Cover
Cover - shares | 9 Months Ended | |
Sep. 30, 2021 | Oct. 29, 2021 | |
Document Information [Line Items] | ||
Document Type | 10-Q | |
Document Quarterly Report | true | |
Document Period End Date | Sep. 30, 2021 | |
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 | 141,411,916 | |
Entity Central Index Key | 0001124198 | |
Amendment Flag | false | |
Current Fiscal Year End Date | --12-31 | |
Document Fiscal Year Focus | 2021 | |
Document Fiscal Period Focus | Q3 | |
NEW YORK STOCK EXCHANGE | Common Stock | ||
Document Information [Line Items] | ||
Title of 12(b) Security | Common Stock, $.01 par value per share | |
Trading Symbol | FLR | |
Security Exchange Name | NYSE | |
NEW YORK STOCK EXCHANGE | 1.750% Senior Notes due 2023 | ||
Document Information [Line Items] | ||
Title of 12(b) Security | 1.750% Senior Notes due 2023 | |
Trading Symbol | FLR 23 | |
Security Exchange Name | NYSE |
CONDENSED CONSOLIDATED STATEMEN
CONDENSED CONSOLIDATED STATEMENT OF OPERATIONS - UNAUDITED - USD ($) $ in Thousands | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2021 | Sep. 30, 2020 | Sep. 30, 2021 | Sep. 30, 2020 | |
Income Statement [Abstract] | ||||
Revenue | $ 3,103,085 | $ 3,456,938 | $ 9,278,017 | $ 10,889,575 |
Cost of revenue | 2,996,602 | 3,324,363 | 9,019,291 | 10,614,259 |
Gross profit | 106,483 | 132,575 | 258,726 | 275,316 |
G&A | (42,371) | (36,697) | (139,439) | (112,853) |
Impairment, restructuring and other exit costs | 0 | 0 | (26,392) | (106,189) |
Foreign currency gain (loss) | 37,453 | (29,763) | (4,203) | 16,197 |
Operating profit | 101,565 | 66,115 | 88,692 | 72,471 |
Interest expense | (35,579) | (15,650) | (71,521) | (47,908) |
Interest income | 4,209 | 3,762 | 12,266 | 20,980 |
Earnings (loss) from Cont Ops before taxes | 70,195 | 54,227 | 29,437 | 45,543 |
Income tax expense (benefit) | 26,973 | 28,516 | 28,799 | (2,406) |
Net earnings (loss) from Cont Ops | 43,222 | 25,711 | 638 | 47,949 |
Less: Net earnings (loss) from Cont Ops attributable to NCI | (3,508) | 4,193 | 21,549 | 19,743 |
Net earnings (loss) from Cont Ops attributable to Fluor | 46,730 | 21,518 | (20,911) | 28,206 |
Net earnings (loss) from Disc Ops attributable to Fluor | (6,261) | (2,177) | (140,090) | (299,814) |
Net earnings (loss) attributable to Fluor | 40,469 | 19,341 | (161,001) | (271,608) |
Less: Dividends on CPS | 9,750 | 0 | 14,625 | 0 |
Net earnings (loss) available to Fluor common stockholders | $ 30,719 | $ 19,341 | $ (175,626) | $ (271,608) |
Basic EPS available to Fluor common stockholders | ||||
Net earnings (loss) from Cont Ops (in dollars per share) | $ 0.26 | $ 0.15 | $ (0.25) | $ 0.20 |
Net earnings (loss) from Disc Ops, net of taxes (in dollars per share) | (0.04) | (0.01) | (0.99) | (2.13) |
Diluted EPS available to Fluor common stockholders | ||||
Net earnings (loss) from Cont Ops (in dollars per share) | 0.26 | 0.15 | (0.25) | 0.20 |
Net earnings (loss) from Disc Ops (in dollars per share) | $ (0.04) | $ (0.01) | $ (0.99) | $ (2.13) |
CONDENSED CONSOLIDATED STATEM_2
CONDENSED CONSOLIDATED STATEMENT OF COMPREHENSIVE INCOME (LOSS) - UNAUDITED - USD ($) $ in Thousands | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2021 | Sep. 30, 2020 | Sep. 30, 2021 | Sep. 30, 2020 | |
Statement of Comprehensive Income [Abstract] | ||||
Net earnings (loss) from Cont Ops | $ 43,222 | $ 25,711 | $ 638 | $ 47,949 |
Net earnings (loss) from Disc Ops | (5,872) | (2,071) | (139,110) | (299,021) |
Net earnings (loss) | 37,350 | 23,640 | (138,472) | (251,072) |
OCI, net of tax: | ||||
Foreign currency translation adjustment | (18,712) | 4,201 | (17,292) | (75,828) |
Ownership share of equity method investees’ OCI | (2,973) | (34) | (5,112) | (18,860) |
DB plan adjustments | 1,163 | 1,070 | 4,005 | 3,071 |
Unrealized gain (loss) on hedges | (2,279) | 9,588 | (4,755) | 5,883 |
Total OCI, net of tax | (22,801) | 14,825 | (23,154) | (85,734) |
Comprehensive income (loss) | 14,549 | 38,465 | (161,626) | (336,806) |
Less: Comprehensive income (loss) attributable to NCI | (764) | 3,804 | 24,288 | 18,245 |
Comprehensive income (loss) attributable to Fluor | $ 15,313 | $ 34,661 | $ (185,914) | $ (355,051) |
CONDENSED CONSOLIDATED BALANCE
CONDENSED CONSOLIDATED BALANCE SHEET - UNAUDITED - USD ($) $ in Thousands | Sep. 30, 2021 | Dec. 31, 2020 |
Current assets | ||
Cash and cash equivalents ($700,554 and $654,852 related to VIEs) | $ 2,125,515 | $ 2,198,781 |
Marketable securities ($30,066 and $66 related to VIEs) | 67,164 | 23,345 |
Accounts receivable, net ($208,700 and $238,376 related to VIEs) | 838,425 | 935,676 |
Contract assets ($320,616 and $237,923 related to VIEs) | 1,012,109 | 859,675 |
Other current assets ($22,300 and $29,408 related to VIEs) | 389,519 | 378,043 |
Current assets held for sale | 848,653 | 638,489 |
Total current assets | 5,281,385 | 5,034,009 |
Noncurrent assets | ||
PP&E, net ($37,917 and $34,847 related to VIEs) | 425,633 | 463,827 |
Investments | 718,555 | 527,416 |
Deferred taxes | 50,826 | 77,915 |
Deferred compensation trusts | 321,711 | 350,427 |
Goodwill | 206,660 | 207,369 |
Other assets ($38,565 and $40,829 related to VIEs) | 253,313 | 269,610 |
Noncurrent assets held for sale | 0 | 379,239 |
Total noncurrent assets | 1,976,698 | 2,275,803 |
Total assets | 7,258,083 | 7,309,812 |
Current liabilities | ||
Accounts payable ($292,524 and $328,940 related to VIEs) | 1,117,493 | 1,115,625 |
Short-term borrowings | 4,639 | 4,890 |
Contract liabilities ($334,168 and $262,811 related to VIEs) | 1,071,812 | 1,093,761 |
Accrued salaries, wages and benefits ($26,168 and $28,381 related to VIEs) | 513,710 | 578,827 |
Other accrued liabilities ($16,148 and $36,646 related to VIEs) | 380,332 | 376,451 |
Current liabilities related to assets held for sale | 536,909 | 402,483 |
Total current liabilities | 3,624,895 | 3,572,037 |
Long-term debt | 1,170,544 | 1,701,098 |
Deferred taxes | 63,709 | 80,745 |
Other noncurrent liabilities ($7,104 and $9,164 related to VIEs) | 555,281 | 593,765 |
Noncurrent liabilities related to assets for sale | 0 | 98,940 |
Contingencies and commitments | ||
Shareholders’ equity | ||
Preferred stock — authorized 20,000,000 shares ($0.01 par value); issued and outstanding — 600,000 shares in 2021 and none issued in 2020 | 6 | 0 |
Common stock — authorized 375,000,000 shares ($0.01 par value); issued and outstanding — 141,411,916 and 140,715,205 shares in 2021 and 2020, respectively | 1,411 | 1,404 |
Additional paid-in capital | 958,526 | 195,940 |
AOCI | (441,819) | (416,906) |
Retained earnings | 1,079,403 | 1,249,809 |
Total shareholders’ equity | 1,597,527 | 1,030,247 |
NCI | 246,127 | 232,980 |
Total equity | 1,843,654 | 1,263,227 |
Total liabilities and equity | $ 7,258,083 | $ 7,309,812 |
CONDENSED CONSOLIDATED BALANC_2
CONDENSED CONSOLIDATED BALANCE SHEET - Unaudited (Parenthetical) - USD ($) $ in Thousands | Sep. 30, 2021 | Dec. 31, 2020 |
CURRENT ASSETS, VIEs | ||
Cash and cash equivalents | $ 2,125,515 | $ 2,198,781 |
Marketable securities, current | 67,164 | 23,345 |
Accounts receivable, net | 838,425 | 935,676 |
Contract assets | 1,012,109 | 859,675 |
Other current assets | 389,519 | 378,043 |
NONCURRENT ASSETS, VIEs | ||
Property, plant and equipment, net | 425,633 | 463,827 |
Other assets | 253,313 | 269,610 |
Liabilities, Current [Abstract] | ||
Accounts payable | 1,117,493 | 1,115,625 |
Contract liabilities | 1,071,812 | 1,093,761 |
Accrued salaries, wages and benefits | 513,710 | 578,827 |
Other accrued liabilities | 380,332 | 376,451 |
Other noncurrent liabilities | $ 555,281 | $ 593,765 |
Stockholders' Equity Attributable to Parent [Abstract] | ||
Preferred stock, shares authorized (in shares) | 20,000,000 | 20,000,000 |
Preferred stock, par value (in dollars per share) | $ 0.01 | $ 0.01 |
Preferred stock, shares issued (in dollars per share) | 600,000 | 0 |
Preferred stock share outstanding (in shares) | 600,000 | 0 |
Common stock shares authorized (in shares) | 375,000,000 | 375,000,000 |
Common stock par value (in dollars per share) | $ 0.01 | $ 0.01 |
Common stock shares issued (in shares) | 141,411,916 | 140,715,205 |
Common stock shares outstanding (in shares) | 141,411,916 | 140,715,205 |
Variable Interest Entity, Primary Beneficiary | ||
CURRENT ASSETS, VIEs | ||
Cash and cash equivalents | $ 700,554 | $ 654,852 |
Marketable securities, current | 30,066 | 66 |
Accounts receivable, net | 208,700 | 238,376 |
Contract assets | 320,616 | 237,923 |
Other current assets | 22,300 | 29,408 |
NONCURRENT ASSETS, VIEs | ||
Property, plant and equipment, net | 37,917 | 34,847 |
Other assets | 38,565 | 40,829 |
Liabilities, Current [Abstract] | ||
Accounts payable | 292,524 | 328,940 |
Contract liabilities | 334,168 | 262,811 |
Accrued salaries, wages and benefits | 26,168 | 28,381 |
Other accrued liabilities | 16,148 | 36,646 |
Other noncurrent liabilities | $ 7,104 | $ 9,164 |
CONDENSED CONSOLIDATED STATEM_3
CONDENSED CONSOLIDATED STATEMENT OF CASH FLOWS - UNAUDITED - USD ($) $ in Thousands | 9 Months Ended | |
Sep. 30, 2021 | Sep. 30, 2020 | |
OPERATING CASH FLOW | ||
Net earnings (loss) | $ (138,472) | $ (251,072) |
Adjustments to reconcile net earnings (loss) to operating cash flow: | ||
Impairment expense - Cont Ops | 26,392 | 102,365 |
Impairment expense - Disc Ops | 126,285 | 295,239 |
Depreciation | 59,666 | 76,619 |
Amortization of intangibles | 827 | 2,673 |
(Earnings) loss from equity method investments, net of distributions | (7,684) | (2,005) |
(Gain) loss on sales of assets incl. AMECO-North America | 9,479 | 9,952 |
Loss on debt repurchases | 19,606 | 0 |
Stock-based compensation | 24,989 | 11,571 |
Deferred taxes | 26,836 | (23,673) |
Net retirement plan accrual (contributions) | (12,237) | (8,507) |
Changes in assets and liabilities | (352,566) | (63,904) |
Other | (2,670) | (5,018) |
Operating cash flow | (219,549) | 144,240 |
INVESTING CASH FLOW | ||
Purchases of marketable securities | (73,449) | (23,589) |
Proceeds from sales and maturities of marketable securities | 29,702 | 13,339 |
Capital expenditures | (54,550) | (80,786) |
Proceeds from sales of assets incl. AMECO-North America | 125,374 | 54,849 |
Investments in partnerships and joint ventures | (79,847) | (25,252) |
Other | (12,169) | 4,690 |
Investing cash flow | (64,939) | (56,749) |
FINANCING CASH FLOW | ||
Proceeds from issuance of CPS | 582,000 | 0 |
Purchases and retirement of debt | (525,212) | 0 |
Debt extinguishment costs | (1,503) | 0 |
Dividends paid (on CPS in 2021 and common stock in 2020) | (9,425) | (28,720) |
Other borrowings (debt repayments) | (6,673) | 13,527 |
Distributions paid to NCI | (20,158) | (19,288) |
Capital contributions by NCI | 201,511 | 82,109 |
Taxes paid on vested restricted stock | (4,353) | (1,313) |
Other | 1,903 | (356) |
Financing cash flow | 218,090 | 45,959 |
Effect of exchange rate changes on cash | (6,868) | (36,867) |
Increase (decrease) in cash and cash equivalents | (73,266) | 96,583 |
Cash and cash equivalents at beginning of period | 2,198,781 | 1,997,199 |
Cash and cash equivalents at end of period | $ 2,125,515 | $ 2,093,782 |
CONDENSED CONSOLIDATED STATEM_4
CONDENSED CONSOLIDATED STATEMENT OF CHANGES IN EQUITY - UNAUDITED - USD ($) $ in Thousands | Total | Cumulative Effect, Period of Adoption, Adjustment | Preferred Stock | Common Stock | Additional Paid-In Capital | Accumulated Other Comprehensive Loss | Retained Earnings | Retained EarningsCumulative Effect, Period of Adoption, Adjustment | Total Shareholders' Equity | Total Shareholders' EquityCumulative Effect, Period of Adoption, Adjustment | Noncontrolling Interests |
Balance at the beginning of year (in shares) at Dec. 31, 2019 | 140,174,000 | ||||||||||
Balance, beginning of year at Dec. 31, 2019 | $ 1,584,092 | $ (1,977) | $ 1,399 | $ 165,314 | $ (379,873) | $ 1,700,912 | $ (1,977) | $ 1,487,752 | $ (1,977) | $ 96,340 | |
Increase (Decrease) in Shareholders' Equity | |||||||||||
Net earnings (loss) | (251,072) | (271,608) | (271,608) | 20,536 | |||||||
OCI | (85,734) | (83,443) | (83,443) | (2,291) | |||||||
Dividends ($0.10 per share) | (14,120) | (14,120) | (14,120) | ||||||||
Distributions to NCI | (19,288) | (19,288) | |||||||||
Capital contributions by NCI | 82,109 | 82,109 | |||||||||
Other NCI 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 at the 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 at the 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 | |||||||
OCI | 14,825 | 15,320 | 15,320 | (495) | |||||||
Distributions to NCI | (8,457) | (8,457) | |||||||||
Capital contributions by NCI | 42,589 | 42,589 | |||||||||
Other NCI transactions | 951 | 321 | 321 | 630 | |||||||
Stock-based plan activity (in shares) | (44,000) | ||||||||||
Stock-based plan activity | 2,242 | 2,207 | 35 | 2,242 | |||||||
Balance at the 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 at the beginning of year (in shares) at Dec. 31, 2020 | 0 | 140,715,000 | |||||||||
Balance, beginning of year at Dec. 31, 2020 | 1,263,227 | $ 0 | $ 1,404 | 195,940 | (416,906) | 1,249,809 | 1,030,247 | 232,980 | |||
Increase (Decrease) in Shareholders' Equity | |||||||||||
Net earnings (loss) | (138,472) | (161,001) | (161,001) | 22,529 | |||||||
OCI | (23,154) | (24,913) | (24,913) | 1,759 | |||||||
Dividends ($0.10 per share) | (9,425) | (9,425) | (9,425) | ||||||||
Issuance of CPS (in shares) | 600,000 | ||||||||||
Issuance of CPS | 582,000 | $ 6 | 581,994 | 582,000 | |||||||
Distributions to NCI | (20,158) | (20,158) | |||||||||
Capital contributions by NCI | 201,511 | 201,511 | |||||||||
Other NCI transactions | (33,021) | 159,473 | 159,473 | (192,494) | |||||||
Stock-based plan activity (in shares) | (697,000) | ||||||||||
Stock-based plan activity | 21,146 | $ 7 | 21,119 | 20 | 21,146 | ||||||
Balance at the end of year (in shares) at Sep. 30, 2021 | 600,000 | 141,412,000 | |||||||||
Balance, end of year at Sep. 30, 2021 | 1,843,654 | $ 6 | $ 1,411 | 958,526 | (441,819) | 1,079,403 | 1,597,527 | 246,127 | |||
Balance at the beginning of year (in shares) at Jun. 30, 2021 | 600,000 | 141,416,000 | |||||||||
Balance, beginning of year at Jun. 30, 2021 | 1,771,394 | $ 6 | $ 1,411 | 882,450 | (416,663) | 1,048,345 | 1,515,549 | 255,845 | |||
Increase (Decrease) in Shareholders' Equity | |||||||||||
Net earnings (loss) | 37,350 | 40,469 | 40,469 | (3,119) | |||||||
OCI | (22,801) | (25,156) | (25,156) | 2,355 | |||||||
Dividends ($0.10 per share) | (9,425) | (9,425) | (9,425) | ||||||||
Issuance of CPS (in shares) | 0 | ||||||||||
Issuance of CPS | 0 | $ 0 | 0 | 0 | |||||||
Distributions to NCI | (1,981) | (1,981) | |||||||||
Capital contributions by NCI | 95,479 | 95,479 | |||||||||
Other NCI transactions | (30,038) | 72,414 | 72,414 | (102,452) | |||||||
Stock-based plan activity (in shares) | (4,000) | ||||||||||
Stock-based plan activity | 3,676 | $ 0 | 3,662 | 14 | 3,676 | ||||||
Balance at the end of year (in shares) at Sep. 30, 2021 | 600,000 | 141,412,000 | |||||||||
Balance, end of year at Sep. 30, 2021 | $ 1,843,654 | $ 6 | $ 1,411 | $ 958,526 | $ (441,819) | $ 1,079,403 | $ 1,597,527 | $ 246,127 |
CONDENSED CONSOLIDATED STATEM_5
CONDENSED CONSOLIDATED STATEMENT OF CHANGES IN EQUITY UNAUDITED - Parenthetical - $ / shares | 3 Months Ended | 9 Months Ended | |
Sep. 30, 2021 | Sep. 30, 2021 | Sep. 30, 2020 | |
Statement of Stockholders' Equity [Abstract] | |||
Dividends per share (in dollars per share) | $ 16.25 | $ 16.25 | $ 0.10 |
Principles of Consolidation
Principles of Consolidation | 9 Months Ended |
Sep. 30, 2021 | |
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 2020 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, 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 2020 have been reclassified to conform to the 2021 presentation, which includes the segregation of Disc Ops and assets and liabilities held for sale. Certain amounts in tables may not total or agree to the financial statements due to immaterial rounding differences. Management has evaluated all material events occurring subsequent to September 30, 2021 through the filing date of this Q3 2021 10-Q. Quarters are typically 13 weeks in length but, due to our annual period ending on December 31, the number of weeks in a reporting period may vary slightly during the year and for comparable prior year periods. We report our quarterly results of operations based on periods ending on the Sunday nearest March 31, June 30 and September 30, allowing for a 13-week quarter. For simplicity of presentation, all periods are presented as if the periods ended on March 31, June 30 and September 30. |
Recent Accounting Pronouncement
Recent Accounting Pronouncements | 9 Months Ended |
Sep. 30, 2021 | |
Accounting Standards Update and Change in Accounting Principle [Abstract] | |
