Cover
Cover - shares | 9 Months Ended | |
Sep. 30, 2020 | Nov. 30, 2020 | |
Entity Information [Line Items] | ||
Document Type | 10-Q | |
Document Quarterly Report | true | |
Document Period End Date | Sep. 30, 2020 | |
Document Transition Report | false | |
Entity File Number | 1-16129 | |
Entity Registrant Name | FLUOR CORPORATION | |
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 | |
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 | 140,715,205 | |
Entity Central Index Key | 0001124198 | |
Amendment Flag | false | |
Current Fiscal Year End Date | --12-31 | |
Document Fiscal Year Focus | 2020 | |
Document Fiscal Period Focus | Q3 | |
New York Stock Exchange | Common Stock | ||
Entity Information [Line Items] | ||
Title of 12(b) Security | Common Stock, $.01 par value per share | |
Trading Symbol | FLR | |
Security Exchange Name | NYSE | |
New York Stock Exchange | Preferred Stock Purchase Rights | ||
Entity Information [Line Items] | ||
Title of 12(b) Security | Preferred Stock Purchase Rights | |
Trading Symbol | FLR | |
Security Exchange Name | NYSE |
CONDENSED CONSOLIDATED STATEMEN
CONDENSED CONSOLIDATED STATEMENT OF EARNINGS - USD ($) $ in Thousands | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2020 | Sep. 30, 2019 | Sep. 30, 2020 | Sep. 30, 2019 | |
Income Statement [Abstract] | ||||
Revenue | $ 3,803,210 | $ 4,628,578 | $ 12,012,759 | $ 12,908,594 |
Cost of revenue | 3,669,535 | 4,537,327 | 11,750,224 | 13,185,793 |
Other (income) and expenses | ||||
Corporate general and administrative expense | 68,085 | 11,167 | 93,770 | 119,721 |
Impairment, restructuring and other exit costs | 0 | 333,988 | 302,662 | 388,027 |
Interest expense | 17,603 | 18,984 | 53,017 | 56,490 |
Interest income | (4,243) | (14,088) | (21,596) | (41,797) |
Total cost and expenses | 3,750,980 | 4,887,378 | 12,178,077 | 13,708,234 |
Earnings (loss) from Cont Ops before taxes | 52,230 | (258,800) | (165,318) | (799,640) |
Income tax expense (benefit) | 28,804 | 495,307 | (6,943) | 434,807 |
Net earnings (loss) from Cont Ops | 23,426 | (754,107) | (158,375) | (1,234,447) |
Net earnings (loss) from Disc Ops | 214 | 23,453 | (92,697) | 6,049 |
Net earnings (loss) | 23,640 | (730,654) | (251,072) | (1,228,398) |
Less: Net earnings (loss) attributable to NCI from Cont Ops | 4,299 | 12,445 | 20,536 | (2,374) |
Less: Net earnings (loss) attributable to NCI from Disc Ops | 19,127 | (766,552) | (178,911) | (1,232,073) |
Net earnings (loss) attributable to Fluor Corporation from discontinued operations | 214 | 23,453 | (92,697) | 6,049 |
Net earnings (loss) | $ 19,341 | $ (743,099) | $ (271,608) | $ (1,226,024) |
Basic earnings (loss) per share attributable to Fluor Corporation | ||||
Earnings (loss) from continuing operations (in dollars per share) | $ 0.14 | $ (5.47) | $ (1.27) | $ (8.80) |
Earnings (loss) from discontinued operations, net of taxes (in dollars per share) | 0 | 0.17 | (0.66) | 0.04 |
Net earnings (loss) (in dollars per share) | 0.14 | (5.30) | (1.93) | (8.76) |
Diluted earnings (loss) per share attributable to Fluor Corporation | ||||
Earnings (loss) from continuing operations (in dollars per share) | 0.14 | (5.47) | (1.27) | (8.80) |
Earnings (loss) from discontinued operations, net of taxes (in dollars per share) | 0 | 0.17 | (0.66) | 0.04 |
Net earnings (loss) (in dollars per share) | $ 0.14 | $ (5.30) | $ (1.93) | $ (8.76) |
CONDENSED CONSOLIDATED STATEM_2
CONDENSED CONSOLIDATED STATEMENT OF COMPREHENSIVE INCOME (LOSS) - USD ($) $ in Thousands | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2020 | Sep. 30, 2019 | Sep. 30, 2020 | Sep. 30, 2019 | |
Statement of Comprehensive Income [Abstract] | ||||
Net earnings (loss) | $ 23,640 | $ (730,654) | $ (251,072) | $ (1,228,398) |
OCI, net of tax: | ||||
Foreign currency translation adjustment | 4,201 | (42,332) | (75,828) | (14,672) |
Ownership share of equity method investees’ OCI | (34) | 2,662 | (18,860) | (2,125) |
Defined benefit plan adjustments | 1,070 | 1,990 | 3,071 | 6,093 |
Unrealized gain (loss) on derivative contracts | 9,588 | (6,294) | 5,883 | (599) |
Total OCI, net of tax | 14,825 | (43,974) | (85,734) | (11,303) |
Comprehensive income (loss) | 38,465 | (774,628) | (336,806) | (1,239,701) |
Less: Comprehensive income (loss) attributable to NCI | 3,804 | 10,696 | 18,245 | (3,917) |
Comprehensive income (loss) attributable to Fluor Corporation | $ 34,661 | $ (785,324) | $ (355,051) | $ (1,235,784) |
CONDENSED CONSOLIDATED BALANCE
CONDENSED CONSOLIDATED BALANCE SHEET - USD ($) $ in Thousands | Sep. 30, 2020 | Dec. 31, 2019 |
Current assets | ||
Cash and cash equivalents ($559,667 and $392,772 related to VIEs) | $ 2,093,782 | $ 1,997,199 |
Marketable securities ($66 related to VIEs in both periods) | 17,514 | 7,262 |
Accounts and notes receivable, net ($235,645 and $329,548 related to VIEs) | 1,083,351 | 1,217,464 |
Contract assets ($330,343 and $294,116 related to VIEs) | 1,132,976 | 1,238,173 |
Other current assets ($31,791 and $32,271 related to VIEs) | 386,751 | 389,565 |
Current assets | 296,025 | 517,100 |
Total current assets | 5,010,399 | 5,366,763 |
Noncurrent assets | ||
Property, plant and equipment, net ($41,404 and $29,492 related to VIEs) | 563,624 | 594,826 |
Goodwill | 326,892 | 508,415 |
Investments | 558,690 | 600,814 |
Deferred taxes | 69,008 | 62,688 |
Deferred compensation trusts | 322,445 | 341,235 |
Other assets ($41,367 and $45,425 related to VIEs) | 420,592 | 491,917 |
Total noncurrent assets | 2,261,251 | 2,599,895 |
Total assets | 7,271,650 | 7,966,658 |
Current liabilities | ||
Accounts payable ($396,297 and $501,525 related to VIEs) | 1,338,153 | 1,546,840 |
Short-term borrowings | 42,450 | 38,728 |
Contract liabilities ($290,757 and $232,160 related to VIEs) | 1,062,342 | 1,157,788 |
Accrued salaries, wages and benefits ($30,995 and $31,178 related to VIEs) | 609,878 | 609,094 |
Other accrued liabilities ($72,773 and $21,088 related to VIEs) | 454,206 | 470,350 |
Current liabilities related to assets held for sale | 37,584 | 82,322 |
Total current liabilities | 3,544,613 | 3,905,122 |
Long-term debt | 1,677,162 | 1,651,739 |
Deferred taxes | 70,363 | 83,295 |
Other noncurrent liabilities ($10,015 and $11,366 related to VIEs) | 672,828 | 742,410 |
Contingencies and commitments | ||
Shareholders’ equity | ||
Preferred stock — authorized 20,000,000 shares ($0.01 par value); none issued | 0 | 0 |
Common stock — authorized 375,000,000 shares ($0.01 par value); issued and outstanding — 140,609,216 and 140,174,400 shares in 2020 and 2019, respectively | 1,403 | 1,399 |
Additional paid-in capital | 177,617 | 165,314 |
AOCI | (463,316) | (379,873) |
Retained earnings | 1,413,242 | 1,700,912 |
Total shareholders’ equity | 1,128,946 | 1,487,752 |
NCI | 177,738 | 96,340 |
Total equity | 1,306,684 | 1,584,092 |
Total liabilities and equity | $ 7,271,650 | $ 7,966,658 |
CONDENSED CONSOLIDATED STATEM_3
CONDENSED CONSOLIDATED STATEMENT OF CASH FLOWS - USD ($) $ in Thousands | 9 Months Ended | |
Sep. 30, 2020 | Sep. 30, 2019 | |
OPERATING CASH FLOW | ||
Net earnings (loss) | $ (251,072) | $ (1,228,398) |
Adjustments to reconcile net earnings (loss) to operating cash flow: | ||
Impairment expense - Cont Ops | 297,604 | 347,411 |
Impairment expense - Disc Ops | 100,000 | 0 |
Depreciation | 76,619 | 129,014 |
Amortization of intangibles | 2,673 | 13,032 |
(Earnings) loss from equity method investments, net of distributions | (2,005) | 6,510 |
Loss on sale of investment | 10,780 | 0 |
(Gain) loss on sales of assets | (828) | 5,690 |
Amortization of stock-based awards | 11,571 | 27,513 |
Deferred compensation trust | (4,810) | (36,989) |
Deferred compensation obligation | 3,136 | 34,827 |
Deferred taxes | (23,673) | 316,407 |
Net retirement plan accrual (contributions) | (8,507) | (1,821) |
Changes in assets and liabilities | (62,230) | 443,663 |
Other | (5,018) | 10,039 |
Operating cash flow | 144,240 | 66,898 |
INVESTING CASH FLOW | ||
Purchases of marketable securities | (23,589) | (31,165) |
Proceeds from the sales and maturities of marketable securities | 13,339 | 197,923 |
Capital expenditures | (80,786) | (140,058) |
Proceeds from sales of property, plant and equipment | 34,964 | 56,431 |
Proceeds from sales of businesses | 19,885 | 0 |
Investments in partnerships and joint ventures | (25,252) | (34,502) |
Return of capital from partnerships and joint ventures | 433 | 11,733 |
Proceeds from company owned life insurance | 4,574 | 12,245 |
Other | (317) | 2,071 |
Investing cash flow | (56,749) | 74,678 |
FINANCING CASH FLOW | ||
Dividends paid | (28,720) | (88,708) |
Other borrowings | 13,527 | 21,206 |
Distributions paid to NCI | (19,288) | (26,123) |
Capital contributions by NCI | 82,109 | 10,581 |
Taxes paid on vested restricted stock | (1,313) | (3,572) |
Stock options exercised | 0 | 1,466 |
Other | (356) | (1,990) |
Financing cash flow | 45,959 | (87,140) |
Effect of exchange rate changes on cash | (36,867) | (14,078) |
Increase (decrease) in cash and cash equivalents | 96,583 | 40,358 |
Cash and cash equivalents at beginning of period | 1,997,199 | 1,764,746 |
Cash and cash equivalents at end of period | $ 2,093,782 | $ 1,805,104 |
CONDENSED CONSOLIDATED BALANC_2
CONDENSED CONSOLIDATED BALANCE SHEET (Parenthetical) - USD ($) $ in Thousands | Sep. 30, 2020 | Dec. 31, 2019 |
CURRENT ASSETS, VIEs | ||
Cash and cash equivalents | $ 2,093,782 | $ 1,997,199 |
Marketable securities, current | 17,514 | 7,262 |
Accounts and notes receivable | 1,083,351 | 1,217,464 |
Contract assets ($330,343 and $294,116 related to VIEs) | 1,132,976 | 1,238,173 |
Other current assets | 386,751 | 389,565 |
Current assets | 296,025 | 517,100 |
NONCURRENT ASSETS, VIEs | ||
Net property, plant and equipment | 563,624 | 594,826 |
Other noncurrent assets | 420,592 | 491,917 |
Current liabilities related to assets held for sale | 37,584 | 82,322 |
CURRENT LIABILITIES, VIEs | ||
Trade accounts payable | 1,338,153 | 1,546,840 |
Accrued salaries, wages and benefits | 609,878 | 609,094 |
Other accrued liabilities ($72,773 and $21,088 related to VIEs) | $ 454,206 | $ 470,350 |
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) | 140,609,216 | 140,174,400 |
Common stock, outstanding shares (in shares) | 140,609,216 | 140,174,400 |
Consolidated variable interest entities | ||
CURRENT ASSETS, VIEs | ||
Cash and cash equivalents | $ 559,667 | $ 392,772 |
Marketable securities, current | 66 | 66 |
Accounts and notes receivable | 235,645 | 329,548 |
Contract assets ($330,343 and $294,116 related to VIEs) | 330,343 | 294,116 |
Other current assets | 31,791 | 32,271 |
NONCURRENT ASSETS, VIEs | ||
Net property, plant and equipment | 41,404 | 29,492 |
Other noncurrent assets | 41,367 | 45,425 |
CURRENT LIABILITIES, VIEs | ||
Trade accounts payable | 396,297 | 501,525 |
Advance billings on contracts | 290,757 | 232,160 |
Accrued salaries, wages and benefits | 30,995 | 31,178 |
Other accrued liabilities ($72,773 and $21,088 related to VIEs) | $ 81,599 | $ 21,088 |
CONDENSED CONSOLIDATED STATEM_4
CONDENSED 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 | Cumulative Effect, Period of Adoption, AdjustmentASU 2014-09 | Cumulative Effect, Period of Adoption, AdjustmentASU 2014-09Retained Earnings | Cumulative Effect, Period of Adoption, AdjustmentASU 2014-09Total Shareholders' Equity | Cumulative Effect, Period of Adoption, AdjustmentASU 2014-09Noncontrolling Interests |
Increase (Decrease) in Shareholders' Equity | |||||||||||
Cumulative adjustment for the adoption of ASC 606 | $ 20,544 | $ 20,544 | $ 20,544 | $ 0 | |||||||
BALANCE, beginning of year (in shares) at Dec. 31, 2018 | 139,654,000 | ||||||||||
Balance, beginning of year at Dec. 31, 2018 | $ 2,980,253 | $ 1,396 | $ 82,106 | $ (543,531) | $ 3,294,154 | $ 2,834,125 | $ 146,128 | ||||
Increase (Decrease) in Shareholders' Equity | |||||||||||
Net earnings (loss) | (1,228,398) | (1,226,024) | (1,226,024) | (2,374) | |||||||
Other comprehensive loss | (11,303) | (9,760) | (9,760) | (1,543) | |||||||
Dividends | (89,122) | 218 | (89,340) | (89,122) | |||||||
Distributions to noncontrolling interests | (26,123) | (26,123) | |||||||||
Capital contributions by noncontrolling interests | 10,581 | 10,581 | |||||||||
Other noncontrolling interest transactions | 1,955 | 4,188 | 4,188 | (2,233) | |||||||
Stock-based plan activity (in shares) | 520,000 | ||||||||||
Stock-based plan activity | 25,348 | $ 3 | 25,345 | 25,348 | |||||||
BALANCE, end of year (in shares) at Sep. 30, 2019 | 140,174,000 | ||||||||||
Balance, end of year at Sep. 30, 2019 | 1,683,735 | $ 1,399 | 111,857 | (553,291) | 1,999,334 | 1,559,299 | 124,436 | ||||
BALANCE, beginning of year (in shares) at Jun. 30, 2019 | 140,174,000 | ||||||||||
Balance, beginning of year at Jun. 30, 2019 | 2,498,738 | $ 1,399 | 113,043 | (511,066) | 2,772,110 | 2,375,486 | 123,252 | ||||
Increase (Decrease) in Shareholders' Equity | |||||||||||
Net earnings (loss) | (730,654) | (743,099) | (743,099) | 12,445 | |||||||
Other comprehensive loss | (43,974) | (42,225) | (42,225) | (1,749) | |||||||
Dividends | (29,677) | 0 | (29,677) | (29,677) | |||||||
Distributions to noncontrolling interests | (10,551) | (10,551) | |||||||||
Capital contributions by noncontrolling interests | 2,760 | 2,760 | |||||||||
Other noncontrolling interest transactions | (616) | 1,105 | 1,105 | (1,721) | |||||||
Stock-based plan activity (in shares) | 0 | ||||||||||
Stock-based plan activity | (2,291) | $ 0 | (2,291) | (2,291) | |||||||
BALANCE, end of year (in shares) at Sep. 30, 2019 | 140,174,000 | ||||||||||
Balance, end of year at Sep. 30, 2019 | 1,683,735 | $ 1,399 | 111,857 | (553,291) | 1,999,334 | 1,559,299 | 124,436 | ||||
Increase (Decrease) in Shareholders' Equity | |||||||||||
Cumulative adjustment for the adoption of ASC 606 | $ (1,977) | $ (1,977) | $ (1,977) | $ 0 | |||||||
BALANCE, beginning of year (in shares) at Dec. 31, 2019 | 140,174,000 | ||||||||||
Balance, beginning of year at Dec. 31, 2019 | 1,584,092 | $ 1,399 | 165,314 | (379,873) | 1,700,912 | 1,487,752 | 96,340 | ||||
Increase (Decrease) in Shareholders' Equity | |||||||||||
Net earnings (loss) | (251,072) | (271,608) | (271,608) | 20,536 | |||||||
Other comprehensive loss | (85,734) | (83,443) | (83,443) | (2,291) | |||||||
Dividends | (14,120) | 0 | (14,120) | (14,120) | |||||||
Distributions to noncontrolling interests | (19,288) | (19,288) | |||||||||
Capital contributions by noncontrolling interests | 82,109 | 82,109 | |||||||||
Other noncontrolling interest transactions | 2,389 | 2,057 | 2,057 | 332 | |||||||
Stock-based plan activity (in shares) | 435,000 | ||||||||||
Stock-based plan activity | 10,285 | $ 4 | 10,246 | 35 | 10,285 | ||||||
BALANCE, end of year (in shares) at Sep. 30, 2020 | 140,609,000 | ||||||||||
Balance, end of year at Sep. 30, 2020 | 1,306,684 | $ 1,403 | 177,617 | (463,316) | 1,413,242 | 1,128,946 | 177,738 | ||||
BALANCE, beginning of year (in shares) at Jun. 30, 2020 | 140,565,000 | ||||||||||
Balance, beginning of year at Jun. 30, 2020 | 1,230,894 | $ 1,403 | 175,089 | (478,636) | 1,393,866 | 1,091,722 | 139,172 | ||||
Increase (Decrease) in Shareholders' Equity | |||||||||||
Net earnings (loss) | 23,640 | 19,341 | 19,341 | 4,299 | |||||||
Other comprehensive loss | 14,825 | 15,320 | 15,320 | (495) | |||||||
Distributions to noncontrolling interests | (8,457) | (8,457) | |||||||||
Capital contributions by noncontrolling interests | 42,589 | 42,589 | |||||||||
Other noncontrolling interest transactions | 951 | 321 | 321 | 630 | |||||||
Stock-based plan activity (in shares) | 44,000 | ||||||||||
Stock-based plan activity | 2,242 | $ 0 | 2,207 | 35 | 2,242 | ||||||
BALANCE, end of year (in shares) at Sep. 30, 2020 | 140,609,000 | ||||||||||
Balance, end of year at Sep. 30, 2020 | $ 1,306,684 | $ 1,403 | $ 177,617 | $ (463,316) | $ 1,413,242 | $ 1,128,946 | $ 177,738 |
CONSOLIDATED STATEMENT OF CHANG
CONSOLIDATED STATEMENT OF CHANGES IN EQUITY (Parenthetical) - $ / shares | 3 Months Ended | 9 Months Ended | |
Sep. 30, 2019 | Sep. 30, 2020 | Sep. 30, 2019 | |
Statement of Stockholders' Equity [Abstract] | |||
Dividends (in dollars per share) | $ 0.21 | $ 0.10 | $ 0.63 |
Principles of Consolidation
Principles of Consolidation | 9 Months Ended |
Sep. 30, 2020 | |
Organization, Consolidation and Presentation of Financial Statements [Abstract] | |
Principles of Consolidation | Principles of Consolidation These financial statements do not include footnotes and certain financial information normally presented annually under GAAP, and therefore, should be read in conjunction with our 2019 10-K. Accounting measurements at interim dates inherently involve greater reliance on estimates than at year end. Although such estimates are based on management’s most recent assessment of the underlying facts and circumstances utilizing the most current information available including considerations for the potential impacts of COVID-19, our reported results of operations may not necessarily be indicative of results that we expect for the full year. The financial statements included herein are unaudited. In management's opinion, they contain all adjustments of a normal recurring nature which are necessary to present fairly our financial position and our operating results as of and for the interim periods presented. All significant intercompany transactions of consolidated subsidiaries are eliminated. Certain amounts in 2019 have been reclassified to conform to the 2020 presentation, which includes the segregation of Disc Ops and assets and liabilities held for sale. Segment operating information for 2019 has been recast to reflect the current composition of our reportable segments. Management has evaluated all material events occurring subsequent to September 30, 2020 through the filing date of this Q3 2020 10-Q. |
Recent Accounting Pronouncement
Recent Accounting Pronouncements | 9 Months Ended |
Sep. 30, 2020 | |
New Accounting Pronouncements and Changes in Accounting Principles [Abstract] | |
