Cover
Cover - shares | 6 Months Ended | |
Jun. 30, 2019 | Jul. 26, 2019 | |
Document and Entity Information | ||
Document Type | 10-Q | |
Document Quarterly Report | true | |
Document Period End Date | Jun. 30, 2019 | |
Document Transition Report | false | |
Entity File Number | 1-16129 | |
Entity Registrant Name | FLUOR CORP | |
Entity Incorporation, State or Country Code | DE | |
Entity Tax Identification Number | 33-0927079 | |
Entity Address, Address Line One | 6700 Las Colinas Boulevard | |
Entity Address, City or Town | Irving, | |
Entity Address, State or Province | TX | |
Entity Address, Postal Zip Code | 75039 | |
City Area Code | 469 | |
Local Phone Number | 398-7000 | |
Title of 12(b) Security | Common Stock, $.01 par value per share | |
Trading Symbol | FLR | |
Security Exchange Name | NYSE | |
Entity Current Reporting Status | Yes | |
Entity Interactive Data Current | Yes | |
Entity Filer Category | Large Accelerated Filer | |
Entity Small Business | false | |
Entity Emerging Growth Company | false | |
Entity Shell Company | false | |
Entity Common Stock, Shares Outstanding | 139,927,317 | |
Entity Central Index Key | 0001124198 | |
Amendment Flag | false | |
Current Fiscal Year End Date | --12-31 | |
Document Fiscal Year Focus | 2019 | |
Document Fiscal Period Focus | Q2 |
CONDENSED CONSOLIDATED STATEMEN
CONDENSED CONSOLIDATED STATEMENT OF COMPREHENSIVE INCOME - USD ($) $ in Thousands | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2019 | Jun. 30, 2018 | Jun. 30, 2019 | Jun. 30, 2018 | |
Statement of Comprehensive Income [Abstract] | ||||
NET EARNINGS (LOSS) | $ (593,486) | $ 131,164 | $ (636,794) | $ 119,103 |
OTHER COMPREHENSIVE INCOME (LOSS), NET OF TAX: | ||||
Foreign currency translation adjustment | (14,205) | (58,981) | 27,665 | (32,623) |
Ownership share of equity method investees’ other comprehensive income (loss) | (2,465) | 7,569 | (4,787) | 12,550 |
Defined benefit pension and postretirement plan adjustments | 2,039 | 2,694 | 4,103 | 3,870 |
Unrealized gain (loss) on derivative contracts | 2,238 | (2,140) | 5,695 | (5,742) |
Unrealized gain on available-for-sale securities | 0 | 0 | 0 | 709 |
TOTAL OTHER COMPREHENSIVE INCOME (LOSS), NET OF TAX | (12,393) | (50,858) | 32,676 | (21,236) |
COMPREHENSIVE INCOME (LOSS) | (605,879) | 80,306 | (604,118) | 97,867 |
LESS: COMPREHENSIVE INCOME (LOSS) ATTRIBUTABLE TO NONCONTROLLING INTERESTS | (38,957) | 15,109 | (23,354) | 20,978 |
COMPREHENSIVE INCOME (LOSS) ATTRIBUTABLE TO FLUOR CORPORATION | $ (566,922) | $ 65,197 | $ (580,764) | $ 76,889 |
CONDENSED CONSOLIDATED STATEM_2
CONDENSED CONSOLIDATED STATEMENT OF EARNINGS - USD ($) shares in Thousands, $ in Thousands | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2019 | Jun. 30, 2018 | Jun. 30, 2019 | Jun. 30, 2018 | |
Income Statement [Abstract] | ||||
TOTAL REVENUE | $ 4,094,376 | $ 4,883,796 | $ 8,287,123 | $ 9,707,566 |
TOTAL COST OF REVENUE | 4,706,302 | 4,673,644 | 8,837,362 | 9,439,619 |
OTHER (INCOME) AND EXPENSES | ||||
Corporate general and administrative expense | 53,356 | 17,776 | 114,407 | 75,047 |
Restructuring charges | 45,732 | 0 | 73,100 | 0 |
Interest expense | 18,877 | 16,784 | 37,514 | 33,896 |
Interest income | (14,913) | (8,043) | (27,889) | (15,576) |
Total cost and expenses | 4,809,354 | 4,700,161 | 9,034,494 | 9,532,986 |
EARNINGS (LOSS) BEFORE TAXES | (714,978) | 183,635 | (747,371) | 174,580 |
INCOME TAX EXPENSE (BENEFIT) | (121,492) | 52,471 | (110,577) | 55,477 |
NET EARNINGS (LOSS) | (593,486) | 131,164 | (636,794) | 119,103 |
LESS: NET EARNINGS (LOSS) ATTRIBUTABLE TO NONCONTROLLING INTERESTS | (38,678) | 16,332 | (23,560) | 21,861 |
NET EARNINGS (LOSS) ATTRIBUTABLE TO FLUOR CORPORATION | $ (554,808) | $ 114,832 | $ (613,234) | $ 97,242 |
Basic earnings (loss) per share (in dollars per share) | $ (3.96) | $ 0.82 | $ (4.38) | $ 0.69 |
Diluted earnings (loss) per share (in dollars per share) | $ (3.96) | $ 0.81 | $ (4.38) | $ 0.69 |
SHARES USED TO CALCULATE EARNINGS PER SHARE | ||||
BASIC (in shares) | 140,141 | 140,654 | 139,959 | 140,377 |
DILUTED (in shares) | 140,141 | 141,306 | 139,959 | 141,274 |
Dividends (in dollars per share) | $ 0.21 | $ 0.21 | $ 0.42 | $ 0.42 |
CONDENSED CONSOLIDATED BALANCE
CONDENSED CONSOLIDATED BALANCE SHEET - USD ($) $ in Thousands | Jun. 30, 2019 | Dec. 31, 2018 |
CURRENT ASSETS | ||
Cash and cash equivalents ($645,467 and $391,635 related to variable interest entities (“VIEs”)) | $ 1,857,285 | $ 1,764,746 |
Marketable securities ($55,066 and $202,481 related to VIEs) | 73,098 | 214,828 |
Accounts and notes receivable, net ($247,166 and $214,339 related to VIEs) | 1,490,768 | 1,534,339 |
Contract assets ($339,732 and $350,814 related to VIEs) | 1,233,993 | 1,544,981 |
Other current assets ($12,300 and $15,660 related to VIEs) | 502,408 | 381,999 |
Total current assets | 5,157,552 | 5,440,893 |
Property, plant and equipment (net of accumulated depreciation of $1,143,666 and $1,220,802) (net PP&E of $44,103 and $41,479 related to VIEs) | 894,997 | 1,013,732 |
Goodwill | 534,401 | 533,585 |
Investments | 893,969 | 938,490 |
Deferred taxes | 513,306 | 342,126 |
Deferred compensation trusts | 356,727 | 328,814 |
Other assets ($41,703 and $26,578 related to VIEs) | 622,922 | 315,997 |
TOTAL ASSETS | 8,973,874 | 8,913,637 |
CURRENT LIABILITIES | ||
Trade accounts payable ($500,140 and $475,018 related to VIEs) | 1,546,171 | 1,638,891 |
Short-term borrowings | 41,577 | 26,887 |
Contract liabilities ($442,125 and $271,692 related to VIEs) | 1,434,529 | 855,948 |
Accrued salaries, wages and benefits ($28,878 and $28,478 related to VIEs) | 600,069 | 649,486 |
Other accrued liabilities ($34,446 and $49,997 related to VIEs) | 435,350 | 381,301 |
Total current liabilities | 4,057,696 | 3,552,513 |
LONG-TERM DEBT DUE AFTER ONE YEAR | 1,657,246 | 1,661,565 |
NONCURRENT LIABILITIES | 761,443 | 581,509 |
CONTINGENCIES AND COMMITMENTS | ||
Capital stock | ||
Preferred — authorized 20,000,000 shares ($0.01 par value); none issued | 0 | 0 |
Common — authorized 375,000,000 shares ($0.01 par value); issued and outstanding — 140,174,400 and 139,653,824 shares in 2019 and 2018, respectively | 1,399 | 1,396 |
Additional paid-in capital | 113,042 | 82,106 |
Accumulated other comprehensive loss | (510,008) | (542,478) |
Retained earnings | 2,769,804 | 3,422,157 |
Total shareholders’ equity | 2,374,237 | 2,963,181 |
Noncontrolling interests | 123,252 | 154,869 |
Total equity | 2,497,489 | 3,118,050 |
TOTAL LIABILITIES AND EQUITY | $ 8,973,874 | $ 8,913,637 |
CONDENSED CONSOLIDATED BALANC_2
CONDENSED CONSOLIDATED BALANCE SHEET (Parenthetical) - USD ($) $ in Thousands | Jun. 30, 2019 | Dec. 31, 2018 |
CURRENT ASSETS, VIEs | ||
Cash and cash equivalents | $ 1,857,285 | $ 1,764,746 |
Marketable securities, current | 73,098 | 214,828 |
Accounts and notes receivable | 1,490,768 | 1,534,339 |
Contract assets | 1,233,993 | 1,544,981 |
Other current assets | 502,408 | 381,999 |
NONCURRENT ASSETS, VIEs | ||
Net property, plant and equipment | 894,997 | 1,013,732 |
Other noncurrent assets | 622,922 | 315,997 |
CURRENT LIABILITIES, VIEs | ||
Trade accounts payable | 1,546,171 | 1,638,891 |
Accrued salaries, wages and benefits | 600,069 | 649,486 |
Other accrued liabilities | $ 435,350 | $ 381,301 |
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) | 140,174,400 | 139,653,824 |
Common stock, outstanding shares (in shares) | 140,174,400 | 139,653,824 |
Consolidated variable interest entities | ||
CURRENT ASSETS, VIEs | ||
Cash and cash equivalents | $ 645,467 | $ 391,635 |
Marketable securities, current | 55,066 | 202,481 |
Accounts and notes receivable | 247,166 | 214,339 |
Contract assets | 339,732 | 350,814 |
Other current assets | 12,300 | 15,660 |
NONCURRENT ASSETS, VIEs | ||
Net property, plant and equipment | 44,103 | 41,479 |
Accumulated Depreciation | 1,143,666 | 1,220,802 |
Other noncurrent assets | 41,703 | 26,578 |
CURRENT LIABILITIES, VIEs | ||
Trade accounts payable | 500,140 | 475,018 |
Advance billings on contracts | 442,125 | 271,692 |
Accrued salaries, wages and benefits | 28,878 | 28,478 |
Other accrued liabilities | $ 34,446 | $ 49,997 |
CONDENSED CONSOLIDATED STATEM_3
CONDENSED CONSOLIDATED STATEMENT OF CASH FLOWS - USD ($) $ in Thousands | 6 Months Ended | |
Jun. 30, 2019 | Jun. 30, 2018 | |
CASH FLOWS FROM OPERATING ACTIVITIES | ||
Net earnings (loss) | $ (636,794) | $ 119,103 |
Adjustments to reconcile net earnings (loss) to cash provided (utilized) by operating activities: | ||
Depreciation of fixed assets | 87,871 | 102,503 |
Amortization of intangibles | 9,043 | 9,403 |
(Earnings) loss from equity method investments, net of distributions | 7,891 | 1,919 |
Gain on sale of property, plant and equipment | (3,552) | (7,347) |
Impairment of long-lived assets | 39,115 | 0 |
Amortization of stock-based awards | 29,803 | 23,990 |
Deferred compensation trust | (34,412) | (2,826) |
Deferred compensation obligation | 36,593 | 3,145 |
Deferred taxes | (173,488) | 15,619 |
Net retirement plan accrual (contributions) | (1,827) | (3,056) |
Changes in operating assets and liabilities | 726,415 | (394,362) |
Other items | 4,777 | (691) |
Cash provided (utilized) by operating activities | 91,435 | (132,600) |
CASH FLOWS FROM INVESTING ACTIVITIES | ||
Purchases of marketable securities | (23,409) | (163,788) |
Proceeds from the sales and maturities of marketable securities | 164,964 | 335,215 |
Capital expenditures | (100,840) | (110,451) |
Proceeds from disposal of property, plant and equipment | 25,179 | 40,085 |
Investments in partnerships and joint ventures | (27,056) | (16,690) |
Other items | 5,164 | (383) |
Cash provided by investing activities | 44,002 | 83,988 |
CASH FLOWS FROM FINANCING ACTIVITIES | ||
Dividends paid | (59,324) | (59,641) |
Net proceeds from issuance of commercial paper | 49,645 | |
Distributions paid to noncontrolling interests | (15,572) | (32,252) |
Capital contributions by noncontrolling interests | 7,821 | 3,760 |
Taxes paid on vested restricted stock | (3,572) | (5,490) |
Stock options exercised | 1,466 | 5,383 |
Other items | 11,372 | (1,853) |
Cash utilized by financing activities | (57,809) | (40,448) |
Effect of exchange rate changes on cash | 14,911 | (33,055) |
Increase (decrease) in cash and cash equivalents | 92,539 | (122,115) |
Cash and cash equivalents at beginning of period | 1,764,746 | 1,804,075 |
Cash and cash equivalents at end of period | $ 1,857,285 | $ 1,681,960 |
CONSOLIDATED STATEMENT OF CHANG
CONSOLIDATED STATEMENT OF CHANGES IN EQUITY - USD ($) $ in Thousands | Total | Common Stock | Additional Paid-In Capital | Accumulated Other Comprehensive Loss | Retained Earnings | Total Shareholders' Equity | Noncontrolling Interests |
BALANCE, beginning of year (in shares) at Dec. 31, 2017 | 139,918,000 | ||||||
BALANCE, beginning of year at Dec. 31, 2017 | $ 3,492,399 | $ 1,399 | $ 88,222 | $ (402,242) | $ 3,654,931 | $ 3,342,310 | $ 150,089 |
Increase (Decrease) in Shareholders' Equity | |||||||
Net earnings (loss) | 119,103 | 97,242 | 97,242 | 21,861 | |||
Other comprehensive loss | (21,236) | (20,353) | (20,353) | (883) | |||
Dividends ($0.21 per share) | (60,381) | (122) | (60,259) | (60,381) | |||
Distributions to noncontrolling interests | (32,252) | (32,252) | |||||
Capital contributions by noncontrolling interests | 3,760 | 3,760 | |||||
Other noncontrolling interest transactions | 2,435 | 2,562 | 2,562 | (127) | |||
Stock-based plan activity (in shares) | 782,000 | ||||||
Stock-based plan activity | 20,713 | $ 7 | 20,706 | 20,713 | |||
BALANCE, end of year (in shares) at Jun. 30, 2018 | 140,700,000 | ||||||
BALANCE, end of year at Jun. 30, 2018 | 3,184,840 | $ 1,406 | 111,368 | (422,595) | 3,353,176 | 3,043,355 | 141,485 |
BALANCE, beginning of year (in shares) at Mar. 31, 2018 | 140,598,000 | ||||||
BALANCE, beginning of year at Mar. 31, 2018 | 3,129,307 | $ 1,406 | 99,028 | (372,960) | 3,268,837 | 2,996,311 | 132,996 |
Increase (Decrease) in Shareholders' Equity | |||||||
Net earnings (loss) | 131,164 | 114,832 | 114,832 | 16,332 | |||
Other comprehensive loss | (50,858) | (49,635) | (49,635) | (1,223) | |||
Dividends ($0.21 per share) | (30,527) | (34) | (30,493) | (30,527) | |||
Distributions to noncontrolling interests | (9,026) | (9,026) | |||||
Capital contributions by noncontrolling interests | 3,395 | 3,395 | |||||
Other noncontrolling interest transactions | 693 | 1,682 | 1,682 | (989) | |||
Stock-based plan activity (in shares) | 102,000 | ||||||
Stock-based plan activity | 10,692 | $ 0 | 10,692 | 10,692 | |||
BALANCE, end of year (in shares) at Jun. 30, 2018 | 140,700,000 | ||||||
BALANCE, end of year at Jun. 30, 2018 | 3,184,840 | $ 1,406 | 111,368 | (422,595) | 3,353,176 | 3,043,355 | 141,485 |
BALANCE, beginning of year (in shares) at Dec. 31, 2018 | 139,654,000 | ||||||
BALANCE, beginning of year at Dec. 31, 2018 | 3,118,050 | $ 1,396 | 82,106 | (542,478) | 3,422,157 | 2,963,181 | 154,869 |
Increase (Decrease) in Shareholders' Equity | |||||||
Net earnings (loss) | (636,794) | (613,234) | (613,234) | (23,560) | |||
Other comprehensive loss | 32,676 | 32,470 | 32,470 | 206 | |||
Dividends ($0.21 per share) | (59,445) | 218 | (59,663) | (59,445) | |||
Distributions to noncontrolling interests | (15,572) | (15,572) | |||||
Capital contributions by noncontrolling interests | 7,821 | 7,821 | |||||
Other noncontrolling interest transactions | 2,571 | 3,083 | 3,083 | (512) | |||
Stock-based plan activity (in shares) | 520,000 | ||||||
Stock-based plan activity | 27,638 | $ 3 | 27,635 | 27,638 | |||
BALANCE, end of year (in shares) at Jun. 30, 2019 | 140,174,000 | ||||||
BALANCE, end of year at Jun. 30, 2019 | 2,497,489 | $ 1,399 | 113,042 | (510,008) | 2,769,804 | 2,374,237 | 123,252 |
BALANCE, beginning of year (in shares) at Mar. 31, 2019 | 140,109,000 | ||||||
BALANCE, beginning of year at Mar. 31, 2019 | 3,115,925 | $ 1,399 | 94,456 | (497,894) | 3,354,352 | 2,952,313 | 163,612 |
Increase (Decrease) in Shareholders' Equity | |||||||
Net earnings (loss) | (593,486) | (554,808) | (554,808) | (38,678) | |||
Other comprehensive loss | (12,393) | (12,114) | (12,114) | (279) | |||
Dividends ($0.21 per share) | (29,740) | 0 | (29,740) | (29,740) | |||
Distributions to noncontrolling interests | (5,420) | (5,420) | |||||
Capital contributions by noncontrolling interests | 3,054 | 3,054 | |||||
Other noncontrolling interest transactions | 3,011 | 2,048 | 2,048 | 963 | |||
Stock-based plan activity (in shares) | 65,000 | ||||||
Stock-based plan activity | 16,538 | $ 0 | 16,538 | 16,538 | |||
BALANCE, end of year (in shares) at Jun. 30, 2019 | 140,174,000 | ||||||
BALANCE, end of year at Jun. 30, 2019 | $ 2,497,489 | $ 1,399 | $ 113,042 | $ (510,008) | $ 2,769,804 | $ 2,374,237 | $ 123,252 |
CONSOLIDATED STATEMENT OF CHA_2
CONSOLIDATED STATEMENT OF CHANGES IN EQUITY (Parenthetical) - $ / shares | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2019 | Jun. 30, 2018 | Jun. 30, 2019 | Jun. 30, 2018 | |
Statement of Stockholders' Equity [Abstract] | ||||
Dividends (in dollars per share) | $ 0.21 | $ 0.21 | $ 0.42 | $ 0.42 |
Principles of Consolidation
Principles of Consolidation | 6 Months Ended |
Jun. 30, 2019 | |
Organization, Consolidation and Presentation of Financial Statements [Abstract] | |
Principles of Consolidation | 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 Annual Report on Form 10-K for the fiscal year ended December 31, 2018 (the "2018 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 six months ended June 30, 2019 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 June 30, 2019 and December 31, 2018 and its consolidated results of operations and cash flows for the interim periods presented. All significant intercompany transactions of consolidated subsidiaries are eliminated. 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. In the first quarter of 2019, the company adopted Accounting Standards Update (“ASU”) 2016-02 (ASC Topic 842), “Leases” using the modified retrospective method in which the new guidance was applied to leases that existed or were entered into on or after January 1, 2019. Results for the reporting period beginning on January 1, 2019 have been presented under ASC 842, while prior period amounts have not been adjusted and continue to be reported in accordance with previous guidance. See Note 3 for further discussion of the adoption and the impact on the company’s financial statements. |
Recent Accounting Pronouncement
Recent Accounting Pronouncements | 6 Months Ended |
Jun. 30, 2019 | |
New Accounting Pronouncements and Changes in Accounting Principles [Abstract] | |
Recent Accounting Pronouncements | Recent Accounting Pronouncements New accounting pronouncements implemented by the company during the first half of 2019 are discussed below or in the related notes, where appropriate. In the first quarter of 2019, the company adopted ASU 2016-02 (ASC Topic 842), “Leases” and related ASUs. See Note 3 for further discussion of the adoption and the impact on the company’s financial statements. In the first quarter of 2019, the company adopted ASU 2018-02, “Reclassification of Certain Tax Effects from Accumulated Other Comprehensive Income,” under which the company did not elect to reclassify the income tax effects stranded in accumulated other comprehensive income to retained earnings as a result of the enactment of comprehensive tax legislation, commonly referred to as the Tax Cuts and Jobs Act. As a result, there was no impact on the company’s financial position, results of operations or cash flows. New accounting pronouncements requiring implementation in future periods are discussed below. In November 2018, the FASB issued ASU 2018-18, “Clarifying the Interaction between Topic 808 and Topic 606.” This ASU clarifies that certain transactions between participants in a collaborative arrangement should be accounted for under ASC 606 when the counterparty is a customer. ASU 2018-18 is effective for interim and annual reporting periods beginning after December 15, 2019 . Management does not expect the adoption of ASU 2018-18 to have a material impact on the company’s financial position, results of operations or cash flows. In October 2018, the FASB issued ASU 2018-17, “Targeted Improvements to Related Party Guidance for Variable Interest Entities.” This ASU amends the guidance for determining whether a decision-making fee is a variable interest. ASU 2018-17 is effective for interim and annual reporting periods beginning after December 15, 2019. Management does not expect the adoption of ASU 2018-17 to have a material impact on the company’s financial position, results of operations or cash flows. In August 2018, the FASB issued ASU 2018-15, “Customer’s Accounting for Implementation Costs Incurred in a Cloud Computing Arrangement That Is a Service Contract.” This ASU requires customers in a hosting arrangement that is a service contract to capitalize certain implementation costs as if the arrangement was an internal-use software project. ASU 2018-15 is effective for interim and annual reporting periods beginning after December 15, 2019, with early adoption permitted. Management does not expect the adoption of ASU 2018-15 to have a material impact on the company’s financial position, results of operations or cash flows. In August 2018, the FASB issued ASU 2018-14, “Disclosure Framework - Changes to the Disclosure Requirements for Defined Benefit Plans.” This ASU amends ASC 715 to add, remove and clarify certain disclosure requirements related to defined benefit pension and other postretirement plans. ASU 2018-14 is effective for fiscal years ending after December 15, 2020, with early adoption permitted. Management does not expect the adoption of ASU 2018-14 to have any impact on the company’s financial position, results of operations or cash flows. In August 2018, the FASB issued ASU 2018-13, “Disclosure Framework - Changes to the Disclosure Requirements for Fair Value Measurement.” This ASU amends ASC 820 to add, remove and modify certain disclosure requirements for fair value measurements. For example, public companies will now be required to disclose the range and weighted average used to develop significant unobservable inputs for Level 3 fair value measurements. ASU 2018-13 is effective for interim and annual reporting periods beginning after December 15, 2019, with early adoption permitted. Management does not expect the adoption of ASU 2018-13 to have any impact on the company’s financial position, results of operations or cash flows. In June 2016, the FASB issued ASU 2016-13, "Measurement of Credit Losses on Financial Instruments," and issued subsequent amendments to the initial guidance within ASU 2019-04 and ASU 2019-05. The amendments in ASU 2016-13 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 and its amendments are effective for interim and annual reporting periods beginning after December 15, 2019. Management is continuing to assess the impact of adopting ASU 2016-13 on the company’s financial position, results of operations and cash flows. The company adopted ASU 2014-09 (ASC Topic 606), “Revenue from Contracts with Customers” in the first quarter of 2018. See the 2018 10-K for a further discussion of the adoption and the impact on the company’s financial statements. In accordance with ASU 2017-13, certain of the company’s unconsolidated partnerships and joint ventures will not adopt ASC Topic 606 until the fourth quarter of 2019, at which time the company expects to record a cumulative effect adjustment which is not expected to be significant. |