Recent Accounting Pronouncements | Recent Accounting Pronouncements Accounting pronouncements that were implemented by us during the 2021 Period In the first quarter of 2021, we adopted ASU 2020-06, “Accounting for Convertible Instruments and Contracts in an Entity's Own Equity,” which simplifies accounting for convertible instruments and the application of the derivatives scope exception for contracts in our own equity. ASU 2020-06 eliminates two of the three models in the prior guidance that required separating embedded conversion features from convertible instruments and also eliminates some of the requirements for equity classification. ASU 2020-06 also addresses how convertible instruments are accounted for in the diluted EPS calculation. The adoption did not have any impact on our financial statements. |
Earnings Per Share
Earnings Per Share | 9 Months Ended |
Sep. 30, 2021 | |
Earnings Per Share [Abstract] | |
Earnings Per Share | Earnings Per Share Potentially dilutive securities include CPS, stock options, RSUs, restricted stock and performance-based award units. Diluted EPS reflects the assumed exercise or conversion of all dilutive securities using the if-converted and treasury stock methods. In computing diluted EPS, only securities that are actually dilutive are included. (in thousands, except per share amounts) 3ME 9ME 2021 2020 2021 2020 Net earnings (loss) from Cont Ops attributable to Fluor $ 46,730 $ 21,518 $ (20,911) $ 28,206 Less: Dividends on CPS 9,750 — 14,625 — Net earnings (loss) from Cont Ops available to Fluor common stockholders 36,980 21,518 (35,536) 28,206 Net earnings (loss) from Disc Ops attributable to Fluor (6,261) (2,177) (140,090) (299,814) Net earnings (loss) available to Fluor common stockholders $ 30,719 $ 19,341 $ (175,626) $ (271,608) Weighted average common shares outstanding 141,412 140,598 141,229 140,465 Diluted effect: CPS (1) — — — — Stock options, RSUs, restricted stock and performance-based award units (2) — 570 — 464 Weighted average diluted shares outstanding 141,412 141,168 141,229 140,929 Basic EPS available to Fluor common stockholders: Net earnings (loss) from Cont Ops $ 0.26 $ 0.15 $ (0.25) $ 0.20 Net earnings (loss) from Disc Ops (0.04) (0.01) (0.99) (2.13) Diluted EPS available to Fluor common stockholders: Net earnings (loss) from Cont Ops $ 0.26 $ 0.15 $ (0.25) $ 0.20 Net earnings (loss) from Disc Ops (0.04) (0.01) (0.99) (2.13) Anti-dilutive securities not included in shares outstanding: (1) CPS 26,975 — 13,240 — (2) All others 1,618 — 1,743 — |
Operating Information by Segmen
Operating Information by Segment and Geographic Area | 9 Months Ended |
Sep. 30, 2021 | |
Segment Reporting [Abstract] | |
Operating Information by Segment and Geographic Area | Operating Information by Segment and Geographic Area During the first quarter of 2021, we changed the composition of our segments to implement our new strategy and to pursue opportunities in our designated markets. We now report our operating results as follows: Energy Solutions, Urban Solutions, Mission Solutions and Other. Segment operating information and assets for 2020 have been recast to conform to these changes. Energy Solutions focuses on energy transition, chemicals, LNG, and traditional oil and gas opportunities. The segment is pursuing new opportunities emerging in the energy transition market including carbon capture, green chemicals, hydrogen, biofuels and other low carbon energy sources. The segment also continues to provide EPC services for the oil, gas and petrochemical industries. Urban Solutions focuses on mining, metals, advanced technologies, manufacturing, life sciences, infrastructure and professional staffing services. Mission Solutions focuses on federal agencies across the U.S. government and select international opportunities. These include, among others, the DOE, the Department of Defense, the Federal Emergency Management Agency and intelligence agencies. Mission Solutions includes the Radford and Warren projects which were previously reported in the Other segment. Other now includes only the operations of NuScale. 3ME 9ME (in millions) 2021 2020 2021 2020 Revenue Energy Solutions $ 1,365.4 $ 1,337.9 $ 3,675.4 $ 4,195.2 Urban Solutions 1,014.7 1,329.4 3,419.2 4,434.2 Mission Solutions 723.0 789.6 2,183.4 2,260.2 Total revenue $ 3,103.1 $ 3,456.9 $ 9,278.0 $ 10,889.6 Segment profit (loss) Energy Solutions $ 72.5 $ 96.2 $ 183.9 $ 133.0 Urban Solutions 17.8 29.3 (20.8) 119.2 Mission Solutions 27.9 24.5 116.5 66.3 Other (8.2) (21.6) (42.4) (62.9) Total segment profit (loss) $ 110.0 $ 128.4 $ 237.2 $ 255.6 G&A (42.4) (36.7) (139.4) (112.9) Impairment, restructuring and other exit costs — — (26.4) (106.2) Foreign currency gain (loss) 37.5 (29.8) (4.2) 16.2 Interest income (expense), net (31.4) (11.9) (59.3) (26.9) Earnings (loss) from Cont Ops attributable to NCI (3.5) 4.2 21.5 19.7 Earnings (loss) from Cont Ops before taxes $ 70.2 $ 54.2 $ 29.4 $ 45.5 Intercompany revenue for our professional staffing business, excluded from revenue above $ 60.4 $ 60.6 $ 198.9 $ 199.7 The following describes material changes to estimates impacting segment results: Energy Solutions. Segment profit for the 2021 Period included forecast revisions resulting from the negotiation of change orders, scope increases and cost improvements across numerous projects. Urban Solutions. Segment profit for the 2021 Quarter and 2021 Period included forecast revisions for schedule delays and productivity on a light rail project. Segment profit for the 2021 Period also included forecast revisions for procurement and subcontractor cost growth, delays and disruptions in schedule of a legacy infrastructure project, resulting in a charge of $138 million (or $0.72 per share). We believe that these cost growth factors may be at least partially recoverable under the contract. However, we expect that it will require several quarters to analyze recoverability and negotiate with our client before recognizing incremental revenue for these factors. Mission Solutions. Segment profit for the 2021 Period included forecast revisions for higher than anticipated performance-based fees and the release of COVID cost reserves. Other . During the 2021 Period, NuScale received $193 million in capital contributions from outside investors. As of September 30, 2021, Fluor had an approximate 80% ownership in NuScale. Fluor and its advisors continue to engage with potential investors and capital providers to fund NuScale's path to commercialization. NuScale expenses included in the determination of segment loss were as follows: 3ME 9ME (in millions) 2021 2020 2021 2020 NuScale expenses $ (42.9) $ (43.3) $ (122.6) $ (119.2) Less: DOE reimbursable expenses 18.1 20.4 49.9 53.8 NuScale expenses, net (24.8) (22.9) (72.7) (65.4) Less: Attributable to NCI 16.6 1.3 30.3 2.5 Fluor segment loss $ (8.2) $ (21.6) $ (42.4) $ (62.9) Total assets by segment are as follows: (in millions) September 30, December 31, Energy Solutions $ 1,196.2 $ 1,010.9 Urban Solutions 1,110.4 1,122.5 Mission Solutions 629.0 575.8 Other 38.5 37.8 Revenue by project location follows: 3ME 9ME (in millions) 2021 2020 2021 2020 North America $ 2,023.6 $ 2,320.6 $ 6,058.9 $ 7,079.8 Asia Pacific (includes Australia) 255.3 329.5 1,001.4 980.9 Europe 417.7 491.3 1,052.3 1,594.4 Central and South America 337.4 190.9 904.8 823.7 Middle East and Africa 69.1 124.6 260.6 410.8 Total revenue $ 3,103.1 $ 3,456.9 $ 9,278.0 $ 10,889.6 |
Impairment, Restructuring and O
Impairment, Restructuring and Other Exit Costs | 9 Months Ended |
Sep. 30, 2021 | |
Restructuring and Related Activities [Abstract] | |
Impairment, Restructuring and Other Exit Costs | Impairment, Restructuring and Other Exit Costs Impairment We did not recognize any impairment expense in Cont Ops during the 2021 and 2020 Quarters. Impairment expense, included in Cont Ops, for the 2021 and 2020 Periods is summarized as follows: 9ME (in thousands) 2021 2020 Impairment expense: Energy Solutions' equity method investment $ 26,392 $ 86,096 Information technology assets — 16,269 Total impairment expense $ 26,392 $ 102,365 Our business has been adversely affected by the economic impacts of the outbreak of COVID and the steep decline in oil prices that occurred in the early part of 2020. These events have created significant uncertainty and economic volatility and disruption, which have impacted and may continue to impact our business. 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 may continue or worsen under prolonged stay-at-home, social distancing, travel restrictions and other similar orders or restrictions. Significant uncertainty still exists concerning the magnitude of the impact and duration of these events. Because of these events, we performed interim impairment testing of our goodwill, intangible assets and investments during the 2020 Period, pursuant to which we recognized the impairment expense on an equity method investment and IT assets. We also recognized impairment expense on goodwill and intangible assets associated with the Stork business, now included in Disc Ops. The valuation of our equity method investments utilized unobservable Level 3 inputs based on the investee's forecast of anticipated volumes and overhead absorption in a cyclical business. Restructuring and Other Exit Costs During 2019, we initiated a 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. Our recognition of costs for the planned restructuring activities was substantially completed by the end of 2020. Restructuring costs of $4 million, primarily related to severance, were recognized during both the 2020 Quarter and 2020 Period. We did not recognize any material restructuring costs during 2021. A reconciliation of our restructuring liabilities follows: (in thousands) Severance Lease Exit Costs Total Balance as of December 31, 2019 $ 30,479 $ 564 $ 31,043 Restructuring charges accrued during the period 3,720 334 4,054 Cash payments / settlements during the period (18,858) (793) (19,651) Currency translation 1,140 1 1,141 Balance as of December 31, 2020 $ 16,481 $ 106 $ 16,587 Cash payments / settlements during the period $ (16,378) $ (106) $ (16,484) Currency translation (103) — (103) Balance as of September 30, 2021 $ — $ — $ — |
Income Taxes
Income Taxes | 9 Months Ended |
Sep. 30, 2021 | |
Income Tax Disclosure [Abstract] | |
Income Taxes | Income Taxes The effective tax rate on earnings (loss) from Cont Ops was 38.4% for the 2021 Quarter and 97.8% for the 2021 Period compared to 52.6% and (5.3)% for the corresponding periods of 2020. For all periods, the effective tax rate was unfavorably impacted by increases in the valuation allowances against foreign tax credit carryforwards and certain foreign net operating loss carryforwards. The 2021 Period unfavorable impact was partially offset by favorable foreign tax rate differentials. The effective tax rate in the 2020 Period was favorably impacted by the release of valuation allowances and rate benefits resulting from the carryback of our 2019 federal net operating loss as allowed by the CARES Act. Earnings attributable to non-controlling interests from continuing operations, for which income taxes are not typically our responsibility, favorably impacted the effective tax rate for the 2021 Period. |
Cash Paid for Interest and Taxe
Cash Paid for Interest and Taxes | 9 Months Ended |
Sep. 30, 2021 | |
Supplemental Cash Flow Information [Abstract] | |
Cash Paid for Interest and Taxes | Cash Paid for Interest and Taxes 9ME (in thousands) 2021 2020 Cash paid for: Interest $ 80,796 $ 54,677 Income taxes (net of refunds) 59,246 29,367 |
Partnerships and Joint Ventures
Partnerships and Joint Ventures | 9 Months Ended |
Sep. 30, 2021 | |
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 percent or less noncontrolling ownership or participation interest with decision making and distribution of expected gains and losses typically being proportionate to the ownership or participation interest. Many of the partnership and joint venture agreements provide for capital calls to fund operations, as necessary. Accounts receivable related to work performed for unconsolidated partnerships and joint ventures included in “Accounts receivable, net” was $216 million and $207 million as of September 30, 2021 and December 31, 2020, respectively. 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 made a capital contribution of $26 million to the joint venture during the first quarter of 2021, which satisfied our contractual funding requirements. During the 2021 Period, we sold our 10% ownership interest in an infrastructure joint venture and recognized a gain of $20 million, which was included in Urban Solutions' segment profit. During the 2020 Period, we sold our 50% ownership interest in Sacyr Fluor and recognized a loss of $11 million, which was included in Energy Solutions' segment profit. Variable Interest Entities The aggregate carrying value of unconsolidated VIEs (classified under both "Investments” and “Other accrued liabilities”) was a net asset of $82 million and $174 million as of September 30, 2021 and December 31, 2020, respectively. Some of our VIEs have debt; however, such debt is typically non-recourse in nature. 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, 2021 for the unconsolidated VIEs were $57 million. In some cases, we are required to consolidate certain VIEs. Assets and liabilities associated with the operations of our consolidated VIEs are presented on the balance sheet. 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. |
Guarantees
Guarantees | 9 Months Ended |
Sep. 30, 2021 | |
Guarantees [Abstract] | |
Guarantees | GuaranteesIn 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. Performance guarantees have various expiration dates ranging from mechanical completion 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 $13 billion as of September 30, 2021. 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. There were no liabilities related to performance guarantees as of September 30, 2021 and December 31, 2020. |
Contingencies and Commitments
Contingencies and Commitments | 9 Months Ended |
Sep. 30, 2021 | |
Commitments and Contingencies Disclosure [Abstract] | |
Contingencies and Commitments | Contingencies and CommitmentsWe 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. The following disclosures for commitments and contingencies have been updated since the matter was presented in the 2020 10-K. Since May 2018, purported shareholders have filed various complaints against Fluor 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 contracts, 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. The motion was granted in part on May 5, 2021, and as a result the Court dismissed with prejudice all allegations except those related to a single statement made in 2015 about one gas-fired power contract. 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 any liability as a result of this action. Since September 2018, ten 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 is named as a nominal defendant in the actions. These derivative actions purport to assert claims on behalf of Fluor 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 were consolidated and stayed, at least while our motion to dismiss was pending in the securities class action matter. We anticipate seeking a further stay until final resolution of the securities class action. 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 any liability as a result of these actions. There have been no substantive changes to the disclosures for the following commitments and contingencies since the matter was presented in the 2020 10-K. 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 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 any liability 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 contracts. 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 in excess of amounts reserved for this matter. Accordingly, we have not recorded any further liability 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 Gold Corporation 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. Barrick and Fluor/TECHINT have exchanged detailed statements of claim and counterclaim pursuant to which Barrick's claim against Fluor/TECHINT now totals approximately $364 million. 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 any liability as a result of these claims. Other Matters We periodically evaluate our positions and the amounts recognized with respect to all our claims and back charges. As of September 30, 2021 and December 31, 2020, we had recorded $211 million and $216 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 had no material disputed back charges to suppliers or subcontractors as of September 30, 2021 and December 31, 2020. From time to time, we enter into contracts with the U.S. government and its agencies. Government contracts are subject to audits and reviews 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 that our reserves with respect to future environmental cost are adequate and such future cost will not have a material effect on our financial position or results of operations. In February 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. In April 2020, Fluor 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. Such inquiries are ongoing, and we have continued to respond to the SEC and DOJ and cooperate in these investigations. |
