Fluor (FLR) 10-Q 5 May 23 2023 Q1 Quarterly report Financial data

Cover

Cover - shares	3 Months Ended
	Mar. 31, 2023	Apr. 28, 2023
Cover [Abstract]
Document Type	10-Q
Document Quarterly Report	true
Document Period End Date	Mar. 31, 2023
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
Title of 12(b) Security	Common Stock, $.01 par value per share
Trading Symbol	FLR
Security Exchange Name	NYSE
Entity Current Reporting Status	Yes
Entity Interactive Data Current	Yes
Entity Filer Category	Large Accelerated Filer
Entity Small Business	false
Entity Emerging Growth Company	false
Entity Shell Company	false
Entity Common Stock, Shares Outstanding		143,237,347
Entity Central Index Key	0001124198
Amendment Flag	false
Current Fiscal Year End Date	--12-31
Document Fiscal Year Focus	2023
Document Fiscal Period Focus	Q1

CONDENSED CONSOLIDATED STATEMEN

CONDENSED CONSOLIDATED STATEMENT OF OPERATIONS - USD ($) $ in Millions	3 Months Ended
	Mar. 31, 2023	Mar. 31, 2022
Income Statement [Abstract]
Revenue	$ 3,752	$ 3,122
Cost of revenue	(3,790)	(2,999)
Gross profit (loss)	(38)	123
G&A	(62)	(71)
Impairment	0	63
Foreign currency loss	(41)	(19)
Operating profit (loss)	(141)	96
Interest expense	(16)	(16)
Interest income	57	7
Earnings (loss) before taxes	(100)	87
Income tax expense	(30)	(31)
Net earnings (loss)	(130)	56
Less: Net earnings (loss) attributable to NCI	(23)	8
Net earnings (loss) attributable to Fluor	(107)	48
Less: Dividends on CPS	10	10
Net earnings (loss) available to Fluor common stockholders, basic	(117)	38
Net earnings (loss) available to Fluor common stockholders, diluted	$ (117)	$ 38
EPS available to Fluor common stockholders, basic (in dollars per share)	$ (0.82)	$ 0.27
EPS available to Fluor common stockholders, diluted (in dollars per share)	$ (0.82)	$ 0.27

CONDENSED CONSOLIDATED STATEM_2

CONDENSED CONSOLIDATED STATEMENT OF COMPREHENSIVE INCOME (LOSS) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2023	Mar. 31, 2022
Statement of Comprehensive Income [Abstract]
Net earnings (loss)	$ (130,000)	$ 56,000
OCI, net of tax:
Foreign currency translation adjustment	46,000	29,000
Ownership share of equity method investees’ OCI	(1,000)	1,000
DB plan adjustments	1,000	1,000
Unrealized gain (loss) on hedges	0	(2,000)
Total OCI, net of tax	46,000	29,000
Comprehensive income (loss)	(84,000)	85,000
Less: Comprehensive income (loss) attributable to NCI	(23,000)	8,000
Comprehensive income (loss) attributable to Fluor	$ (61,000)	$ 77,000

CONDENSED CONSOLIDATED BALANCE

CONDENSED CONSOLIDATED BALANCE SHEET - USD ($) $ in Millions	Mar. 31, 2023	Dec. 31, 2022
Current assets
Cash and cash equivalents ($642 and $706 related to VIEs)	$ 2,137	$ 2,439
Marketable securities ($132 and $130 related to VIEs)	174	185
Accounts receivable, net ($149 and $196 related to VIEs)	1,088	1,109
Contract assets	1,063	915
Other current assets ($25 and $30 related to VIEs)	375	396
Total current assets	4,837	5,044
Noncurrent assets
PP&E, net ($44 and $45 related to VIEs)	434	447
Investments	612	584
Deferred taxes	34	34
Deferred compensation trusts	226	234
Goodwill	206	206
Other assets ($77 and $54 related to VIEs)	281	278
Total noncurrent assets	1,793	1,783
Total assets	6,630	6,827
Current liabilities
Accounts payable ($240 and $253 related to VIEs)	1,068	1,017
Short-term debt and current portion of long-term debt	16	152
Contract liabilities ($380 and $352 related to VIEs)	765	742
Accrued salaries, wages and benefits ($22 and $24 related to VIEs)	574	626
Other accrued liabilities ($46 related to VIEs in both periods)	743	679
Total current liabilities	3,166	3,216
Long-term debt	978	978
Deferred taxes	84	73
Other noncurrent liabilities ($43 and $54 related to VIEs)	495	564
Commitments and contingencies
Shareholders’ equity
Preferred stock — authorized 20,000,000 shares ($0.01 par value); issued and outstanding —600,000 shares in 2023 and 2022	0	0
Common stock — authorized 375,000,000 shares ($0.01 par value); issued and outstanding — 143,237,347 and 142,322,247 shares in 2023 and 2022, respectively	1	1
APIC	1,257	1,254
AOCI	(319)	(365)
Retained earnings	780	896
Total shareholders’ equity	1,719	1,786
NCI	188	210
Total equity	1,907	1,996
Total liabilities and equity	$ 6,630	$ 6,827

CONSOLIDATED BALANCE SHEET - (P

CONSOLIDATED BALANCE SHEET - (Parenthetical) - USD ($) $ in Millions	Mar. 31, 2023	Dec. 31, 2022
CURRENT ASSETS, VIEs
Cash and cash equivalents	$ 2,137	$ 2,439
Marketable securities, current	174	185
Accounts and financing receivable, after allowance for credit loss, current	1,088	1,109
Contract with customer, asset, after allowance for credit loss, current	1,063	915
Other assets, current	375	396
NONCURRENT ASSETS, VIEs
Property, plant and equipment, net	434	447
Other assets, noncurrent	281	278
Liabilities, Current [Abstract]
Accounts Payable, Current	1,068	1,017
Contract liabilities	765	742
Employee-related Liabilities, Current	574	626
Other accrued liabilities, current	743	679
Other noncurrent liabilities	$ 495	$ 564
Stockholders' Equity Attributable to Parent [Abstract]
Preferred stock, authorized shares (in shares)	20,000,000	20,000,000
Preferred stock, par value (in dollars per share)	$ 0.01	$ 0.01
Preferred stock, issued shares (in shares)	600,000	600,000
Preferred stock, ouststanding shares (in shares)	600,000	600,000
Common stock, authorized shares (in shares)	375,000,000	375,000,000
Common stock, par value (in dollars per share)	$ 0.01	$ 0.01
Common stock, issued shares (in shares)	143,237,347	142,322,247
Common stock, outstanding shares (in shares)	143,237,347	142,322,247
Variable Interest Entity, Primary Beneficiary
CURRENT ASSETS, VIEs
Cash and cash equivalents	$ 642	$ 706
Marketable securities, current	132	130
Accounts and financing receivable, after allowance for credit loss, current	149	196
Contract with customer, asset, after allowance for credit loss, current	172	186
Other assets, current	25	30
NONCURRENT ASSETS, VIEs
Property, plant and equipment, net	44	45
Other assets, noncurrent	77	54
Liabilities, Current [Abstract]
Accounts Payable, Current	240	253
Contract liabilities	380	352
Employee-related Liabilities, Current	22	24
Other accrued liabilities, current	46	46
Other noncurrent liabilities	$ 43	$ 54

CONDENSED CONSOLIDATED STATEM_3

CONDENSED CONSOLIDATED STATEMENT OF CASH FLOWS - USD ($) $ in Millions	3 Months Ended
	Mar. 31, 2023	Mar. 31, 2022
OPERATING CASH FLOW
Net earnings (loss)	$ (130)	$ 56
Adjustments to reconcile net earnings to operating cash flow:
Impairment	0	(63)
Depreciation and amortization	18	15
(Earnings) loss from equity method investments, net of distributions	0	(3)
Loss (gain) on sales of assets (including AMECO-South America in 2023)	58	0
Stock-based compensation	16	13
Deferred taxes	12	1
Changes in assets and liabilities	(133)	(203)
Other	(2)	(4)
Operating cash flow	(161)	(188)
INVESTING CASH FLOW
Purchases of marketable securities	(71)	(158)
Proceeds from the sales and maturities of marketable securities	82	82
Capital expenditures	(20)	(10)
Proceeds from sales of assets (including AMECO-South America in 2023)	22	3
Investments in partnerships and joint ventures	(2)	(24)
Other	2	2
Investing cash flow	13	(105)
FINANCING CASH FLOW
Purchases and retirement of debt	(137)	0
Dividends paid on CPS	(10)	(10)
Other borrowings (debt repayments)	2	7
Distributions paid to NCI	0	(7)
Capital contributions by NCI	1	0
Taxes paid on vested restricted stock	(10)	(5)
Other	(7)	(1)
Financing cash flow	(161)	(16)
Effect of exchange rate changes on cash	7	13
Increase (decrease) in cash and cash equivalents	(302)	(296)
Cash and cash equivalents at beginning of period	2,439	2,209
Cash and cash equivalents at end of period	2,137	1,913
Cash paid for interest	19	20
Cash paid for income taxes (net of refunds)	$ 24	$ 14