Leases
Leases | 6 Months Ended |
Jun. 30, 2019 | |
Leases [Abstract] | |
Leases | Leases On January 1, 2019, the company adopted ASC Topic 842, “Leases,” including the following ASUs: ASU 2016-02, ASU 2017-13, ASU 2018-01, ASU 2018-10, ASU 2018-11, ASU 2018-20 and ASU 2019-01. The new guidance requires the recognition of right-of-use assets and lease liabilities on the balance sheet for leases with terms greater than 12 months or leases that contain a purchase option that is reasonably certain to be exercised. Lessees are now required to classify leases as either finance or operating leases. This classification will determine whether lease expense is recognized based on an effective interest method or on a straight-line basis over the term of the lease. The company elected to utilize the package of practical expedients in ASC 842-10-65-1(f) that, upon adoption of ASC 842, allows entities to (1) not reassess whether any expired or existing contracts are or contain leases, (2) retain the classification of leases (e.g., operating or finance lease) existing as of the date of adoption and (3) not reassess initial direct costs for any existing leases. The company elected to utilize the practical expedient in ASC 842-10-65-1(gg) in which an entity need not assess whether existing land easements not previously accounted for as leases contain a lease under ASC 842. The company also elected to utilize the practical expedient in ASC 842-10-15-37 in which the company has chosen to account for each separate lease component of a contract and its associated nonlease components as a single lease component. The company adopted ASC 842 using the modified retrospective method, and accordingly, the new guidance was applied retrospectively to leases that existed as of January 1, 2019 (the date of initial application). As a result, the company has recorded total right-of-use assets of $282 million , total current lease liabilities of $72 million , total noncurrent lease liabilities of $222 million and a cumulative effect adjustment to increase retained earnings by $21 million (net of deferred taxes of $6 million ) as of January 1, 2019. The increase in retained earnings primarily resulted from the recognition of previously deferred gains associated with two sale and leaseback transactions, as allowed under ASC 842-10-65-1(ee). The adoption of ASC 842 did not have a material impact on the company’s results of operations or any impact on the company’s cash flows. The company’s right-of use assets and lease liabilities primarily relate to office facilities, equipment used in connection with long-term construction contracts and other personal property. Certain of the company’s facility and equipment leases include one or more options to renew, with renewal terms that can extend the lease term up to 10 years . The exercise of lease renewal options is at the company’s discretion. Renewal periods are included in the expected lease term if they are reasonably certain of being exercised by the company. Certain leases also include options to purchase the leased property. None of the company’s lease agreements contain material residual value guarantees or material restrictions or covenants. Long-term leases (leases with terms greater than 12 months) are recorded on the consolidated balance sheet at the present value of the minimum lease payments not yet paid. The company uses its incremental borrowing rate to determine the present value of the lease when the rate implicit in the lease is not readily determinable. Certain lease contracts contain nonlease components such as maintenance, utilities, fuel and operator services. The company has made an accounting policy election, as allowed under ASC 842-10-15-37 and discussed above, to capitalize both the lease component and nonlease components of its contracts as a single lease component for all of its right-of-use assets. From time to time, certain service or purchase contracts may contain an embedded lease. Short-term leases (leases with an initial term of 12 months or less or leases that are cancelable by the lessee and lessor without significant penalties) are not recorded on the consolidated balance sheet and are expensed on a straight-line basis over the lease term. The majority of the company’s short-term leases relate to equipment used on construction projects. These leases are entered into at agreed upon hourly, daily, weekly or monthly rental rates for an unspecified duration and typically have a termination for convenience provision. Such equipment leases are considered short-term in nature unless it is reasonably certain that the equipment will be leased for a term greater than 12 months. The components of lease expense for the three and six months ended June 30, 2019 were as follows: Lease Cost / (Sublease Income) Three Months Ended Six Months Ended (in thousands) Operating lease cost $ 22,036 $ 44,442 Finance lease cost Amortization of right-of-use assets 384 777 Interest on lease liabilities 22 40 Variable lease cost (1) 4,935 9,481 Short-term lease cost 48,351 84,637 Sublease income (7,787 ) (18,895 ) Total lease cost $ 67,941 $ 120,482 (1) Primarily relates to rent escalation due to cost of living indexation and payments for property taxes, insurance or common area maintenance based on actual assessments. Information related to the company’s right-of use assets and lease liabilities as of June 30, 2019 was as follows: Lease Assets / Liabilities Balance Sheet Classification June 30, 2019 (in thousands) Right-of-use assets Operating lease assets Other assets $ 302,770 Finance lease assets Other assets 1,300 Total right-of-use assets $ 304,070 Lease liabilities Operating lease liabilities, current Other accrued liabilities $ 66,378 Operating lease liabilities, noncurrent Noncurrent liabilities 245,463 Finance lease liabilities, current Other accrued liabilities 724 Finance lease liabilities, noncurrent Noncurrent liabilities 846 Total lease liabilities $ 313,411 Supplemental information related to the company’s leases for the six months ended June 30, 2019 was as follows: Six Months Ended (in thousands) Cash paid for amounts included in the measurement of lease liabilities: Operating cash flows from operating leases $ 44,742 Operating cash flows from finance leases 40 Financing cash flows from finance leases 848 Right-of-use assets obtained in exchange for new operating lease liabilities 56,729 Right-of-use assets obtained in exchange for new finance lease liabilities — Weighted-average remaining lease term - operating leases 6.88 years Weighted-average remaining lease term - finance leases 2.31 years Weighted-average discount rate - operating leases 3.44 % Weighted-average discount rate - finance leases 3.33 % Total remaining lease payments under both the company’s operating and finance leases are as follows: Year Ended December 31, Operating Leases Finance Leases (in thousands) Remainder of 2019 $ 40,953 $ 416 2020 74,139 846 2021 54,491 201 2022 43,417 91 2023 34,956 83 Thereafter 101,102 — Total lease payments $ 349,058 $ 1,637 Less: Interest (37,217 ) (67 ) Present value of lease liabilities $ 311,841 $ 1,570 |
Other Comprehensive Income (Los
Other Comprehensive Income (Loss) | 6 Months Ended |
Jun. 30, 2019 | |
Comprehensive Income (Loss), Net of Tax, Attributable to Parent [Abstract] | |
Other Comprehensive Income (Loss) | Other Comprehensive Income (Loss) The tax effects of the components of other comprehensive income (loss) (“OCI”) for the three months ended June 30, 2019 and 2018 are as follows: Three Months Ended Three Months Ended (in thousands) Before-Tax Amount Tax Benefit (Expense) Net-of-Tax Amount Before-Tax Amount Tax Benefit (Expense) Net-of-Tax Amount Other comprehensive income (loss): Foreign currency translation adjustment $ (16,258 ) $ 2,053 $ (14,205 ) $ (75,585 ) $ 16,604 $ (58,981 ) Ownership share of equity method investees’ other comprehensive income (loss) (3,400 ) 935 (2,465 ) 9,352 (1,783 ) 7,569 Defined benefit pension and postretirement plan adjustments 2,182 (143 ) 2,039 3,366 (672 ) 2,694 Unrealized gain (loss) on derivative contracts 3,396 (1,158 ) 2,238 (2,555 ) 415 (2,140 ) Total other comprehensive income (loss) (14,080 ) 1,687 (12,393 ) (65,422 ) 14,564 (50,858 ) Less: Other comprehensive income (loss) attributable to noncontrolling interests (279 ) — (279 ) (1,223 ) — (1,223 ) Other comprehensive income (loss) attributable to Fluor Corporation $ (13,801 ) $ 1,687 $ (12,114 ) $ (64,199 ) $ 14,564 $ (49,635 ) The tax effects of the components of OCI for the six months ended June 30, 2019 and 2018 are as follows: Six Months Ended Six Months Ended (in thousands) Before-Tax Tax Net-of-Tax Before-Tax Tax Net-of-Tax Other comprehensive income (loss): Foreign currency translation adjustment $ 27,626 $ 39 $ 27,665 $ (48,667 ) $ 16,044 $ (32,623 ) Ownership share of equity method investees’ other comprehensive income (loss) (6,895 ) 2,108 (4,787 ) 15,611 (3,061 ) 12,550 Defined benefit pension and postretirement plan adjustments 4,392 (289 ) 4,103 4,883 (1,013 ) 3,870 Unrealized gain (loss) on derivative contracts 8,030 (2,335 ) 5,695 (7,085 ) 1,343 (5,742 ) Unrealized gain on available-for-sale securities — — — 1,134 (425 ) 709 Total other comprehensive income (loss) 33,153 (477 ) 32,676 (34,124 ) 12,888 (21,236 ) Less: Other comprehensive income (loss) attributable to noncontrolling interests 206 — 206 (883 ) — (883 ) Other comprehensive income (loss) attributable to Fluor Corporation $ 32,947 $ (477 ) $ 32,470 $ (33,241 ) $ 12,888 $ (20,353 ) The changes in accumulated other comprehensive income (“AOCI”) balances by component (after-tax) for the three months ended June 30, 2019 are as follows: (in thousands) Foreign Ownership Defined Unrealized Accumulated Attributable to Fluor Corporation: Balance as of March 31, 2019 $ (267,362 ) $ (25,994 ) $ (202,585 ) $ (1,953 ) $ (497,894 ) Other comprehensive income (loss) before reclassifications (13,926 ) (2,606 ) — 1,629 (14,903 ) Amounts reclassified from AOCI — 141 2,039 609 2,789 Net other comprehensive income (loss) (13,926 ) (2,465 ) 2,039 2,238 (12,114 ) Balance as of June 30, 2019 $ (281,288 ) $ (28,459 ) $ (200,546 ) $ 285 $ (510,008 ) Attributable to Noncontrolling Interests: Balance as of March 31, 2019 $ (3,216 ) $ — $ — $ — $ (3,216 ) Other comprehensive income (loss) before reclassifications (279 ) — — — (279 ) Amounts reclassified from AOCI — — — — — Net other comprehensive income (loss) (279 ) — — — (279 ) Balance as of June 30, 2019 $ (3,495 ) $ — $ — $ — $ (3,495 ) The changes in AOCI balances by component (after-tax) for the six months ended June 30, 2019 are as follows: (in thousands) Foreign Ownership Defined Unrealized Accumulated Attributable to Fluor Corporation: Balance as of December 31, 2018 $ (308,747 ) $ (23,672 ) $ (204,649 ) $ (5,410 ) $ (542,478 ) Other comprehensive income (loss) before reclassifications 27,459 (5,070 ) — 4,325 26,714 Amounts reclassified from AOCI — 283 4,103 1,370 5,756 Net other comprehensive income (loss) 27,459 (4,787 ) 4,103 5,695 32,470 Balance as of June 30, 2019 $ (281,288 ) $ (28,459 ) $ (200,546 ) $ 285 $ (510,008 ) Attributable to Noncontrolling Interests: Balance as of December 31, 2018 $ (3,701 ) $ — $ — $ — $ (3,701 ) Other comprehensive income (loss) before reclassifications 206 — — — 206 Amounts reclassified from AOCI — — — — — Net other comprehensive income (loss) 206 — — — 206 Balance as of June 30, 2019 $ (3,495 ) $ — $ — $ — $ (3,495 ) The changes in AOCI balances by component (after-tax) for the three months ended June 30, 2018 are as follows: (in thousands) Foreign Ownership Defined Unrealized Unrealized Accumulated Attributable to Fluor Corporation: Balance as of March 31, 2018 $ (185,159 ) $ (27,633 ) $ (150,882 ) $ (9,286 ) $ — $ (372,960 ) Other comprehensive income (loss) before reclassifications (57,758 ) 7,417 — (3,288 ) — (53,629 ) Amounts reclassified from AOCI — 152 2,694 1,148 — 3,994 Net other comprehensive income (loss) (57,758 ) 7,569 2,694 (2,140 ) — (49,635 ) Balance as of June 30, 2018 $ (242,917 ) $ (20,064 ) $ (148,188 ) $ (11,426 ) $ — $ (422,595 ) Attributable to Noncontrolling Interests: Balance as of March 31, 2018 $ (1,122 ) $ — $ — $ — $ — $ (1,122 ) Other comprehensive income (loss) before reclassifications (1,223 ) — — — — (1,223 ) Amounts reclassified from AOCI — — — — — — Net other comprehensive income (loss) (1,223 ) — — — — (1,223 ) Balance as of June 30, 2018 $ (2,345 ) $ — $ — $ — $ — $ (2,345 ) The changes in AOCI balances by component (after-tax) for the six months ended June 30, 2018 are as follows: (in thousands) Foreign Ownership Defined Unrealized Unrealized Accumulated Attributable to Fluor Corporation: Balance as of December 31, 2017 $ (211,177 ) $ (32,614 ) $ (152,058 ) $ (5,684 ) $ (709 ) $ (402,242 ) Other comprehensive income (loss) before reclassifications (31,740 ) 11,893 — (7,049 ) — (26,896 ) Amounts reclassified from AOCI — 657 3,870 1,307 709 6,543 Net other comprehensive income (loss) (31,740 ) 12,550 3,870 (5,742 ) 709 (20,353 ) Balance as of June 30, 2018 $ (242,917 ) $ (20,064 ) $ (148,188 ) $ (11,426 ) $ — $ (422,595 ) Attributable to Noncontrolling Interests: Balance as of December 31, 2017 $ (1,462 ) $ — $ — $ — $ — $ (1,462 ) Other comprehensive income (loss) before reclassifications (883 ) — — — — (883 ) Amounts reclassified from AOCI — — — — — — Net other comprehensive income (loss) (883 ) — — — — (883 ) Balance as of June 30, 2018 $ (2,345 ) $ — $ — $ — $ — $ (2,345 ) 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 Condensed Consolidated Three Months Ended Six Months Ended (in thousands) Statement of Earnings 2019 2018 2019 2018 Component of AOCI: Ownership share of equity method investees’ other comprehensive loss Total cost of revenue $ (188 ) $ (203 ) $ (377 ) $ (899 ) Income tax benefit Income tax expense 47 51 94 242 Net of tax $ (141 ) $ (152 ) $ (283 ) $ (657 ) Defined benefit pension plan adjustments Corporate general and administrative expense $ (2,182 ) $ (3,366 ) $ (4,392 ) $ (4,883 ) Income tax benefit Income tax expense 143 672 289 1,013 Net of tax $ (2,039 ) $ (2,694 ) $ (4,103 ) $ (3,870 ) Unrealized gain (loss) on derivative contracts: Foreign currency contracts Various accounts (1) $ (617 ) $ (1,332 ) $ (1,462 ) $ (1,118 ) Interest rate contracts Interest expense (419 ) (419 ) (839 ) (839 ) Income tax benefit Income tax expense 427 603 931 650 Net of tax $ (609 ) $ (1,148 ) $ (1,370 ) $ (1,307 ) Unrealized loss on available-for-sale securities Corporate general and administrative expense $ — $ — $ — $ (1,134 ) Income tax benefit Income tax expense — — — 425 Net of tax $ — $ — $ — $ (709 ) _______________________________________________________________________________ (1) Gains and losses on foreign currency derivative contracts were reclassified to "Total cost of revenue" and "Corporate general and administrative expense." As a result of the Tax Cuts and Jobs Act, certain income tax effects related to items in AOCI have been stranded in AOCI, and the company did not elect to reclassify these stranded tax effects to retained earnings. The tax effects remaining in AOCI are released only when all related units of account are liquidated, sold or extinguished (i.e., the portfolio approach). |
Income Taxes
Income Taxes | 6 Months Ended |
Jun. 30, 2019 | |
Income Tax Disclosure [Abstract] | |
Income Taxes | Income Taxes The effective tax rates for the three and six months ended June 30, 2019 were 17.0 percent and 14.8 percent , respectively, compared to 28.6 percent and 31.8 percent for the corresponding periods of 2018 . The effective rates for all periods were unfavorably impacted by foreign income tax rates that exceed the U.S. statutory rate of 21% and foreign losses for which no tax benefit could be recognized. All periods benefitted from earnings attributable to noncontrolling interests for which income taxes are not typically the responsibility of the company. The company conducts business globally and, as a result, the company or one or more of its subsidiaries files income tax returns in the U.S. federal jurisdiction and various state and foreign jurisdictions. In the normal course of business, the company is subject to examination by taxing authorities throughout the world, including such major jurisdictions as Australia, Canada, the Netherlands, South Africa, the United Kingdom and the United States. Although the company believes its reserves for its tax positions are reasonable, the final outcome of tax audits could be materially different, both favorably and unfavorably. With a few exceptions, the company is no longer subject to U.S. federal, state and local, or non-U.S. income tax examinations for years before 2013. |
Cash Paid for Interest and Taxe