Contract Assets and Liabilities
Contract Assets and Liabilities | 9 Months Ended |
Sep. 30, 2021 | |
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, 2021 December 31, 2020 Information about contract assets: Contract assets Unbilled receivables - reimbursable contracts $ 724 $ 590 Contract work in progress - lump-sum contracts 288 270 Contract assets $ 1,012 $ 860 Advance billings deducted from contract assets $ 234 $ 308 9ME (in millions) 2021 2020 Information about contract liabilities: Revenue recognized that was included in contract liabilities as of January 1 $ 836 $ 674 We estimate that our RUPO will be satisfied over the following periods: (in millions) September 30, 2021 Within 1 year $ 11,039 1 to 2 years 5,610 Thereafter 3,892 Total RUPO $ 20,541 |
Remaining Unsatisfied Performan
Remaining Unsatisfied Performance Obligations | 9 Months Ended |
Sep. 30, 2021 | |
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, 2021 December 31, 2020 Information about contract assets: Contract assets Unbilled receivables - reimbursable contracts $ 724 $ 590 Contract work in progress - lump-sum contracts 288 270 Contract assets $ 1,012 $ 860 Advance billings deducted from contract assets $ 234 $ 308 9ME (in millions) 2021 2020 Information about contract liabilities: Revenue recognized that was included in contract liabilities as of January 1 $ 836 $ 674 We estimate that our RUPO will be satisfied over the following periods: (in millions) September 30, 2021 Within 1 year $ 11,039 1 to 2 years 5,610 Thereafter 3,892 Total RUPO $ 20,541 |
Debt and Letters of Credit
Debt and Letters of Credit | 9 Months Ended |
Sep. 30, 2021 | |
Debt Disclosure [Abstract] | |
Debt and Letters of Credit | Debt and Letters of Credit Debt consisted of the following: (in thousands) September 30, 2021 December 31, 2020 Borrowings under credit facility $ — $ — Current: Other borrowings $ 4,639 $ 4,890 Long-term: Senior Notes 2023 Notes $ 196,589 $ 611,250 Unamortized discount on 2023 Notes (61) (283) Unamortized deferred financing costs (257) (1,203) 2024 Notes 381,014 500,000 Unamortized discount on 2024 Notes (1,316) (2,130) Unamortized deferred financing costs (1,032) (1,670) 2028 Notes 600,000 600,000 Unamortized discount on 2028 Notes (886) (981) Unamortized deferred financing costs (3,507) (3,885) Total long-term $ 1,170,544 $ 1,701,098 Credit Facility As of September 30, 2021, letters of credit totaling $399 million were outstanding under our $1.65 billion credit facility, which matures in February 2023. The credit facility contains customary financial covenants, including a debt-to-capitalization ratio that cannot exceed 0.65 to 1.0, a limitation on the aggregate amount of debt of the greater of $750 million or €750 million for our subsidiaries, and a minimum liquidity threshold of $1.25 billion, defined in the amended credit facility. The credit facility also contains provisions that will require us to provide collateral to secure the facility should we be downgraded to BB by S&P and Ba2 by Moody's, such collateral consisting broadly of our U.S. assets. Borrowings under the facility, which may be denominated in USD, EUR, GBP or CAD, bear interest at a base rate, plus an applicable borrowing margin. As of September 30, 2021, we could have borrowed an additional $795 million under our existing credit facility. Uncommitted Lines of Credit As of September 30, 2021, letters of credit totaling $900 million were outstanding under uncommitted lines of credit, although no amounts were drawn. Senior Notes |
Preferred Stock
Preferred Stock | 9 Months Ended |
Sep. 30, 2021 | |
Equity [Abstract] | |
Preferred Stock | Preferred Stock In May 2021, we issued 600,000 shares of Series A 6.5% cumulative perpetual CPS in a private placement transaction involving a limited number of qualified institutional buyers. The preferred stock, with respect to dividend rights or rights upon liquidation, winding-up or dissolution of Fluor, ranks senior to all classes of common stock and to any other class of capital stock or series of preferred stock that may be established (except in certain circumstances). The CPS is, however, junior to our existing and future indebtedness. The preferred stock does not have a maturity date. Cumulative cash dividends on the preferred stock are payable at an annual rate of 6.5% quarterly in arrears on February 15, May 15, August 15 and November 15, beginning on August 15, 2021, upon declaration of the dividend by our Board of Directors. Dividends accumulate from the most recent date on which dividends have been paid. CPS dividends of $9 million were paid in August 2021. In October 2021, our Board of Directors approved the payment of a preferred stock dividend of $10 million. Each share of preferred stock has a liquidation preference of $1,000 per share, plus accumulated but unpaid dividends, and is convertible, at the holder's option at any time into 44.9585 shares of our common stock per share of preferred stock. The conversion rate is subject to certain customary adjustments, but no payment or adjustment for accumulated but unpaid dividends will be made upon conversion, subject to certain limited exceptions. The preferred stock may not be redeemed by us; however, we may, at any time on or after May 20, 2022, elect to cause all outstanding shares of preferred stock to be automatically converted into shares of our common stock at the conversion rate, subject to certain conditions (and, if such automatic conversion occurs prior to May 20, 2024, the payment of a cash make-whole premium). If a “make-whole fundamental change” occurs, we will in certain circumstances be required to increase the conversion rate for a holder who elects to convert shares of preferred stock in connection with such make-whole fundamental change. The shares of preferred stock have no voting rights except if and when dividends on the preferred stock are in arrears and have been unpaid with respect to six or more quarterly dividend payment dates (whether or not consecutive). In such events, the holders of the preferred stock would be entitled to elect two additional directors to the board of directors. Such voting rights are exercisable until all dividends in arrears have been paid in full, at which time the voting rights and the term of the two additional directors terminate. |
Fair Value Measurements
Fair Value Measurements | 9 Months Ended |
Sep. 30, 2021 | |
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, 2021 December 31, 2020 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) $ 15,844 $ 15,844 $ — $ — $ 9,626 $ 9,626 $ — $ — Derivative assets (2) Foreign currency 20,977 — 20,977 — 22,667 — 22,667 — Commodity 5,927 — 5,927 — 806 — 806 — Liabilities: Derivative liabilities (2) Foreign currency $ 5,781 $ — $ 5,781 $ — $ 2,571 $ — $ 2,571 $ — Commodity 233 — 233 — 5,059 — 5,059 — _________________________________________________________ (1) Consists of registered money market funds and an equity index fund. These investments, which are trading securities, represent the net asset value at the close of business 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, 2021 December 31, 2020 (in thousands) Fair Value Carrying Fair Carrying Fair Assets: Cash (1) Level 1 $ 1,320,302 $ 1,320,302 $ 1,180,024 $ 1,180,024 Cash equivalents (2) Level 2 805,213 805,213 1,018,757 1,018,757 Marketable securities (2) Level 2 67,164 67,164 23,345 23,345 Notes receivable, including noncurrent portion (3) Level 3 10,490 10,490 28,488 28,488 Liabilities: 2023 Senior Notes (4) Level 2 $ 196,271 $ 201,126 $ 609,764 $ 578,554 2024 Senior Notes (4) Level 2 378,666 400,011 496,200 494,045 2028 Senior Notes (4) Level 2 595,607 619,932 595,134 599,220 Other borrowings (5) Level 2 4,639 4,639 4,890 4,890 _________________________________________________________ (1) Cash consists of bank deposits. Carrying amounts approximate fair value. (2) 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. (3) 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. (4) The fair value of the Senior Notes was estimated based on the quoted market prices and Level 2 inputs. (5) Other borrowings 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 Compensation
Stock-Based Compensation | 9 Months Ended |
Sep. 30, 2021 | |
Share-based Payment Arrangement [Abstract] | |
Stock-Based Compensation | Stock-Based Compensation Our executive and director stock-based compensation plans are described more fully in the 2020 10-K. In the 2021 and 2020 Periods, RSUs totaling 596,391 and 1,098,926 were granted to executives and directors at a weighted-average grant date fair value of $18.67 per share and $8.81 per share, respectively. Stock options for the purchase of 481,626 shares at a weighted-average exercise price of $17.96 per share and 672,309 shares at a weighted-average exercise price of $8.81 were awarded to executives during the 2021 and 2020 Periods, respectively. Performance-based award units totaling 613,868 and 1,156,365 were awarded to executive officers during the 2021 and 2020 Periods. These awards generally vest after a period of 3 years and contain annual performance conditions for each of the 3 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. Accordingly, only one-third of the units awarded in any given year are deemed to be granted each year of the 3 year vesting periods. During 2021, the following units were granted for GAAP purposes: Performance-based Award Units Granted in 2021 Weighted Average 2021 Performance Award Plan 204,623 $20.49 2020 Performance Award Plan 385,455 $19.98 2019 Performance Award Plan 116,844 $20.18 |
Retirement Plans
Retirement Plans | 9 Months Ended |
Sep. 30, 2021 | |
Retirement Benefits [Abstract] | |
Retirement Plans | Retirement Plans Net periodic pension expense for our DB plans includes the following components: 3ME 9ME (in thousands) Location of Component 2021 2020 2021 2020 Service cost Cost of revenue $ 4,293 $ 4,442 $ 13,084 $ 12,843 Interest cost Corp G&A 1,737 2,367 5,294 6,843 Expected return on assets Corp G&A (7,081) (6,667) (21,568) (19,260) Amortization of prior service credit Corp G&A (213) (231) (649) (667) Recognized net actuarial loss Corp G&A 1,406 1,204 4,282 3,476 Net periodic pension expense $ 142 $ 1,115 $ 443 $ 3,235 We currently expect to contribute up to $16 million into our DB plans during 2021, which we expect to be in excess of the minimum funding required. During the 2021 Period, we made contributions of approximately $13 million. In addition to our DB plans, we participate in multiemployer pension plans for unionized construction and maintenance craft employees. Company contributions, based on the hours worked by employees covered under various collective bargaining agreements, are recognized as net periodic pension expense. Upon withdrawal from a multiemployer plan, we may have an obligation to make additional contributions for our share of any unfunded benefit obligation, but only if we do not meet the requirements of any applicable exemptions. For one of our discontinued operations, we participate in one multiemployer plan in which we are aware of a significant unfunded benefit obligation. However, we believe we qualify for an exemption and do not believe we have a probable payment to the plan. Therefore, we have not recognized a liability related to this unfunded benefit obligation. |
Derivatives and Hedging
Derivatives and Hedging | 9 Months Ended |
Sep. 30, 2021 | |
Derivative Instruments and Hedging Activities Disclosure [Abstract] | |
Derivatives and Hedging | Derivatives and Hedging Derivatives Designated as Hedges As of September 30, 2021, we had total gross notional amounts of $473 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 hedges. These foreign currency contracts are of varying duration, none of which extend beyond December 2024. There were no commodity contracts outstanding that were designated as hedges as of September 30, 2021. The fair values of derivatives designated as hedging instruments follows: Asset Derivatives Liability Derivatives (in thousands) Balance Sheet September 30, December 31, Balance Sheet September 30, December 31, Foreign currency contracts Other current assets $ 14,831 $ 20,004 Other accrued liabilities $ 357 $ 4 Foreign currency contracts Other assets 2,132 2,184 Noncurrent liabilities 93 25 Total $ 16,963 $ 22,188 $ 450 $ 29 The after-tax amount of gain (loss) recognized in OCI associated with derivative instruments designated as cash flow hedges follows: 3ME 9ME Cash Flow Hedges (in thousands) 2021 2020 2021 2020 Foreign currency contracts 1,530 10,112 7,716 6,115 Commodity contracts — — — (108) 1,530 10,112 7,716 6,007 The after-tax amount of gain (loss) reclassified from AOCI into earnings associated with derivative instruments designated as cash flow hedges follows: 3ME 9ME Cash Flow Hedges (in thousands) Location of Gain (Loss) 2021 2020 2021 2020 Foreign currency contracts Cost of revenue $ 3,084 $ 943 $ 12,585 $ 1,482 Commodity contracts Cost of revenue — — — (100) Interest rate contracts Interest expense 725 (419) (114) (1,258) Total $ 3,809 $ 524 $ 12,471 $ 124 Derivatives Not Designated as Hedges As of September 30, 2021, we also had total gross notional amounts of $238 million of foreign currency contracts and $25 million of commodity contracts outstanding that were not designated as hedges. The foreign currency contracts primarily related to contract obligations denominated in nonfunctional currencies. The fair value of derivatives not designated as hedges, as well as the associated gains and losses were not material for any period presented. |
Other Comprehensive Income (Los
Other Comprehensive Income (Loss) | 9 Months Ended |
Sep. 30, 2021 | |
Comprehensive Income (Loss), Net of Tax, Attributable to Parent [Abstract] | |
Other Comprehensive Income (Loss) | Other Comprehensive Income (Loss) The components of OCI follow: 3ME 3ME (in thousands) Before-Tax Tax Net-of-Tax Before-Tax Tax Net-of-Tax OCI: Foreign currency translation adjustments $ (18,712) $ — $ (18,712) $ 4,201 $ — $ 4,201 Ownership share of equity method investees’ OCI (936) (2,037) (2,973) (1,287) 1,253 (34) DB plan adjustments 1,172 (9) 1,163 1,070 — 1,070 Unrealized gain (loss) on hedges (1,814) (465) (2,279) 11,328 (1,740) 9,588 Total OCI (20,290) (2,511) (22,801) 15,312 (487) 14,825 Less: OCI attributable to NCI 2,355 — 2,355 (495) — (495) OCI attributable to Fluor $ (22,645) $ (2,511) $ (25,156) $ 15,807 $ (487) $ 15,320 9ME 9ME (in thousands) Before-Tax Tax Net-of-Tax Before-Tax Tax Net-of-Tax OCI: Foreign currency translation adjustments $ (17,281) $ (11) $ (17,292) $ (75,828) $ — $ (75,828) Ownership share of equity method investees’ OCI (4,222) (890) (5,112) (18,707) (153) (18,860) DB plan adjustments 3,573 432 4,005 3,071 — 3,071 Unrealized gain (loss) on hedges (4,457) (298) (4,755) 6,751 (868) 5,883 Total OCI (22,387) (767) (23,154) (84,713) (1,021) (85,734) Less: OCI attributable to NCI 1,759 — 1,759 (2,291) — (2,291) OCI attributable to Fluor $ (24,146) $ (767) $ (24,913) $ (82,422) $ (1,021) $ (83,443) The changes in AOCI balances follow: (in thousands) Foreign Ownership DB Plans Unrealized AOCI, Net Attributable to Fluor: Balance as of June 30, 2021 $ (258,944) $ (56,123) $ (115,747) $ 14,151 $ (416,663) OCI before reclassifications (21,067) (3,117) (1) 1,530 (22,655) Amounts reclassified from AOCI — 144 1,164 (3,809) (2,501) Net OCI (21,067) (2,973) 1,163 (2,279) (25,156) Balance as of September 30, 2021 $ (280,011) $ (59,096) $ (114,584) $ 11,872 $ (441,819) Attributable to NCI: Balance as of June 30, 2021 $ (4,764) $ — $ — $ — $ (4,764) OCI before reclassifications 2,355 — — — 2,355 Amounts reclassified from AOCI — — — — — Net OCI 2,355 — — — 2,355 Balance as of September 30, 2021 $ (2,409) $ — $ — $ — $ (2,409) (in thousands) Foreign Ownership DB Plans Unrealized AOCI, Net Attributable to Fluor: Balance as of December 31, 2020 $ (260,960) $ (53,984) $ (118,589) $ 16,627 $ (416,906) OCI before reclassifications (19,051) (5,540) (1) 7,716 (16,876) Amounts reclassified from AOCI — 428 4,006 (12,471) (8,037) Net OCI (19,051) (5,112) 4,005 (4,755) (24,913) Balance as of September 30, 2021 $ (280,011) $ (59,096) $ (114,584) $ 11,872 $ (441,819) Attributable to NCI: Balance as of December 31, 2020 $ (4,168) $ — $ — $ — $ (4,168) OCI before reclassifications 1,759 — — — 1,759 Amounts reclassified from AOCI — — — — — Net OCI 1,759 — — — 1,759 Balance as of September 30, 2021 $ (2,409) $ — $ — $ — $ (2,409) (in thousands) Foreign Ownership DB Plans Unrealized AOCI, Net Attributable to Fluor: 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 DB Plans 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 other comprehensive income (loss) (2,291) — — — (2,291) Balance as of September 30, 2020 $ (7,342) $ — $ — $ — $ (7,342) Information about reclassifications out of AOCI follows: 3ME 9ME (in thousands) Location in Statement of Operations 2021 2020 2021 2020 Component of AOCI: Ownership share of equity method investees’ OCI Cost of revenue $ (192) $ (183) $ (571) $ (547) Income tax benefit Income tax expense (benefit) 48 46 143 137 Net of tax $ (144) $ (137) $ (428) $ (410) DB plan adjustments G&A $ (1,172) $ (1,070) $ (3,573) $ (3,071) Income tax benefit Income tax expense (benefit) 8 — (433) — Net of tax $ (1,164) $ (1,070) $ (4,006) $ (3,071) Unrealized gain (loss) on derivative contracts: Commodity and foreign currency contracts Various accounts (1) $ 4,140 $ 943 $ 15,962 $ 1,346 Interest rate contracts Interest expense (349) (419) (1,189) (1,258) Income tax benefit Income tax expense (benefit) 18 — (2,302) 36 Net of tax $ 3,809 $ 524 $ 12,471 $ 124 (1) Gains and losses on commodity and foreign currency derivative contracts were reclassified to "Cost of revenue" and "G&A". |
