Cover
Cover - shares | 6 Months Ended | |
Jun. 30, 2022 | Jul. 29, 2022 | |
Entities [Line Items] | ||
Document Type | 10-Q | |
Document Quarterly Report | true | |
Document Period End Date | Jun. 30, 2022 | |
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 | 142,082,682 | |
Entity Central Index Key | 0001124198 | |
Amendment Flag | false | |
Current Fiscal Year End Date | --12-31 | |
Document Fiscal Year Focus | 2022 | |
Document Fiscal Period Focus | Q2 | |
Common Stock | NEW YORK STOCK EXCHANGE | ||
Entities [Line Items] | ||
Title of 12(b) Security | Common Stock, $.01 par value per share | |
Trading Symbol | FLR | |
Security Exchange Name | NYSE | |
Senior Notes 1.750 Percent, Due 2023 | NEW YORK STOCK EXCHANGE | ||
Entities [Line Items] | ||
Title of 12(b) Security | 1.750% Senior Notes due 2023 | |
Trading Symbol | FLR 23 | |
Security Exchange Name | NYSE |
CONDENSED CONSOLIDATED STATEMEN
CONDENSED CONSOLIDATED STATEMENT OF OPERATIONS - UNAUDITED - USD ($) $ in Millions | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2022 | Jun. 30, 2021 | Jun. 30, 2022 | Jun. 30, 2021 | |
Income Statement [Abstract] | ||||
Revenue | $ 3,299 | $ 3,684 | $ 6,422 | $ 7,031 |
Cost of revenue | (3,184) | (3,596) | (6,185) | (6,850) |
Gross profit | 115 | 88 | 237 | 181 |
G&A | (45) | (33) | (117) | (100) |
Impairment | 0 | (101) | 63 | (148) |
Foreign currency gain (loss) | 36 | (30) | 18 | (41) |
Operating profit (loss) | 106 | (76) | 201 | (108) |
Interest expense | (13) | (17) | (29) | (39) |
Interest income | 12 | 5 | 19 | 9 |
Earnings (loss) from Cont Ops before taxes | 105 | (88) | 191 | (138) |
Income tax (expense) benefit | (32) | (2) | (63) | (5) |
Net earnings (loss) from Cont Ops | 73 | (90) | 128 | (143) |
Less: Net earnings (loss) from Cont Ops attributable to NCI | 7 | (7) | 14 | 25 |
Net earnings (loss) from Cont Ops attributable to Fluor | 66 | (83) | 114 | (168) |
Net earnings (loss) from Disc Ops attributable to Fluor | 0 | (32) | 0 | (33) |
Net earnings (loss) attributable to Fluor | 66 | (115) | 114 | (201) |
Less: Dividends on CPS | 10 | 5 | 20 | 5 |
Net earnings (loss) available to Fluor common stockholders | $ 56 | $ (120) | $ 94 | $ (206) |
Basic EPS available to Fluor common stockholders | ||||
Net earnings (loss) from Cont Ops (in dollars per share) | $ 0.40 | $ (0.62) | $ 0.67 | $ (1.23) |
Net earnings (loss) from Disc Ops (in dollars per share) | 0 | (0.22) | 0 | (0.23) |
Diluted EPS available to Fluor common stockholders | ||||
Net earnings (loss) from Cont Ops (in dollars per share) | 0.38 | (0.62) | 0.66 | (1.23) |
Net earnings (loss) from Disc Ops (in dollars per share) | $ 0 | $ (0.22) | $ 0 | $ (0.23) |
CONDENSED CONSOLIDATED STATEM_2
CONDENSED CONSOLIDATED STATEMENT OF COMPREHENSIVE INCOME (LOSS) - UNAUDITED - USD ($) $ in Millions | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2022 | Jun. 30, 2021 | Jun. 30, 2022 | Jun. 30, 2021 | |
Statement of Comprehensive Income [Abstract] | ||||
Net earnings (loss) from Cont Ops | $ 73 | $ (90) | $ 128 | $ (143) |
Net earnings (loss) from Disc Ops | 0 | (32) | 0 | (33) |
Net earnings (loss) | 73 | (122) | 128 | (176) |
OCI, net of tax: | ||||
Foreign currency translation adjustment | (33) | (1) | (4) | 1 |
Ownership share of equity method investees’ OCI | 17 | 0 | 18 | (2) |
DB plan adjustments | 0 | 1 | 1 | 3 |
Unrealized gain (loss) on hedges | (1) | 0 | (3) | (2) |
Total OCI, net of tax | (17) | 0 | 12 | 0 |
Comprehensive income (loss) | 56 | (122) | 140 | (176) |
Less: Comprehensive income (loss) attributable to NCI | 8 | (8) | 15 | 25 |
Comprehensive income (loss) attributable to Fluor | $ 48 | $ (114) | $ 125 | $ (201) |
CONDENSED CONSOLIDATED BALANCE
CONDENSED CONSOLIDATED BALANCE SHEET - UNAUDITED - USD ($) $ in Millions | Jun. 30, 2022 | Dec. 31, 2021 |
Current assets | ||
Cash and cash equivalents ($557 and $630 related to VIEs) | $ 2,074 | $ 2,209 |
Marketable securities ($82 and $90 related to VIEs) | 120 | 127 |
Accounts receivable, net ($175 and $173 related to VIEs) | 993 | 1,171 |
Contract assets ($228 and $223 related to VIEs) | 1,047 | 1,066 |
Other current assets ($32 and $28 related to VIEs) | 408 | 608 |
Total current assets | 4,642 | 5,181 |
Noncurrent assets | ||
Property, plant and equipment, net ($42 and $46 related to VIEs) | 478 | 456 |
Investments | 560 | 517 |
Deferred taxes | 58 | 51 |
Deferred compensation trusts | 237 | 330 |
Goodwill | 248 | 249 |
Other assets ($43 and $45 related to VIEs) | 302 | 305 |
Total noncurrent assets | 1,883 | 1,908 |
Total assets | 6,525 | 7,089 |
Current liabilities | ||
Accounts payable ($263 and $261 related to VIEs) | 1,020 | 1,220 |
Short-term debt | 181 | 18 |
Contract liabilities ($268 and $351 related to VIEs) | 719 | 945 |
Accrued salaries, wages and benefits ($21 and $27 related to VIEs) | 564 | 629 |
Other accrued liabilities ($33 related to VIEs in both periods) | 642 | 802 |
Total current liabilities | 3,126 | 3,614 |
Long-term debt | 980 | 1,174 |
Deferred taxes | 62 | 67 |
Other noncurrent liabilities ($14 and $13 related to VIEs) | 556 | 667 |
Contingencies and commitments | ||
Temporary APIC | 107 | 0 |
Shareholders’ equity | ||
Preferred stock — authorized 20,000,000 shares ($0.01 par value); issued and outstanding — 600,000 shares in 2022 and 2021 | 0 | 0 |
Common stock — authorized 375,000,000 shares ($0.01 par value); issued and outstanding — 142,082,682 and 141,434,771 shares in 2022 and 2021, respectively | 1 | 1 |
APIC | 983 | 967 |
AOCI | (355) | (366) |
Retained earnings | 885 | 791 |
Total shareholders’ equity | 1,514 | 1,393 |
NCI | 180 | 174 |
Total equity | 1,694 | 1,567 |
Total liabilities and equity | $ 6,525 | $ 7,089 |
CONDENSED CONSOLIDATED BALANC_2
CONDENSED CONSOLIDATED BALANCE SHEET - Unaudited (Parenthetical) - USD ($) $ in Millions | Jun. 30, 2022 | Dec. 31, 2021 |
CURRENT ASSETS, VIEs | ||
Cash and cash equivalents | $ 2,074 | $ 2,209 |
Marketable securities, current | 120 | 127 |
Accounts receivable, net | 993 | 1,171 |
Contract assets | 1,047 | 1,066 |
Other current assets | 408 | 608 |
NONCURRENT ASSETS, VIEs | ||
Property, plant and equipment, net | 478 | 456 |
Other assets | 302 | 305 |
CURRENT LIABILITIES, VIEs | ||
Accounts payable | 1,020 | 1,220 |
Contract liabilities | 719 | 945 |
Accrued salaries, wages and benefits | 564 | 629 |
Other accrued liabilities | 642 | 802 |
Other noncurrent liabilities | $ 556 | $ 667 |
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 | 600,000 |
Preferred stock share outstanding (in shares) | 600,000 | 600,000 |
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) | 142,082,682 | 141,434,771 |
Common stock shares outstanding (in shares) | 142,082,682 | 141,434,771 |
Variable Interest Entity, Primary Beneficiary | ||
CURRENT ASSETS, VIEs | ||
Cash and cash equivalents | $ 557 | $ 630 |
Marketable securities, current | 82 | 90 |
Accounts receivable, net | 175 | 173 |
Contract assets | 228 | 223 |
Other current assets | 32 | 28 |
NONCURRENT ASSETS, VIEs | ||
Property, plant and equipment, net | 42 | 46 |
Other assets | 43 | 45 |
CURRENT LIABILITIES, VIEs | ||
Accounts payable | 263 | 261 |
Contract liabilities | 268 | 351 |
Accrued salaries, wages and benefits | 21 | 27 |
Other accrued liabilities | 33 | 33 |
Other noncurrent liabilities | $ 14 | $ 13 |
CONDENSED CONSOLIDATED STATEM_3
CONDENSED CONSOLIDATED STATEMENT OF CASH FLOWS - UNAUDITED - USD ($) $ in Millions | 6 Months Ended | |
Jun. 30, 2022 | Jun. 30, 2021 | |
OPERATING CASH FLOW | ||
Net earnings (loss) | $ 128 | $ (176) |
Adjustments to reconcile net earnings (loss) to operating cash flow: | ||
Impairment | (63) | 148 |
Depreciation and amortization | 35 | 43 |
(Earnings) loss from equity method investments, net of distributions | (10) | (2) |
(Gain) loss on sales of assets incl. AMECO-North America | (11) | 8 |
Stock-based compensation | 20 | 21 |
Deferred taxes | (14) | 0 |
Net contributions to employee pension plans | 0 | (11) |
Changes in assets and liabilities | (215) | (183) |
Other | (3) | (2) |
Operating cash flow | (133) | (154) |
INVESTING CASH FLOW | ||
Purchases of marketable securities | (236) | (31) |
Proceeds from the sales and maturities of marketable securities | 243 | 23 |
Capital expenditures | (23) | (46) |
Proceeds from sales of assets | 131 | 43 |
Proceeds from sale of AMECO-North America | 0 | 71 |
Investments in partnerships and joint ventures | (46) | (60) |
Other | 8 | 0 |
Investing cash flow | 77 | 0 |
FINANCING CASH FLOW | ||
Proceeds from issuance of CPS | 0 | 582 |
Purchase and retirement of debt | (23) | (5) |
Dividends paid on CPS | (20) | 0 |
Other borrowings (debt repayments) | 8 | (6) |
Distributions paid to NCI | (12) | (18) |
Capital contributions by NCI | 0 | 106 |
Taxes paid on vested restricted stock | (5) | (4) |
Other | (2) | 0 |
Financing cash flow | (54) | 655 |
Effect of exchange rate changes on cash | (25) | 11 |
Increase (decrease) in cash and cash equivalents | (135) | 512 |
Cash and cash equivalents at beginning of period | 2,209 | 2,199 |
Cash and cash equivalents at end of period | 2,074 | 2,711 |
SUPPLEMENTAL INFORMATION: | ||
Cash paid for interest | 28 | 42 |
Cash paid for income taxes (net of refunds) | $ 55 | $ 68 |
CONDENSED CONSOLIDATED STATEM_4
CONDENSED CONSOLIDATED STATEMENT OF CHANGES IN EQUITY - UNAUDITED - USD ($) shares in Millions, $ in Millions | Total | Total Shareholders' Equity | Preferred Stock | Common Stock | Additional Paid-In Capital | AOCI | Retained Earnings | NCI |
Balance, beginning of year (in shares) at Dec. 31, 2020 | 0 | 141 | ||||||
Balance, beginning of year at Dec. 31, 2020 | $ 1,263 | $ 1,030 | $ 0 | $ 1 | $ 196 | $ (417) | $ 1,250 | $ 233 |
Increase (Decrease) in Shareholders' Equity | ||||||||
Net earnings (loss) | (176) | (201) | (201) | 25 | ||||
OCI | 0 | 0 | 0 | |||||
Issuance of CPS (in shares) | 1 | |||||||
Issuance of CPS | 582 | 582 | 582 | |||||
Distributions to NCI | (18) | (18) | ||||||
Capital contributions by NCI | 106 | 106 | ||||||
Other NCI transactions | (4) | 87 | 87 | (91) | ||||
Stock-based plan activity | 18 | 18 | 18 | 0 | ||||
Balance, end of year (in shares) at Jun. 30, 2021 | 1 | 141 | ||||||
Balance, end of year at Jun. 30, 2021 | 1,771 | 1,516 | $ 0 | $ 1 | 883 | (417) | 1,049 | 255 |
Balance, beginning of year (in shares) at Mar. 31, 2021 | 0 | 141 | ||||||
Balance, beginning of year at Mar. 31, 2021 | 1,245 | 984 | $ 0 | $ 1 | 237 | (417) | 1,163 | 261 |
Increase (Decrease) in Shareholders' Equity | ||||||||