Cash Paid for Interest and Taxes | 6 Months Ended |
Jun. 30, 2019 | |
Supplemental Cash Flow Information [Abstract] | |
Cash Paid for Interest and Taxes | Cash Paid for Interest and Taxes Cash paid for interest was $42 million and $36 million for the six months ended June 30, 2019 and 2018 , respectively. Income tax payments, net of refunds, were $129 million and $42 million during the six -month periods ended June 30, 2019 and 2018 , respectively. |
Earnings Per Share
Earnings Per Share | 6 Months Ended |
Jun. 30, 2019 | |
Earnings Per Share [Abstract] | |
Earnings Per Share | 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 six months ended June 30, 2019 and 2018 are presented below: Three Months Ended Six Months Ended (in thousands, except per share amounts) 2019 2018 2019 2018 Net earnings (loss) attributable to Fluor Corporation $ (554,808 ) $ 114,832 $ (613,234 ) $ 97,242 Basic EPS attributable to Fluor Corporation: Weighted average common shares outstanding 140,141 140,654 139,959 140,377 Basic earnings (loss) per share $ (3.96 ) $ 0.82 $ (4.38 ) $ 0.69 Diluted EPS attributable to Fluor Corporation: Weighted average common shares outstanding 140,141 140,654 139,959 140,377 Diluted effect: Employee stock options, restricted stock units and shares and Value Driver Incentive units (1) — 652 — 897 Weighted average diluted shares outstanding 140,141 141,306 139,959 141,274 Diluted earnings (loss) per share $ (3.96 ) $ 0.81 $ (4.38 ) $ 0.69 Anti-dilutive securities not included above 4,465 4,041 4,621 4,100 _________________________________________________________ (1) Employee stock options, restricted stock units and shares, and Value Driver Incentive units of 526,000 and 633,000 were excluded from weighted average diluted shares outstanding for the three and six months ended June 30, 2019 |
Fair Value Measurements
Fair Value Measurements | 6 Months Ended |
Jun. 30, 2019 | |
Fair Value Disclosures [Abstract] | |
Fair Value Measurements | 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 June 30, 2019 and December 31, 2018 : June 30, 2019 December 31, 2018 Fair Value Hierarchy Fair Value Hierarchy (in thousands) Total Level 1 Level 2 Level 3 Total Level 1 Level 2 Level 3 Assets: Deferred compensation trusts (1) $ 24,162 $ 24,162 $ — $ — $ 26,690 $ 26,690 $ — $ — Derivative assets (2) Foreign currency contracts 17,922 — 17,922 — 17,346 — 17,346 — Liabilities: Derivative liabilities (2) Foreign currency contracts $ 12,499 $ — $ 12,499 $ — $ 18,342 $ — $ 18,342 $ — Commodity contracts 517 — 517 — — — — — _________________________________________________________ (1) Consists 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. (2) See Note 9 for the classification of foreign currency and commodity contracts on the Condensed Consolidated Balance Sheet. Foreign currency and commodity contracts are estimated using standard pricing models with market-based inputs, which take into account the present value of estimated future cash flows. During the six months ended June 30, 2018 , proceeds from sales and maturities of available-for-sale securities were $175 million . There were no sales or maturities of available-for-sale securities during the three and six months ended June 30, 2019 and three months ended June 30, 2018 . The company has measured assets and liabilities held for sale and certain other impaired assets at fair value on a nonrecurring basis. See Note 20 for further discussion. The carrying values and estimated fair values of the company’s financial instruments that are not required to be measured at fair value in the Condensed Consolidated Balance Sheet are as follows: June 30, 2019 December 31, 2018 (in thousands) Fair Value Hierarchy Carrying Value Fair Value Carrying Value Fair Value Assets: Cash (1) Level 1 $ 1,168,419 $ 1,168,419 $ 1,091,868 $ 1,091,868 Cash equivalents (2) Level 2 688,866 688,866 672,878 672,878 Marketable securities, current (3) Level 2 73,098 73,098 214,828 214,828 Notes receivable, including noncurrent portion (4) Level 3 36,576 36,576 32,645 32,645 Liabilities: 1.750% Senior Notes (5) Level 2 $ 565,599 $ 597,171 $ 569,372 $ 589,864 3.5% Senior Notes (5) Level 2 494,760 513,180 494,280 484,790 4.250% Senior Notes (5) Level 2 594,187 620,784 593,871 583,200 Other borrowings, including noncurrent portion (6) Level 2 44,277 44,277 30,929 30,929 _________________________________________________________ (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, 3.5% Senior Notes and 4.250% Senior Notes was estimated based on quoted market prices for similar issues. (6) Other borrowings primarily represent bank loans and other financing arrangements which mature within one year. The carrying amount of borrowings under these arrangements approximates fair value because of the short-term maturity. |
Derivatives and Hedging
Derivatives and Hedging | 6 Months Ended |
Jun. 30, 2019 | |
Derivative Instruments and Hedging Activities Disclosure [Abstract] | |
Derivatives and Hedging | Derivatives and Hedging The company limits exposure to foreign currency fluctuations in most of its engineering and construction contracts through provisions that require client payments in currencies corresponding to the currencies in which cost is incurred. Certain financial exposure, which includes currency and commodity price risk associated with engineering and construction contracts, currency risk associated with monetary assets and liabilities denominated in nonfunctional currencies and risk associated with interest rate volatility, may subject the company to earnings volatility. In cases where financial exposure is identified, the company generally implements a hedging strategy utilizing derivative instruments or hedging instruments to mitigate the risk. The company's 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, its risk management objectives and strategies for undertaking the hedge transaction, and the initial quantitative assessment of the hedging instrument's effectiveness in offsetting changes in the fair value of the hedged items. The company subsequently assesses hedge effectiveness qualitatively, unless the facts and circumstances of the hedge relationship change to an extent that the company can no longer assert qualitatively that the hedge is highly effective. The fair values of all hedging instruments are recognized as assets or liabilities at the balance sheet date. For fair value hedges, 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 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. For derivatives that are not designated or do not qualify as hedging instruments, the change in the fair value of the derivative is offset against the change in the fair value of the underlying asset or liability through earnings. The company does not enter into derivative instruments for speculative purposes. Under ASC 815, in certain limited circumstances, foreign currency payment provisions could be deemed embedded derivatives. If an embedded foreign currency derivative is identified, the derivative is bifurcated from the host contract and the change in fair value is recognized through earnings. 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 June 30, 2019 , the company had total gross notional amounts of $766 million of foreign currency contracts outstanding (primarily related to the British Pound, Kuwaiti Dinar, Indian Rupee, Philippine Peso, South Korean Won, Canadian Dollar and Chinese Yuan) that were designated as hedging instruments. These foreign currency contracts are of varying duration, none of which extend beyond March 2022. The fair values of derivatives designated as hedging instruments under ASC 815 as of June 30, 2019 and December 31, 2018 were as follows: Asset Derivatives Liability Derivatives (in thousands) Balance Sheet Location June 30, December 31, Balance Sheet Location June 30, December 31, Foreign currency contracts Other current assets $ 10,661 $ 12,861 Other accrued liabilities $ 8,945 $ 16,582 Foreign currency contracts Other assets 5,962 2,669 Noncurrent liabilities 3,276 1,698 Total $ 16,623 $ 15,530 $ 12,221 $ 18,280 During the three and six months ended June 30, 2019 , the company recognized an after-tax gain of $2 million and $4 million , respectively, in OCI associated with derivative instruments designated as cash flow hedges. During the three and six months ended June 30, 2018 , the company recognized an after-tax loss of $3 million and $7 million , respectively, in OCI associated with derivative instruments designated as cash flow hedges. The after-tax amount of losses reclassified from AOCI into earnings associated with derivative instruments designated as cash flow hedges for the three and six months ended June 30, 2019 and 2018 was as follows: Three Months Ended Six Months Ended Cash Flow Hedges (in thousands) Location of Gain (Loss) 2019 2018 2019 2018 Foreign currency contracts Total cost of revenue $ (347 ) $ (886 ) $ (846 ) $ (783 ) Interest rate contracts Interest expense (262 ) (262 ) (524 ) (524 ) Total $ (609 ) $ (1,148 ) $ (1,370 ) $ (1,307 ) As of June 30, 2019 , the company also had total gross notional amounts of $47 million of foreign currency contracts and $19 million of commodity contracts outstanding that were not designated as hedging instruments. The foreign currency contracts primarily related to engineering and construction contract obligations denominated in nonfunctional currencies. As of June 30, 2019 , the company had total gross notional amounts of $26 million associated with contractual foreign currency payment provisions that were deemed embedded derivatives. Net losses associated with the company’s derivatives and embedded derivatives included in “Total cost of revenue” were $0.5 million and $0.6 million for the three and six months ended June 30, 2019 , respectively. Net gains of $0.5 million and net losses of $0.7 million associated with the company’s derivatives and embedded derivatives were included in “Total cost of revenue” and “Corporate general and administrative expense” for the three and six months ended June 30, 2018 |
Retirement Benefits
Retirement Benefits | 6 Months Ended |
Jun. 30, 2019 | |
Retirement Benefits [Abstract] | |
Retirement Benefits | Retirement Benefits Net periodic pension expense for the company’s defined benefit pension plans includes the following components: Location in Condensed Consolidated Statement of Earnings Three Months Ended Six Months Ended (in thousands) 2019 2018 2019 2018 Service cost Total cost of revenue $ 3,948 $ 4,537 $ 7,929 $ 9,208 Interest cost Corporate general and administrative expense 4,924 5,714 9,899 11,581 Expected return on assets Corporate general and administrative expense (8,193 ) (9,978 ) (16,472 ) (20,234 ) Amortization of prior service credit Corporate general and administrative expense (222 ) (236 ) (447 ) (479 ) Recognized net actuarial loss Corporate general and administrative expense 2,588 1,859 5,207 3,770 Loss on settlement Corporate general and administrative expense — 1,893 — 1,893 Net periodic pension expense $ 3,045 $ 3,789 $ 6,116 $ 5,739 The company currently expects to contribute up to $15 million into its defined benefit pension plans during 2019 , which is expected to be in excess of the minimum funding required. During the six months ended June 30, 2019 , contributions of approximately $10 million were made by the company. |
Financing Arrangements
Financing Arrangements | 6 Months Ended |
Jun. 30, 2019 | |
Debt Disclosure [Abstract] | |
Financing Arrangements | Financing Arrangements As of June 30, 2019 , the company had both committed and uncommitted lines of credit available to be used for revolving loans and letters of credit. As of June 30, 2019 , letters of credit and borrowings totaling $1.5 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 2022. 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 debt-to-capitalization ratio that cannot exceed 0.6 to 1.0 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. 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 August 2018, the company issued $600 million of 4.250% Senior Notes (the “2018 Notes”) due September 15, 2028 and received proceeds of $595 million , net of underwriting discounts. Interest on the 2018 Notes is payable semi-annually on March 15 and September 15 of each year, beginning on March 15, 2019. Prior to June 15, 2028, the company may redeem the 2018 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 June 15, 2028, the company may redeem the 2018 Notes at 100 percent of the principal amount plus accrued and unpaid interest, if any, to the date of redemption. 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 (or approximately $551 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. For the 2018 Notes, the 2016 Notes and the 2014 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 2018 Notes, the 2016 Notes and the 2014 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. The company may, from time to time, repurchase the 2018 Notes, the 2016 Notes and the 2014 Notes in the open market, in privately-negotiated transactions or otherwise in such volumes, at such prices and upon such other terms as we deem appropriate. Other borrowings of $44 million as of June 30, 2019 and $31 million as of December 31, 2018 primarily represent bank loans and other financing arrangements associated with Stork. As of June 30, 2019 , the company was in compliance with all of the financial covenants related to its debt agreements. |
Stock-Based Plans
Stock-Based Plans | 6 Months Ended |
Jun. 30, 2019 | |
Share-based Payment Arrangement [Abstract] | |
Stock-Based Plans | 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 2018 10-K. In the first half of 2019 and 2018 , restricted stock units totaling 1,065,139 and 603,111 , respectively, were granted to executives and directors, at weighted-average grant date fair values of $36.45 per share and $57.88 per share, respectively. Restricted stock units granted to executives in 2019 and 2018 generally vest ratably over three years . Restricted stock units granted to directors in 2019 and 2018 vested immediately and are subject to a post-vest holding period of three years . The fair value of restricted stock units represents the closing price of the company’s common stock on the date of grant discounted for the post-vest holding period, when applicable. During the first half of 2019 and 2018 , stock options for the purchase of 392,841 shares at a weighted-average exercise price of $29.03 per share and 33,615 shares at a weighted-average exercise price of $58.15 per share, respectively, were awarded to executives. The exercise price of options represents the closing price of the company’s common stock on the date of grant. The options granted in 2019 and 2018 generally vest ratably over three years and expire ten years after the grant date. In the first half of 2019 and 2018 , performance-based Value Driver Incentive (“VDI”) units totaling 350,532 and 206,598 , respectively, were awarded to executives. These awards vest after a period of approximately three years and contain annual performance conditions for each of the three years of the vesting period. The performance targets for each year are generally established in the first quarter of that year. Under ASC 718, performance-based awards are not deemed granted for accounting purposes until the performance targets have been established. Accordingly, only one-third of the units awarded in any given year are deemed to be granted each year of the three year vesting period. During the first half of 2019 , units totaling 116,844 , 68,866 and 72,601 under the 2019, 2018 and 2017 VDI plans, respectively, were granted at weighted-average grant date fair values of $39.72 per share, $42.24 per share and $35.18 per share, respectively. For awards granted under the 2019, 2018 and 2017 VDI plans, the number of units are adjusted at the end of each performance period based on achievement of certain performance targets and market conditions, as defined in the VDI award agreements. VDI units granted under the 2017 VDI plan are subject to a post-vest holding period of three years . The grant date fair value is determined by adjusting the closing price of the company’s common stock on the date of grant for the effect of the market condition and for the post-vest holding period discount, when applicable. Units granted under the 2019, 2018 and 2017 VDI plans can only be settled in company stock and are accounted for as equity awards in accordance with ASC 718. |
Noncontrolling Interests
Noncontrolling Interests | 6 Months Ended |
Jun. 30, 2019 | |
Noncontrolling Interest [Abstract] | |
Noncontrolling Interests | 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 (loss) attributable to the company and the amount of net earnings (loss) attributable to noncontrolling interests. For the three and six months ended June 30, 2019 , net losses attributable to noncontrolling interests were $39 million and $24 million , respectively. For the three and six months ended June 30, 2018 , net earnings attributable to noncontrolling interests were $16 million and $22 million , respectively. Income taxes associated with earnings (losses) attributable to noncontrolling interests were immaterial in all periods. Distributions paid to noncontrolling interests were $16 million and $32 million for the six months ended June 30, 2019 and 2018 , respectively. Capital contributions by noncontrolling interests were $8 million and $4 million for the six months ended June 30, 2019 and 2018 , respectively. |
Contingencies and Commitments
Contingencies and Commitments | 6 Months Ended |
Jun. 30, 2019 | |
Commitments and Contingencies Disclosure [Abstract] | |