Recent Accounting Pronouncements | Recent Accounting Pronouncements Accounting pronouncements relevant to our business that were implemented by us during the first nine months of 2020 On January 1, 2020, we adopted ASC Topic 326, “Financial Instruments - Credit Losses,” which replaces the incurred loss impairment methodology with a methodology that reflects expected credit losses and requires consideration of a broader range of information to estimate credit losses. The new guidance requires financial assets measured at amortized cost to be presented at the net amount expected to be collected. We adopted ASC 326 using the modified retrospective method, and accordingly, the new guidance was applied to financial assets measured at amortized cost (primarily accounts receivable and contract assets) that existed as of January 1, 2020 (the date of initial application). As a result, we recorded additional reserves for credit losses of $2 million and a cumulative effect adjustment to decrease retained earnings by $2 million as of January 1, 2020. The adoption of ASC 326 did not have a material impact on our results of operations or any impact on our cash flows. We utilize a combination of methods for estimating expected credit losses including loss rates, aging schedules and probability-of-default. In evaluating our historical loss rates, accounts receivable and contract assets are pooled into the following categories based on similar risk characteristics: (1) EPC management; (2) government; (3) operations and maintenance; and (4) equipment leasing. Historical loss experience is adjusted for current conditions and reasonable and supportable forecasts, when applicable. Significantly aged receivables are evaluated individually by credit rating. Our reserve for credit losses amounted to $35 million as of both September 30, 2020 and December 31, 2019 . In the first quarter of 2020, we adopted ASU 2019-12, “Simplifying the Accounting for Income Taxes,” which eliminates certain exceptions related to the approach for intraperiod tax allocation, the methodology for calculating income taxes in an interim period and the recognition of deferred tax liabilities for outside basis differences. The adoption did not have a material impact on our financial statements. In the first quarter of 2020, we adopted ASU 2018-18, “Clarifying the Interaction between Topic 808 and Topic 606,” which clarifies that certain transactions between participants in a collaborative arrangement should be accounted for under ASC 606 when the counterparty is a customer. The adoption did not have any impact on our financial statements. In the first quarter of 2020, we adopted ASU 2018-17, “Targeted Improvements to Related Party Guidance for Variable Interest Entities,” which amends the guidance for determining whether a decision-making fee is a variable interest. The adoption did not have any impact on our financial statements. In the first quarter of 2020, we adopted ASU 2018-15, “Customer’s Accounting for Implementation Costs Incurred in a Cloud Computing Arrangement That Is a Service Contract,” which 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. The adoption did not have any impact on our financial statements. In the first quarter of 2020, we adopted ASU 2018-13, “Disclosure Framework - Changes to the Disclosure Requirements for Fair Value Measurement,” which amends 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. The adoption did not have any impact on our financial statements, but we have made additional disclosures related to the range and weighted average rates used to develop significant inputs for nonrecurring Level 3 measurements. Accounting pronouncements relevant to our business that have not yet been implemented In August 2018, the FASB issued ASU 2018-14, “Disclosure Framework - Changes to the Disclosure Requirements for Defined Benefit Plans,” which amends certain disclosure requirements related to defined benefit pension and other postretirement plans. ASU 2018-14 becomes effective for us on January 1, 2021, but we do not expect its adoption to have any impact on our financial statements. |
Earnings Per Share
Earnings Per Share | 9 Months Ended |
Sep. 30, 2020 | |
Earnings Per Share [Abstract] | |
Earnings Per Share | Earnings Per Share Potentially dilutive securities include stock options, RSUs, restricted stock and performance award units. Diluted EPS reflects the assumed exercise or conversion of all dilutive securities using the treasury stock method. Three Months Ended Nine Months Ended (in thousands, except per share amounts) 2020 2019 2020 2019 Amounts attributable to Fluor Corporation: Net earnings (loss) from Cont Ops $ 19,127 $ (766,552 ) $ (178,911 ) $ (1,232,073 ) Net earnings (loss) from Disc Ops 214 23,453 (92,697 ) 6,049 Net earnings (loss) $ 19,341 $ (743,099 ) $ (271,608 ) $ (1,226,024 ) Basic EPS attributable to Fluor Corporation: Weighted average common shares outstanding 140,598 140,163 140,465 140,027 Net earnings (loss) from Cont Ops $ 0.14 $ (5.47 ) $ (1.27 ) $ (8.80 ) Net earnings (loss) from Disc Ops — 0.17 (0.66 ) 0.04 Net earnings (loss) $ 0.14 $ (5.30 ) $ (1.93 ) $ (8.76 ) Diluted EPS attributable to Fluor Corporation: Weighted average common shares outstanding 140,598 140,163 140,465 140,027 Diluted effect: Stock options, RSUs, restricted stock and performance award units (1) 570 — — — Weighted average diluted shares outstanding 141,168 140,163 140,465 140,027 Net earnings (loss) from Cont Ops $ 0.14 $ (5.47 ) $ (1.27 ) $ (8.80 ) Net earnings (loss) from Disc Ops — 0.17 (0.66 ) 0.04 Net earnings (loss) $ 0.14 $ (5.30 ) $ (1.93 ) $ (8.76 ) (1) Anti-dilutive securities not included in shares outstanding — 489 464 585 |
Operating Information by Segmen
Operating Information by Segment and Geographic Area | 9 Months Ended |
Sep. 30, 2020 | |
Segment Reporting [Abstract] | |
Operating Information by Segment and Geographic Area | Operating Information by Segment and Geographic Area Three Months Ended Nine Months Ended (in millions) 2020 2019 2020 2019 Revenue Energy & Chemicals $ 1,336.0 $ 1,611.6 $ 4,187.4 $ 4,485.2 Mining & Industrial 920.9 1,374.0 3,107.8 3,703.6 Infrastructure & Power 386.5 392.5 1,247.1 965.9 Government 753.7 718.2 2,173.2 2,196.2 Diversified Services 370.3 521.7 1,210.3 1,525.0 Other 35.8 10.6 87.0 32.7 Total revenue $ 3,803.2 $ 4,628.6 $ 12,012.8 $ 12,908.6 Segment Profit (loss) Energy & Chemicals $ 94.9 $ 84.7 $ 129.4 $ (125.1 ) Mining & Industrial 18.2 56.9 86.7 129.1 Infrastructure & Power 6.4 0.9 15.1 (188.0 ) Government 25.7 22.4 67.1 87.2 Diversified Services 7.1 10.5 7.4 22.2 Other (22.9 ) (96.6 ) (63.7 ) (200.2 ) Total segment profit (loss) $ 129.4 $ 78.8 $ 242.0 $ (274.8 ) Corporate G&A (68.1 ) (11.2 ) (93.8 ) (119.7 ) Impairment, restructuring and other exit costs — (334.0 ) (302.7 ) (388.0 ) Interest income (expense), net (13.4 ) (4.9 ) (31.3 ) (14.7 ) Earnings (loss) attributable to NCI from Cont Ops 4.3 12.5 20.5 (2.4 ) Earnings (loss) from Cont Ops before taxes $ 52.2 $ (258.8 ) $ (165.3 ) $ (799.6 ) Energy & Chemicals. Segment profit for the 2019 Period included charges totaling $240 million (or $1.40 per share) for cost growth on an offshore project. Additional charges totaling $87 million (or $0.50 per share) for the 2019 Period resulted from schedule-driven cost growth and client and subcontractor negotiations on two downstream projects and scope reductions on a large upstream project. Pre-contract costs of $26 million (or $0.15 per share) were expensed in the 2019 Period due to our evaluation of the reduced probability of receiving an award. Segment profit during the 2019 Period was also impacted by a charge of $31 million (or $0.22 per share) resulting from the resolution of close-out matters with a customer. There were no similar material charges in 2020. Infrastructure & Power. Segment profit for the 2019 Period included charges totaling $135 million (or $0.74 per share) which included the settlement of client disputes, as well as cost growth related to close-out matters on three lump-sum, gas-fired power plant projects that were substantially complete as of December 31, 2019. Segment profit during the 2019 Period also included charges totaling $55 million (or $0.30 per share) resulting from late engineering changes and schedule-driven cost growth, as well as negotiations with clients and subcontractors on pending change orders, for several infrastructure projects. There were no similar material charges in 2020. Diversified Services. Intercompany revenue for Diversified Services, excluded from the amounts shown above, was $61 million and $200 million for the 2020 Quarter and 2020 Period, respectively, and $81 million and $253 million for the 2019 Quarter and 2019 Period, respectively. Other . Segment loss for both the 2019 Quarter and 2019 Period included charges totaling $59 million (or $0.42 per share) resulting from forecast revisions for cost growth on the Warren project. Segment loss for the 2019 Quarter and 2019 Period also included charges totaling $21 million (or $0.11 per share) and $83 million (or $0.45 per share), respectively, resulting from estimated cost growth related to the Radford project. There were no similar material charges in 2020. Segment loss for all periods included the operations of NuScale, which are primarily for research and development activities associated with the licensing and commercialization of small modular nuclear reactor technology. NuScale expenses included in the determination of segment loss were $22 million and $63 million for the 2020 Quarter and 2020 Period, respectively, and $14 million and $48 million for the 2019 Quarter and 2019 Period, respectively. NuScale expenses were reported net of qualified reimbursable expenses of $20 million and $53 million for the 2020 Quarter and 2020 Period, respectively, and $16 million and $43 million for the 2019 Quarter and 2019 Period, respectively. Corporate G&A. Foreign currency gains and (losses) of ( $30 million ) and $15 million were included in corporate G&A during the 2020 and 2019 Quarters, respectively. Total assets by segment are as follows: (in millions) September 30, December 31, Energy & Chemicals $ 1,022.3 $ 1,139.3 Mining & Industrial 487.6 594.9 Infrastructure & Power 591.3 471.2 Government 572.2 629.1 Diversified Services 921.9 1,290.6 Other 49.4 68.5 Corporate 3,405.8 3,379.3 Energy & Chemicals. During the 2020 Period, we recognized impairment expense of $86 million for equity method investments in "Impairment, restructuring and other exit costs." We also recorded a reserve of $55 million on receivables and contract assets during the 2020 Period for expected credit losses associated with certain joint venture clients that were affected by the impacts of COVID-19 and declining oil prices. Diversified Services. During the 2020 Period, we recognized impairment expense of $169 million on goodwill and $27 million on intangible customer relationships in the Diversified Services segment. Additionally, accounts receivable and contract assets at September 30, 2020 decreased by $105 million compared to December 31, 2019. Revenue by project location follows: Three Months Ended Nine Months Ended (in millions) 2020 2019 2020 2019 North America $ 2,405.2 $ 2,206.5 $ 7,395.9 $ 6,043.3 Asia Pacific (includes Australia) 350.1 492.5 1,036.7 1,391.2 Europe 664.2 605.3 2,128.8 2,573.4 Central and South America 251.9 714.8 1,017.9 1,743.0 Middle East and Africa 131.8 609.5 433.5 1,157.7 Total revenue $ 3,803.2 $ 4,628.6 $ 12,012.8 $ 12,908.6 |
Impairment, Restructuring and O
Impairment, Restructuring and Other Exit Costs | 9 Months Ended |
Sep. 30, 2020 | |
Restructuring and Related Activities [Abstract] | |
Impairment, Restructuring and Other Exit Costs | Impairment, Restructuring and Other Exit Costs Restructuring and Other Exit Costs During 2019, we initiated a broad restructuring plan designed to optimize costs and improve operational efficiency. These efforts primarily relate to the rationalization of resources, investments, real estate and overhead across various geographies, as well as the liquidation of certain components of the AMECO business that are being excluded from sale. We expect that our planned restructuring activities will be substantially completed by the end of 2020. Restructuring costs of $5 million , primarily related to severance, were recognized during the 2020 Period. Restructuring costs of $44 million and $98 million recognized during the 2019 Quarter and 2019 Period, respectively, primarily related to severance and asset impairment expense. Restructuring information is summarized as follows: (in millions) Recognized to Date Total Cost Expected to be Incurred Restructuring and other exit costs: Severance $ 68.9 $ 70.0 Asset impairments 90.4 90.4 Entity liquidation costs (including the recognition of cumulative translation adjustments) 83.7 85.0 Other exit costs 2.1 5.0 Total restructuring and other exit costs $ 245.1 $ 250.4 A reconciliation of the restructuring liabilities follows: (in thousands) Severance Lease Exit Costs Other Total Balance as of December 31, 2019 $ 46,303 $ 570 $ 307 $ 47,180 Restructuring charges recognized during the period 4,219 102 737 5,058 Cash payments / settlements during the period (21,366 ) (640 ) (552 ) (22,558 ) Currency translation 426 — (1 ) 425 Balance as of September 30, 2020 $ 29,582 $ 32 $ 491 $ 30,105 Impairment Impairment expense is summarized as follows: Nine Months Ended (in thousands) 2020 2019 Impairment expense: Goodwill associated with the Diversified Services reporting unit $ 168,568 $ — Intangible customer relationships associated with the Stork business 26,671 33,657 Equity method investments in the Energy & Chemicals business 86,096 256,769 Information technology assets 16,269 — Total impairment expense $ 297,604 $ 290,426 2020 Impairment Certain of our businesses have been adversely affected by the economic impacts of the outbreak of COVID-19 and the steep decline in commodity prices that occurred in the first quarter of 2020. These events have caused significant uncertainty, economic volatility and disruption, which have impacted and may continue to impact our operations. We have experienced, and may continue to experience, reductions in demand for certain of our services and the delay or abandonment of ongoing or anticipated projects due to our clients’, suppliers’ and other third parties’ diminished financial condition or financial distress, as well as governmental budget constraints. These impacts are expected to continue or worsen if stay-at-home, social distancing, travel restrictions and other similar orders or restrictions remain in place for an extended period of time or are re-imposed after being relaxed. Significant uncertainty still exists concerning the magnitude of the impact and duration of these events. Because of these events and their impact on our operations, we performed interim impairment testing of our goodwill, intangible assets and investments and recognized the above impairment expense during the first quarter of 2020, which were included in “Impairment, restructuring and other exit costs.” No additional impairment expense was recognized during the second or third quarters of 2020. As part of our assessment of goodwill, the fair value of the reporting units was determined using an income based approach that utilized unobservable Level 3 inputs, including significant management assumptions such as expected awards, forecasted revenue and operating margins, weighted average cost of capital, working capital assumptions and general market trends and conditions. The customer relationships' valuation approach utilized unobservable Level 3 inputs including ranges of assumptions of long-term revenue growth from 2% to 5.5% with a weighted average of 2.4% , weighted average cost of capital of 12% and a customer attrition factor of 10% . The valuation of the equity method investments utilized unobservable Level 3 inputs based on the forecast of anticipated volumes and overhead absorption in a cyclical business. 2019 Impairment During the 2019 Quarter, we recognized impairment expense on our intangible customer relationships associated with the Stork business. We also evaluated our significant investments and determined that certain of our investments were impaired as of September 30, 2019 . |
Income Taxes
Income Taxes | 9 Months Ended |
Sep. 30, 2020 | |
Income Tax Disclosure [Abstract] | |
Income Taxes | Income Taxes The effective tax rate on earnings (loss) from Cont Ops was 55.1% for the 2020 Quarter and 4.2% for the 2020 Period compared to (191.4)% and (54.4)% for the corresponding periods of 2019. The effective tax rate for all periods was unfavorably impacted by foreign income tax rates that exceed the U.S. statutory rate of 21%, as well as the establishment or augmentation of valuation allowances against foreign tax credits and certain losses. The effective tax rate for the 2020 Period was favorably impacted by the release of valuation allowances and rate benefits resulting from the carryback of our 2019 |
Cash Paid for Interest and Taxe
Cash Paid for Interest and Taxes | 9 Months Ended |
Sep. 30, 2020 | |
Supplemental Cash Flow Information [Abstract] | |
Cash Paid for Interest and Taxes | Cash Paid for Interest and Taxes Nine Months Ended (in thousands) 2020 2019 Cash paid for: Interest $ 54,677 $ 59,067 Income taxes (net of refunds) 29,367 180,005 |
Partnerships and Joint Ventures
Partnerships and Joint Ventures | 9 Months Ended |
Sep. 30, 2020 | |
Partnerships and Joint Ventures | |