Net earnings (loss) | (122) | (115) | (115) | (7) | ||||
OCI | 0 | 0 | 0 | |||||
Dividends on CPS ($16.25 per share) | (10) | (10) | (10) | |||||
Issuance of CPS (in shares) | 1 | |||||||
Issuance of CPS | 582 | 582 | 582 | |||||
Distributions to NCI | (10) | (10) | ||||||
Capital contributions by NCI | 64 | 64 | ||||||
Other NCI transactions | 0 | 53 | 53 | (53) | ||||
Stock-based plan activity | 11 | 11 | 11 | |||||
Balance, end of year (in shares) at Jun. 30, 2021 | 1 | 141 | ||||||
Balance, end of year at Jun. 30, 2021 | 1,771 | 1,516 | $ 0 | $ 1 | 883 | (417) | 1,049 | 255 |
Balance, beginning of year (in shares) at Dec. 31, 2021 | 1 | 141 | ||||||
Balance, beginning of year at Dec. 31, 2021 | 1,567 | 1,393 | $ 0 | $ 1 | 967 | (366) | 791 | 174 |
Increase (Decrease) in Shareholders' Equity | ||||||||
Net earnings (loss) | 128 | 114 | 114 | 14 | ||||
OCI | 12 | 11 | 11 | 1 | ||||
Dividends on CPS ($16.25 per share) | (20) | (20) | (20) | |||||
Distributions to NCI | (12) | (12) | ||||||
Capital contributions by NCI | 0 | 0 | ||||||
Other NCI transactions | 4 | 1 | 1 | 3 | ||||
Stock-based plan activity (in shares) | 1 | |||||||
Stock-based plan activity | 15 | 15 | 15 | |||||
Balance, end of year (in shares) at Jun. 30, 2022 | 1 | 142 | ||||||
Balance, end of year at Jun. 30, 2022 | 1,694 | 1,514 | $ 0 | $ 1 | 983 | (355) | 885 | 180 |
Balance, beginning of year (in shares) at Mar. 31, 2022 | 1 | 142 | ||||||
Balance, beginning of year at Mar. 31, 2022 | 1,645 | 1,469 | $ 0 | $ 1 | 976 | (337) | 829 | 176 |
Increase (Decrease) in Shareholders' Equity | ||||||||
Net earnings (loss) | 73 | 66 | 66 | 7 | ||||
OCI | (17) | (18) | (18) | 1 | ||||
Distributions to NCI | (5) | (5) | ||||||
Capital contributions by NCI | 0 | 0 | ||||||
Other NCI transactions | 1 | 1 | ||||||
Stock-based plan activity | 7 | 7 | 7 | 0 | ||||
Balance, end of year (in shares) at Jun. 30, 2022 | 1 | 142 | ||||||
Balance, end of year at Jun. 30, 2022 | $ 1,694 | $ 1,514 | $ 0 | $ 1 | $ 983 | $ (355) | $ 885 | $ 180 |
CONDENSED CONSOLIDATED STATEM_5
CONDENSED CONSOLIDATED STATEMENT OF CHANGES IN EQUITY - UNAUDITED (Parenthetical) | 6 Months Ended |
Jun. 30, 2022 $ / shares | |
Statement of Stockholders' Equity [Abstract] | |
Dividends on CPS (in dollars per share) | $ 16.25 |
Principles of Consolidation
Principles of Consolidation | 6 Months Ended |
Jun. 30, 2022 | |
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 presented annually under GAAP, and therefore, should be read in conjunction with our 2021 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. We believe 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 periods presented. All significant intercompany transactions of consolidated subsidiaries are eliminated. Certain amounts in tables may not total or agree back to the financial statements due to immaterial rounding differences. Management has evaluated all material events occurring subsequent to June 30, 2022 through the filing date of this Q2 2022 10-Q. Quarters are typically 13 weeks in length but, due to our December 31 year-end, 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 13-week interim reporting periods. For clarity of presentation, all periods are labeled as if the periods ended on March 31, June 30 and September 30. In the first quarter of 2022, we determined that our Stork business and remaining AMECO equipment business no longer met all of the requirements to be classified as Disc Ops as a result of uncertainties related to the timing of the planned sale. Therefore, both Stork and the remaining AMECO business are reported as Cont Ops for all periods presented and included in our Other segment. Further, we have remeasured the carrying value of these businesses under the held and used criteria and reversed $63 million of previously recorded impairment expense. |
Recent Accounting Pronouncement
Recent Accounting Pronouncements | 6 Months Ended |
Jun. 30, 2022 | |
Accounting Standards Update and Change in Accounting Principle [Abstract] | |
Recent Accounting Pronouncements | Recent Accounting PronouncementsWe did not implement any new accounting pronouncements during the 2022 Period. However, we are currently evaluating the impact of the future disclosures that may arise under recent SEC proposals. |
Earnings Per Share
Earnings Per Share | 6 Months Ended |
Jun. 30, 2022 | |
Earnings Per Share [Abstract] | |
Earnings Per Share | Earnings Per Share Potentially dilutive securities include CPS, stock options, RSUs 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. 3ME 6ME (in millions, except per share amounts) 2022 2021 2022 2021 Net earnings (loss) from Cont Ops attributable to Fluor $ 66 $ (83) $ 114 $ (168) Less: Dividends on CPS 10 5 20 5 Net earnings (loss) from Cont Ops available to Fluor common stockholders 56 (88) 94 (173) Net earnings (loss) from Disc Ops attributable to Fluor — (32) — (33) Net earnings (loss) available to Fluor common stockholders $ 56 $ (120) $ 94 $ (206) Weighted average common shares outstanding 142 141 142 141 Diluted effect: CPS 27 — — — Stock options, RSUs and performance-based award units 3 — 2 — Weighted average diluted shares outstanding 172 141 144 141 Basic EPS available to Fluor common stockholders: Net earnings (loss) from Cont Ops $ 0.40 $ (0.62) $ 0.67 $ (1.23) Net earnings (loss) from Disc Ops — (0.22) — (0.23) Diluted EPS available to Fluor common stockholders: Net earnings (loss) from Cont Ops $ 0.38 $ (0.62) $ 0.66 $ (1.23) Net earnings (loss) from Disc Ops — (0.22) — (0.23) Anti-dilutive securities not included in shares outstanding: CPS — 13 27 6 Stock options, RSU and performance-based award units 3 7 3 7 |
Operating Information by Segmen
Operating Information by Segment and Geographic Area | 6 Months Ended |
Jun. 30, 2022 | |
Segment Reporting [Abstract] | |
Operating Information by Segment and Geographic Area | Operating Information by Segment and Geographic Area 3ME 6ME (in millions) 2022 2021 2022 2021 Revenue Energy Solutions $ 1,330 $ 1,319 $ 2,505 $ 2,310 Urban Solutions 1,005 1,210 1,964 2,405 Mission Solutions 547 707 1,140 1,460 Other 417 448 813 856 Total revenue $ 3,299 $ 3,684 $ 6,422 $ 7,031 Segment profit (loss) Energy Solutions $ 65 $ 109 $ 119 $ 111 Urban Solutions 8 (68) 23 (38) Mission Solutions 28 45 86 89 Other 7 9 (5) (6) Total segment profit (loss) $ 108 $ 95 $ 223 $ 156 G&A (45) (33) (117) (100) Impairment — (101) 63 (148) Foreign currency gain (loss) 36 (30) 18 (41) Interest income (expense), net (1) (12) (10) (30) Earnings (loss) from Cont Ops attributable to NCI 7 (7) 14 25 Earnings (loss) from Cont Ops before taxes $ 105 $ (88) $ 191 $ (138) Energy Solutions. Segment profit in the 2022 Quarter and 2022 Period included gains of $17 million and $4 million, respectively, related to an embedded foreign currency derivative. Segment profit in the 2021 Quarter and 2021 Period included losses of $20 million and $49 million, respectively, related to the embedded derivative. Urban Solutions. Segment profit for the 2021 Quarter and 2021 Period included a project charge of $138 million (or $0.72 per share) related to procurement and subcontractor cost growth, delays and disruptions in the schedule of an infrastructure project. Further cost growth on this project resulted in additional charges of $32 million (or $0.14 per share) in the 2022 Quarter. We continue to analyze the recoverability of these costs. Other . Segment profit (loss) for NuScale, Stork and AMECO follows: 3ME 6ME (in millions) 2022 2021 2022 2021 NuScale $ (8) $ (18) $ (29) $ (34) Stork 12 14 18 17 AMECO 3 13 6 11 Segment profit (loss) $ 7 $ 9 $ (5) $ (6) In April 2022, we sold approximately 5% of the ownership of NuScale to Japan NuScale Innovation, LLC for $107 million, subject to CFIUS review. The sale did not trigger any recognition of gain or loss because we control and consolidate NuScale before and after the sale. We have recorded $107 million as temporary APIC on the balance sheet as of June 30, 2022, which would become permanent APIC upon CFIUS approval. If CFIUS does not approve the sale, then these amounts will be repaid to the buyer. Total assets by segment are as follows: (in millions) June 30, December 31, Energy Solutions $ 936 $ 1,158 Urban Solutions 987 906 Mission Solutions 583 764 Other 689 667 Corporate 3,330 3,594 Total assets $ 6,525 $ 7,089 Revenue by project location follows: 3ME 6ME (in millions) 2022 2021 2022 2021 North America $ 2,101 $ 2,187 $ 4,009 $ 4,254 Asia Pacific (includes Australia) 203 427 452 780 Europe 595 581 1,145 1,018 Central and South America 356 404 707 779 Middle East and Africa 44 85 109 200 Total revenue $ 3,299 $ 3,684 $ 6,422 $ 7,031 |
Impairment
Impairment | 6 Months Ended |
Jun. 30, 2022 | |
Restructuring and Related Activities [Abstract] | |
Impairment | Impairment We did not recognize any impairment expense in Cont Ops during the 2022 Quarter. Impairment, included in Cont Ops, is summarized as follows: 3ME 6ME (in millions) 2021 2022 2021 Impairment: Energy Solutions' equity method investment $ — $ — $ 26 Goodwill — — 13 Fair value adjustment of Stork and AMECO assets 101 (63) 109 Total impairment $ 101 $ (63) $ 148 During the 2022 Period, we reversed $63 million in impairment recognized in 2021 when our Stork and AMECO businesses were classified as held for sale due primarily to remeasurement under held and used impairment criteria, for which CTA balances are excluded from carrying value. |
Income Taxes
Income Taxes | 6 Months Ended |
Jun. 30, 2022 | |
Income Tax Disclosure [Abstract] | |
Income Taxes | Income TaxesThe effective tax rate on earnings (loss) from Cont Ops was 30.7% for the 2022 Quarter and 32.8% for the 2022 Period compared to (1.9)% and (3.5)% for the corresponding periods of 2021. A reconciliation of U.S. statutory federal income tax expense (benefit) to income tax expense follows: 3ME 6ME (In millions) 2022 2021 2022 2021 U.S statutory federal income tax expense (benefit) $ 22 $ (19) $ 40 $ (29) Increase (decrease) in taxes resulting from: State and local income taxes 1 — 1 — Valuation allowance, net 20 10 35 21 Foreign tax impact (13) 9 (10) 11 Noncontrolling interest (2) 2 (3) (4) Other 4 — — 6 Total income tax expense (benefit) $ 32 $ 2 $ 63 $ 5 |
Partnerships and Joint Ventures
Partnerships and Joint Ventures | 6 Months Ended |
Jun. 30, 2022 | |
Equity Method Investments and Joint Ventures [Abstract] | |