CONDENSED CONSOLIDATED STATEM_4

CONDENSED CONSOLIDATED STATEMENT OF CHANGES IN EQUITY - USD ($) $ in Thousands, shares in Millions	Total	Total Shareholders' Equity	Preferred Stock	Common Stock	APIC	AOCI	Retained Earnings	NCI
Beginning balance (in shares) at Dec. 31, 2021			1	141
Beginning balance at Dec. 31, 2021	$ 1,567,000	$ 1,393,000	$ 0	$ 1,000	$ 967,000	$ (366,000)	$ 791,000	$ 174,000
Increase (Decrease) in Shareholders' Equity
Net earnings (loss)	56,000	48,000					48,000	8,000
OCI	29,000	29,000				29,000		0
Capital contributions by NCI	(7,000)							(7,000)
Other NCI transactions	2,000	1,000			1,000			1,000
Stock-based compensation (in shares)				1
Stock-based compensation	(2,000)	(2,000)			8,000		(10,000)
Ending balance (in shares) at Mar. 31, 2022			1	142
Ending balance at Mar. 31, 2022	1,645,000	1,469,000	$ 0	$ 1,000	976,000	(337,000)	829,000	176,000
Beginning balance (in shares) at Dec. 31, 2022			1	142
Beginning balance at Dec. 31, 2022	1,996,000	1,786,000	$ 0	$ 1,000	1,254,000	(365,000)	896,000	210,000
Increase (Decrease) in Shareholders' Equity
Net earnings (loss)	(130,000)	(107,000)					(107,000)	(23,000)
OCI	46,000	46,000				46,000
Capital contributions by NCI	1,000							1,000
Other NCI transactions	2,000	2,000			2,000			0
Stock-based compensation (in shares)				1
Stock-based compensation	(8,000)	(8,000)			1,000		(9,000)
Ending balance (in shares) at Mar. 31, 2023			1	143
Ending balance at Mar. 31, 2023	$ 1,907,000	$ 1,719,000	$ 0	$ 1,000	$ 1,257,000	$ (319,000)	$ 780,000	$ 188,000

Principles of Consolidation

Principles of Consolidation	3 Months Ended
	Mar. 31, 2023
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 2022 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 March 31, 2023 through the filing date of this Q1 2023 10-Q.

Recent Accounting Pronouncement

Recent Accounting Pronouncements	3 Months Ended
	Mar. 31, 2023
Accounting Standards Update and Change in Accounting Principle [Abstract]
Recent Accounting Pronouncements	Recent Accounting Pronouncements We did not implement any new accounting pronouncements during the 2023 Quarter. However, we are evaluating the impact of the future disclosures that may arise under recent SEC and other promulgators' proposals

Earnings Per Share

Earnings Per Share	3 Months Ended
	Mar. 31, 2023
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 (in millions, except per share amounts) 2023 2022 Net earnings (loss) attributable to Fluor $ (107) $ 48 Less: Dividends on CPS 10 10 Net earnings (loss) available to Fluor common stockholders (117) 38 Weighted average common shares outstanding 142 142 Dilutive effect: CPS — — Stock options, RSUs and performance-based award units — 2 Weighted average diluted shares outstanding 142 144 Basic EPS available to Fluor common stockholders $ (0.82) $ 0.27 Diluted EPS available to Fluor common stockholders $ (0.82) $ 0.27 Anti-dilutive securities not included in shares outstanding: CPS 27 27 Stock options, RSUs and performance-based award units 5 3

Operating Information by Segmen

Operating Information by Segment and Geographic Area	3 Months Ended
	Mar. 31, 2023
Segment Reporting [Abstract]
Operating Information by Segment and Geographic Area	Operating Information by Segment and Geographic Area We have decided to retain Stork's North American operations, which largely consists of our operations and maintenance business owned by Fluor prior to our acquisition of Stork. Beginning in the 2023 Quarter, this business line, renamed Plant & Facility Services, is included in our Urban Solutions segment for all periods presented. 3ME (in millions) 2023 2022 Revenue Energy Solutions $ 1,612 $ 1,174 Urban Solutions 1,208 1,061 Mission Solutions 649 593 Other 283 294 Total revenue $ 3,752 $ 3,122 Segment profit (loss) Energy Solutions $ 88 $ 54 Urban Solutions (20) 17 Mission Solutions 7 58 Other (90) (14) Total segment profit (loss) $ (15) $ 115 G&A (62) (71) Impairment — 63 Foreign currency loss (41) (19) Interest income (expense), net 41 (9) Earnings (loss) attributable to NCI (23) 8 Earnings (loss) before taxes $ (100) $ 87 Energy Solutions. Segment profit in the 2023 Quarter included a favorable foreign currency remeasurement effect totaling $22 million (or $0.09 per share) on a project with multiple currencies. Segment profit in the 2023 Quarter and 2022 Quarter included expense of $39 million and $13 million, respectively, related to embedded foreign currency derivatives. Urban Solutions. Segment profit in the 2023 Quarter included a $59 million (or $0.34 per share) charge for rework associated with subcontractor design errors, related schedule impacts and system integration testing timelines on the LAX Automated People Mover project. Intercompany revenue for our professional staffing business, excluded from the amounts shown above, was $69 million and $60 million for the 2023 Quarter and 2022 Quarter, respectively. Mission Solutions. Segment profit in the 2023 Quarter included a $21 million (or $0.12 per share) charge for cost growth resulting from government directed change orders and the associated schedule delays on a weapons facility project. Other . Segment profit (loss) for NuScale, Stork and AMECO follows: 3ME (in millions) 2023 2022 NuScale (1) $ (29) $ (21) Stork 1 4 AMECO (62) 3 Segment profit (loss) $ (90) $ (14) (1) As of March 31, 2023, we had an approximate 56% ownership in NuScale. In March 2023, we sold our AMECO South America business, which included operations in Chile and Peru. This transaction marks the completion of the AMECO divestiture for total proceeds of $144 million, including $17 million during the 2023 Quarter. Previous AMECO divestitures included assets in Africa, the Caribbean, Mexico and North America. Upon the sale of AMECO South America in the 2023 Quarter, we recognized a $60 million negative earnings impact, including $35 million for foreign currency translation. Total assets by segment are as follows: (in millions) March 31, December 31, Energy Solutions $ 1,021 $ 967 Urban Solutions 1,215 1,170 Mission Solutions 572 485 Other 516 583 Corporate 3,306 3,622 Total assets $ 6,630 $ 6,827 Revenue by project location follows: 3ME (in millions) 2023 2022 North America $ 2,651 $ 1,908 Asia Pacific (including Australia) 324 249 Europe 512 549 Central and South America 221 351 Middle East and Africa 44 65 Total revenue $ 3,752 $ 3,122

Impairment

Impairment	3 Months Ended
	Mar. 31, 2023
Restructuring and Related Activities [Abstract]
Impairment	ImpairmentWe did not recognize any material impairment expense during the 2023 Quarter. During the 2022 Quarter, we reversed $63 million in impairment originally 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	3 Months Ended
	Mar. 31, 2023
Income Tax Disclosure [Abstract]
Income Taxes	Income Taxes The effective tax rate on earnings for the 2023 Quarter was (30.1)% compared to 35.4% for the 2022 Quarter. A reconciliation of U.S. statutory federal income tax expense to income tax expense follows: 3ME (In millions) 2023 2022 U.S. statutory federal tax expense (benefit) $ (21) $ 18 Increase (decrease) in taxes resulting from: State and local income taxes, net of federal income tax effects (3) 1 Valuation allowance 52 16 Foreign tax effects 8 2 Noncontrolling interest 5 (2) Sale of AMECO South America (10) — Other adjustments (1) (4) Total income tax expense $ 30 $ 31

Partnerships and Joint Ventures

Partnerships and Joint Ventures	3 Months Ended
	Mar. 31, 2023
Equity Method Investments and Joint Ventures [Abstract]
Partnerships and Joint Ventures	Partnerships and Joint Ventures Many of our partnership and joint venture agreements provide for capital calls to fund operations, as necessary. Investments in a loss position of $379 million and $312 million were included in other accrued liabilities as of March 31, 2023 and December 31, 2022, respectively, and consisted primarily of provision for anticipated losses on legacy infrastructure projects. Accounts receivable related to work performed for unconsolidated partnerships and joint ventures included in “Accounts receivable, net” was $190 million and $185 million as of March 31, 2023 and December 31, 2022, respectively. Variable Interest Entities The aggregate carrying value of unconsolidated VIEs (classified under both "Investments” and “Other accrued liabilities”) was a net liability of $14 million as of March 31, 2023 and a net asset of $46 million as of December 31, 2022. Some of our VIEs have debt; however, such debt is typically non-recourse to us. Our maximum exposure to loss as a result of our investments in unconsolidated VIEs is typically limited to the aggregate of the carrying value of the investment and future funding necessary to satisfy the contractual obligations of the VIE. Future funding commitments as of March 31, 2023 for the unconsolidated VIEs were $57 million. 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	3 Months Ended
	Mar. 31, 2023
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 $15 billion as of March 31, 2023. 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 March 31, 2023 and December 31, 2022.