Discontinued Operations
Discontinued Operations | 9 Months Ended |
Sep. 30, 2021 | |
Discontinued Operations and Disposal Groups [Abstract] | |
Discontinued Operations | Discontinued Operations In the first quarter of 2021, we committed to a plan to sell our Stork business, which had previously represented the majority of operations from our former diversified services segment. We sold the North American operations of the AMECO equipment business in May 2021 for $71 million and recognized a loss on the sale of $25 million. Smaller AMECO operations in South America and Africa remain held for sale. Impairment expense, included in Disc Ops, is summarized as follows: 3ME 9ME 9ME (in thousands) Stork AMECO Stork AMECO Stork AMECO Impairment expense: (1) Goodwill $ — $ — $ 12,700 $ — $ 168,568 $ 12,300 Intangible customer relationships — — — — 26,671 — Fair value adjustment and expected costs associated with sale — 4,809 60,500 53,085 — 87,700 Total impairment expense $ — $ 4,809 $ 73,200 $ 53,085 $ 195,239 $ 100,000 (1) There was no impairment expense recognized during the 2020 Quarter. 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. The fair value of the Stork assets were 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%. Disc Ops information follows: 3ME 3ME (in thousands) Stork AMECO Other Total Stork AMECO Other Total Revenue $ 376,668 $ 22,963 $ — $ 399,631 $ 346,702 $ 57,807 $ — $ 404,509 Cost of revenue 366,640 21,453 1,568 389,661 345,984 54,240 2,055 402,279 Gross Profit 10,028 1,510 (1,568) 9,970 718 3,567 (2,055) 2,230 G&A (1,246) (4,800) — (6,046) — (13) (3) (16) Impairment expense — (4,809) — (4,809) — — — — Foreign currency gain (loss) (387) (654) — (1,041) (678) (113) — (791) Operating profit (loss) 8,395 (8,753) (1,568) (1,926) 40 3,441 (2,058) 1,423 Interest (expense) income, net (1,159) (173) — (1,332) (1,473) (14) — (1,487) Earnings (loss) before taxes from Disc Ops 7,236 (8,926) (1,568) (3,258) (1,433) 3,427 (2,058) (64) Income tax expense (benefit) 1,491 1,123 — 2,614 287 1,720 — 2,007 Net earnings (loss) from Disc Ops 5,745 (10,049) (1,568) (5,872) (1,720) 1,707 (2,058) (2,071) Less: Net earnings (loss) from Disc Ops attributable to NCI 390 (1) — 389 106 — — 106 Net earnings (loss) from Disc Ops attributable to Fluor $ 5,355 $ (10,048) $ (1,568) $ (6,261) $ (1,826) $ 1,707 $ (2,058) $ (2,177) 9ME 9ME (in thousands) Stork AMECO Other Total Stork AMECO Other Total Revenue $ 1,184,694 $ 100,490 $ — $ 1,285,184 $ 1,122,540 $ 170,085 $ — $ 1,292,625 Cost of revenue 1,154,204 96,573 4,444 1,255,221 1,130,485 148,727 11,424 1,290,636 Gross profit 30,490 3,917 (4,444) 29,963 (7,945) 21,358 (11,424) 1,989 G&A (3,752) (4,800) — (8,552) — (64) (15) (79) Impairment expense (73,200) (53,085) — (126,285) (195,239) (100,000) — (295,239) Loss on sale of AMECO North America — (24,864) — (24,864) — — — — Foreign currency gain (loss) (384) 424 — 40 (1,684) (415) — (2,099) Operating profit (loss) (46,846) (78,408) (4,444) (129,698) (204,868) (79,121) (11,439) (295,428) Interest (expense) income, net (3,768) 30 — (3,738) (4,494) 26 — (4,468) Earnings (loss) before taxes from Disc Ops (50,614) (78,378) (4,444) (133,436) (209,362) (79,095) (11,439) (299,896) Income tax expense (benefit) 5,674 — — 5,674 (4,537) 3,662 — (875) Net earnings (loss) from Disc Ops (56,288) (78,378) (4,444) (139,110) (204,825) (82,757) (11,439) (299,021) Less: Net earnings (loss) from Disc Ops attributable to NCI 981 (1) — 980 793 — — 793 Net earnings (loss) from Disc Ops attributable to Fluor $ (57,269) $ (78,377) $ (4,444) $ (140,090) $ (205,618) $ (82,757) $ (11,439) $ (299,814) The following summarizes information related to assets and liabilities classified as held for sale: September 30, 2021 December 31, 2020 (in thousands) Stork AMECO Other Total from Disc Ops Other Assets and Liabilities from Cont Ops Total Stork AMECO Other Total from Disc Ops Other Assets and Liabilities from Cont Ops Total Accounts receivable, net $ 196,104 $ 29,117 $ 10,476 $ 235,697 $ — $ 235,697 $ 245,105 $ 42,797 $ 10,475 $ 298,377 $ — $ 298,377 Contract assets 159,579 — — 159,579 — 159,579 108,152 2,188 — 110,340 — 110,340 Other current assets 44,638 21,625 — 66,263 — 66,263 45,384 73,618 — 119,002 — 119,002 Current assets held for sale 400,321 50,742 10,476 461,539 — 461,539 398,641 118,603 10,475 527,719 — 527,719 PP&E, net 94,686 4,017 — 98,703 24,326 123,029 97,258 67,380 — 164,638 24,538 189,176 Goodwill 118,710 — — 118,710 — 118,710 141,889 — — 141,889 — 141,889 Investments 3,522 — — 3,522 5,712 9,234 4,649 — — 4,649 5,064 9,713 Other assets 120,826 15,315 — 136,141 — 136,141 135,421 13,810 — 149,231 — 149,231 Noncurrent assets held for sale (1) 337,744 19,332 — 357,076 30,038 387,114 379,217 81,190 — 460,407 29,602 490,009 Total assets held for sale $ 738,065 $ 70,074 $ 10,476 $ 818,615 $ 30,038 $ 848,653 $ 777,858 $ 199,793 $ 10,475 $ 988,126 $ 29,602 $ 1,017,728 Accounts payable $ 97,651 $ 6,684 $ 268 $ 104,603 $ — $ 104,603 $ 116,580 $ 17,388 $ 13 $ 133,981 $ — $ 133,981 Short-term borrowings 17,953 — — 17,953 — 17,953 20,525 — — 20,525 — 20,525 Contract liabilities 40,194 10 — 40,204 — 40,204 46,997 782 — 47,779 — 47,779 Accrued salaries, wages and benefits 60,573 1,099 — 61,672 — 61,672 57,626 7,152 — 64,778 — 64,778 Other accrued liabilities 175,220 47,528 — 222,748 — 222,748 113,965 11,977 — 125,942 — 125,942 Current liabilities held for sale 391,591 55,321 268 447,180 — 447,180 355,693 37,299 13 393,005 — 393,005 Noncurrent liabilities held for sale (1) 82,961 6,768 — 89,729 — 89,729 98,940 9,478 — 108,418 — 108,418 Total liabilities held for sale $ 474,552 $ 62,089 $ 268 $ 536,909 $ — $ 536,909 $ 454,633 $ 46,777 $ 13 $ 501,423 $ — $ 501,423 (1) Noncurrent assets and liabilities held for sale as of September 30, 2021 are reported as current given the expected sale timing. Our cash flow information included the following activities related to Disc Ops: 9ME 2021 2020 (in thousands) Stork AMECO Total Stork AMECO Total Capital expenditures $ (10,413) $ (11,012) $ (21,425) $ (16,410) $ (18,772) $ (35,182) |
Recent Accounting Pronounceme_2
Recent Accounting Pronouncements - (Policies) | 9 Months Ended |
Sep. 30, 2021 | |
Accounting Standards Update and Change in Accounting Principle [Abstract] | |
Recent Accounting Pronouncements | Accounting pronouncements that were implemented by us during the 2021 Period In the first quarter of 2021, we adopted ASU 2020-06, “Accounting for Convertible Instruments and Contracts in an Entity's Own Equity,” which simplifies accounting for convertible instruments and the application of the derivatives scope exception for contracts in our own equity. ASU 2020-06 eliminates two of the three models in the prior guidance that required separating embedded conversion features from convertible instruments and also eliminates some of the requirements for equity classification. ASU 2020-06 also addresses how convertible instruments are accounted for in the diluted EPS calculation. The adoption did not have any impact on our financial statements. |
Earnings Per Share - (Tables)
Earnings Per Share - (Tables) | 9 Months Ended |
Sep. 30, 2021 | |
Earnings Per Share [Abstract] | |
Schedule of calculations of basic and diluted EPS | Potentially dilutive securities include CPS, stock options, RSUs, restricted stock and performance-based award units. Diluted EPS reflects the assumed exercise or conversion of all dilutive securities using the if-converted and treasury stock methods. In computing diluted EPS, only securities that are actually dilutive are included. (in thousands, except per share amounts) 3ME 9ME 2021 2020 2021 2020 Net earnings (loss) from Cont Ops attributable to Fluor $ 46,730 $ 21,518 $ (20,911) $ 28,206 Less: Dividends on CPS 9,750 — 14,625 — Net earnings (loss) from Cont Ops available to Fluor common stockholders 36,980 21,518 (35,536) 28,206 Net earnings (loss) from Disc Ops attributable to Fluor (6,261) (2,177) (140,090) (299,814) Net earnings (loss) available to Fluor common stockholders $ 30,719 $ 19,341 $ (175,626) $ (271,608) Weighted average common shares outstanding 141,412 140,598 141,229 140,465 Diluted effect: CPS (1) — — — — Stock options, RSUs, restricted stock and performance-based award units (2) — 570 — 464 Weighted average diluted shares outstanding 141,412 141,168 141,229 140,929 Basic EPS available to Fluor common stockholders: Net earnings (loss) from Cont Ops $ 0.26 $ 0.15 $ (0.25) $ 0.20 Net earnings (loss) from Disc Ops (0.04) (0.01) (0.99) (2.13) Diluted EPS available to Fluor common stockholders: Net earnings (loss) from Cont Ops $ 0.26 $ 0.15 $ (0.25) $ 0.20 Net earnings (loss) from Disc Ops (0.04) (0.01) (0.99) (2.13) Anti-dilutive securities not included in shares outstanding: (1) CPS 26,975 — 13,240 — (2) All others 1,618 — 1,743 — |
Schedule of Antidilutive Securities Excluded from Computation of Earnings Per Share | Potentially dilutive securities include CPS, stock options, RSUs, restricted stock and performance-based award units. Diluted EPS reflects the assumed exercise or conversion of all dilutive securities using the if-converted and treasury stock methods. In computing diluted EPS, only securities that are actually dilutive are included. (in thousands, except per share amounts) 3ME 9ME 2021 2020 2021 2020 Net earnings (loss) from Cont Ops attributable to Fluor $ 46,730 $ 21,518 $ (20,911) $ 28,206 Less: Dividends on CPS 9,750 — 14,625 — Net earnings (loss) from Cont Ops available to Fluor common stockholders 36,980 21,518 (35,536) 28,206 Net earnings (loss) from Disc Ops attributable to Fluor (6,261) (2,177) (140,090) (299,814) Net earnings (loss) available to Fluor common stockholders $ 30,719 $ 19,341 $ (175,626) $ (271,608) Weighted average common shares outstanding 141,412 140,598 141,229 140,465 Diluted effect: CPS (1) — — — — Stock options, RSUs, restricted stock and performance-based award units (2) — 570 — 464 Weighted average diluted shares outstanding 141,412 141,168 141,229 140,929 Basic EPS available to Fluor common stockholders: Net earnings (loss) from Cont Ops $ 0.26 $ 0.15 $ (0.25) $ 0.20 Net earnings (loss) from Disc Ops (0.04) (0.01) (0.99) (2.13) Diluted EPS available to Fluor common stockholders: Net earnings (loss) from Cont Ops $ 0.26 $ 0.15 $ (0.25) $ 0.20 Net earnings (loss) from Disc Ops (0.04) (0.01) (0.99) (2.13) Anti-dilutive securities not included in shares outstanding: (1) CPS 26,975 — 13,240 — (2) All others 1,618 — 1,743 — |
Operating Information by Segm_2
Operating Information by Segment and Geographic Area (Tables) | 9 Months Ended |
Sep. 30, 2021 | |
Segment Reporting [Abstract] | |
Schedule of Operating Information by Segment and Geographic Area - Assets by Segment | Other now includes only the operations of NuScale. 3ME 9ME (in millions) 2021 2020 2021 2020 Revenue Energy Solutions $ 1,365.4 $ 1,337.9 $ 3,675.4 $ 4,195.2 Urban Solutions 1,014.7 1,329.4 3,419.2 4,434.2 Mission Solutions 723.0 789.6 2,183.4 2,260.2 Total revenue $ 3,103.1 $ 3,456.9 $ 9,278.0 $ 10,889.6 Segment profit (loss) Energy Solutions $ 72.5 $ 96.2 $ 183.9 $ 133.0 Urban Solutions 17.8 29.3 (20.8) 119.2 Mission Solutions 27.9 24.5 116.5 66.3 Other (8.2) (21.6) (42.4) (62.9) Total segment profit (loss) $ 110.0 $ 128.4 $ 237.2 $ 255.6 G&A (42.4) (36.7) (139.4) (112.9) Impairment, restructuring and other exit costs — — (26.4) (106.2) Foreign currency gain (loss) 37.5 (29.8) (4.2) 16.2 Interest income (expense), net (31.4) (11.9) (59.3) (26.9) Earnings (loss) from Cont Ops attributable to NCI (3.5) 4.2 21.5 19.7 Earnings (loss) from Cont Ops before taxes $ 70.2 $ 54.2 $ 29.4 $ 45.5 Intercompany revenue for our professional staffing business, excluded from revenue above $ 60.4 $ 60.6 $ 198.9 $ 199.7 NuScale expenses included in the determination of segment loss were as follows: 3ME 9ME (in millions) 2021 2020 2021 2020 NuScale expenses $ (42.9) $ (43.3) $ (122.6) $ (119.2) Less: DOE reimbursable expenses 18.1 20.4 49.9 53.8 NuScale expenses, net (24.8) (22.9) (72.7) (65.4) Less: Attributable to NCI 16.6 1.3 30.3 2.5 Fluor segment loss $ (8.2) $ (21.6) $ (42.4) $ (62.9) (in millions) September 30, December 31, Energy Solutions $ 1,196.2 $ 1,010.9 Urban Solutions 1,110.4 1,122.5 Mission Solutions 629.0 575.8 Other 38.5 37.8 |
Schedule of Operating Information by Segment and Geographic Area - Project location | Revenue by project location follows: 3ME 9ME (in millions) 2021 2020 2021 2020 North America $ 2,023.6 $ 2,320.6 $ 6,058.9 $ 7,079.8 Asia Pacific (includes Australia) 255.3 329.5 1,001.4 980.9 Europe 417.7 491.3 1,052.3 1,594.4 Central and South America 337.4 190.9 904.8 823.7 Middle East and Africa 69.1 124.6 260.6 410.8 Total revenue $ 3,103.1 $ 3,456.9 $ 9,278.0 $ 10,889.6 |
Impairment, Restructuring and_2
Impairment, Restructuring and Other Exit Costs - (Tables) | 9 Months Ended |
Sep. 30, 2021 | |
Restructuring and Related Activities [Abstract] | |
Schedule of Impairment Expense | We did not recognize any impairment expense in Cont Ops during the 2021 and 2020 Quarters. Impairment expense, included in Cont Ops, for the 2021 and 2020 Periods is summarized as follows: 9ME (in thousands) 2021 2020 Impairment expense: Energy Solutions' equity method investment $ 26,392 $ 86,096 Information technology assets — 16,269 Total impairment expense $ 26,392 $ 102,365 Impairment expense, included in Disc Ops, is summarized as follows: 3ME 9ME 9ME (in thousands) Stork AMECO Stork AMECO Stork AMECO Impairment expense: (1) Goodwill $ — $ — $ 12,700 $ — $ 168,568 $ 12,300 Intangible customer relationships — — — — 26,671 — Fair value adjustment and expected costs associated with sale — 4,809 60,500 53,085 — 87,700 Total impairment expense $ — $ 4,809 $ 73,200 $ 53,085 $ 195,239 $ 100,000 |
Restructuring Liability Reconciliation | A reconciliation of our restructuring liabilities follows: (in thousands) Severance Lease Exit Costs Total Balance as of December 31, 2019 $ 30,479 $ 564 $ 31,043 Restructuring charges accrued during the period 3,720 334 4,054 Cash payments / settlements during the period (18,858) (793) (19,651) Currency translation 1,140 1 1,141 Balance as of December 31, 2020 $ 16,481 $ 106 $ 16,587 Cash payments / settlements during the period $ (16,378) $ (106) $ (16,484) Currency translation (103) — (103) Balance as of September 30, 2021 $ — $ — $ — |
Cash Paid for Interest and Ta_2
Cash Paid for Interest and Taxes (Tables) | 9 Months Ended |
Sep. 30, 2021 | |
Supplemental Cash Flow Information [Abstract] | |
Schedule of Cash Flow, Supplemental Disclosures | Cash Paid for Interest and Taxes 9ME (in thousands) 2021 2020 Cash paid for: Interest $ 80,796 $ 54,677 Income taxes (net of refunds) 59,246 29,367 Our cash flow information included the following activities related to Disc Ops: 9ME 2021 2020 (in thousands) Stork AMECO Total Stork AMECO Total Capital expenditures $ (10,413) $ (11,012) $ (21,425) $ (16,410) $ (18,772) $ (35,182) |
Contract Assets and Liabiliti_2
Contract Assets and Liabilities (Tables) | 9 Months Ended |
Sep. 30, 2021 | |
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, 2021 December 31, 2020 Information about contract assets: Contract assets Unbilled receivables - reimbursable contracts $ 724 $ 590 Contract work in progress - lump-sum contracts 288 270 Contract assets $ 1,012 $ 860 Advance billings deducted from contract assets $ 234 $ 308 9ME (in millions) 2021 2020 Information about contract liabilities: Revenue recognized that was included in contract liabilities as of January 1 $ 836 $ 674 |
Remaining Unsatisfied Perform_2
Remaining Unsatisfied Performance Obligations - (Tables) | 9 Months Ended |
Sep. 30, 2021 | |