Contingencies and Commitments | 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. In May 2018, purported shareholders filed complaints against Fluor Corporation and certain of its current and former executives in the United States District Court for the Northern District of Texas. The plaintiffs purport to represent a class of shareholders who purchased or otherwise acquired Fluor common stock from August 14, 2013 through May 3, 2018, and seek to recover damages arising from alleged violations of federal securities laws. In December 2018, the court appointed co-lead plaintiffs and co-lead counsel. The co-lead plaintiffs filed an amended, consolidated complaint in March 2019. The company filed a motion to dismiss the matter on July 15, 2019. While no assurance can be given as to the ultimate outcome of this matter, the company does not believe it is probable that a loss will be incurred. In September 2018, two separate purported shareholders' derivative actions were filed against the members of the Board of Directors of Fluor Corporation, a past Board member and the estate of a past Board member, as well as certain of Fluor’s executives in the Texas District Court for Dallas County, Texas. Fluor Corporation is named as a nominal defendant in the actions. These derivative actions purport to assert claims on behalf of Fluor Corporation and largely make the same allegations as contained in the securities class action matter discussed above and seek similar relief. In October 2018, the court consolidated the two actions and later issued an initial scheduling order. The parties are conferring on the schedule and have agreed on a stay of the case until the company's motion to dismiss is ruled upon in the securities class action matter. While no assurance can be given as to the ultimate outcome of this matter, the company does not believe it is probable that a loss will be incurred. Fluor Australia Ltd., a wholly-owned subsidiary of the company (“Fluor Australia”), completed a cost reimbursable engineering, procurement and construction management services project for Santos Ltd. (“Santos”) involving a large network of natural gas gathering and processing facilities in Queensland, Australia. On December 13, 2016, Santos filed an action in Queensland Supreme Court against Fluor Australia, asserting various causes of action and seeking damages of approximately AUD $1.47 billion . Santos has joined Fluor Corporation to the matter on the basis of a parent company guarantee issued for the project. The company believes that the claims asserted by Santos are without merit and is vigorously defending these claims. While no assurance can be given as to the ultimate outcome of this matter, the company does not believe it is probable that a loss will be incurred. Accordingly, the company has not recorded a charge as a result of this action. During the second and third quarters of 2019, the company settled certain legal matters resulting in gain contingencies totaling approximately $50 million that are expected to be recognized in future periods as amounts are received. Certain of these amounts pertain to discontinued operations. Other Matters The company has made claims arising from the performance under its contracts. The company recognizes revenue for certain claims (including change orders in dispute and unapproved change orders in regard to both scope and price) when it is probable that a significant reversal in the amount of cumulative revenue recognized will not occur. The company estimates the amount of revenue to be recognized on claims using the expected value (i.e., the sum of a probability-weighted amount) or the most likely amount method, whichever is expected to better predict the amount. Factors considered in determining whether revenue associated with claims should be recognized include the following: (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. Similarly, the company recognizes disputed back charges to suppliers or subcontractors as a reduction of cost when the same requirements have been satisfied. The company periodically evaluates its positions and the amounts recognized with respect to all its claims and back charges. As of June 30, 2019 and December 31, 2018 , the company had recorded $196 million and $166 million , respectively, of claim revenue for costs incurred to date and such costs are included in contract assets. Additional costs, which will increase the claim revenue balance over time, are expected to be incurred in future periods. The company had also recorded disputed back charges totaling $2 million and $18 million as of June 30, 2019 and December 31, 2018 , respectively. The company believes the ultimate recovery of amounts related to these claims and back charges is probable in accordance with ASC 606. 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 | 6 Months Ended |
Jun. 30, 2019 | |
Guarantees [Abstract] | |
Guarantees | 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 $18 billion as of June 30, 2019 . 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 June 30, 2019 and December 31, 2018 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 | 6 Months Ended |
Jun. 30, 2019 | |
Partnerships and Joint Ventures | |
Partnerships and Joint Ventures | 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. Accounts receivable related to work performed for unconsolidated partnerships and joint ventures included in “Accounts and notes receivable, net” on the Condensed Consolidated Balance Sheet were $106 million and $154 million as of June 30, 2019 and December 31, 2018 , respectively. Notes receivable from unconsolidated partnerships and joint ventures included in “Accounts and notes receivable, net” and “Other assets” on the Condensed Consolidated Balance Sheet were $32 million as of June 30, 2019 and $27 million as of December 31, 2018 . For unconsolidated construction partnerships and joint ventures, 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 company also executes projects through collaborative arrangements for which the company recognizes its relative share of revenue and cost. 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 $874 million and $921 million as of June 30, 2019 and December 31, 2018 , respectively, and were classified under “Investments” and “Other accrued liabilities” on the Condensed Consolidated Balance Sheet. COOEC Fluor Heavy Industries Co., Ltd. (“CFHI”) is 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. The carrying value of the company's investment in CFHI was of $355 million and $376 million as of June 30, 2019 and December 31, 2018, respectively. The company has a future funding commitment of $26 million that is expected to be paid in the fourth quarter of 2019 . 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 it has any of the following characteristics: (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 $270 million and $273 million as of June 30, 2019 and December 31, 2018 , 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 necessary to satisfy the contractual obligations of the VIE. Future funding commitments as of June 30, 2019 for the unconsolidated VIEs were $77 million . In some cases, the company is required to consolidate certain VIEs. As of June 30, 2019 , the carrying values of the assets and liabilities associated with the operations of the consolidated VIEs were $1.4 billion and $1.0 billion , respectively. As of December 31, 2018 , the carrying values of the assets and liabilities associated with the operations of the consolidated VIEs were $1.3 billion and $825 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 15 for a further discussion of such agreements. |
Operating Information by Segmen
Operating Information by Segment and Geographic Area | 6 Months Ended |
Jun. 30, 2019 | |
Segment Reporting [Abstract] | |
Operating Information by Segment and Geographic Area | Operating Information by Segment and Geographic Area During the first quarter of 2019 , services provided to the commercial nuclear market, as well as NuScale, were moved from the Mining, Industrial, Infrastructure & Power segment to the Government segment to align with the manner in which the chief executive officer manages the business and allocates resources and to better reflect the interaction of the commercial and government nuclear markets. Segment operating information and assets for 2018 have been recast to reflect these changes. Operating information by reportable segment is as follows: Three Months Ended Six Months Ended External Revenue (in millions) 2019 2018 2019 2018 Energy & Chemicals $ 1,397.1 $ 2,014.5 $ 2,873.7 $ 3,957.5 Mining, Industrial, Infrastructure & Power 1,507.6 1,335.4 2,888.8 2,242.4 Government 612.0 867.5 1,396.7 2,198.0 Diversified Services 577.7 666.4 1,127.9 1,309.7 Total external revenue $ 4,094.4 $ 4,883.8 $ 8,287.1 $ 9,707.6 Intercompany revenue for the Diversified Services segment, excluded from the amounts shown above, was $107 million and $202 million for the three and six months ended June 30, 2019 , respectively, and $111 million and $240 million for the three and six months ended June 30, 2018 , 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; restructuring and other exit costs; interest expense; interest income; domestic and foreign income taxes; and other non-operating income and expense items. Three Months Ended Six Months Ended Segment Profit (Loss) (in millions) 2019 2018 2019 2018 Energy & Chemicals $ (229.1 ) $ 97.2 $ (209.7 ) $ 202.9 Mining, Industrial, Infrastructure & Power (122.5 ) 40.9 (122.1 ) (79.5 ) Government (226.1 ) 26.9 (209.5 ) 75.1 Diversified Services 4.4 28.8 14.6 47.6 Total segment profit (loss) $ (573.3 ) $ 193.8 $ (526.7 ) $ 246.1 Energy & Chemicals. Segment profit for the three and six months ended June 30, 2019 significantly decreased compared to the corresponding periods in 2018 , primarily due to forecast revisions on certain projects. Pre-tax charges totaling $186 million (or $1.12 per diluted share) and $240 million (or $1.40 per diluted share) for the three and six month periods of 2019 resulted from late design changes, schedule-driven cost growth including liquidated damages, and subcontractor negotiations on a fixed-price, offshore project. Additional pre-tax charges totaling $87 million (or $0.50 per diluted share) for both the three and six month periods of 2019 resulted from schedule-driven cost growth and client and subcontractor negotiations on two fixed-price, downstream projects and scope reductions on a large upstream project. Pre-contract costs of $26 million (or $0.15 per diluted share) were expensed in both the three and six months ended June 30, 2019 due to the company's continued evaluation of the probability of receiving an award. Segment profit during the six months ended June 30, 2019 was also impacted by a pre-tax charge of $31 million (or $0.22 per diluted share) resulting from the resolution of certain close-out matters with a customer. Segment profit for the three and six months ended June 30, 2018 included a pre-tax charge of $67 million (or $0.47 per diluted share) for estimated cost growth on a fixed-price downstream project. Mining, Industrial, Infrastructure & Power. Segment profit for the three and six months ended June 30, 2019 significantly decreased compared to the corresponding periods in 2018 , primarily due to forecast revisions on several power and infrastructure projects. Pre-tax charges totaling $109 million (or $0.60 per diluted share) and $135 million (or $0.74 per diluted share) were incurred during the three and six months ended June 30, 2019 resulting primarily from an agreement in principle associated with client disputes, as well as cost growth related to closeout matters on three fixed-price, gas-fired power plant projects. These forecast revisions have incorporated the cost associated with a previously disclosed dispute with the client. Pre-tax charges totaling $16 million (or $0.09 per diluted share) and $142 million (or $0.77 per diluted share) were recognized on one of these power projects during the three and six months ended June 30, 2018 as a result of cost growth. Pre-tax charges totaling $55 million (or $0.30 per diluted share) were incurred during both the three and six months ended June 30, 2019 resulting from late engineering changes and schedule-driven cost growth, as well as negotiations with clients and subcontractors on pending change orders, for several fixed-price, infrastructure projects. Government . Segment profit for both the three and six months ended June 30, 2019 was adversely affected by pre-tax charges totaling $233 million (or $1.27 per diluted share) resulting from forecast revisions for late engineering changes, cost growth and ongoing assessments of certain unapproved change orders related to a fixed-price, U.S. government project that was discussed in the company's first quarter 10-Q and 2018 10-K for which the company serves as a subcontractor to a commercial client. The company’s forecast for this project is based on its assessment of the probable resolution of certain change orders currently under discussion with the client, which if not achieved, could further adversely affect revenue and segment profit. The company continues to pursue recovery of all unapproved change orders associated with this project. Segment profit for all periods included the operations of NuScale, which are primarily for research and development activities associated with the licensing and commercialization of small modular nuclear reactor technology. A discussion of the cost-sharing agreement between NuScale and the U.S. Department of Energy (“DOE”) is provided in the Notes to Consolidated Financial Statements included in the 2018 10-K. NuScale expenses included in the determination of segment profit were $18 million and $34 million for the three and six months ended June 30, 2019 , respectively, and $24 million and $47 million for the three and six months ended June 30, 2018 , respectively. NuScale expenses were reported net of qualified reimbursable expenses of $15 million and $28 million for the three and six months ended June 30, 2019 , respectively, and $12 million and $27 million for the three and six months ended June 30, 2018 , respectively. A reconciliation of total segment profit (loss) to earnings (loss) before taxes is as follows: Reconciliation of Total Segment Profit (Loss) to Earnings (Loss) Before Taxes Three Months Ended Six Months Ended (in millions) 2019 2018 2019 2018 Total segment profit (loss) $ (573.3 ) $ 193.8 $ (526.7 ) $ 246.1 Corporate general and administrative expense (53.4 ) (17.8 ) (114.4 ) (75.0 ) Restructuring and other exit costs (45.7 ) — (73.1 ) — Interest income (expense), net (3.9 ) (8.7 ) (9.6 ) (18.3 ) Earnings (loss) attributable to noncontrolling interests (38.7 ) 16.3 (23.6 ) 21.8 Earnings (loss) before taxes $ (715.0 ) $ 183.6 $ (747.4 ) $ 174.6 Total assets by segment are as follows: Total Assets by Segment (in millions) June 30, December 31, Energy & Chemicals $ 1,426.0 $ 1,525.1 Mining, Industrial, Infrastructure & Power 1,045.4 1,193.2 Government 817.6 948.2 Diversified Services 1,867.1 1,841.0 Total assets in the Energy & Chemicals segment as of June 30, 2019 also included aged and disputed accounts receivable of $108 million related to a cost reimbursable, chemicals project in the Middle East. Management continues to pursue collection of these amounts from the customer and does not believe that the customer has a contractual basis for withholding payment. The company does not believe it is probable that losses will be incurred in excess of amounts reserved for this matter. Total assets in the Government segment as of June 30, 2019 included accounts receivable related to two subcontracts with Westinghouse Electric Company LLC ("Westinghouse") to manage the construction workforce at two nuclear power plant projects in South Carolina ("V.C. Summer") and Georgia ("Plant Vogtle"). On March 29, 2017, Westinghouse filed for Chapter 11 bankruptcy protection in the U.S. Bankruptcy Court, Southern District of New York. In the third quarter of 2017, the V.C. Summer project was canceled by the owner. In the fourth quarter of 2017, the remaining scope of work on the Plant Vogtle project was transferred to a new contractor. In addition to amounts due for post-petition services, total assets as of June 30, 2019 included amounts due of $66 million and $2 million for services provided to the V.C. Summer and Plant Vogtle projects, respectively, prior to the date of the bankruptcy petition. The company has filed mechanic's liens in South Carolina against the property of the owner of the V.C. Summer project for amounts due for pre-petition services rendered to Westinghouse. Based on the company's evaluation of available information, the company does not expect the close-out of these projects to have a material impact on the company's results of operations. The company is currently exploring strategic alternatives for certain investments, including its investment in the fabrication joint venture in China. The following table presents revenue disaggregated by the geographic area where the work was performed for the three and six months ended June 30, 2019 and 2018 : Three Months Ended Six Months Ended External Revenue (in millions) 2019 2018 2019 2018 United States $ 1,498.5 $ 2,220.2 $ 3,169.0 $ 4,539.2 Canada 322.4 42.6 517.9 118.3 Asia Pacific (includes Australia) 471.9 397.6 902.1 629.3 Europe 768.9 1,252.5 1,697.2 2,438.3 Central and South America 648.5 344.9 1,191.6 885.9 Middle East and Africa 384.2 626.0 809.3 1,096.6 Total external revenue $ 4,094.4 $ 4,883.8 $ 8,287.1 $ 9,707.6 |
Contract Assets and Liabilities
Contract Assets and Liabilities | 6 Months Ended |
Jun. 30, 2019 | |
Revenue from Contract with Customer [Abstract] | |
Contract Assets and Liabilities | Contract Assets and Liabilities Contract assets represent revenue recognized in excess of amounts billed and include unbilled receivables (typically for cost reimbursable contracts) of $987 million and $1.1 billion as of June 30, 2019 and December 31, 2018 , respectively, and contract work in progress (typically for fixed-price contracts) of $247 million and $493 million as of June 30, 2019 and December 31, 2018 , respectively. Unbilled receivables, which represent an unconditional right to payment subject only to the passage of time, are reclassified to accounts receivable when they are billed under the terms of the contract. Advances that are payments on account of contract assets of $735 million and $445 million as of June 30, 2019 and December 31, 2018 , respectively, have been deducted from contract assets. Pre-contract costs are expensed as incurred unless they are expected to be recovered from the client. As of December 31, 2018 , the company had $26 million in pre-contract costs classified as a current asset under contract assets on the Condensed Consolidated Balance Sheet. These costs were expensed during the second quarter of 2019 due to the company's continued evaluation of the probability of receiving an award. The company anticipates that substantially all incurred cost associated with contract assets as of June 30, 2019 will be billed and collected within one year. Contract liabilities represent amounts billed to clients in excess of revenue recognized to date. The company recognized revenue of $642 million and $639 million during the six months ended June 30, 2019 and 2018 |
Remaining Unsatisfied Performan
Remaining Unsatisfied Performance Obligations | 6 Months Ended |
Jun. 30, 2019 | |
Revenue from Contract with Customer [Abstract] | |
Remaining Unsatisfied Performance Obligations | Remaining Unsatisfied Performance Obligations The company’s remaining unsatisfied performance obligations (“RUPO”) as of June 30, 2019 represent a measure of the total dollar value of work to be performed on contracts awarded and in progress. The company had $33 billion in RUPO as of June 30, 2019 . The company estimates that its RUPO will be satisfied over the following periods: (in millions) June 30, 2019 Within 1 year $ 15,299 1 to 2 years 9,260 Thereafter 8,154 Total remaining unsatisfied performance obligations $ 32,713 |
Restructuring and Other Exit Co
Restructuring and Other Exit Costs | 6 Months Ended |
Jun. 30, 2019 | |
Restructuring and Related Activities [Abstract] | |
