
Derivatives, Fair Value
Asset Derivatives	14,088	6,865
Foreign currency contracts | Other assets
Derivatives, Fair Value
Asset Derivatives	17,880	1,574
Foreign currency contracts | Other accrued liabilities
Derivatives, Fair Value
Liability Derivatives	15,079	12,381
Foreign currency contracts | Noncurrent liabilities
Derivatives, Fair Value
Liability Derivatives	$ 19,179	$ 1,757

Derivatives and Hedging - Gains

Derivatives and Hedging - Gains (Losses) Associated with Fair Value and Cash Flow Hedges (Details) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2016	Sep. 30, 2015	Sep. 30, 2016	Sep. 30, 2015
Foreign currency contracts | Corporate general and administrative expense
Derivative Instruments, Gain (Loss)
Pre-tax net gains (losses) recognized in earnings associated with hedging instruments designated as fair value hedges	$ 629	$ (7,641)	$ (697)	$ (3,558)
Cash Flow Hedges
Derivative Instruments, Gain (Loss)
After-tax amount of gain (loss) recognized in OCI	1,233	(4,920)	(951)	(4,444)
After-tax amount of gain (loss) reclassified from AOCI into earnings	(637)	(918)	(3,455)	(1,597)
Cash Flow Hedges | Commodity contracts
Derivative Instruments, Gain (Loss)
After-tax amount of gain (loss) recognized in OCI	(20)	(320)	281	(421)
Cash Flow Hedges | Commodity contracts | Total cost of revenue
Derivative Instruments, Gain (Loss)
After-tax amount of gain (loss) reclassified from AOCI into earnings	(109)	(79)	(286)	(289)
Cash Flow Hedges | Foreign currency contracts
Derivative Instruments, Gain (Loss)
After-tax amount of gain (loss) recognized in OCI	1,253	(4,600)	(1,232)	(4,023)
Cash Flow Hedges | Foreign currency contracts | Total cost of revenue
Derivative Instruments, Gain (Loss)
After-tax amount of gain (loss) reclassified from AOCI into earnings	(266)	(577)	(2,383)	(521)
Cash Flow Hedges | Interest rate contracts | Interest expense.
Derivative Instruments, Gain (Loss)
After-tax amount of gain (loss) reclassified from AOCI into earnings	$ (262)	$ (262)	$ (786)	$ (787)

Derivatives and Hedging - Deriv

Derivatives and Hedging - Derivative Contracts Not Designated as Hedging Instruments (Details) $ in Millions	3 Months Ended	9 Months Ended
	Sep. 30, 2016USD ($)	Sep. 30, 2016USD ($)
Total cost of revenue
Derivatives
Recognized gains/losses associated with derivative contracts not designated as hedging instruments	$ (0.3)
Total cost of revenue | Maximum
Derivatives
Recognized gains/losses associated with derivative contracts not designated as hedging instruments		$ 0.1
Not designated as hedging instrument | Foreign currency contracts
Derivatives
Total gross notional amount	0.3	0.3
Not designated as hedging instrument | Commodity contracts
Derivatives
Total gross notional amount	$ 0.1	$ 0.1

Retirement Benefits - Net Perio

Retirement Benefits - Net Periodic Pension Expense for Defined Benefit Pension Plans (Details) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2016	Sep. 30, 2015	Sep. 30, 2016	Sep. 30, 2015
Defined Benefit U.S. Pension Plan
Net periodic pension expense for defined benefit pension plans
Service cost		$ 1,700		$ 5,100
Interest cost		3,799		11,398
Expected return on assets		(5,276)		(15,826)
Amortization of prior service cost		217		650
Recognized net actuarial loss		2,352		7,054
Settlements		9,423		9,423
Net periodic pension expense		12,215		17,799
Defined Benefit Non-U.S. Pension Plans
Net periodic pension expense for defined benefit pension plans
Service cost	$ 4,966	5,131	$ 14,712	15,472
Interest cost	6,603	6,672	20,123	19,961
Expected return on assets	(9,829)	(12,345)	(30,138)	(36,945)
Amortization of prior service cost	(212)	(204)	(619)	(613)
Recognized net actuarial loss	2,275	1,928	6,681	5,786
Net periodic pension expense	$ 3,803	$ 1,182	$ 10,759	$ 3,661

