Fluor (FLR) 10-Q 3 Aug 23 2023 Q2 Quarterly report Financial data

Cover

Cover - shares	6 Months Ended
	Jun. 30, 2023	Jul. 31, 2023
Cover [Abstract]
Document Type	10-Q
Document Quarterly Report	true
Document Period End Date	Jun. 30, 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		143,368,344
Entity Central Index Key	0001124198
Amendment Flag	false
Current Fiscal Year End Date	--12-31
Document Fiscal Year Focus	2023
Document Fiscal Period Focus	Q2

CONDENSED CONSOLIDATED STATEMEN

CONDENSED CONSOLIDATED STATEMENT OF OPERATIONS - USD ($) $ in Millions	3 Months Ended		6 Months Ended
	Jun. 30, 2023	Jun. 30, 2022	Jun. 30, 2023	Jun. 30, 2022
Income Statement [Abstract]
Revenue	$ 3,939	$ 3,299	$ 7,692	$ 6,422
Cost of revenue	(3,741)	(3,184)	(7,532)	(6,185)
Gross profit	198	115	160	237
G&A	(60)	(45)	(121)	(117)
Impairment	0	0	0	63
Foreign currency gain (loss)	(44)	36	(86)	18
Operating profit (loss)	94	106	(47)	201
Interest expense	(16)	(13)	(32)	(29)
Interest income	53	12	110	19
Earnings before taxes	131	105	31	191
Income tax expense	(63)	(32)	(93)	(63)
Net earnings (loss)	68	73	(62)	128
Less: Net earnings (loss) attributable to NCI	7	7	(16)	14
Net earnings (loss) attributable to Fluor	61	66	(46)	114
Less: Dividends on CPS	10	10	20	20
Net earnings (loss) available to Fluor common stockholders, basic	51	56	(66)	94
Net earnings (loss) available to Fluor common stockholders, diluted	$ 51	$ 56	$ (66)	$ 94
EPS available to Fluor common stockholders, basic (in dollars per share)	$ 0.36	$ 0.40	$ (0.46)	$ 0.67
EPS available to Fluor common stockholders, diluted (in dollars per share)	$ 0.35	$ 0.38	$ (0.46)	$ 0.66

CONDENSED CONSOLIDATED STATEM_2

CONDENSED CONSOLIDATED STATEMENT OF COMPREHENSIVE INCOME (LOSS) - USD ($) $ in Millions	3 Months Ended		6 Months Ended
	Jun. 30, 2023	Jun. 30, 2022	Jun. 30, 2023	Jun. 30, 2022
Statement of Comprehensive Income [Abstract]
Net earnings (loss)	$ 68	$ 73	$ (62)	$ 128
OCI, net of tax:
Foreign currency translation adjustment	19	(33)	65	(4)
Ownership share of equity method investees’ OCI	(3)	17	(4)	18
Other	1	(1)	2	(2)
Total OCI, net of tax	17	(17)	63	12
Comprehensive income	85	56	1	140
Less: Comprehensive income (loss) attributable to NCI	7	8	(16)	15
Comprehensive income attributable to Fluor	$ 78	$ 48	$ 17	$ 125

CONDENSED CONSOLIDATED BALANCE

CONDENSED CONSOLIDATED BALANCE SHEET - USD ($) $ in Millions	Jun. 30, 2023	Dec. 31, 2022
Current assets
Cash and cash equivalents ($643 and $706 related to VIEs)	$ 2,262	$ 2,439
Marketable securities ($30 and $130 related to VIEs)	60	185
Accounts receivable, net ($151 and $196 related to VIEs)	1,163	1,109
Contract assets ($221 and $186 related to VIEs)	1,032	915
Other current assets ($29 and $30 related to VIEs)	361	396
Total current assets	4,878	5,044
Noncurrent assets
Property, plant and equipment, net ($40 and $45 related to VIEs)	439	447
Investments	667	584
Deferred taxes	34	34
Deferred compensation trusts	234	234
Goodwill	206	206
Other assets ($80 and $54 related to VIEs)	298	278
Total noncurrent assets	1,878	1,783
Total assets	6,756	6,827
Current liabilities
Accounts payable ($251 and $253 related to VIEs)	1,155	1,017
Short-term debt and current portion of long-term debt	17	152
Contract liabilities ($351 and $352 related to VIEs)	679	742
Accrued salaries, wages and benefits ($22 and $24 related to VIEs)	575	626
Other accrued liabilities ($47 and $46 related to VIEs)	764	679
Total current liabilities	3,190	3,216
Long-term debt	979	978
Deferred taxes	81	73
Other noncurrent liabilities ($43 and $54 related to VIEs)	536	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 — 143,368,344 and 142,322,247 shares in 2023 and 2022, respectively	1	1
APIC	1,267	1,254
AOCI	(302)	(365)
Retained earnings	831	896
Total shareholders’ equity	1,797	1,786
NCI	173	210
Total equity	1,970	1,996
Total liabilities and equity	$ 6,756	$ 6,827