Commitments and Contingencies

Commitments and Contingencies	3 Months Ended
	Mar. 31, 2023
Commitments and Contingencies Disclosure [Abstract]
Commitments and Contingencies	Commitments and Contingencies We and certain of our subsidiaries are subject to litigation, claims and other commitments and contingencies, including matters arising in the ordinary course of business, of which the asserted value may be significant. We record accruals in the financial statements for pending legal matters when we determine that an unfavorable outcome is probable and the amount of the loss can be reasonably estimated. While it is reasonably possible that a loss may be incurred in any of the matters identified below, including a loss in excess of amounts accrued, management is unable to estimate the possible loss or range of loss or has determined such amounts to be immaterial. At present, except as set forth below, we 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. However, legal proceedings and regulatory and governmental matters are subject to inherent uncertainties, and unfavorable rulings or other events could occur. Unfavorable outcomes could involve substantial monetary damages, fines, penalties and other expenditures. An unfavorable outcome might result in a material adverse impact on our business, results of operations or financial position. We might also enter into an agreement to settle one or more such matters if we determine such settlement is in the best interests of our stakeholders, and any such settlement could include substantial payments. The following disclosures for commitments and contingencies have been updated since the matter was presented in the 2022 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 (the “Court”) against Fluor Australia, asserting various causes of action and seeking damages and/or a refund of contract proceeds paid of AUD $1.47 billion. Santos has joined Fluor to the matter on the basis of a parent company guarantee issued for the project. In March 2023, a panel of three referees appointed by the Court (the "Panel”) issued a draft, non-binding report setting forth recommendations to the Court regarding liability and damages in the lawsuit. When finalized, the Panel’s report has no legal effect unless it is adopted by the Court through an adoption hearing, and the Court can accept or reject, in whole or in part, the Panel’s recommendations. In the draft report, the Panel recommended judgment for Fluor on one of Santos’s damages claims that Santos contends has an approximate value of AUD $700 million, and recommended judgment for Santos on other claims that Santos contends have a roughly equivalent damages value (although the Panel has not yet recommended a precise amount of damages with respect to these claims and the amount of any damages is the subject of further submissions to the Panel). While the project contract contains a liability cap of approximately AUD $236 million, the Panel found that the liability cap did not apply to Santos’s claims. The Panel is expected to issue a final report later in 2023, after which the Court is expected to schedule an adoption hearing. In parallel with further action by the Panel, Fluor has submitted an application to have the Court set aside the reference to the Panel and the Panel’s recommendations on several procedural and substantive grounds, including its failure to apply the project contract’s liability cap. That application is expected to be heard in the third quarter of 2023. 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 which was resolved in 2022, as previously disclosed in our 2022 10-K, 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 all of these matters are currently stayed. The parties have reached an agreement for a global settlement of these matters. The settlement is subject to court approval, and the parties anticipate seeking that approval from the U.S. District Court for the Northern District of Texas. There have been no substantive changes to the disclosures for the following commitments and contingencies since the matter was presented in the 2022 10-K. 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 $574 million against Fluor Limited and Fluor Arabia Limited. 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 exchanged detailed statements of claim and counterclaim pursuant to which Barrick's claim against Fluor/TECHINT totaled $364 million net of amounts acknowledged to be due to Fluor/TECHINT. Fluor Enterprises Inc., our wholly-owned subsidiary, (“Fluor”) in conjunction with a partner, Balfour Beatty Infrastructure, Inc., (“Balfour”) formed a joint venture known as Prairie Link Constructors JV (“PLC”) and, through it, contracted with the North Texas Tollway Authority (“NTTA”) to provide design and build services in relation to the extension of the NTTA’s President George Bush Turnpike highway (“Project”). PLC completed the Project in 2012. In October 2022, the NTTA served PLC, Fluor and Balfour with a petition, filed at Dallas County Court, demanding damages of an unquantified amount under various claims relating to alleged breaches of contract and or negligence. In its initial disclosures as part of the litigation, the NTTA stated that its damages are expected to exceed $100 million and that damages will be calculated by experts and provided in the normal course of the litigation. We have answered the petition and asserted claims for, among other things, indemnity from subcontractors. Other Matters In February 2020, we announced that the SEC is conducting an investigation and 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. 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. These matters remain unresolved, and we have continued to cooperate and engage with the SEC and DOJ regarding these investigations including discussions with the SEC regarding the potential resolution of its investigation. Based upon our assessment in the fourth quarter of 2022, we recorded an accrual related to this matter, although no assurance can be given as to the ultimate outcome of these matters, and we are not able to predict whether any legal, regulatory or reputational impacts of any allegations or resolution of these matters will have a material impact on our results.

Contract Assets and Liabilities

Contract Assets and Liabilities	3 Months Ended
	Mar. 31, 2023
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) March 31, December 31, Information about contract assets: Contract assets Unbilled receivables - reimbursable contracts $ 866 $ 738 Contract work in progress - lump-sum contracts 197 177 Contract assets $ 1,063 $ 915 Advance billings deducted from contract assets $ 239 $ 220 3ME (in millions) 2023 2022 Information about contract liabilities: Revenue recognized that was included in contract liabilities as of January 1 $ 313 $ 531 We periodically evaluate our project forecasts and the amounts recognized with respect to our claims and unapproved change orders. We include estimated amounts for claims and unapproved change orders in project revenue to the extent it is probable we will realize those amounts. As of March 31, 2023 and December 31, 2022, we had recorded $526 million and $498 million, respectively, of revenue associated with claims and unapproved change orders for costs incurred to date. Additional costs, which will increase this balance over time, are expected to be incurred in future periods. We had no material disputed back charges to suppliers or subcontractors as of March 31, 2023 and December 31, 2022. We estimate that our RUPO will be satisfied over the following periods: (in millions) March 31, 2023 Within 1 year $ 13,056 1 to 2 years 7,412 Thereafter 3,890 Total RUPO $ 24,358

Remaining Unsatisfied Performan

Remaining Unsatisfied Performance Obligations	3 Months Ended
	Mar. 31, 2023
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) March 31, December 31, Information about contract assets: Contract assets Unbilled receivables - reimbursable contracts $ 866 $ 738 Contract work in progress - lump-sum contracts 197 177 Contract assets $ 1,063 $ 915 Advance billings deducted from contract assets $ 239 $ 220 3ME (in millions) 2023 2022 Information about contract liabilities: Revenue recognized that was included in contract liabilities as of January 1 $ 313 $ 531 We periodically evaluate our project forecasts and the amounts recognized with respect to our claims and unapproved change orders. We include estimated amounts for claims and unapproved change orders in project revenue to the extent it is probable we will realize those amounts. As of March 31, 2023 and December 31, 2022, we had recorded $526 million and $498 million, respectively, of revenue associated with claims and unapproved change orders for costs incurred to date. Additional costs, which will increase this balance over time, are expected to be incurred in future periods. We had no material disputed back charges to suppliers or subcontractors as of March 31, 2023 and December 31, 2022. We estimate that our RUPO will be satisfied over the following periods: (in millions) March 31, 2023 Within 1 year $ 13,056 1 to 2 years 7,412 Thereafter 3,890 Total RUPO $ 24,358

Debt and Lines of Credit

Debt and Lines of Credit	3 Months Ended
	Mar. 31, 2023
Debt Disclosure [Abstract]
Debt and Lines of Credit	Debt and Lines of Credit Debt consisted of the following: (in millions) March 31, 2023 December 31, 2022 Borrowings under credit facility $ — $ — Current: 2023 Notes $ — $ 138 Other borrowings 16 14 Total current $ 16 $ 152 Long-term: Senior Notes 2024 Notes 381 $ 381 Unamortized discount on 2024 Notes (1) (1) Unamortized deferred financing costs — — 2028 Notes 600 600 Unamortized discount on 2028 Notes (1) (1) Unamortized deferred financing costs (3) (3) Other long-term borrowings 2 2 Total long-term $ 978 $ 978 Credit Facility As of March 31, 2023, letters of credit totaling $420 million were outstanding under our $1.8 billion credit facility, which was amended in February 2023 to extend the maturity to February 2026. This credit facility contains customary financial covenants, including a debt-to-capitalization ratio that cannot exceed 0.60 to 1.00, 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 $1.1 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 March 31, 2023, we had not made any borrowings under our credit line and maintained a borrowing capacity of $828 million. Uncommitted Lines of Credit As of March 31, 2023, letters of credit totaling $957 million were outstanding under uncommitted lines of credit. Senior Notes In January 2023, we redeemed the remaining €129 million of outstanding 2023 Notes for $140 million with no earnings impact.