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, 2021 Within 1 year $ 11,039 1 to 2 years 5,610 Thereafter 3,892 Total RUPO $ 20,541 |
Debt and Letters of Credit (Tab
Debt and Letters of Credit (Tables) | 9 Months Ended |
Sep. 30, 2021 | |
Debt Disclosure [Abstract] | |
Schedule of Debt | Debt consisted of the following: (in thousands) September 30, 2021 December 31, 2020 Borrowings under credit facility $ — $ — Current: Other borrowings $ 4,639 $ 4,890 Long-term: Senior Notes 2023 Notes $ 196,589 $ 611,250 Unamortized discount on 2023 Notes (61) (283) Unamortized deferred financing costs (257) (1,203) 2024 Notes 381,014 500,000 Unamortized discount on 2024 Notes (1,316) (2,130) Unamortized deferred financing costs (1,032) (1,670) 2028 Notes 600,000 600,000 Unamortized discount on 2028 Notes (886) (981) Unamortized deferred financing costs (3,507) (3,885) Total long-term $ 1,170,544 $ 1,701,098 |
Fair Value Measurements - (Tabl
Fair Value Measurements - (Tables) | 9 Months Ended |
Sep. 30, 2021 | |
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, 2021 December 31, 2020 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) $ 15,844 $ 15,844 $ — $ — $ 9,626 $ 9,626 $ — $ — Derivative assets (2) Foreign currency 20,977 — 20,977 — 22,667 — 22,667 — Commodity 5,927 — 5,927 — 806 — 806 — Liabilities: Derivative liabilities (2) Foreign currency $ 5,781 $ — $ 5,781 $ — $ 2,571 $ — $ 2,571 $ — Commodity 233 — 233 — 5,059 — 5,059 — _________________________________________________________ (1) Consists of registered money market funds and an equity index fund. These investments, which are trading securities, represent the net asset value at the close of business of the period based on the last trade or official close of an active market or exchange. (2) |
Schedule of carrying values and estimated fair values of financial instruments not required to be measured at fair value | The following summarizes information about financial instruments that are not required to be measured at fair value : September 30, 2021 December 31, 2020 (in thousands) Fair Value Carrying Fair Carrying Fair Assets: Cash (1) Level 1 $ 1,320,302 $ 1,320,302 $ 1,180,024 $ 1,180,024 Cash equivalents (2) Level 2 805,213 805,213 1,018,757 1,018,757 Marketable securities (2) Level 2 67,164 67,164 23,345 23,345 Notes receivable, including noncurrent portion (3) Level 3 10,490 10,490 28,488 28,488 Liabilities: 2023 Senior Notes (4) Level 2 $ 196,271 $ 201,126 $ 609,764 $ 578,554 2024 Senior Notes (4) Level 2 378,666 400,011 496,200 494,045 2028 Senior Notes (4) Level 2 595,607 619,932 595,134 599,220 Other borrowings (5) Level 2 4,639 4,639 4,890 4,890 _________________________________________________________ (1) Cash consists of bank deposits. Carrying amounts approximate fair value. (2) 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. (3) 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. (4) The fair value of the Senior Notes was estimated based on the quoted market prices and Level 2 inputs. (5) Other borrowings 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 Compensation (Table
Stock-Based Compensation (Tables) | 9 Months Ended |
Sep. 30, 2021 | |
Share-based Payment Arrangement [Abstract] | |
Share-based Payment Arrangement, Activity | During 2021, the following units were granted for GAAP purposes: Performance-based Award Units Granted in 2021 Weighted Average 2021 Performance Award Plan 204,623 $20.49 2020 Performance Award Plan 385,455 $19.98 2019 Performance Award Plan 116,844 $20.18 |
Retirement Plans - (Tables)
Retirement Plans - (Tables) | 9 Months Ended |
Sep. 30, 2021 | |
Retirement Benefits [Abstract] | |
Schedule of components of net periodic pension expense | Net periodic pension expense for our DB plans includes the following components: 3ME 9ME (in thousands) Location of Component 2021 2020 2021 2020 Service cost Cost of revenue $ 4,293 $ 4,442 $ 13,084 $ 12,843 Interest cost Corp G&A 1,737 2,367 5,294 6,843 Expected return on assets Corp G&A (7,081) (6,667) (21,568) (19,260) Amortization of prior service credit Corp G&A (213) (231) (649) (667) Recognized net actuarial loss Corp G&A 1,406 1,204 4,282 3,476 Net periodic pension expense $ 142 $ 1,115 $ 443 $ 3,235 |
Derivatives and Hedging - (Tabl
Derivatives and Hedging - (Tables) | 9 Months Ended |
Sep. 30, 2021 | |
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 September 30, December 31, Balance Sheet September 30, December 31, Foreign currency contracts Other current assets $ 14,831 $ 20,004 Other accrued liabilities $ 357 $ 4 Foreign currency contracts Other assets 2,132 2,184 Noncurrent liabilities 93 25 Total $ 16,963 $ 22,188 $ 450 $ 29 |
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: 3ME 9ME Cash Flow Hedges (in thousands) 2021 2020 2021 2020 Foreign currency contracts 1,530 10,112 7,716 6,115 Commodity contracts — — — (108) 1,530 10,112 7,716 6,007 |
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: 3ME 9ME Cash Flow Hedges (in thousands) Location of Gain (Loss) 2021 2020 2021 2020 Foreign currency contracts Cost of revenue $ 3,084 $ 943 $ 12,585 $ 1,482 Commodity contracts Cost of revenue — — — (100) Interest rate contracts Interest expense 725 (419) (114) (1,258) Total $ 3,809 $ 524 $ 12,471 $ 124 |
Other Comprehensive Income (L_2
Other Comprehensive Income (Loss) - (Tables) | 9 Months Ended |
Sep. 30, 2021 | |
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: 3ME 3ME (in thousands) Before-Tax Tax Net-of-Tax Before-Tax Tax Net-of-Tax OCI: Foreign currency translation adjustments $ (18,712) $ — $ (18,712) $ 4,201 $ — $ 4,201 Ownership share of equity method investees’ OCI (936) (2,037) (2,973) (1,287) 1,253 (34) DB plan adjustments 1,172 (9) 1,163 1,070 — 1,070 Unrealized gain (loss) on hedges (1,814) (465) (2,279) 11,328 (1,740) 9,588 Total OCI (20,290) (2,511) (22,801) 15,312 (487) 14,825 Less: OCI attributable to NCI 2,355 — 2,355 (495) — (495) OCI attributable to Fluor $ (22,645) $ (2,511) $ (25,156) $ 15,807 $ (487) $ 15,320 9ME 9ME (in thousands) Before-Tax Tax Net-of-Tax Before-Tax Tax Net-of-Tax OCI: Foreign currency translation adjustments $ (17,281) $ (11) $ (17,292) $ (75,828) $ — $ (75,828) Ownership share of equity method investees’ OCI (4,222) (890) (5,112) (18,707) (153) (18,860) DB plan adjustments 3,573 432 4,005 3,071 — 3,071 Unrealized gain (loss) on hedges (4,457) (298) (4,755) 6,751 (868) 5,883 Total OCI (22,387) (767) (23,154) (84,713) (1,021) (85,734) Less: OCI attributable to NCI 1,759 — 1,759 (2,291) — (2,291) OCI attributable to Fluor $ (24,146) $ (767) $ (24,913) $ (82,422) $ (1,021) $ (83,443) |
Schedule of changes in accumulated other comprehensive income balances by component (after-tax) | The changes in AOCI balances follow: (in thousands) Foreign Ownership DB Plans Unrealized AOCI, Net Attributable to Fluor: Balance as of June 30, 2021 $ (258,944) $ (56,123) $ (115,747) $ 14,151 $ (416,663) OCI before reclassifications (21,067) (3,117) (1) 1,530 (22,655) Amounts reclassified from AOCI — 144 1,164 (3,809) (2,501) Net OCI (21,067) (2,973) 1,163 (2,279) (25,156) Balance as of September 30, 2021 $ (280,011) $ (59,096) $ (114,584) $ 11,872 $ (441,819) Attributable to NCI: Balance as of June 30, 2021 $ (4,764) $ — $ — $ — $ (4,764) OCI before reclassifications 2,355 — — — 2,355 Amounts reclassified from AOCI — — — — — Net OCI 2,355 — — — 2,355 Balance as of September 30, 2021 $ (2,409) $ — $ — $ — $ (2,409) (in thousands) Foreign Ownership DB Plans Unrealized AOCI, Net Attributable to Fluor: Balance as of December 31, 2020 $ (260,960) $ (53,984) $ (118,589) $ 16,627 $ (416,906) OCI before reclassifications (19,051) (5,540) (1) 7,716 (16,876) Amounts reclassified from AOCI — 428 4,006 (12,471) (8,037) Net OCI (19,051) (5,112) 4,005 (4,755) (24,913) Balance as of September 30, 2021 $ (280,011) $ (59,096) $ (114,584) $ 11,872 $ (441,819) Attributable to NCI: Balance as of December 31, 2020 $ (4,168) $ — $ — $ — $ (4,168) OCI before reclassifications 1,759 — — — 1,759 Amounts reclassified from AOCI — — — — — Net OCI 1,759 — — — 1,759 Balance as of September 30, 2021 $ (2,409) $ — $ — $ — $ (2,409) (in thousands) Foreign Ownership DB Plans Unrealized AOCI, Net Attributable to Fluor: 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 DB Plans 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 other comprehensive income (loss) (2,291) — — — (2,291) Balance as of September 30, 2020 $ (7,342) $ — $ — $ — $ (7,342) |
Schedule of significant items reclassified out of AOCI and corresponding location and impact | Information about reclassifications out of AOCI follows: 3ME 9ME (in thousands) Location in Statement of Operations 2021 2020 2021 2020 Component of AOCI: Ownership share of equity method investees’ OCI Cost of revenue $ (192) $ (183) $ (571) $ (547) Income tax benefit Income tax expense (benefit) 48 46 143 137 Net of tax $ (144) $ (137) $ (428) $ (410) DB plan adjustments G&A $ (1,172) $ (1,070) $ (3,573) $ (3,071) Income tax benefit Income tax expense (benefit) 8 — (433) — Net of tax $ (1,164) $ (1,070) $ (4,006) $ (3,071) Unrealized gain (loss) on derivative contracts: Commodity and foreign currency contracts Various accounts (1) $ 4,140 $ 943 $ 15,962 $ 1,346 Interest rate contracts Interest expense (349) (419) (1,189) (1,258) Income tax benefit Income tax expense (benefit) 18 — (2,302) 36 Net of tax $ 3,809 $ 524 $ 12,471 $ 124 |
Discontinued Operations - (Tabl
Discontinued Operations - (Tables) | 9 Months Ended |
Sep. 30, 2021 | |
Discontinued Operations and Disposal Groups [Abstract] | |
Schedule of Impairment Expense | We did not recognize any impairment expense in Cont Ops during the 2021 and 2020 Quarters. Impairment expense, included in Cont Ops, for the 2021 and 2020 Periods is summarized as follows: 9ME (in thousands) 2021 2020 Impairment expense: Energy Solutions' equity method investment $ 26,392 $ 86,096 Information technology assets — 16,269 Total impairment expense $ 26,392 $ 102,365 Impairment expense, included in Disc Ops, is summarized as follows: 3ME 9ME 9ME (in thousands) Stork AMECO Stork AMECO Stork AMECO Impairment expense: (1) Goodwill $ — $ — $ 12,700 $ — $ 168,568 $ 12,300 Intangible customer relationships — — — — 26,671 — Fair value adjustment and expected costs associated with sale — 4,809 60,500 53,085 — 87,700 Total impairment expense $ — $ 4,809 $ 73,200 $ 53,085 $ 195,239 $ 100,000 |
Earnings from discontinued operations, net of tax | Disc Ops information follows: 3ME 3ME (in thousands) Stork AMECO Other Total Stork AMECO Other Total Revenue $ 376,668 $ 22,963 $ — $ 399,631 $ 346,702 $ 57,807 $ — $ 404,509 Cost of revenue 366,640 21,453 1,568 389,661 345,984 54,240 2,055 402,279 Gross Profit 10,028 1,510 (1,568) 9,970 718 3,567 (2,055) 2,230 G&A (1,246) (4,800) — (6,046) — (13) (3) (16) Impairment expense — (4,809) — (4,809) — — — — Foreign currency gain (loss) (387) (654) — (1,041) (678) (113) — (791) Operating profit (loss) 8,395 (8,753) (1,568) (1,926) 40 3,441 (2,058) 1,423 Interest (expense) income, net (1,159) (173) — (1,332) (1,473) (14) — (1,487) Earnings (loss) before taxes from Disc Ops 7,236 (8,926) (1,568) (3,258) (1,433) 3,427 (2,058) (64) Income tax expense (benefit) 1,491 1,123 — 2,614 287 1,720 — 2,007 Net earnings (loss) from Disc Ops 5,745 (10,049) (1,568) (5,872) (1,720) 1,707 (2,058) (2,071) Less: Net earnings (loss) from Disc Ops attributable to NCI 390 (1) — 389 106 — — 106 Net earnings (loss) from Disc Ops attributable to Fluor $ 5,355 $ (10,048) $ (1,568) $ (6,261) $ (1,826) $ 1,707 $ (2,058) $ (2,177) 9ME 9ME (in thousands) Stork AMECO Other Total Stork AMECO Other Total Revenue $ 1,184,694 $ 100,490 $ — $ 1,285,184 $ 1,122,540 $ 170,085 $ — $ 1,292,625 Cost of revenue 1,154,204 96,573 4,444 1,255,221 1,130,485 148,727 11,424 1,290,636 Gross profit 30,490 3,917 (4,444) 29,963 (7,945) 21,358 (11,424) 1,989 G&A (3,752) (4,800) — (8,552) — (64) (15) (79) Impairment expense (73,200) (53,085) — (126,285) (195,239) (100,000) — (295,239) Loss on sale of AMECO North America — (24,864) — (24,864) — — — — Foreign currency gain (loss) (384) 424 — 40 (1,684) (415) — (2,099) Operating profit (loss) (46,846) (78,408) (4,444) (129,698) (204,868) (79,121) (11,439) (295,428) Interest (expense) income, net (3,768) 30 — (3,738) (4,494) 26 — (4,468) Earnings (loss) before taxes from Disc Ops (50,614) (78,378) (4,444) (133,436) (209,362) (79,095) (11,439) (299,896) Income tax expense (benefit) 5,674 — — 5,674 (4,537) 3,662 — (875) Net earnings (loss) from Disc Ops (56,288) (78,378) (4,444) (139,110) (204,825) (82,757) (11,439) (299,021) Less: Net earnings (loss) from Disc Ops attributable to NCI 981 (1) — 980 793 — — 793 Net earnings (loss) from Disc Ops attributable to Fluor $ (57,269) $ (78,377) $ (4,444) $ (140,090) $ (205,618) $ (82,757) $ (11,439) $ (299,814) |
Assets and liabilities held for sale | The following summarizes information related to assets and liabilities classified as held for sale: September 30, 2021 December 31, 2020 (in thousands) Stork AMECO Other Total from Disc Ops Other Assets and Liabilities from Cont Ops Total Stork AMECO Other Total from Disc Ops Other Assets and Liabilities from Cont Ops Total Accounts receivable, net $ 196,104 $ 29,117 $ 10,476 $ 235,697 $ — $ 235,697 $ 245,105 $ 42,797 $ 10,475 $ 298,377 $ — $ 298,377 Contract assets 159,579 — — 159,579 — 159,579 108,152 2,188 — 110,340 — 110,340 Other current assets 44,638 21,625 — 66,263 — 66,263 45,384 73,618 — 119,002 — 119,002 Current assets held for sale 400,321 50,742 10,476 461,539 — 461,539 398,641 118,603 10,475 527,719 — 527,719 PP&E, net 94,686 4,017 — 98,703 24,326 123,029 97,258 67,380 — 164,638 24,538 189,176 Goodwill 118,710 — — 118,710 — 118,710 141,889 — — 141,889 — 141,889 Investments 3,522 — — 3,522 5,712 9,234 4,649 — — 4,649 5,064 9,713 Other assets 120,826 15,315 — 136,141 — 136,141 135,421 13,810 — 149,231 — 149,231 Noncurrent assets held for sale (1) 337,744 19,332 — 357,076 30,038 387,114 379,217 81,190 — 460,407 29,602 490,009 Total assets held for sale $ 738,065 $ 70,074 $ 10,476 $ 818,615 $ 30,038 $ 848,653 $ 777,858 $ 199,793 $ 10,475 $ 988,126 $ 29,602 $ 1,017,728 Accounts payable $ 97,651 $ 6,684 $ 268 $ 104,603 $ — $ 104,603 $ 116,580 $ 17,388 $ 13 $ 133,981 $ — $ 133,981 Short-term borrowings 17,953 — — 17,953 — 17,953 20,525 — — 20,525 — 20,525 Contract liabilities 40,194 10 — 40,204 — 40,204 46,997 782 — 47,779 — 47,779 Accrued salaries, wages and benefits 60,573 1,099 — 61,672 — 61,672 57,626 7,152 — 64,778 — 64,778 Other accrued liabilities 175,220 47,528 — 222,748 — 222,748 113,965 11,977 — 125,942 — 125,942 Current liabilities held for sale 391,591 55,321 268 447,180 — 447,180 355,693 37,299 13 393,005 — 393,005 Noncurrent liabilities held for sale (1) 82,961 6,768 — 89,729 — 89,729 98,940 9,478 — 108,418 — 108,418 Total liabilities held for sale $ 474,552 $ 62,089 $ 268 $ 536,909 $ — $ 536,909 $ 454,633 $ 46,777 $ 13 $ 501,423 $ — $ 501,423 (1) Noncurrent assets and liabilities held for sale as of September 30, 2021 are reported as current given the expected sale timing. |
Schedule of Cash Flow, Supplemental Disclosures | Cash Paid for Interest and Taxes 9ME (in thousands) 2021 2020 Cash paid for: Interest $ 80,796 $ 54,677 Income taxes (net of refunds) 59,246 29,367 Our cash flow information included the following activities related to Disc Ops: 9ME 2021 2020 (in thousands) Stork AMECO Total Stork AMECO Total Capital expenditures $ (10,413) $ (11,012) $ (21,425) $ (16,410) $ (18,772) $ (35,182) |
Earnings Per Share (Details)
Earnings Per Share (Details) - USD ($) $ / shares in Units, shares in Thousands, $ in Thousands | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2021 | Sep. 30, 2020 | Sep. 30, 2021 | Sep. 30, 2020 | |
Income Amounts Attributable to Parent, Disclosures [Abstract] | ||||
Net earnings (loss) from Cont Ops attributable to Fluor | $ 46,730 | $ 21,518 | $ (20,911) | $ 28,206 |
Less: Dividends on CPS | 9,750 | 0 | 14,625 | 0 |
Net earnings (loss) from Cont Ops available to Fluor common stockholders | 36,980 | 21,518 | (35,536) | 28,206 |
Net earnings (loss) from Disc Ops attributable to Fluor | (6,261) | (2,177) | (140,090) | (299,814) |
Net earnings (loss) available to Fluor common stockholders | $ 30,719 | $ 19,341 | $ (175,626) | $ (271,608) |
Weighted average common shares outstanding (shares) | 141,412 | 140,598 | 141,229 | 140,465 |
Diluted effect: | ||||
CPS (in shares) | 0 | 0 | 0 | 0 |
Stock options, RSU's, restricted stock and performance-based award units (in shares) | 0 | 570 | 0 | 464 |
Weighted average diluted shares outstanding (in shares) | 141,412 | 141,168 | 141,229 | 140,929 |
Basic EPS available to Fluor common stockholders: | ||||
Net earnings (loss) from Cont Ops (in dollars per share) | $ 0.26 | $ 0.15 | $ (0.25) | $ 0.20 |
Net earnings (loss) from Disc Ops (in dollars per share) | (0.04) | (0.01) | (0.99) | (2.13) |
Diluted EPS available to Fluor common stockholders: | ||||