CONDENSED CONSOLIDATED BALANC_2

CONDENSED CONSOLIDATED BALANCE SHEET (Parenthetical) - USD ($) $ in Millions	Jun. 30, 2023	Dec. 31, 2022
CURRENT ASSETS, VIEs
Cash and cash equivalents	$ 2,262	$ 2,439
Marketable securities, current	60	185
Accounts receivable, net	1,163	1,109
Contract assets	1,032	915
Other current assets	361	396
NONCURRENT ASSETS, VIEs
Property, plant and equipment, net	439	447
Other assets	298	278
CURRENT LIABILITIES, VIEs
Accounts payable	1,155	1,017
Contract liabilities	679	742
Accrued salaries, wages and benefits	575	626
Other accrued liabilities	764	679
Other noncurrent liabilities	$ 536	$ 564
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)	143,368,344	142,322,247
Common stock shares outstanding (in shares)	143,368,344	142,322,247
Variable Interest Entity, Primary Beneficiary
CURRENT ASSETS, VIEs
Cash and cash equivalents	$ 643	$ 706
Marketable securities, current	30	130
Accounts receivable, net	151	196
Contract assets	221	186
Other current assets	29	30
NONCURRENT ASSETS, VIEs
Property, plant and equipment, net	40	45
Other assets	80	54
CURRENT LIABILITIES, VIEs
Accounts payable	251	253
Contract liabilities	351	352
Accrued salaries, wages and benefits	22	24
Other accrued liabilities	47	46
Other noncurrent liabilities	$ 43	$ 54

CONDENSED CONSOLIDATED STATEM_3

CONDENSED CONSOLIDATED STATEMENT OF CASH FLOWS - USD ($) $ in Millions	6 Months Ended
	Jun. 30, 2023	Jun. 30, 2022
OPERATING CASH FLOW
Net earnings (loss)	$ (62)	$ 128
Adjustments to reconcile net earnings (loss) to operating cash flow:
Impairment	0	(63)
Depreciation and amortization	37	35
(Earnings) loss from equity method investments, net of distributions	(9)	(10)
(Gain) loss on sales of assets (including AMECO-South America in 2023)	58	(11)
Stock-based compensation	24	20
Deferred taxes	10	(14)
Changes in assets and liabilities	(162)	(215)
Other	5	(3)
Operating cash flow	(99)	(133)
INVESTING CASH FLOW
Purchases of marketable securities	(90)	(236)
Proceeds from sales and maturities of marketable securities	217	243
Capital expenditures	(42)	(23)
Proceeds from sales of assets (including AMECO-South America in 2023)	23	131
Investments in partnerships and joint ventures	(10)	(46)
Other	5	8
Investing cash flow	103	77
FINANCING CASH FLOW
Purchases and retirement of debt	(137)	(23)
Dividends paid on CPS	(20)	(20)
Other borrowings (debt repayments)	1	8
Distributions paid to NCI	(27)	(12)
Capital contributions by NCI	2	0
Taxes paid on vested restricted stock	(10)	(5)
Other	(6)	(2)
Financing cash flow	(197)	(54)
Effect of exchange rate changes on cash	16	(25)
Increase (decrease) in cash and cash equivalents	(177)	(135)
Cash and cash equivalents at beginning of period	2,439	2,209
Cash and cash equivalents at end of period	2,262	2,074
SUPPLEMENTAL INFORMATION:
Cash paid for interest	31	28
Cash paid for income taxes (net of refunds)	$ 70	$ 55

CONDENSED CONSOLIDATED STATEM_4

CONDENSED CONSOLIDATED STATEMENT OF CHANGES IN EQUITY - USD ($) shares in Millions, $ in Millions	Total	Total Shareholders' Equity	Preferred Stock	Common Stock	APIC	AOCI	Retained Earnings	NCI
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	(20)	(20)					(20)
Distributions to NCI, net of contributions	(12)							(12)
Other NCI transactions	4	1			1			3
Stock-based plan activity	15	15		$ 1	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
Dividends on CPS	(10)	(10)					(10)
Distributions to NCI, net of contributions	(5)							(5)
Other NCI transactions	1							1
Stock-based plan activity	7	7			7
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 Dec. 31, 2022			1	142
Balance, beginning of year at Dec. 31, 2022	1,996	1,786	$ 0	$ 1	1,254	(365)	896	210
Increase (Decrease) in Shareholders' Equity
Net earnings (loss)	(62)	(46)					(46)	(16)
OCI	63	63				63		0
Dividends on CPS	(19)	(19)					(19)
Distributions to NCI, net of contributions	(25)							(25)
Other NCI transactions	8	4			4			4
Stock-based plan activity (in shares)				1
Stock-based plan activity	9	9			9
Balance, end of year (in shares) at Jun. 30, 2023			1	143
Balance, end of year at Jun. 30, 2023	1,970	1,797	$ 0	$ 1	1,267	(302)	831	173
Balance, beginning of year (in shares) at Mar. 31, 2023			1	143
Balance, beginning of year at Mar. 31, 2023	1,907	1,719	$ 0	$ 1	1,257	(319)	780	188
Increase (Decrease) in Shareholders' Equity
Net earnings (loss)	68	61					61	7
OCI	17	17				17		0
Dividends on CPS	(10)	(10)					(10)
Distributions to NCI, net of contributions	(26)							(26)
Other NCI transactions	6	2			2			4
Stock-based plan activity	8	8			8
Balance, end of year (in shares) at Jun. 30, 2023			1	143
Balance, end of year at Jun. 30, 2023	$ 1,970	$ 1,797	$ 0	$ 1	$ 1,267	$ (302)	$ 831	$ 173

CONDENSED CONSOLIDATED STATEM_5

CONDENSED CONSOLIDATED STATEMENT OF CHANGES IN EQUITY (Parenthetical) - $ / shares	3 Months Ended		6 Months Ended
	Jun. 30, 2023	Jun. 30, 2022	Jun. 30, 2023	Jun. 30, 2022
Statement of Stockholders' Equity [Abstract]
Dividends on CPS (in dollars per share)	$ 16.25	$ 16.25	$ 32.50	$ 32.50

Principles of Consolidation

Principles of Consolidation	6 Months Ended
	Jun. 30, 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 June 30, 2023 through the filing date of this Q2 2023 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.