Partnerships and Joint Ventures | Partnerships and Joint Ventures Investments in a loss position of $271 million and $240 million were included in other accrued liabilities as of June 30, 2022 and December 31, 2021, respectively, and consisted primarily of provision for anticipated losses on a legacy infrastructure project. Accounts receivable related to work performed for unconsolidated partnerships and joint ventures included in “Accounts receivable, net” was $191 million and $205 million as of June 30, 2022 and December 31, 2021, respectively. During the 2022 Quarter, we sold the majority of our interest in an infrastructure joint venture in Canada and recognized a gain of $11 million. During the 2021 Quarter, we sold our interest in an infrastructure joint venture in the U.S. and recognized a gain of $20 million. These gains were included in Urban 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 $30 million and $33 million as of June 30, 2022 and December 31, 2021, 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 June 30, 2022 for the unconsolidated VIEs were $58 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 | 6 Months Ended |
Jun. 30, 2022 | |
Guarantees [Abstract] | |
Guarantees | GuaranteesThe 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 June 30, 2022. For cost reimbursable contracts, amounts that may become payable pursuant to guarantee provisions are normally recoverable from the client for work performed. For lump-sum contracts, the performance guarantee amount is the cost to complete the contracted work, less amounts remaining to be billed to the client under the contract. Remaining billable amounts could be greater or less than the cost to complete. In those cases where costs exceed the remaining amounts payable under the contract, we may have recourse to third parties, such as owners, partners, subcontractors or vendors for claims. The performance guarantee obligation was not material as of June 30, 2022 and December 31, 2021. |
Contingencies and Commitments
Contingencies and Commitments | 6 Months Ended |
Jun. 30, 2022 | |
Commitments and Contingencies Disclosure [Abstract] | |
Contingencies and Commitments | Contingencies and Commitments We and certain of our subsidiaries are subject to litigation, claims and other commitments and contingencies arising in the ordinary course of business. Although the asserted value of these matters may be significant, we currently do not expect that the ultimate resolution of any open matters will have a material adverse effect on our financial position or results of operations. The following disclosures for commitments and contingencies have been updated since the matter was presented in the 2021 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. In May 2020, these complaints were consolidated into one matter. We filed a motion to dismiss the matter in July 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. During 2021, we recorded a liability for the estimated resolution of the matter and we also recognized the effects of expected insurance coverage. In the first quarter 2022, we reached a proposed settlement with the plaintiffs. The proposed settlement has been preliminarily approved by the Court but is subject to and pending final approval, with a hearing currently scheduled for November 2022. No additional liability or insurance recovery has been recognized in 2022. Since September 2018, eleven 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. We anticipate that these matters will remain stayed 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. 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 net of amounts acknowledged to be due to Fluor/TECHINT. 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. There have been no substantive changes to the disclosures for the following commitments and contingencies since the matter was presented in the 2021 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. Other Matters We periodically evaluate our positions and the amounts recognized with respect to all our claims and back charges. As of both June 30, 2022 and December 31, 2021, we had recorded $215 million 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 June 30, 2022 and December 31, 2021. 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 and January 2022, Fluor received subpoenas 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 | 6 Months Ended |
Jun. 30, 2022 | |
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) June 30, 2022 December 31, 2021 Information about contract assets: Contract assets Unbilled receivables - reimbursable contracts $ 817 $ 822 Contract work in progress - lump-sum contracts 230 244 Contract assets $ 1,047 $ 1,066 Advance billings deducted from contract assets $ 228 $ 208 6ME (in millions) 2022 2021 Information about contract liabilities: Revenue recognized that was included in contract liabilities as of January 1 $ 741 $ 840 We estimate that our RUPO will be satisfied over the following periods: (in millions) June 30, 2022 Within 1 year $ 10,028 1 to 2 years 5,368 Thereafter 2,512 Total RUPO $ 17,908 |
Remaining Unsatisfied Performan
Remaining Unsatisfied Performance Obligations | 6 Months Ended |
Jun. 30, 2022 | |
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) June 30, 2022 December 31, 2021 Information about contract assets: Contract assets Unbilled receivables - reimbursable contracts $ 817 $ 822 Contract work in progress - lump-sum contracts 230 244 Contract assets $ 1,047 $ 1,066 Advance billings deducted from contract assets $ 228 $ 208 6ME (in millions) 2022 2021 Information about contract liabilities: Revenue recognized that was included in contract liabilities as of January 1 $ 741 $ 840 We estimate that our RUPO will be satisfied over the following periods: (in millions) June 30, 2022 Within 1 year $ 10,028 1 to 2 years 5,368 Thereafter 2,512 Total RUPO $ 17,908 |
Debt and Letters of Credit
Debt and Letters of Credit | 6 Months Ended |
Jun. 30, 2022 | |
Debt Disclosure [Abstract] | |
Debt and Letters of Credit | Debt and Letters of Credit Debt consisted of the following: (in millions) June 30, 2022 December 31, 2021 Borrowings under credit facility $ — $ — Current: 2023 Notes $ 153 $ — Other borrowings 28 18 Total current $ 181 $ 18 Long-term: Senior Notes 2023 Notes $ — $ 193 2024 Notes 381 381 Unamortized discount on 2024 Notes (1) (1) Unamortized deferred financing costs (1) (1) 2028 Notes 600 600 Unamortized discount on 2028 Notes (1) (1) Unamortized deferred financing costs (3) (3) Other long-term borrowings 5 6 Total long-term $ 980 $ 1,174 Credit Facility As of June 30, 2022, letters of credit totaling $338 million were outstanding under our $1.8 billion credit facility, which matures in February 2025. The credit facility contains customary financial covenants, including a debt-to-capitalization ratio that cannot exceed 0.60 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 $1.2 billion, defined in the amended credit facility, which may be reduced to $1.0 billion upon the repayment of debt. 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 June 30, 2022, we had availability to borrow $785 million under our credit facility. Uncommitted Lines of Credit As of June 30, 2022, letters of credit totaling $960 million were outstanding under uncommitted lines of credit. Senior Notes |
Convertible Preferred Stock
Convertible Preferred Stock | 6 Months Ended |
Jun. 30, 2022 | |
Equity [Abstract] | |
Convertible Preferred Stock | Convertible Preferred Stock Second quarter CPS dividends of $10 million were paid in May 2022. In July 2022, our Board of Directors approved the payment of third quarter CPS dividends of $10 million, payable in August 2022. Each share of CPS is convertible at the holder's option at any time into 44.9585 shares of our common stock per share of CPS. 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 CPS 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 CPS to be converted into |
Fair Value Measurements
Fair Value Measurements | 6 Months Ended |
Jun. 30, 2022 | |
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: June 30, 2022 December 31, 2021 Fair Value Hierarchy Fair Value Hierarchy (in millions) Total Level 1 Level 2 Level 3 Total Level 1 Level 2 Level 3 Assets: Deferred compensation trusts (1) $ 10 $ 10 $ — $ — $ 12 $ 12 $ — $ — Derivative assets (2) Foreign currency 16 — 16 — 15 — 15 — Commodity 14 — 14 — 5 — 5 — Liabilities: Derivative liabilities (2) Foreign currency $ 11 $ — $ 11 $ — $ 7 $ — $ 7 $ — _________________________________________________________ (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: June 30, 2022 December 31, 2021 (in millions) Fair Value Carrying Fair Carrying Fair Assets: Cash (1) Level 1 $ 1,286 $ 1,286 $ 1,295 $ 1,295 Cash equivalents (2) Level 2 788 788 914 914 Marketable securities (2) Level 2 120 120 127 127 Notes receivable, including noncurrent portion (3) Level 3 9 9 11 11 Liabilities: 2023 Senior Notes (4) Level 2 $ 153 $ 152 $ 193 $ 196 2024 Senior Notes (4) Level 2 379 368 379 399 2028 Senior Notes (4) Level 2 596 525 596 630 Other borrowings, including noncurrent portion (5) Level 2 33 33 24 24 _________________________________________________________ (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 | 6 Months Ended |
Jun. 30, 2022 | |
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 2021 10-K. In the 2022 and 2021 Periods, RSUs totaling 415,356 and 596,391, respectively, were granted to executives and directors at a weighted-average grant date fair value of $22.36 and $18.67 per share, respectively, and generally vest over three years. RSUs granted to directors in 2022 and 2021 vested upon grant. Stock options for the purchase of 250,656 and 481,626 shares at a weighted-average exercise price of $21.90 and $17.96 per share were awarded to executives during the 2022 and 2021 Periods, respectively. The options granted in 2022 and 2021 generally vest over three years and expire ten years after the grant date. Performance-based award units totaling 426,957 and 613,868 were awarded to Section 16 officers during the 2022 and 2021 Periods, respectively. These awards generally cliff vest after 3 years and contain annual performance conditions for each of the 3 years of the vesting period. Under GAAP, performance-based elements of such 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. These awards are earned based on achievement of EPS and return on invested capital goals over three one-year periods, and earned or modified based on our three-year cumulative total shareholder return relative to companies in the S&P 500 on the date of the award. For the majority of awards, generally 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 2022, the following units were granted based upon the establishment of performance targets: Performance-based Award Units Granted in 2022 Weighted Average 2022 Performance Award Plan 142,319 $24.07 2021 Performance Award Plan 204,623 $24.48 2020 Performance Award Plan 385,455 $22.04 For awards granted under the 2022, 2021 and 2020 performance award plans, the number of units are adjusted at the end of each performance period based on achievement of certain performance targets and market conditions, as defined in the award agreements. SGI awards granted to executives vest and become payable at a rate of one-third of the total award each year. Location in Statement of Operations 3ME 6ME (in millions) 2022 2021 2022 2021 Compensation expense related to SGI awards G&A $ 1 $ (1) $ 11 $ 31 (in millions) June 30, December 31, 2021 Liabilities associated with SGI awards $ 49 $ 73 |