Convertible Preferred Stock

Convertible Preferred Stock	3 Months Ended
	Mar. 31, 2023
Equity [Abstract]
Convertible Preferred Stock	Convertible Preferred Stock First quarter CPS dividends of $10 million were paid in February 2023. In April 2023, our Board of Directors approved the payment of second quarter CPS dividends of $10 million, payable in May 2023. 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 are able, since May 20, 2022, to elect to cause all outstanding shares of CPS to be converted into shares of our common stock at the conversion rate, subject to certain conditions (and, if such conversion occurs prior to May 20, 2024, the payment of a cash make-whole premium). The most significant condition to our ability to invoke a conversion prior to May 2024 is the requirement that our common stock trade above $28.92 for 20 consecutive trading days, which occurred in the fourth quarter of 2022 and persisted through March 31, 2023. We estimate that the cash make-whole payment would have

Fair Value Measurements

Fair Value Measurements	3 Months Ended
	Mar. 31, 2023
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: March 31, 2023 December 31, 2022 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) $ 11 $ 11 $ — $ — $ 10 $ 10 $ — $ — Derivative assets (2) Foreign currency 8 — 8 — 9 — 9 — Commodity 2 — 2 — 4 — 4 — Liabilities: SMR warrants (3) $ 29 $ 16 $ 13 $ — $ 38 $ 21 $ 17 $ — Derivative liabilities (2) Foreign currency $ 7 $ — $ 7 $ — 8 — 8 — Commodity 1 — 1 — 1 — 1 — _________________________________________________________ (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. (3) The SMR warrant liabilities are comprised of public and private placement warrants redeemable by SMR under certain conditions, both measured using the price of the public warrants. The private placement warrants are not publicly traded and have been classified as Level 2 measurements while the public warrants are classified as Level 1. We have measured assets and liabilities held for sale at fair value on a nonrecurring basis. The following summarizes information about financial instruments that are not required to be measured at fair value: March 31, 2023 December 31, 2022 (in millions) Fair Value Carrying Fair Carrying Fair Assets: Cash (1) Level 1 $ 1,226 $ 1,226 $ 1,262 $ 1,262 Cash equivalents (2) Level 2 911 911 1,177 1,177 Marketable securities (2) Level 2 174 174 185 185 Notes receivable, including noncurrent portion (3) Level 3 9 9 9 9 Liabilities: 2023 Senior Notes (4) Level 2 $ — $ — $ 138 $ 138 2024 Senior Notes (4) Level 2 380 372 380 370 2028 Senior Notes (4) Level 2 596 554 596 545 Other borrowings, including noncurrent portion (5) Level 2 18 18 16 16 _________________________________________________________ (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	3 Months Ended
	Mar. 31, 2023
Share-Based Payment Arrangement [Abstract]
Stock-Based Compensation	Stock-Based Compensation Equity Awards Our executive and director stock-based compensation plans are described more fully in the 2022 10-K. In the 2023 and 2022 Quarters, RSUs totaling 383,974 and 367,380, respectively, were granted to executives at a weighted-average grant date fair value of $35.76 and $21.90 per share, respectively, and generally vest over three years. Stock options for the purchase of 178,434 and 250,656 shares at a weighted-average exercise price of $35.76 and $21.90 per share were awarded to executives during the 2023 and 2022 Quarters, respectively. The options granted in 2023 and 2022 generally vest over three years and expire ten years after the grant date. Performance-based award units totaling 274,755 were awarded to certain senior executives and all Section 16 officers during the 2023 Quarter and performance-based award units totaling 426,957 were awarded to Section 16 officers during the 2022 Quarter. 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. For awards granted under the 2023 performance plan, 80% of the award is earned based on achievement of earnings before taxes targets over three one-year periods and 20% of the award is earned based on our three-year cumulative TSR 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 2023, the following units were granted based upon the establishment of performance targets: Performance-based Award Units Granted in 2023 Weighted Average 2023 Performance Award Plan 91,585 $39.00 2022 Performance Award Plan 142,319 $35.87 2021 Performance Award Plan 204,622 $46.84 For awards granted under the 2023, 2022 and 2021 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. Liability Awards SGI awards and performance-based awards for other executives vest and become payable at a rate of one-third of the total award each year. Location in Statement of Operations 3ME Compensation Expense (in millions) 2023 2022 SGI awards G&A $ 7 $ 10 Performance-based awards for other executives G&A 7 15 Liabilities (in millions) Location on Balance Sheet March 31, December 31, 2022 SGI awards Accrued salaries, wages and benefits and $ 48 $ 92 Performance-based awards for other executives Accrued salaries, wages and benefits and 16 15

Other Comprehensive Income (Los

Other Comprehensive Income (Loss)	3 Months Ended
	Mar. 31, 2023
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 $ 46 $ — $ 46 $ 29 $ — $ 29 Ownership share of equity method investees’ OCI (1) — (1) — 1 1 DB plan adjustments 1 — 1 1 — 1 Unrealized gain (loss) on hedges — — — (2) — (2) Total OCI 46 — 46 28 1 29 Less: OCI attributable to NCI — — — — — — OCI attributable to Fluor $ 46 $ — $ 46 $ 28 $ 1 $ 29 The changes in AOCI balances follow: (in millions) Foreign Ownership DB Plans Unrealized AOCI, Net Attributable to Fluor: Balance as of December 31, 2022 $ (328) $ (25) $ (13) $ 1 $ (365) OCI before reclassifications 11 (1) 1 (1) 11 Amounts reclassified from AOCI 35 — — 1 35 Net OCI 46 (1) 1 — 46 Balance as of March 31, 2023 $ (282) $ (26) $ (12) $ 1 $ (319) Attributable to NCI: Balance as of December 31, 2022 $ (2) $ — $ — $ — $ (2) OCI before reclassifications — — — — — Amounts reclassified from AOCI — — — — — Net OCI — — — — — Balance as of March 31, 2023 $ (2) $ — $ — $ — $ (2) Attributable to Fluor: Balance as of December 31, 2021 $ (300) $ (56) $ (18) $ 8 $ (366) OCI before reclassifications 29 1 1 2 33 Amounts reclassified from AOCI — — — (4) (4) Net OCI 29 1 1 (2) 29 Balance as of March 31, 2022 $ (271) $ (55) $ (17) $ 6 $ (337) Attributable to NCI: Balance as of December 31, 2021 $ (3) $ — $ — $ — $ (3) OCI before reclassifications — — — — — Amounts reclassified from AOCI — — — — — Net OCI — — — — — Balance as of March 31, 2022 $ (3) $ — $ — $ — $ (3) The reclassifications out of AOCI follow: Location in Statement of Operations 3ME (in thousands) 2023 2022 Component of AOCI: Foreign currency translation adjustment Cost of revenue $ (35) $ — Income tax benefit Income tax expense (benefit) — — Net of tax $ (35) $ — Unrealized gain (loss) on derivative contracts: Foreign currency contracts Cost of revenue $ (1) $ 5 Income tax expense Income tax expense (benefit) — (1) Net of tax $ (1) $ 4

Recent Accounting Pronounceme_2

Recent Accounting Pronouncements - (Policies)	3 Months Ended
	Mar. 31, 2023
Accounting Standards Update and Change in Accounting Principle [Abstract]
Recent Accounting Pronouncements	We did not implement any new accounting pronouncements during the 2023 Quarter. However, we are evaluating the impact of the future disclosures that may arise under recent SEC and other promulgators' proposals.