Recent Accounting Pronouncement

Recent Accounting Pronouncements	6 Months Ended
	Jun. 30, 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 Period. However, we are evaluating the impact of the future disclosures that may arise under recent SEC and other promulgators' recently finalized rules and outstanding proposals. In the 2023 Quarter, the SEC approved listing standards proposed by the New York Stock Exchange that require listed companies to recover or “clawback” incentive-based compensation erroneously received by current and former executive officers in the event of a restatement to previously issued financial information. We will be required to amend our clawback policy by December 2023, but do not expect the adoption will have any impact on our financial statements.

Earnings Per Share

Earnings Per Share	6 Months Ended
	Jun. 30, 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 6ME (in millions, except per share amounts) 2023 2022 2023 2022 Net earnings (loss) attributable to Fluor $ 61 $ 66 $ (46) $ 114 Less: Dividends on CPS 10 10 20 20 Net earnings (loss) available to Fluor common stockholders 51 56 (66) 94 Weighted average common shares outstanding 143 142 143 142 Diluted effect: CPS 27 27 — — Stock options, RSUs and performance-based award units 2 3 — 2 Weighted average diluted shares outstanding 172 172 143 144 Basic EPS available to Fluor common stockholders $ 0.36 $ 0.40 $ (0.46) $ 0.67 Diluted EPS available to Fluor common stockholders $ 0.35 $ 0.38 $ (0.46) $ 0.66 Anti-dilutive securities not included in shares outstanding: CPS — — 27 27 Stock options, RSUs and performance-based award units 3 3 5 3

Operating Information by Segmen

Operating Information by Segment and Geographic Area	6 Months Ended
	Jun. 30, 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 2023, this business line, which was previously a part of the "Other" segment, was renamed Plant & Facility Services, and is included in our Urban Solutions segment for all periods presented. 3ME 6ME (in millions) 2023 2022 2023 2022 Revenue Energy Solutions $ 1,721 $ 1,330 $ 3,333 $ 2,505 Urban Solutions 1,202 1,134 2,411 2,195 Mission Solutions 705 547 1,354 1,140 Other 311 288 594 582 Total revenue $ 3,939 $ 3,299 $ 7,692 $ 6,422 Segment profit (loss) Energy Solutions $ 89 $ 65 $ 178 $ 119 Urban Solutions 76 12 55 29 Mission Solutions 40 28 47 86 Other (14) 3 (104) (11) Total segment profit $ 191 $ 108 $ 176 $ 223 G&A (60) (45) (121) (117) Impairment — — — 63 Foreign currency gain (loss) (44) 36 (86) 18 Interest income (expense), net 37 (1) 78 (10) Earnings (loss) attributable to NCI 7 7 (16) 14 Earnings before taxes $ 131 $ 105 $ 31 $ 191 Intercompany revenue for our professional staffing business, excluded from revenue above $ 74 $ 61 $ 143 $ 121 Energy Solutions. Segment profit in the 2023 Quarter and 2023 Period increased primarily due to the ramp up of execution activities on refinery projects in Mexico, positive forecast adjustments totaling $74 million (or $0.31 per share) on two projects and close out matters on a chemicals project. Despite the overall increase in segment profit, both the 2023 Quarter and 2023 Period included a charge of $34 million (or $0.20 per share) for cost growth and schedule extension on an upstream project. The 2023 Period 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 2023 Period included losses of $8 million and $47 million, respectively, related to embedded foreign currency derivatives. 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. Urban Solutions. Segment profit for the 2023 Quarter and 2023 Period improved due to a positive forecast adjustment on one legacy infrastructure project as well as the ramp up of execution activities on several new ATLS projects. Segment profit in the 2023 Period 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. Segment profit in the 2022 Quarter and 2022 Period included a project charge of $32 million (or $0.14 per share) related to procurement and subcontractor cost growth on an infrastructure project. Mission Solutions. Segment profit in the 2023 Period included a $30 million (or $0.17 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 6ME (in millions) 2023 2022 2023 2022 NuScale (1) $ (23) $ (8) $ (52) $ (29) Stork 9 8 10 12 AMECO — 3 (62) 6 Segment profit (loss) $ (14) $ 3 $ (104) $ (11) (1) As of June 30, 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 Period. Previous AMECO divestitures included assets in Africa, the Caribbean, Mexico and North America. Upon the sale of AMECO South America in the 2023 Period, we recognized a $60 million negative earnings impact, including $35 million associated with foreign currency translation. Total assets by segment are as follows: (in millions) June 30, December 31, Energy Solutions $ 1,146 $ 967 Urban Solutions 1,162 1,170 Mission Solutions 543 485 Other 574 583 Corporate 3,331 3,622 Total assets $ 6,756 $ 6,827 Revenue by project location follows: 3ME 6ME (in millions) 2023 2022 2023 2022 North America $ 2,762 $ 2,101 $ 5,413 $ 4,009 Asia Pacific (includes Australia) 436 203 761 452 Europe 530 595 1,042 1,145 Central and South America 177 356 398 707 Middle East and Africa 34 44 78 109 Total revenue $ 3,939 $ 3,299 $ 7,692 $ 6,422