Net earnings (loss) from Cont Ops (in dollars per share) | 0.26 | 0.15 | (0.25) | 0.20 |
Net earnings (loss) from Disc Ops (in dollars per share) | $ (0.04) | $ (0.01) | $ (0.99) | $ (2.13) |
Earnings Per Share - Antidiluti
Earnings Per Share - Antidilutive Securities Excluded from Computation of EPS (Details) - shares | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2021 | Sep. 30, 2020 | Sep. 30, 2021 | Sep. 30, 2020 | |
CPS | ||||
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items] | ||||
Anti-dilutive securities not included above (in shares) | 26,975,000 | 0 | 13,240,000 | 0 |
All Others | ||||
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items] | ||||
Anti-dilutive securities not included above (in shares) | 1,618,000 | 0 | 1,743,000 | 0 |
Operating Information by Segm_3
Operating Information by Segment and Geographic Area - Reportable Segments (Details) - USD ($) $ in Thousands | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2021 | Sep. 30, 2020 | Sep. 30, 2021 | Sep. 30, 2020 | |
Segment Reporting Information [Line Items] | ||||
Revenue | $ 3,103,085 | $ 3,456,938 | $ 9,278,017 | $ 10,889,575 |
Total segment profit (loss) | 101,565 | 66,115 | 88,692 | 72,471 |
G&A | (42,371) | (36,697) | (139,439) | (112,853) |
Impairment, restructuring and other exit costs | 0 | 0 | (26,392) | (106,189) |
Foreign currency gain (loss) | 37,453 | (29,763) | (4,203) | 16,197 |
Earnings (loss) from Cont Ops before taxes | 70,195 | 54,227 | 29,437 | 45,543 |
Continuing Operations | ||||
Segment Reporting Information [Line Items] | ||||
G&A | (42,400) | (36,700) | (139,400) | (112,900) |
Impairment, restructuring and other exit costs | 0 | 0 | (26,400) | (106,200) |
Foreign currency gain (loss) | 37,500 | (29,800) | (4,200) | 16,200 |
Interest income (expense), net | (31,400) | (11,900) | (59,300) | (26,900) |
Earnings (loss) from Cont Ops attributable to NCI | (3,500) | 4,200 | 21,500 | 19,700 |
Earnings (loss) from Cont Ops before taxes | 70,200 | 54,200 | 29,400 | 45,500 |
Continuing Operations | Reportable segments | ||||
Segment Reporting Information [Line Items] | ||||
Revenue | 3,103,100 | 3,456,900 | 9,278,000 | 10,889,600 |
Total segment profit (loss) | 110,000 | 128,400 | 237,200 | 255,600 |
Continuing Operations | Energy Solutions | Reportable segments | ||||
Segment Reporting Information [Line Items] | ||||
Revenue | 1,365,400 | 1,337,900 | 3,675,400 | 4,195,200 |
Total segment profit (loss) | 72,500 | 96,200 | 183,900 | 133,000 |
Continuing Operations | Urban Solutions | Reportable segments | ||||
Segment Reporting Information [Line Items] | ||||
Revenue | 1,014,700 | 1,329,400 | 3,419,200 | 4,434,200 |
Total segment profit (loss) | 17,800 | 29,300 | (20,800) | 119,200 |
Continuing Operations | Mission Solutions | Reportable segments | ||||
Segment Reporting Information [Line Items] | ||||
Revenue | 723,000 | 789,600 | 2,183,400 | 2,260,200 |
Total segment profit (loss) | $ 27,900 | $ 24,500 | $ 116,500 | $ 66,300 |
Operating Information by Segm_4
Operating Information by Segment and Geographic Area - Narrative (Details) - USD ($) $ / shares in Units, $ in Thousands | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2021 | Sep. 30, 2020 | Sep. 30, 2021 | Sep. 30, 2020 | |
Segment Reporting Information [Line Items] | ||||
Revenue | $ 3,103,085 | $ 3,456,938 | $ 9,278,017 | $ 10,889,575 |
Capital contributions by NCI | 201,511 | 82,109 | ||
Urban Solutions | ||||
Segment Reporting Information [Line Items] | ||||
Effect of forecast revision on estimated project cost | $ 138,000 | |||
Effect of forecast revision on estimated project cost (in dollars per share) | $ 0.72 | |||
Urban Solutions | Intersegment Eliminations | ||||
Segment Reporting Information [Line Items] | ||||
Revenue | $ 60,400 | $ 60,600 | $ 198,900 | $ 199,700 |
Other | Reportable segments | Nu Scale Power | Nu Scale Power | ||||
Segment Reporting Information [Line Items] | ||||
Ownership interest percentage | 80.00% | 80.00% | ||
Other | Reportable segments | Nu Scale Power | JGC Holdings Corporation, GS Energy And IHI Corporation | ||||
Segment Reporting Information [Line Items] | ||||
Capital contributions by NCI | $ 193,000 |
Operating Information by Segm_5
Operating Information by Segment and Geographic Area - NuScale Expenses (Details) - USD ($) $ in Thousands | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2021 | Sep. 30, 2020 | Sep. 30, 2021 | Sep. 30, 2020 | |
Segment Reporting Information [Line Items] | ||||
Operating profit | $ 101,565 | $ 66,115 | $ 88,692 | $ 72,471 |
Reportable segments | Other | Nu Scale Power | ||||
Segment Reporting Information [Line Items] | ||||
NuScale expenses | (42,900) | (43,300) | (122,600) | (119,200) |
Less: DOE reimbursable expenses | 18,100 | 20,400 | 49,900 | 53,800 |
NuScale expenses, net | (24,800) | (22,900) | (72,700) | (65,400) |
Less: Attributable to NCI | 16,600 | 1,300 | 30,300 | 2,500 |
Operating profit | $ (8,200) | $ (21,600) | $ (42,400) | $ (62,900) |
Operating Information by Segm_6
Operating Information by Segment and Geographic Area - Total Assets (Details) - USD ($) $ in Thousands | Sep. 30, 2021 | Dec. 31, 2020 |
Segment Reporting Information [Line Items] | ||
Assets | $ 7,258,083 | $ 7,309,812 |
Reportable segments | Energy Solutions | ||
Segment Reporting Information [Line Items] | ||
Assets | 1,196,200 | 1,010,900 |
Reportable segments | Urban Solutions | ||
Segment Reporting Information [Line Items] | ||
Assets | 1,110,400 | 1,122,500 |
Reportable segments | Mission Solutions | ||
Segment Reporting Information [Line Items] | ||
Assets | 629,000 | 575,800 |
Reportable segments | Other | ||
Segment Reporting Information [Line Items] | ||
Assets | $ 38,500 | $ 37,800 |
Operating Information by Segm_7
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, 2021 | Sep. 30, 2020 | Sep. 30, 2021 | Sep. 30, 2020 | |
Revenues from External Customers and Long-Lived Assets [Line Items] | ||||
Revenue | $ 3,103,085 | $ 3,456,938 | $ 9,278,017 | $ 10,889,575 |
North America | ||||
Revenues from External Customers and Long-Lived Assets [Line Items] | ||||
Revenue | 2,023,600 | 2,320,600 | 6,058,900 | 7,079,800 |
Asia Pacific (includes Australia) | ||||
Revenues from External Customers and Long-Lived Assets [Line Items] | ||||
Revenue | 255,300 | 329,500 | 1,001,400 | 980,900 |
Europe | ||||
Revenues from External Customers and Long-Lived Assets [Line Items] | ||||
Revenue | 417,700 | 491,300 | 1,052,300 | 1,594,400 |
Central and South America | ||||
Revenues from External Customers and Long-Lived Assets [Line Items] | ||||
Revenue | 337,400 | 190,900 | 904,800 | 823,700 |
Middle East and Africa | ||||
Revenues from External Customers and Long-Lived Assets [Line Items] | ||||
Revenue | $ 69,100 | $ 124,600 | $ 260,600 | $ 410,800 |
Impairment, Restructuring and_3
Impairment, Restructuring and Other Exit Costs - Schedule of Impairment (Details) - USD ($) $ in Thousands | 9 Months Ended | |
Sep. 30, 2021 | Sep. 30, 2020 | |
Restructuring [Line Items] | ||
Total impairment expense | $ 26,392 | $ 102,365 |
Technology-Based Intangible Assets | ||
Restructuring [Line Items] | ||
Information technology assets | 0 | 16,269 |
Energy Solutions | ||
Restructuring [Line Items] | ||
Energy Solutions' equity method investments | $ 26,392 | $ 86,096 |
Impairment, Restructuring and_4
Impairment, Restructuring and Other Exit Costs - Restructuring Liability (Details) - USD ($) $ in Thousands | 3 Months Ended | 9 Months Ended | 12 Months Ended | ||
Sep. 30, 2021 | Sep. 30, 2020 | Sep. 30, 2021 | Sep. 30, 2020 | Dec. 31, 2020 | |
Restructuring Reserve [Roll Forward] | |||||
Restructuring charges accrued during the period | $ 0 | $ 0 | $ 26,392 | $ 106,189 | |
Severance | |||||
Restructuring Reserve [Roll Forward] | |||||
Restructuring reserve balance at the beginning of the period | 16,481 | 30,479 | $ 30,479 | ||
Restructuring charges accrued during the period | 3,720 | ||||
Cash payments / settlements during the period | (16,378) | (18,858) | |||
Currency translation | (103) | 1,140 | |||
Restructuring reserve balance at the end of the period | 0 | 0 | 16,481 | ||
Lease Exit Costs | |||||
Restructuring Reserve [Roll Forward] | |||||
Restructuring reserve balance at the beginning of the period | 106 | 564 | 564 | ||
Restructuring charges accrued during the period | 334 | ||||
Cash payments / settlements during the period | (106) | (793) | |||
Currency translation | 0 | 1 | |||
Restructuring reserve balance at the end of the period | 0 | 0 | 106 | ||
Total | |||||
Restructuring Reserve [Roll Forward] | |||||
Restructuring reserve balance at the beginning of the period | 16,587 | 31,043 | 31,043 | ||
Restructuring charges accrued during the period | 4,054 | ||||
Cash payments / settlements during the period | (16,484) | (19,651) | |||
Currency translation | (103) | 1,141 | |||
Restructuring reserve balance at the end of the period | $ 0 | $ 0 | $ 16,587 | ||
AMECO | |||||
Restructuring [Line Items] | |||||
Restructuring related severance costs | $ 4,000 | $ 4,000 |
Income Taxes - Narrative (Detai
Income Taxes - Narrative (Details) | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2021 | Sep. 30, 2020 | Sep. 30, 2021 | Sep. 30, 2020 | |
Income Tax Disclosure [Abstract] | ||||
Effective tax rate, continuing operations (as a percent) | 38.40% | 52.60% | 97.80% | (5.30%) |
Cash Paid for Interest and Ta_3
Cash Paid for Interest and Taxes - Narrative (Details) - USD ($) $ in Thousands | 9 Months Ended | |
Sep. 30, 2021 | Sep. 30, 2020 | |
Cash paid for: | ||
Interest | $ 80,796 | $ 54,677 |
Income taxes (net of refunds) | $ 59,246 | $ 29,367 |
Partnerships and Joint Ventur_2
Partnerships and Joint Ventures - Ownership and Receivables (Details) - USD ($) $ in Millions | 3 Months Ended | 9 Months Ended | ||
Mar. 31, 2021 | Sep. 30, 2021 | Sep. 30, 2020 | Dec. 31, 2020 | |
COOEC Fluor Heavy Industries Co., Ltd. | ||||
Variable interest entity information | ||||
Capital contribution | $ 26 | |||
COOEC Fluor Heavy Industries Co., Ltd. | ||||
Variable interest entity information | ||||
Ownership percentage | 49.00% | |||
SACYR | Discontinued Operations, Disposed of by Sale | Urban Solutions | ||||
Variable interest entity information | ||||
Ownership percentage | 10.00% | |||
Loss on sale of investment | $ 20 | |||
SACYR | Discontinued Operations, Disposed of by Sale | Energy & Chemicals | ||||
Variable interest entity information | ||||
Ownership percentage | 50.00% | |||
Loss on sale of investment | $ 11 | |||
Accounts and notes receivable, net | Variable Interest Entity, Not Primary Beneficiary | ||||
Variable interest entity information | ||||
Receivables related to work performed for unconsolidated partnerships and joint ventures | $ 216 | $ 207 | ||
Partnership | Minority Interest Ownership Percentage by Parent | 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) - Variable Interest Entity, Not Primary Beneficiary - USD ($) $ in Millions | Sep. 30, 2021 | Dec. 31, 2020 |
Variable interest entity information | ||
Net carrying value of the unconsolidated VIEs | $ 82 | $ 174 |
Future funding commitment | ||
Variable interest entity information | ||
Commitment amount | $ 57 |
Guarantees - Narrative (Details
Guarantees - Narrative (Details) $ in Billions | Sep. 30, 2021USD ($) |
Performance Guarantee | |
Guarantees | |
Estimated performance guarantees outstanding | $ 13 |
Contingencies and Commitments -
Contingencies and Commitments - Narrative (Details) $ in Millions, $ in Millions | Aug. 23, 2019AUD ($) | Dec. 13, 2016AUD ($) | Sep. 30, 2018action | Sep. 30, 2021USD ($) | Dec. 31, 2020USD ($) | Aug. 31, 2019USD ($) | Aug. 23, 2019USD ($) | Aug. 12, 2016USD ($) |
Loss Contingencies [Line Items] | ||||||||
Number of actions filed | action | 10 | |||||||
Contracts receivable | $ 211 | $ 216 | ||||||
Barrick | Fluor/TECHINT | ||||||||
Loss Contingencies [Line Items] | ||||||||
Letters of credit outstanding, amount | $ 36 | |||||||
Parent Company | Barrick | Fluor/TECHINT | ||||||||
Loss Contingencies [Line Items] | ||||||||
Letters of credit outstanding, amount | 24 | |||||||
Partnership Interest | Barrick | Fluor/TECHINT | ||||||||
Loss Contingencies [Line Items] | ||||||||
Letters of credit outstanding, amount | $ 12 | |||||||
Pending litigation | ||||||||
Loss Contingencies [Line Items] | ||||||||
Damages sought | $ 1,470 | |||||||
Pending litigation | Sadara Chemical Company | ||||||||
Loss Contingencies [Line Items] | ||||||||
Damages sought | $ 100 | |||||||
Estimate of possible loss | $ 574 | |||||||
Pending litigation | Fluor/TECHINT | ||||||||
Loss Contingencies [Line Items] | ||||||||
Estimate of possible loss | $ 364 | $ 250 |
Contract Assets and Liabiliti_3
Contract Assets and Liabilities (Details) - USD ($) $ in Thousands | 9 Months Ended | ||
Sep. 30, 2021 | Sep. 30, 2020 | Dec. 31, 2020 | |
Disaggregation of Revenue [Line Items] | |||
Contract assets | $ 1,012,109 | $ 859,675 | |
Advance billings deducted from contract assets | 234,000 | 308,000 | |
Information about contract liabilities: | |||
Revenue recognized that was included in contract liabilities as of January 1 | 836,000 | $ 674,000 | |
Unbilled Receivables | |||
Disaggregation of Revenue [Line Items] | |||
Contract assets | 724,000 | 590,000 | |
Contract Work in Progress | |||
Disaggregation of Revenue [Line Items] | |||
Contract assets | $ 288,000 | $ 270,000 |
Remaining Unsatisfied Perform_3
Remaining Unsatisfied Performance Obligations - Schedule of remaining performance obligation (Details) $ in Millions | Sep. 30, 2021USD ($) |
Revenue from Contract with Customer [Abstract] | |
Remaining performance obligation | $ 20,541 |
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Start Date [Axis]: 2021-10-01 | |
Revenue from Contract with Customer [Abstract] | |
Remaining performance obligation | $ 11,039 |
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction [Line Items] | |
Remaining performance obligation, period (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 | $ 5,610 |
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction [Line Items] | |
Remaining performance obligation, period (in years) | 1 year |
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Start Date [Axis]: 2023-10-01 | |
Revenue from Contract with Customer [Abstract] | |
Remaining performance obligation | $ 3,892 |
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction [Line Items] | |
Remaining performance obligation, period (in years) |
Remaining Unsatisfied Perform_4
Remaining Unsatisfied Performance Obligations - Narrative (Details) $ in Billions | 9 Months Ended |
Sep. 30, 2021USD ($) | |
Energy Solutions | North America | |
Segment Reporting Information [Line Items] | |
Decrease in remaining unsatisfied performance obligation from cancelled project | $ 2 |
Debt and Letters of Credit - Sc
Debt and Letters of Credit - Schedule of Debt (Details) - USD ($) $ in Thousands | Sep. 30, 2021 | Dec. 31, 2020 |
Current: | ||
Other borrowings | $ 4,639 | $ 4,890 |
Long-term: | ||
Borrowings under credit facility | 0 | 0 |
Long-term debt | 1,170,544 | 1,701,098 |
Total long-term | 1,170,544 | 1,701,098 |
2023 Notes | ||
Long-term: | ||
Long-term debt | 196,589 | 611,250 |
Unamortized discount | (61) | (283) |
Unamortized deferred financing costs | (257) | (1,203) |
2024 Notes | ||
Long-term: | ||
Long-term debt | 381,014 | 500,000 |
Unamortized discount | (1,316) | (2,130) |
Unamortized deferred financing costs | (1,032) | (1,670) |
2028 Notes | ||
Long-term: | ||
Long-term debt | 600,000 | 600,000 |
Unamortized discount | (886) | (981) |
Unamortized deferred financing costs | $ (3,507) | $ (3,885) |
Debt and Letters of Credit - Na
Debt and Letters of Credit - Narrative (Details) $ in Thousands, € in Millions | 9 Months Ended | ||
Sep. 30, 2021USD ($) | Sep. 30, 2020USD ($) | Sep. 30, 2021EUR (€) | |
Financing Arrangements | |||
Repayments of debt | $ 525,212 | $ 0 | |
Senior Notes 1.750%, Due 2023 and Senior Notes 3.50%, Due 2024 | |||
Financing Arrangements | |||
Repayments of debt | 26,000 | ||
Senior Notes 1.750%, Due 2023 and Senior Notes 3.50%, Due 2024 | General and Administrative Expense | |||
Financing Arrangements | |||
Loss on debt redemptions | 20,000 | ||
Senior Notes 1.750 Percent, Due 2023 | |||
Financing Arrangements | |||
Debt instrument, face amount | 375,000 | ||
Senior Notes 3.50 Percent, Due 2024 | |||
Financing Arrangements | |||
Debt instrument, face amount | 108,000 | ||
Lines of credit | |||
Financing Arrangements | |||
Amount outstanding under credit facilities | 399,000 | ||
Lines of credit | Committed Line of Credit | |||
Financing Arrangements | |||
Current borrowing capacity | 795,000 | ||
Lines of credit | Committed Line of Credit | Revolving Loan And Letter Of Credit Facility Agreement | Subsidiaries | |||
Financing Arrangements | |||
Covenant minimum liquidity | 1,250,000 | ||
Lines of credit | Committed Line of Credit | Revolving Loan and Letter Of Credit Facility Agreement 1.7 Billion | |||