Other Comprehensive Income (Los
Other Comprehensive Income (Loss) | 6 Months Ended |
Jun. 30, 2022 | |
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 millions) Before-Tax Tax Net-of-Tax Before-Tax Tax Net-of-Tax OCI: Foreign currency translation adjustments $ (33) $ — $ (33) $ (1) $ — $ (1) Ownership share of equity method investees’ OCI 21 (4) 17 (1) 1 — DB plan adjustments — — — 1 — 1 Unrealized gain (loss) on hedges (1) — (1) 1 (1) — Total OCI (13) (4) (17) — — — Less: OCI attributable to NCI 1 — 1 — — — OCI attributable to Fluor $ (14) $ (4) $ (18) $ — $ — $ — 6ME 6ME (in millions) Before-Tax Tax Net-of-Tax Before-Tax Tax Net-of-Tax OCI: Foreign currency translation adjustments $ (4) $ — $ (4) $ 1 $ — $ 1 Ownership share of equity method investees’ OCI 21 (3) 18 (3) 1 (2) DB plan adjustments 1 — 1 2 1 3 Unrealized gain (loss) on hedges (4) 1 (3) (2) — (2) Total OCI 14 (2) 12 (2) 2 — Less: OCI attributable to NCI 1 — 1 — — — OCI attributable to Fluor $ 13 $ (2) $ 11 $ (2) $ 2 $ — The changes in AOCI balances follow: (in millions) Foreign Ownership DB Plans Unrealized AOCI, Net Attributable to Fluor: Balance as of March 31, 2022 $ (270) $ (55) $ (17) $ 5 $ (337) OCI before reclassifications (34) 10 — (4) (28) Amounts reclassified from AOCI — 7 — 3 10 Net OCI (34) 17 — (1) (18) Balance as of June 30, 2022 $ (304) $ (38) $ (17) $ 4 $ (355) Attributable to NCI: Balance as of March 31, 2022 $ (3) $ — $ — $ — $ (3) OCI before reclassifications 1 — — — 1 Amounts reclassified from AOCI — — — — — Net OCI 1 — — — 1 Balance as of June 30, 2022 $ (2) $ — $ — $ — $ (2) (in millions) Foreign Ownership DB Plans Unrealized AOCI, Net Attributable to Fluor: Balance as of December 31, 2021 $ (299) $ (56) $ (18) $ 7 $ (366) OCI before reclassifications (5) 10 1 (2) 4 Amounts reclassified from AOCI — 8 — (1) 7 Net OCI (5) 18 1 (3) 11 Balance as of June 30, 2022 $ (304) $ (38) $ (17) $ 4 $ (355) Attributable to NCI: Balance as of December 31, 2021 $ (3) $ — $ — $ — $ (3) OCI before reclassifications 1 — — — 1 Amounts reclassified from AOCI — — — — — Net OCI 1 — — — 1 Balance as of June 30, 2022 $ (2) $ — $ — $ — $ (2) (in millions) Foreign Ownership DB Plans Unrealized AOCI, Net Attributable to Fluor: Balance as of March 31, 2021 $ (258) $ (56) $ (117) $ 14 $ (417) OCI before reclassifications (1) — — 5 4 Amounts reclassified from AOCI — — 1 (5) (4) Net OCI (1) — 1 — — Balance as of June 30, 2021 $ (259) $ (56) $ (116) $ 14 $ (417) Attributable to NCI: Balance as of March 31, 2021 $ (4) $ — $ — $ — $ (4) OCI before reclassifications (1) — — — (1) Amounts reclassified from AOCI — — — — — Net OCI (1) — — — (1) Balance as of June 30, 2021 $ (5) $ — $ — $ — $ (5) (in millions) Foreign Ownership DB Plans Unrealized AOCI, Net Attributable to Fluor: Balance as of December 31, 2020 $ (261) $ (54) $ (119) $ 17 $ (417) OCI before reclassifications 2 (2) — 6 6 Amounts reclassified from AOCI — — 3 (9) (6) Net OCI 2 (2) 3 (3) — Balance as of June 30, 2021 $ (259) $ (56) $ (116) $ 14 $ (417) Attributable to NCI: Balance as of December 31, 2020 $ (4) $ — $ — $ — $ (4) OCI before reclassifications (1) — — — (1) Amounts reclassified from AOCI — — — — — Net other comprehensive income (loss) (1) — — — (1) Balance as of June 30, 2021 $ (5) $ — $ — $ — $ (5) Information about reclassifications out of AOCI follows: 3ME 6ME (in millions) Location in Statement of Operations 2022 2021 2022 2021 Component of AOCI: Ownership share of equity method investees’ OCI Cost of revenue $ (7) $ — $ (8) $ — Income tax benefit Income tax expense (benefit) — — — — Net of tax $ (7) $ — $ (8) $ — DB plan adjustments G&A $ — $ (1) $ — $ (2) Income tax benefit Income tax expense (benefit) — — — (1) Net of tax $ — $ (1) $ — $ (3) Unrealized gain (loss) on derivative contracts: Commodity and foreign currency contracts Various accounts (1) $ (4) $ 7 $ 1 $ 12 Interest rate contracts Interest expense — — — (1) Income tax benefit Income tax expense (benefit) 1 (2) — (2) Net of tax $ (3) $ 5 $ 1 $ 9 (1) Gains and losses on commodity and foreign currency derivative contracts were reclassified to "Cost of revenue" and "G&A". |
Discontinued Operations
Discontinued Operations | 6 Months Ended |
Jun. 30, 2022 | |
Discontinued Operations and Disposal Groups [Abstract] | |
Discontinued Operations | Discontinued OperationsIn May 2021, we sold the North American operations of the AMECO equipment business for $71 million and recognized a loss on the sale of $27 million. The results for the sold operations are reported in Disc Ops in the 2021 Period. AMECO Disc Ops information follows: (in millions) 3ME 6ME Revenue $ 13 $ 29 Cost of revenue (21) (37) Gross Profit (8) (8) G&A — — Impairment expense — — Loss on sale of AMECO North America (25) (25) Foreign currency gain (loss) — — Operating profit (33) (33) Interest (expense) income, net — — Earnings (loss) before taxes from Disc Ops (33) (33) Income tax (expense) benefit 1 — Net earnings (loss) from Disc Ops (32) (33) Less: Net earnings (loss) from Disc Ops attributable to NCI — — Net earnings (loss) from Disc Ops attributable to Fluor $ (32) $ (33) Our cash flow information for the 2021 Period included the following activities related to AMECO Disc Ops: (in millions) 6ME Capital expenditures $ (11) In our 2021 10-K, we reported additional AMECO operations and Stork operations in Disc Ops. These operations are still being marketed but no longer qualify for all Disc Ops criteria. They are now reported in Cont Ops, unless or until such time that they re-qualify for Disc Ops. |
Recent Accounting Pronounceme_2
Recent Accounting Pronouncements (Policies) | 6 Months Ended |
Jun. 30, 2022 | |
Accounting Standards Update and Change in Accounting Principle [Abstract] | |
Recent Accounting Pronouncements | We did not implement any new accounting pronouncements during the 2022 Period. However, we are currently evaluating the impact of the future disclosures that may arise under recent SEC proposals. |
Earnings Per Share (Tables)
Earnings Per Share (Tables) | 6 Months Ended |
Jun. 30, 2022 | |
Earnings Per Share [Abstract] | |
Schedule of calculations of basic and diluted EPS | 3ME 6ME (in millions, except per share amounts) 2022 2021 2022 2021 Net earnings (loss) from Cont Ops attributable to Fluor $ 66 $ (83) $ 114 $ (168) Less: Dividends on CPS 10 5 20 5 Net earnings (loss) from Cont Ops available to Fluor common stockholders 56 (88) 94 (173) Net earnings (loss) from Disc Ops attributable to Fluor — (32) — (33) Net earnings (loss) available to Fluor common stockholders $ 56 $ (120) $ 94 $ (206) Weighted average common shares outstanding 142 141 142 141 Diluted effect: CPS 27 — — — Stock options, RSUs and performance-based award units 3 — 2 — Weighted average diluted shares outstanding 172 141 144 141 Basic EPS available to Fluor common stockholders: Net earnings (loss) from Cont Ops $ 0.40 $ (0.62) $ 0.67 $ (1.23) Net earnings (loss) from Disc Ops — (0.22) — (0.23) Diluted EPS available to Fluor common stockholders: Net earnings (loss) from Cont Ops $ 0.38 $ (0.62) $ 0.66 $ (1.23) Net earnings (loss) from Disc Ops — (0.22) — (0.23) Anti-dilutive securities not included in shares outstanding: CPS — 13 27 6 Stock options, RSU and performance-based award units 3 7 3 7 |
Operating Information by Segm_2
Operating Information by Segment and Geographic Area (Tables) | 6 Months Ended |
Jun. 30, 2022 | |
Segment Reporting [Abstract] | |
Schedule of operating information and assets by reportable segment | 3ME 6ME (in millions) 2022 2021 2022 2021 Revenue Energy Solutions $ 1,330 $ 1,319 $ 2,505 $ 2,310 Urban Solutions 1,005 1,210 1,964 2,405 Mission Solutions 547 707 1,140 1,460 Other 417 448 813 856 Total revenue $ 3,299 $ 3,684 $ 6,422 $ 7,031 Segment profit (loss) Energy Solutions $ 65 $ 109 $ 119 $ 111 Urban Solutions 8 (68) 23 (38) Mission Solutions 28 45 86 89 Other 7 9 (5) (6) Total segment profit (loss) $ 108 $ 95 $ 223 $ 156 G&A (45) (33) (117) (100) Impairment — (101) 63 (148) Foreign currency gain (loss) 36 (30) 18 (41) Interest income (expense), net (1) (12) (10) (30) Earnings (loss) from Cont Ops attributable to NCI 7 (7) 14 25 Earnings (loss) from Cont Ops before taxes $ 105 $ (88) $ 191 $ (138) Other . Segment profit (loss) for NuScale, Stork and AMECO follows: 3ME 6ME (in millions) 2022 2021 2022 2021 NuScale $ (8) $ (18) $ (29) $ (34) Stork 12 14 18 17 AMECO 3 13 6 11 Segment profit (loss) $ 7 $ 9 $ (5) $ (6) Total assets by segment are as follows: (in millions) June 30, December 31, Energy Solutions $ 936 $ 1,158 Urban Solutions 987 906 Mission Solutions 583 764 Other 689 667 Corporate 3,330 3,594 Total assets $ 6,525 $ 7,089 |
Schedule of operating information by geographic area | Revenue by project location follows: 3ME 6ME (in millions) 2022 2021 2022 2021 North America $ 2,101 $ 2,187 $ 4,009 $ 4,254 Asia Pacific (includes Australia) 203 427 452 780 Europe 595 581 1,145 1,018 Central and South America 356 404 707 779 Middle East and Africa 44 85 109 200 Total revenue $ 3,299 $ 3,684 $ 6,422 $ 7,031 |
Impairment (Tables)
Impairment (Tables) | 6 Months Ended |
Jun. 30, 2022 | |
Restructuring and Related Activities [Abstract] | |