Restructuring and Other Exit Costs | Restructuring and Other Exit Costs During the first quarter of 2019, the company initiated a broad restructuring plan designed to optimize costs and improve operational efficiency. During the second quarter of 2019, the company approved additional restructuring activities in connection with its plan. Activities approved in the first and second quarter primarily relate to international operations at the company's Stork and equipment businesses, which are expected to be substantially completed in 2019 or early 2020. Total restructuring and other exit costs of approximately $175 million , including those recognized during the first half of 2019, are expected to be incurred as part of the restructuring plan. Estimated restructuring and other exit costs include severance of approximately $50 million , asset impairment charges of approximately $39 million and entity liquidation costs, including recognition of cumulative translation adjustments, of approximately $86 million . Additional restructuring activities are expected to be identified and approved as part of the plan. During the three and six months ended June 30, 2019 , restructuring charges totaling $46 million and $73 million , respectively, were recorded as “Restructuring and other exit costs” in the Condensed Consolidated Statement of Earnings and included severance and asset impairment charges. Severance costs of approximately $7 million and $34 million and asset impairment charges totaling $39 million were recognized during the three and six months ended June 30, 2019 , respectively. Asset impairment charges included the write down of assets held for sale to fair value less cost to sell and the write down of certain other assets to fair value. The fair value of assets and liabilities held for sale and other impaired assets, primarily construction equipment, was estimated using observable Level 2 inputs for identical assets. As of June 30, 2019 , assets of $71 million and liabilities of $6 million were classified as held for sale and included in "Other current assets" and "Other accrued liabilities," respectively, on the Condensed Consolidated Balance Sheet. The fair value of the other impaired assets was $21 million as of June 30, 2019 . These assets were included in "Property, plant and equipment" on the Condensed Consolidated Balance Sheet. A reconciliation of the beginning and ending restructuring liability is as follows: (in thousands) Severance Balance as of January 1, 2019 $ — Restructuring charges accrued during the period 34,331 Cash payments / settlements during the period (5,371 ) Currency translation 29 Balance as of June 30, 2019 $ 28,989 |
Recent Accounting Pronounceme_2
Recent Accounting Pronouncements - (Policies) | 6 Months Ended |
Jun. 30, 2019 | |
New Accounting Pronouncements and Changes in Accounting Principles [Abstract] | |
Recent Accounting Pronouncements | New accounting pronouncements implemented by the company during the first half of 2019 are discussed below or in the related notes, where appropriate. In the first quarter of 2019, the company adopted ASU 2016-02 (ASC Topic 842), “Leases” and related ASUs. See Note 3 for further discussion of the adoption and the impact on the company’s financial statements. In the first quarter of 2019, the company adopted ASU 2018-02, “Reclassification of Certain Tax Effects from Accumulated Other Comprehensive Income,” under which the company did not elect to reclassify the income tax effects stranded in accumulated other comprehensive income to retained earnings as a result of the enactment of comprehensive tax legislation, commonly referred to as the Tax Cuts and Jobs Act. As a result, there was no impact on the company’s financial position, results of operations or cash flows. New accounting pronouncements requiring implementation in future periods are discussed below. In November 2018, the FASB issued ASU 2018-18, “Clarifying the Interaction between Topic 808 and Topic 606.” This ASU clarifies that certain transactions between participants in a collaborative arrangement should be accounted for under ASC 606 when the counterparty is a customer. ASU 2018-18 is effective for interim and annual reporting periods beginning after December 15, 2019 . Management does not expect the adoption of ASU 2018-18 to have a material impact on the company’s financial position, results of operations or cash flows. In October 2018, the FASB issued ASU 2018-17, “Targeted Improvements to Related Party Guidance for Variable Interest Entities.” This ASU amends the guidance for determining whether a decision-making fee is a variable interest. ASU 2018-17 is effective for interim and annual reporting periods beginning after December 15, 2019. Management does not expect the adoption of ASU 2018-17 to have a material impact on the company’s financial position, results of operations or cash flows. In August 2018, the FASB issued ASU 2018-15, “Customer’s Accounting for Implementation Costs Incurred in a Cloud Computing Arrangement That Is a Service Contract.” This ASU requires customers in a hosting arrangement that is a service contract to capitalize certain implementation costs as if the arrangement was an internal-use software project. ASU 2018-15 is effective for interim and annual reporting periods beginning after December 15, 2019, with early adoption permitted. Management does not expect the adoption of ASU 2018-15 to have a material impact on the company’s financial position, results of operations or cash flows. In August 2018, the FASB issued ASU 2018-14, “Disclosure Framework - Changes to the Disclosure Requirements for Defined Benefit Plans.” This ASU amends ASC 715 to add, remove and clarify certain disclosure requirements related to defined benefit pension and other postretirement plans. ASU 2018-14 is effective for fiscal years ending after December 15, 2020, with early adoption permitted. Management does not expect the adoption of ASU 2018-14 to have any impact on the company’s financial position, results of operations or cash flows. In August 2018, the FASB issued ASU 2018-13, “Disclosure Framework - Changes to the Disclosure Requirements for Fair Value Measurement.” This ASU amends ASC 820 to add, remove and modify certain disclosure requirements for fair value measurements. For example, public companies will now be required to disclose the range and weighted average used to develop significant unobservable inputs for Level 3 fair value measurements. ASU 2018-13 is effective for interim and annual reporting periods beginning after December 15, 2019, with early adoption permitted. Management does not expect the adoption of ASU 2018-13 to have any impact on the company’s financial position, results of operations or cash flows. In June 2016, the FASB issued ASU 2016-13, "Measurement of Credit Losses on Financial Instruments," and issued subsequent amendments to the initial guidance within ASU 2019-04 and ASU 2019-05. The amendments in ASU 2016-13 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 and its amendments are effective for interim and annual reporting periods beginning after December 15, 2019. Management is continuing to assess the impact of adopting ASU 2016-13 on the company’s financial position, results of operations and cash flows. The company adopted ASU 2014-09 (ASC Topic 606), “Revenue from Contracts with Customers” in the first quarter of 2018. See the 2018 10-K for a further discussion of the adoption and the impact on the company’s financial statements. In accordance with ASU 2017-13, certain of the company’s unconsolidated partnerships and joint ventures will not adopt ASC Topic 606 until the fourth quarter of 2019, at which time the company expects to record a cumulative effect adjustment which is not expected to be significant. |
Leases - (Tables)
Leases - (Tables) | 6 Months Ended |
Jun. 30, 2019 | |
Leases [Abstract] | |
Supplemental lease information | Information related to the company’s right-of use assets and lease liabilities as of June 30, 2019 was as follows: Lease Assets / Liabilities Balance Sheet Classification June 30, 2019 (in thousands) Right-of-use assets Operating lease assets Other assets $ 302,770 Finance lease assets Other assets 1,300 Total right-of-use assets $ 304,070 Lease liabilities Operating lease liabilities, current Other accrued liabilities $ 66,378 Operating lease liabilities, noncurrent Noncurrent liabilities 245,463 Finance lease liabilities, current Other accrued liabilities 724 Finance lease liabilities, noncurrent Noncurrent liabilities 846 Total lease liabilities $ 313,411 Supplemental information related to the company’s leases for the six months ended June 30, 2019 was as follows: Six Months Ended (in thousands) Cash paid for amounts included in the measurement of lease liabilities: Operating cash flows from operating leases $ 44,742 Operating cash flows from finance leases 40 Financing cash flows from finance leases 848 Right-of-use assets obtained in exchange for new operating lease liabilities 56,729 Right-of-use assets obtained in exchange for new finance lease liabilities — Weighted-average remaining lease term - operating leases 6.88 years Weighted-average remaining lease term - finance leases 2.31 years Weighted-average discount rate - operating leases 3.44 % Weighted-average discount rate - finance leases 3.33 % The components of lease expense for the three and six months ended June 30, 2019 were as follows: Lease Cost / (Sublease Income) Three Months Ended Six Months Ended (in thousands) Operating lease cost $ 22,036 $ 44,442 Finance lease cost Amortization of right-of-use assets 384 777 Interest on lease liabilities 22 40 Variable lease cost (1) 4,935 9,481 Short-term lease cost 48,351 84,637 Sublease income (7,787 ) (18,895 ) Total lease cost $ 67,941 $ 120,482 (1) Primarily relates to rent escalation due to cost of living indexation and payments for property taxes, insurance or common area maintenance based on actual assessments. |
Remaining lease payments | Total remaining lease payments under both the company’s operating and finance leases are as follows: Year Ended December 31, Operating Leases Finance Leases (in thousands) Remainder of 2019 $ 40,953 $ 416 2020 74,139 846 2021 54,491 201 2022 43,417 91 2023 34,956 83 Thereafter 101,102 — Total lease payments $ 349,058 $ 1,637 Less: Interest (37,217 ) (67 ) Present value of lease liabilities $ 311,841 $ 1,570 |
Other Comprehensive Income (L_2
Other Comprehensive Income (Loss) - (Tables) | 6 Months Ended |
Jun. 30, 2019 | |
Comprehensive Income (Loss), Net of Tax, Attributable to Parent [Abstract] | |
Schedule of tax effects of components of other comprehensive income (loss) | The tax effects of the components of other comprehensive income (loss) (“OCI”) for the three months ended June 30, 2019 and 2018 are as follows: Three Months Ended Three Months Ended (in thousands) Before-Tax Amount Tax Benefit (Expense) Net-of-Tax Amount Before-Tax Amount Tax Benefit (Expense) Net-of-Tax Amount Other comprehensive income (loss): Foreign currency translation adjustment $ (16,258 ) $ 2,053 $ (14,205 ) $ (75,585 ) $ 16,604 $ (58,981 ) Ownership share of equity method investees’ other comprehensive income (loss) (3,400 ) 935 (2,465 ) 9,352 (1,783 ) 7,569 Defined benefit pension and postretirement plan adjustments 2,182 (143 ) 2,039 3,366 (672 ) 2,694 Unrealized gain (loss) on derivative contracts 3,396 (1,158 ) 2,238 (2,555 ) 415 (2,140 ) Total other comprehensive income (loss) (14,080 ) 1,687 (12,393 ) (65,422 ) 14,564 (50,858 ) Less: Other comprehensive income (loss) attributable to noncontrolling interests (279 ) — (279 ) (1,223 ) — (1,223 ) Other comprehensive income (loss) attributable to Fluor Corporation $ (13,801 ) $ 1,687 $ (12,114 ) $ (64,199 ) $ 14,564 $ (49,635 ) The tax effects of the components of OCI for the six months ended June 30, 2019 and 2018 are as follows: Six Months Ended Six Months Ended (in thousands) Before-Tax Tax Net-of-Tax Before-Tax Tax Net-of-Tax Other comprehensive income (loss): Foreign currency translation adjustment $ 27,626 $ 39 $ 27,665 $ (48,667 ) $ 16,044 $ (32,623 ) Ownership share of equity method investees’ other comprehensive income (loss) (6,895 ) 2,108 (4,787 ) 15,611 (3,061 ) 12,550 Defined benefit pension and postretirement plan adjustments 4,392 (289 ) 4,103 4,883 (1,013 ) 3,870 Unrealized gain (loss) on derivative contracts 8,030 (2,335 ) 5,695 (7,085 ) 1,343 (5,742 ) Unrealized gain on available-for-sale securities — — — 1,134 (425 ) 709 Total other comprehensive income (loss) 33,153 (477 ) 32,676 (34,124 ) 12,888 (21,236 ) Less: Other comprehensive income (loss) attributable to noncontrolling interests 206 — 206 (883 ) — (883 ) Other comprehensive income (loss) attributable to Fluor Corporation $ 32,947 $ (477 ) $ 32,470 $ (33,241 ) $ 12,888 $ (20,353 ) |
Schedule of changes in accumulated other comprehensive income balances by component (after-tax) | The changes in accumulated other comprehensive income (“AOCI”) balances by component (after-tax) for the three months ended June 30, 2019 are as follows: (in thousands) Foreign Ownership Defined Unrealized Accumulated Attributable to Fluor Corporation: Balance as of March 31, 2019 $ (267,362 ) $ (25,994 ) $ (202,585 ) $ (1,953 ) $ (497,894 ) Other comprehensive income (loss) before reclassifications (13,926 ) (2,606 ) — 1,629 (14,903 ) Amounts reclassified from AOCI — 141 2,039 609 2,789 Net other comprehensive income (loss) (13,926 ) (2,465 ) 2,039 2,238 (12,114 ) Balance as of June 30, 2019 $ (281,288 ) $ (28,459 ) $ (200,546 ) $ 285 $ (510,008 ) Attributable to Noncontrolling Interests: Balance as of March 31, 2019 $ (3,216 ) $ — $ — $ — $ (3,216 ) Other comprehensive income (loss) before reclassifications (279 ) — — — (279 ) Amounts reclassified from AOCI — — — — — Net other comprehensive income (loss) (279 ) — — — (279 ) Balance as of June 30, 2019 $ (3,495 ) $ — $ — $ — $ (3,495 ) The changes in AOCI balances by component (after-tax) for the six months ended June 30, 2019 are as follows: (in thousands) Foreign Ownership Defined Unrealized Accumulated Attributable to Fluor Corporation: Balance as of December 31, 2018 $ (308,747 ) $ (23,672 ) $ (204,649 ) $ (5,410 ) $ (542,478 ) Other comprehensive income (loss) before reclassifications 27,459 (5,070 ) — 4,325 26,714 Amounts reclassified from AOCI — 283 4,103 1,370 5,756 Net other comprehensive income (loss) 27,459 (4,787 ) 4,103 5,695 32,470 Balance as of June 30, 2019 $ (281,288 ) $ (28,459 ) $ (200,546 ) $ 285 $ (510,008 ) Attributable to Noncontrolling Interests: Balance as of December 31, 2018 $ (3,701 ) $ — $ — $ — $ (3,701 ) Other comprehensive income (loss) before reclassifications 206 — — — 206 Amounts reclassified from AOCI — — — — — Net other comprehensive income (loss) 206 — — — 206 Balance as of June 30, 2019 $ (3,495 ) $ — $ — $ — $ (3,495 ) The changes in AOCI balances by component (after-tax) for the three months ended June 30, 2018 are as follows: (in thousands) Foreign Ownership Defined Unrealized Unrealized Accumulated Attributable to Fluor Corporation: Balance as of March 31, 2018 $ (185,159 ) $ (27,633 ) $ (150,882 ) $ (9,286 ) $ — $ (372,960 ) Other comprehensive income (loss) before reclassifications (57,758 ) 7,417 — (3,288 ) — (53,629 ) Amounts reclassified from AOCI — 152 2,694 1,148 — 3,994 Net other comprehensive income (loss) (57,758 ) 7,569 2,694 (2,140 ) — (49,635 ) Balance as of June 30, 2018 $ (242,917 ) $ (20,064 ) $ (148,188 ) $ (11,426 ) $ — $ (422,595 ) Attributable to Noncontrolling Interests: Balance as of March 31, 2018 $ (1,122 ) $ — $ — $ — $ — $ (1,122 ) Other comprehensive income (loss) before reclassifications (1,223 ) — — — — (1,223 ) Amounts reclassified from AOCI — — — — — — Net other comprehensive income (loss) (1,223 ) — — — — (1,223 ) Balance as of June 30, 2018 $ (2,345 ) $ — $ — $ — $ — $ (2,345 ) The changes in AOCI balances by component (after-tax) for the six months ended June 30, 2018 are as follows: (in thousands) Foreign Ownership Defined Unrealized Unrealized Accumulated Attributable to Fluor Corporation: Balance as of December 31, 2017 $ (211,177 ) $ (32,614 ) $ (152,058 ) $ (5,684 ) $ (709 ) $ (402,242 ) Other comprehensive income (loss) before reclassifications (31,740 ) 11,893 — (7,049 ) — (26,896 ) Amounts reclassified from AOCI — 657 3,870 1,307 709 6,543 Net other comprehensive income (loss) (31,740 ) 12,550 3,870 (5,742 ) 709 (20,353 ) Balance as of June 30, 2018 $ (242,917 ) $ (20,064 ) $ (148,188 ) $ (11,426 ) $ — $ (422,595 ) Attributable to Noncontrolling Interests: Balance as of December 31, 2017 $ (1,462 ) $ — $ — $ — $ — $ (1,462 ) Other comprehensive income (loss) before reclassifications (883 ) — — — — (883 ) Amounts reclassified from AOCI — — — — — — Net other comprehensive income (loss) (883 ) — — — — (883 ) Balance as of June 30, 2018 $ (2,345 ) $ — $ — $ — $ — $ (2,345 ) |
Schedule of significant items reclassified out of AOCI and corresponding location and impact | 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 Condensed Consolidated Three Months Ended Six Months Ended (in thousands) Statement of Earnings 2019 2018 2019 2018 Component of AOCI: Ownership share of equity method investees’ other comprehensive loss Total cost of revenue $ (188 ) $ (203 ) $ (377 ) $ (899 ) Income tax benefit Income tax expense 47 51 94 242 Net of tax $ (141 ) $ (152 ) $ (283 ) $ (657 ) Defined benefit pension plan adjustments Corporate general and administrative expense $ (2,182 ) $ (3,366 ) $ (4,392 ) $ (4,883 ) Income tax benefit Income tax expense 143 672 289 1,013 Net of tax $ (2,039 ) $ (2,694 ) $ (4,103 ) $ (3,870 ) Unrealized gain (loss) on derivative contracts: Foreign currency contracts Various accounts (1) $ (617 ) $ (1,332 ) $ (1,462 ) $ (1,118 ) Interest rate contracts Interest expense (419 ) (419 ) (839 ) (839 ) Income tax benefit Income tax expense 427 603 931 650 Net of tax $ (609 ) $ (1,148 ) $ (1,370 ) $ (1,307 ) Unrealized loss on available-for-sale securities Corporate general and administrative expense $ — $ — $ — $ (1,134 ) Income tax benefit Income tax expense — — — 425 Net of tax $ — $ — $ — $ (709 ) _______________________________________________________________________________ (1) Gains and losses on foreign currency derivative contracts were reclassified to "Total cost of revenue" and "Corporate general and administrative expense." |
Earnings Per Share - (Tables)
Earnings Per Share - (Tables) | 6 Months Ended |
Jun. 30, 2019 | |
Earnings Per Share [Abstract] | |
Schedule of calculations of basic and diluted EPS | The calculations of the basic and diluted EPS for the three and six months ended June 30, 2019 and 2018 are presented below: Three Months Ended Six Months Ended (in thousands, except per share amounts) 2019 2018 2019 2018 Net earnings (loss) attributable to Fluor Corporation $ (554,808 ) $ 114,832 $ (613,234 ) $ 97,242 Basic EPS attributable to Fluor Corporation: Weighted average common shares outstanding 140,141 140,654 139,959 140,377 Basic earnings (loss) per share $ (3.96 ) $ 0.82 $ (4.38 ) $ 0.69 Diluted EPS attributable to Fluor Corporation: Weighted average common shares outstanding 140,141 140,654 139,959 140,377 Diluted effect: Employee stock options, restricted stock units and shares and Value Driver Incentive units (1) — 652 — 897 Weighted average diluted shares outstanding 140,141 141,306 139,959 141,274 Diluted earnings (loss) per share $ (3.96 ) $ 0.81 $ (4.38 ) $ 0.69 Anti-dilutive securities not included above 4,465 4,041 4,621 4,100 _________________________________________________________ (1) Employee stock options, restricted stock units and shares, and Value Driver Incentive units of 526,000 and 633,000 were excluded from weighted average diluted shares outstanding for the three and six months ended June 30, 2019 |