Earnings Per Share - (Tables)

Earnings Per Share - (Tables)	3 Months Ended
	Mar. 31, 2023
Earnings Per Share [Abstract]
Schedule of Calculations of Basic and Diluted EPS	3ME (in millions, except per share amounts) 2023 2022 Net earnings (loss) attributable to Fluor $ (107) $ 48 Less: Dividends on CPS 10 10 Net earnings (loss) available to Fluor common stockholders (117) 38 Weighted average common shares outstanding 142 142 Dilutive effect: CPS — — Stock options, RSUs and performance-based award units — 2 Weighted average diluted shares outstanding 142 144 Basic EPS available to Fluor common stockholders $ (0.82) $ 0.27 Diluted EPS available to Fluor common stockholders $ (0.82) $ 0.27 Anti-dilutive securities not included in shares outstanding: CPS 27 27 Stock options, RSUs and performance-based award units 5 3

Operating Information by Segm_2

Operating Information by Segment and Geographic Area - (Tables)	3 Months Ended
	Mar. 31, 2023
Segment Reporting [Abstract]
Schedule Of Operating Information And Assets By Reportable Segment	3ME (in millions) 2023 2022 Revenue Energy Solutions $ 1,612 $ 1,174 Urban Solutions 1,208 1,061 Mission Solutions 649 593 Other 283 294 Total revenue $ 3,752 $ 3,122 Segment profit (loss) Energy Solutions $ 88 $ 54 Urban Solutions (20) 17 Mission Solutions 7 58 Other (90) (14) Total segment profit (loss) $ (15) $ 115 G&A (62) (71) Impairment — 63 Foreign currency loss (41) (19) Interest income (expense), net 41 (9) Earnings (loss) attributable to NCI (23) 8 Earnings (loss) before taxes $ (100) $ 87 Other . Segment profit (loss) for NuScale, Stork and AMECO follows: 3ME (in millions) 2023 2022 NuScale (1) $ (29) $ (21) Stork 1 4 AMECO (62) 3 Segment profit (loss) $ (90) $ (14) (1) As of March 31, 2023, we had an approximate 56% ownership in NuScale. Total assets by segment are as follows: (in millions) March 31, December 31, Energy Solutions $ 1,021 $ 967 Urban Solutions 1,215 1,170 Mission Solutions 572 485 Other 516 583 Corporate 3,306 3,622 Total assets $ 6,630 $ 6,827
Schedule of Revenues from External Customers and Assets by Geographical Areas	Revenue by project location follows: 3ME (in millions) 2023 2022 North America $ 2,651 $ 1,908 Asia Pacific (including Australia) 324 249 Europe 512 549 Central and South America 221 351 Middle East and Africa 44 65 Total revenue $ 3,752 $ 3,122

Income Taxes (Tables)

Income Taxes (Tables)	3 Months Ended
	Mar. 31, 2023
Income Tax Disclosure [Abstract]
Schedule of Effective Income Tax Rate Reconciliation	A reconciliation of U.S. statutory federal income tax expense to income tax expense follows: 3ME (In millions) 2023 2022 U.S. statutory federal tax expense (benefit) $ (21) $ 18 Increase (decrease) in taxes resulting from: State and local income taxes, net of federal income tax effects (3) 1 Valuation allowance 52 16 Foreign tax effects 8 2 Noncontrolling interest 5 (2) Sale of AMECO South America (10) — Other adjustments (1) (4) Total income tax expense $ 30 $ 31

Contract Assets and Liabiliti_2

Contract Assets and Liabilities (Tables)	3 Months Ended
	Mar. 31, 2023
Revenue from Contract with Customer [Abstract]
Schedule of Contract Assets and Liabilities	The following summarizes information about our contract assets and liabilities: (in millions) March 31, December 31, Information about contract assets: Contract assets Unbilled receivables - reimbursable contracts $ 866 $ 738 Contract work in progress - lump-sum contracts 197 177 Contract assets $ 1,063 $ 915 Advance billings deducted from contract assets $ 239 $ 220 3ME (in millions) 2023 2022 Information about contract liabilities: Revenue recognized that was included in contract liabilities as of January 1 $ 313 $ 531

Remaining Unsatisfied Perform_2

Remaining Unsatisfied Performance Obligations - (Tables)	3 Months Ended
	Mar. 31, 2023
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) March 31, 2023 Within 1 year $ 13,056 1 to 2 years 7,412 Thereafter 3,890 Total RUPO $ 24,358

Debt and Lines of Credit (Table

Debt and Lines of Credit (Tables)	3 Months Ended
	Mar. 31, 2023
Debt Disclosure [Abstract]
Schedule of Debt	Debt consisted of the following: (in millions) March 31, 2023 December 31, 2022 Borrowings under credit facility $ — $ — Current: 2023 Notes $ — $ 138 Other borrowings 16 14 Total current $ 16 $ 152 Long-term: Senior Notes 2024 Notes 381 $ 381 Unamortized discount on 2024 Notes (1) (1) Unamortized deferred financing costs — — 2028 Notes 600 600 Unamortized discount on 2028 Notes (1) (1) Unamortized deferred financing costs (3) (3) Other long-term borrowings 2 2 Total long-term $ 978 $ 978

Fair Value Measurements - (Tabl

Fair Value Measurements - (Tables)	3 Months Ended
	Mar. 31, 2023
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: March 31, 2023 December 31, 2022 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) $ 11 $ 11 $ — $ — $ 10 $ 10 $ — $ — Derivative assets (2) Foreign currency 8 — 8 — 9 — 9 — Commodity 2 — 2 — 4 — 4 — Liabilities: SMR warrants (3) $ 29 $ 16 $ 13 $ — $ 38 $ 21 $ 17 $ — Derivative liabilities (2) Foreign currency $ 7 $ — $ 7 $ — 8 — 8 — Commodity 1 — 1 — 1 — 1 — _________________________________________________________ (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. (3) The SMR warrant liabilities are comprised of public and private placement warrants redeemable by SMR under certain conditions, both measured using the price of the public warrants. The private placement warrants are not publicly traded and have been classified as Level 2 measurements while the public warrants are classified as Level 1.
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: March 31, 2023 December 31, 2022 (in millions) Fair Value Carrying Fair Carrying Fair Assets: Cash (1) Level 1 $ 1,226 $ 1,226 $ 1,262 $ 1,262 Cash equivalents (2) Level 2 911 911 1,177 1,177 Marketable securities (2) Level 2 174 174 185 185 Notes receivable, including noncurrent portion (3) Level 3 9 9 9 9 Liabilities: 2023 Senior Notes (4) Level 2 $ — $ — $ 138 $ 138 2024 Senior Notes (4) Level 2 380 372 380 370 2028 Senior Notes (4) Level 2 596 554 596 545 Other borrowings, including noncurrent portion (5) Level 2 18 18 16 16 _________________________________________________________ (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)	3 Months Ended
	Mar. 31, 2023
Share-Based Payment Arrangement [Abstract]
Share-based Payment Arrangement, Activity	During 2023, the following units were granted based upon the establishment of performance targets: Performance-based Award Units Granted in 2023 Weighted Average 2023 Performance Award Plan 91,585 $39.00 2022 Performance Award Plan 142,319 $35.87 2021 Performance Award Plan 204,622 $46.84
Disclosure of Share-Based Compensation Arrangements by Share-Based Payment Award	Location in Statement of Operations 3ME Compensation Expense (in millions) 2023 2022 SGI awards G&A $ 7 $ 10 Performance-based awards for other executives G&A 7 15 Liabilities (in millions) Location on Balance Sheet March 31, December 31, 2022 SGI awards Accrued salaries, wages and benefits and $ 48 $ 92 Performance-based awards for other executives Accrued salaries, wages and benefits and 16 15

Other Comprehensive Income (L_2

Other Comprehensive Income (Loss) - (Tables)	3 Months Ended
	Mar. 31, 2023
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 $ 46 $ — $ 46 $ 29 $ — $ 29 Ownership share of equity method investees’ OCI (1) — (1) — 1 1 DB plan adjustments 1 — 1 1 — 1 Unrealized gain (loss) on hedges — — — (2) — (2) Total OCI 46 — 46 28 1 29 Less: OCI attributable to NCI — — — — — — OCI attributable to Fluor $ 46 $ — $ 46 $ 28 $ 1 $ 29
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 December 31, 2022 $ (328) $ (25) $ (13) $ 1 $ (365) OCI before reclassifications 11 (1) 1 (1) 11 Amounts reclassified from AOCI 35 — — 1 35 Net OCI 46 (1) 1 — 46 Balance as of March 31, 2023 $ (282) $ (26) $ (12) $ 1 $ (319) Attributable to NCI: Balance as of December 31, 2022 $ (2) $ — $ — $ — $ (2) OCI before reclassifications — — — — — Amounts reclassified from AOCI — — — — — Net OCI — — — — — Balance as of March 31, 2023 $ (2) $ — $ — $ — $ (2) Attributable to Fluor: Balance as of December 31, 2021 $ (300) $ (56) $ (18) $ 8 $ (366) OCI before reclassifications 29 1 1 2 33 Amounts reclassified from AOCI — — — (4) (4) Net OCI 29 1 1 (2) 29 Balance as of March 31, 2022 $ (271) $ (55) $ (17) $ 6 $ (337) Attributable to NCI: Balance as of December 31, 2021 $ (3) $ — $ — $ — $ (3) OCI before reclassifications — — — — — Amounts reclassified from AOCI — — — — — Net OCI — — — — — Balance as of March 31, 2022 $ (3) $ — $ — $ — $ (3)
Schedule of Significant Items Reclassified Out of Aoci and Corresponding Location and Impact	The reclassifications out of AOCI follow: Location in Statement of Operations 3ME (in thousands) 2023 2022 Component of AOCI: Foreign currency translation adjustment Cost of revenue $ (35) $ — Income tax benefit Income tax expense (benefit) — — Net of tax $ (35) $ — Unrealized gain (loss) on derivative contracts: Foreign currency contracts Cost of revenue $ (1) $ 5 Income tax expense Income tax expense (benefit) — (1) Net of tax $ (1) $ 4