Partnerships and Joint Ventures | Partnerships and Joint Ventures In the normal course of business, we form 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% 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” was $191 million and $149 million as of September 30, 2020 and December 31, 2019 , respectively. During the first quarter of 2020, we evaluated our significant investments and determined that certain of our investments were impaired. As a result, we recognized impairment expense of $86 million . One of our more significant joint ventures is COOEC Fluor, in which we have a 49% ownership interest. COOEC Fluor owns, operates and manages the Zhuhai Fabrication Yard in China’s Guangdong province. We have a scheduled funding commitment to the joint venture of $26 million due at the end of 2020. During the 2020 Period, we sold our 50% ownership interest in Sacyr Fluor and recognized a loss on sale of $11 million , which was included in Energy & Chemicals' segment profit. Variable Interest Entities We assess our partnerships and joint ventures at inception to determine if any meet the qualifications of a VIE. We consider 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, we reassess our initial determination of whether the partnership or joint venture is a VIE. The majority of our 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. We also perform a qualitative assessment of each identified VIE to determine if we are its primary beneficiary. We conclude that we are the primary beneficiary and consolidate the VIE if we have 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. We consider 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 we are the primary beneficiary. We also consider all parties that have direct or implicit variable interests when determining whether we are the primary beneficiary. Management's assessment of whether we are the primary beneficiary of a VIE is continuously performed. The net carrying value of unconsolidated VIEs (classified under both "Investments” and “Other accrued liabilities”) was a net asset of $241 million and $217 million as of September 30, 2020 and December 31, 2019 , respectively. Some of our VIEs have debt; however, such debt is typically non-recourse to us. Our maximum exposure to loss as a result of our 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 September 30, 2020 for the unconsolidated VIEs were $77 million . In some cases, we are required to consolidate VIEs. As of September 30, 2020 , the carrying values of the assets and liabilities associated with the operations of the consolidated VIEs were $1.3 billion and $816 million , respectively. As of December 31, 2019 , the carrying values of the assets and liabilities associated with the operations of the consolidated VIEs were $1.1 billion and $798 million , respectively. The assets of a VIE are restricted for use only for the particular VIE and are not available for our general operations. We have agreements with certain VIEs to provide financial or performance assurances to clients, as discussed elsewhere. |
Contingencies and Commitments
Contingencies and Commitments | 9 Months Ended |
Sep. 30, 2020 | |
Commitments and Contingencies Disclosure [Abstract] | |
Contingencies and Commitments | Contingencies and Commitments We and certain of our 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, we currently do not expect that the ultimate resolution of any open matters will have a material adverse effect on our financial position or results of operations. Since May 2018, purported shareholders have filed various complaints against Fluor Corporation and certain of its current and former executives in the U.S. 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 February 14, 2020, and seek to recover damages arising from alleged violations of federal securities laws. These claims are based on statements concerning Fluor’s internal and disclosure controls, risk management, revenue recognition, and Fluor’s gas-fired power business, which plaintiffs assert were materially misleading. As of May 26, 2020, these complaints have been consolidated into one matter. We filed a motion to dismiss the matter on July 1, 2020. While no assurance can be given as to the ultimate outcome of this matter, we do not believe it is probable that a loss will be incurred. Since September 2018, nine separate purported shareholders' derivative actions were filed against current and former members of the Board of Directors, as well as certain of Fluor’s current and former executives. Fluor Corporation is named as a nominal defendant in the actions. These derivative actions purport to assert claims on behalf of Fluor Corporation and make substantially the same factual allegations as the securities class action matter discussed above and seek various forms of monetary and injunctive relief. These actions are pending in Texas state court (District Court for Dallas County), the U.S. District Court for the District of Delaware, the U.S. District Court for the Northern District of Texas, and the Court of Chancery of the State of Delaware. Certain of these actions have been consolidated and stayed until our 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, we do not believe it is probable that a loss will be incurred. Fluor Australia Ltd., our wholly-owned subsidiary (“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 and/or a refund of contract proceeds paid 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. We believe that the claims asserted by Santos are without merit and we are vigorously defending these claims. While no assurance can be given as to the ultimate outcome of this matter, we do not believe it is probable that a loss will be incurred. Accordingly, we have not recorded a charge as a result of this action. Fluor Limited, our wholly-owned subsidiary (“Fluor Limited”), and Fluor Arabia Limited, a partially-owned subsidiary (“Fluor Arabia”), completed cost reimbursable engineering, procurement and construction management services for Sadara Chemical Company (“Sadara”) involving a large petrochemical facility in Jubail, Kingdom of Saudi Arabia. On August 23, 2019, Fluor Limited and Fluor Arabia Limited commenced arbitration proceedings against Sadara after it refused to pay invoices totaling approximately $100 million due under the parties’ agreements. As part of the arbitration proceedings, Sadara has asserted various counterclaims for damages and/or a refund of contract proceeds paid totaling approximately $574 million against Fluor Limited and Fluor Arabia Limited. We believe that the counterclaims asserted by Sadara are without merit and are vigorously defending these claims. While no assurance can be given as to the ultimate outcome of the counterclaims, we do not believe it is probable that a loss will be incurred. Accordingly, we have not recorded a charge as a result of the counterclaims. Various wholly-owned subsidiaries of Fluor, in conjunction with a partner, TECHINT, (“Fluor/TECHINT”) performed engineering, procurement and construction management services on a cost reimbursable basis for Barrick involving a gold mine and ore processing facility on a site straddling the border between Argentina and Chile. In 2013 Barrick terminated the Fluor/TECHINT agreements for convenience and not due to the performance of Fluor/TECHINT. On August 12, 2016, Barrick filed a notice of arbitration against Fluor/TECHINT, demanding damages and/or a refund of contract proceeds paid of not less than $250 million under various claims relating to Fluor/TECHINT’s alleged performance. Proceedings were suspended while the parties explored a possible settlement. In August 2019, Barrick drew down $36 million of letters of credit from Fluor/TECHINT ( $24 million from Fluor and $12 million from TECHINT). Thereafter, Barrick proceeded to reactivate the arbitration. We believe that the claims asserted by Barrick are without merit and are vigorously defending these claims. While no assurance can be given as to the ultimate outcome of this matter, we do not believe it is probable that a loss will be incurred. Accordingly, we have not recorded a charge as a result of these claims. Purple Line Transit Partners, LLC (“PLTP”) entered into a Public Private Partnership Agreement (“PPPA”) with the Maryland Department of Transportation and the Maryland Transit Administration (together, the “State”) for the finance, design, construction, and operation of the Purple Line Project, a new light rail line in Maryland (the “Project”). PLTP is a limited liability company in which Fluor has a 15% membership interest. PLTP entered into an Amended and Restated Design-Build Contract (the “DB Contract”) with Purple Line Transit Constructors, LLC (“PLTC”) as design-build contractor to perform PLTP’s design and construction obligations under the PPPA on a back-to-back basis. PLTC is a limited liability company in which Fluor has a 50% membership interest. The design and construction of the Project was significantly delayed by more than two and a half years due to events outside of PLTP or PLTC’s control. The PPPA contained a provision allowing PLTP the unconditional right to terminate the PPPA if certain events delayed the design and construction of the Project by 365 days or more. The DB Contract contained a similar provision allowing PLTC to terminate the DB Contract. Because of significant Project delays, in excess of 365 days, on May 1, 2020, PLTC gave notice to PLTP of PLTC’s intent to terminate the DB Contract. Upon receiving PLTC’s notice, on June 23, 2020, PLTP exercised its unconditional right to terminate the PPPA. The State has challenged PLTP’s termination of the PPPA and commenced a lawsuit in Maryland state court against PLTP alleging breach of the PPPA. We believe that PLTP and PLTC’s terminations of the PPPA and DB Contract, respectively, were justified and are vigorously defending against the State’s lawsuit. Other Matters We have made claims arising from the performance under our contracts. We periodically evaluate our positions and the amounts recognized with respect to all of our claims and back charges. As of September 30, 2020 and December 31, 2019 , we had recorded $214 million and $198 million , respectively, of claim revenue for costs incurred to date. Additional costs, which will increase the claim revenue balance over time, are expected to be incurred in future periods. We also had recorded disputed back charges to suppliers or subcontractors totaling $1 million and $2 million as of September 30, 2020 and December 31, 2019 , respectively. We believe the ultimate recovery of amounts related to these claims and back charges is probable in accordance with GAAP. From time to time, we enter 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 our 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, we maintain reserves for estimated exposures associated with these matters. Our operations are subject to and affected by federal, state and local laws and regulations regarding the protection of the environment. We maintain reserves for potential future environmental cost where such obligations are either known or considered probable, and can be reasonably estimated. We believe, based upon present information available to us, that our reserves with respect to future environmental cost are adequate and such future cost will not have a material effect on our consolidated financial position, results of operations or liquidity. On February 18, 2020, we announced that the SEC is conducting an investigation and has requested documents and information related to projects for which we recorded charges in the second quarter of 2019. On April 30, 2020, the Corporation received a subpoena from the U.S. Department of Justice (“DOJ”) seeking documents and information related to the second quarter 2019 charges; certain of the projects associated with those charges; and certain project accounting, financial reporting and governance matters. We are coordinating responses to the SEC and DOJ and cooperating in providing the requested documents and information, which efforts are ongoing. |
Guarantees
Guarantees | 9 Months Ended |
Sep. 30, 2020 | |
Guarantees [Abstract] | |
Guarantees | Guarantees In the ordinary course of business, we enter into various agreements providing performance assurances and guarantees to our clients on behalf of certain unconsolidated and consolidated partnerships, joint ventures and other jointly executed contracts. These agreements are entered into primarily to support project execution commitments. The performance guarantees have various expiration dates ranging from mechanical completion of the project to a period extending beyond contract completion. The maximum potential amount of future payments that we could be required to make under outstanding performance guarantees, which represents the remaining cost of work to be performed, was estimated to be $15 billion as of September 30, 2020 . 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. For lump-sum 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, we may have recourse to third parties, such as owners, partners, subcontractors or vendors for claims. The performance guarantee obligation was not material as of September 30, 2020 or December 31, 2019 |
Contract Assets and Liabilities
Contract Assets and Liabilities | 9 Months Ended |
Sep. 30, 2020 | |
Revenue from Contract with Customer [Abstract] | |
Contract Assets and Liabilities | Contract Assets and Liabilities The following summarizes information about our contract assets and liabilities: (in millions) September 30, 2020 December 31, 2019 Information about contract assets: Contract assets Unbilled receivables $ 737 $ 851 Contract work in progress 396 387 Contract assets $ 1,133 $ 1,238 Advance billings deducted from contract assets $ 412 $ 574 Nine Months Ended (in millions) 2020 2019 Information about contract liabilities: Revenue recognized that was included in contract liabilities as of January 1 $ 731 $ 743 We estimate that our RUPO will be satisfied over the following periods: (in millions) September 30, 2020 Within 1 year $ 12,045 1 to 2 years 8,117 Thereafter 5,620 Total remaining unsatisfied performance obligations $ 25,782 |
Remaining Unsatisfied Performan
Remaining Unsatisfied Performance Obligations | 9 Months Ended |
Sep. 30, 2020 | |
Revenue from Contract with Customer [Abstract] | |
Remaining Unsatisfied Performance Obligations | Contract Assets and Liabilities The following summarizes information about our contract assets and liabilities: (in millions) September 30, 2020 December 31, 2019 Information about contract assets: Contract assets Unbilled receivables $ 737 $ 851 Contract work in progress 396 387 Contract assets $ 1,133 $ 1,238 Advance billings deducted from contract assets $ 412 $ 574 Nine Months Ended (in millions) 2020 2019 Information about contract liabilities: Revenue recognized that was included in contract liabilities as of January 1 $ 731 $ 743 We estimate that our RUPO will be satisfied over the following periods: (in millions) September 30, 2020 Within 1 year $ 12,045 1 to 2 years 8,117 Thereafter 5,620 Total remaining unsatisfied performance obligations $ 25,782 |
Debt and Letters of Credit
Debt and Letters of Credit | 9 Months Ended |
Sep. 30, 2020 | |
Debt Disclosure [Abstract] | |
Debt and Letters of Credit | Debt and Letters of Credit As of September 30, 2020 , letters of credit totaling $384 million were outstanding under our committed lines of credit, which consist of 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. These credit facilities contain customary financial and restrictive covenants, including a debt-to-capitalization ratio that cannot exceed 0.6 to 1.0 and a limitation on the aggregate amount of debt of the greater of $750 million or €750 million for our subsidiaries. As of September 30, 2020 , our financial covenants limit our borrowings to approximately $654 million under the committed lines of credit, although no amounts were drawn. 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. Due to the delays in the preparation of our financial statements for the quarter ended September 30, 2020 , we were not in compliance with the reporting deadlines under the committed lines of credit. We have entered into amendments to extend the deadline to provide financial information for the third quarter until December 31, 2020. By completing the filing of the Q3 2020 10-Q and submitting other information to the lenders, we will have satisfied all interim 2020 reporting obligations under the committed lines of credit. As of September 30, 2020 , letters of credit totaling $792 million were also outstanding under uncommitted lines of credit. In August 2020, we received a notice of default from the trustee under the indenture governing all of our Senior Notes arising from the delay in the filing of the 2019 10-K and the Q1 2020 10-Q. In September 2020, we received a second notice of default arising from the delay in the filing of the Q2 2020 10-Q. Upon the filing of the 2019 10-K on September 25, 2020, the Q1 2020 10-Q on October 22, 2020 and the Q2 2020 10-Q on November 12, 2020, we have now satisfied these reporting requirements. |
Fair Value Measurements
Fair Value Measurements | 9 Months Ended |
Sep. 30, 2020 | |
Fair Value Disclosures [Abstract] | |
Fair Value Measurements | Fair Value Measurements The following table delineates assets and liabilities that are measured at fair value on a recurring basis: September 30, 2020 December 31, 2019 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) $ 8,733 $ 8,733 $ — $ — $ 7,719 $ 7,719 $ — $ — Derivative assets (2) Foreign currency 10,942 — 10,942 — 7,167 — 7,167 — Commodity 46 — 46 — 46 — 46 — Liabilities: Derivative liabilities (2) Foreign currency $ 4,495 $ — $ 4,495 $ — $ 6,561 $ — $ 6,561 $ — Commodity 6,920 — 6,920 — 1,247 — 1,247 — _________________________________________________________ (1) Consists of registered money market funds and an equity index fund. These investments, which are trading securities, represent the net asset value 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) Foreign currency and commodity derivatives are estimated using pricing models with market-based inputs, which take into account the present value of estimated future cash flows. We have measured assets and liabilities held for sale and certain other impaired assets at fair value on a nonrecurring basis. The following summarizes information about financial instruments that are not required to be measured at fair value : September 30, 2020 December 31, 2019 (in thousands) Fair Value Hierarchy Carrying Value Fair Value Carrying Value Fair Value Assets: Cash (1) Level 1 $ 1,055,169 $ 1,055,169 $ 1,014,138 $ 1,014,138 Cash equivalents (2) Level 2 1,038,613 1,038,613 983,061 983,061 Marketable securities (3) Level 2 17,514 17,514 7,262 7,262 Notes receivable, including noncurrent portion (4) Level 3 24,179 24,179 28,117 28,117 Liabilities: 2016 Senior Notes (5) Level 2 $ 579,357 $ 490,543 $ 557,185 $ 562,399 2014 Senior Notes (5) Level 2 495,960 439,540 495,240 510,145 2018 Senior Notes (5) Level 2 594,976 513,954 594,502 609,918 Other borrowings, including noncurrent portion (6) Level 2 49,319 49,319 43,540 43,540 _________________________________________________________ (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 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 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 Senior Notes was estimated based on the quoted market prices for these issues as of the end of the period. (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. |
Stock-Based Plans
Stock-Based Plans | 9 Months Ended |
Sep. 30, 2020 | |
Share-based Payment Arrangement [Abstract] | |