Fair Value Measurements - (Tabl
Fair Value Measurements - (Tables) | 6 Months Ended |
Jun. 30, 2019 | |
Fair Value Disclosures [Abstract] | |
Schedule of assets and liabilities measured at fair value on a recurring basis | 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 June 30, 2019 and December 31, 2018 : June 30, 2019 December 31, 2018 Fair Value Hierarchy Fair Value Hierarchy (in thousands) Total Level 1 Level 2 Level 3 Total Level 1 Level 2 Level 3 Assets: Deferred compensation trusts (1) $ 24,162 $ 24,162 $ — $ — $ 26,690 $ 26,690 $ — $ — Derivative assets (2) Foreign currency contracts 17,922 — 17,922 — 17,346 — 17,346 — Liabilities: Derivative liabilities (2) Foreign currency contracts $ 12,499 $ — $ 12,499 $ — $ 18,342 $ — $ 18,342 $ — Commodity contracts 517 — 517 — — — — — _________________________________________________________ (1) Consists 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. (2) |
Schedule of carrying values and estimated fair values of financial instruments not required to be measured at fair value | The carrying values and estimated fair values of the company’s financial instruments that are not required to be measured at fair value in the Condensed Consolidated Balance Sheet are as follows: June 30, 2019 December 31, 2018 (in thousands) Fair Value Hierarchy Carrying Value Fair Value Carrying Value Fair Value Assets: Cash (1) Level 1 $ 1,168,419 $ 1,168,419 $ 1,091,868 $ 1,091,868 Cash equivalents (2) Level 2 688,866 688,866 672,878 672,878 Marketable securities, current (3) Level 2 73,098 73,098 214,828 214,828 Notes receivable, including noncurrent portion (4) Level 3 36,576 36,576 32,645 32,645 Liabilities: 1.750% Senior Notes (5) Level 2 $ 565,599 $ 597,171 $ 569,372 $ 589,864 3.5% Senior Notes (5) Level 2 494,760 513,180 494,280 484,790 4.250% Senior Notes (5) Level 2 594,187 620,784 593,871 583,200 Other borrowings, including noncurrent portion (6) Level 2 44,277 44,277 30,929 30,929 _________________________________________________________ (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, 3.5% Senior Notes and 4.250% Senior Notes was estimated based on quoted market prices for similar issues. (6) Other borrowings primarily represent bank loans and other financing arrangements which mature within one year. The carrying amount of borrowings under these arrangements approximates fair value because of the short-term maturity. |
Derivatives and Hedging - (Tabl
Derivatives and Hedging - (Tables) | 6 Months Ended |
Jun. 30, 2019 | |
Derivative Instruments and Hedging Activities Disclosure [Abstract] | |
Schedule of fair values of derivatives designated as hedging instruments under ASC 815 | The fair values of derivatives designated as hedging instruments under ASC 815 as of June 30, 2019 and December 31, 2018 were as follows: Asset Derivatives Liability Derivatives (in thousands) Balance Sheet Location June 30, December 31, Balance Sheet Location June 30, December 31, Foreign currency contracts Other current assets $ 10,661 $ 12,861 Other accrued liabilities $ 8,945 $ 16,582 Foreign currency contracts Other assets 5,962 2,669 Noncurrent liabilities 3,276 1,698 Total $ 16,623 $ 15,530 $ 12,221 $ 18,280 |
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 | The after-tax amount of losses reclassified from AOCI into earnings associated with derivative instruments designated as cash flow hedges for the three and six months ended June 30, 2019 and 2018 was as follows: Three Months Ended Six Months Ended Cash Flow Hedges (in thousands) Location of Gain (Loss) 2019 2018 2019 2018 Foreign currency contracts Total cost of revenue $ (347 ) $ (886 ) $ (846 ) $ (783 ) Interest rate contracts Interest expense (262 ) (262 ) (524 ) (524 ) Total $ (609 ) $ (1,148 ) $ (1,370 ) $ (1,307 ) |
Retirement Benefits - (Tables)
Retirement Benefits - (Tables) | 6 Months Ended |
Jun. 30, 2019 | |
Retirement Benefits [Abstract] | |
Schedule of components of net periodic pension expense | Net periodic pension expense for the company’s defined benefit pension plans includes the following components: Location in Condensed Consolidated Statement of Earnings Three Months Ended Six Months Ended (in thousands) 2019 2018 2019 2018 Service cost Total cost of revenue $ 3,948 $ 4,537 $ 7,929 $ 9,208 Interest cost Corporate general and administrative expense 4,924 5,714 9,899 11,581 Expected return on assets Corporate general and administrative expense (8,193 ) (9,978 ) (16,472 ) (20,234 ) Amortization of prior service credit Corporate general and administrative expense (222 ) (236 ) (447 ) (479 ) Recognized net actuarial loss Corporate general and administrative expense 2,588 1,859 5,207 3,770 Loss on settlement Corporate general and administrative expense — 1,893 — 1,893 Net periodic pension expense $ 3,045 $ 3,789 $ 6,116 $ 5,739 |
Operating Information by Segm_2
Operating Information by Segment and Geographic Area - (Tables) | 6 Months Ended |
Jun. 30, 2019 | |
Segment Reporting [Abstract] | |
Schedule of operating information and assets by reportable segment | Total assets by segment are as follows: Total Assets by Segment (in millions) June 30, December 31, Energy & Chemicals $ 1,426.0 $ 1,525.1 Mining, Industrial, Infrastructure & Power 1,045.4 1,193.2 Government 817.6 948.2 Diversified Services 1,867.1 1,841.0 Three Months Ended Six Months Ended Segment Profit (Loss) (in millions) 2019 2018 2019 2018 Energy & Chemicals $ (229.1 ) $ 97.2 $ (209.7 ) $ 202.9 Mining, Industrial, Infrastructure & Power (122.5 ) 40.9 (122.1 ) (79.5 ) Government (226.1 ) 26.9 (209.5 ) 75.1 Diversified Services 4.4 28.8 14.6 47.6 Total segment profit (loss) $ (573.3 ) $ 193.8 $ (526.7 ) $ 246.1 Operating information by reportable segment is as follows: Three Months Ended Six Months Ended External Revenue (in millions) 2019 2018 2019 2018 Energy & Chemicals $ 1,397.1 $ 2,014.5 $ 2,873.7 $ 3,957.5 Mining, Industrial, Infrastructure & Power 1,507.6 1,335.4 2,888.8 2,242.4 Government 612.0 867.5 1,396.7 2,198.0 Diversified Services 577.7 666.4 1,127.9 1,309.7 Total external revenue $ 4,094.4 $ 4,883.8 $ 8,287.1 $ 9,707.6 |
Schedule of Reconciliation of Total Segment Profit to Earnings (Loss) Before Taxes | A reconciliation of total segment profit (loss) to earnings (loss) before taxes is as follows: Reconciliation of Total Segment Profit (Loss) to Earnings (Loss) Before Taxes Three Months Ended Six Months Ended (in millions) 2019 2018 2019 2018 Total segment profit (loss) $ (573.3 ) $ 193.8 $ (526.7 ) $ 246.1 Corporate general and administrative expense (53.4 ) (17.8 ) (114.4 ) (75.0 ) Restructuring and other exit costs (45.7 ) — (73.1 ) — Interest income (expense), net (3.9 ) (8.7 ) (9.6 ) (18.3 ) Earnings (loss) attributable to noncontrolling interests (38.7 ) 16.3 (23.6 ) 21.8 Earnings (loss) before taxes $ (715.0 ) $ 183.6 $ (747.4 ) $ 174.6 |
Schedule of Revenues from External Customers and Assets by Geographical Areas | The following table presents revenue disaggregated by the geographic area where the work was performed for the three and six months ended June 30, 2019 and 2018 : Three Months Ended Six Months Ended External Revenue (in millions) 2019 2018 2019 2018 United States $ 1,498.5 $ 2,220.2 $ 3,169.0 $ 4,539.2 Canada 322.4 42.6 517.9 118.3 Asia Pacific (includes Australia) 471.9 397.6 902.1 629.3 Europe 768.9 1,252.5 1,697.2 2,438.3 Central and South America 648.5 344.9 1,191.6 885.9 Middle East and Africa 384.2 626.0 809.3 1,096.6 Total external revenue $ 4,094.4 $ 4,883.8 $ 8,287.1 $ 9,707.6 |
Remaining Unsatisfied Perform_2
Remaining Unsatisfied Performance Obligations - (Tables) | 6 Months Ended |
Jun. 30, 2019 | |
Revenue from Contract with Customer [Abstract] | |
Schedule of remaining performance obligation | The company estimates that its RUPO will be satisfied over the following periods: (in millions) June 30, 2019 Within 1 year $ 15,299 1 to 2 years 9,260 Thereafter 8,154 Total remaining unsatisfied performance obligations $ 32,713 |
Restructuring and Other Exit _2
Restructuring and Other Exit Costs - (Tables) | 6 Months Ended |
Jun. 30, 2019 | |
Restructuring and Related Activities [Abstract] | |
Restructuring Liability | A reconciliation of the beginning and ending restructuring liability is as follows: (in thousands) Severance Balance as of January 1, 2019 $ — Restructuring charges accrued during the period 34,331 Cash payments / settlements during the period (5,371 ) Currency translation 29 Balance as of June 30, 2019 $ 28,989 |
Leases - Narrative (Details)
Leases - Narrative (Details) - USD ($) $ in Thousands | Jan. 01, 2019 | Jun. 30, 2019 |
Leases [Abstract] | ||
Operating lease assets | $ 282,000 | $ 302,770 |
Operating lease liabilities, current | 72,000 | 66,378 |
Operating lease liabilities, noncurrent | 222,000 | 245,463 |
Effect on retained earnings | 21,000 | |
Lease Right Of Use Asset | 304,070 | |
Lease Liability | $ 313,411 | |
Deferred Tax Asset | $ 6,000 | |
Renewal Term ( in years ) | 10 years |
Leases - Lease expense (Details
Leases - Lease expense (Details) - USD ($) $ in Thousands | 3 Months Ended | 6 Months Ended |
Jun. 30, 2019 | Jun. 30, 2019 | |
Leases [Abstract] | ||
Operating lease cost | $ 22,036 | $ 44,442 |
Amortization of right-of-use assets | 384 | 777 |
Interest on lease liabilities | 22 | 40 |
Variable lease cost | 4,935 | 9,481 |
Short-term lease cost | 48,351 | 84,637 |
Sublease income | (7,787) | (18,895) |
Total lease cost | $ 67,941 | $ 120,482 |
Leases - Right of use assets an
Leases - Right of use assets and lease liabilities (Details) - USD ($) $ in Thousands | Jun. 30, 2019 | Jan. 01, 2019 |
Leases [Abstract] | ||
Operating lease assets | $ 302,770 | $ 282,000 |
Finance lease assets | 1,300 | |
Total right-of-use assets | 304,070 | |
Operating lease liabilities, current | 66,378 | 72,000 |
Operating lease liabilities, noncurrent | 245,463 | $ 222,000 |
Finance lease liabilities, current | 724 | |
Finance lease liabilities, noncurrent | 846 | |
Total lease liabilities | $ 313,411 |
Leases - Supplemental lease inf
Leases - Supplemental lease information (Details) $ in Thousands | 6 Months Ended |
Jun. 30, 2019USD ($) | |
Leases [Abstract] | |
Operating cash flows from operating leases | $ 44,742 |
Operating cash flows from finance leases | 40 |
Financing cash flows from finance leases | 848 |
Right-of-use assets obtained in exchange for new operating lease liabilities | 56,729 |
Right-of-use assets obtained in exchange for new finance lease liabilities | $ 0 |
Weighted-average remaining lease term - operating leases | 6 years 10 months 17 days |
Weighted-average remaining lease term - finance leases | 2 years 3 months 21 days |
Weighted-average discount rate - operating leases | 3.44% |
Weighted-average discount rate - finance leases | 3.33% |
Leases - Remaining lease paymen
Leases - Remaining lease payments (Details) $ in Thousands | Jun. 30, 2019USD ($) |
Operating Leases | |
Remainder of 2019 | $ 40,953 |
2020 | 74,139 |
2021 | 54,491 |
2022 | 43,417 |
2023 | 34,956 |
Thereafter | 101,102 |
Total lease payments | 349,058 |
Less: Interest | (37,217) |
Present value of lease liabilities | 311,841 |
Finance Leases | |
Remainder of 2019 | 416 |
2020 | 846 |
2021 | 201 |
2022 | 91 |
2023 | 83 |
Thereafter | 0 |
Total lease payments | 1,637 |
Less: Interest | (67) |
Present value of lease liabilities | $ 1,570 |
Other Comprehensive Income (L_3
Other Comprehensive Income (Loss) - Tax Effects of Components of Other Comprehensive Income (Loss) (Details) - USD ($) $ in Thousands | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2019 | Jun. 30, 2018 | Jun. 30, 2019 | Jun. 30, 2018 | |
Other comprehensive income (loss), Before-Tax Amount: | ||||
Before-Tax Amount | $ (14,080) | $ (65,422) | $ 33,153 | $ (34,124) |
Other comprehensive income (loss), Tax Benefit (Expense): | ||||
Tax Benefit (Expense) | 1,687 | 14,564 | (477) | 12,888 |
Other comprehensive income (loss), Net-of-Tax Amount: | ||||
TOTAL OTHER COMPREHENSIVE INCOME (LOSS), NET OF TAX | (12,393) | (50,858) | 32,676 | (21,236) |
Foreign currency translation adjustment | ||||
Other comprehensive income (loss), Before-Tax Amount: | ||||
Before-Tax Amount | (16,258) | (75,585) | 27,626 | (48,667) |
Other comprehensive income (loss), Tax Benefit (Expense): | ||||
Tax Benefit (Expense) | 2,053 | 16,604 | 39 | 16,044 |
Other comprehensive income (loss), Net-of-Tax Amount: | ||||
TOTAL OTHER COMPREHENSIVE INCOME (LOSS), NET OF TAX | (14,205) | (58,981) | 27,665 | (32,623) |
Ownership share of equity method investees’ other comprehensive income (loss) | ||||
Other comprehensive income (loss), Before-Tax Amount: | ||||
Before-Tax Amount | (3,400) | 9,352 | (6,895) | 15,611 |
Other comprehensive income (loss), Tax Benefit (Expense): | ||||
Tax Benefit (Expense) | 935 | (1,783) | 2,108 | (3,061) |
Other comprehensive income (loss), Net-of-Tax Amount: | ||||
TOTAL OTHER COMPREHENSIVE INCOME (LOSS), NET OF TAX | (2,465) | 7,569 | (4,787) | 12,550 |
Defined benefit pension and postretirement plan adjustments | ||||
Other comprehensive income (loss), Before-Tax Amount: | ||||
Before-Tax Amount | 2,182 | 3,366 | 4,392 | 4,883 |
Other comprehensive income (loss), Tax Benefit (Expense): | ||||
Tax Benefit (Expense) | (143) | (672) | (289) | (1,013) |
Other comprehensive income (loss), Net-of-Tax Amount: | ||||
TOTAL OTHER COMPREHENSIVE INCOME (LOSS), NET OF TAX | 2,039 | 2,694 | 4,103 | 3,870 |
Unrealized gain (loss) on derivative contracts | ||||
Other comprehensive income (loss), Before-Tax Amount: | ||||
Before-Tax Amount | 3,396 | (2,555) | 8,030 | (7,085) |
Other comprehensive income (loss), Tax Benefit (Expense): | ||||
Tax Benefit (Expense) | (1,158) | 415 | (2,335) | 1,343 |
Other comprehensive income (loss), Net-of-Tax Amount: | ||||
TOTAL OTHER COMPREHENSIVE INCOME (LOSS), NET OF TAX | 2,238 | (2,140) | 5,695 | (5,742) |
Unrealized gain on available-for-sale securities | ||||
Other comprehensive income (loss), Before-Tax Amount: | ||||
Before-Tax Amount | 0 | 1,134 | ||
Other comprehensive income (loss), Tax Benefit (Expense): | ||||
Tax Benefit (Expense) | 0 | (425) | ||
Other comprehensive income (loss), Net-of-Tax Amount: | ||||
TOTAL OTHER COMPREHENSIVE INCOME (LOSS), NET OF TAX | 0 | 709 | ||
Noncontrolling Interests | ||||
Other comprehensive income (loss), Before-Tax Amount: | ||||
Before-Tax Amount | (279) | (1,223) | 206 | (883) |
Other comprehensive income (loss), Tax Benefit (Expense): | ||||
Tax Benefit (Expense) | 0 | 0 | 0 | 0 |
Other comprehensive income (loss), Net-of-Tax Amount: | ||||
TOTAL OTHER COMPREHENSIVE INCOME (LOSS), NET OF TAX | (279) | (1,223) | 206 | (883) |
Accumulated Other Comprehensive Loss | ||||
Other comprehensive income (loss), Before-Tax Amount: | ||||
Before-Tax Amount | (13,801) | (64,199) | 32,947 | (33,241) |
Other comprehensive income (loss), Tax Benefit (Expense): | ||||
Tax Benefit (Expense) | 1,687 | 14,564 | (477) | 12,888 |
Other comprehensive income (loss), Net-of-Tax Amount: | ||||
TOTAL OTHER COMPREHENSIVE INCOME (LOSS), NET OF TAX | $ (12,114) | $ (49,635) | $ 32,470 | $ (20,353) |
Other Comprehensive Income (L_4
Other Comprehensive Income (Loss) - Changes in AOCI Balances by Component (Details) - USD ($) $ in Thousands | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2019 | Jun. 30, 2018 | Jun. 30, 2019 | Jun. 30, 2018 | |
Changes in AOCI balances by component (after-tax) | ||||
BALANCE, beginning of year | $ 3,115,925 | $ 3,129,307 | $ 3,118,050 | $ 3,492,399 |
TOTAL OTHER COMPREHENSIVE INCOME (LOSS), NET OF TAX | (12,393) | (50,858) | 32,676 | (21,236) |
BALANCE, end of year | 2,497,489 | 3,184,840 | 2,497,489 | 3,184,840 |
Accumulated Other Comprehensive Loss | ||||
Changes in AOCI balances by component (after-tax) | ||||
BALANCE, beginning of year | (497,894) | (372,960) | (542,478) | (402,242) |
Other comprehensive income (loss) before reclassifications | (14,903) | (53,629) | 26,714 | (26,896) |
Amounts reclassified from AOCI | 2,789 | 3,994 | 5,756 | 6,543 |
TOTAL OTHER COMPREHENSIVE INCOME (LOSS), NET OF TAX | (12,114) | (49,635) | 32,470 | (20,353) |
BALANCE, end of year | (510,008) | (422,595) | (510,008) | (422,595) |
Foreign Currency Translation | ||||
Changes in AOCI balances by component (after-tax) | ||||
BALANCE, beginning of year | (267,362) | (185,159) | (308,747) | (211,177) |
Other comprehensive income (loss) before reclassifications | (13,926) | (57,758) | 27,459 | (31,740) |
Amounts reclassified from AOCI | 0 | 0 | 0 | 0 |
TOTAL OTHER COMPREHENSIVE INCOME (LOSS), NET OF TAX | (13,926) | (57,758) | 27,459 | (31,740) |
BALANCE, end of year | (281,288) | (242,917) | (281,288) | (242,917) |
Ownership Share of Equity Method Investees’ Other Comprehensive Income (Loss) | ||||
Changes in AOCI balances by component (after-tax) | ||||
BALANCE, beginning of year | (25,994) | (27,633) | (23,672) | (32,614) |
Other comprehensive income (loss) before reclassifications | (2,606) | 7,417 | (5,070) | 11,893 |
Amounts reclassified from AOCI | 141 | 152 | 283 | 657 |
TOTAL OTHER COMPREHENSIVE INCOME (LOSS), NET OF TAX | (2,465) | 7,569 | (4,787) | 12,550 |
BALANCE, end of year | (28,459) | (20,064) | (28,459) | (20,064) |
Defined Benefit Pension and Postretirement Plans | ||||
Changes in AOCI balances by component (after-tax) | ||||
BALANCE, beginning of year | (202,585) | (150,882) | (204,649) | (152,058) |
Other comprehensive income (loss) before reclassifications | 0 | 0 | 0 | 0 |
Amounts reclassified from AOCI | 2,039 | 2,694 | 4,103 | 3,870 |
TOTAL OTHER COMPREHENSIVE INCOME (LOSS), NET OF TAX | 2,039 | 2,694 | 4,103 | 3,870 |
BALANCE, end of year | (200,546) | (148,188) | (200,546) | (148,188) |
Unrealized Gain (Loss) on Derivative Contracts | ||||
Changes in AOCI balances by component (after-tax) | ||||
BALANCE, beginning of year | (1,953) | (9,286) | (5,410) | (5,684) |
Other comprehensive income (loss) before reclassifications | 1,629 | (3,288) | 4,325 | (7,049) |
Amounts reclassified from AOCI | 609 | 1,148 | 1,370 | 1,307 |
TOTAL OTHER COMPREHENSIVE INCOME (LOSS), NET OF TAX | 2,238 | (2,140) | 5,695 | (5,742) |
BALANCE, end of year | 285 | (11,426) | 285 | (11,426) |
Unrealized Gain (Loss) on Available-for- Sale Securities | ||||
Changes in AOCI balances by component (after-tax) | ||||
BALANCE, beginning of year | 0 | (709) | ||
Other comprehensive income (loss) before reclassifications | 0 | 0 | ||
Amounts reclassified from AOCI | 0 | 709 | ||
TOTAL OTHER COMPREHENSIVE INCOME (LOSS), NET OF TAX | 0 | 709 | ||
BALANCE, end of year | 0 | 0 | ||
Accumulated Other Comprehensive Income (Loss), Net Attributable to Noncontrolling Interests | ||||
Changes in AOCI balances by component (after-tax) | ||||
BALANCE, beginning of year | (3,216) | (1,122) | (3,701) | (1,462) |