Earnings Per Share (Details)

Earnings Per Share (Details) - USD ($) $ / shares in Units, shares in Millions, $ in Millions	3 Months Ended
	Mar. 31, 2023	Mar. 31, 2022
Income Amounts Attributable to Parent, Disclosures [Abstract]
Net earnings (loss) attributable to Fluor	$ (107)	$ 48
Less: Dividends on CPS	10	10
Net earnings (loss) available to Fluor common stockholders, basic	$ (117)	$ 38
Weighted average common shares outstanding (shares)	142	142
Dilutive effect:
CPS (in shares)	0	0
Stock options, RSUs and performance-based award units (in shares)	0	2
Weighted average diluted shares outstanding (in shares)	142	144
EPS available to Fluor common stockholders, basic (in dollars per share)	$ (0.82)	$ 0.27
EPS available to Fluor common stockholders, diluted (in dollars per share)	$ (0.82)	$ 0.27

Earnings Per Share - Antidiluti

Earnings Per Share - Antidilutive Securities Excluded from Computation of EPS (Details) - shares shares in Millions	3 Months Ended
	Mar. 31, 2023	Mar. 31, 2022
CPS
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]
Anti-dilutive securities not in shares outstanding (in shares)	27	27
Stock options, RSUs and performance-based award units
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]
Anti-dilutive securities not in shares outstanding (in shares)	5	3

Operating Information by Segm_3

Operating Information by Segment and Geographic Area - Reportable Segments (Details) - USD ($) $ in Millions	3 Months Ended
	Mar. 31, 2023	Mar. 31, 2022
Segment Reporting Information [Line Items]
Revenue	$ 3,752	$ 3,122
Segment profit (loss)	(141)	96
G&A	(62)	(71)
Impairment	0	63
Foreign currency loss	(41)	(19)
Earnings (loss) before taxes	(100)	87
Continuing Operations
Segment Reporting Information [Line Items]
G&A	(62)	(71)
Impairment	0	63
Foreign currency loss	(41)	(19)
Interest income (expense), net	41	(9)
Earnings (loss) attributable to NCI	(23)	8
Earnings (loss) before taxes	(100)	87
Continuing Operations | Reportable segments
Segment Reporting Information [Line Items]
Revenue	3,752	3,122
Segment profit (loss)	(15)	115
Continuing Operations | Reportable segments | Energy Solutions
Segment Reporting Information [Line Items]
Revenue	1,612	1,174
Segment profit (loss)	88	54
Continuing Operations | Reportable segments | Urban Solutions
Segment Reporting Information [Line Items]
Revenue	1,208	1,061
Segment profit (loss)	(20)	17
Continuing Operations | Reportable segments | Mission Solutions
Segment Reporting Information [Line Items]
Revenue	649	593
Segment profit (loss)	7	58
Continuing Operations | Reportable segments | Other
Segment Reporting Information [Line Items]
Revenue	283	294
Segment profit (loss)	$ (90)	$ (14)

Operating Information by Segm_4

Operating Information by Segment and Geographic Area - Narrative (Details) - USD ($) $ / shares in Units, $ in Millions	3 Months Ended
	Mar. 31, 2023	Mar. 31, 2022
Segment reporting information
Revenue	$ 3,752	$ 3,122
Disposal Group, Not Discontinued Operations | AMECO
Segment reporting information
Proceeds from divestiture of businesses	144
Cash divestiture	17
Loss on sale	60
AMECO divestiture, negative impact on earnings from foreign currency translation	$ 35
Fluor Corporation | NuScale | Disposal Group, Not Discontinued Operations
Segment reporting information
Entity's interest in partnership or joint venture (percent)	56%
Energy Solutions
Segment reporting information
Expense from embedded foreign currency derivatives	$ 39	13
Energy Solutions | Large LNG Project
Segment reporting information
Effect of forecast revision on estimated project cost	$ 22
Effect of forecast revision on estimated project cost (in dollars per share)	$ 0.09
Urban Solutions | LAX Automated People Mover project
Segment reporting information
Effect of forecast revision on estimated project cost	$ 59
Effect of forecast revision on estimated project cost (in dollars per share)	$ 0.34
Urban Solutions | Professional Staffing Business | Consolidation, Eliminations
Segment reporting information
Revenue	$ 69	$ 60
Mission Solutions | Weapons Facility Project
Segment reporting information
Effect of forecast revision on estimated project cost	$ 21
Effect of forecast revision on estimated project cost (in dollars per share)	$ 0.12

Operating Information by Segm_5

Operating Information by Segment and Geographic Area - Other Segment Profit (Loss) (Details) - USD ($) $ in Millions	3 Months Ended
	Mar. 31, 2023	Mar. 31, 2022
Segment Reporting Information [Line Items]
Operating profit (loss)	$ (141)	$ 96
Reportable segments | Continuing Operations
Segment Reporting Information [Line Items]
Operating profit (loss)	(15)	115
Reportable segments | Other | Continuing Operations
Segment Reporting Information [Line Items]
Operating profit (loss)	(90)	(14)
Reportable segments | Other | Continuing Operations | NuScale
Segment Reporting Information [Line Items]
Operating profit (loss)	(29)	(21)
Reportable segments | Other | Continuing Operations | Stork
Segment Reporting Information [Line Items]
Operating profit (loss)	1	4
Reportable segments | Other | Continuing Operations | AMECO
Segment Reporting Information [Line Items]
Operating profit (loss)	$ (62)	$ 3

Operating Information by Segm_6

Operating Information by Segment and Geographic Area - Total Assets (Details) - USD ($) $ in Millions	Mar. 31, 2023	Dec. 31, 2022
Segment reporting information
Total assets	$ 6,630	$ 6,827
Reportable segments | Energy Solutions
Segment reporting information
Total assets	1,021	967
Reportable segments | Urban Solutions
Segment reporting information
Total assets	1,215	1,170
Reportable segments | Mission Solutions
Segment reporting information
Total assets	572	485
Reportable segments | Other
Segment reporting information
Total assets	516	583
Corporate
Segment reporting information
Total assets	$ 3,306	$ 3,622

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
	Mar. 31, 2023	Mar. 31, 2022
Revenues from External Customers and Long-Lived Assets [Line Items]
Revenue	$ 3,752	$ 3,122
North America
Revenues from External Customers and Long-Lived Assets [Line Items]
Revenue	2,651	1,908
Asia Pacific (including Australia)
Revenues from External Customers and Long-Lived Assets [Line Items]
Revenue	324	249
Europe
Revenues from External Customers and Long-Lived Assets [Line Items]
Revenue	512	549
Central and South America
Revenues from External Customers and Long-Lived Assets [Line Items]
Revenue	221	351
Middle East and Africa
Revenues from External Customers and Long-Lived Assets [Line Items]
Revenue	$ 44	$ 65

Impairment - Narrative (Details

Impairment - Narrative (Details) $ in Millions	3 Months Ended
	Mar. 31, 2023 USD ($)
Energy Solutions | Stork and AMECO
Restructuring [Line Items]
Fair value adjustment of Stork and AMECO assets	$ (63)

Income Taxes (Details)

Income Taxes (Details) - USD ($) $ in Millions	3 Months Ended
	Mar. 31, 2023	Mar. 31, 2022
Income Tax Disclosure [Abstract]
Effective tax rate, continuing operations (as a percent)	(30.10%)	35.40%
U.S. statutory federal tax expense (benefit)	$ (21)	$ 18
Increase (decrease) in taxes resulting from:
State and local income taxes, net of federal income tax effects	(3)	1
Valuation allowance	52	16
Foreign tax effects	8	2
Noncontrolling interest	5	(2)
Sale of AMECO South America	(10)	0
Other adjustments	(1)	(4)
Income tax expense	$ 30	$ 31