Impairment

Impairment	6 Months Ended
	Jun. 30, 2023
Restructuring and Related Activities [Abstract]
Impairment	ImpairmentWe did not recognize any material impairment expense during the 2023 Period. During the 2022 Period, 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	6 Months Ended
	Jun. 30, 2023
Income Tax Disclosure [Abstract]
Income Taxes	Income Taxes The effective tax rate on earnings was 47.9% for the 2023 Quarter and 302.7% for the 2023 Period compared to 30.7% for the 2022 Quarter and 32.8% for the 2022 Period. A reconciliation of U.S. statutory federal income tax expense to income tax expense follows: 3ME 6ME (In millions) 2023 2022 2023 2022 U.S statutory federal income tax expense $ 27 $ 22 $ 6 $ 40 Increase (decrease) in taxes resulting from: State and local income taxes, net of federal income tax effects — 1 (2) 1 Valuation allowance, net 23 20 75 35 Foreign tax impacts 8 (13) 16 (10) Noncontrolling interest (1) (2) 3 (3) Sale of AMECO South America — — (10) — Other adjustments 6 4 5 — Total income tax expense $ 63 $ 32 $ 93 $ 63

Partnerships and Joint Ventures

Partnerships and Joint Ventures	6 Months Ended
	Jun. 30, 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 $428 million and $312 million were included in other accrued liabilities as of June 30, 2023 and December 31, 2022, respectively, and consisted primarily of provision for anticipated losses on two legacy infrastructure projects. Accounts receivable related to work performed for unconsolidated partnerships and joint ventures included in “Accounts receivable, net” was $178 million and $185 million as of June 30, 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 $6 million as of June 30, 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 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, 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	6 Months Ended
	Jun. 30, 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 $12 billion as of June 30, 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 June 30, 2023 and December 31, 2022.

Commitments and Contingencies

Commitments and Contingencies	6 Months Ended
	Jun. 30, 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. After consideration of further submissions by the parties, the Panel finalized its report on July 14, 2023. 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 final 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 the Panel valued at AUD $790 million. 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. Fluor has made 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 in relation to apparent bias of the referees, a failure to comply with the order which established the reference to the Panel and a lack of procedural fairness. In July 2023, the Court held oral argument on that application. We do not expect a decision until after the Court holds an adoption hearing, which is scheduled for February 2024. At any adoption hearing, Fluor will contend that the Court should not adopt the Panel’s recommendation based on numerous grounds, including the Panel’s failure to apply the project’s liability cap. 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 was subject to court approval, with preliminary approval granted in July 2023, and a final approval hearing scheduled for September 2023. 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. In May 2023, the DOJ advised that it had closed its investigation and does not intend to bring charges. The SEC investigation remains unresolved, and we have continued to cooperate and engage with the SEC 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 the matter, and we are not able to predict whether any legal, regulatory or reputational impacts of any allegations or resolution of the matter will have a material impact on our results.

Contract Assets and Liabilities

Contract Assets and Liabilities	6 Months Ended
	Jun. 30, 2023
Revenue from Contract with Customer [Abstract]
Contract Assets and Liabilities	ontract Assets and Liabilities The following summarizes information about our contract assets and liabilities: (in millions) June 30, 2023 December 31, 2022 Information about contract assets: Contract assets Unbilled receivables - reimbursable contracts $ 849 $ 738 Contract work in progress - lump-sum contracts 183 177 Contract assets $ 1,032 $ 915 Advance billings deducted from contract assets $ 211 $ 220 6ME (in millions) 2023 2022 Information about contract liabilities: Revenue recognized that was included in contract liabilities as of January 1 $ 471 $ 741 We estimate that our RUPO will be satisfied over the following periods: (in millions) June 30, 2023 Within 1 year $ 13,212 1 to 2 years 7,445 Thereafter 3,729 Total RUPO $ 24,386

Remaining Unsatisfied Performan

Remaining Unsatisfied Performance Obligations	6 Months Ended
	Jun. 30, 2023
Revenue from Contract with Customer [Abstract]
Remaining Unsatisfied Performance Obligations	ontract Assets and Liabilities The following summarizes information about our contract assets and liabilities: (in millions) June 30, 2023 December 31, 2022 Information about contract assets: Contract assets Unbilled receivables - reimbursable contracts $ 849 $ 738 Contract work in progress - lump-sum contracts 183 177 Contract assets $ 1,032 $ 915 Advance billings deducted from contract assets $ 211 $ 220 6ME (in millions) 2023 2022 Information about contract liabilities: Revenue recognized that was included in contract liabilities as of January 1 $ 471 $ 741 We estimate that our RUPO will be satisfied over the following periods: (in millions) June 30, 2023 Within 1 year $ 13,212 1 to 2 years 7,445 Thereafter 3,729 Total RUPO $ 24,386

Debt and Letters of Credit

Debt and Letters of Credit	6 Months Ended
	Jun. 30, 2023
Debt Disclosure [Abstract]
Debt and Letters of Credit	Debt and Letters of Credit Debt consisted of the following: (in millions) June 30, 2023 December 31, 2022 Borrowings under credit facility $ — $ — Current: 2023 Notes $ — $ 138 Other borrowings 17 14 Total current $ 17 $ 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 (2) (3) Other long-term borrowings 2 2 Total long-term $ 979 $ 978 Credit Facility As of June 30, 2023, letters of credit totaling $451 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 June 30, 2023, we had not made any borrowings under our credit facility and maintained a borrowing capacity of $776 million. Uncommitted Lines of Credit As of June 30, 2023, letters of credit totaling $930 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	6 Months Ended
	Jun. 30, 2023
Equity [Abstract]
Convertible Preferred Stock	Convertible Preferred Stock Second quarter CPS dividends of $10 million were paid in May 2023. In July 2023, our Board of Directors approved the payment of third quarter CPS dividends of $10 million, payable in August 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. We estimate that the cash make-whole payment would have been $48 million as of June 30, 2023 (assuming we minimally exceeded the minimum trading price to invoke the conversion). If a make-whole fundamental change, as defined in the certificate of designations for the CPS, occurs, we will in certain circumstances be required to increase the conversion rate for a holder who elects to convert shares of CPS in connection with such make-whole fundamental change.