Schedule of impairment expense | We did not recognize any impairment expense in Cont Ops during the 2022 Quarter. Impairment, included in Cont Ops, is summarized as follows: 3ME 6ME (in millions) 2021 2022 2021 Impairment: Energy Solutions' equity method investment $ — $ — $ 26 Goodwill — — 13 Fair value adjustment of Stork and AMECO assets 101 (63) 109 Total impairment $ 101 $ (63) $ 148 |
Income Taxes (Tables)
Income Taxes (Tables) | 6 Months Ended |
Jun. 30, 2022 | |
Income Tax Disclosure [Abstract] | |
Schedule of effective income tax rate | A reconciliation of U.S. statutory federal income tax expense (benefit) to income tax expense follows: 3ME 6ME (In millions) 2022 2021 2022 2021 U.S statutory federal income tax expense (benefit) $ 22 $ (19) $ 40 $ (29) Increase (decrease) in taxes resulting from: State and local income taxes 1 — 1 — Valuation allowance, net 20 10 35 21 Foreign tax impact (13) 9 (10) 11 Noncontrolling interest (2) 2 (3) (4) Other 4 — — 6 Total income tax expense (benefit) $ 32 $ 2 $ 63 $ 5 |
Contract Assets and Liabiliti_2
Contract Assets and Liabilities (Tables) | 6 Months Ended |
Jun. 30, 2022 | |
Revenue from Contract with Customer [Abstract] | |
Summary of contract assets and liabilities | The following summarizes information about our contract assets and liabilities: (in millions) June 30, 2022 December 31, 2021 Information about contract assets: Contract assets Unbilled receivables - reimbursable contracts $ 817 $ 822 Contract work in progress - lump-sum contracts 230 244 Contract assets $ 1,047 $ 1,066 Advance billings deducted from contract assets $ 228 $ 208 6ME (in millions) 2022 2021 Information about contract liabilities: Revenue recognized that was included in contract liabilities as of January 1 $ 741 $ 840 |
Remaining Unsatisfied Perform_2
Remaining Unsatisfied Performance Obligations (Tables) | 6 Months Ended |
Jun. 30, 2022 | |
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) June 30, 2022 Within 1 year $ 10,028 1 to 2 years 5,368 Thereafter 2,512 Total RUPO $ 17,908 |
Debt and Letters of Credit (Tab
Debt and Letters of Credit (Tables) | 6 Months Ended |
Jun. 30, 2022 | |
Debt Disclosure [Abstract] | |
Schedule of debt | Debt consisted of the following: (in millions) June 30, 2022 December 31, 2021 Borrowings under credit facility $ — $ — Current: 2023 Notes $ 153 $ — Other borrowings 28 18 Total current $ 181 $ 18 Long-term: Senior Notes 2023 Notes $ — $ 193 2024 Notes 381 381 Unamortized discount on 2024 Notes (1) (1) Unamortized deferred financing costs (1) (1) 2028 Notes 600 600 Unamortized discount on 2028 Notes (1) (1) Unamortized deferred financing costs (3) (3) Other long-term borrowings 5 6 Total long-term $ 980 $ 1,174 |
Fair Value Measurements (Tables
Fair Value Measurements (Tables) | 6 Months Ended |
Jun. 30, 2022 | |
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: June 30, 2022 December 31, 2021 Fair Value Hierarchy Fair Value Hierarchy (in millions) Total Level 1 Level 2 Level 3 Total Level 1 Level 2 Level 3 Assets: Deferred compensation trusts (1) $ 10 $ 10 $ — $ — $ 12 $ 12 $ — $ — Derivative assets (2) Foreign currency 16 — 16 — 15 — 15 — Commodity 14 — 14 — 5 — 5 — Liabilities: Derivative liabilities (2) Foreign currency $ 11 $ — $ 11 $ — $ 7 $ — $ 7 $ — _________________________________________________________ (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: June 30, 2022 December 31, 2021 (in millions) Fair Value Carrying Fair Carrying Fair Assets: Cash (1) Level 1 $ 1,286 $ 1,286 $ 1,295 $ 1,295 Cash equivalents (2) Level 2 788 788 914 914 Marketable securities (2) Level 2 120 120 127 127 Notes receivable, including noncurrent portion (3) Level 3 9 9 11 11 Liabilities: 2023 Senior Notes (4) Level 2 $ 153 $ 152 $ 193 $ 196 2024 Senior Notes (4) Level 2 379 368 379 399 2028 Senior Notes (4) Level 2 596 525 596 630 Other borrowings, including noncurrent portion (5) Level 2 33 33 24 24 _________________________________________________________ (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) | 6 Months Ended |
Jun. 30, 2022 | |
Share-Based Payment Arrangement [Abstract] | |
Share-based payment arrangement activity | During 2022, the following units were granted based upon the establishment of performance targets: Performance-based Award Units Granted in 2022 Weighted Average 2022 Performance Award Plan 142,319 $24.07 2021 Performance Award Plan 204,623 $24.48 2020 Performance Award Plan 385,455 $22.04 |
Disclosure of compensation Arrangements by share-based payment award | Location in Statement of Operations 3ME 6ME (in millions) 2022 2021 2022 2021 Compensation expense related to SGI awards G&A $ 1 $ (1) $ 11 $ 31 (in millions) June 30, December 31, 2021 Liabilities associated with SGI awards $ 49 $ 73 |
Other Comprehensive Income (L_2
Other Comprehensive Income (Loss) (Tables) | 6 Months Ended |
Jun. 30, 2022 | |
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 millions) Before-Tax Tax Net-of-Tax Before-Tax Tax Net-of-Tax OCI: Foreign currency translation adjustments $ (33) $ — $ (33) $ (1) $ — $ (1) Ownership share of equity method investees’ OCI 21 (4) 17 (1) 1 — DB plan adjustments — — — 1 — 1 Unrealized gain (loss) on hedges (1) — (1) 1 (1) — Total OCI (13) (4) (17) — — — Less: OCI attributable to NCI 1 — 1 — — — OCI attributable to Fluor $ (14) $ (4) $ (18) $ — $ — $ — 6ME 6ME (in millions) Before-Tax Tax Net-of-Tax Before-Tax Tax Net-of-Tax OCI: Foreign currency translation adjustments $ (4) $ — $ (4) $ 1 $ — $ 1 Ownership share of equity method investees’ OCI 21 (3) 18 (3) 1 (2) DB plan adjustments 1 — 1 2 1 3 Unrealized gain (loss) on hedges (4) 1 (3) (2) — (2) Total OCI 14 (2) 12 (2) 2 — Less: OCI attributable to NCI 1 — 1 — — — OCI attributable to Fluor $ 13 $ (2) $ 11 $ (2) $ 2 $ — |
Schedule of changes in accumulated other comprehensive income balances by component (after-tax) | The changes in AOCI balances follow: (in millions) Foreign Ownership DB Plans Unrealized AOCI, Net Attributable to Fluor: Balance as of March 31, 2022 $ (270) $ (55) $ (17) $ 5 $ (337) OCI before reclassifications (34) 10 — (4) (28) Amounts reclassified from AOCI — 7 — 3 10 Net OCI (34) 17 — (1) (18) Balance as of June 30, 2022 $ (304) $ (38) $ (17) $ 4 $ (355) Attributable to NCI: Balance as of March 31, 2022 $ (3) $ — $ — $ — $ (3) OCI before reclassifications 1 — — — 1 Amounts reclassified from AOCI — — — — — Net OCI 1 — — — 1 Balance as of June 30, 2022 $ (2) $ — $ — $ — $ (2) (in millions) Foreign Ownership DB Plans Unrealized AOCI, Net Attributable to Fluor: Balance as of December 31, 2021 $ (299) $ (56) $ (18) $ 7 $ (366) OCI before reclassifications (5) 10 1 (2) 4 Amounts reclassified from AOCI — 8 — (1) 7 Net OCI (5) 18 1 (3) 11 Balance as of June 30, 2022 $ (304) $ (38) $ (17) $ 4 $ (355) Attributable to NCI: Balance as of December 31, 2021 $ (3) $ — $ — $ — $ (3) OCI before reclassifications 1 — — — 1 Amounts reclassified from AOCI — — — — — Net OCI 1 — — — 1 Balance as of June 30, 2022 $ (2) $ — $ — $ — $ (2) (in millions) Foreign Ownership DB Plans Unrealized AOCI, Net Attributable to Fluor: Balance as of March 31, 2021 $ (258) $ (56) $ (117) $ 14 $ (417) OCI before reclassifications (1) — — 5 4 Amounts reclassified from AOCI — — 1 (5) (4) Net OCI (1) — 1 — — Balance as of June 30, 2021 $ (259) $ (56) $ (116) $ 14 $ (417) Attributable to NCI: Balance as of March 31, 2021 $ (4) $ — $ — $ — $ (4) OCI before reclassifications (1) — — — (1) Amounts reclassified from AOCI — — — — — Net OCI (1) — — — (1) Balance as of June 30, 2021 $ (5) $ — $ — $ — $ (5) (in millions) Foreign Ownership DB Plans Unrealized AOCI, Net Attributable to Fluor: Balance as of December 31, 2020 $ (261) $ (54) $ (119) $ 17 $ (417) OCI before reclassifications 2 (2) — 6 6 Amounts reclassified from AOCI — — 3 (9) (6) Net OCI 2 (2) 3 (3) — Balance as of June 30, 2021 $ (259) $ (56) $ (116) $ 14 $ (417) Attributable to NCI: Balance as of December 31, 2020 $ (4) $ — $ — $ — $ (4) OCI before reclassifications (1) — — — (1) Amounts reclassified from AOCI — — — — — Net other comprehensive income (loss) (1) — — — (1) Balance as of June 30, 2021 $ (5) $ — $ — $ — $ (5) |
Schedule of significant items reclassified out of AOCI and corresponding location and impact | Information about reclassifications out of AOCI follows: 3ME 6ME (in millions) Location in Statement of Operations 2022 2021 2022 2021 Component of AOCI: Ownership share of equity method investees’ OCI Cost of revenue $ (7) $ — $ (8) $ — Income tax benefit Income tax expense (benefit) — — — — Net of tax $ (7) $ — $ (8) $ — DB plan adjustments G&A $ — $ (1) $ — $ (2) Income tax benefit Income tax expense (benefit) — — — (1) Net of tax $ — $ (1) $ — $ (3) Unrealized gain (loss) on derivative contracts: Commodity and foreign currency contracts Various accounts (1) $ (4) $ 7 $ 1 $ 12 Interest rate contracts Interest expense — — — (1) Income tax benefit Income tax expense (benefit) 1 (2) — (2) Net of tax $ (3) $ 5 $ 1 $ 9 |
Discontinued Operations (Tables
Discontinued Operations (Tables) | 6 Months Ended |
Jun. 30, 2022 | |
Discontinued Operations and Disposal Groups [Abstract] | |
Earnings from discontinued operations, net of tax | Disc Ops information follows: (in millions) 3ME 6ME Revenue $ 13 $ 29 Cost of revenue (21) (37) Gross Profit (8) (8) G&A — — Impairment expense — — Loss on sale of AMECO North America (25) (25) Foreign currency gain (loss) — — Operating profit (33) (33) Interest (expense) income, net — — Earnings (loss) before taxes from Disc Ops (33) (33) Income tax (expense) benefit 1 — Net earnings (loss) from Disc Ops (32) (33) Less: Net earnings (loss) from Disc Ops attributable to NCI — — Net earnings (loss) from Disc Ops attributable to Fluor $ (32) $ (33) |
Schedule of supplemental cash flow disclosures | Our cash flow information for the 2021 Period included the following activities related to AMECO Disc Ops: (in millions) 6ME Capital expenditures $ (11) |
Principles of Consolidation (De
Principles of Consolidation (Details) - USD ($) $ in Millions | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2022 | Jun. 30, 2021 | Jun. 30, 2022 | Jun. 30, 2021 | |
Organization, Consolidation and Presentation of Financial Statements [Abstract] | ||||
Impairment expense | $ 0 | $ (101) | $ 63 | $ (148) |
Earnings Per Share (Details)
Earnings Per Share (Details) - USD ($) $ / shares in Units, shares in Millions, $ in Millions | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2022 | Jun. 30, 2021 | Jun. 30, 2022 | Jun. 30, 2021 | |
Income Amounts Attributable to Parent, Disclosures [Abstract] | ||||
Net earnings (loss) from Cont Ops attributable to Fluor | $ 66 | $ (83) | $ 114 | $ (168) |