Retirement Benefits - Internati

Retirement Benefits - International Defined Benefit Pension Plan Contributions (Details) - USD ($) $ in Millions	3 Months Ended	9 Months Ended
	Sep. 30, 2015	Sep. 30, 2016
Corporate general and administrative expense
Retirement benefits
Pre-tax settlement charge	$ 9
Defined Benefit Non-U.S. Pension Plans
Retirement benefits
Company contributions		$ 15
Defined Benefit Non-U.S. Pension Plans | Minimum
Retirement benefits
Expected contributions during 2016		15
Defined Benefit Non-U.S. Pension Plans | Maximum
Retirement benefits
Expected contributions during 2016		$ 20

Retirement Benefits - Additiona

Retirement Benefits - Additional information regarding settlement (Details) $ in Millions	3 Months Ended
	Sep. 30, 2015USD ($)
Plan trust | Purchase of investment under prohibited transaction exemption | Defined Benefit U.S. Pension Plan | Limited Partnerships
Investments
Related Party Transaction, Purchases from Related Party	$ 10

Financing Arrangements - Credit

Financing Arrangements - Credit Facilities (Details)	Mar. 01, 2016USD ($)	Apr. 30, 2016EUR (€)	Sep. 30, 2016USD ($)	Sep. 30, 2016EUR (€)	Mar. 17, 2016USD ($)	Mar. 01, 2016EUR (€)
Lines of credit
Financing Arrangements
Maximum borrowing capacity			$ 6,000,000,000
Amount outstanding under credit facilities			1,900,000,000
Committed credit line | Lines of credit
Financing Arrangements
Maximum borrowing capacity			3,500,000,000
Committed credit line | Lines of credit | $1.7 billion Revolving Loan and Letter of Credit Facility
Financing Arrangements
Maximum borrowing capacity	$ 1,700,000,000		1,700,000,000		$ 1,700,000,000
Maximum borrowing capacity additional amount, subject to certain conditions			$ 500,000,000
Committed credit line | Lines of credit | $1.7 billion Revolving Loan and Letter of Credit Facility | Maximum
Financing Arrangements
Ratio of consolidated debt to tangible net worth (as a percent)			100.00%
Committed credit line | Lines of credit | $1.7 billion Revolving Loan and Letter of Credit Facility | Maximum | Subsidiaries
Financing Arrangements
Aggregate amount of debt			$ 750,000,000	€ 750,000,000
Committed credit line | Lines of credit | $1.8 billion Revolving Loan and Letter of Credit Facility
Financing Arrangements
Maximum borrowing capacity			1,800,000,000
Maximum borrowing capacity additional amount, subject to certain conditions			$ 500,000,000
Committed credit line | Lines of credit | $1.8 billion Revolving Loan and Letter of Credit Facility | Maximum
Financing Arrangements
Ratio of consolidated debt to tangible net worth (as a percent)			100.00%
Committed credit line | Lines of credit | $1.8 billion Revolving Loan and Letter of Credit Facility | Maximum | Subsidiaries
Financing Arrangements
Aggregate amount of debt			$ 750,000,000	750,000,000
Committed credit line | Lines of credit | Super Senior Revolving Credit Facility
Financing Arrangements
Maximum borrowing capacity | €		€ 110,000,000				€ 110,000,000
Committed credit line | Lines of credit | April 2016 Revolving Credit Facility due April 2017
Financing Arrangements
Maximum borrowing capacity | €		€ 125,000,000
Amount outstanding under credit facilities			90,000,000	€ 80,000,000
Committed credit line | Lines of credit | Euribor | Super Senior Revolving Credit Facility
Financing Arrangements
Margin added to variable rate (as a percent)	3.75%
Committed credit line | Lines of credit | Euribor | April 2016 Revolving Credit Facility due April 2017
Financing Arrangements
Margin added to variable rate (as a percent)		0.75%
Committed credit line | Revolving advances
Financing Arrangements
Maximum borrowing capacity			$ 1,750,000,000