BALANCE, end of year | (3,495) | (2,345) | (3,495) | (2,345) |
Foreign Currency Translation | ||||
Changes in AOCI balances by component (after-tax) | ||||
BALANCE, beginning of year | (3,216) | (1,122) | (3,701) | (1,462) |
Other comprehensive income (loss) before reclassifications | (279) | (1,223) | 206 | (883) |
Amounts reclassified from AOCI | 0 | 0 | 0 | 0 |
TOTAL OTHER COMPREHENSIVE INCOME (LOSS), NET OF TAX | (279) | (1,223) | 206 | (883) |
BALANCE, end of year | (3,495) | (2,345) | (3,495) | (2,345) |
Ownership Share of Equity Method Investees’ Other Comprehensive Income (Loss) | ||||
Changes in AOCI balances by component (after-tax) | ||||
BALANCE, beginning of year | 0 | 0 | 0 | 0 |
Other comprehensive income (loss) before reclassifications | 0 | 0 | 0 | 0 |
Amounts reclassified from AOCI | 0 | 0 | 0 | 0 |
TOTAL OTHER COMPREHENSIVE INCOME (LOSS), NET OF TAX | 0 | 0 | 0 | 0 |
BALANCE, end of year | 0 | 0 | 0 | 0 |
Defined Benefit Pension and Postretirement Plans | ||||
Changes in AOCI balances by component (after-tax) | ||||
BALANCE, beginning of year | 0 | 0 | 0 | 0 |
Other comprehensive income (loss) before reclassifications | 0 | 0 | 0 | 0 |
Amounts reclassified from AOCI | 0 | 0 | 0 | 0 |
TOTAL OTHER COMPREHENSIVE INCOME (LOSS), NET OF TAX | 0 | 0 | 0 | 0 |
BALANCE, end of year | 0 | 0 | 0 | 0 |
Unrealized Gain (Loss) on Derivative Contracts | ||||
Changes in AOCI balances by component (after-tax) | ||||
BALANCE, beginning of year | 0 | 0 | 0 | 0 |
Other comprehensive income (loss) before reclassifications | 0 | 0 | 0 | 0 |
Amounts reclassified from AOCI | 0 | 0 | 0 | 0 |
TOTAL OTHER COMPREHENSIVE INCOME (LOSS), NET OF TAX | 0 | 0 | 0 | 0 |
BALANCE, end of year | 0 | 0 | 0 | 0 |
Unrealized Gain (Loss) on Available-for- Sale Securities | ||||
Changes in AOCI balances by component (after-tax) | ||||
BALANCE, beginning of year | 0 | 0 | ||
Other comprehensive income (loss) before reclassifications | 0 | 0 | ||
Amounts reclassified from AOCI | 0 | 0 | ||
TOTAL OTHER COMPREHENSIVE INCOME (LOSS), NET OF TAX | 0 | 0 | ||
BALANCE, end of year | 0 | 0 | ||
Noncontrolling Interests | ||||
Changes in AOCI balances by component (after-tax) | ||||
BALANCE, beginning of year | 163,612 | 132,996 | 154,869 | 150,089 |
Other comprehensive income (loss) before reclassifications | (279) | (1,223) | 206 | (883) |
Amounts reclassified from AOCI | 0 | 0 | 0 | 0 |
TOTAL OTHER COMPREHENSIVE INCOME (LOSS), NET OF TAX | (279) | (1,223) | 206 | (883) |
BALANCE, end of year | $ 123,252 | $ 141,485 | $ 123,252 | $ 141,485 |
Other Comprehensive Income (L_5
Other Comprehensive Income (Loss) - Significant Items Reclassified Out of AOCI (Details) - USD ($) $ in Thousands | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2019 | Jun. 30, 2018 | Jun. 30, 2019 | Jun. 30, 2018 | |
Reclassifications out of accumulated other comprehensive income (loss) | ||||
Total cost of revenue | $ (4,706,302) | $ (4,673,644) | $ (8,837,362) | $ (9,439,619) |
Income tax expense | 121,492 | (52,471) | 110,577 | (55,477) |
Net of tax | 0 | 0 | 0 | 709 |
Interest expense | (18,877) | (16,784) | (37,514) | (33,896) |
NET EARNINGS (LOSS) | (593,486) | 131,164 | (636,794) | 119,103 |
Corporate general and administrative expense | (53,356) | (17,776) | (114,407) | (75,047) |
Ownership Share of Equity Method Investees’ Other Comprehensive Income (Loss) | Reclassified out of AOCI | ||||
Reclassifications out of accumulated other comprehensive income (loss) | ||||
Total cost of revenue | (188) | (203) | (377) | (899) |
Income tax expense | 47 | 51 | 94 | 242 |
Net of tax | (141) | (152) | (283) | (657) |
Defined Benefit Pension and Postretirement Plans | Reclassified out of AOCI | ||||
Reclassifications out of accumulated other comprehensive income (loss) | ||||
Income tax expense | 143 | 672 | 289 | 1,013 |
Corporate general and administrative expense | (2,182) | (3,366) | (4,392) | (4,883) |
Net of tax | (2,039) | (2,694) | (4,103) | (3,870) |
Unrealized Gain (Loss) on Available-for- Sale Securities | Reclassified out of AOCI | ||||
Reclassifications out of accumulated other comprehensive income (loss) | ||||
Income tax expense | 0 | 0 | 0 | 425 |
NET EARNINGS (LOSS) | 0 | 0 | 0 | (709) |
Corporate general and administrative expense | 0 | 0 | 0 | (1,134) |
Unrealized Gain (Loss) on Derivative Contracts | Reclassified out of AOCI | ||||
Reclassifications out of accumulated other comprehensive income (loss) | ||||
Income tax expense | 427 | 603 | 931 | 650 |
NET EARNINGS (LOSS) | (609) | (1,148) | (1,370) | (1,307) |
Unrealized Gain (Loss) on Derivative Contracts | Reclassified out of AOCI | Foreign currency contracts | ||||
Reclassifications out of accumulated other comprehensive income (loss) | ||||
Total cost of revenue | (617) | (1,332) | (1,462) | (1,118) |
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) | $ (839) | $ (839) |
Income Taxes - Narrative (Detai
Income Taxes - Narrative (Details) | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2019 | Jun. 30, 2018 | Jun. 30, 2019 | Jun. 30, 2018 | |
Income Tax Disclosure [Abstract] | ||||
Effective tax rate, continuing operations (as a percent) | 17.00% | 28.60% | 14.80% | 31.80% |
Cash Paid for Interest and Ta_2
Cash Paid for Interest and Taxes - Narrative (Details) - USD ($) $ in Millions | 3 Months Ended | 6 Months Ended |
Jun. 30, 2018 | Jun. 30, 2019 | |
Cash paid during the year for: | ||
Interest | $ 36 | $ 42 |
Income taxes (net of refunds) | $ 42 | $ 129 |
Earnings Per Share - Narrative
Earnings Per Share - Narrative (Details) - USD ($) $ / shares in Units, $ in Thousands | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2019 | Jun. 30, 2018 | Jun. 30, 2019 | Jun. 30, 2018 | |
Earnings Per Share | ||||
Net earnings (loss) attributable to Fluor Corporation | $ (554,808) | $ 114,832 | $ (613,234) | $ 97,242 |
Basic EPS attributable to Fluor Corporation: | ||||
Weighted average common shares outstanding (in shares) | 140,141,000 | 140,654,000 | 139,959,000 | 140,377,000 |
Basic earnings (loss) per share (in dollars per share) | $ (3.96) | $ 0.82 | $ (4.38) | $ 0.69 |
Diluted EPS attributable to Fluor Corporation: | ||||
Weighted average common shares outstanding (in shares) | 140,141,000 | 140,654,000 | 139,959,000 | 140,377,000 |
Diluted effect: | ||||
Employee stock options, restricted stock units and shares and Value Driver Incentive units (in shares) | 0 | 652,000 | 0 | 897,000 |
Weighted average diluted shares outstanding (in shares) | 140,141,000 | 141,306,000 | 139,959,000 | 141,274,000 |
Diluted earnings (loss) per share (in dollars per share) | $ (3.96) | $ 0.81 | $ (4.38) | $ 0.69 |
Anti-dilutive securities not included above (in shares) | 4,465,000 | 4,041,000 | 4,621,000 | 4,100,000 |
Employee stock options, restricted stock units and shares, and Value Driver Incentive units | ||||
Diluted effect: | ||||
Anti-dilutive securities not included above (in shares) | 526,000 | 633,000 |
Fair Value Measurements - Recu
Fair Value Measurements - Recurring Basis (Details) - USD ($) $ in Thousands | 3 Months Ended | 6 Months Ended | |
Jun. 30, 2018 | Jun. 30, 2019 | Dec. 31, 2018 | |
Fair value of assets and liabilities measured on recurring basis | |||
Derivative assets | $ 16,623 | $ 15,530 | |
Derivative liabilities | 12,221 | 18,280 | |
Proceeds from sale and maturity of available-for-sale securities | |||
Proceeds from the sales and maturities of available-for-sale securities | $ 175,000 | 0 | |
Fair Value, Measurements, Recurring | |||
Fair value of assets and liabilities measured on recurring basis | |||
Deferred compensation trusts | 24,162 | 26,690 | |
Fair Value, Measurements, Recurring | Foreign currency contracts | |||
Fair value of assets and liabilities measured on recurring basis | |||
Derivative assets | 17,922 | 17,346 | |
Derivative liabilities | 12,499 | 18,342 | |
Fair Value, Measurements, Recurring | Commodity contracts | |||
Fair value of assets and liabilities measured on recurring basis | |||
Derivative liabilities | 517 | ||
Fair Value, Measurements, Recurring | Level 1 | |||
Fair value of assets and liabilities measured on recurring basis | |||
Deferred compensation trusts | 24,162 | 26,690 | |
Fair Value, Measurements, Recurring | Level 2 | Foreign currency contracts | |||
Fair value of assets and liabilities measured on recurring basis | |||
Derivative assets | 17,922 | 17,346 | |
Derivative liabilities | 12,499 | $ 18,342 | |
Fair Value, Measurements, Recurring | Level 2 | Commodity contracts | |||
Fair value of assets and liabilities measured on recurring basis | |||
Derivative liabilities | $ 517 |
Fair Value Measurements - Fina
Fair Value Measurements - Financial Instruments Not Required to be Measured at Fair Value (Details) - USD ($) $ in Thousands | Jun. 30, 2019 | Dec. 31, 2018 | Mar. 31, 2016 | Nov. 30, 2014 |
1.750% 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% 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% | |||
3.5% 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) | 4.25% | 3.50% | ||
Carrying 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, current | $ 73,098 | $ 214,828 | ||
Carrying Value | Level 2 | 1.750% Senior Notes | ||||
Estimated fair values of the company's financial instruments that are not measured at fair value on a recurring basis | ||||
Debt | 565,599 | 569,372 | ||
Carrying Value | Level 2 | 3.375% Senior Notes | ||||
Estimated fair values of the company's financial instruments that are not measured at fair value on a recurring basis | ||||
Debt | 494,760 | 494,280 | ||
Carrying Value | Level 2 | 3.5% Senior Notes | ||||
Estimated fair values of the company's financial instruments that are not measured at fair value on a recurring basis | ||||
Debt | 594,187 | 593,871 | ||
Carrying 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 | 44,277 | 30,929 | ||
Carrying 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 | 36,576 | 32,645 | ||
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, current | 73,098 | 214,828 | ||
Fair Value | Level 2 | 1.750% Senior Notes | ||||
Estimated fair values of the company's financial instruments that are not measured at fair value on a recurring basis | ||||
Debt | 597,171 | 589,864 | ||
Fair Value | Level 2 | 3.375% Senior Notes | ||||
Estimated fair values of the company's financial instruments that are not measured at fair value on a recurring basis | ||||
Debt | 513,180 | 484,790 | ||
Fair Value | Level 2 | 3.5% Senior Notes | ||||
Estimated fair values of the company's financial instruments that are not measured at fair value on a recurring basis | ||||
Debt | 620,784 | 583,200 | ||
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 | 44,277 | 30,929 | ||
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 | 36,576 | 32,645 | ||
Cash | Carrying 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 | 1,168,419 | 1,091,868 | ||
Cash | 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 | 1,168,419 | 1,091,868 | ||
Cash equivalents | Carrying 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 | 688,866 | 672,878 | ||
Cash equivalents | 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 | $ 688,866 | $ 672,878 |
Derivatives and Hedging - Notio
Derivatives and Hedging - Notional Amounts and Fair Values (Details) - USD ($) $ in Thousands | Jun. 30, 2019 | Dec. 31, 2018 |
Derivatives, Fair Value | ||
Asset Derivatives | $ 16,623 | $ 15,530 |
Liability Derivatives | 12,221 | 18,280 |
Foreign currency contracts | ||
Derivatives, Fair Value | ||
Total gross notional amount | 766,000 | |
Foreign currency contracts | Other current assets | ||
Derivatives, Fair Value | ||
Asset Derivatives | 10,661 | 12,861 |
Foreign currency contracts | Other assets | ||
Derivatives, Fair Value | ||
Asset Derivatives | 5,962 | 2,669 |
Foreign currency contracts | Other accrued liabilities | ||
Derivatives, Fair Value | ||
Liability Derivatives | 8,945 | 16,582 |
Foreign currency contracts | Noncurrent liabilities | ||
Derivatives, Fair Value | ||
Liability Derivatives | $ 3,276 | $ 1,698 |
Derivatives and Hedging - Gains
Derivatives and Hedging - Gains (Losses) Associated with Fair Value and Cash Flow Hedges (Details) - USD ($) $ in Thousands | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2019 | Jun. 30, 2018 | Jun. 30, 2019 | Jun. 30, 2018 | |
Derivative Instruments, Gain (Loss) | ||||
After-Tax Amount of Gain (Loss) Recognized in OCI | $ 2,000 | $ (3,000) | $ 4,000 | $ (7,000) |
After-Tax Amount of Gain (Loss) Reclassified from AOCI into Earnings | (609) | (1,148) | (1,370) | (1,307) |
Foreign currency contracts | Total cost of revenue | ||||
Derivative Instruments, Gain (Loss) | ||||
After-Tax Amount of Gain (Loss) Reclassified from AOCI into Earnings | (347) | (886) | (846) | (783) |
Interest rate contracts | Interest expense | ||||
Derivative Instruments, Gain (Loss) | ||||
After-Tax Amount of Gain (Loss) Reclassified from AOCI into Earnings | $ (262) | $ (262) | $ (524) | $ (524) |
Derivatives and Hedging - Deriv
Derivatives and Hedging - Derivative Contracts Not Designated as Hedging Instruments (Details) - USD ($) $ in Millions | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2019 | Jun. 30, 2018 | Jun. 30, 2019 | Jun. 30, 2018 | |
Foreign currency contracts | ||||
Derivatives | ||||
Total gross notional amount | $ 766 | $ 766 | ||
Embedded derivatives | ||||
Derivatives | ||||
Total gross notional amount | 26 | 26 | ||
Embedded derivatives | Total cost of revenue | ||||
Derivatives | ||||
Net gain (loss) associated with derivative contracts | (0.5) | $ 0.5 | (0.6) | $ (0.7) |
Not designated as hedging instrument | Foreign currency contracts | ||||
Derivatives | ||||
Total gross notional amount | 47 | 47 | ||
Not designated as hedging instrument | Commodity | ||||
Derivatives | ||||
Total gross notional amount | $ 19 | $ 19 |
Retirement Benefits - Narrative
Retirement Benefits - Narrative (Details) - Defined Benefit Pension Plans - USD ($) $ in Thousands | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2019 | Jun. 30, 2018 | Jun. 30, 2019 | Jun. 30, 2018 | |
Net periodic pension expense for defined benefit pension plans | ||||
Service cost | $ 3,948 | $ 4,537 | $ 7,929 | $ 9,208 |
Interest cost | 4,924 | 5,714 | 9,899 | 11,581 |
Expected return on assets | (8,193) | (9,978) | (16,472) | (20,234) |
Amortization of prior service credit | (222) | (236) | (447) | (479) |
Recognized net actuarial loss | 2,588 | 1,859 | 5,207 | 3,770 |
Loss on settlement | 0 | 1,893 | 0 | 1,893 |
Net periodic pension expense | 3,045 | $ 3,789 | 6,116 | $ 5,739 |
Company contributions | 10,000 | |||
Maximum | ||||
Net periodic pension expense for defined benefit pension plans | ||||
Expected contributions during 2018 | $ 15,000 | $ 15,000 |
Financing Arrangements - Credit
Financing Arrangements - Credit Facilities (Details) - 6 months ended Jun. 30, 2019 € in Millions | USD ($) | EUR (€) |
Lines of credit | ||
Financing Arrangements | ||
Amount outstanding under credit facilities | $ 1,500,000,000 | |
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 | |
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) | 60.00% | |
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 | |
Committed credit line | Lines of credit | $1.7 billion Revolving Loan and Letter of Credit Facility | Minimum | Subsidiaries | ||
Financing Arrangements | ||
Aggregate amount of debt | € | € 750 | |
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 | ||
Aggregate amount of debt | 750,000,000 | € 750 |
Committed credit line | Revolving Credit Facility | ||
Financing Arrangements | ||
Maximum borrowing capacity | $ 1,750,000,000 |
Financing Arrangements - Senior
Financing Arrangements - Senior notes and debt related to Stork (Details) € in Millions, $ in Millions | 1 Months Ended | 3 Months Ended | 6 Months Ended | ||||
Aug. 31, 2018USD ($) | Mar. 31, 2016USD ($) | Mar. 31, 2016EUR (€) | Nov. 30, 2014USD ($) | Mar. 31, 2016EUR (€) | Jun. 30, 2019USD ($) | Dec. 31, 2018USD ($) | |
4.25% Senior Notes | |||||||
Debt instruments | |||||||
Debt issued | $ 600 | ||||||
Interest rate (as a percent) | 4.25% | ||||||
Redemption price at which debt may be redeemed (as a percent) | 100.00% | ||||||
Proceeds from issuance of notes, net of underwriting discounts | $ 595 | ||||||
4.25% Senior Notes | Change of control triggering event | |||||||
Debt instruments | |||||||
Redemption price at which debt may be redeemed (as a percent) | 101.00% | ||||||
1.750% Senior Notes | |||||||
Debt instruments | |||||||
Debt issued | € | € 500 | € 500 | |||||
Interest rate (as a percent) | 1.75% | 1.75% | 1.75% | ||||
Redemption price at which debt may be redeemed (as a percent) | 100.00% | ||||||
Proceeds from issuance of notes, net of underwriting discounts | $ 551 | € 497 | |||||
1.750% Senior Notes | Change of control triggering event | |||||||
Debt instruments | |||||||
Redemption price at which debt may be redeemed (as a percent) | 101.00% | ||||||
1.750% Senior Notes | On or after December 21, 2022 | |||||||
Debt instruments | |||||||
Redemption price at which debt may be redeemed (as a percent) | 100.00% | ||||||
1.750% Senior Notes | Minimum | Prior to December 21, 2022 | |||||||
Debt instruments | |||||||
Redemption price at which debt may be redeemed (as a percent) | 100.00% | ||||||
3.5% Senior Notes | |||||||
Debt instruments | |||||||
Debt issued | $ 500 | ||||||
Interest rate (as a percent) | 3.50% | 4.25% | |||||
Proceeds from issuance of notes, net of underwriting discounts | $ 491 | ||||||
3.5% Senior Notes | Change of control triggering event | |||||||
Debt instruments | |||||||
Redemption price at which debt may be redeemed (as a percent) | 101.00% | ||||||
3.5% Senior Notes | On or after September 15, 2024 | |||||||
Debt instruments | |||||||
Redemption price at which debt may be redeemed (as a percent) | 100.00% | ||||||
3.5% Senior Notes | Minimum | Prior to September 15, 2024 | |||||||
Debt instruments | |||||||
Redemption price at which debt may be redeemed (as a percent) | 100.00% | ||||||
3.375% Senior Notes | |||||||
Debt instruments | |||||||
Interest rate (as a percent) | 3.50% | ||||||
Lines of credit | Committed credit line | |||||||
Debt instruments | |||||||
Maximum borrowing capacity | $ 3,500 | ||||||
Stork Holding B.V. | |||||||
Debt instruments | |||||||
Other borrowings | $ 44 | $ 31 |
Stock-Based Plans - Narrative (
Stock-Based Plans - Narrative (Details) - Executives - $ / shares | 3 Months Ended | 6 Months Ended | |
Jun. 30, 2018 | Jun. 30, 2019 | Jun. 30, 2018 | |
Restricted stock units | |||
Stock-Based Plans | |||
Granted (in shares) | 603,111 | 1,065,139 | |
Granted, weighted average grant date fair value (in dollars per share) | $ 57.88 | $ 36.45 | |
Post-vest holding period ( in years ) | 3 years | 3 years | |
Vesting period ( in years ) | 3 years | ||
Stock Options | |||
Stock-Based Plans | |||
Options awarded (in shares) | 392,841 | 33,615 | |
Options awarded, weighted average exercise price (in dollars per share) | $ 29.03 | $ 58.15 | |
Vesting period ( in years ) | 3 years | 3 years | |
Term of stock-based award ( in years ) | 10 years | 10 years | |
Stock-based VDI units | |||
Stock-Based Plans | |||