Less: Dividends on CPS | 10 | 5 | 20 | 5 |
Net earnings (loss) from Cont Ops available to Fluor common stockholders | 56 | (88) | 94 | (173) |
Net earnings (loss) from Disc Ops attributable to Fluor | 0 | (32) | 0 | (33) |
Net earnings (loss) available to Fluor common stockholders | $ 56 | $ (120) | $ 94 | $ (206) |
Weighted average common shares outstanding (shares) | 142 | 141 | 142 | 141 |
Diluted effect: | ||||
CPS (in shares) | 27 | 0 | 0 | 0 |
Stock options, RSUs performance-based award units (in shares) | 3 | 0 | 2 | 0 |
Weighted average diluted shares outstanding (in shares) | 172 | 141 | 144 | 141 |
Basic EPS available to Fluor common stockholders: | ||||
Net earnings (loss) from Cont Ops (in dollars per share) | $ 0.40 | $ (0.62) | $ 0.67 | $ (1.23) |
Net earnings (loss) from Disc Ops (in dollars per share) | 0 | (0.22) | 0 | (0.23) |
Diluted EPS available to Fluor common stockholders: | ||||
Net earnings (loss) from Cont Ops (in dollars per share) | 0.38 | (0.62) | 0.66 | (1.23) |
Net earnings (loss) from Disc Ops (in dollars per share) | $ 0 | $ (0.22) | $ 0 | $ (0.23) |
Earnings Per Share - Antidiluti
Earnings Per Share - Antidilutive Securities Excluded from Computation of EPS (Details) - shares shares in Millions | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2022 | Jun. 30, 2021 | Jun. 30, 2022 | Jun. 30, 2021 | |
CPS | ||||
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items] | ||||
Anti-dilutive securities not included above (in shares) | 0 | 13 | 27 | 6 |
All Others | ||||
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items] | ||||
Anti-dilutive securities not included above (in shares) | 3 | 7 | 3 | 7 |
Operating Information by Segm_3
Operating Information by Segment and Geographic Area - Reportable Segments (Details) - USD ($) $ in Millions | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2022 | Jun. 30, 2021 | Jun. 30, 2022 | Jun. 30, 2021 | |
Segment Reporting Information [Line Items] | ||||
Total revenue | $ 3,299 | $ 3,684 | $ 6,422 | $ 7,031 |
Total segment profit (loss) | 106 | (76) | 201 | (108) |
G&A | (45) | (33) | (117) | (100) |
Impairment | 0 | (101) | 63 | (148) |
Foreign currency gain (loss) | 36 | (30) | 18 | (41) |
Earnings (loss) from Cont Ops before taxes | 105 | (88) | 191 | (138) |
Continuing Operations | ||||
Segment Reporting Information [Line Items] | ||||
G&A | (45) | (33) | (117) | (100) |
Impairment | 0 | (101) | 63 | (148) |
Foreign currency gain (loss) | 36 | (30) | 18 | (41) |
Interest income (expense), net | (1) | (12) | (10) | (30) |
Earnings (loss) from Cont Ops attributable to NCI | 7 | (7) | 14 | 25 |
Earnings (loss) from Cont Ops before taxes | 105 | (88) | 191 | (138) |
Continuing Operations | Reportable segments | ||||
Segment Reporting Information [Line Items] | ||||
Total revenue | 3,299 | 3,684 | 6,422 | 7,031 |
Total segment profit (loss) | 108 | 95 | 223 | 156 |
Continuing Operations | Energy Solutions | Reportable segments | ||||
Segment Reporting Information [Line Items] | ||||
Total revenue | 1,330 | 1,319 | 2,505 | 2,310 |
Total segment profit (loss) | 65 | 109 | 119 | 111 |
Continuing Operations | Urban Solutions | Reportable segments | ||||
Segment Reporting Information [Line Items] | ||||
Total revenue | 1,005 | 1,210 | 1,964 | 2,405 |
Total segment profit (loss) | 8 | (68) | 23 | (38) |
Continuing Operations | Mission Solutions | Reportable segments | ||||
Segment Reporting Information [Line Items] | ||||
Total revenue | 547 | 707 | 1,140 | 1,460 |
Total segment profit (loss) | 28 | 45 | 86 | 89 |
Continuing Operations | Other | Reportable segments | ||||
Segment Reporting Information [Line Items] | ||||
Total revenue | 417 | 448 | 813 | 856 |
Total segment profit (loss) | $ 7 | $ 9 | $ (5) | $ (6) |
Operating Information by Segm_4
Operating Information by Segment and Geographic Area - Narrative (Details) - USD ($) $ / shares in Units, $ in Millions | 1 Months Ended | 3 Months Ended | 6 Months Ended | |||
Apr. 30, 2022 | Jun. 30, 2022 | Jun. 30, 2021 | Jun. 30, 2022 | Jun. 30, 2021 | Dec. 31, 2021 | |
Segment Reporting Information [Line Items] | ||||||
Proceeds from sale of stock | $ 107 | |||||
Temporary APIC | $ 107 | $ 107 | $ 0 | |||
NuScale | ||||||
Segment Reporting Information [Line Items] | ||||||
Ownership interest percentage | 5% | |||||
Energy Solutions | ||||||
Segment Reporting Information [Line Items] | ||||||
Expense from embedded foreign currency derivatives | 17 | $ 20 | $ 4 | $ 49 | ||
Urban Solutions | ||||||
Segment Reporting Information [Line Items] | ||||||
Effect of forecast revision on estimated project cost | $ 32 | $ 138 | $ 138 | |||
Effect of forecast revision on estimated project cost (in dollars per share) | $ 0.14 | $ 0.72 | $ 0.72 |
Operating Information by Segm_5
Operating Information by Segment and Geographic Area - Other Segment Profit (Loss) (Details) - USD ($) $ in Millions | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2022 | Jun. 30, 2021 | Jun. 30, 2022 | Jun. 30, 2021 | |
Segment Reporting Information [Line Items] | ||||
Total segment profit (loss) | $ 106 | $ (76) | $ 201 | $ (108) |
Reportable segments | Continuing Operations | ||||
Segment Reporting Information [Line Items] | ||||
Total segment profit (loss) | 108 | 95 | 223 | 156 |
Reportable segments | Other | Continuing Operations | ||||
Segment Reporting Information [Line Items] | ||||
Total segment profit (loss) | 7 | 9 | (5) | (6) |
Reportable segments | Other | NuScale | Continuing Operations | ||||
Segment Reporting Information [Line Items] | ||||
Total segment profit (loss) | (8) | (18) | (29) | (34) |
Reportable segments | Other | Stork | Continuing Operations | ||||
Segment Reporting Information [Line Items] | ||||
Total segment profit (loss) | 12 | 14 | 18 | 17 |
Reportable segments | Other | AMECO | Continuing Operations | ||||
Segment Reporting Information [Line Items] | ||||
Total segment profit (loss) | $ 3 | $ 13 | $ 6 | $ 11 |
Operating Information by Segm_6
Operating Information by Segment and Geographic Area - Total Assets (Details) - USD ($) $ in Millions | Jun. 30, 2022 | Dec. 31, 2021 |
Segment Reporting Information [Line Items] | ||
Total assets | $ 6,525 | $ 7,089 |
Reportable segments | Energy Solutions | ||
Segment Reporting Information [Line Items] | ||
Total assets | 936 | 1,158 |
Reportable segments | Urban Solutions | ||
Segment Reporting Information [Line Items] | ||
Total assets | 987 | 906 |
Reportable segments | Mission Solutions | ||
Segment Reporting Information [Line Items] | ||
Total assets | 583 | 764 |
Reportable segments | Other | ||
Segment Reporting Information [Line Items] | ||
Total assets | 689 | 667 |
Corporate | ||
Segment Reporting Information [Line Items] | ||
Total assets | $ 3,330 | $ 3,594 |
Operating Information by Segm_7
Operating Information by Segment and Geographic Area - External Revenue and Total Assets by Geographic Area (Details) - USD ($) $ in Millions | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2022 | Jun. 30, 2021 | Jun. 30, 2022 | Jun. 30, 2021 | |
Revenues from External Customers and Long-Lived Assets [Line Items] | ||||
Total revenue | $ 3,299 | $ 3,684 | $ 6,422 | $ 7,031 |
North America | ||||
Revenues from External Customers and Long-Lived Assets [Line Items] | ||||
Total revenue | 2,101 | 2,187 | 4,009 | 4,254 |
Asia Pacific (includes Australia) | ||||
Revenues from External Customers and Long-Lived Assets [Line Items] | ||||
Total revenue | 203 | 427 | 452 | 780 |
Europe | ||||
Revenues from External Customers and Long-Lived Assets [Line Items] | ||||
Total revenue | 595 | 581 | 1,145 | 1,018 |
Central and South America | ||||
Revenues from External Customers and Long-Lived Assets [Line Items] | ||||
Total revenue | 356 | 404 | 707 | 779 |
Middle East and Africa | ||||
Revenues from External Customers and Long-Lived Assets [Line Items] | ||||
Total revenue | $ 44 | $ 85 | $ 109 | $ 200 |
Impairment - Schedule of Impair
Impairment - Schedule of Impairment (Details) - Energy Solutions - USD ($) $ in Thousands | 3 Months Ended | 6 Months Ended | |
Jun. 30, 2021 | Jun. 30, 2022 | Jun. 30, 2021 | |
Restructuring [Line Items] | |||
Energy Solutions' equity method investment | $ 0 | $ 0 | $ 26,000 |
Goodwill | 0 | 0 | 13,000 |
Fair value adjustment of Stork and AMECO assets | 109,000 | ||
Total impairment | 101,000 | (63,000) | $ 148,000 |
Stork and AMECO | |||
Restructuring [Line Items] | |||
Fair value adjustment of Stork and AMECO assets | $ 101,000 | $ (63,000) |
Impairment - Narrative (Details
Impairment - Narrative (Details) - Energy Solutions - USD ($) $ in Millions | 3 Months Ended | 6 Months Ended | |
Jun. 30, 2021 | Jun. 30, 2022 | Jun. 30, 2021 | |
Restructuring [Line Items] | |||
Fair value adjustment of Stork and AMECO assets | $ 109 | ||
Stork and AMECO | |||
Restructuring [Line Items] | |||
Fair value adjustment of Stork and AMECO assets | $ 101 | $ (63) |
Income Taxes - Narrative (Detai
Income Taxes - Narrative (Details) | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2022 | Jun. 30, 2021 | Jun. 30, 2022 | Jun. 30, 2021 | |
Income Tax Disclosure [Abstract] | ||||
Effective tax rate, continuing operations (as a percent) | 30.70% | (1.90%) | 32.80% | (3.50%) |
Income Taxes - Income Tax Expen
Income Taxes - Income Tax Expense (Benefit) Reconciliation (Details) - USD ($) $ in Millions | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2022 | Jun. 30, 2021 | Jun. 30, 2022 | Jun. 30, 2021 | |
Income Tax Disclosure [Abstract] | ||||
U.S statutory federal income tax expense (benefit) | $ 22 | $ (19) | $ 40 | $ (29) |
Increase (decrease) in taxes resulting from: | ||||
State and local income taxes | 1 | 0 | 1 | 0 |
Valuation allowance, net | 20 | 10 | 35 | 21 |
Foreign tax impact | (13) | 9 | (10) | 11 |
Noncontrolling interest | (2) | 2 | (3) | (4) |
Other | 4 | 0 | 0 | 6 |
Total income tax expense (benefit) | $ 32 | $ 2 | $ 63 | $ 5 |
Partnerships and Joint Ventur_2
Partnerships and Joint Ventures (Details) - USD ($) $ in Millions | 3 Months Ended | ||
Jun. 30, 2022 | Jun. 30, 2021 | Dec. 31, 2021 | |
SACYR | Discontinued Operations, Disposed of by Sale | Urban Solutions | |||
Variable interest entity information | |||
Loss on sale of investment | $ 11 | $ 20 | |
Variable Interest Entity, Not Primary Beneficiary | |||
Variable interest entity information | |||
Net carrying value of the unconsolidated VIEs | 30 | $ 33 | |
Variable Interest Entity, Not Primary Beneficiary | Future funding commitment | |||