Partnerships and Joint Ventur_2

Partnerships and Joint Ventures - Narrative (Details) - USD ($) $ in Millions	Mar. 31, 2023	Dec. 31, 2022
Schedule of Equity Method Investments [Line Items]
Other accrued liabilities	$ (743)	$ (679)
Variable Interest Entity, Not Primary Beneficiary
Schedule of Equity Method Investments [Line Items]
Other accrued liabilities	(14)
Net ( liability) assets		46
Variable Interest Entity, Not Primary Beneficiary | Future funding commitment
Schedule of Equity Method Investments [Line Items]
Commitment amount	57
Variable Interest Entity, Not Primary Beneficiary | Accrued Liabilities
Schedule of Equity Method Investments [Line Items]
Investments in loss position, included in other accrued liabilities	379	312
Variable Interest Entity, Not Primary Beneficiary | Accounts and notes receivable, net
Schedule of Equity Method Investments [Line Items]
Accounts receivable, net	$ 190	$ 185

Guarantees - Narrative (Details

Guarantees - Narrative (Details) - USD ($) $ in Millions	Mar. 31, 2023	Dec. 31, 2022
Guarantor Obligations [Line Items]
Performance guarantee obligation not material	$ 0	$ 0
Performance Guarantee
Guarantor Obligations [Line Items]
Estimated performance guarantees outstanding	$ 15,000

Commitments and Contingencies -

Commitments and Contingencies - Narrative (Details) $ in Millions			1 Months Ended
	Aug. 23, 2019 AUD ($)	Dec. 13, 2016 AUD ($) referee	Oct. 31, 2022 USD ($)	Sep. 30, 2018 action	Mar. 31, 2023 USD ($)	Aug. 31, 2019 USD ($)	Aug. 23, 2019 USD ($)	Aug. 12, 2016 USD ($)
Loss Contingencies [Line Items]
Number of actions filed | action				11
Santos Ltd. | Pending Litigation
Loss Contingencies [Line Items]
Damages sought		$ 1,470
Estimate of possible loss		$ 236
Loss Contingency, Trial or Alternative Dispute Resolution, Number of Referees Apointed | referee		3
Loss Contingency, Panel Referred Damages Awarded from Other Party, Value		$ 700
Sadara Chemical Company | Pending Litigation
Loss Contingencies [Line Items]
Damages sought	$ 100
Estimate of possible loss							$ 574,000,000
Fluor/TECHINT | Pending Litigation
Loss Contingencies [Line Items]
Estimate of possible loss					$ 364,000,000			$ 250,000,000
North Texas Tollway Authority | Pending Litigation
Loss Contingencies [Line Items]
Damages sought			$ 100,000,000
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

Contract Assets and Liabiliti_3

Contract Assets and Liabilities (Details) - USD ($) $ in Millions	3 Months Ended
	Mar. 31, 2023	Mar. 31, 2022	Dec. 31, 2022
Contract assets
Unbilled receivables - reimbursable contracts	$ 866		$ 738
Contract work in progress - lump-sum contracts	197		177
Contract assets	1,063		915
Advance billings deducted from contract assets	239		220
Information about contract liabilities:
Revenue recognized that was included in contract liabilities as of January 1	313	$ 531
Claim revenue for costs	$ 526		$ 498

Remaining Unsatisfied Perform_3

Remaining Unsatisfied Performance Obligations - Schedule of remaining performance obligation (Details) $ in Millions	Mar. 31, 2023 USD ($)
Revenue from Contract with Customer [Abstract]
Remaining unsatisfied performance obligation	$ 24,358
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Start Date [Axis]: 2024-04-01
Revenue from Contract with Customer [Abstract]
Remaining unsatisfied performance obligation	$ 13,056
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction [Line Items]
Remaining unsatisfied performance obligation (in years)	9 months
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Start Date [Axis]: 2025-01-01
Revenue from Contract with Customer [Abstract]
Remaining unsatisfied performance obligation	$ 7,412
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction [Line Items]
Remaining unsatisfied performance obligation (in years)	1 year
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Start Date [Axis]: 2026-01-01
Revenue from Contract with Customer [Abstract]
Remaining unsatisfied performance obligation	$ 3,890
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction [Line Items]
Remaining unsatisfied performance obligation (in years)

Debt and Lines of Credit - Sche

Debt and Lines of Credit - Schedule of Debt (Details) - USD ($) $ in Millions	Mar. 31, 2023	Dec. 31, 2022
Financing Arrangements
Borrowings under credit facility	$ 0	$ 0
Short-term debt and current portion of long-term debt	16	152
Long-term debt	978	978
Other long-term borrowings	2	2
Total long-term	978	978
2023 Notes
Financing Arrangements
Short-term debt and current portion of long-term debt	0	138
Other Debt Obligations
Financing Arrangements
Short-term debt and current portion of long-term debt	16	14
2024 Notes
Financing Arrangements
Long-term debt	381	381
Unamortized discount	(1)	(1)
Unamortized deferred financing costs	0	0
2028 Notes
Financing Arrangements
Long-term debt	600	600
Unamortized discount	(1)	(1)
Unamortized deferred financing costs	$ (3)	$ (3)

Debt and Lines of Credit - Narr

Debt and Lines of Credit - Narrative (Details) € in Millions, $ in Millions	1 Months Ended		3 Months Ended
	Jan. 31, 2023 USD ($)	Jan. 31, 2023 EUR (€)	Mar. 31, 2023 USD ($)	Mar. 31, 2023 EUR (€)
2023 Notes
Financing Arrangements
Repayments of Debt	$ 140	€ 129
Lines of credit
Financing Arrangements
Amount outstanding under credit facilities			$ 420
Lines of credit | Committed Line of Credit
Financing Arrangements
Remaining borrowing capacity of credit facility			828
Lines of credit | Committed Line of Credit | Revolving Loan And Letter Of Credit Facility Agreement
Financing Arrangements
Maximum borrowing capacity			1,800
Lines of credit | Committed Line of Credit | Revolving Loan And Letter Of Credit Facility Agreement | Subsidiaries
Financing Arrangements
Covenant minimum liquidity			1,100
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 | Subsidiaries
Financing Arrangements
Aggregate amount of debt			$ 750	€ 750
Lines of credit | Uncommitted Line of Credit
Financing Arrangements
Amount outstanding under credit facilities			$ 957

Convertible Preferred Stock (De

Convertible Preferred Stock (Details) $ / shares in Units, $ in Millions	1 Months Ended		3 Months Ended
	Apr. 30, 2023 USD ($)	Feb. 28, 2023 USD ($)	Mar. 31, 2023 USD ($) segment $ / shares
Class of Stock [Line Items]
Preferred stock dividends paid		$ 10
Preferred stock, convertible, conversion rate (in shares)			44.9585
Subsequent Event
Class of Stock [Line Items]
Preferred stock dividends declared amount	$ 10
Convertible Preferred Stock
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			$ 60

Fair Value Measurements - Recur

Fair Value Measurements - Recurring Basis (Details) - Fair Value, Measurements, Recurring - USD ($) $ in Millions	Mar. 31, 2023	Dec. 31, 2022
Fair value of assets and liabilities measured on recurring basis
Deferred compensation trusts	$ 11	$ 10
SMR Warrants
Fair value of assets and liabilities measured on recurring basis
Derivative liabilities	29	38
Foreign currency contracts
Fair value of assets and liabilities measured on recurring basis
Derivative assets	8	9
Derivative liabilities	7	8
Commodity
Fair value of assets and liabilities measured on recurring basis
Derivative assets	2	4
Derivative liabilities	1	1
Level 1
Fair value of assets and liabilities measured on recurring basis
Deferred compensation trusts	11	10
Level 1 | SMR Warrants
Fair value of assets and liabilities measured on recurring basis
Derivative liabilities	16	21
Level 2 | SMR Warrants
Fair value of assets and liabilities measured on recurring basis
Derivative liabilities	13	17
Level 2 | Foreign currency contracts
Fair value of assets and liabilities measured on recurring basis
Derivative assets	8	9
Derivative liabilities	7	8
Level 2 | Commodity
Fair value of assets and liabilities measured on recurring basis
Derivative assets	2	4
Derivative liabilities	$ 1	$ 1

Fair Value Measurements - Finan

Fair Value Measurements - Financial Instruments Not Required to be Measured at Fair Value (Details) - USD ($) $ in Millions	Mar. 31, 2023	Dec. 31, 2022
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	$ 174	$ 185
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	0	138
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	380	380
Carrying Value | Level 2 | 2028 Notes
Estimated fair values of the company's financial instruments that are not measured at fair value on a recurring basis
Debt	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	18	16
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	9
Carrying Value | Cash | 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	1,226	1,262
Carrying Value | Cash Equivalents | 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	911	1,177
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	174	185
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	0	138
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	372	370
Fair Value | Level 2 | 2028 Notes
Estimated fair values of the company's financial instruments that are not measured at fair value on a recurring basis
Debt	554	545
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	18	16
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	9
Fair Value | Cash | 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	1,226	1,262
Fair Value | Cash Equivalents | 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	$ 911	$ 1,177