Stock-Based Plans | Stock-Based Plans Our executive and director stock-based compensation plans are described more fully in the 2019 10-K. In the 2020 and 2019 Periods, RSUs totaling 1,098,926 and 1,065,139 , respectively, were granted to executives or directors (2019 Period only) at weighted-average grant date fair values of $8.81 per share and $36.45 per share, respectively. RSUs granted to executives in 2020 and 2019 generally vest over three years . RSUs granted to directors in 2019 vested immediately and are subject to a post-vest holding period of three years . The fair value of RSUs represents the closing price of our common stock on the date of grant discounted for the post-vest holding period, when applicable. There were no RSUs awarded to directors during the 2020 Period. Instead, RSUs were awarded to directors in November 2020 following the annual shareholder meeting. Stock options for the purchase of 672,309 shares at a weighted-average exercise price of $8.81 per share and 392,841 shares at a weighted-average exercise price of $29.03 per share were awarded to executives during the 2020 and 2019 Periods, respectively. The exercise price of options represents the closing price of our common stock on the date of grant. The options granted in 2020 and 2019 generally vest over three years and expire ten years after the grant date. Performance-based award units totaling 1,156,365 and 350,532 were awarded to executives during the 2020 and 2019 Periods, respectively. These awards generally vest after a period of three years and contain annual performance conditions for each of the three years of the vesting period. Under GAAP, performance-based awards are not deemed granted until the performance targets have been established. The performance targets for each year are generally established in the first quarter. During the 2020 Period, units totaling 385,455 , 116,844 and 68,866 under the 2020, 2019 and 2018 performance award plans, respectively, were granted at weighted-average grant date fair values of $9.05 per share, $9.77 per share and $10.75 |
Retirement Benefits
Retirement Benefits | 9 Months Ended |
Sep. 30, 2020 | |
Retirement Benefits [Abstract] | |
Retirement Benefits | Retirement Benefits Net periodic pension expense for our defined benefit pension plans includes the following components: Three Months Ended Nine Months Ended (in thousands) Location of Component 2020 2019 2020 2019 Service cost Cost of revenue $ 4,632 $ 3,917 $ 13,391 $ 11,846 Interest cost Corp G&A 2,530 4,832 7,312 14,731 Expected return on assets Corp G&A (6,723 ) (8,068 ) (19,419 ) (24,540 ) Amortization of prior service credit Corp G&A (231 ) (220 ) (667 ) (667 ) Recognized net actuarial loss Corp G&A 1,484 2,529 4,286 7,736 Net periodic pension expense $ 1,692 $ 2,990 $ 4,903 $ 9,106 We currently expect to contribute up to $15 million into our defined benefit pension plans during 2020 , including $2 million during the fourth quarter of 2020, which we expect to be in excess of the minimum funding required. |
Derivatives and Hedging
Derivatives and Hedging | 9 Months Ended |
Sep. 30, 2020 | |
Derivative Instruments and Hedging Activities Disclosure [Abstract] | |
Derivatives and Hedging | Derivatives and Hedging We attempt to limit foreign currency exposure in most of our contracts by denominating contract revenue in 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. We may utilize derivatives instruments or hedging instruments to mitigate such risk. Our hedging instruments are designated as either fair value or cash flow hedges. We formally document our hedge relationships at inception, including identification of the hedging instruments and the hedged items, our 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. We subsequently assess hedge effectiveness qualitatively, unless the hedge relationship is no longer highly effective. All hedging instruments are recorded at fair value. For fair value hedges, the change in fair value is offset against the change in the fair value of the underlying asset or liability through earnings. For cash flow hedges, the change 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. 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. We maintain master netting arrangements with certain counterparties to facilitate the settlement of derivative instruments; however, we report the fair value of derivatives on a gross basis. Derivatives Designated as Hedges As of September 30, 2020 , we had total gross notional amounts of $754 million of foreign currency contracts outstanding (primarily related to the Canadian Dollar, Chinese Yuan, British Pound, Euro, Indian Rupee and Philippine Peso) that were designated as hedging instruments. The foreign currency contracts are of varying duration, none of which extend beyond June 2024. There were no commodity contracts outstanding that were designated as hedging instruments as of September 30, 2020 . The fair values of derivatives designated as hedging instruments follows: Asset Derivatives Liability Derivatives (in thousands) Balance Sheet Location September 30, December 31, Balance Sheet Location September 30, December 31, Foreign currency contracts Other current assets $ 7,076 $ 2,871 Other accrued liabilities $ 3,105 $ 1,585 Commodity contracts Other current assets — 10 Other accrued liabilities — — Foreign currency contracts Other assets 3,219 3,757 Noncurrent liabilities 1,390 4,747 Total $ 10,295 $ 6,638 $ 4,495 $ 6,332 The after-tax amount of gain (loss) recognized in OCI associated with derivative instruments designated as cash flow hedges follows: Three Months Ended Nine Months Ended Cash Flow Hedges (in thousands) 2020 2019 2020 2019 Foreign currency contracts $ 10,112 $ (8,611 ) $ 6,115 $ (4,285 ) Commodity contracts — 1,767 (108 ) 1,766 $ 10,112 $ (6,844 ) $ 6,007 $ (2,519 ) The after-tax amount of gain (loss) reclassified from AOCI into earnings associated with derivative instruments designated as cash flow hedges follows: Three Months Ended Nine Months Ended Cash Flow Hedges (in thousands) Location of Gain (Loss) 2020 2019 2020 2019 Foreign currency contracts Cost of revenue $ 943 $ (288 ) $ 1,482 $ (1,134 ) Commodity contracts Cost of revenue — — (100 ) — Interest rate contracts Interest expense (419 ) (262 ) (1,258 ) (786 ) Total $ 524 $ (550 ) $ 124 $ (1,920 ) Derivatives Not Designated as Hedges As of September 30, 2020 , we also had total gross notional amounts of $116 million of foreign currency contracts and $23 million of commodity contracts outstanding that were not designated as hedging instruments. The foreign currency contracts primarily related to contract obligations denominated in nonfunctional currencies. As of September 30, 2020 , we had total gross notional amounts of $9 million |
Other Comprehensive Income (Los
Other Comprehensive Income (Loss) | 9 Months Ended |
Sep. 30, 2020 | |
Comprehensive Income (Loss), Net of Tax, Attributable to Parent [Abstract] | |
Other Comprehensive Income (Loss) | Other Comprehensive Income (Loss) The components of OCI follow: Three Months Ended Three Months Ended (in thousands) Before-Tax Tax Net-of-Tax Before-Tax Tax Net-of-Tax OCI: Foreign currency translation adjustments $ 4,201 $ — $ 4,201 $ (47,577 ) $ 5,245 $ (42,332 ) Ownership share of equity method investees’ OCI (1,287 ) 1,253 (34 ) 3,593 (931 ) 2,662 Defined benefit plan adjustments 1,070 — 1,070 2,126 (136 ) 1,990 Unrealized gain (loss) on derivative contracts 11,328 (1,740 ) 9,588 (8,031 ) 1,737 (6,294 ) Total OCI 15,312 (487 ) 14,825 (49,889 ) 5,915 (43,974 ) Less: OCI attributable to NCI (495 ) — (495 ) (1,749 ) — (1,749 ) OCI attributable to Fluor Corporation $ 15,807 $ (487 ) $ 15,320 $ (48,140 ) $ 5,915 $ (42,225 ) Nine Months Ended Nine Months Ended (in thousands) Before-Tax Tax Net-of-Tax Before-Tax Tax Net-of-Tax OCI: Foreign currency translation adjustments $ (75,828 ) $ — $ (75,828 ) $ (19,956 ) $ 5,284 $ (14,672 ) Ownership share of equity method investees’ OCI (18,707 ) (153 ) (18,860 ) (3,302 ) 1,177 (2,125 ) Defined benefit plan adjustments 3,071 — 3,071 6,518 (425 ) 6,093 Unrealized gain (loss) on derivative contracts 6,751 (868 ) 5,883 (1 ) (598 ) (599 ) Total OCI (84,713 ) (1,021 ) (85,734 ) (16,741 ) 5,438 (11,303 ) Less: OCI attributable to NCI (2,291 ) — (2,291 ) (1,543 ) — (1,543 ) OCI attributable to Fluor Corporation $ (82,422 ) $ (1,021 ) $ (83,443 ) $ (15,198 ) $ 5,438 $ (9,760 ) The changes in AOCI balances follow: (in thousands) Foreign Ownership Defined Unrealized AOCI, Net Attributable to Fluor Corporation: Balance as of June 30, 2020 $ (321,183 ) $ (54,282 ) $ (97,196 ) $ (5,975 ) $ (478,636 ) OCI before reclassifications 4,696 (171 ) — 10,112 14,637 Amounts reclassified from AOCI — 137 1,070 (524 ) 683 Net OCI 4,696 (34 ) 1,070 9,588 15,320 Balance as of September 30, 2020 $ (316,487 ) $ (54,316 ) $ (96,126 ) $ 3,613 $ (463,316 ) Attributable to NCI: Balance as of June 30, 2020 $ (6,847 ) $ — $ — $ — $ (6,847 ) OCI before reclassifications (495 ) — — — (495 ) Amounts reclassified from AOCI — — — — — Net OCI (495 ) — — — (495 ) Balance as of September 30, 2020 $ (7,342 ) $ — $ — $ — $ (7,342 ) (in thousands) Foreign Ownership Defined Unrealized AOCI, Net Attributable to Fluor Corporation: Balance as of December 31, 2019 $ (242,950 ) $ (35,456 ) $ (99,197 ) $ (2,270 ) $ (379,873 ) OCI before reclassifications (73,537 ) (19,270 ) — 6,007 (86,800 ) Amounts reclassified from AOCI — 410 3,071 (124 ) 3,357 Net OCI (73,537 ) (18,860 ) 3,071 5,883 (83,443 ) Balance as of September 30, 2020 $ (316,487 ) $ (54,316 ) $ (96,126 ) $ 3,613 $ (463,316 ) Attributable to NCI: Balance as of December 31, 2019 $ (5,051 ) $ — $ — $ — $ (5,051 ) OCI before reclassifications (2,291 ) — — — (2,291 ) Amounts reclassified from AOCI — — — — — Net OCI (2,291 ) — — — (2,291 ) Balance as of September 30, 2020 $ (7,342 ) $ — $ — $ — $ (7,342 ) (in thousands) Foreign Ownership Defined Unrealized AOCI, Net Attributable to Fluor Corporation: Balance as of June 30, 2019 $ (282,346 ) $ (28,459 ) $ (200,546 ) $ 285 $ (511,066 ) OCI before reclassifications (40,583 ) 2,518 — (6,844 ) (44,909 ) Amounts reclassified from AOCI — 144 1,990 550 2,684 Net OCI (40,583 ) 2,662 1,990 (6,294 ) (42,225 ) Balance as of September 30, 2019 $ (322,929 ) $ (25,797 ) $ (198,556 ) $ (6,009 ) $ (553,291 ) Attributable to NCI: Balance as of June 30, 2019 $ (3,495 ) $ — $ — $ — $ (3,495 ) OCI before reclassifications (1,749 ) — — — (1,749 ) Amounts reclassified from AOCI — — — — — Net OCI (1,749 ) — — — (1,749 ) Balance as of September 30, 2019 $ (5,244 ) $ — $ — $ — $ (5,244 ) (in thousands) Foreign Ownership Defined Unrealized AOCI, Net Attributable to Fluor Corporation: Balance as of December 31, 2018 $ (309,800 ) $ (23,672 ) $ (204,649 ) $ (5,410 ) $ (543,531 ) OCI before reclassifications (13,129 ) (2,552 ) — (2,519 ) (18,200 ) Amounts reclassified from AOCI — 427 6,093 1,920 8,440 Net OCI (13,129 ) (2,125 ) 6,093 (599 ) (9,760 ) Balance as of September 30, 2019 $ (322,929 ) $ (25,797 ) $ (198,556 ) $ (6,009 ) $ (553,291 ) Attributable to NCI: Balance as of December 31, 2018 $ (3,701 ) $ — $ — $ — $ (3,701 ) OCI before reclassifications (1,543 ) — — — (1,543 ) Amounts reclassified from AOCI — — — — — Net OCI (1,543 ) — — — (1,543 ) Balance as of September 30, 2019 $ (5,244 ) $ — $ — $ — $ (5,244 ) Information about reclassifications out of AOCI follows: Three Months Ended Nine Months Ended (in thousands) Location in Statement of Operations 2020 2019 2020 2019 Component of AOCI: Ownership share of equity method investees’ OCI Cost of revenue $ (183 ) $ (192 ) $ (547 ) $ (569 ) Income tax benefit Income tax expense (benefit) 46 48 137 142 Net of tax $ (137 ) $ (144 ) $ (410 ) $ (427 ) Defined benefit plan adjustments Corporate G&A $ (1,070 ) $ (2,126 ) $ (3,071 ) $ (6,518 ) Income tax benefit Income tax expense (benefit) — 136 — 425 Net of tax $ (1,070 ) $ (1,990 ) $ (3,071 ) $ (6,093 ) Unrealized gain (loss) on derivative contracts: Commodity and foreign currency contracts Various accounts (1) $ 943 $ (496 ) $ 1,346 $ (1,958 ) Interest rate contracts Interest expense (419 ) (419 ) (1,258 ) (1,258 ) Income tax benefit Income tax expense (benefit) — 365 36 1,296 Net of tax $ 524 $ (550 ) $ 124 $ (1,920 ) (1) Gains and losses on commodity and foreign currency derivative contracts were reclassified to "Cost of revenue" and "Corporate G&A". |
Discontinued Operations
Discontinued Operations | 9 Months Ended |
Sep. 30, 2020 | |
Discontinued Operations and Disposal Groups [Abstract] | |
Discontinued Operations | Discontinued Operations We expect to complete the sale of the AMECO equipment business, which is reported in Disc Ops, within the first half of 2021. The assets and liabilities of the AMECO business are classified as held for sale. Due to the impact of COVID-19 and the steep decline in oil prices on the AMECO business during the first quarter of 2020, we recognized impairment expense of $100 million , of which $12 million related to goodwill, to reduce the AMECO assets to their fair value less cost to sell. The fair value of the AMECO assets were determined using a combination of observable level 2 inputs, including indicative offers and ongoing negotiations for the related assets. In August 2020, we sold our AMECO equipment business in Jamaica for $18 million and recognized a loss of $1 million . The operations of the AMECO business in Jamaica were included in Disc Ops through the date of sale. In August 2019, we entered into a settlement agreement in connection with legal matters related to a previously divested business. The resulting gain on settlement as well as all legal fees associated with this matter were included in "Other" in the tables below. Disc Ops information follows: Three Months Ended Three Months Ended (in thousands) AMECO Other Total AMECO Other Total Revenue $ 58,236 $ — $ 58,236 $ 73,102 $ — $ 73,102 Cost of revenue 54,218 — 54,218 70,545 — 70,545 Corporate general and administrative expense 13 2,057 2,070 40 (27,848 ) (27,808 ) Interest expense (income), net 14 — 14 (107 ) — (107 ) Total cost and expenses 54,245 2,057 56,302 70,478 (27,848 ) 42,630 Earnings (loss) before taxes from Disc Ops 3,991 (2,057 ) 1,934 2,624 27,848 30,472 Income tax expense (benefit) 1,720 — 1,720 581 6,438 7,019 Net earnings (loss) from Disc Ops 2,271 (2,057 ) 214 2,043 21,410 23,453 Nine Months Ended Nine Months Ended (in thousands) AMECO Other Total AMECO Other Total Revenue $ 169,441 $ — $ 169,441 $ 197,708 $ — $ 197,708 Cost of revenue 147,000 — 147,000 211,913 — 211,913 Corporate general and administrative expense 64 11,438 11,502 189 (22,929 ) (22,740 ) Impairment of assets held for sale 100,000 — 100,000 — — — Interest expense (income), net (26 ) — (26 ) (280 ) — (280 ) Total cost and expenses 247,038 11,438 258,476 211,822 (22,929 ) 188,893 Earnings (loss) before taxes from Disc Ops (77,597 ) (11,438 ) (89,035 ) (14,114 ) 22,929 8,815 Income tax expense (benefit) 3,662 — 3,662 (2,535 ) 5,301 2,766 Net earnings (loss) from Disc Ops (81,259 ) (11,438 ) (92,697 ) (11,579 ) 17,628 6,049 The carrying amounts of the major classes of assets and liabilities of Disc Ops and classified as held for sale as of September 30, 2020 and December 31, 2019 follow: September 30, 2020 December 31, 2019 (in thousands) AMECO Other Total from Disc Ops Other Assets and Liabilities from Cont Ops Total AMECO Other Total from Disc Ops Other Assets and Liabilities from Cont Ops Total Accounts and notes receivable, net $ 37,083 $ 15,925 $ 53,008 $ 49 $ 53,057 $ 69,126 $ 15,925 $ 85,051 $ 17,513 $ 102,564 Contract assets 2,501 — 2,501 — 2,501 3,497 — 3,497 3,779 7,276 Other current assets 45,438 — 45,438 3,004 48,442 54,116 — 54,116 8,112 62,228 Current assets held for sale $ 85,022 $ 15,925 $ 100,947 $ 3,053 $ 104,000 $ 126,739 $ 15,925 $ 142,664 $ 29,404 $ 172,068 Property, plant and equipment, net $ 111,307 $ — $ 111,307 $ 45,740 $ 157,047 $ 232,792 $ — $ 232,792 $ 64,792 $ 297,584 Goodwill 37 — 37 — 37 12,338 — 12,338 9,295 21,633 Investments — — — 7,468 7,468 — — — 7,293 7,293 Other assets 8,870 — 8,870 18,603 27,473 5,868 — 5,868 12,654 18,522 Noncurrent assets held for sale (1) $ 120,214 $ — $ 120,214 $ 71,811 $ 192,025 $ 250,998 $ — $ 250,998 $ 94,034 $ 345,032 Total assets held for sale $ 205,236 $ 15,925 $ 221,161 $ 74,864 $ 296,025 $ 377,737 $ 15,925 $ 393,662 $ 123,438 $ 517,100 Accounts payable $ 14,559 $ 18 $ 14,577 $ 176 $ 14,753 $ 24,692 $ — $ 24,692 $ 6,702 $ 31,394 Contract liabilities 139 — 139 25 164 4,466 — 4,466 25 4,491 Accrued salaries, wages and benefits 5,938 — 5,938 145 6,083 8,913 — 8,913 919 9,832 Other accrued liabilities 10,322 — 10,322 229 10,551 9,451 — 9,451 11,562 21,013 Current liabilities held for sale $ 30,958 $ 18 $ 30,976 $ 575 $ 31,551 $ 47,522 $ — $ 47,522 $ 19,208 $ 66,730 Noncurrent liabilities held for sale (1) $ 6,033 $ — $ 6,033 $ — $ 6,033 $ 4,272 $ — $ 4,272 $ 11,320 $ 15,592 Total liabilities held for sale $ 36,991 $ 18 $ 37,009 $ 575 $ 37,584 $ 51,794 $ — $ 51,794 $ 30,528 $ 82,322 (1) Noncurrent assets and liabilities held for sale were classified as current as we expect to complete the sale of the AMECO business within the first half of 2021. During the 2020 Quarter, we sold 100% of our interest in an equipment rental business in Europe. The assets and liabilities of this business were previously included in "Other Assets and Liabilities from Cont Ops" in the table above. Capital expenditures from Disc Ops were $16 million and $58 million during the 2020 Period and 2019 |
Recent Accounting Pronounceme_2
Recent Accounting Pronouncements - (Policies) | 9 Months Ended |
Sep. 30, 2020 | |
New Accounting Pronouncements and Changes in Accounting Principles [Abstract] | |