Variable interest entity information | |||
Commitment amount | 58 | ||
Accrued liabilities | |||
Variable interest entity information | |||
Investments in loss position, included in other accrued liabilities | 271 | 240 | |
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 | $ 191 | $ 205 |
Guarantees (Details)
Guarantees (Details) - USD ($) | Jun. 30, 2022 | Dec. 31, 2021 |
Guarantees | ||
Performance guarantee obligation not material | $ 0 | $ 0 |
Performance Guarantee | ||
Guarantees | ||
Estimated performance guarantees outstanding | $ 13,000,000,000 |
Contingencies and Commitments (
Contingencies and Commitments (Details) $ in Millions | 1 Months Ended | |||||||
Aug. 23, 2019 AUD ($) | Dec. 13, 2016 AUD ($) | Sep. 30, 2018 action | Jun. 30, 2022 USD ($) | Dec. 31, 2021 USD ($) | Aug. 31, 2019 USD ($) | Aug. 23, 2019 USD ($) | Aug. 12, 2016 USD ($) | |
Loss Contingencies [Line Items] | ||||||||
Number of actions filed | action | 11 | |||||||
Contracts receivable | $ 215,000,000 | $ 215,000,000 | ||||||
Barrick | Fluor/TECHINT | ||||||||
Loss Contingencies [Line Items] | ||||||||
Letters of credit outstanding, amount | $ 36,000,000 | |||||||
Parent Company | Barrick | Fluor/TECHINT | ||||||||
Loss Contingencies [Line Items] | ||||||||
Letters of credit outstanding, amount | 24,000,000 | |||||||
Partnership Interest | Barrick | Fluor/TECHINT | ||||||||
Loss Contingencies [Line Items] | ||||||||
Letters of credit outstanding, amount | $ 12,000,000 | |||||||
Pending litigation | ||||||||
Loss Contingencies [Line Items] | ||||||||
Damages sought | $ 1,470 | |||||||
Pending litigation | Sadara Chemical Company | ||||||||
Loss Contingencies [Line Items] | ||||||||
Estimate of possible loss | $ 574,000,000 | |||||||
Damages sought | $ 100 | |||||||
Pending litigation | Fluor/TECHINT | ||||||||
Loss Contingencies [Line Items] | ||||||||
Estimate of possible loss | $ 364,000,000 | $ 250,000,000 |
Contract Assets and Liabiliti_3
Contract Assets and Liabilities (Details) - USD ($) $ in Millions | 6 Months Ended | ||
Jun. 30, 2022 | Jun. 30, 2021 | Dec. 31, 2021 | |
Contract assets | |||
Unbilled receivables - reimbursable contracts | $ 817 | $ 822 | |
Contract work in progress - lump-sum contracts | 230 | 244 | |
Contract assets | 1,047 | 1,066 | |
Advance billings deducted from contract assets | 228 | $ 208 | |
Information about contract liabilities: | |||
Revenue recognized that was included in contract liabilities as of January 1 | $ 741 | $ 840 |
Remaining Unsatisfied Perform_3
Remaining Unsatisfied Performance Obligations (Details) $ in Millions | Jun. 30, 2022 USD ($) |
Revenue from Contract with Customer [Abstract] | |
Remaining performance obligation | $ 17,908 |
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Start Date [Axis]: 2022-07-01 | |
Revenue from Contract with Customer [Abstract] | |
Remaining performance obligation | $ 10,028 |
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction [Line Items] | |
Remaining performance obligation, period (in years) | 6 months |
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Start Date [Axis]: 2023-01-01 | |
Revenue from Contract with Customer [Abstract] | |
Remaining performance obligation | $ 5,368 |
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]: 2024-01-01 | |
Revenue from Contract with Customer [Abstract] | |
Remaining performance obligation | $ 2,512 |
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction [Line Items] | |
Remaining performance obligation, period (in years) |
Debt and Letters of Credit - Sc
Debt and Letters of Credit - Schedule of Debt (Details) - USD ($) $ in Millions | Jun. 30, 2022 | Dec. 31, 2021 |
Current: | ||
Short-term debt | $ 181 | $ 18 |
Long-term: | ||
Borrowings under credit facility | 0 | 0 |
Long-term debt | 980 | 1,174 |
Other long-term borrowings | 5 | 6 |
Total long-term | 980 | 1,174 |
2023 Notes | ||
Current: | ||
Short-term debt | 153 | 0 |
Long-term: | ||
Long-term debt | 0 | 193 |
Other borrowings | ||
Current: | ||
Short-term debt | 28 | 18 |
2024 Notes | ||
Long-term: | ||
Long-term debt | 381 | 381 |
Unamortized discount | (1) | (1) |
Unamortized deferred financing costs | (1) | (1) |
2028 Notes | ||
Long-term: | ||
Long-term debt | 600 | 600 |
Unamortized discount | (1) | (1) |
Unamortized deferred financing costs | $ (3) | $ (3) |
Debt and Letters of Credit - Na
Debt and Letters of Credit - Narrative (Details) € in Millions, $ in Millions | 1 Months Ended | 6 Months Ended | |||
Jun. 30, 2022 USD ($) | Jun. 30, 2021 USD ($) | Jun. 30, 2022 USD ($) | Jun. 30, 2021 USD ($) | Jun. 30, 2022 EUR (€) | |
Financing Arrangements | |||||
Repayments of debt | $ 23 | $ 5 | |||
Senior Notes 1.750%, Due 2023 and Senior Notes 3.50%, Due 2024 | |||||
Financing Arrangements | |||||
Repayments of debt | $ 23 | $ 5 | |||
Lines of credit | |||||
Financing Arrangements | |||||
Amount outstanding under credit facilities | 338 | 338 | |||
Lines of credit | Committed Line of Credit | |||||
Financing Arrangements | |||||
Current borrowing capacity | 785 | 785 | |||
Lines of credit | Committed Line of Credit | Revolving Loan And Letter Of Credit Facility Agreement | |||||
Financing Arrangements | |||||
Maximum borrowing capacity | 1,800 | 1,800 | |||
Lines of credit | Committed Line of Credit | Revolving Loan And Letter Of Credit Facility Agreement | Subsidiaries | |||||
Financing Arrangements | |||||
Covenant minimum liquidity | 1,200 | ||||
Covenant minimum liquidity, after repayments of debt | $ 1,000 | ||||
Lines of credit | Committed Line of Credit | Revolving Loan And Letter Of Credit Facility Agreement | Minimum | |||||
Financing Arrangements | |||||
Ratio of consolidated debt to tangible net worth (as a percent) | 60% | ||||
Lines of credit | Committed Line of Credit | Revolving Loan And Letter Of Credit Facility Agreement | Maximum | |||||
Financing Arrangements | |||||
Ratio of consolidated debt to tangible net worth (as a percent) | 100% | ||||
Lines of credit | Committed Line of Credit | Revolving Loan And Letter Of Credit Facility Agreement | Maximum | Subsidiaries | |||||
Financing Arrangements | |||||
Aggregate amount of debt | 750 | $ 750 | € 750 | ||
Lines of credit | Uncommitted Line of Credit | |||||
Financing Arrangements | |||||
Amount outstanding under credit facilities | $ 960 | $ 960 |
Convertible Preferred Stock (De
Convertible Preferred Stock (Details) $ / shares in Units, $ in Millions | 1 Months Ended | 3 Months Ended | 6 Months Ended | |
Jul. 31, 2022 USD ($) | May 31, 2022 USD ($) | Jun. 30, 2021 USD ($) | Jun. 30, 2022 USD ($) segment $ / shares | |
Class of Stock [Line Items] | ||||
Preferred stock dividends paid | $ 10 | |||
Preferred stock dividends declared amount | $ 10 | $ 20 | ||
Preferred stock, convertible, conversion rate (in shares) | 44.9585 | |||
Subsequent Event | ||||
Class of Stock [Line Items] | ||||
Preferred stock dividends declared amount | $ 10 | |||
CPS | ||||
Class of Stock [Line Items] | ||||
Force conversion required minimum common stock trade price (in dollars per share) | $ / shares | $ 28.92 | |||
Preferred stock, conversion feature, threshold consecutive trading days (in days) | segment | 20 | |||
Preferred stock, estimated make-whole payment estimate | $ 96 |
Fair Value Measurements - Recur
Fair Value Measurements - Recurring Basis (Details) - Fair Value, Measurements, Recurring - USD ($) $ in Millions | Jun. 30, 2022 | Dec. 31, 2021 |
Fair value of assets and liabilities measured on recurring basis | ||
Deferred compensation trusts | $ 10 | $ 12 |
Foreign currency contracts | ||
Fair value of assets and liabilities measured on recurring basis | ||
Derivative assets | 16 | 15 |
Derivative liabilities | 11 | 7 |
Commodity | ||
Fair value of assets and liabilities measured on recurring basis | ||
Derivative assets | 14 | 5 |
Level 1 | ||
Fair value of assets and liabilities measured on recurring basis | ||
Deferred compensation trusts | 10 | 12 |
Level 2 | Foreign currency contracts | ||
Fair value of assets and liabilities measured on recurring basis | ||
Derivative assets | 16 | 15 |
Derivative liabilities | 11 | 7 |
Level 2 | Commodity | ||
Fair value of assets and liabilities measured on recurring basis | ||
Derivative assets | $ 14 | $ 5 |
Fair Value Measurements - Finan
Fair Value Measurements - Financial Instruments Not Required to be Measured at Fair Value (Details) - USD ($) $ in Millions | Jun. 30, 2022 | Dec. 31, 2021 |
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 | $ 120 | $ 127 |
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 | 153 | 193 |
Carrying Value | Level 2 | 3.375% Senior Notes | ||
Estimated fair values of the company's financial instruments that are not measured at fair value on a recurring basis | ||
Debt | 379 | 379 |
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 | 596 | 596 |
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 | 33 | 24 |
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 | 9 | 11 |
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 | 120 | 127 |
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 | 152 | 196 |
Fair Value | Level 2 | 3.375% Senior Notes | ||
Estimated fair values of the company's financial instruments that are not measured at fair value on a recurring basis | ||
Debt | 368 | 399 |
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 | 525 | 630 |
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 | 33 | 24 |
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 | 9 | 11 |
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 | 1,286 | 1,295 |
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 | 1,286 | 1,295 |
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 | 788 | 914 |
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 | $ 788 | $ 914 |
Stock-Based Compensation - Narr
Stock-Based Compensation - Narrative (Details) - $ / shares | 6 Months Ended | |
Jun. 30, 2022 | Jun. 30, 2021 | |
2020 Performance Award Plan | ||
Stock-Based Plans | ||
Granted (in shares) | 385,455 | |
Granted, weighted average grant date fair value (in dollars per share) | $ 22.04 | |
Restricted stock units | Executives | ||
Stock-Based Plans | ||
Granted (in shares) | 415,356 | 596,391 |
Granted, weighted average grant date fair value (in dollars per share) | $ 22.36 | $ 18.67 |
Vesting period (in years) | 3 years | |
Stock options | Executives | ||
Stock-Based Plans | ||
Vesting period (in years) | 3 years | |