Stock-Based Compensation - Narr

Stock-Based Compensation - Narrative (Details)	3 Months Ended
	Mar. 31, 2023 period $ / shares shares	Mar. 31, 2022 $ / shares shares
Stock-Based Plans
Percent of earnings before taxes	80%
Number of measurement periods | period	3
Earnings before taxes measurement periods (in years)	1 year
Award vesting measurement, percent of TSR	20%
Award vesting measurement, TSR period (in years)	3 years
Restricted Stock Units | Executives
Stock-Based Plans
Granted (in shares)	383,974	367,380
Granted, weighted average grant date fair value (in dollars per share) | $ / shares	$ 35.76	$ 21.90
Vesting period ( in years )	3 years	3 years
Stock Options
Stock-Based Plans
Vesting period ( in years )	3 years
Expiration period (in years)	10 years
Stock Options | Executives
Stock-Based Plans
Options granted (in shares)	178,434	250,656
Options granted weighted-average exercise price, per share (in dollars per share) | $ / shares	$ 35.76	$ 21.90
Performance-Based Awards
Stock-Based Plans
Vesting period ( in years )	3 years
Performance-Based Awards | Executives
Stock-Based Plans
Granted (in shares)	274,755	426,957

Stock-Based Compensation - VDI

Stock-Based Compensation - VDI Units Granted (Details)	3 Months Ended
	Mar. 31, 2023 $ / shares shares
2023 Performance Award Plan
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Performance-based Award Units Granted in 2023 (in shares) | shares	91,585
Weighted Average Grant Date Fair Value Per Share (in dollars per share) | $ / shares	$ 39
2022 Performance Award Plan
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Performance-based Award Units Granted in 2023 (in shares) | shares	142,319
Weighted Average Grant Date Fair Value Per Share (in dollars per share) | $ / shares	$ 35.87
2021 Performance Award Plan
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Performance-based Award Units Granted in 2023 (in shares) | shares	204,622
Weighted Average Grant Date Fair Value Per Share (in dollars per share) | $ / shares	$ 46.84

Stock-Based Compensation - Comp

Stock-Based Compensation - Compensation Expense (Details) - Executives - USD ($) $ in Millions	3 Months Ended
	Mar. 31, 2023	Mar. 31, 2022	Dec. 31, 2022
SGI Awards
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Liabilities associated with SGI awards	$ 48		$ 92
SGI Awards | Corporate General and Administrative Expense
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Share-based compensation expense	7	$ 10
Performance-Based Awards
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Liabilities associated with SGI awards	16		$ 15
Performance-Based Awards | Corporate General and Administrative Expense
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Share-based compensation expense	$ 7	$ 15

Other Comprehensive Income (L_3

Other Comprehensive Income (Loss) - Tax Effects of Components of Other Comprehensive Income (Loss) (Details) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2023	Mar. 31, 2022
Tax effects of the components of other comprehensive income (loss)
Before-Tax Amount	$ 46,000	$ 28,000
Tax Benefit (Expense)	0	1,000
Total OCI, net of tax	46,000	29,000
Foreign currency translation adjustments
Tax effects of the components of other comprehensive income (loss)
Before-Tax Amount	46,000	29,000
Tax Benefit (Expense)	0	0
Total OCI, net of tax	46,000	29,000
Ownership share of equity method investees’ OCI
Tax effects of the components of other comprehensive income (loss)
Before-Tax Amount	(1,000)	0
Tax Benefit (Expense)	0	1,000
Total OCI, net of tax	(1,000)	1,000
DB plan adjustments
Tax effects of the components of other comprehensive income (loss)
Before-Tax Amount	1,000	1,000
Tax Benefit (Expense)	0	0
Total OCI, net of tax	1,000	1,000
Unrealized gain (loss) on hedges
Tax effects of the components of other comprehensive income (loss)
Before-Tax Amount	0	(2,000)
Tax Benefit (Expense)	0	0
Total OCI, net of tax	0	(2,000)
Less: OCI attributable to NCI
Tax effects of the components of other comprehensive income (loss)
Before-Tax Amount	0	0
Tax Benefit (Expense)	0	0
Total OCI, net of tax	0	0
AOCI
Tax effects of the components of other comprehensive income (loss)
Before-Tax Amount	46,000	28,000
Tax Benefit (Expense)	0	1,000
Total OCI, net of tax	$ 46,000	$ 29,000

Other Comprehensive Income (L_4

Other Comprehensive Income (Loss) - Changes in AOCI Balances by Component (Details) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2023	Mar. 31, 2022
Changes in AOCI balances by component (after-tax)
Beginning balance	$ 1,996,000	$ 1,567,000
Total OCI, net of tax	46,000	29,000
Ending balance	1,907,000	1,645,000
AOCI, Net
Changes in AOCI balances by component (after-tax)
Beginning balance	(365,000)	(366,000)
OCI before reclassifications	11,000	33,000
Amounts reclassified from AOCI	35,000	(4,000)
Total OCI, net of tax	46,000	29,000
Ending balance	(319,000)	(337,000)
Foreign Currency Translation
Changes in AOCI balances by component (after-tax)
Beginning balance	(328,000)	(300,000)
OCI before reclassifications	11,000	29,000
Amounts reclassified from AOCI	35,000	0
Total OCI, net of tax	46,000	29,000
Ending balance	(282,000)	(271,000)
Ownership Share of Equity Method Investees’ OCI
Changes in AOCI balances by component (after-tax)
Beginning balance	(25,000)	(56,000)
OCI before reclassifications	(1,000)	1,000
Amounts reclassified from AOCI	0	0
Total OCI, net of tax	(1,000)	1,000
Ending balance	(26,000)	(55,000)
DB Plans
Changes in AOCI balances by component (after-tax)
Beginning balance	(13,000)	(18,000)
OCI before reclassifications	1,000	1,000
Amounts reclassified from AOCI	0	0
Total OCI, net of tax	1,000	1,000
Ending balance	(12,000)	(17,000)
Unrealized Gain (Loss) on Hedges
Changes in AOCI balances by component (after-tax)
Beginning balance	1,000	8,000
OCI before reclassifications	(1,000)	2,000
Amounts reclassified from AOCI	1,000	(4,000)
Total OCI, net of tax	0	(2,000)
Ending balance	1,000	6,000
Less: OCI attributable to NCI
Changes in AOCI balances by component (after-tax)
Beginning balance	(2,000)	(3,000)
OCI before reclassifications	0	0
Amounts reclassified from AOCI	0	0
Total OCI, net of tax	0	0
Ending balance	(2,000)	(3,000)
Foreign Currency Translation
Changes in AOCI balances by component (after-tax)
Beginning balance	(2,000)	(3,000)
OCI before reclassifications	0	0
Amounts reclassified from AOCI	0	0
Total OCI, net of tax	0	0
Ending balance	(2,000)	(3,000)
Ownership Share of Equity Method Investees’ OCI
Changes in AOCI balances by component (after-tax)
Beginning balance	0	0
OCI before reclassifications	0	0
Amounts reclassified from AOCI	0	0
Total OCI, net of tax	0	0
Ending balance	0	0
DB Plans
Changes in AOCI balances by component (after-tax)
Beginning balance	0	0
OCI before reclassifications	0	0
Amounts reclassified from AOCI	0	0
Total OCI, net of tax	0	0
Ending balance	0	0
Unrealized Gain (Loss) on Hedges
Changes in AOCI balances by component (after-tax)
Beginning balance	0	0
OCI before reclassifications	0	0
Amounts reclassified from AOCI	0	0
Total OCI, net of tax	0	0
Ending balance	$ 0	$ 0

Other Comprehensive Income (L_5

Other Comprehensive Income (Loss) - Significant Items Reclassified Out of AOCI (Details) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2023	Mar. 31, 2022
Reclassifications out of accumulated other comprehensive income (loss)
Income tax expense	$ (30,000)	$ (31,000)
Net earnings (loss)	(130,000)	56,000
Reclassified out of AOCI | Ownership Share of Equity Method Investees’ OCI
Reclassifications out of accumulated other comprehensive income (loss)
Cost of revenue	(35,000)	0
Income tax expense	0	0
Net earnings (loss)	(35,000)	0
Reclassified out of AOCI | Unrealized Gain (Loss) on Hedges
Reclassifications out of accumulated other comprehensive income (loss)
Income tax expense	0	(1,000)
Net earnings (loss)	(1,000)	4,000
Reclassified out of AOCI | Unrealized Gain (Loss) on Hedges | Foreign currency contracts
Reclassifications out of accumulated other comprehensive income (loss)
Cost of revenue	$ (1,000)	$ 5,000