Financing Arrangements - Senior

Financing Arrangements - Senior Notes (Details)	1 Months Ended			9 Months Ended
	Mar. 31, 2016EUR (€)	Nov. 30, 2014USD ($)	Sep. 30, 2011USD ($)	Sep. 30, 2016	Dec. 31, 2015
1.750% 2016 Senior Notes
Financing Arrangements
Debt issued | €	€ 500,000,000
Interest rate (as a percent)	1.75%			1.75%
Proceeds from issuance of notes, net of underwriting discounts | €	€ 497,000,000
1.750% 2016 Senior Notes | On or after December 21, 2022
Financing Arrangements
Redemption price at which debt may be redeemed (as a percent)				100.00%
1.750% 2016 Senior Notes | Occurrence of certain changes in U.S. tax laws
Financing Arrangements
Redemption price at which debt may be redeemed (as a percent)				100.00%
1.750% 2016 Senior Notes | Change of control triggering event
Financing Arrangements
Redemption price at which debt may be redeemed (as a percent)				101.00%
1.750% 2016 Senior Notes | Minimum | Prior to December 21, 2022
Financing Arrangements
Redemption price at which debt may be redeemed (as a percent)				100.00%
3.5% 2014 Senior Notes
Financing Arrangements
Debt issued		$ 500,000,000
Interest rate (as a percent)		3.50%		3.50%	3.50%
Proceeds from issuance of notes, net of underwriting discounts		$ 491,000,000
3.5% 2014 Senior Notes | On or after September 15, 2024
Financing Arrangements
Redemption price at which debt may be redeemed (as a percent)				100.00%
3.5% 2014 Senior Notes | Change of control triggering event
Financing Arrangements
Redemption price at which debt may be redeemed (as a percent)				101.00%
3.5% 2014 Senior Notes | Minimum | Prior to September 15, 2024
Financing Arrangements
Redemption price at which debt may be redeemed (as a percent)				100.00%
3.375% 2011 Senior Notes
Financing Arrangements
Debt issued			$ 500,000,000
Interest rate (as a percent)			3.375%	3.375%	3.375%
Proceeds from issuance of notes, net of underwriting discounts			$ 492,000,000
3.375% 2011 Senior Notes | Change of control triggering event
Financing Arrangements
Redemption price at which debt may be redeemed (as a percent)				101.00%
3.375% 2011 Senior Notes | Minimum
Financing Arrangements
Redemption price at which debt may be redeemed (as a percent)				100.00%

Financing Arrangements - Debt A

Financing Arrangements - Debt Assumed in Conjunction with Stork Acquisition (Details)	Mar. 17, 2016USD ($)	Mar. 17, 2016EUR (€)	Mar. 01, 2016USD ($)	Mar. 01, 2016EUR (€)	Sep. 30, 2016USD ($)	Apr. 30, 2016EUR (€)	Mar. 02, 2016USD ($)	Mar. 02, 2016EUR (€)	Mar. 01, 2016EUR (€)
Lines of credit
Financing Arrangements
Maximum borrowing capacity					$ 6,000,000,000
Lines of credit | Committed credit line
Financing Arrangements
Maximum borrowing capacity					3,500,000,000
Stork Holding B.V. | Other borrowings.
Financing Arrangements
Debt assumed			$ 22,000,000	€ 20,000,000
Stork Notes
Financing Arrangements
Debt outstanding							$ 296,000,000	€ 273,000,000
Outstanding debt redeemed	$ 296,000,000	€ 273,000,000
Redemption premium	8,000,000	€ 7,000,000
Stork Notes | Stork Holding B.V.
Financing Arrangements
Interest rate (as a percent)			11.00%						11.00%
Super Senior Revolving Credit Facility | Lines of credit | Committed credit line
Financing Arrangements
Maximum borrowing capacity | €						€ 110,000,000			€ 110,000,000
Super Senior Revolving Credit Facility | Stork Holding B.V.
Financing Arrangements
Maximum borrowing capacity | €									€ 110,000,000
$1.7 billion Revolving Loan and Letter of Credit Facility | Lines of credit | Committed credit line
Financing Arrangements
Maximum borrowing capacity	$ 1,700,000,000		$ 1,700,000,000		$ 1,700,000,000