Fair Value Measurements

Fair Value Measurements	6 Months Ended
	Jun. 30, 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: June 30, 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) $ 13 $ 13 $ — $ — $ 10 $ 10 $ — $ — Derivative assets (2) Foreign currency 7 — 7 — 9 — 9 — Commodity 1 — 1 — 4 — 4 — Liabilities: SMR warrants (3) $ 30 $ 16 $ 14 $ — $ 38 $ 21 $ 17 $ — Derivative liabilities (2) Foreign currency 4 — 4 — 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: June 30, 2023 December 31, 2022 (in millions) Fair Value Carrying Fair Carrying Fair Assets: Cash (1) Level 1 $ 1,334 $ 1,334 $ 1,262 $ 1,262 Cash equivalents (2) Level 2 928 928 1,177 1,177 Marketable securities (2) Level 2 60 60 185 185 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 2 380 371 380 370 2028 Senior Notes (4) Level 2 597 560 596 545 Other borrowings, including noncurrent portion (5) Level 2 19 19 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	6 Months Ended
	Jun. 30, 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 Periods, RSUs totaling 432,654 and 415,356, respectively, were granted to executives and directors at a weighted-average grant date fair value of $34.88 and $22.36 per share, respectively, and generally vest over three years. RSUs granted to directors in 2023 and 2022 vested upon grant. 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 Periods, 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 of Section 16 officers during the 2023 Period and performance-based award units totaling 426,957 were awarded to Section 16 officers during the 2022 Period. These awards generally cliff vest after three years and contain annual performance conditions for each of the three 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 three-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 6ME (in millions) 2023 2022 2023 2022 SGI awards G&A $ 4 $ 1 $ 11 $ 11 Performance-based awards for other executives G&A 10 (3) 17 12 Liabilities (in millions) Location on Balance Sheet June 30, December 31, 2022 SGI awards Accrued salaries, wages and benefits and other noncurrent liabilities $ 52 $ 92 Performance-based awards for other executives Accrued salaries, wages and benefits and other noncurrent liabilities 26 15

Other Comprehensive Income (Los

Other Comprehensive Income (Loss)	6 Months Ended
	Jun. 30, 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 $ 19 $ — $ 19 $ (33) $ — $ (33) Ownership share of equity method investees’ OCI (4) 1 (3) 21 (4) 17 Other 1 — 1 (1) — (1) Total OCI 16 1 17 (13) (4) (17) Less: OCI attributable to NCI — — — 1 — 1 OCI attributable to Fluor $ 16 $ 1 $ 17 $ (14) $ (4) $ (18) 6ME 6ME (in millions) Before-Tax Tax Net-of-Tax Before-Tax Tax Net-of-Tax OCI: Foreign currency translation adjustments $ 65 $ — $ 65 $ (4) $ — $ (4) Ownership share of equity method investees’ OCI (5) 1 (4) 21 (3) 18 Other 2 — 2 (3) 1 (2) Total OCI 62 1 63 14 (2) 12 Less: OCI attributable to NCI — — — 1 — 1 OCI attributable to Fluor $ 62 $ 1 $ 63 $ 13 $ (2) $ 11 The changes in AOCI balances follow: (in millions) Foreign Ownership Other AOCI, Net Attributable to Fluor: Balance as of March 31, 2023 $ (282) $ (26) $ (11) $ (319) OCI before reclassifications 19 (3) — 16 Amounts reclassified from AOCI — — 1 1 Net OCI 19 (3) 1 17 Balance as of June 30, 2023 $ (263) $ (29) $ (10) $ (302) 0 Attributable to NCI: 0 Balance as of March 31, 2023 $ (2) $ — $ — $ (2) OCI before reclassifications — — — — Amounts reclassified from AOCI — — — — Net OCI — — — — Balance as of June 30, 2023 $ (2) $ — $ — $ (2) (in millions) Foreign Ownership Other AOCI, Net Attributable to Fluor: Balance as of December 31, 2022 $ (328) $ (25) $ (12) $ (365) OCI before reclassifications 65 (4) — 61 Amounts reclassified from AOCI — — 2 2 Net OCI 65 (4) 2 63 Balance as of June 30, 2023 $ (263) $ (29) $ (10) $ (302) 0 Attributable to NCI: 0 Balance as of December 31, 2022 $ (2) $ — $ — $ (2) OCI before reclassifications — — — — Amounts reclassified from AOCI — — — — Net OCI — — — — Balance as of June 30, 2023 $ (2) $ — $ — $ (2) (in millions) Foreign Ownership Other AOCI, Net Attributable to Fluor: Balance as of March 31, 2022 $ (271) $ (55) $ (11) $ (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 $ (305) $ (38) $ (12) $ (355) 0 Attributable to NCI: 0 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 Other AOCI, Net Attributable to Fluor: Balance as of December 31, 2021 $ (300) $ (56) $ (10) $ (366) OCI before reclassifications (5) 10 (1) 4 Amounts reclassified from AOCI — 8 (1) 7 Net OCI (5) 18 (2) 11 Balance as of June 30, 2022 $ (305) $ (38) $ (12) $ (355) 0 Attributable to NCI: 0 Balance as of December 31, 2021 $ (3) $ — $ — $ (3) OCI before reclassifications 1 — — 1 Amounts reclassified from AOCI — — — — Net other comprehensive income (loss) 1 — — 1 Balance as of June 30, 2022 $ (2) $ — $ — $ (2) The reclassifications out of AOCI follow: Location in Statement of Operations 3ME 6ME (in millions) 2023 2022 2023 2022 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) Unrealized gain (loss) on foreign currency contracts Cost of revenue $ (1) $ (4) $ (2) $ 1 Income tax benefit Income tax expense (benefit) — 1 — — Net of tax $ (1) $ (3) $ (2) $ 1