Financing Arrangements | |||
Maximum borrowing capacity | $ 1,650,000 | ||
Lines of credit | Committed Line of Credit | Revolving Loan and Letter Of Credit Facility Agreement 1.7 Billion | Minimum | |||
Financing Arrangements | |||
Ratio of consolidated debt to tangible net worth (as a percent) | 65.00% | ||
Lines of credit | Committed Line of Credit | Revolving Loan and Letter Of Credit Facility Agreement 1.7 Billion | Minimum | Subsidiaries | |||
Financing Arrangements | |||
Aggregate amount of debt | € | € 750 | ||
Lines of credit | Committed Line of Credit | Revolving Loan and Letter Of Credit Facility Agreement 1.7 Billion | Maximum | |||
Financing Arrangements | |||
Ratio of consolidated debt to tangible net worth (as a percent) | 100.00% | ||
Lines of credit | Committed Line of Credit | Revolving Loan and Letter Of Credit Facility Agreement 1.7 Billion | Maximum | Subsidiaries | |||
Financing Arrangements | |||
Aggregate amount of debt | $ 750,000 | ||
Lines of credit | Uncommitted Line of Credit | |||
Financing Arrangements | |||
Amount outstanding under credit facilities | $ 900,000 |
Preferred Stock (Details)
Preferred Stock (Details) $ / shares in Units, $ in Millions | 1 Months Ended | ||||
Oct. 31, 2021USD ($) | Aug. 31, 2021USD ($) | May 31, 2021shares | Sep. 30, 2021$ / sharesshares | Dec. 31, 2020shares | |
Class of Stock [Line Items] | |||||
Preferred stock dividends accumulated | $ | $ 9 | ||||
Preferred stock, liquidation preference per share (in dollars per share) | $ / shares | $ 1,000 | ||||
Preferred stock, convertible, conversion rate (in shares) | 44.9585 | ||||
Preferred stock, shares authorized (in shares) | shares | 200,000 | 20,000,000 | 20,000,000 | ||
Subsequent Event | |||||
Class of Stock [Line Items] | |||||
Preferred stock dividends declared amount | $ | $ 10 | ||||
Convertible Preferred Stock | |||||
Class of Stock [Line Items] | |||||
Preferred stock, dividend rate | 6.50% | ||||
Convertible Preferred Stock | Private Placement | |||||
Class of Stock [Line Items] | |||||
Number of shares of Series A, cumulative convertible preferred stock | shares | 600,000 |
Fair Value Measurements - Recur
Fair Value Measurements - Recurring Basis (Details) - USD ($) $ in Thousands | Sep. 30, 2021 | Dec. 31, 2020 |
Fair value of assets and liabilities measured on recurring basis | ||
Derivative assets | $ 16,963 | $ 22,188 |
Derivative liabilities | 450 | 29 |
Fair Value, Measurements, Recurring | ||
Fair value of assets and liabilities measured on recurring basis | ||
Deferred compensation trusts | 15,844 | 9,626 |
Fair Value, Measurements, Recurring | Foreign currency contracts | ||
Fair value of assets and liabilities measured on recurring basis | ||
Derivative assets | 20,977 | 22,667 |
Derivative liabilities | 5,781 | 2,571 |
Fair Value, Measurements, Recurring | Commodity | ||
Fair value of assets and liabilities measured on recurring basis | ||
Derivative assets | 5,927 | 806 |
Derivative liabilities | 233 | 5,059 |
Fair Value, Measurements, Recurring | Level 1 | ||
Fair value of assets and liabilities measured on recurring basis | ||
Deferred compensation trusts | 15,844 | 9,626 |
Fair Value, Measurements, Recurring | Level 2 | Foreign currency contracts | ||
Fair value of assets and liabilities measured on recurring basis | ||
Derivative assets | 20,977 | 22,667 |
Derivative liabilities | 5,781 | 2,571 |
Fair Value, Measurements, Recurring | Level 2 | Commodity | ||
Fair value of assets and liabilities measured on recurring basis | ||
Derivative assets | 5,927 | 806 |
Derivative liabilities | $ 233 | $ 5,059 |
Fair Value Measurements - Finan
Fair Value Measurements - Financial Instruments Not Required to be Measured at Fair Value (Details) - USD ($) $ in Thousands | Sep. 30, 2021 | Dec. 31, 2020 |
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 | $ 67,164 | $ 23,345 |
Carrying Value | Level 2 | 2023 Notes | ||
Estimated fair values of the company's financial instruments that are not measured at fair value on a recurring basis | ||
Debt | 196,271 | 609,764 |
Carrying Value | Level 2 | 2024 Notes | ||
Estimated fair values of the company's financial instruments that are not measured at fair value on a recurring basis | ||
Debt | 378,666 | 496,200 |
Carrying Value | Level 2 | 2028 Notes | ||
Estimated fair values of the company's financial instruments that are not measured at fair value on a recurring basis | ||
Debt | 595,607 | 595,134 |
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 | 4,639 | 4,890 |
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 | 10,490 | 28,488 |
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 | 67,164 | 23,345 |
Fair Value | Level 2 | 2023 Notes | ||
Estimated fair values of the company's financial instruments that are not measured at fair value on a recurring basis | ||
Debt | 201,126 | 578,554 |
Fair Value | Level 2 | 2024 Notes | ||
Estimated fair values of the company's financial instruments that are not measured at fair value on a recurring basis | ||
Debt | 400,011 | 494,045 |
Fair Value | Level 2 | 2028 Notes | ||
Estimated fair values of the company's financial instruments that are not measured at fair value on a recurring basis | ||
Debt | 619,932 | 599,220 |
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 | 4,639 | 4,890 |
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 | 10,490 | 28,488 |
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 | 1,320,302 | 1,180,024 |
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 | 1,320,302 | 1,180,024 |
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 | 805,213 | 1,018,757 |
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 | $ 805,213 | $ 1,018,757 |
Stock-Based Compensation - Narr
Stock-Based Compensation - Narrative (Details) - $ / shares | 9 Months Ended | |
Sep. 30, 2021 | Sep. 30, 2020 | |
2019 Performance Award Plan | ||
Stock-Based Plans | ||
Granted (in shares) | 116,844 | |
Granted, weighted average grant date fair value (in dollars per share) | $ 20.18 | |
Executives | Restricted stock units | ||
Stock-Based Plans | ||
Granted (in shares) | 596,391 | 1,098,926 |
Granted, weighted average grant date fair value (in dollars per share) | $ 18.67 | $ 8.81 |
Executives | Stock options | ||
Stock-Based Plans | ||
Options granted (in shares) | 481,626 | 672,309 |
Options granted weighted-average exercise price, per share (in dollars per share) | $ 17.96 | $ 8.81 |
Executives | Stock-based VDI units | ||
Stock-Based Plans | ||
Granted (in shares) | 613,868 | 1,156,365 |
Vesting period (in years) | 3 years | |
Executives | Stock-based VDI units | 2019 Performance Award Plan | ||
Stock-Based Plans | ||
Post-vest holding period (in years) | 3 years |
Stock-Based Compensation - Sche
Stock-Based Compensation - Schedule of Performance-Based Awards Granted (Details) | 9 Months Ended |
Sep. 30, 2021$ / sharesshares | |
2021 Performance Award Plan | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |
Performance-based Award Units Granted (in shares) | shares | 204,623 |
Weighted Average Grant Date Fair Value Per Share (in dollars per share) | $ / shares | $ 20.49 |
2020 Performance Award Plan | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |
Performance-based Award Units Granted (in shares) | shares | 385,455 |
Weighted Average Grant Date Fair Value Per Share (in dollars per share) | $ / shares | $ 19.98 |
2019 Performance Award Plan | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |
Performance-based Award Units Granted (in shares) | shares | 116,844 |
Weighted Average Grant Date Fair Value Per Share (in dollars per share) | $ / shares | $ 20.18 |
Retirement Plans - Schedule of
Retirement Plans - Schedule of Net Periodic Pension Expense and Narrative (Details) - Defined Benefit Pension Plans - USD ($) $ in Thousands | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2021 | Sep. 30, 2020 | Sep. 30, 2021 | Sep. 30, 2020 | |
Net periodic pension expense for defined benefit pension plans | ||||
Service cost | $ 4,293 | $ 4,442 | $ 13,084 | $ 12,843 |
Interest cost | 1,737 | 2,367 | 5,294 | 6,843 |
Expected return on assets | (7,081) | (6,667) | (21,568) | (19,260) |
Amortization of prior service credit | (213) | (231) | (649) | (667) |
Recognized net actuarial loss | 1,406 | 1,204 | 4,282 | 3,476 |
Net periodic pension expense | 142 | $ 1,115 | 443 | $ 3,235 |
Company contributions | 13,000 | |||
Maximum | ||||
Net periodic pension expense for defined benefit pension plans | ||||
Expected contributions during 2021 | $ 16,000 | $ 16,000 |
Derivatives and Hedging - Narra
Derivatives and Hedging - Narrative (Details) | Sep. 30, 2021USD ($) |
Foreign currency contracts | |
Derivatives, Fair Value [Line Items] | |
Gross notional amounts | $ 473,000,000 |
Foreign currency contracts | Not Designated as Hedging Instrument | |
Derivatives, Fair Value [Line Items] | |
Gross notional amounts | 238,000,000 |
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 | $ 25,000,000 |
Derivatives and Hedging - Notio
Derivatives and Hedging - Notional Amounts and Fair Values (Details) - USD ($) $ in Thousands | Sep. 30, 2021 | Dec. 31, 2020 |
Derivatives, Fair Value [Line Items] | ||
Asset Derivatives | $ 16,963 | $ 22,188 |
Liability Derivatives | 450 | 29 |
Foreign currency contracts | Other current assets | ||
Derivatives, Fair Value [Line Items] | ||
Asset Derivatives | 14,831 | 20,004 |
Foreign currency contracts | Other assets | ||
Derivatives, Fair Value [Line Items] | ||
Asset Derivatives | 2,132 | 2,184 |
Foreign currency contracts | Other accrued liabilities | ||
Derivatives, Fair Value [Line Items] | ||
Liability Derivatives | 357 | 4 |
Foreign currency contracts | Noncurrent liabilities | ||
Derivatives, Fair Value [Line Items] | ||
Liability Derivatives | $ 93 | $ 25 |
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, 2021 | Sep. 30, 2020 | Sep. 30, 2021 | Sep. 30, 2020 | |
Derivative Instruments, Gain (Loss) | ||||
After-tax amount of gain (loss) recognized in OCI | $ 1,530 | $ 10,112 | $ 7,716 | $ 6,007 |
After-tax amount of gain (loss) reclassified from AOCI into earnings | 3,809 | 524 | 12,471 | 124 |
Foreign currency contracts | ||||
Derivative Instruments, Gain (Loss) | ||||
After-tax amount of gain (loss) recognized in OCI | 1,530 | 10,112 | 7,716 | 6,115 |
After-tax amount of gain (loss) reclassified from AOCI into earnings | 3,084 | 943 | 12,585 | 1,482 |
Commodity | ||||
Derivative Instruments, Gain (Loss) | ||||
After-tax amount of gain (loss) recognized in OCI | 0 | 0 | 0 | (108) |
After-tax amount of gain (loss) reclassified from AOCI into earnings | 0 | 0 | 0 | (100) |
Interest rate contracts | ||||
Derivative Instruments, Gain (Loss) | ||||
After-tax amount of gain (loss) reclassified from AOCI into earnings | $ 725 | $ (419) | $ (114) | $ (1,258) |
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, 2021 | Sep. 30, 2020 | Sep. 30, 2021 | Sep. 30, 2020 | |
Other comprehensive income (loss), Before-Tax Amount: | ||||
Before-Tax Amount | $ (20,290) | $ 15,312 | $ (22,387) | $ (84,713) |
Other comprehensive income (loss), Tax Benefit (Expense): | ||||
Tax Benefit (Expense) | (2,511) | (487) | (767) | (1,021) |
Other comprehensive income (loss), Net-of-Tax Amount: | ||||
Total OCI, net of tax | (22,801) | 14,825 | (23,154) | (85,734) |
Foreign currency translation adjustments | ||||
Other comprehensive income (loss), Before-Tax Amount: | ||||
Before-Tax Amount | (18,712) | 4,201 | (17,281) | (75,828) |
Other comprehensive income (loss), Tax Benefit (Expense): | ||||
Tax Benefit (Expense) | 0 | 0 | (11) | 0 |
Other comprehensive income (loss), Net-of-Tax Amount: | ||||
Total OCI, net of tax | (18,712) | 4,201 | (17,292) | (75,828) |
Ownership share of equity method investees’ OCI | ||||
Other comprehensive income (loss), Before-Tax Amount: | ||||
Before-Tax Amount | (936) | (1,287) | (4,222) | (18,707) |
Other comprehensive income (loss), Tax Benefit (Expense): | ||||
Tax Benefit (Expense) | (2,037) | 1,253 | (890) | (153) |
Other comprehensive income (loss), Net-of-Tax Amount: | ||||
Total OCI, net of tax | (2,973) | (34) | (5,112) | (18,860) |
DB plan adjustments | ||||
Other comprehensive income (loss), Before-Tax Amount: | ||||
Before-Tax Amount | 1,172 | 1,070 | 3,573 | 3,071 |
Other comprehensive income (loss), Tax Benefit (Expense): | ||||
Tax Benefit (Expense) | (9) | 0 | 432 | 0 |
Other comprehensive income (loss), Net-of-Tax Amount: | ||||
Total OCI, net of tax | 1,163 | 1,070 | 4,005 | 3,071 |
Unrealized gain (loss) on hedges | ||||
Other comprehensive income (loss), Before-Tax Amount: | ||||
Before-Tax Amount | (1,814) | 11,328 | (4,457) | 6,751 |
Other comprehensive income (loss), Tax Benefit (Expense): | ||||
Tax Benefit (Expense) | (465) | (1,740) | (298) | (868) |
Other comprehensive income (loss), Net-of-Tax Amount: | ||||
Total OCI, net of tax | (2,279) | 9,588 | (4,755) | 5,883 |
Less: OCI attributable to NCI | ||||
Other comprehensive income (loss), Before-Tax Amount: | ||||
Before-Tax Amount | 2,355 | (495) | 1,759 | (2,291) |
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 | 2,355 | (495) | 1,759 | (2,291) |
Accumulated Other Comprehensive Loss | ||||
Other comprehensive income (loss), Before-Tax Amount: | ||||
Before-Tax Amount | (22,645) | 15,807 | (24,146) | (82,422) |
Other comprehensive income (loss), Tax Benefit (Expense): | ||||
Tax Benefit (Expense) | (2,511) | (487) | (767) | (1,021) |
Other comprehensive income (loss), Net-of-Tax Amount: | ||||
Total OCI, net of tax | $ (25,156) | $ 15,320 | $ (24,913) | $ (83,443) |
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, 2021 | Sep. 30, 2020 | Sep. 30, 2021 | Sep. 30, 2020 | |
Changes in AOCI balances by component (after-tax) | ||||
Balance, beginning of year | $ 1,771,394 | $ 1,230,894 | $ 1,263,227 | $ 1,584,092 |
Total OCI, net of tax | (22,801) | 14,825 | (23,154) | (85,734) |
Balance, end of year | 1,843,654 | 1,306,684 | 1,843,654 | 1,306,684 |
Attributable to Fluor: | ||||
Changes in AOCI balances by component (after-tax) | ||||
Balance, beginning of year | (416,663) | (478,636) | (416,906) | (379,873) |
Other comprehensive income (loss) before reclassifications | (22,655) | 14,637 | (16,876) | (86,800) |
Amounts reclassified from AOCI | (2,501) | 683 | (8,037) | 3,357 |
Total OCI, net of tax | (25,156) | 15,320 | (24,913) | (83,443) |
Balance, end of year | (441,819) | (463,316) | (441,819) | (463,316) |
Foreign Currency Translation | ||||
Changes in AOCI balances by component (after-tax) | ||||
Balance, beginning of year | (258,944) | (321,183) | (260,960) | (242,950) |
Other comprehensive income (loss) before reclassifications | (21,067) | 4,696 | (19,051) | (73,537) |
Amounts reclassified from AOCI | 0 | 0 | 0 | 0 |
Total OCI, net of tax | (21,067) | 4,696 | (19,051) | (73,537) |
Balance, end of year | (280,011) | (316,487) | (280,011) | (316,487) |
Ownership Share of Equity Method Investees’ OCI | ||||
Changes in AOCI balances by component (after-tax) | ||||
Balance, beginning of year | (56,123) | (54,282) | (53,984) | (35,456) |
Other comprehensive income (loss) before reclassifications | (3,117) | (171) | (5,540) | (19,270) |
Amounts reclassified from AOCI | 144 | 137 | 428 | 410 |
Total OCI, net of tax | (2,973) | (34) | (5,112) | (18,860) |
Balance, end of year | (59,096) | (54,316) | (59,096) | (54,316) |
DB Plans | ||||
Changes in AOCI balances by component (after-tax) | ||||
Balance, beginning of year | (115,747) | (97,196) | (118,589) | (99,197) |
Other comprehensive income (loss) before reclassifications | (1) | 0 | (1) | 0 |
Amounts reclassified from AOCI | 1,164 | 1,070 | 4,006 | 3,071 |
Total OCI, net of tax | 1,163 | 1,070 | 4,005 | 3,071 |
Balance, end of year | (114,584) | (96,126) | (114,584) | (96,126) |
Unrealized Gain (Loss) on Hedges | ||||
Changes in AOCI balances by component (after-tax) | ||||
Balance, beginning of year | 14,151 | (5,975) | 16,627 | (2,270) |
Other comprehensive income (loss) before reclassifications | 1,530 | 10,112 | 7,716 | 6,007 |
Amounts reclassified from AOCI | (3,809) | (524) | (12,471) | (124) |
Total OCI, net of tax | (2,279) | 9,588 | (4,755) | 5,883 |
Balance, end of year | 11,872 | 3,613 | 11,872 | 3,613 |
Attributable to NCI: | ||||
Changes in AOCI balances by component (after-tax) | ||||
Balance, beginning of year | (4,764) | (6,847) | (4,168) | (5,051) |
Other comprehensive income (loss) before reclassifications | 2,355 | (495) | 1,759 | (2,291) |
Amounts reclassified from AOCI | 0 | 0 | 0 | 0 |
Total OCI, net of tax | 2,355 | (495) | 1,759 | (2,291) |
Balance, end of year | (2,409) | (7,342) | (2,409) | (7,342) |
Foreign Currency Translation | ||||
Changes in AOCI balances by component (after-tax) | ||||
Balance, beginning of year | (4,764) | (6,847) | (4,168) | (5,051) |
Other comprehensive income (loss) before reclassifications | 2,355 | (495) | 1,759 | (2,291) |
Amounts reclassified from AOCI | 0 | 0 | 0 | 0 |