Granted (in shares) | 206,598 | 350,532 | |
Vesting period ( in years ) | 3 years | 3 years | |
Stock-based VDI units | 2016 VDI Plan | |||
Stock-Based Plans | |||
Post-vest holding period ( in years ) | 3 years | ||
Expected amount of shares granted (in shares) | 72,601 | ||
Expected weighted average grant date fair value (in dollars per share) | $ 35.18 | ||
Stock-based VDI units | 2017 VDI Plan | |||
Stock-Based Plans | |||
Post-vest holding period ( in years ) | 3 years | ||
Expected amount of shares granted (in shares) | 68,866 | ||
Expected weighted average grant date fair value (in dollars per share) | $ 42.24 | ||
Stock-based VDI units | 2018 VDI Plan | |||
Stock-Based Plans | |||
Expected amount of shares granted (in shares) | 116,844 | ||
Expected weighted average grant date fair value (in dollars per share) | $ 39.72 |
Noncontrolling Interests - Narr
Noncontrolling Interests - Narrative (Details) - USD ($) $ in Thousands | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2019 | Jun. 30, 2018 | Jun. 30, 2019 | Jun. 30, 2018 | |
Consolidation, Less than Wholly Owned Subsidiary, Parent Ownership Interest, Effects of Changes, Net [Line Items] | ||||
Net earnings attributable to noncontrolling interests | $ (38,678) | $ 16,332 | $ (23,560) | $ 21,861 |
Income tax expense | $ (121,492) | $ 52,471 | (110,577) | 55,477 |
Distributions paid to noncontrolling interests | 15,572 | 32,252 | ||
Capital contributions by noncontrolling interests | $ 7,821 | $ 3,760 |
Contingencies and Commitments -
Contingencies and Commitments - Narrative (Details) $ in Millions, $ in Millions | Dec. 13, 2016AUD ($) | Jun. 30, 2019USD ($) | Jun. 30, 2019USD ($) | Dec. 31, 2018USD ($) |
Commitments and Contingencies Disclosure [Abstract] | ||||
Damages sought | $ 1,470 | |||
Loss Contingency, Damages Awarded, Value | $ 50 | |||
Contracts receivable, claims and uncertain amounts | $ 196 | $ 196 | $ 166 | |
Amount of disputed back charges | $ 2 | $ 18 |
Guarantees - Narrative (Details
Guarantees - Narrative (Details) $ in Billions | Jun. 30, 2019USD ($) |
Performance Guarantee | |
Guarantees | |
Estimated performance guarantees outstanding | $ 18 |
Partnerships and Joint Ventur_2
Partnerships and Joint Ventures - Ownership and Receivables (Details) - USD ($) $ in Millions | Jun. 30, 2019 | Dec. 31, 2018 |
Variable interest entity information | ||
Investments | $ 874 | $ 921 |
CFHI | ||
Variable interest entity information | ||
Investments | $ 355 | 376 |
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 | $ 106 | 154 |
Notes receivable | $ 32 | $ 27 |
Partnerships and Joint Ventur_3
Partnerships and Joint Ventures - Joint Venture Investment Agreement (Details) $ in Millions | 6 Months Ended |
Jun. 30, 2019USD ($)Company | |
COOEC Fluor Heavy Industries Co., Ltd. | |
Commitments | |
Ownership interest in joint venture (as a percent) | 49.00% |
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 |
Commitment amount | $ | $ 26 |
Partnerships and Joint Ventur_4
Partnerships and Joint Ventures - Variable Interest Entities (Details) - USD ($) $ in Millions | Jun. 30, 2019 | Dec. 31, 2018 |
Unconsolidated variable interest entities | ||
Variable interest entity information | ||
Net carrying value of the unconsolidated VIEs | $ 270 | $ 273 |
Unconsolidated variable interest entities | Future funding commitment | ||
Variable interest entity information | ||
Commitment amount | 77 | |
Consolidated variable interest entities | ||
Variable interest entity information | ||
Carrying value of assets | 1,400 | 1,300 |
Carrying value of liabilities | $ 1,000 | $ 825 |
Operating Information by Segm_3
Operating Information by Segment and Geographic Area - Reportable Segments (Details) - USD ($) $ in Thousands | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2019 | Jun. 30, 2018 | Jun. 30, 2019 | Jun. 30, 2018 | |
Segment Reporting Information [Line Items] | ||||
TOTAL REVENUE | $ 4,094,376 | $ 4,883,796 | $ 8,287,123 | $ 9,707,566 |
Energy & Chemicals | ||||
Segment Reporting Information [Line Items] | ||||
TOTAL REVENUE | 1,397,100 | 2,014,500 | 2,873,700 | 3,957,500 |
Mining, Industrial, Infrastructure & Power | ||||
Segment Reporting Information [Line Items] | ||||
TOTAL REVENUE | 1,507,600 | 1,335,400 | 2,888,800 | 2,242,400 |
Government | ||||
Segment Reporting Information [Line Items] | ||||
TOTAL REVENUE | 612,000 | 867,500 | 1,396,700 | 2,198,000 |
Diversified Services | ||||
Segment Reporting Information [Line Items] | ||||
TOTAL REVENUE | 577,700 | 666,400 | 1,127,900 | 1,309,700 |
Intercompany | Diversified Services | ||||
Segment Reporting Information [Line Items] | ||||
TOTAL REVENUE | $ 107,000 | $ 111,000 | $ 202,000 | $ 240,000 |
Operating Information by Segm_4
Operating Information by Segment and Geographic Area - External Revenue and Segment Profit (Loss) (Details) - USD ($) $ / shares in Units, $ in Thousands | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2019 | Jun. 30, 2018 | Jun. 30, 2019 | Jun. 30, 2018 | |
External revenue | ||||
Revenues | $ 4,094,376 | $ 4,883,796 | $ 8,287,123 | $ 9,707,566 |
Reportable segments | ||||
Segment Profit (Loss) | ||||
Segment Profit (Loss) | (573,300) | 193,800 | (526,700) | 246,100 |
Energy & Chemicals | ||||
External revenue | ||||
Revenues | 1,397,100 | 2,014,500 | 2,873,700 | 3,957,500 |
Energy & Chemicals | Reportable segments | ||||
Segment Profit (Loss) | ||||
Segment Profit (Loss) | (229,100) | 97,200 | (209,700) | 202,900 |
Mining, Industrial, Infrastructure & Power | ||||
External revenue | ||||
Revenues | 1,507,600 | 1,335,400 | 2,888,800 | 2,242,400 |
Mining, Industrial, Infrastructure & Power | Reportable segments | ||||
Segment Profit (Loss) | ||||
Segment Profit (Loss) | (122,500) | 40,900 | (122,100) | (79,500) |
Government | ||||
External revenue | ||||
Revenues | 612,000 | 867,500 | 1,396,700 | 2,198,000 |
Government | Reportable segments | ||||
Segment Profit (Loss) | ||||
Segment Profit (Loss) | (226,100) | 26,900 | (209,500) | 75,100 |
Diversified Services | ||||
External revenue | ||||
Revenues | 577,700 | 666,400 | 1,127,900 | 1,309,700 |
Diversified Services | Reportable segments | ||||
Segment Profit (Loss) | ||||
Segment Profit (Loss) | 4,400 | 28,800 | 14,600 | 47,600 |
Diversified Services | Intercompany | ||||
External revenue | ||||
Revenues | 107,000 | 111,000 | 202,000 | 240,000 |
Forecast revisions for estimated cost growth for a fixed-price, gas-fired power plant project | Mining, Industrial, Infrastructure & Power | Reportable segments | ||||
Segment reporting information | ||||
Change in Forecast Estimate, Increase (Decrease) in Project Cost | $ 109,000 | $ 16,000 | $ 135,000 | $ 142,000 |
Change In Forecast Estimate Increase Decrease In Project Cost Per Diluted Share | $ 0.60 | $ 0.09 | $ 0.74 | $ 0.77 |
Operating Information by Segm_5
Operating Information by Segment and Geographic Area - Additional Operating Information (Details) - USD ($) $ / shares in Units, $ in Millions | 3 Months Ended | 6 Months Ended | |||
Jun. 30, 2019 | Jun. 30, 2018 | Jun. 30, 2019 | Jun. 30, 2018 | Dec. 31, 2018 | |
Segment reporting information | |||||
Investments | $ 874 | $ 874 | $ 921 | ||
Energy & Chemicals | |||||
Segment reporting information | |||||
Accounts Receivable, Past Due | 108 | 108 | |||
Reportable segments | Energy & Chemicals | Forecast revisions for estimated cost growth for a fixed-price, gas-fired power plant project | |||||
Segment reporting information | |||||
Change in Forecast Estimate, Increase (Decrease) in Project Cost | $ 67 | ||||
Change In Forecast Estimate Increase Decrease In Project Cost Per Diluted Share | $ 0.47 | ||||
Reportable segments | Mining, Industrial, Infrastructure & Power | Nu Scale Power | |||||
Segment reporting information | |||||
Research and development expense | 18 | $ 24 | 34 | $ 47 | |
Reportable segments | Mining, Industrial, Infrastructure & Power | Nu Scale Power | Cost-sharing agreement, research and development activities | U.S. Department of Energy | Total cost of revenue | |||||
Segment reporting information | |||||
Qualified expenses reimbursed | 15 | 12 | 28 | 27 | |
Reportable segments | Mining, Industrial, Infrastructure & Power | Forecast revisions for estimated cost growth for a fixed-price, gas-fired power plant project | |||||
Segment reporting information | |||||
Change in Forecast Estimate, Increase (Decrease) in Project Cost | $ 109 | $ 16 | $ 135 | $ 142 | |
Change In Forecast Estimate Increase Decrease In Project Cost Per Diluted Share | $ 0.60 | $ 0.09 | $ 0.74 | $ 0.77 | |
Reportable segments | Mining, Industrial, Infrastructure & Power | Late engineering change | |||||
Segment reporting information | |||||
Change in Forecast Estimate, Increase (Decrease) in Project Cost | $ 55 | $ 55 | |||
Change In Forecast Estimate Increase Decrease In Project Cost Per Diluted Share | $ 0.30 | $ 0.30 | |||
Reportable segments | Government | Late engineering change | |||||
Segment reporting information | |||||
Change in Forecast Estimate, Increase (Decrease) in Project Cost | $ 233 | $ 233 | |||
Change In Forecast Estimate Increase Decrease In Project Cost Per Diluted Share | $ 1.27 | $ 1.27 | |||
United States | Energy & Chemicals | |||||
Segment reporting information | |||||
Change in cost and schedule impacts, Increase (Decrease) in Project Cost | $ 87 | $ 67 | $ 87 | ||
Change In Cost and Schedule Impacts Increase Decrease In Project Cost Per Diluted Share | $ 0.50 | $ 0.47 | $ 0.50 | ||
United States | Energy & Chemicals | Forecast Revisions For Estimated Cost Growth On An Offshore Project | |||||
Segment reporting information | |||||
Pre-Tax Charges , Increase (Decrease) in Project Cost | $ 186 | $ 240 | |||
Pre Tax Charges Increase Decrease In Project Cost Per Diluted Share | $ 1.12 | $ 1.40 | |||
United States | Energy & Chemicals | Award Estimation Costs | |||||
Segment reporting information | |||||
Change in cost and schedule impacts, Increase (Decrease) in Project Cost | $ 26 | $ 26 | |||
Change In Cost and Schedule Impacts Increase Decrease In Project Cost Per Diluted Share | $ 0.15 | $ 0.15 | |||
United States | Energy & Chemicals | Close-out matters | |||||
Segment reporting information | |||||
Pre-Tax Charges , Increase (Decrease) in Project Cost | $ 31 | ||||
Pre Tax Charges Increase Decrease In Project Cost Per Diluted Share | $ 0.22 |
Operating Information by Segm_6
Operating Information by Segment and Geographic Area - Reconciliation to Consolidated Amounts (Details) - USD ($) $ in Thousands | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2019 | Jun. 30, 2018 | Jun. 30, 2019 | Jun. 30, 2018 | |
Reconciliation of total segment profit to earnings (loss) before taxes | ||||
Corporate general and administrative expense | $ (53,356) | $ (17,776) | $ (114,407) | $ (75,047) |
Restructuring charges | (45,732) | 0 | (73,100) | 0 |
Earnings (loss) attributable to noncontrolling interests | 38,678 | (16,332) | 23,560 | (21,861) |
EARNINGS (LOSS) BEFORE TAXES | (714,978) | 183,635 | (747,371) | 174,580 |
Reportable segments | ||||
Reconciliation of total segment profit to earnings (loss) before taxes | ||||
Total segment profit (loss) | (573,300) | 193,800 | (526,700) | 246,100 |
Corporate general and administrative expense | (53,400) | (17,800) | (114,400) | (75,000) |
Restructuring charges | (45,700) | 0 | (73,100) | 0 |
Interest income (expense), net | (3,900) | (8,700) | (9,600) | (18,300) |
Earnings (loss) attributable to noncontrolling interests | (38,700) | 16,300 | (23,600) | 21,800 |
EARNINGS (LOSS) BEFORE TAXES | $ (715,000) | $ 183,600 | $ (747,400) | $ 174,600 |
Operating Information by Segm_7
Operating Information by Segment and Geographic Area - Total Assets (Details) - USD ($) $ in Thousands | Jun. 30, 2019 | Dec. 31, 2018 |
Segment reporting information | ||
Total assets | $ 8,973,874 | $ 8,913,637 |
Reportable segments | Energy & Chemicals | ||
Segment reporting information | ||
Total assets | 1,426,000 | 1,525,100 |
Reportable segments | Mining, Industrial, Infrastructure & Power | ||
Segment reporting information | ||
Total assets | 1,045,400 | 1,193,200 |
Reportable segments | Government | ||
Segment reporting information | ||
Total assets | 817,600 | 948,200 |
Reportable segments | Diversified Services | ||
Segment reporting information | ||
Total assets | $ 1,867,100 | $ 1,841,000 |
Operating Information by Segm_8
Operating Information by Segment and Geographic Area - Subcontracts (Details) $ in Millions | Jun. 30, 2019USD ($) | Dec. 31, 2018USD ($)subcontract |
Westinghouse | ||
Segment reporting information | ||
Number Of Subcontracts | subcontract | 2 | |
V.C. Summer | ||
Segment reporting information | ||
Accounts Receivable, after Allowance for Credit Loss | $ 66 | |
Plant Vogtle | ||
Segment reporting information | ||
Accounts Receivable, after Allowance for Credit Loss | $ 2 |
Operating Information by Segm_9
Operating Information by Segment and Geographic Area - External Revenue and Total Assets by Geographic Area (Details) - USD ($) $ in Thousands | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2019 | Jun. 30, 2018 | Jun. 30, 2019 | Jun. 30, 2018 | |
Revenues from External Customers and Long-Lived Assets [Line Items] | ||||
TOTAL REVENUE | $ 4,094,376 | $ 4,883,796 | $ 8,287,123 | $ 9,707,566 |
United States | ||||
Revenues from External Customers and Long-Lived Assets [Line Items] | ||||
TOTAL REVENUE | 1,498,500 | 2,220,200 | 3,169,000 | 4,539,200 |
Canada | ||||
Revenues from External Customers and Long-Lived Assets [Line Items] | ||||
TOTAL REVENUE | 322,400 | 42,600 | 517,900 | 118,300 |
Asia Pacific (includes Australia) | ||||
Revenues from External Customers and Long-Lived Assets [Line Items] | ||||
TOTAL REVENUE | 471,900 | 397,600 | 902,100 | 629,300 |
Europe | ||||
Revenues from External Customers and Long-Lived Assets [Line Items] | ||||
TOTAL REVENUE | 768,900 | 1,252,500 | 1,697,200 | 2,438,300 |
Central and South America | ||||
Revenues from External Customers and Long-Lived Assets [Line Items] | ||||
TOTAL REVENUE | 648,500 | 344,900 | 1,191,600 | 885,900 |
Middle East and Africa | ||||
Revenues from External Customers and Long-Lived Assets [Line Items] | ||||
TOTAL REVENUE | $ 384,200 | $ 626,000 | $ 809,300 | $ 1,096,600 |
Contract Assets and Liabiliti_2
Contract Assets and Liabilities - Narrative (Details) - USD ($) $ in Thousands | 6 Months Ended | ||
Jun. 30, 2019 | Jun. 30, 2018 | Dec. 31, 2018 | |
Revenue from External Customer [Line Items] | |||
Contract Assets | $ 987,000 | $ 1,100,000 | |
Contract Work in Progress | 247,000 | 493,000 | |
Amount received as payments towards contract assets | 735,000 | 445,000 | |
Contract assets | 1,233,993 | 1,544,981 | |
Revenue recognized in contract liabilities | 642,000 | $ 639,000 | |
Pre-Contract | |||
Revenue from External Customer [Line Items] | |||
Contract assets | $ 26,000 | $ 26,000 |
Remaining Unsatisfied Perform_3
Remaining Unsatisfied Performance Obligations - Schedule of remaining performance obligation (Details) $ in Millions | Jun. 30, 2019USD ($) |
Revenue from Contract with Customer [Abstract] | |
Remaining performance obligation | $ 32,713 |
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Start Date [Axis]: 2019-01-01 | |
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction [Line Items] | |
Remaining performance obligation ( in years ) | 1 year |
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Start Date [Axis]: 2020-01-01 | |
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction [Line Items] | |
Remaining performance obligation ( in years ) | 1 year |
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Start Date [Axis]: 2020-07-01 | |
Revenue from Contract with Customer [Abstract] | |
Remaining performance obligation | $ 15,299 |
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Start Date [Axis]: 2021-01-01 | |
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction [Line Items] | |
Remaining performance obligation ( in years ) | |
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Start Date [Axis]: 2021-07-01 | |
Revenue from Contract with Customer [Abstract] | |
Remaining performance obligation | $ 9,260 |
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Start Date [Axis]: 2022-07-01 | |
Revenue from Contract with Customer [Abstract] | |
Remaining performance obligation | $ 8,154 |
Restructuring and Other Exit _3
Restructuring and Other Exit Costs - Narrative (Details) - USD ($) $ in Thousands | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2019 | Jun. 30, 2018 | Jun. 30, 2019 | Jun. 30, 2018 | |
Restructuring Cost and Reserve [Line Items] | ||||
Held-for-sale | $ 71,000 | $ 71,000 | ||
Restructuring charges | 45,732 | $ 0 | 73,100 | $ 0 |
Liabilities Held For Sale | 6,000 | |||
Fair value | 21,000 | 21,000 | ||
Broad restructuring plan | ||||
Restructuring Cost and Reserve [Line Items] | ||||
Restructuring charges | 175,000 | |||
Severance Costs | 50,000 | |||
Asset Impairment Charges | 39,000 | |||
Restructuring Reserve, Translation and Other Adjustment | 86,000 | |||
Other | ||||
Restructuring Cost and Reserve [Line Items] | ||||
Restructuring charges | 46,000 | 73,000 | ||
Severance Costs | 7,000 | 34,000 | ||
Asset Impairment Charges | $ 39,000 | $ 39,000 |
Restructuring and Other Exit _4
Restructuring and Other Exit Costs - Restructuring Liability (Details) $ in Thousands | 6 Months Ended |
Jun. 30, 2019USD ($) | |
Restructuring Reserve [Roll Forward] | |
Restructuring Reserve B | $ 0 |
Restructuring charges accrued during the period | 34,331 |
Cash payments / settlements during the period | (5,371) |
Currency translation | 29 |
Restructuring Reserve E | $ 28,989 |
Uncategorized Items - flr-20190
Label | Element | Value |
Accounting Standards Update 2014-09 [Member] | ||
Cumulative Effect of New Accounting Principle in Period of Adoption | us-gaap_CumulativeEffectOfNewAccountingPrincipleInPeriodOfAdoption | $ 20,544,000 |
Cumulative Effect of New Accounting Principle in Period of Adoption | us-gaap_CumulativeEffectOfNewAccountingPrincipleInPeriodOfAdoption | (339,701,000) |
Retained Earnings [Member] | Accounting Standards Update 2014-09 [Member] | ||
Cumulative Effect of New Accounting Principle in Period of Adoption | us-gaap_CumulativeEffectOfNewAccountingPrincipleInPeriodOfAdoption | (338,738,000) |
Cumulative Effect of New Accounting Principle in Period of Adoption | us-gaap_CumulativeEffectOfNewAccountingPrincipleInPeriodOfAdoption | 20,544,000 |
Parent [Member] | Accounting Standards Update 2014-09 [Member] | ||
Cumulative Effect of New Accounting Principle in Period of Adoption | us-gaap_CumulativeEffectOfNewAccountingPrincipleInPeriodOfAdoption | 20,544,000 |
Cumulative Effect of New Accounting Principle in Period of Adoption | us-gaap_CumulativeEffectOfNewAccountingPrincipleInPeriodOfAdoption | (338,738,000) |
Noncontrolling Interest [Member] | Accounting Standards Update 2014-09 [Member] | ||
Cumulative Effect of New Accounting Principle in Period of Adoption | us-gaap_CumulativeEffectOfNewAccountingPrincipleInPeriodOfAdoption | (963,000) |
Cumulative Effect of New Accounting Principle in Period of Adoption | us-gaap_CumulativeEffectOfNewAccountingPrincipleInPeriodOfAdoption | $ 0 |