Financing Arrangements - Other

Financing Arrangements - Other Borrowings (Details) $ in Millions	Sep. 30, 2016USD ($)
Stork Holding B.V.
Short-term credit facility
Other borrowings	$ 54

Stock-Based Plans (Details)

Stock-Based Plans (Details) - $ / shares	9 Months Ended
	Sep. 30, 2016	Sep. 30, 2015
Restricted stock units | Executives and directors
Stock-Based Plans
Granted (in shares)	553,415	556,323
Granted, weighted average grant date fair value (in dollars per share)	$ 46.50	$ 58.85
Restricted stock units | Executives
Stock-Based Plans
Vesting period	3 years	3 years
Stock Options | Executives
Stock-Based Plans
Options awarded (in shares)	662,001	963,288
Options awarded, weighted average exercise price (in dollars per share)	$ 46.07	$ 59.05
Vesting period	3 years	3 years
Term of stock-based award	10 years	10 years
Performance-based VDI units | Executives
Stock-Based Plans
Granted (in shares)	98,684	430,970
Granted, weighted average grant date fair value (in dollars per share)	$ 46.07	$ 59.05
Vesting period	3 years	3 years
Performance-based VDI units | Awards granted during 2016 | Executives
Stock-Based Plans
Post-vest holding period	3 years

Noncontrolling Interests (Detai

Noncontrolling Interests (Details) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2016	Sep. 30, 2015	Sep. 30, 2016	Sep. 30, 2015
Noncontrolling Interests
Net earnings attributable to noncontrolling interests	$ 12,602	$ 10,453	$ 45,531	$ 44,215
Distributions paid to noncontrolling interests			25,628	44,577
Capital contributions by noncontrolling interests			$ 8,571	$ 3,628

Contingencies and Commitments -

Contingencies and Commitments - Performance Claims under Contracts (Details) - USD ($) $ in Millions	Sep. 30, 2016	Dec. 31, 2015
Contract work in progress
Recognized claims against clients
Contracts receivable, claims and uncertain amounts	$ 56	$ 30

Guarantees (Details)

Guarantees (Details) $ in Billions	Sep. 30, 2016USD ($)
Performance Guarantee
Guarantees
Estimated performance guarantees outstanding	$ 17.3

Partnerships and Joint Ventur57

Partnerships and Joint Ventures - Ownership and Receivables (Details) - USD ($) $ in Millions	Sep. 30, 2016	Dec. 31, 2015
Partnership | Majority
Variable interest entity information
Entity's interest in partnership or joint venture (as a percent)	50.00%
Joint ventures | Majority
Variable interest entity information
Entity's interest in partnership or joint venture (as a percent)	50.00%
Unconsolidated variable interest entities | Accounts and notes receivable, net
Variable interest entity information
Receivables related to work performed for unconsolidated partnerships and joint ventures	$ 181	$ 132

Partnerships and Joint Ventur58

Partnerships and Joint Ventures - Unconsolidated Partnerships and Joint Ventures and Equity Method Investments (Details) - USD ($) $ in Millions	Sep. 30, 2016	Dec. 31, 2015
Partnerships and Joint Ventures
Investments in unconsolidated partnerships and joint ventures under equity method	$ 487	$ 292

Partnerships and Joint Ventur59

Partnerships and Joint Ventures - Joint Venture Investment Agreement (Details) $ in Millions	1 Months Ended		3 Months Ended
	Feb. 29, 2016USD ($)	Aug. 31, 2015company	Sep. 30, 2016USD ($)
COOEC Fluor Heavy Industries Co., Ltd.
Commitments
Ownership interest in joint venture (as a percent)		49.00%
Cash investment in joint venture	$ 350		$ 62
COOEC Fluor Heavy Industries Co., Ltd. | Funding commitment, additional investment
Commitments
Commitment amount			$ 78
Offshore Oil Engineering Co., Ltd. | COOEC Fluor Heavy Industries Co., Ltd.
Commitments
Ownership interest in joint venture (as a percent)		51.00%
COOEC Fluor Heavy Industries Co., Ltd.
Commitments
Number of parties to joint venture | company		2