Pay vs Performance Disclosure

Pay vs Performance Disclosure - USD ($) $ in Millions	3 Months Ended		6 Months Ended
	Jun. 30, 2023	Jun. 30, 2022	Jun. 30, 2023	Jun. 30, 2022
Pay vs Performance Disclosure
Net earnings (loss) attributable to Fluor	$ 61	$ 66	$ (46)	$ 114

Insider Trading Arrangements

Insider Trading Arrangements	3 Months Ended
	Jun. 30, 2023
Trading Arrangements, by Individual
Rule 10b5-1 Arrangement Adopted	false
Non-Rule 10b5-1 Arrangement Adopted	false
Rule 10b5-1 Arrangement Terminated	false
Non-Rule 10b5-1 Arrangement Terminated	false

Recent Accounting Pronounceme_2

Recent Accounting Pronouncements (Policies)	6 Months Ended
	Jun. 30, 2023
Accounting Standards Update and Change in Accounting Principle [Abstract]
Recent Accounting Pronouncements	We did not implement any new accounting pronouncements during the 2023 Period. However, we are evaluating the impact of the future disclosures that may arise under recent SEC and other promulgators' recently finalized rules and outstanding proposals.

Earnings Per Share (Tables)

Earnings Per Share (Tables)	6 Months Ended
	Jun. 30, 2023
Earnings Per Share [Abstract]
Schedule of Calculations of Basic and Diluted EPS	3ME 6ME (in millions, except per share amounts) 2023 2022 2023 2022 Net earnings (loss) attributable to Fluor $ 61 $ 66 $ (46) $ 114 Less: Dividends on CPS 10 10 20 20 Net earnings (loss) available to Fluor common stockholders 51 56 (66) 94 Weighted average common shares outstanding 143 142 143 142 Diluted effect: CPS 27 27 — — Stock options, RSUs and performance-based award units 2 3 — 2 Weighted average diluted shares outstanding 172 172 143 144 Basic EPS available to Fluor common stockholders $ 0.36 $ 0.40 $ (0.46) $ 0.67 Diluted EPS available to Fluor common stockholders $ 0.35 $ 0.38 $ (0.46) $ 0.66 Anti-dilutive securities not included in shares outstanding: CPS — — 27 27 Stock options, RSUs and performance-based award units 3 3 5 3

Operating Information by Segm_2

Operating Information by Segment and Geographic Area (Tables)	6 Months Ended
	Jun. 30, 2023
Segment Reporting [Abstract]
Schedule of Operating Information and Assets by Reportable Segment	3ME 6ME (in millions) 2023 2022 2023 2022 Revenue Energy Solutions $ 1,721 $ 1,330 $ 3,333 $ 2,505 Urban Solutions 1,202 1,134 2,411 2,195 Mission Solutions 705 547 1,354 1,140 Other 311 288 594 582 Total revenue $ 3,939 $ 3,299 $ 7,692 $ 6,422 Segment profit (loss) Energy Solutions $ 89 $ 65 $ 178 $ 119 Urban Solutions 76 12 55 29 Mission Solutions 40 28 47 86 Other (14) 3 (104) (11) Total segment profit $ 191 $ 108 $ 176 $ 223 G&A (60) (45) (121) (117) Impairment — — — 63 Foreign currency gain (loss) (44) 36 (86) 18 Interest income (expense), net 37 (1) 78 (10) Earnings (loss) attributable to NCI 7 7 (16) 14 Earnings before taxes $ 131 $ 105 $ 31 $ 191 Intercompany revenue for our professional staffing business, excluded from revenue above $ 74 $ 61 $ 143 $ 121 Other . Segment profit (loss) for NuScale, Stork and AMECO follows: 3ME 6ME (in millions) 2023 2022 2023 2022 NuScale (1) $ (23) $ (8) $ (52) $ (29) Stork 9 8 10 12 AMECO — 3 (62) 6 Segment profit (loss) $ (14) $ 3 $ (104) $ (11) (1) As of June 30, 2023, we had an approximate 56% ownership in NuScale. Total assets by segment are as follows: (in millions) June 30, December 31, Energy Solutions $ 1,146 $ 967 Urban Solutions 1,162 1,170 Mission Solutions 543 485 Other 574 583 Corporate 3,331 3,622 Total assets $ 6,756 $ 6,827
Schedule of Operating Information by Geographic Area	Revenue by project location follows: 3ME 6ME (in millions) 2023 2022 2023 2022 North America $ 2,762 $ 2,101 $ 5,413 $ 4,009 Asia Pacific (includes Australia) 436 203 761 452 Europe 530 595 1,042 1,145 Central and South America 177 356 398 707 Middle East and Africa 34 44 78 109 Total revenue $ 3,939 $ 3,299 $ 7,692 $ 6,422

Income Taxes (Tables)

Income Taxes (Tables)	6 Months Ended
	Jun. 30, 2023
Income Tax Disclosure [Abstract]
Schedule of Effective Income Tax Rate	A reconciliation of U.S. statutory federal income tax expense to income tax expense follows: 3ME 6ME (In millions) 2023 2022 2023 2022 U.S statutory federal income tax expense $ 27 $ 22 $ 6 $ 40 Increase (decrease) in taxes resulting from: State and local income taxes, net of federal income tax effects — 1 (2) 1 Valuation allowance, net 23 20 75 35 Foreign tax impacts 8 (13) 16 (10) Noncontrolling interest (1) (2) 3 (3) Sale of AMECO South America — — (10) — Other adjustments 6 4 5 — Total income tax expense $ 63 $ 32 $ 93 $ 63