Options granted (in shares) | 250,656 | 481,626 |
Options granted weighted-average exercise price, per share (in dollars per share) | $ 21.90 | $ 17.96 |
Expiration period (in years) | 10 years | |
Performance based awards | Executives | ||
Stock-Based Plans | ||
Granted (in shares) | 426,957 | 613,868 |
Vesting period (in years) | 3 years | |
Performance based awards | 2020 Performance Award Plan | Executives | ||
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) | 6 Months Ended |
Jun. 30, 2022 $ / shares shares | |
2022 Performance Award Plan | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |
Performance-based Award Units Granted (in shares) | shares | 142,319 |
Weighted Average Grant Date Fair Value Per Share (in dollars per share) | $ / shares | $ 24.07 |
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 | $ 24.48 |
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 | $ 22.04 |
Stock-Based Compensation - Comp
Stock-Based Compensation - Compensation Expense (Details) - Executives - Performance based awards - USD ($) $ in Millions | 3 Months Ended | 6 Months Ended | |||
Jun. 30, 2022 | Jun. 30, 2021 | Jun. 30, 2022 | Jun. 30, 2021 | Dec. 31, 2021 | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||||
Liabilities associated with SGI awards | $ 49 | $ 49 | $ 73 | ||
General and Administrative Expense | |||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||||
Compensation expense related to SGI awards | $ 1 | $ (1) | $ 11 | $ 31 |
Other Comprehensive Income (L_3
Other Comprehensive Income (Loss) - Tax Effects of Components of Other Comprehensive Income (Loss) (Details) - USD ($) $ in Millions | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2022 | Jun. 30, 2021 | Jun. 30, 2022 | Jun. 30, 2021 | |
Other comprehensive income (loss), Before-Tax Amount: | ||||
Before-Tax Amount | $ (13) | $ 0 | $ 14 | $ (2) |
Other comprehensive income (loss), Tax Benefit (Expense): | ||||
Tax Benefit (Expense) | (4) | 0 | (2) | 2 |
Other comprehensive income (loss), Net-of-Tax Amount: | ||||
Total OCI, net of tax | (17) | 0 | 12 | 0 |
Foreign currency translation adjustments | ||||
Other comprehensive income (loss), Before-Tax Amount: | ||||
Before-Tax Amount | (33) | (1) | (4) | 1 |
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 | (33) | (1) | (4) | 1 |
Ownership share of equity method investees’ OCI | ||||
Other comprehensive income (loss), Before-Tax Amount: | ||||
Before-Tax Amount | 21 | (1) | 21 | (3) |
Other comprehensive income (loss), Tax Benefit (Expense): | ||||
Tax Benefit (Expense) | (4) | 1 | (3) | 1 |
Other comprehensive income (loss), Net-of-Tax Amount: | ||||
Total OCI, net of tax | 17 | 0 | 18 | (2) |
DB plan adjustments | ||||
Other comprehensive income (loss), Before-Tax Amount: | ||||
Before-Tax Amount | 0 | 1 | 1 | 2 |
Other comprehensive income (loss), Tax Benefit (Expense): | ||||
Tax Benefit (Expense) | 0 | 0 | 0 | 1 |
Other comprehensive income (loss), Net-of-Tax Amount: | ||||
Total OCI, net of tax | 0 | 1 | 1 | 3 |
Unrealized gain (loss) on hedges | ||||
Other comprehensive income (loss), Before-Tax Amount: | ||||
Before-Tax Amount | (1) | 1 | (4) | (2) |
Other comprehensive income (loss), Tax Benefit (Expense): | ||||
Tax Benefit (Expense) | 0 | (1) | 1 | 0 |
Other comprehensive income (loss), Net-of-Tax Amount: | ||||
Total OCI, net of tax | (1) | 0 | (3) | (2) |
Less: OCI attributable to NCI | ||||
Other comprehensive income (loss), Before-Tax Amount: | ||||
Before-Tax Amount | 1 | 0 | 1 | 0 |
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 | 1 | 0 | 1 | 0 |
AOCI | ||||
Other comprehensive income (loss), Before-Tax Amount: | ||||
Before-Tax Amount | (14) | 0 | 13 | (2) |
Other comprehensive income (loss), Tax Benefit (Expense): | ||||
Tax Benefit (Expense) | (4) | 0 | (2) | 2 |
Other comprehensive income (loss), Net-of-Tax Amount: | ||||
Total OCI, net of tax | $ (18) | $ 0 | $ 11 | $ 0 |
Other Comprehensive Income (L_4
Other Comprehensive Income (Loss) - Changes in AOCI Balances by Component (Details) - USD ($) $ in Millions | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2022 | Jun. 30, 2021 | Jun. 30, 2022 | Jun. 30, 2021 | |
Changes in AOCI balances by component (after-tax) | ||||
Balance, beginning of year | $ 1,645 | $ 1,245 | $ 1,567 | $ 1,263 |
Total OCI, net of tax | (17) | 0 | 12 | 0 |
Balance, end of year | 1,694 | 1,771 | 1,694 | 1,771 |
Attributable to Fluor: | ||||
Changes in AOCI balances by component (after-tax) | ||||
Balance, beginning of year | (337) | (417) | (366) | (417) |
OCI before reclassifications | (28) | 4 | 4 | 6 |
Amounts reclassified from AOCI | 10 | (4) | 7 | (6) |
Total OCI, net of tax | (18) | 0 | 11 | 0 |
Balance, end of year | (355) | (417) | (355) | (417) |
Foreign Currency Translation | ||||
Changes in AOCI balances by component (after-tax) | ||||
Balance, beginning of year | (270) | (258) | (299) | (261) |
OCI before reclassifications | (34) | (1) | (5) | 2 |
Amounts reclassified from AOCI | 0 | 0 | 0 | 0 |
Total OCI, net of tax | (34) | (1) | (5) | 2 |
Balance, end of year | (304) | (259) | (304) | (259) |
Ownership Share of Equity Method Investees’ OCI | ||||
Changes in AOCI balances by component (after-tax) | ||||
Balance, beginning of year | (55) | (56) | (56) | (54) |
OCI before reclassifications | 10 | 0 | 10 | (2) |
Amounts reclassified from AOCI | 7 | 0 | 8 | 0 |
Total OCI, net of tax | 17 | 0 | 18 | (2) |
Balance, end of year | (38) | (56) | (38) | (56) |
DB Plans | ||||
Changes in AOCI balances by component (after-tax) | ||||
Balance, beginning of year | (17) | (117) | (18) | (119) |
OCI before reclassifications | 0 | 0 | 1 | 0 |
Amounts reclassified from AOCI | 0 | 1 | 0 | 3 |
Total OCI, net of tax | 0 | 1 | 1 | 3 |
Balance, end of year | (17) | (116) | (17) | (116) |
Unrealized Gain (Loss) on Hedges | ||||
Changes in AOCI balances by component (after-tax) | ||||
Balance, beginning of year | 5 | 14 | 7 | 17 |
OCI before reclassifications | (4) | 5 | (2) | 6 |
Amounts reclassified from AOCI | 3 | (5) | (1) | (9) |
Total OCI, net of tax | (1) | 0 | (3) | (3) |
Balance, end of year | 4 | 14 | 4 | 14 |
Attributable to NCI: | ||||
Changes in AOCI balances by component (after-tax) | ||||
Balance, beginning of year | (3) | (4) | (3) | (4) |
OCI before reclassifications | 1 | (1) | 1 | (1) |
Amounts reclassified from AOCI | 0 | 0 | 0 | 0 |
Total OCI, net of tax | 1 | (1) | 1 | (1) |
Balance, end of year | (2) | (5) | (2) | (5) |
Foreign Currency Translation | ||||
Changes in AOCI balances by component (after-tax) | ||||
Balance, beginning of year | (3) | (4) | (3) | (4) |
OCI before reclassifications | 1 | (1) | 1 | (1) |
Amounts reclassified from AOCI | 0 | 0 | 0 | 0 |
Total OCI, net of tax | 1 | (1) | 1 | (1) |
Balance, end of year | (2) | (5) | (2) | (5) |
Ownership Share of Equity Method Investees’ OCI | ||||
Changes in AOCI balances by component (after-tax) | ||||
Balance, beginning of year | 0 | 0 | 0 | 0 |
OCI 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 |
OCI 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 |
OCI 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 | 6 Months Ended | ||
Jun. 30, 2022 | Jun. 30, 2021 | Jun. 30, 2022 | Jun. 30, 2021 | |
Reclassifications out of accumulated other comprehensive income (loss) | ||||
Interest expense | $ (13,000) | $ (17,000) | $ (29,000) | $ (39,000) |
Income tax expense (benefit) | (32,000) | (2,000) | (63,000) | (5,000) |
Net earnings (loss) | 73,000 | (122,000) | 128,000 | (176,000) |
Reclassified out of AOCI | Ownership Share of Equity Method Investees’ OCI | ||||
Reclassifications out of accumulated other comprehensive income (loss) | ||||
Cost of Revenue | (7,000) | 0 | (8,000) | 0 |
Income tax expense (benefit) | 0 | 0 | 0 | 0 |
Net earnings (loss) | (7,000) | 0 | (8,000) | 0 |
Reclassified out of AOCI | DB Plans | ||||
Reclassifications out of accumulated other comprehensive income (loss) | ||||
G&A | 0 | (1,000) | 0 | (2,000) |
Income tax expense (benefit) | 0 | 0 | 0 | (1,000) |
Net earnings (loss) | 0 | (1,000) | 0 | (3,000) |
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) | 1,000 | (2,000) | 0 | (2,000) |
Net earnings (loss) | (3,000) | 5,000 | 1,000 | 9,000 |
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 | (4,000) | 7,000 | 1,000 | 12,000 |
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 | $ 0 | $ 0 | $ 0 | $ (1,000) |
Discontinued Operations - Narra
Discontinued Operations - Narrative (Details) - USD ($) $ in Millions | 1 Months Ended | 3 Months Ended | 6 Months Ended | |
May 31, 2021 | Jun. 30, 2021 | Jun. 30, 2022 | Jun. 30, 2021 | |
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items] | ||||
Proceeds from sale of AMECO-North America | $ 0 | $ 71 | ||
AMECO | Discontinued Operations | ||||
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items] | ||||
Proceeds from sale of AMECO-North America | $ 71 | |||
Loss on sale of AMECO North America | $ (27) | $ (25) | $ (25) |
Discontinued Operations - Finan
Discontinued Operations - Financial Information of Discontinued Operations (Details) - USD ($) $ in Millions | 1 Months Ended | 3 Months Ended | 6 Months Ended | ||
May 31, 2021 | Jun. 30, 2022 | Jun. 30, 2021 | Jun. 30, 2022 | Jun. 30, 2021 | |
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items] | |||||
Net earnings (loss) from Disc Ops | $ 0 | $ (32) | $ 0 | $ (33) | |
Net earnings (loss) from Disc Ops attributable to Fluor | $ 0 | (32) | $ 0 | (33) | |
Discontinued Operations | AMECO | |||||
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items] | |||||
Revenue | 13 | 29 | |||
Cost of revenue | (21) | (37) | |||
Gross Profit | (8) | (8) | |||
G&A | 0 | 0 | |||
Impairment expense | 0 | 0 | |||
Loss on sale of AMECO North America | $ (27) | (25) | (25) | ||
Foreign currency gain (loss) | 0 | 0 | |||
Operating profit | (33) | (33) | |||
Interest (expense) income, net | 0 | 0 | |||
Earnings (loss) before taxes from Disc Ops | (33) | (33) | |||
Income tax (expense) benefit | 1 | 0 | |||
Net earnings (loss) from Disc Ops | (32) | (33) | |||
Less: Net earnings (loss) from Disc Ops attributable to NCI | 0 | 0 | |||
Net earnings (loss) from Disc Ops attributable to Fluor | $ (32) | $ (33) |
Discontinued Operations - Cash
Discontinued Operations - Cash Flows information Related to Discontinued Operations (Details) $ in Millions | 6 Months Ended |
Jun. 30, 2021 USD ($) | |
Discontinued Operations | AMECO | |
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items] | |
Capital expenditures | $ (11) |