Partnerships and Joint Ventur60

Partnerships and Joint Ventures - Variable Interest Entities (Details) - USD ($) $ in Millions	Sep. 30, 2016	Dec. 31, 2015
Unconsolidated variable interest entities
Variable interest entity information
Net carrying value of the unconsolidated VIEs	$ 21	$ 208
Unconsolidated variable interest entities | Future funding commitment
Variable interest entity information
Commitment amount	36
Consolidated variable interest entities
Variable interest entity information
Carrying value of assets	1,100	863
Carrying value of liabilities	$ 570	$ 443

Operating Information by Segm61

Operating Information by Segment - Reportable Segments and Concentration (Details)	9 Months Ended
	Sep. 30, 2016segment
Operating Information by Segment
Number of reportable segments	4

Operating Information by Segm62

Operating Information by Segment - External Revenue and Segment Profit (Details) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2016	Sep. 30, 2015	Sep. 30, 2016	Sep. 30, 2015
External revenue
Revenue	$ 4,766,864	$ 4,384,612	$ 14,046,870	$ 13,743,367
Reportable segments
Segment profit (loss)
Segment profit	24,600	240,300	495,700	798,000
Energy, Chemicals and Mining
External revenue
Revenue	2,325,200	2,801,400	7,245,100	9,047,200
Energy, Chemicals and Mining | Reportable segments
Segment profit (loss)
Segment profit	(59,700)	208,200	247,800	655,400
Energy, Chemicals and Mining | United States
Segment profit (loss)
Effect of forecast revision on estimated project cost	$ 241,000		$ 265,000
Effect of forecast revision on estimated project cost, in dollars per diluted share	1.10		1.20
Industrial, Infrastructure and Power
External revenue
Revenue	$ 1,128,300	596,200	$ 2,971,600	1,723,800
Industrial, Infrastructure and Power | Reportable segments
Segment profit (loss)
Segment profit	28,400	(29,400)	91,700	(15,300)
Government
External revenue
Revenue	681,200	660,700	2,025,100	1,909,800
Government | Reportable segments
Segment profit (loss)
Segment profit	26,400	30,000	65,500	62,000
Maintenance, Modification and Asset Integrity
External revenue
Revenue	632,200	326,300	1,805,100	1,062,600
Maintenance, Modification and Asset Integrity | Reportable segments
Segment profit (loss)
Segment profit	29,500	31,500	90,700	95,900
Maintenance, Modification and Asset Integrity | Intercompany
External revenue
Revenue	$ 133,000	$ 107,000	$ 373,000	$ 331,000

Operating Information by Segm63

Operating Information by Segment - Additional Operating Information (Details) - Reportable segments - Industrial, Infrastructure and Power - Nu Scale Power - USD ($) $ in Millions	3 Months Ended		9 Months Ended
	Sep. 30, 2016	Sep. 30, 2015	Sep. 30, 2016	Sep. 30, 2015
Segment reporting information
Research and development expense	$ 22	$ 29	$ 70	$ 65
Cost-sharing agreement, research and development activities | U.S. Department of Energy | Total cost of revenue
Segment reporting information
Qualified expenses reimbursed	$ 15	$ 13	$ 47	$ 44

Operating Information by Segm64

Operating Information by Segment - Reconciliation to Consolidated Amounts (Details) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2016	Sep. 30, 2015	Sep. 30, 2016	Sep. 30, 2015
Reconciliation of Total Segment Profit to Earnings from Continuing Operations Attributable to Fluor Corporation
Gain related to a partial sale of a subsidiary		$ 68,162		$ 68,162
Corporate general and administrative expense	$ (27,144)	(35,165)	$ (134,897)	(124,060)
Interest income (expense), net	(12,800)	(5,600)	(38,400)	(20,400)
Income tax expense (benefit)	20,057	(91,417)	(111,501)	(252,796)
Earnings from continuing operations attributable to Fluor Corporation	4,804	176,340	210,940	468,926
Reportable segments
Reconciliation of Total Segment Profit to Earnings from Continuing Operations Attributable to Fluor Corporation
Segment profit	$ 24,600	$ 240,300	$ 495,700	$ 798,000