Total OCI, net of tax | 2,355 | (495) | 1,759 | (2,291) |
Balance, end of year | (2,409) | (7,342) | (2,409) | (7,342) |
Ownership Share of Equity Method Investees’ OCI | ||||
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 |
DB 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 Hedges | ||||
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, 2021 | Sep. 30, 2020 | Sep. 30, 2021 | Sep. 30, 2020 | |
Reclassifications out of accumulated other comprehensive income (loss) | ||||
Income tax expense (benefit) | $ (26,973) | $ (28,516) | $ (28,799) | $ 2,406 |
Interest expense | (35,579) | (15,650) | (71,521) | (47,908) |
Net earnings (loss) | 37,350 | 23,640 | (138,472) | (251,072) |
Reclassified out of AOCI | Ownership Share of Equity Method Investees’ OCI | ||||
Reclassifications out of accumulated other comprehensive income (loss) | ||||
Cost of Revenue | (192) | (183) | (571) | (547) |
Income tax expense (benefit) | 48 | 46 | 143 | 137 |
Net earnings (loss) | (144) | (137) | (428) | (410) |
Reclassified out of AOCI | DB Plans | ||||
Reclassifications out of accumulated other comprehensive income (loss) | ||||
Income tax expense (benefit) | 8 | 0 | (433) | 0 |
G&A | (1,172) | (1,070) | (3,573) | (3,071) |
Net earnings (loss) | (1,164) | (1,070) | (4,006) | (3,071) |
Reclassified out of AOCI | Accumulated Net Gain (Loss) from Cash Flow Hedges Including Portion Attributable to Noncontrolling Interest | ||||
Reclassifications out of accumulated other comprehensive income (loss) | ||||
Income tax expense (benefit) | 18 | 0 | (2,302) | 36 |
Net earnings (loss) | 3,809 | 524 | 12,471 | 124 |
Reclassified out of AOCI | Accumulated Net Gain (Loss) from Cash Flow Hedges Including Portion Attributable to Noncontrolling Interest | Commodity and foreign currency contracts | ||||
Reclassifications out of accumulated other comprehensive income (loss) | ||||
Cost of Revenue | 4,140 | 943 | 15,962 | 1,346 |
Reclassified out of AOCI | Accumulated Net Gain (Loss) from Cash Flow Hedges Including Portion Attributable to Noncontrolling Interest | Interest rate contracts | ||||
Reclassifications out of accumulated other comprehensive income (loss) | ||||
Interest expense | $ (349) | $ (419) | $ (1,189) | $ (1,258) |
Discontinued Operations - Sched
Discontinued Operations - Schedule of Impairment Expense (Details) - USD ($) $ in Thousands | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2021 | Sep. 30, 2020 | Sep. 30, 2021 | Sep. 30, 2020 | |
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items] | ||||
Impairment expense | $ 126,285 | $ 295,239 | ||
Discontinued Operations | ||||
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items] | ||||
Impairment expense | $ 0 | $ 0 | ||
Discontinued Operations | Stork | ||||
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items] | ||||
Impairment expense | 0 | 73,200 | 195,239 | |
Discontinued Operations | AMECO | ||||
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items] | ||||
Impairment expense | 4,809 | 53,085 | 100,000 | |
Discontinued Operations | Goodwill | Stork | ||||
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items] | ||||
Impairment expense | 0 | 12,700 | 168,568 | |
Discontinued Operations | Goodwill | AMECO | ||||
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items] | ||||
Impairment expense | 0 | 0 | 12,300 | |
Discontinued Operations | Intangible customer relationships | Stork | ||||
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items] | ||||
Impairment expense | 0 | 0 | 26,671 | |
Discontinued Operations | Intangible customer relationships | AMECO | ||||
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items] | ||||
Impairment expense | 0 | 0 | 0 | |
Discontinued Operations | Fair value adjustment and expected costs associated with sale | Stork | ||||
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items] | ||||
Impairment expense | 0 | 60,500 | 0 | |
Discontinued Operations | Fair value adjustment and expected costs associated with sale | AMECO | ||||
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items] | ||||
Impairment expense | $ 4,809 | $ 53,085 | $ 87,700 |
Discontinued Operations - Narra
Discontinued Operations - Narrative (Details) $ in Thousands | 1 Months Ended | 3 Months Ended | 9 Months Ended | ||
May 31, 2021USD ($) | Sep. 30, 2021USD ($) | Sep. 30, 2020USD ($) | Sep. 30, 2021USD ($) | Sep. 30, 2020USD ($) | |
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items] | |||||
Impairment expense - Disc Ops | $ 126,285 | $ 295,239 | |||
Level 3 | Customer Relationships | Measurement Input, Weighted Average Long-term Revenue Growth Rate | |||||
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items] | |||||
Measurement input | 0.024 | 0.024 | |||
Level 3 | Customer Relationships | Measurement Input, Weighted Average Cost of Capital | |||||
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items] | |||||
Measurement input | 0.12 | 0.12 | |||
Level 3 | Customer Relationships | Measurement Input, Customer Attrition Factor | |||||
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items] | |||||
Measurement input | 0.10 | 0.10 | |||
Minimum | Level 3 | Customer Relationships | Measurement Input, Long-term Revenue Growth Rate | |||||
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items] | |||||
Measurement input | 0.02 | 0.02 | |||
Maximum | Level 3 | Customer Relationships | Measurement Input, Long-term Revenue Growth Rate | |||||
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items] | |||||
Measurement input | 0.055 | 0.055 | |||
Discontinued Operations | |||||
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items] | |||||
Loss on sale of AMECO North America | $ (24,864) | 0 | |||
Impairment expense - Disc Ops | $ 0 | $ 0 | |||
AMECO | Discontinued Operations | |||||
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items] | |||||
Proceeds from Sales of Business, Affiliate and Productive Assets | $ 71,000 | ||||
Loss on sale of AMECO North America | $ (25,000) | (24,864) | 0 | ||
Impairment expense - Disc Ops | 4,809 | 53,085 | 100,000 | ||
AMECO | Discontinued Operations | Fair value adjustment and expected costs associated with sale | |||||
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items] | |||||
Impairment expense - Disc Ops | $ 4,809 | $ 53,085 | $ 87,700 |
Discontinued Operations - Finan
Discontinued Operations - Financial Information of Discontinued Operations (Details) - USD ($) $ in Thousands | 1 Months Ended | 3 Months Ended | 9 Months Ended | ||
May 31, 2021 | Sep. 30, 2021 | Sep. 30, 2020 | Sep. 30, 2021 | Sep. 30, 2020 | |
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items] | |||||
Net earnings (loss) from Disc Ops | $ (5,872) | $ (2,071) | $ (139,110) | $ (299,021) | |
Net earnings (loss) from Disc Ops attributable to Fluor | (6,261) | (2,177) | (140,090) | (299,814) | |
Discontinued Operations | |||||
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items] | |||||
Revenue | 399,631 | 404,509 | 1,285,184 | 1,292,625 | |
Cost of revenue | 389,661 | 402,279 | 1,255,221 | 1,290,636 | |
Gross Profit | 9,970 | 2,230 | 29,963 | 1,989 | |
G&A | (6,046) | (16) | (8,552) | (79) | |
Impairment expense | (4,809) | 0 | (126,285) | (295,239) | |
Loss on sale of AMECO North America | (24,864) | 0 | |||
Foreign currency gain (loss) | (1,041) | (791) | 40 | (2,099) | |
Operating profit (loss) | (1,926) | 1,423 | (129,698) | (295,428) | |
Interest (expense) income, net | (1,332) | (1,487) | (3,738) | (4,468) | |
Earnings (loss) before taxes from Disc Ops | (3,258) | (64) | (133,436) | (299,896) | |
Income tax expense (benefit) | 2,614 | 2,007 | 5,674 | (875) | |
Net earnings (loss) from Disc Ops | (5,872) | (2,071) | (139,110) | (299,021) | |
Less: Net earnings (loss) from Disc Ops attributable to NCI | 389 | 106 | 980 | 793 | |
Net earnings (loss) from Disc Ops attributable to Fluor | (6,261) | (2,177) | (140,090) | (299,814) | |
Discontinued Operations | Stork | |||||
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items] | |||||
Revenue | 376,668 | 346,702 | 1,184,694 | 1,122,540 | |
Cost of revenue | 366,640 | 345,984 | 1,154,204 | 1,130,485 | |
Gross Profit | 10,028 | 718 | 30,490 | (7,945) | |
G&A | (1,246) | 0 | (3,752) | 0 | |
Impairment expense | 0 | 0 | (73,200) | (195,239) | |
Loss on sale of AMECO North America | 0 | 0 | |||
Foreign currency gain (loss) | (387) | (678) | (384) | (1,684) | |
Operating profit (loss) | 8,395 | 40 | (46,846) | (204,868) | |
Interest (expense) income, net | (1,159) | (1,473) | (3,768) | (4,494) | |
Earnings (loss) before taxes from Disc Ops | 7,236 | (1,433) | (50,614) | (209,362) | |
Income tax expense (benefit) | 1,491 | 287 | 5,674 | (4,537) | |
Net earnings (loss) from Disc Ops | 5,745 | (1,720) | (56,288) | (204,825) | |
Less: Net earnings (loss) from Disc Ops attributable to NCI | 390 | 106 | 981 | 793 | |
Net earnings (loss) from Disc Ops attributable to Fluor | 5,355 | (1,826) | (57,269) | (205,618) | |
Discontinued Operations | AMECO | |||||
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items] | |||||
Revenue | 22,963 | 57,807 | 100,490 | 170,085 | |
Cost of revenue | 21,453 | 54,240 | 96,573 | 148,727 | |
Gross Profit | 1,510 | 3,567 | 3,917 | 21,358 | |
G&A | (4,800) | (13) | (4,800) | (64) | |
Impairment expense | (4,809) | 0 | (53,085) | (100,000) | |
Loss on sale of AMECO North America | $ (25,000) | (24,864) | 0 | ||
Foreign currency gain (loss) | (654) | (113) | 424 | (415) | |
Operating profit (loss) | (8,753) | 3,441 | (78,408) | (79,121) | |
Interest (expense) income, net | (173) | (14) | 30 | 26 | |
Earnings (loss) before taxes from Disc Ops | (8,926) | 3,427 | (78,378) | (79,095) | |
Income tax expense (benefit) | 1,123 | 1,720 | 0 | 3,662 | |
Net earnings (loss) from Disc Ops | (10,049) | 1,707 | (78,378) | (82,757) | |
Less: Net earnings (loss) from Disc Ops attributable to NCI | (1) | 0 | (1) | 0 | |
Net earnings (loss) from Disc Ops attributable to Fluor | (10,048) | 1,707 | (78,377) | (82,757) | |
Discontinued Operations | Other | |||||
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items] | |||||
Revenue | 0 | 0 | 0 | 0 | |
Cost of revenue | 1,568 | 2,055 | 4,444 | 11,424 | |
Gross Profit | (1,568) | (2,055) | (4,444) | (11,424) | |
G&A | 0 | (3) | 0 | (15) | |
Impairment expense | 0 | 0 | 0 | 0 | |
Loss on sale of AMECO North America | 0 | 0 | |||
Foreign currency gain (loss) | 0 | 0 | 0 | 0 | |
Operating profit (loss) | (1,568) | (2,058) | (4,444) | (11,439) | |
Interest (expense) income, net | 0 | 0 | 0 | 0 | |
Earnings (loss) before taxes from Disc Ops | (1,568) | (2,058) | (4,444) | (11,439) | |
Income tax expense (benefit) | 0 | 0 | 0 | 0 | |
Net earnings (loss) from Disc Ops | (1,568) | (2,058) | (4,444) | (11,439) | |
Less: Net earnings (loss) from Disc Ops attributable to NCI | 0 | 0 | 0 | 0 | |
Net earnings (loss) from Disc Ops attributable to Fluor | $ (1,568) | $ (2,058) | $ (4,444) | $ (11,439) |
Discontinued Operations - Asset
Discontinued Operations - Assets and Liabilities Held for Sale (Details) - USD ($) $ in Thousands | Sep. 30, 2021 | Dec. 31, 2020 |
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items] | ||
Contract assets | $ 1,012,109 | $ 859,675 |
Other accrued liabilities | 536,909 | 402,483 |
Discontinued Operations | ||
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items] | ||
Accounts receivable, net | 235,697 | 298,377 |
Contract assets | 159,579 | 110,340 |
Other current assets | 66,263 | 119,002 |
Current assets held for sale | 461,539 | 527,719 |
PP&E, net | 98,703 | 164,638 |
Goodwill | 118,710 | 141,889 |
Investments | 3,522 | 4,649 |
Other assets | 136,141 | 149,231 |
Noncurrent assets held for sale | 357,076 | 460,407 |
Total assets held for sale | 818,615 | 988,126 |
Accounts payable | 104,603 | 133,981 |
Short-term borrowings | 17,953 | 20,525 |
Contract liabilities | 40,204 | 47,779 |
Accrued salaries, wages and benefits | 61,672 | 64,778 |
Other accrued liabilities | 222,748 | 125,942 |
Current liabilities held for sale | 447,180 | 393,005 |
Noncurrent liabilities held for sale | 89,729 | 108,418 |
Total liabilities held for sale | 536,909 | 501,423 |
Discontinued Operations | Stork | ||
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items] | ||
Accounts receivable, net | 196,104 | 245,105 |
Contract assets | 159,579 | 108,152 |
Other current assets | 44,638 | 45,384 |
Current assets held for sale | 400,321 | 398,641 |
PP&E, net | 94,686 | 97,258 |
Goodwill | 118,710 | 141,889 |
Investments | 3,522 | 4,649 |
Other assets | 120,826 | 135,421 |
Noncurrent assets held for sale | 337,744 | 379,217 |
Total assets held for sale | 738,065 | 777,858 |
Accounts payable | 97,651 | 116,580 |
Short-term borrowings | 17,953 | 20,525 |
Contract liabilities | 40,194 | 46,997 |
Accrued salaries, wages and benefits | 60,573 | 57,626 |
Other accrued liabilities | 175,220 | 113,965 |
Current liabilities held for sale | 391,591 | 355,693 |
Noncurrent liabilities held for sale | 82,961 | 98,940 |
Total liabilities held for sale | 474,552 | 454,633 |
Discontinued Operations | AMECO | ||
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items] | ||
Accounts receivable, net | 29,117 | 42,797 |
Contract assets | 0 | 2,188 |
Other current assets | 21,625 | 73,618 |
Current assets held for sale | 50,742 | 118,603 |
PP&E, net | 4,017 | 67,380 |
Goodwill | 0 | 0 |
Investments | 0 | 0 |
Other assets | 15,315 | 13,810 |
Noncurrent assets held for sale | 19,332 | 81,190 |
Total assets held for sale | 70,074 | 199,793 |
Accounts payable | 6,684 | 17,388 |
Short-term borrowings | 0 | 0 |
Contract liabilities | 10 | 782 |
Accrued salaries, wages and benefits | 1,099 | 7,152 |
Other accrued liabilities | 47,528 | 11,977 |
Current liabilities held for sale | 55,321 | 37,299 |
Noncurrent liabilities held for sale | 6,768 | 9,478 |
Total liabilities held for sale | 62,089 | 46,777 |
Discontinued Operations | Other | ||
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items] | ||
Accounts receivable, net | 10,476 | 10,475 |
Contract assets | 0 | 0 |
Other current assets | 0 | 0 |
Current assets held for sale | 10,476 | 10,475 |
PP&E, 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 | 10,476 | 10,475 |
Accounts payable | 268 | 13 |
Short-term borrowings | 0 | 0 |
Contract liabilities | 0 | 0 |
Accrued salaries, wages and benefits | 0 | 0 |
Other accrued liabilities | 0 | 0 |
Current liabilities held for sale | 268 | 13 |
Noncurrent liabilities held for sale | 0 | 0 |
Total liabilities held for sale | 268 | 13 |
Continuing Operations | ||
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items] | ||
Accounts receivable, net | 0 | 0 |
Contract assets | 0 | 0 |
Other current assets | 0 | 0 |
Current assets held for sale | 0 | 0 |
PP&E, net | 24,326 | 24,538 |
Goodwill | 0 | 0 |
Investments | 5,712 | 5,064 |
Other assets | 0 | 0 |
Noncurrent assets held for sale | 30,038 | 29,602 |
Total assets held for sale | 30,038 | 29,602 |
Accounts payable | 0 | 0 |
Short-term borrowings | 0 | 0 |
Contract liabilities | 0 | 0 |
Accrued salaries, wages and benefits | 0 | 0 |
Other accrued liabilities | 0 | 0 |
Current liabilities held for sale | 0 | 0 |
Noncurrent liabilities held for sale | 0 | 0 |
Total liabilities held for sale | 0 | 0 |
Total | ||
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items] | ||
Accounts receivable, net | 235,697 | 298,377 |
Contract assets | 159,579 | 110,340 |
Other current assets | 66,263 | 119,002 |
Current assets held for sale | 461,539 | 527,719 |
PP&E, net | 123,029 | 189,176 |
Goodwill | 118,710 | 141,889 |
Investments | 9,234 | 9,713 |
Other assets | 136,141 | 149,231 |
Noncurrent assets held for sale | 387,114 | 490,009 |
Total assets held for sale | 848,653 | 1,017,728 |
Accounts payable | 104,603 | 133,981 |
Short-term borrowings | 17,953 | 20,525 |
Contract liabilities | 40,204 | 47,779 |
Accrued salaries, wages and benefits | 61,672 | 64,778 |
Other accrued liabilities | 222,748 | 125,942 |
Current liabilities held for sale | 447,180 | 393,005 |
Noncurrent liabilities held for sale | 89,729 | 108,418 |
Total liabilities held for sale | $ 536,909 | $ 501,423 |
Discontinued Operations - Cash
Discontinued Operations - Cash Flows information Related to Discontinued Operations (Details) - Discontinued Operations - USD ($) $ in Thousands | 9 Months Ended | |
Sep. 30, 2021 | Sep. 30, 2020 | |
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items] | ||
Capital expenditures | $ (21,425) | $ (35,182) |
Stork | ||
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items] | ||
Capital expenditures | (10,413) | (16,410) |
AMECO | ||
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items] | ||
Capital expenditures | $ (11,012) | $ (18,772) |
Uncategorized Items - flr-20210
Label | Element | Value |
Accounting Standards Update [Extensible Enumeration] | us-gaap_AccountingStandardsUpdateExtensibleList | Accounting Standards Update 2016-13 [Member] |