Recent Accounting Pronouncements | Accounting pronouncements relevant to our business that were implemented by us during the first nine months of 2020 On January 1, 2020, we adopted ASC Topic 326, “Financial Instruments - Credit Losses,” which replaces the incurred loss impairment methodology with a methodology that reflects expected credit losses and requires consideration of a broader range of information to estimate credit losses. The new guidance requires financial assets measured at amortized cost to be presented at the net amount expected to be collected. We adopted ASC 326 using the modified retrospective method, and accordingly, the new guidance was applied to financial assets measured at amortized cost (primarily accounts receivable and contract assets) that existed as of January 1, 2020 (the date of initial application). As a result, we recorded additional reserves for credit losses of $2 million and a cumulative effect adjustment to decrease retained earnings by $2 million as of January 1, 2020. The adoption of ASC 326 did not have a material impact on our results of operations or any impact on our cash flows. We utilize a combination of methods for estimating expected credit losses including loss rates, aging schedules and probability-of-default. In evaluating our historical loss rates, accounts receivable and contract assets are pooled into the following categories based on similar risk characteristics: (1) EPC management; (2) government; (3) operations and maintenance; and (4) equipment leasing. Historical loss experience is adjusted for current conditions and reasonable and supportable forecasts, when applicable. Significantly aged receivables are evaluated individually by credit rating. Our reserve for credit losses amounted to $35 million as of both September 30, 2020 and December 31, 2019 . In the first quarter of 2020, we adopted ASU 2019-12, “Simplifying the Accounting for Income Taxes,” which eliminates certain exceptions related to the approach for intraperiod tax allocation, the methodology for calculating income taxes in an interim period and the recognition of deferred tax liabilities for outside basis differences. The adoption did not have a material impact on our financial statements. In the first quarter of 2020, we adopted ASU 2018-18, “Clarifying the Interaction between Topic 808 and Topic 606,” which clarifies that certain transactions between participants in a collaborative arrangement should be accounted for under ASC 606 when the counterparty is a customer. The adoption did not have any impact on our financial statements. In the first quarter of 2020, we adopted ASU 2018-17, “Targeted Improvements to Related Party Guidance for Variable Interest Entities,” which amends the guidance for determining whether a decision-making fee is a variable interest. The adoption did not have any impact on our financial statements. In the first quarter of 2020, we adopted ASU 2018-15, “Customer’s Accounting for Implementation Costs Incurred in a Cloud Computing Arrangement That Is a Service Contract,” which 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. The adoption did not have any impact on our financial statements. In the first quarter of 2020, we adopted ASU 2018-13, “Disclosure Framework - Changes to the Disclosure Requirements for Fair Value Measurement,” which amends 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. The adoption did not have any impact on our financial statements, but we have made additional disclosures related to the range and weighted average rates used to develop significant inputs for nonrecurring Level 3 measurements. Accounting pronouncements relevant to our business that have not yet been implemented In August 2018, the FASB issued ASU 2018-14, “Disclosure Framework - Changes to the Disclosure Requirements for Defined Benefit Plans,” which amends certain disclosure requirements related to defined benefit pension and other postretirement plans. ASU 2018-14 becomes effective for us on January 1, 2021, but we do not expect its adoption to have any impact on our financial statements. |
Earnings Per Share - (Tables)
Earnings Per Share - (Tables) | 9 Months Ended |
Sep. 30, 2020 | |
Earnings Per Share [Abstract] | |
Schedule of calculations of basic and diluted EPS | Potentially dilutive securities include stock options, RSUs, restricted stock and performance award units. Diluted EPS reflects the assumed exercise or conversion of all dilutive securities using the treasury stock method. Three Months Ended Nine Months Ended (in thousands, except per share amounts) 2020 2019 2020 2019 Amounts attributable to Fluor Corporation: Net earnings (loss) from Cont Ops $ 19,127 $ (766,552 ) $ (178,911 ) $ (1,232,073 ) Net earnings (loss) from Disc Ops 214 23,453 (92,697 ) 6,049 Net earnings (loss) $ 19,341 $ (743,099 ) $ (271,608 ) $ (1,226,024 ) Basic EPS attributable to Fluor Corporation: Weighted average common shares outstanding 140,598 140,163 140,465 140,027 Net earnings (loss) from Cont Ops $ 0.14 $ (5.47 ) $ (1.27 ) $ (8.80 ) Net earnings (loss) from Disc Ops — 0.17 (0.66 ) 0.04 Net earnings (loss) $ 0.14 $ (5.30 ) $ (1.93 ) $ (8.76 ) Diluted EPS attributable to Fluor Corporation: Weighted average common shares outstanding 140,598 140,163 140,465 140,027 Diluted effect: Stock options, RSUs, restricted stock and performance award units (1) 570 — — — Weighted average diluted shares outstanding 141,168 140,163 140,465 140,027 Net earnings (loss) from Cont Ops $ 0.14 $ (5.47 ) $ (1.27 ) $ (8.80 ) Net earnings (loss) from Disc Ops — 0.17 (0.66 ) 0.04 Net earnings (loss) $ 0.14 $ (5.30 ) $ (1.93 ) $ (8.76 ) (1) Anti-dilutive securities not included in shares outstanding — 489 464 585 |
Operating Information by Segm_2
Operating Information by Segment and Geographic Area - (Tables) | 9 Months Ended |
Sep. 30, 2020 | |
Segment Reporting [Abstract] | |
Schedule of operating information and assets by reportable segment | Total assets by segment are as follows: (in millions) September 30, December 31, Energy & Chemicals $ 1,022.3 $ 1,139.3 Mining & Industrial 487.6 594.9 Infrastructure & Power 591.3 471.2 Government 572.2 629.1 Diversified Services 921.9 1,290.6 Other 49.4 68.5 Corporate 3,405.8 3,379.3 Three Months Ended Nine Months Ended (in millions) 2020 2019 2020 2019 Revenue Energy & Chemicals $ 1,336.0 $ 1,611.6 $ 4,187.4 $ 4,485.2 Mining & Industrial 920.9 1,374.0 3,107.8 3,703.6 Infrastructure & Power 386.5 392.5 1,247.1 965.9 Government 753.7 718.2 2,173.2 2,196.2 Diversified Services 370.3 521.7 1,210.3 1,525.0 Other 35.8 10.6 87.0 32.7 Total revenue $ 3,803.2 $ 4,628.6 $ 12,012.8 $ 12,908.6 Segment Profit (loss) Energy & Chemicals $ 94.9 $ 84.7 $ 129.4 $ (125.1 ) Mining & Industrial 18.2 56.9 86.7 129.1 Infrastructure & Power 6.4 0.9 15.1 (188.0 ) Government 25.7 22.4 67.1 87.2 Diversified Services 7.1 10.5 7.4 22.2 Other (22.9 ) (96.6 ) (63.7 ) (200.2 ) Total segment profit (loss) $ 129.4 $ 78.8 $ 242.0 $ (274.8 ) Corporate G&A (68.1 ) (11.2 ) (93.8 ) (119.7 ) Impairment, restructuring and other exit costs — (334.0 ) (302.7 ) (388.0 ) Interest income (expense), net (13.4 ) (4.9 ) (31.3 ) (14.7 ) Earnings (loss) attributable to NCI from Cont Ops 4.3 12.5 20.5 (2.4 ) Earnings (loss) from Cont Ops before taxes $ 52.2 $ (258.8 ) $ (165.3 ) $ (799.6 ) |
Schedule of Revenues from External Customers and Assets by Geographical Areas | Revenue by project location follows: Three Months Ended Nine Months Ended (in millions) 2020 2019 2020 2019 North America $ 2,405.2 $ 2,206.5 $ 7,395.9 $ 6,043.3 Asia Pacific (includes Australia) 350.1 492.5 1,036.7 1,391.2 Europe 664.2 605.3 2,128.8 2,573.4 Central and South America 251.9 714.8 1,017.9 1,743.0 Middle East and Africa 131.8 609.5 433.5 1,157.7 Total revenue $ 3,803.2 $ 4,628.6 $ 12,012.8 $ 12,908.6 |
Impairment, Restructuring and_2
Impairment, Restructuring and Other Exit Costs - (Tables) | 9 Months Ended |
Sep. 30, 2020 | |
Restructuring and Related Activities [Abstract] | |
Restructuring Liability | Restructuring information is summarized as follows: (in millions) Recognized to Date Total Cost Expected to be Incurred Restructuring and other exit costs: Severance $ 68.9 $ 70.0 Asset impairments 90.4 90.4 Entity liquidation costs (including the recognition of cumulative translation adjustments) 83.7 85.0 Other exit costs 2.1 5.0 Total restructuring and other exit costs $ 245.1 $ 250.4 A reconciliation of the restructuring liabilities follows: (in thousands) Severance Lease Exit Costs Other Total Balance as of December 31, 2019 $ 46,303 $ 570 $ 307 $ 47,180 Restructuring charges recognized during the period 4,219 102 737 5,058 Cash payments / settlements during the period (21,366 ) (640 ) (552 ) (22,558 ) Currency translation 426 — (1 ) 425 Balance as of September 30, 2020 $ 29,582 $ 32 $ 491 $ 30,105 |
Schedule of Impairment Expense | Impairment expense is summarized as follows: Nine Months Ended (in thousands) 2020 2019 Impairment expense: Goodwill associated with the Diversified Services reporting unit $ 168,568 $ — Intangible customer relationships associated with the Stork business 26,671 33,657 Equity method investments in the Energy & Chemicals business 86,096 256,769 Information technology assets 16,269 — Total impairment expense $ 297,604 $ 290,426 |
Cash Paid for Interest and Ta_2
Cash Paid for Interest and Taxes (Tables) | 9 Months Ended |
Sep. 30, 2020 | |
Supplemental Cash Flow Information [Abstract] | |
Consolidated statements of cash flows for the discontinued operations | Cash Paid for Interest and Taxes Nine Months Ended (in thousands) 2020 2019 Cash paid for: Interest $ 54,677 $ 59,067 Income taxes (net of refunds) 29,367 180,005 |
Contract Assets and Liabiliti_2
Contract Assets and Liabilities - (Tables) | 9 Months Ended |
Sep. 30, 2020 | |
Revenue from Contract with Customer [Abstract] | |
Contract with Customer, Asset and Liability | The following summarizes information about our contract assets and liabilities: (in millions) September 30, 2020 December 31, 2019 Information about contract assets: Contract assets Unbilled receivables $ 737 $ 851 Contract work in progress 396 387 Contract assets $ 1,133 $ 1,238 Advance billings deducted from contract assets $ 412 $ 574 Nine Months Ended (in millions) 2020 2019 Information about contract liabilities: Revenue recognized that was included in contract liabilities as of January 1 $ 731 $ 743 |
Remaining Unsatisfied Perform_2
Remaining Unsatisfied Performance Obligations - (Tables) | 9 Months Ended |
Sep. 30, 2020 | |
Revenue from Contract with Customer [Abstract] | |
Schedule of remaining performance obligation | We estimate that our RUPO will be satisfied over the following periods: (in millions) September 30, 2020 Within 1 year $ 12,045 1 to 2 years 8,117 Thereafter 5,620 Total remaining unsatisfied performance obligations $ 25,782 |
Fair Value Measurements - (Tabl
Fair Value Measurements - (Tables) | 9 Months Ended |
Sep. 30, 2020 | |
Fair Value Disclosures [Abstract] | |
Schedule of assets and liabilities measured at fair value on a recurring basis | The following table delineates assets and liabilities that are measured at fair value on a recurring basis: September 30, 2020 December 31, 2019 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) $ 8,733 $ 8,733 $ — $ — $ 7,719 $ 7,719 $ — $ — Derivative assets (2) Foreign currency 10,942 — 10,942 — 7,167 — 7,167 — Commodity 46 — 46 — 46 — 46 — Liabilities: Derivative liabilities (2) Foreign currency $ 4,495 $ — $ 4,495 $ — $ 6,561 $ — $ 6,561 $ — Commodity 6,920 — 6,920 — 1,247 — 1,247 — _________________________________________________________ (1) Consists of registered money market funds and an equity index fund. These investments, which are trading securities, represent the net asset value 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) Foreign currency and commodity derivatives are estimated using pricing models with market-based inputs, which take into account the present value of estimated future cash flows. |
Schedule of carrying values and estimated fair values of financial instruments not required to be measured at fair value | The following summarizes information about financial instruments that are not required to be measured at fair value : September 30, 2020 December 31, 2019 (in thousands) Fair Value Hierarchy Carrying Value Fair Value Carrying Value Fair Value Assets: Cash (1) Level 1 $ 1,055,169 $ 1,055,169 $ 1,014,138 $ 1,014,138 Cash equivalents (2) Level 2 1,038,613 1,038,613 983,061 983,061 Marketable securities (3) Level 2 17,514 17,514 7,262 7,262 Notes receivable, including noncurrent portion (4) Level 3 24,179 24,179 28,117 28,117 Liabilities: 2016 Senior Notes (5) Level 2 $ 579,357 $ 490,543 $ 557,185 $ 562,399 2014 Senior Notes (5) Level 2 495,960 439,540 495,240 510,145 2018 Senior Notes (5) Level 2 594,976 513,954 594,502 609,918 Other borrowings, including noncurrent portion (6) Level 2 49,319 49,319 43,540 43,540 _________________________________________________________ (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 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 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 Senior Notes was estimated based on the quoted market prices for these issues as of the end of the period. (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. |
Retirement Benefits - (Tables)
Retirement Benefits - (Tables) | 9 Months Ended |
Sep. 30, 2020 | |
Retirement Benefits [Abstract] | |
Schedule of components of net periodic pension expense | Net periodic pension expense for our defined benefit pension plans includes the following components: Three Months Ended Nine Months Ended (in thousands) Location of Component 2020 2019 2020 2019 Service cost Cost of revenue $ 4,632 $ 3,917 $ 13,391 $ 11,846 Interest cost Corp G&A 2,530 4,832 7,312 14,731 Expected return on assets Corp G&A (6,723 ) (8,068 ) (19,419 ) (24,540 ) Amortization of prior service credit Corp G&A (231 ) (220 ) (667 ) (667 ) Recognized net actuarial loss Corp G&A 1,484 2,529 4,286 7,736 Net periodic pension expense $ 1,692 $ 2,990 $ 4,903 $ 9,106 |
Derivatives and Hedging - (Tabl
Derivatives and Hedging - (Tables) | 9 Months Ended |
Sep. 30, 2020 | |
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 follows: Asset Derivatives Liability Derivatives (in thousands) Balance Sheet Location September 30, December 31, Balance Sheet Location September 30, December 31, Foreign currency contracts Other current assets $ 7,076 $ 2,871 Other accrued liabilities $ 3,105 $ 1,585 Commodity contracts Other current assets — 10 Other accrued liabilities — — Foreign currency contracts Other assets 3,219 3,757 Noncurrent liabilities 1,390 4,747 Total $ 10,295 $ 6,638 $ 4,495 $ 6,332 |
Schedule of derivative instrument gain (loss) | The after-tax amount of gain (loss) recognized in OCI associated with derivative instruments designated as cash flow hedges follows: Three Months Ended Nine Months Ended Cash Flow Hedges (in thousands) 2020 2019 2020 2019 Foreign currency contracts $ 10,112 $ (8,611 ) $ 6,115 $ (4,285 ) Commodity contracts — 1,767 (108 ) 1,766 $ 10,112 $ (6,844 ) $ 6,007 $ (2,519 ) |
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 gain (loss) reclassified from AOCI into earnings associated with derivative instruments designated as cash flow hedges follows: Three Months Ended Nine Months Ended Cash Flow Hedges (in thousands) Location of Gain (Loss) 2020 2019 2020 2019 Foreign currency contracts Cost of revenue $ 943 $ (288 ) $ 1,482 $ (1,134 ) Commodity contracts Cost of revenue — — (100 ) — Interest rate contracts Interest expense (419 ) (262 ) (1,258 ) (786 ) Total $ 524 $ (550 ) $ 124 $ (1,920 ) |
Other Comprehensive Income (L_2
Other Comprehensive Income (Loss) - (Tables) | 9 Months Ended |
Sep. 30, 2020 | |
Comprehensive Income (Loss), Net of Tax, Attributable to Parent [Abstract] | |
Schedule of tax effects of components of other comprehensive income (loss) | The components of OCI follow: Three Months Ended Three Months Ended (in thousands) Before-Tax Tax Net-of-Tax Before-Tax Tax Net-of-Tax OCI: Foreign currency translation adjustments $ 4,201 $ — $ 4,201 $ (47,577 ) $ 5,245 $ (42,332 ) Ownership share of equity method investees’ OCI (1,287 ) 1,253 (34 ) 3,593 (931 ) 2,662 Defined benefit plan adjustments 1,070 — 1,070 2,126 (136 ) 1,990 Unrealized gain (loss) on derivative contracts 11,328 (1,740 ) 9,588 (8,031 ) 1,737 (6,294 ) Total OCI 15,312 (487 ) 14,825 (49,889 ) 5,915 (43,974 ) Less: OCI attributable to NCI (495 ) — (495 ) (1,749 ) — (1,749 ) OCI attributable to Fluor Corporation $ 15,807 $ (487 ) $ 15,320 $ (48,140 ) $ 5,915 $ (42,225 ) Nine Months Ended Nine Months Ended (in thousands) Before-Tax Tax Net-of-Tax Before-Tax Tax Net-of-Tax OCI: Foreign currency translation adjustments $ (75,828 ) $ — $ (75,828 ) $ (19,956 ) $ 5,284 $ (14,672 ) Ownership share of equity method investees’ OCI (18,707 ) (153 ) (18,860 ) (3,302 ) 1,177 (2,125 ) Defined benefit plan adjustments 3,071 — 3,071 6,518 (425 ) 6,093 Unrealized gain (loss) on derivative contracts 6,751 (868 ) 5,883 (1 ) (598 ) (599 ) Total OCI (84,713 ) (1,021 ) (85,734 ) (16,741 ) 5,438 (11,303 ) Less: OCI attributable to NCI (2,291 ) — (2,291 ) (1,543 ) — (1,543 ) OCI attributable to Fluor Corporation $ (82,422 ) $ (1,021 ) $ (83,443 ) $ (15,198 ) $ 5,438 $ (9,760 ) |
Schedule of changes in accumulated other comprehensive income balances by component (after-tax) | The changes in AOCI balances follow: (in thousands) Foreign Ownership Defined Unrealized AOCI, Net Attributable to Fluor Corporation: Balance as of June 30, 2020 $ (321,183 ) $ (54,282 ) $ (97,196 ) $ (5,975 ) $ (478,636 ) OCI before reclassifications 4,696 (171 ) — 10,112 14,637 Amounts reclassified from AOCI — 137 1,070 (524 ) 683 Net OCI 4,696 (34 ) 1,070 9,588 15,320 Balance as of September 30, 2020 $ (316,487 ) $ (54,316 ) $ (96,126 ) $ 3,613 $ (463,316 ) Attributable to NCI: Balance as of June 30, 2020 $ (6,847 ) $ — $ — $ — $ (6,847 ) OCI before reclassifications (495 ) — — — (495 ) Amounts reclassified from AOCI — — — — — Net OCI (495 ) — — — (495 ) Balance as of September 30, 2020 $ (7,342 ) $ — $ — $ — $ (7,342 ) (in thousands) Foreign Ownership Defined Unrealized AOCI, Net Attributable to Fluor Corporation: Balance as of December 31, 2019 $ (242,950 ) $ (35,456 ) $ (99,197 ) $ (2,270 ) $ (379,873 ) OCI before reclassifications (73,537 ) (19,270 ) — 6,007 (86,800 ) Amounts reclassified from AOCI — 410 3,071 (124 ) 3,357 Net OCI (73,537 ) (18,860 ) 3,071 5,883 (83,443 ) Balance as of September 30, 2020 $ (316,487 ) $ (54,316 ) $ (96,126 ) $ 3,613 $ (463,316 ) Attributable to NCI: Balance as of December 31, 2019 $ (5,051 ) $ — $ — $ — $ (5,051 ) OCI before reclassifications (2,291 ) — — — (2,291 ) Amounts reclassified from AOCI — — — — — Net OCI (2,291 ) — — — (2,291 ) Balance as of September 30, 2020 $ (7,342 ) $ — $ — $ — $ (7,342 ) (in thousands) Foreign Ownership Defined Unrealized AOCI, Net Attributable to Fluor Corporation: Balance as of June 30, 2019 $ (282,346 ) $ (28,459 ) $ (200,546 ) $ 285 $ (511,066 ) OCI before reclassifications (40,583 ) 2,518 — (6,844 ) (44,909 ) Amounts reclassified from AOCI — 144 1,990 550 2,684 Net OCI (40,583 ) 2,662 1,990 (6,294 ) (42,225 ) Balance as of September 30, 2019 $ (322,929 ) $ (25,797 ) $ (198,556 ) $ (6,009 ) $ (553,291 ) Attributable to NCI: Balance as of June 30, 2019 $ (3,495 ) $ — $ — $ — $ (3,495 ) OCI before reclassifications (1,749 ) — — — (1,749 ) Amounts reclassified from AOCI — — — — — Net OCI (1,749 ) — — — (1,749 ) Balance as of September 30, 2019 $ (5,244 ) $ — $ — $ — $ (5,244 ) (in thousands) Foreign Ownership Defined Unrealized AOCI, Net Attributable to Fluor Corporation: Balance as of December 31, 2018 $ (309,800 ) $ (23,672 ) $ (204,649 ) $ (5,410 ) $ (543,531 ) OCI before reclassifications (13,129 ) (2,552 ) — (2,519 ) (18,200 ) Amounts reclassified from AOCI — 427 6,093 1,920 8,440 Net OCI (13,129 ) (2,125 ) 6,093 (599 ) (9,760 ) Balance as of September 30, 2019 $ (322,929 ) $ (25,797 ) $ (198,556 ) $ (6,009 ) $ (553,291 ) Attributable to NCI: Balance as of December 31, 2018 $ (3,701 ) $ — $ — $ — $ (3,701 ) OCI before reclassifications (1,543 ) — — — (1,543 ) Amounts reclassified from AOCI — — — — — Net OCI (1,543 ) — — — (1,543 ) Balance as of September 30, 2019 $ (5,244 ) $ — $ — $ — $ (5,244 ) |