Operating Information by Segm65

Operating Information by Segment - Total Assets (Details) - USD ($) $ in Thousands	Sep. 30, 2016	Dec. 31, 2015
Segment reporting information
Total assets	$ 9,316,606	$ 7,625,406
Reportable segments | Energy, Chemicals and Mining
Segment reporting information
Total assets	2,376,900	1,728,000
Reportable segments | Industrial, Infrastructure and Power
Segment reporting information
Total assets	763,800	544,200
Reportable segments | Government
Segment reporting information
Total assets	504,300	495,400
Reportable segments | Maintenance, Modification and Asset Integrity
Segment reporting information
Total assets	$ 2,058,900	$ 923,800

Acquisition of Stork Holding 66

Acquisition of Stork Holding B.V. - Purchase Consideration, Assumed Debt Obligations and Redemption of Assumed Stork Notes (Details)	Mar. 17, 2016USD ($)	Mar. 17, 2016EUR (€)	Mar. 01, 2016USD ($)	Mar. 01, 2016EUR (€)	Apr. 30, 2016EUR (€)	Sep. 30, 2016USD ($)	Mar. 02, 2016USD ($)	Mar. 02, 2016EUR (€)	Mar. 01, 2016EUR (€)
Acquisition
Amount borrowed under credit facility						$ 883,288,000
Stork Notes
Acquisition
Debt outstanding							$ 296,000,000	€ 273,000,000
Outstanding debt redeemed	$ 296,000,000	€ 273,000,000
Redemption premium	8,000,000	€ 7,000,000
Lines of credit
Acquisition
Maximum borrowing capacity						6,000,000,000
Lines of credit | Committed credit line
Acquisition
Maximum borrowing capacity						3,500,000,000
Lines of credit | Committed credit line | $1.7 billion Revolving Loan and Letter of Credit Facility
Acquisition
Amount borrowed under credit facility			$ 217,000,000	€ 200,000,000
Maximum borrowing capacity	$ 1,700,000,000		$ 1,700,000,000			$ 1,700,000,000
Lines of credit | Committed credit line | Super Senior Revolving Credit Facility
Acquisition
Maximum borrowing capacity | €					€ 110,000,000				€ 110,000,000
Lines of credit | Committed credit line | Super Senior Revolving Credit Facility | Euribor
Acquisition
Margin added to variable rate (as a percent)			3.75%	3.75%
Lines of credit | Committed credit line | April 2016 Revolving Credit Facility due April 2017
Acquisition
Maximum borrowing capacity | €					€ 125,000,000
Lines of credit | Committed credit line | April 2016 Revolving Credit Facility due April 2017 | Euribor
Acquisition
Margin added to variable rate (as a percent)					0.75%
Stork Holding B.V.
Acquisition
Ownership interest acquired (as a percent)			100.00%						100.00%
Total purchase consideration			$ 756,000,000	€ 695,000,000
Cash consideration			300,000,000	276,000,000
Amount paid from cash on hand			83,000,000	76,000,000
Stork Holding B.V. | Super Senior Revolving Credit Facility
Acquisition
Maximum borrowing capacity | €									€ 110,000,000
Stork Holding B.V. | Certain other outstanding debt obligations
Acquisition
Debt assumed			$ 22,000,000	€ 20,000,000

Acquisition of Stork Holding 67

Acquisition of Stork Holding B.V. - Additional Purchase Price Allocation Information (Details)	9 Months Ended
	Sep. 30, 2016USD ($)	Sep. 30, 2016EUR (€)	Mar. 01, 2016USD ($)	Mar. 01, 2016EUR (€)
Significant changes in purchase price allocation
Adjustment to the fair value of deferred tax liabilities	$ 51,000,000	€ 47,000,000
Adjustment to the fair value of property, plant and equipment	9,000,000	8,000,000
Adjustments to the fair value of additional items	27,000,000	25,000,000
Adjustment to the fair value of goodwill	$ 112,000,000	€ 103,000,000
Stork Holding B.V.
Goodwill
Goodwill expected to be deductible for tax purposes			$ 0	€ 0