Contract Assets and Liabiliti_2

Contract Assets and Liabilities (Tables)	6 Months Ended
	Jun. 30, 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) June 30, 2023 December 31, 2022 Information about contract assets: Contract assets Unbilled receivables - reimbursable contracts $ 849 $ 738 Contract work in progress - lump-sum contracts 183 177 Contract assets $ 1,032 $ 915 Advance billings deducted from contract assets $ 211 $ 220 6ME (in millions) 2023 2022 Information about contract liabilities: Revenue recognized that was included in contract liabilities as of January 1 $ 471 $ 741

Remaining Unsatisfied Perform_2

Remaining Unsatisfied Performance Obligations (Tables)	6 Months Ended
	Jun. 30, 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) June 30, 2023 Within 1 year $ 13,212 1 to 2 years 7,445 Thereafter 3,729 Total RUPO $ 24,386

Debt and Letters of Credit (Tab

Debt and Letters of Credit (Tables)	6 Months Ended
	Jun. 30, 2023
Debt Disclosure [Abstract]
Schedule of Debt	Debt consisted of the following: (in millions) June 30, 2023 December 31, 2022 Borrowings under credit facility $ — $ — Current: 2023 Notes $ — $ 138 Other borrowings 17 14 Total current $ 17 $ 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 (2) (3) Other long-term borrowings 2 2 Total long-term $ 979 $ 978

Fair Value Measurements (Tables

Fair Value Measurements (Tables)	6 Months Ended
	Jun. 30, 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: June 30, 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) $ 13 $ 13 $ — $ — $ 10 $ 10 $ — $ — Derivative assets (2) Foreign currency 7 — 7 — 9 — 9 — Commodity 1 — 1 — 4 — 4 — Liabilities: SMR warrants (3) $ 30 $ 16 $ 14 $ — $ 38 $ 21 $ 17 $ — Derivative liabilities (2) Foreign currency 4 — 4 — 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.
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, 2023 December 31, 2022 (in millions) Fair Value Carrying Fair Carrying Fair Assets: Cash (1) Level 1 $ 1,334 $ 1,334 $ 1,262 $ 1,262 Cash equivalents (2) Level 2 928 928 1,177 1,177 Marketable securities (2) Level 2 60 60 185 185 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 2 380 371 380 370 2028 Senior Notes (4) Level 2 597 560 596 545 Other borrowings, including noncurrent portion (5) Level 2 19 19 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)	6 Months Ended
	Jun. 30, 2023
Share-Based Payment Arrangement [Abstract]
Schedule of 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
Schedule of Disclosure of Compensation Arrangements by Share-based Payment Award	Location in Statement of Operations 3ME 6ME (in millions) 2023 2022 2023 2022 SGI awards G&A $ 4 $ 1 $ 11 $ 11 Performance-based awards for other executives G&A 10 (3) 17 12 Liabilities (in millions) Location on Balance Sheet June 30, December 31, 2022 SGI awards Accrued salaries, wages and benefits and other noncurrent liabilities $ 52 $ 92 Performance-based awards for other executives Accrued salaries, wages and benefits and other noncurrent liabilities 26 15

Other Comprehensive Income (L_2

Other Comprehensive Income (Loss) (Tables)	6 Months Ended
	Jun. 30, 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 $ 19 $ — $ 19 $ (33) $ — $ (33) Ownership share of equity method investees’ OCI (4) 1 (3) 21 (4) 17 Other 1 — 1 (1) — (1) Total OCI 16 1 17 (13) (4) (17) Less: OCI attributable to NCI — — — 1 — 1 OCI attributable to Fluor $ 16 $ 1 $ 17 $ (14) $ (4) $ (18) 6ME 6ME (in millions) Before-Tax Tax Net-of-Tax Before-Tax Tax Net-of-Tax OCI: Foreign currency translation adjustments $ 65 $ — $ 65 $ (4) $ — $ (4) Ownership share of equity method investees’ OCI (5) 1 (4) 21 (3) 18 Other 2 — 2 (3) 1 (2) Total OCI 62 1 63 14 (2) 12 Less: OCI attributable to NCI — — — 1 — 1 OCI attributable to Fluor $ 62 $ 1 $ 63 $ 13 $ (2) $ 11
Schedule of Changes in Accumulated Other Comprehensive Income Balances by Component (After-Tax)	The changes in AOCI balances follow: (in millions) Foreign Ownership Other AOCI, Net Attributable to Fluor: Balance as of March 31, 2023 $ (282) $ (26) $ (11) $ (319) OCI before reclassifications 19 (3) — 16 Amounts reclassified from AOCI — — 1 1 Net OCI 19 (3) 1 17 Balance as of June 30, 2023 $ (263) $ (29) $ (10) $ (302) 0 Attributable to NCI: 0 Balance as of March 31, 2023 $ (2) $ — $ — $ (2) OCI before reclassifications — — — — Amounts reclassified from AOCI — — — — Net OCI — — — — Balance as of June 30, 2023 $ (2) $ — $ — $ (2) (in millions) Foreign Ownership Other AOCI, Net Attributable to Fluor: Balance as of December 31, 2022 $ (328) $ (25) $ (12) $ (365) OCI before reclassifications 65 (4) — 61 Amounts reclassified from AOCI — — 2 2 Net OCI 65 (4) 2 63 Balance as of June 30, 2023 $ (263) $ (29) $ (10) $ (302) 0 Attributable to NCI: 0 Balance as of December 31, 2022 $ (2) $ — $ — $ (2) OCI before reclassifications — — — — Amounts reclassified from AOCI — — — — Net OCI — — — — Balance as of June 30, 2023 $ (2) $ — $ — $ (2) (in millions) Foreign Ownership Other AOCI, Net Attributable to Fluor: Balance as of March 31, 2022 $ (271) $ (55) $ (11) $ (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 $ (305) $ (38) $ (12) $ (355) 0 Attributable to NCI: 0 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 Other AOCI, Net Attributable to Fluor: Balance as of December 31, 2021 $ (300) $ (56) $ (10) $ (366) OCI before reclassifications (5) 10 (1) 4 Amounts reclassified from AOCI — 8 (1) 7 Net OCI (5) 18 (2) 11 Balance as of June 30, 2022 $ (305) $ (38) $ (12) $ (355) 0 Attributable to NCI: 0 Balance as of December 31, 2021 $ (3) $ — $ — $ (3) OCI before reclassifications 1 — — 1 Amounts reclassified from AOCI — — — — Net other comprehensive income (loss) 1 — — 1 Balance as of June 30, 2022 $ (2) $ — $ — $ (2)
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 6ME (in millions) 2023 2022 2023 2022 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) Unrealized gain (loss) on foreign currency contracts Cost of revenue $ (1) $ (4) $ (2) $ 1 Income tax benefit Income tax expense (benefit) — 1 — — Net of tax $ (1) $ (3) $ (2) $ 1