Schedule of significant items reclassified out of AOCI and corresponding location and impact | Information about reclassifications out of AOCI follows: Three Months Ended Nine Months Ended (in thousands) Location in Statement of Operations 2020 2019 2020 2019 Component of AOCI: Ownership share of equity method investees’ OCI Cost of revenue $ (183 ) $ (192 ) $ (547 ) $ (569 ) Income tax benefit Income tax expense (benefit) 46 48 137 142 Net of tax $ (137 ) $ (144 ) $ (410 ) $ (427 ) Defined benefit plan adjustments Corporate G&A $ (1,070 ) $ (2,126 ) $ (3,071 ) $ (6,518 ) Income tax benefit Income tax expense (benefit) — 136 — 425 Net of tax $ (1,070 ) $ (1,990 ) $ (3,071 ) $ (6,093 ) Unrealized gain (loss) on derivative contracts: Commodity and foreign currency contracts Various accounts (1) $ 943 $ (496 ) $ 1,346 $ (1,958 ) Interest rate contracts Interest expense (419 ) (419 ) (1,258 ) (1,258 ) Income tax benefit Income tax expense (benefit) — 365 36 1,296 Net of tax $ 524 $ (550 ) $ 124 $ (1,920 ) (1) |
Discontinued Operations - (Tabl
Discontinued Operations - (Tables) | 9 Months Ended |
Sep. 30, 2020 | |
Discontinued Operations and Disposal Groups [Abstract] | |
Earnings from discontinued operations, net of tax | Disc Ops information follows: Three Months Ended Three Months Ended (in thousands) AMECO Other Total AMECO Other Total Revenue $ 58,236 $ — $ 58,236 $ 73,102 $ — $ 73,102 Cost of revenue 54,218 — 54,218 70,545 — 70,545 Corporate general and administrative expense 13 2,057 2,070 40 (27,848 ) (27,808 ) Interest expense (income), net 14 — 14 (107 ) — (107 ) Total cost and expenses 54,245 2,057 56,302 70,478 (27,848 ) 42,630 Earnings (loss) before taxes from Disc Ops 3,991 (2,057 ) 1,934 2,624 27,848 30,472 Income tax expense (benefit) 1,720 — 1,720 581 6,438 7,019 Net earnings (loss) from Disc Ops 2,271 (2,057 ) 214 2,043 21,410 23,453 Nine Months Ended Nine Months Ended (in thousands) AMECO Other Total AMECO Other Total Revenue $ 169,441 $ — $ 169,441 $ 197,708 $ — $ 197,708 Cost of revenue 147,000 — 147,000 211,913 — 211,913 Corporate general and administrative expense 64 11,438 11,502 189 (22,929 ) (22,740 ) Impairment of assets held for sale 100,000 — 100,000 — — — Interest expense (income), net (26 ) — (26 ) (280 ) — (280 ) Total cost and expenses 247,038 11,438 258,476 211,822 (22,929 ) 188,893 Earnings (loss) before taxes from Disc Ops (77,597 ) (11,438 ) (89,035 ) (14,114 ) 22,929 8,815 Income tax expense (benefit) 3,662 — 3,662 (2,535 ) 5,301 2,766 Net earnings (loss) from Disc Ops (81,259 ) (11,438 ) (92,697 ) (11,579 ) 17,628 6,049 |
Assets and liabilities held for sale | The carrying amounts of the major classes of assets and liabilities of Disc Ops and classified as held for sale as of September 30, 2020 and December 31, 2019 follow: September 30, 2020 December 31, 2019 (in thousands) AMECO Other Total from Disc Ops Other Assets and Liabilities from Cont Ops Total AMECO Other Total from Disc Ops Other Assets and Liabilities from Cont Ops Total Accounts and notes receivable, net $ 37,083 $ 15,925 $ 53,008 $ 49 $ 53,057 $ 69,126 $ 15,925 $ 85,051 $ 17,513 $ 102,564 Contract assets 2,501 — 2,501 — 2,501 3,497 — 3,497 3,779 7,276 Other current assets 45,438 — 45,438 3,004 48,442 54,116 — 54,116 8,112 62,228 Current assets held for sale $ 85,022 $ 15,925 $ 100,947 $ 3,053 $ 104,000 $ 126,739 $ 15,925 $ 142,664 $ 29,404 $ 172,068 Property, plant and equipment, net $ 111,307 $ — $ 111,307 $ 45,740 $ 157,047 $ 232,792 $ — $ 232,792 $ 64,792 $ 297,584 Goodwill 37 — 37 — 37 12,338 — 12,338 9,295 21,633 Investments — — — 7,468 7,468 — — — 7,293 7,293 Other assets 8,870 — 8,870 18,603 27,473 5,868 — 5,868 12,654 18,522 Noncurrent assets held for sale (1) $ 120,214 $ — $ 120,214 $ 71,811 $ 192,025 $ 250,998 $ — $ 250,998 $ 94,034 $ 345,032 Total assets held for sale $ 205,236 $ 15,925 $ 221,161 $ 74,864 $ 296,025 $ 377,737 $ 15,925 $ 393,662 $ 123,438 $ 517,100 Accounts payable $ 14,559 $ 18 $ 14,577 $ 176 $ 14,753 $ 24,692 $ — $ 24,692 $ 6,702 $ 31,394 Contract liabilities 139 — 139 25 164 4,466 — 4,466 25 4,491 Accrued salaries, wages and benefits 5,938 — 5,938 145 6,083 8,913 — 8,913 919 9,832 Other accrued liabilities 10,322 — 10,322 229 10,551 9,451 — 9,451 11,562 21,013 Current liabilities held for sale $ 30,958 $ 18 $ 30,976 $ 575 $ 31,551 $ 47,522 $ — $ 47,522 $ 19,208 $ 66,730 Noncurrent liabilities held for sale (1) $ 6,033 $ — $ 6,033 $ — $ 6,033 $ 4,272 $ — $ 4,272 $ 11,320 $ 15,592 Total liabilities held for sale $ 36,991 $ 18 $ 37,009 $ 575 $ 37,584 $ 51,794 $ — $ 51,794 $ 30,528 $ 82,322 (1) Noncurrent assets and liabilities held for sale were classified as current as we expect to complete the sale of the AMECO business within the first half of 2021. |
Recent Accounting Pronounceme_3
Recent Accounting Pronouncements - (Details) - USD ($) $ in Thousands | Sep. 30, 2020 | Jan. 01, 2020 | Dec. 31, 2019 |
New Accounting Pronouncements or Change in Accounting Principle [Line Items] | |||
Allowance for credit loss | $ 35,000 | $ 35,000 | |
Retained earnings | $ (1,413,242) | $ (1,700,912) | |
Accounting Standards Update 2016-13 | Cumulative Effect, Period of Adoption, Adjustment | Retained Earnings | |||
New Accounting Pronouncements or Change in Accounting Principle [Line Items] | |||
Allowance for credit loss | $ 2,000 | ||
Retained earnings | $ 2,000 |
Earnings Per Share - Narrative
Earnings Per Share - Narrative (Details) - USD ($) $ / shares in Units, shares in Thousands, $ in Thousands | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2020 | Sep. 30, 2019 | Sep. 30, 2020 | Sep. 30, 2019 | |
Amounts attributable to Fluor Corporation: | ||||
Net earnings (loss) from continuing operations | $ 19,127 | $ (766,552) | $ (178,911) | $ (1,232,073) |
Net earnings (loss) from Disc Ops | 214 | 23,453 | (92,697) | 6,049 |
Net earnings (loss) | $ 19,341 | $ (743,099) | $ (271,608) | $ (1,226,024) |
Basic EPS attributable to Fluor Corporation: | ||||
Weighted average common shares outstanding (shares) | 140,598 | 140,163 | 140,465 | 140,027 |
Earnings (loss) from continuing operations (in dollars per share) | $ 0.14 | $ (5.47) | $ (1.27) | $ (8.80) |
Earnings (loss) from discontinued operations, net of taxes (in dollars per share) | 0 | 0.17 | (0.66) | 0.04 |
Net earnings (in dollars per share) | $ 0.14 | $ (5.30) | $ (1.93) | $ (8.76) |
Diluted EPS attributable to Fluor Corporation: | ||||
Weighted average common shares outstanding (shares) | 140,598 | 140,163 | 140,465 | 140,027 |
Diluted effect: | ||||
Employee stock options, restricted stock units and shares and Value Driver Incentive units (in shares) | 570 | 0 | 0 | 0 |
Weighted average diluted shares outstanding (in shares) | 141,168 | 140,163 | 140,465 | 140,027 |
Earnings (loss) from continuing operations (in dollars per share) | $ 0.14 | $ (5.47) | $ (1.27) | $ (8.80) |
Earnings, (loss) from discontinued operations, net of taxes (in dollars per share) | 0 | 0.17 | (0.66) | 0.04 |
Net earnings (in dollars per share) | $ 0.14 | $ (5.30) | $ (1.93) | $ (8.76) |
Anti-dilutive securities not included above (in shares) | 0 | 489 | 464 | 585 |
Operating Information by Segm_3
Operating Information by Segment and Geographic Area - Narrative (Details) $ / shares in Units, $ in Thousands | 3 Months Ended | 9 Months Ended | |||
Sep. 30, 2020USD ($) | Mar. 31, 2020USD ($) | Sep. 30, 2019USD ($)$ / shares | Sep. 30, 2020USD ($)$ / shares | Sep. 30, 2019USD ($)project$ / shares | |
Segment reporting information | |||||
Revenue | $ 3,803,210 | $ 4,628,578 | $ 12,012,759 | $ 12,908,594 | |
General and Administrative Expense | |||||
Segment reporting information | |||||
Foreign currency transaction gain (loss), before tax | (30,000) | 15,000 | |||
Energy & Chemicals | |||||
Segment reporting information | |||||
Equity method investments in the Energy & Chemicals business | 86,096 | 256,769 | |||
Energy & Chemicals | Credit Losses Associated with Clients Affected by Impacts of COVID-19 | |||||
Segment reporting information | |||||
Allowance for doubtful other receivables, current | 55,000 | 55,000 | |||
Energy & Chemicals | |||||
Segment reporting information | |||||
Change in cost and schedule impacts | $ 87,000 | $ 31,000 | |||
Change in cost and schedule impacts (in dollars per share) | $ / shares | $ 0.50 | $ 0.22 | |||
Equity method investments in the Energy & Chemicals business | $ 86,000 | ||||
Energy & Chemicals | Award estimation costs | |||||
Segment reporting information | |||||
Charges from write-off of pre-contract costs | $ 26,000 | ||||
Charges from write-off of pre contract costs per diluted share (in dollars per share) | $ / shares | $ 0.15 | ||||
Diversified Services | |||||
Segment reporting information | |||||
Goodwill associated with the Diversified Services reporting unit | 168,568 | $ 0 | |||
Intangible customer relationships associated with the Stork business | 27,000 | ||||
Decrease in accounts receivable and other operating assets | 105,000 | ||||
Other | Warren project | Warren Project | |||||
Segment reporting information | |||||
Effect of forecast revision on estimated project cost | $ 59,000 | ||||
Effect of forecast revision on estimated project cost (in dollars per share) | $ / shares | $ 0.42 | ||||
Other | Warren project | Radford Project | |||||
Segment reporting information | |||||
Effect of forecast revision on estimated project cost | $ 21,000 | $ 83,000 | |||
Effect of forecast revision on estimated project cost (in dollars per share) | $ / shares | $ 0.11 | $ 0.45 | |||
Reportable segments | |||||
Segment reporting information | |||||
Revenue | 3,803,200 | $ 4,628,600 | $ 12,012,800 | 12,908,600 | |
Reportable segments | Energy & Chemicals | |||||
Segment reporting information | |||||
Revenue | 1,336,000 | 1,611,600 | 4,187,400 | $ 4,485,200 | |
Reportable segments | Infrastructure & Power | |||||
Segment reporting information | |||||
Number of downstream projects | project | 3 | ||||
Revenue | 386,500 | 392,500 | 1,247,100 | $ 965,900 | |
Reportable segments | Infrastructure & Power | Forecast revisions for estimated cost growth for a fixed-price, gas-fired power plant project | |||||
Segment reporting information | |||||
Effect of forecast revision on estimated project cost | $ 135,000 | ||||
Effect of forecast revision on estimated project cost (in dollars per share) | $ / shares | $ 0.74 | ||||
Reportable segments | Infrastructure & Power | Late engineering change | |||||
Segment reporting information | |||||
Effect of forecast revision on estimated project cost | $ 55,000 | ||||
Effect of forecast revision on estimated project cost (in dollars per share) | $ / shares | $ 0.30 | ||||
Reportable segments | Diversified Services | |||||
Segment reporting information | |||||
Revenue | 370,300 | 521,700 | 1,210,300 | $ 1,525,000 | |
Reportable segments | Other | |||||
Segment reporting information | |||||
Revenue | 35,800 | 10,600 | 87,000 | 32,700 | |
Reportable segments | Other | Nu Scale Power | |||||
Segment reporting information | |||||
Research and development expense | 22,000 | 14,000 | 63,000 | 48,000 | |
Reportable segments | Other | 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 | 20,000 | 16,000 | 53,000 | 43,000 | |
Intersegment Eliminations | Diversified Services | |||||
Segment reporting information | |||||
Revenue | $ 61,000 | $ 81,000 | $ 200,000 | $ 253,000 | |
North America | Energy & Chemicals | |||||
Segment reporting information | |||||
Number of downstream projects | project | 2 | ||||
North America | Energy & Chemicals | Forecast Revisions For Estimated Cost Growth On An Offshore Project | |||||
Segment reporting information | |||||
Pre-tax charges adversely affecting earnings before taxes | $ 240,000 | ||||
Pre-tax charges adversely affecting earnings before taxes (in dollars per share) | $ / shares | $ 1.40 |
Operating Information by Segm_4
Operating Information by Segment and Geographic Area - External Revenue and Segment Profit (Loss) (Details) - USD ($) $ in Thousands | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2020 | Sep. 30, 2019 | Sep. 30, 2020 | Sep. 30, 2019 | |
Segment Reporting Information [Line Items] | ||||
Revenue | $ 3,803,210 | $ 4,628,578 | $ 12,012,759 | $ 12,908,594 |
Corporate G&A | (68,085) | (11,167) | (93,770) | (119,721) |
Earnings (loss) from Cont Ops before taxes | 52,230 | (258,800) | (165,318) | (799,640) |
Continuing Operations | ||||
Segment Reporting Information [Line Items] | ||||
Corporate G&A | (68,100) | (11,200) | (93,800) | (119,700) |
Impairment, restructuring and other exit costs | 0 | (334,000) | (302,700) | (388,000) |
Interest income (expense), net | (13,400) | (4,900) | (31,300) | (14,700) |
Earnings (loss) attributable to NCI from Cont Ops | 4,300 | 12,500 | 20,500 | (2,400) |
Earnings (loss) from Cont Ops before taxes | 52,200 | (258,800) | (165,300) | (799,600) |
Reportable segments | ||||
Segment Reporting Information [Line Items] | ||||
Revenue | 3,803,200 | 4,628,600 | 12,012,800 | 12,908,600 |
Reportable segments | Continuing Operations | ||||
Segment Reporting Information [Line Items] | ||||
Segment Profit (loss) | 129,400 | 78,800 | 242,000 | (274,800) |
Energy & Chemicals | Reportable segments | ||||
Segment Reporting Information [Line Items] | ||||
Revenue | 1,336,000 | 1,611,600 | 4,187,400 | 4,485,200 |
Energy & Chemicals | Reportable segments | Continuing Operations | ||||
Segment Reporting Information [Line Items] | ||||
Segment Profit (loss) | 94,900 | 84,700 | 129,400 | (125,100) |
Mining & Industrial | Reportable segments | ||||
Segment Reporting Information [Line Items] | ||||
Revenue | 920,900 | 1,374,000 | 3,107,800 | 3,703,600 |
Mining & Industrial | Reportable segments | Continuing Operations | ||||
Segment Reporting Information [Line Items] | ||||
Segment Profit (loss) | 18,200 | 56,900 | 86,700 | 129,100 |
Infrastructure & Power | Reportable segments | ||||
Segment Reporting Information [Line Items] | ||||
Revenue | 386,500 | 392,500 | 1,247,100 | 965,900 |
Infrastructure & Power | Reportable segments | Continuing Operations | ||||
Segment Reporting Information [Line Items] | ||||
Segment Profit (loss) | 6,400 | 900 | 15,100 | (188,000) |
Government | Reportable segments | ||||
Segment Reporting Information [Line Items] | ||||
Revenue | 753,700 | 718,200 | 2,173,200 | 2,196,200 |
Government | Reportable segments | Continuing Operations | ||||
Segment Reporting Information [Line Items] | ||||
Segment Profit (loss) | 25,700 | 22,400 | 67,100 | 87,200 |
Diversified Services | Reportable segments | ||||
Segment Reporting Information [Line Items] | ||||
Revenue | 370,300 | 521,700 | 1,210,300 | 1,525,000 |
Diversified Services | Reportable segments | Continuing Operations | ||||
Segment Reporting Information [Line Items] | ||||
Segment Profit (loss) | 7,100 | 10,500 | 7,400 | 22,200 |
Other | Reportable segments | ||||
Segment Reporting Information [Line Items] | ||||
Revenue | 35,800 | 10,600 | 87,000 | 32,700 |
Other | Reportable segments | Continuing Operations | ||||
Segment Reporting Information [Line Items] | ||||
Segment Profit (loss) | $ (22,900) | $ (96,600) | $ (63,700) | $ (200,200) |
Operating Information by Segm_5
Operating Information by Segment and Geographic Area - Total Assets (Details) - USD ($) $ in Thousands | Sep. 30, 2020 | Dec. 31, 2019 |
Segment reporting information | ||
Total assets | $ 7,271,650 | $ 7,966,658 |
Energy & Chemicals | Reportable segments | ||
Segment reporting information | ||
Total assets | 1,022,300 | 1,139,300 |
Mining & Industrial | Reportable segments | ||
Segment reporting information | ||
Total assets | 487,600 | 594,900 |
Infrastructure & Power | Reportable segments | ||
Segment reporting information | ||
Total assets | 591,300 | 471,200 |
Government | Reportable segments | ||
Segment reporting information | ||
Total assets | 572,200 | 629,100 |
Diversified Services | Reportable segments | ||
Segment reporting information | ||
Total assets | 921,900 | 1,290,600 |
Other | ||
Segment reporting information | ||
Total assets | 49,400 | 68,500 |
Corporate | ||
Segment reporting information | ||
Total assets | $ 3,405,800 | $ 3,379,300 |
Operating Information by Segm_6
Operating Information by Segment and Geographic Area - External Revenue and Total Assets by Geographic Area (Details) - USD ($) $ in Thousands | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2020 | Sep. 30, 2019 | Sep. 30, 2020 | Sep. 30, 2019 | |
Revenues from External Customers and Long-Lived Assets [Line Items] | ||||
Revenue | $ 3,803,210 | $ 4,628,578 | $ 12,012,759 | $ 12,908,594 |
North America | ||||
Revenues from External Customers and Long-Lived Assets [Line Items] | ||||
Revenue | 2,405,200 | 2,206,500 | 7,395,900 | 6,043,300 |
Asia Pacific (includes Australia) | ||||
Revenues from External Customers and Long-Lived Assets [Line Items] | ||||
Revenue | 350,100 | 492,500 | 1,036,700 | 1,391,200 |
Europe | ||||
Revenues from External Customers and Long-Lived Assets [Line Items] | ||||
Revenue | 664,200 | 605,300 | 2,128,800 | 2,573,400 |
Central and South America | ||||
Revenues from External Customers and Long-Lived Assets [Line Items] | ||||
Revenue | 251,900 | 714,800 | 1,017,900 | 1,743,000 |
Middle East and Africa | ||||
Revenues from External Customers and Long-Lived Assets [Line Items] | ||||
Revenue | $ 131,800 | $ 609,500 | $ 433,500 | $ 1,157,700 |
Impairment, Restructuring and_3
Impairment, Restructuring and Other Exit Costs - Narrative (Details) $ in Millions | 3 Months Ended | 9 Months Ended | |
Sep. 30, 2019USD ($) | Sep. 30, 2020USD ($) | Sep. 30, 2019USD ($) | |
Restructuring [Line Items] | |||
Severance | $ 68.9 | ||
Revenue Growth Rate | Level 3 | Minimum | Customer Relationships | |||
Restructuring [Line Items] | |||
Intangible assets, measurement input | 0.02 | ||