Acquisition of Stork Holding 68

Acquisition of Stork Holding B.V. - Purchase Price Allocation (Details) € in Thousands, $ in Thousands	Sep. 30, 2016USD ($)	Mar. 01, 2016USD ($)	Mar. 01, 2016EUR (€)	Dec. 31, 2015USD ($)
Estimate of the fair values of assets acquired and liabilities assumed as of the acquisition date
Goodwill	$ 593,161			$ 111,646
Stork Holding B.V.
Estimate of the fair values of assets acquired and liabilities assumed as of the acquisition date
Cash and cash equivalents		$ 59,204	€ 54,441
Accounts and notes receivable		182,585	167,894
Contract work in progress		105,603	97,106
Other current assets		55,541	51,072
Property, plant and equipment		173,468	159,511
Investments		4,170	3,835
Intangible assets		181,410	166,814
Goodwill		466,054	428,556
Other assets		979	900
Trade accounts payable		(123,864)	(113,898)
Advance billings on contracts		(23,234)	(21,364)
Other accrued liabilities		(219,228)	(201,588)
Revolving credit facility and other borrowings		(435,248)	(400,228)
Long-term debt		(16,633)	(15,295)
Deferred taxes, net		(38,294)	(35,213)
Noncurrent liabilities		(70,676)	(64,989)
Noncontrolling interests		(1,893)	(1,741)
Net assets acquired		$ 299,944	€ 275,813

Acquisition of Stork Holding 69

Acquisition of Stork Holding B.V. - Revenue and Earnings, Costs Expensed and Pro Forma Financial Information (Details) - Stork Holding B.V. - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2016	Sep. 30, 2015	Sep. 30, 2016	Sep. 30, 2015
Acquisition
Revenue since the acquisition date	$ 350,000		$ 863,000
Earnings before taxes since the acquisition date	2,000		9,000
Pro forma financial information
Pro forma revenue	4,764,081	$ 4,809,432	14,278,025	$ 15,004,680
Pro forma net earnings attributable to Fluor Corporation	4,055	$ 174,945	210,041	$ 461,281
Corporate general and administrative expense
Acquisition
Integration costs	1,000		12,000
Transaction costs	$ 0		$ 11,000

Partial Sale of a Subsidiary (D

Partial Sale of a Subsidiary (Details) $ in Thousands	3 Months Ended	9 Months Ended
	Sep. 30, 2015USD ($)	Sep. 30, 2015USD ($)
Sale of ownership interest
Cash purchase price		$ 45,566
Pre-tax non-operating gain on the partial sale of subsidiary	$ 68,162	$ 68,162
Fluor S.A.
Sale of ownership interest
Ownership interest sold (as a percent)		50.00%
Cash purchase price		$ 46,000
Pre-tax non-operating gain on the partial sale of subsidiary	68,000
Retained noncontrolling interest (as a percent)		50.00%
Fair value, measurements, nonrecurring | Level 3 | Retained noncontrolling interest | Fluor S.A.
Sale of ownership interest
Estimated fair value	$ 44,000	$ 44,000

Discontinued Operations (Detail

Discontinued Operations (Details) - St. Joe Minerals Corporation and The Doe Run Company - Discontinued operations sold - USD ($) $ in Millions	3 Months Ended	9 Months Ended
	Sep. 30, 2015	Sep. 30, 2015
Discontinued Operations
After-tax loss from discontinued operations in connection with reassessment of estimated loss contingencies	$ 5	$ 5
Loss from discontinued operations in connection with reassessment of estimated loss contingencies, taxes	$ 3	3
St. Joe Minerals Corporation and The Doe Run Company litigation matters
Discontinued Operations
Payments to settle litigation cases		$ 306