Revenue Growth Rate | Level 3 | Maximum | Customer Relationships | |||
Restructuring [Line Items] | |||
Intangible assets, measurement input | 0.055 | ||
Long-term Revenue Growth Rate | Level 3 | Customer Relationships | |||
Restructuring [Line Items] | |||
Intangible assets, measurement input | 0.024 | ||
Cost of Capital | Level 3 | Customer Relationships | |||
Restructuring [Line Items] | |||
Intangible assets, measurement input | 0.12 | ||
Customer Attrition Factor | Level 3 | Customer Relationships | |||
Restructuring [Line Items] | |||
Intangible assets, measurement input | 0.10 | ||
AMECO | |||
Restructuring [Line Items] | |||
Severance | $ 44 | $ 5 | $ 98 |
Impairment, Restructuring and_4
Impairment, Restructuring and Other Exit Costs - Restructuring Costs (Details) $ in Millions | 9 Months Ended |
Sep. 30, 2020USD ($) | |
Recognized to Date | |
Severance | $ 68.9 |
Asset impairments | 90.4 |
Entity liquidation costs (including the recognition of cumulative translation adjustments) | 83.7 |
Other exit costs | 2.1 |
Total restructuring and other exit costs | 245.1 |
Total Cost Expected to be Incurred | |
Severance | 70 |
Asset impairments | 90.4 |
Entity liquidation costs (including the recognition of cumulative translation adjustments) | 85 |
Other exit costs | 5 |
Total restructuring and other exit costs | $ 250.4 |
Impairment, Restructuring and_5
Impairment, Restructuring and Other Exit Costs - Restructuring Liability (Details) - USD ($) $ in Thousands | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2020 | Sep. 30, 2019 | Sep. 30, 2020 | Sep. 30, 2019 | |
Restructuring Reserve [Roll Forward] | ||||
Restructuring charges recognized during the period | $ 0 | $ 333,988 | $ 302,662 | $ 388,027 |
Severance | ||||
Restructuring Reserve [Roll Forward] | ||||
Balance as of December 31, 2019 | 46,303 | |||
Restructuring charges recognized during the period | 4,219 | |||
Cash payments / settlements during the period | (21,366) | |||
Currency translation | 426 | |||
Balance as of September 30, 2020 | 29,582 | 29,582 | ||
Lease Exit Costs | ||||
Restructuring Reserve [Roll Forward] | ||||
Balance as of December 31, 2019 | 570 | |||
Restructuring charges recognized during the period | 102 | |||
Cash payments / settlements during the period | (640) | |||
Currency translation | 0 | |||
Balance as of September 30, 2020 | 32 | 32 | ||
Other | ||||
Restructuring Reserve [Roll Forward] | ||||
Balance as of December 31, 2019 | 307 | |||
Restructuring charges recognized during the period | 737 | |||
Cash payments / settlements during the period | (552) | |||
Currency translation | (1) | |||
Balance as of September 30, 2020 | 491 | 491 | ||
Total | ||||
Restructuring Reserve [Roll Forward] | ||||
Balance as of December 31, 2019 | 47,180 | |||
Restructuring charges recognized during the period | 5,058 | |||
Cash payments / settlements during the period | (22,558) | |||
Currency translation | 425 | |||
Balance as of September 30, 2020 | $ 30,105 | $ 30,105 |
Impairment, Restructuring and_6
Impairment, Restructuring and Other Exit Costs - Schedule of Impairment (Details) - USD ($) $ in Thousands | 9 Months Ended | |
Sep. 30, 2020 | Sep. 30, 2019 | |
Restructuring [Line Items] | ||
Total impairment expense | $ 297,604 | $ 290,426 |
Diversified Services | ||
Restructuring [Line Items] | ||
Goodwill associated with the Diversified Services reporting unit | 168,568 | 0 |
Intangible customer relationships associated with the Stork business | 27,000 | |
Stork business | ||
Restructuring [Line Items] | ||
Intangible customer relationships associated with the Stork business | 26,671 | 33,657 |
Energy & Chemicals | ||
Restructuring [Line Items] | ||
Equity method investments in the Energy & Chemicals business | 86,096 | 256,769 |
Technology-Based Intangible Assets | ||
Restructuring [Line Items] | ||
Information technology assets | $ 16,269 | $ 0 |
Income Taxes - Narrative (Detai
Income Taxes - Narrative (Details) | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2020 | Sep. 30, 2019 | Sep. 30, 2020 | Sep. 30, 2019 | |
Income Tax Disclosure [Abstract] | ||||
Effective tax rate, continuing operations (as a percent) | 55.10% | (191.40%) | 4.20% | (54.40%) |
Cash Paid for Interest and Ta_3
Cash Paid for Interest and Taxes - Schedule of Interest and taxes (Details) - USD ($) $ in Thousands | 9 Months Ended | |
Sep. 30, 2020 | Sep. 30, 2019 | |
Cash paid during the year for: | ||
Interest | $ 54,677 | $ 59,067 |
Income taxes (net of refunds) | $ 29,367 | $ 180,005 |
Partnerships and Joint Ventur_2
Partnerships and Joint Ventures - Ownership and Receivables (Details) - USD ($) $ in Millions | 3 Months Ended | 9 Months Ended | |
Mar. 31, 2020 | Sep. 30, 2020 | Dec. 31, 2019 | |
Cooec Fluor Heavy Industries Co. Limited | |||
Variable interest entity information | |||
Commitment amount | $ 26 | ||
Unconsolidated variable interest entities | Accounts and notes receivable, net | |||
Variable interest entity information | |||
Receivables related to work performed for unconsolidated partnerships and joint ventures | $ 191 | $ 149 | |
Energy & Chemicals | |||
Variable interest entity information | |||
Equity method investments in the Energy & Chemicals business | $ 86 | ||
Cooec Fluor Heavy Industries Co. Limited | |||
Variable interest entity information | |||
Ownership percentage | 49.00% | ||
Discontinued Operations, Disposed of by Sale | SACYR | Energy & Chemicals | |||
Variable interest entity information | |||
Ownership percentage | 50.00% | ||
Loss on sale of investments | $ 11 | ||
Partnership | Fluor Corporation | Majority | |||
Variable interest entity information | |||
Entity's interest in partnership or joint venture (as a percent) | 50.00% |
Partnerships and Joint Ventur_3
Partnerships and Joint Ventures - Variable Interest Entities (Details) - USD ($) $ in Thousands | Sep. 30, 2020 | Dec. 31, 2019 |
Variable interest entity information | ||
Assets | $ 7,271,650 | $ 7,966,658 |
Unconsolidated variable interest entities | ||
Variable interest entity information | ||
Net carrying value of the unconsolidated VIEs | 241,000 | 217,000 |
Unconsolidated variable interest entities | Future funding commitment | ||
Variable interest entity information | ||
Commitment amount | 77,000 | |
Consolidated variable interest entities | ||
Variable interest entity information | ||
Assets | 1,300,000 | 1,100,000 |
Liabilities | $ 816,000 | $ 798,000 |
Contingencies and Commitments -
Contingencies and Commitments - Narrative (Details) $ in Millions | Aug. 23, 2019AUD ($) | Dec. 13, 2016AUD ($) | Sep. 30, 2018action | Jun. 23, 2020 | Sep. 30, 2020USD ($) | Dec. 31, 2019USD ($) | Aug. 31, 2019USD ($) | Aug. 23, 2019USD ($) | Aug. 12, 2016USD ($) |
Loss Contingencies [Line Items] | |||||||||
Number of actions filed | action | 9 | ||||||||
Contracts receivable | $ 214,000,000 | $ 198,000,000 | |||||||
Amount of disputed back charges | $ 1,000,000 | $ 2,000,000 | |||||||
Pending litigation | |||||||||
Loss Contingencies [Line Items] | |||||||||
Damages sought | $ 1,470 | ||||||||
Sadara Chemical Company | Pending litigation | |||||||||
Loss Contingencies [Line Items] | |||||||||
Estimate of possible loss | $ 574,000,000 | ||||||||
Damages sought | $ 100 | ||||||||
Fluor/TECHINT | Pending litigation | |||||||||
Loss Contingencies [Line Items] | |||||||||
Estimate of possible loss | $ 250,000,000 | ||||||||
Purple Line Transit Project | Minimum | |||||||||
Loss Contingencies [Line Items] | |||||||||
Right to terminate contract, period | 365 days | ||||||||
DB Contract | Minimum | |||||||||
Loss Contingencies [Line Items] | |||||||||
Right to terminate contract, period | 365 days | ||||||||
Barrick | Fluor/TECHINT | |||||||||
Loss Contingencies [Line Items] | |||||||||
Letters of credit outstanding, amount | $ 36,000,000 | ||||||||
Parent Company | Barrick | Fluor/TECHINT | |||||||||
Loss Contingencies [Line Items] | |||||||||
Letters of credit outstanding, amount | 24,000,000 | ||||||||
Partnership Interest | Barrick | Fluor/TECHINT | |||||||||
Loss Contingencies [Line Items] | |||||||||
Letters of credit outstanding, amount | $ 12,000,000 | ||||||||
Purple Line Transit Partners, LLC | |||||||||
Loss Contingencies [Line Items] | |||||||||
Ownership interest | 15.00% | ||||||||
Purple Line Transit Constructors, LLC | |||||||||
Loss Contingencies [Line Items] | |||||||||
Ownership interest | 50.00% |
Guarantees - Narrative (Details
Guarantees - Narrative (Details) $ in Billions | Sep. 30, 2020USD ($) |
Performance Guarantee | |
Guarantees | |
Estimated performance guarantees outstanding | $ 15 |
Contract Assets and Liabiliti_3
Contract Assets and Liabilities - (Details) - USD ($) $ in Thousands | 9 Months Ended | ||
Sep. 30, 2020 | Sep. 30, 2019 | Dec. 31, 2019 | |
Revenue from Contract with Customer [Abstract] | |||
Contract assets | $ 737,000 | $ 851,000 | |
Unbilled receivables | 396,000 | 387,000 | |
Contract assets | 1,132,976 | 1,238,173 | |
Advance billings deducted from contract assets | 412,000 | $ 574,000 | |
Revenue recognized that was included in contract liabilities as of January 1 | $ 731,000 | $ 743,000 |
Remaining Unsatisfied Perform_3
Remaining Unsatisfied Performance Obligations - Schedule of remaining performance obligation (Details) $ in Millions | Sep. 30, 2020USD ($) |
Revenue from Contract with Customer [Abstract] | |
Remaining performance obligation | $ 25,782 |
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Start Date [Axis]: 2020-10-01 | |
Revenue from Contract with Customer [Abstract] | |
Remaining performance obligation | $ 12,045 |
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]: 2021-10-01 | |
Revenue from Contract with Customer [Abstract] | |
Remaining performance obligation | $ 8,117 |
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]: 2022-10-01 | |
Revenue from Contract with Customer [Abstract] | |
Remaining performance obligation | $ 5,620 |
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction [Line Items] | |
Remaining performance obligation (in years) |
Debt and Letters of Credit - Cr
Debt and Letters of Credit - Credit Facilities (Details) - 9 months ended Sep. 30, 2020 - Lines of credit | USD ($) | EUR (€) |
Financing Arrangements | ||
Amount outstanding under credit facilities | $ 384,000,000 | |
Committed credit line | ||
Financing Arrangements | ||
Current borrowing capacity | 654,000,000 | |
Committed credit line | $1.7 billion Revolving Loan and Letter of Credit Facility | ||
Financing Arrangements | ||
Maximum borrowing capacity | $ 1,700,000,000 | |
Committed credit line | $1.7 billion Revolving Loan and Letter of Credit Facility | Minimum | ||
Financing Arrangements | ||
Ratio of consolidated debt to tangible net worth (as a percent) | 60.00% | |
Committed credit line | $1.7 billion Revolving Loan and Letter of Credit Facility | Minimum | Subsidiaries | ||
Financing Arrangements | ||
Aggregate amount of debt | € | € 750,000,000 | |
Committed credit line | $1.7 billion Revolving Loan and Letter of Credit Facility | Maximum | ||
Financing Arrangements | ||
Ratio of consolidated debt to tangible net worth (as a percent) | 100.00% | |
Committed credit line | $1.7 billion Revolving Loan and Letter of Credit Facility | Maximum | Subsidiaries | ||
Financing Arrangements | ||
Aggregate amount of debt | $ 750,000,000 | |
Committed credit line | $1.8 billion Revolving Loan and Letter of Credit Facility | ||
Financing Arrangements | ||
Maximum borrowing capacity | 1,800,000,000 | |
Uncommitted Credit Line | ||
Financing Arrangements | ||
Amount outstanding under credit facilities | $ 792,000,000 |
Fair Value Measurements - Recu
Fair Value Measurements - Recurring Basis (Details) - USD ($) $ in Thousands | Sep. 30, 2020 | Dec. 31, 2019 |
Fair value of assets and liabilities measured on recurring basis | ||
Derivative assets | $ 10,295 | $ 6,638 |
Derivative liabilities | 4,495 | 6,332 |
Fair Value, Measurements, Recurring | ||
Fair value of assets and liabilities measured on recurring basis | ||
Deferred compensation trusts | 8,733 | 7,719 |
Fair Value, Measurements, Recurring | Foreign currency contracts | ||
Fair value of assets and liabilities measured on recurring basis | ||
Derivative assets | 10,942 | 7,167 |
Derivative liabilities | 4,495 | 6,561 |
Fair Value, Measurements, Recurring | Commodity | ||
Fair value of assets and liabilities measured on recurring basis | ||
Derivative assets | 46 | 46 |
Derivative liabilities | 6,920 | 1,247 |
Fair Value, Measurements, Recurring | Level 1 | ||
Fair value of assets and liabilities measured on recurring basis | ||
Deferred compensation trusts | 8,733 | 7,719 |
Fair Value, Measurements, Recurring | Level 2 | Foreign currency contracts | ||
Fair value of assets and liabilities measured on recurring basis | ||
Derivative assets | 10,942 | 7,167 |
Derivative liabilities | 4,495 | 6,561 |
Fair Value, Measurements, Recurring | Level 2 | Commodity | ||
Fair value of assets and liabilities measured on recurring basis | ||
Derivative assets | 46 | 46 |
Derivative liabilities | $ 6,920 | $ 1,247 |
Fair Value Measurements - Fina
Fair Value Measurements - Financial Instruments Not Required to be Measured at Fair Value (Details) - USD ($) $ in Thousands | Sep. 30, 2020 | Dec. 31, 2019 |
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 | $ 17,514 | $ 7,262 |
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 | 579,357 | 557,185 |
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 | 495,960 | 495,240 |
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 | 594,976 | 594,502 |
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 | 49,319 | 43,540 |
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 | 24,179 | 28,117 |
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 | 17,514 | 7,262 |
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 | 490,543 | 562,399 |
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 | 439,540 | 510,145 |
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 | 513,954 | 609,918 |
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 | 49,319 | 43,540 |
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 | 24,179 | 28,117 |
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 | 1,055,169 | 1,014,138 |
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 | 1,055,169 | 1,014,138 |
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 | 1,038,613 | 983,061 |
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 | $ 1,038,613 | $ 983,061 |
Stock-Based Plans - Narrative (
Stock-Based Plans - Narrative (Details) - $ / shares | 3 Months Ended | 9 Months Ended | |
Sep. 30, 2019 | Sep. 30, 2020 | Sep. 30, 2019 | |
Restricted stock units | Executives | |||
Stock-Based Plans | |||
Granted (in shares) | 1,098,926 | 1,065,139 | |
Granted, weighted average grant date fair value (in dollars per share) | $ 8.81 | $ 36.45 | |
Vesting period (in years) | 3 years | ||
Post-vest holding period (in years) | 3 years | ||
Restricted stock units | Director | |||
Stock-Based Plans | |||
Granted (in shares) | 0 | ||
Options | Executives | |||
Stock-Based Plans | |||
Granted (in shares) | 672,309 | 392,841 | |
Granted, weighted average grant date fair value (in dollars per share) | $ 8.81 | $ 29.03 | |
Vesting period (in years) | 3 years | ||
Expiration period (in years) | 10 years | ||
Stock-based VDI units | Executives | |||
Stock-Based Plans | |||
Granted (in shares) | 1,156,365 | 350,532 | |
Vesting period (in years) | 3 years | ||
Stock-based VDI units | 2020 VDI Plan | Executives | |||
Stock-Based Plans | |||
Expected amount of shares granted (in shares) | 385,455 | ||
Expected weighted average grant date fair value (in dollars per share) | $ 9.05 | ||
Stock-based VDI units | 2019 VDI Plan | Executives | |||
Stock-Based Plans | |||
Expected amount of shares granted (in shares) | 116,844 | ||
Expected weighted average grant date fair value (in dollars per share) | $ 9.77 | ||
Stock-based VDI units | 2018 VDI Plan | Executives | |||
Stock-Based Plans | |||
Expected amount of shares granted (in shares) | 68,866 | ||
Expected weighted average grant date fair value (in dollars per share) | $ 10.75 |
Retirement Benefits - Narrative
Retirement Benefits - Narrative (Details) - Defined Benefit Pension Plans - USD ($) $ in Thousands | 3 Months Ended | 9 Months Ended | |||
Dec. 31, 2020 | Sep. 30, 2020 | Sep. 30, 2019 | Sep. 30, 2020 | Sep. 30, 2019 | |
Net periodic pension expense for defined benefit pension plans | |||||
Service cost | $ 4,632 | $ 3,917 | $ 13,391 | $ 11,846 | |
Interest cost | 2,530 | 4,832 | 7,312 | 14,731 | |
Expected return on assets | (6,723) | (8,068) | (19,419) | (24,540) | |
Amortization of prior service credit | (231) | (220) | (667) | (667) | |
Recognized net actuarial loss | 1,484 | 2,529 | 4,286 | 7,736 | |
Net periodic pension expense | 1,692 | $ 2,990 | 4,903 | $ 9,106 | |
Subsequent Event | |||||
Net periodic pension expense for defined benefit pension plans | |||||
Company contributions | $ 2,000 | ||||
Maximum | |||||
Net periodic pension expense for defined benefit pension plans | |||||
Expected contributions | $ 15,000 | $ 15,000 |
Derivatives and Hedging - Narra
Derivatives and Hedging - Narrative (Details) $ in Millions | Sep. 30, 2020USD ($) |
Foreign currency contracts | |
Derivatives, Fair Value [Line Items] | |
Gross notional amounts | $ 754 |
Foreign currency contracts | Not Designated as Hedging Instrument | |
Derivatives, Fair Value [Line Items] | |
Gross notional amounts | 116 |
Commodity contracts | Designated as Hedging Instrument | |
Derivatives, Fair Value [Line Items] | |
Gross notional amounts | 0 |
Commodity contracts | Not Designated as Hedging Instrument | |
Derivatives, Fair Value [Line Items] | |
Gross notional amounts | 23 |
Embedded derivatives | |
Derivatives, Fair Value [Line Items] | |
Gross notional amounts | $ 9 |
Derivatives and Hedging - Notio
Derivatives and Hedging - Notional Amounts and Fair Values (Details) - USD ($) $ in Thousands | Sep. 30, 2020 | Dec. 31, 2019 |
Derivatives, Fair Value [Line Items] | ||
Asset Derivatives | $ 10,295 | $ 6,638 |
Liability Derivatives | 4,495 | 6,332 |
Foreign currency contracts | Other current assets | ||
Derivatives, Fair Value [Line Items] | ||
Asset Derivatives | 7,076 | 2,871 |
Foreign currency contracts | Other assets | ||
Derivatives, Fair Value [Line Items] | ||
Asset Derivatives | 3,219 | 3,757 |
Foreign currency contracts | Other accrued liabilities | ||
Derivatives, Fair Value [Line Items] | ||
Liability Derivatives | 3,105 | 1,585 |
Foreign currency contracts | Noncurrent liabilities | ||
Derivatives, Fair Value [Line Items] | ||
Liability Derivatives | 1,390 | 4,747 |
Commodity contracts | Other current assets | ||
Derivatives, Fair Value [Line Items] | ||
Asset Derivatives | 0 | 10 |
Commodity contracts | Other accrued liabilities | ||
Derivatives, Fair Value [Line Items] | ||
Liability Derivatives | $ 0 | $ 0 |
Derivatives and Hedging - Gains
Derivatives and Hedging - Gains (Losses) Associated with Fair Value and Cash Flow Hedges (Details) - USD ($) $ in Thousands | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2020 | Sep. 30, 2019 | Sep. 30, 2020 | Sep. 30, 2019 | |
Derivative Instruments, Gain (Loss) | ||||
After-Tax Amount of Gain (Loss) Recognized in OCI | $ 10,112 | $ (6,844) | $ 6,007 | $ (2,519) |
After-Tax Amount of Gain (Loss) Reclassified from AOCI into Earnings | 524 | (550) | 124 | (1,920) |
Foreign currency contracts | ||||
Derivative Instruments, Gain (Loss) | ||||
After-Tax Amount of Gain (Loss) Recognized in OCI | 10,112 | (8,611) | 6,115 | (4,285) |
Foreign currency contracts | Total cost of revenue | ||||
Derivative Instruments, Gain (Loss) | ||||
After-Tax Amount of Gain (Loss) Reclassified from AOCI into Earnings | 943 | (288) | 1,482 | (1,134) |
Commodity | ||||
Derivative Instruments, Gain (Loss) | ||||
After-Tax Amount of Gain (Loss) Recognized in OCI | 0 | 1,767 | (108) | 1,766 |
Commodity | Total cost of revenue | ||||
Derivative Instruments, Gain (Loss) | ||||
After-Tax Amount of Gain (Loss) Reclassified from AOCI into Earnings | 0 | 0 | (100) | 0 |
Interest rate contracts | Interest expense | ||||
Derivative Instruments, Gain (Loss) | ||||
After-Tax Amount of Gain (Loss) Reclassified from AOCI into Earnings | $ (419) | $ (262) | $ (1,258) | $ (786) |
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 | 9 Months Ended | ||
Sep. 30, 2020 | Sep. 30, 2019 | Sep. 30, 2020 | Sep. 30, 2019 | |
Other comprehensive income (loss), Before-Tax Amount: | ||||
Before-Tax Amount | $ 15,312 | $ (49,889) | $ (84,713) | $ (16,741) |
Other comprehensive income (loss), Tax Benefit (Expense): | ||||
Tax Benefit (Expense) | (487) | 5,915 | (1,021) | 5,438 |
Other comprehensive income (loss), Net-of-Tax Amount: | ||||
Total OCI, net of tax | 14,825 | (43,974) | (85,734) | (11,303) |
Foreign currency translation adjustments | ||||
Other comprehensive income (loss), Before-Tax Amount: | ||||
Before-Tax Amount | 4,201 | (47,577) | (75,828) | (19,956) |
Other comprehensive income (loss), Tax Benefit (Expense): | ||||
Tax Benefit (Expense) | 0 | 5,245 | 0 | 5,284 |
Other comprehensive income (loss), Net-of-Tax Amount: | ||||
Total OCI, net of tax | 4,201 | (42,332) | (75,828) | (14,672) |
Ownership share of equity method investees’ OCI | ||||
Other comprehensive income (loss), Before-Tax Amount: | ||||
Before-Tax Amount | (1,287) | 3,593 | (18,707) | (3,302) |
Other comprehensive income (loss), Tax Benefit (Expense): | ||||
Tax Benefit (Expense) | 1,253 | (931) | (153) | 1,177 |
Other comprehensive income (loss), Net-of-Tax Amount: | ||||
Total OCI, net of tax | (34) | 2,662 | (18,860) | (2,125) |
Defined benefit plan adjustments | ||||
Other comprehensive income (loss), Before-Tax Amount: | ||||
Before-Tax Amount | 1,070 | 2,126 | 3,071 | 6,518 |
Other comprehensive income (loss), Tax Benefit (Expense): | ||||
Tax Benefit (Expense) | 0 | (136) | 0 | (425) |
Other comprehensive income (loss), Net-of-Tax Amount: | ||||
Total OCI, net of tax | 1,070 | 1,990 | 3,071 | 6,093 |
Unrealized gain (loss) on derivative contracts | ||||
Other comprehensive income (loss), Before-Tax Amount: | ||||
Before-Tax Amount | 11,328 | (8,031) | 6,751 | (1) |
Other comprehensive income (loss), Tax Benefit (Expense): | ||||
Tax Benefit (Expense) | (1,740) | 1,737 | (868) | (598) |
Other comprehensive income (loss), Net-of-Tax Amount: | ||||
Total OCI, net of tax | 9,588 | (6,294) | 5,883 | (599) |
Less: OCI attributable to NCI | ||||
Other comprehensive income (loss), Before-Tax Amount: | ||||
Before-Tax Amount | (495) | (1,749) | (2,291) | (1,543) |
Other comprehensive income (loss), Tax Benefit (Expense): | ||||
Tax Benefit (Expense) | 0 | 0 | 0 | 0 |
Other comprehensive income (loss), Net-of-Tax Amount: | ||||
Total OCI, net of tax | (495) | (1,749) | (2,291) | (1,543) |
Accumulated Other Comprehensive Loss | ||||
Other comprehensive income (loss), Before-Tax Amount: | ||||
Before-Tax Amount | 15,807 | (48,140) | (82,422) | (15,198) |
Other comprehensive income (loss), Tax Benefit (Expense): | ||||
Tax Benefit (Expense) | (487) | 5,915 | (1,021) | 5,438 |
Other comprehensive income (loss), Net-of-Tax Amount: | ||||
Total OCI, net of tax | $ 15,320 | $ (42,225) | $ (83,443) | $ (9,760) |
Other Comprehensive Income (L_4
Other Comprehensive Income (Loss) - Changes in AOCI Balances by Component (Details) - USD ($) $ in Thousands | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2020 | Sep. 30, 2019 | Sep. 30, 2020 | Sep. 30, 2019 | |
Changes in AOCI balances by component (after-tax) | ||||
Balance, beginning of year | $ 1,230,894 | $ 2,498,738 | $ 1,584,092 | $ 2,980,253 |
Total OCI, net of tax | 14,825 | (43,974) | (85,734) | (11,303) |
Balance, end of year | 1,306,684 | 1,683,735 | 1,306,684 | 1,683,735 |
AOCI, Net | ||||
Changes in AOCI balances by component (after-tax) | ||||
Balance, beginning of year | (478,636) | (511,066) | (379,873) | (543,531) |
Other comprehensive income (loss) before reclassifications | 14,637 | (44,909) | (86,800) | (18,200) |
Amounts reclassified from AOCI | 683 | 2,684 | 3,357 | 8,440 |
Total OCI, net of tax | 15,320 | (42,225) | (83,443) | (9,760) |
Balance, end of year | (463,316) | (553,291) | (463,316) | (553,291) |
Foreign Currency Translation | ||||
Changes in AOCI balances by component (after-tax) | ||||
Balance, beginning of year | (321,183) | (282,346) | (242,950) | (309,800) |
Other comprehensive income (loss) before reclassifications | 4,696 | (40,583) | (73,537) | (13,129) |
Amounts reclassified from AOCI | 0 | 0 | 0 | 0 |
Total OCI, net of tax | 4,696 | (40,583) | (73,537) | (13,129) |
Balance, end of year | (316,487) | (322,929) | (316,487) | (322,929) |
Ownership Share of Equity Method Investees’ Other Comprehensive Income (Loss) | ||||
Changes in AOCI balances by component (after-tax) | ||||
Balance, beginning of year | (54,282) | (28,459) | (35,456) | (23,672) |
Other comprehensive income (loss) before reclassifications | (171) | 2,518 | (19,270) | (2,552) |
Amounts reclassified from AOCI | 137 | 144 | 410 | 427 |
Total OCI, net of tax | (34) | 2,662 | (18,860) | (2,125) |
Balance, end of year | (54,316) | (25,797) | (54,316) | (25,797) |
Defined Benefit Pension and Postretirement Plans | ||||
Changes in AOCI balances by component (after-tax) | ||||
Balance, beginning of year | (97,196) | (200,546) | (99,197) | (204,649) |
Other comprehensive income (loss) before reclassifications | 0 | 0 | 0 | 0 |
Amounts reclassified from AOCI | 1,070 | 1,990 | 3,071 | 6,093 |
Total OCI, net of tax | 1,070 | 1,990 | 3,071 | 6,093 |
Balance, end of year | (96,126) | (198,556) | (96,126) | (198,556) |
Unrealized Gain (Loss) on Derivative Contracts | ||||
Changes in AOCI balances by component (after-tax) | ||||
Balance, beginning of year | (5,975) | 285 | (2,270) | (5,410) |
Other comprehensive income (loss) before reclassifications | 10,112 | (6,844) | 6,007 | (2,519) |
Amounts reclassified from AOCI | (524) | 550 | (124) | 1,920 |
Total OCI, net of tax | 9,588 | (6,294) | 5,883 | (599) |
Balance, end of year | 3,613 | (6,009) | 3,613 | (6,009) |
Accumulated Other Comprehensive Income (Loss), Net Attributable to Noncontrolling Interests | ||||
Changes in AOCI balances by component (after-tax) | ||||
Balance, beginning of year | (6,847) | (3,495) | (5,051) | (3,701) |
Other comprehensive income (loss) before reclassifications | (495) | (1,749) | (2,291) | (1,543) |
Amounts reclassified from AOCI | 0 | 0 | 0 | 0 |
Total OCI, net of tax | (495) | (1,749) | (2,291) | (1,543) |
Balance, end of year | (7,342) | (5,244) | (7,342) | (5,244) |
Foreign Currency Translation | ||||
Changes in AOCI balances by component (after-tax) | ||||
Balance, beginning of year | (6,847) | (3,495) | (5,051) | (3,701) |
Other comprehensive income (loss) before reclassifications | (495) | (1,749) | (2,291) | (1,543) |
Amounts reclassified from AOCI | 0 | 0 | 0 | 0 |
Total OCI, net of tax | (495) | (1,749) | (2,291) | (1,543) |
Balance, end of year | (7,342) | (5,244) | (7,342) | (5,244) |
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 OCI, 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 OCI, 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 OCI, net of tax | 0 | 0 | 0 | 0 |
Balance, end of year | $ 0 | $ 0 | $ 0 | $ 0 |
Other Comprehensive Income (L_5
Other Comprehensive Income (Loss) - Significant Items Reclassified Out of AOCI (Details) - USD ($) $ in Thousands | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2020 | Sep. 30, 2019 | Sep. 30, 2020 | Sep. 30, 2019 | |
Reclassifications out of accumulated other comprehensive income (loss) | ||||
Interest expense | $ (17,603) | $ (18,984) | $ (53,017) | $ (56,490) |
Income tax expense (benefit) | (28,804) | (495,307) | 6,943 | (434,807) |
Net earnings (loss) | 23,640 | (730,654) | (251,072) | (1,228,398) |
Ownership Share of Equity Method Investees’ Other Comprehensive Income (Loss) | Reclassified out of AOCI | ||||
Reclassifications out of accumulated other comprehensive income (loss) | ||||
Cost of revenue | (183) | (192) | (547) | (569) |
Income tax expense (benefit) | 46 | 48 | 137 | 142 |
Net earnings (loss) | (137) | (144) | (410) | (427) |
Defined Benefit Pension and Postretirement Plans | Reclassified out of AOCI | ||||
Reclassifications out of accumulated other comprehensive income (loss) | ||||
Corporate G&A | (1,070) | (2,126) | (3,071) | (6,518) |
Income tax expense (benefit) | 0 | 136 | 0 | 425 |
Net earnings (loss) | (1,070) | (1,990) | (3,071) | (6,093) |
Accumulated Net Gain (Loss) from Cash Flow Hedges Including Portion Attributable to Noncontrolling Interest | Reclassified out of AOCI | ||||
Reclassifications out of accumulated other comprehensive income (loss) | ||||
Income tax expense (benefit) | 0 | 365 | 36 | 1,296 |
Net earnings (loss) | 524 | (550) | 124 | (1,920) |
Accumulated Net Gain (Loss) from Cash Flow Hedges Including Portion Attributable to Noncontrolling Interest | Reclassified out of AOCI | Commodity and foreign currency contracts | ||||
Reclassifications out of accumulated other comprehensive income (loss) | ||||
Cost of revenue | 943 | (496) | 1,346 | (1,958) |
Accumulated Net Gain (Loss) from Cash Flow Hedges Including Portion Attributable to Noncontrolling Interest | Reclassified out of AOCI | Interest rate contracts | ||||
Reclassifications out of accumulated other comprehensive income (loss) | ||||
Interest expense | $ (419) | $ (419) | $ (1,258) | $ (1,258) |
Discontinued Operations - Narra
Discontinued Operations - Narrative (Details) - USD ($) $ in Thousands | 1 Months Ended | 3 Months Ended | 9 Months Ended | ||
Aug. 31, 2020 | Mar. 31, 2020 | Sep. 30, 2020 | Sep. 30, 2019 | Jun. 30, 2020 | |
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items] | |||||
Impairment expense - Disc Ops | $ 100,000 | $ 0 | |||
Discontinued Operations | |||||
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items] | |||||
Capital expenditure, discontinued operations | $ (16,000) | $ (58,000) | |||
AMECO | Discontinued Operations | |||||
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items] | |||||
Impairment expense - Disc Ops | $ 100,000 | ||||
Goodwill associated with the Diversified Services reporting unit | $ 12,000 | ||||
Consideration received on sale | $ 18,000 | ||||
Recognized loss on sale | $ 1,000 | ||||
Equipment Rental Business | Discontinued Operations | Europe | |||||
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items] | |||||
Ownership Interest | 100.00% |
Discontinued Operations - Finan
Discontinued Operations - Financial Information of Discontinued Operations (Details) - Discontinued Operations - USD ($) $ in Thousands | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2020 | Sep. 30, 2019 | Sep. 30, 2020 | Sep. 30, 2019 | |
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items] | ||||
Revenue | $ 58,236 | $ 73,102 | $ 169,441 | $ 197,708 |
Cost of revenue | 54,218 | 70,545 | 147,000 | 211,913 |
Corporate general and administrative expense | 2,070 | (27,808) | 11,502 | (22,740) |
Interest expense (income), net | 14 | (107) | (26) | (280) |
Impairment of assets held for sale | 100,000 | 0 | ||
Total cost and expenses | 56,302 | 42,630 | 258,476 | 188,893 |
Earnings (loss) before taxes from Disc Ops | 1,934 | 30,472 | (89,035) | 8,815 |
Income tax expense (benefit) | 1,720 | 7,019 | 3,662 | 2,766 |
Net earnings (loss) from Disc Ops | 214 | 23,453 | (92,697) | 6,049 |
AMECO | ||||
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items] | ||||
Revenue | 58,236 | 73,102 | 169,441 | 197,708 |
Cost of revenue | 54,218 | 70,545 | 147,000 | 211,913 |
Corporate general and administrative expense | 13 | 40 | 64 | 189 |
Interest expense (income), net | 14 | (107) | (26) | (280) |
Impairment of assets held for sale | 100,000 | 0 | ||
Total cost and expenses | 54,245 | 70,478 | 247,038 | 211,822 |
Earnings (loss) before taxes from Disc Ops | 3,991 | 2,624 | (77,597) | (14,114) |
Income tax expense (benefit) | 1,720 | 581 | 3,662 | (2,535) |
Net earnings (loss) from Disc Ops | 2,271 | 2,043 | (81,259) | (11,579) |
Other | ||||
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items] | ||||
Revenue | 0 | 0 | 0 | 0 |
Cost of revenue | 0 | 0 | 0 | 0 |
Corporate general and administrative expense | 2,057 | (27,848) | 11,438 | (22,929) |
Interest expense (income), net | 0 | 0 | 0 | 0 |
Impairment of assets held for sale | 0 | 0 | ||
Total cost and expenses | 2,057 | (27,848) | 11,438 | (22,929) |
Earnings (loss) before taxes from Disc Ops | (2,057) | 27,848 | (11,438) | 22,929 |
Income tax expense (benefit) | 0 | 6,438 | 0 | 5,301 |
Net earnings (loss) from Disc Ops | $ (2,057) | $ 21,410 | $ (11,438) | $ 17,628 |
Discontinued Operations - Asset
Discontinued Operations - Assets and Liabilities Held for Sale (Details) - USD ($) $ in Thousands | Sep. 30, 2020 | Dec. 31, 2019 |
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items] | ||
Contract assets | $ 1,132,976 | $ 1,238,173 |
Short-term borrowings | 42,450 | 38,728 |
Other accrued liabilities | 454,206 | 470,350 |
Discontinued Operations | ||
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items] | ||
Accounts and notes receivable, net | 53,008 | 85,051 |
Contract assets | 2,501 | 3,497 |
Other current assets | 45,438 | 54,116 |
Current assets held for sale | 100,947 | 142,664 |
Property, plant and equipment, net | 111,307 | 232,792 |
Goodwill | 37 | 12,338 |
Investments | 0 | 0 |
Other assets | 8,870 | 5,868 |
Noncurrent assets held for sale | 120,214 | 250,998 |
Total assets held for sale | 221,161 | 393,662 |
Accounts payable | 14,577 | 24,692 |
Contract liabilities | 139 | 4,466 |
Accrued salaries, wages and benefits | 5,938 | 8,913 |
Other accrued liabilities | 10,322 | 9,451 |
Current liabilities held for sale | 30,976 | 47,522 |
Noncurrent liabilities held for sale | 6,033 | 4,272 |
Total liabilities held for sale | 37,009 | 51,794 |
Discontinued Operations | AMECO | ||
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items] | ||
Accounts and notes receivable, net | 37,083 | 69,126 |
Contract assets | 2,501 | 3,497 |
Other current assets | 45,438 | 54,116 |
Current assets held for sale | 85,022 | 126,739 |
Property, plant and equipment, net | 111,307 | 232,792 |
Goodwill | 37 | 12,338 |
Investments | 0 | 0 |
Other assets | 8,870 | 5,868 |
Noncurrent assets held for sale | 120,214 | 250,998 |
Total assets held for sale | 205,236 | 377,737 |
Accounts payable | 14,559 | 24,692 |
Contract liabilities | 139 | 4,466 |
Accrued salaries, wages and benefits | 5,938 | 8,913 |
Other accrued liabilities | 10,322 | 9,451 |
Current liabilities held for sale | 30,958 | 47,522 |
Noncurrent liabilities held for sale | 6,033 | 4,272 |
Total liabilities held for sale | 36,991 | 51,794 |
Discontinued Operations | Other Disposal Groups | ||
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items] | ||
Accounts and notes receivable, net | 15,925 | 15,925 |
Contract assets | 0 | 0 |
Other current assets | 0 | 0 |
Current assets held for sale | 15,925 | 15,925 |
Property, plant and equipment, net | 0 | 0 |
Goodwill | 0 | 0 |
Investments | 0 | 0 |
Other assets | 0 | 0 |
Noncurrent assets held for sale | 0 | 0 |
Total assets held for sale | 15,925 | 15,925 |
Accounts payable | 18 | 0 |
Contract liabilities | 0 | 0 |
Accrued salaries, wages and benefits | 0 | 0 |
Other accrued liabilities | 0 | 0 |
Current liabilities held for sale | 18 | 0 |
Noncurrent liabilities held for sale | 0 | 0 |
Total liabilities held for sale | 18 | 0 |
Continuing Operations | ||
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items] | ||
Accounts and notes receivable, net | 49 | 17,513 |
Contract assets | 0 | 3,779 |
Other current assets | 3,004 | 8,112 |
Current assets held for sale | 3,053 | 29,404 |
Property, plant and equipment, net | 45,740 | 64,792 |
Goodwill | 0 | 9,295 |
Investments | 7,468 | 7,293 |
Other assets | 18,603 | 12,654 |
Noncurrent assets held for sale | 71,811 | 94,034 |
Total assets held for sale | 74,864 | 123,438 |
Accounts payable | 176 | 6,702 |
Contract liabilities | 25 | 25 |
Accrued salaries, wages and benefits | 145 | 919 |
Other accrued liabilities | 229 | 11,562 |
Current liabilities held for sale | 575 | 19,208 |
Noncurrent liabilities held for sale | 0 | 11,320 |
Total liabilities held for sale | 575 | 30,528 |
Total | ||
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items] | ||
Accounts and notes receivable, net | 53,057 | 102,564 |
Contract assets | 2,501 | 7,276 |
Other current assets | 48,442 | 62,228 |
Current assets held for sale | 104,000 | 172,068 |
Property, plant and equipment, net | 157,047 | 297,584 |
Goodwill | 37 | 21,633 |
Investments | 7,468 | 7,293 |
Other assets | 27,473 | 18,522 |
Noncurrent assets held for sale | 192,025 | 345,032 |
Total assets held for sale | 296,025 | 517,100 |
Accounts payable | 14,753 | 31,394 |
Contract liabilities | 164 | 4,491 |
Accrued salaries, wages and benefits | 6,083 | 9,832 |
Other accrued liabilities | 10,551 | 21,013 |
Current liabilities held for sale | 31,551 | 66,730 |
Noncurrent liabilities held for sale | 6,033 | 15,592 |
Total liabilities held for sale | $ 37,584 | $ 82,322 |