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, 2023	Jun. 30, 2022	Jun. 30, 2023	Jun. 30, 2022
Income Amounts Attributable to Parent, Disclosures [Abstract]
Net earnings (loss) attributable to Fluor	$ 61	$ 66	$ (46)	$ 114
Less: Dividends on CPS	10	10	20	20
Net earnings (loss) available to Fluor common stockholders, basic	$ 51	$ 56	$ (66)	$ 94
Weighted average common shares outstanding (shares)	143	142	143	142
Diluted effect:
CPS (in shares)	27	27	0	0
Stock options, RSUs performance-based award units (in shares)	2	3	0	2
Weighted average diluted shares outstanding (in shares)	172	172	143	144
EPS available to Fluor common stockholders, basic (in dollars per share)	$ 0.36	$ 0.40	$ (0.46)	$ 0.67
EPS available to Fluor common stockholders, diluted (in dollars per share)	$ 0.35	$ 0.38	$ (0.46)	$ 0.66

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, 2023	Jun. 30, 2022	Jun. 30, 2023	Jun. 30, 2022
CPS
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]
Anti-dilutive securities not included above (in shares)	0	0	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 included above (in shares)	3	3	5	3

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, 2023	Jun. 30, 2022	Jun. 30, 2023	Jun. 30, 2022
Segment Reporting Information [Line Items]
Total revenue	$ 3,939	$ 3,299	$ 7,692	$ 6,422
Total segment profit	94	106	(47)	201
G&A	(60)	(45)	(121)	(117)
Impairment	0	0	0	63
Foreign currency gain (loss)	(44)	36	(86)	18
Earnings before taxes	131	105	31	191
Continuing Operations
Segment Reporting Information [Line Items]
G&A	(60)	(45)	(121)	(117)
Impairment	0	0	0	63
Foreign currency gain (loss)	(44)	36	(86)	18
Interest income (expense), net	37	(1)	78	(10)
Earnings (loss) attributable to NCI	7	7	(16)	14
Earnings before taxes	131	105	31	191
Continuing Operations | Reportable Segments
Segment Reporting Information [Line Items]
Total revenue	3,939	3,299	7,692	6,422
Total segment profit	191	108	176	223
Continuing Operations | Consolidation, Eliminations
Segment Reporting Information [Line Items]
Total revenue	74	61	143	121
Continuing Operations | Energy Solutions | Reportable Segments
Segment Reporting Information [Line Items]
Total revenue	1,721	1,330	3,333	2,505
Total segment profit	89	65	178	119
Continuing Operations | Urban Solutions | Reportable Segments
Segment Reporting Information [Line Items]
Total revenue	1,202	1,134	2,411	2,195
Total segment profit	76	12	55	29
Continuing Operations | Mission Solutions | Reportable Segments
Segment Reporting Information [Line Items]
Total revenue	705	547	1,354	1,140
Total segment profit	40	28	47	86
Continuing Operations | Other | Reportable Segments
Segment Reporting Information [Line Items]
Total revenue	311	288	594	582
Total segment profit	$ (14)	$ 3	$ (104)	$ (11)

Operating Information by Segm_4

Operating Information by Segment and Geographic Area - Narrative (Details) - USD ($) $ / shares in Units, $ in Millions	3 Months Ended			6 Months Ended
	Jun. 30, 2023	Mar. 31, 2023	Jun. 30, 2022	Jun. 30, 2023	Jun. 30, 2022
Disposal Group, Not Discontinued Operations | AMECO
Segment Reporting Information [Line Items]
Proceeds from divestiture of businesses		$ 144
Cash divestiture		17
Loss on sale		60
AMECO divestiture, negative impact on earnings from foreign currency translation		$ 35
Energy Solutions
Segment Reporting Information [Line Items]
Expense from embedded foreign currency derivatives	$ 8		$ 17	$ 47	$ 4
Energy Solutions | Chemicals Project
Segment Reporting Information [Line Items]
Effect of forecast revision on estimated project cost	$ 74			$ 74
Effect of forecast revision on estimated project cost (in dollars per share)	$ 0.31			$ 0.31
Energy Solutions | Upstream Project
Segment Reporting Information [Line Items]
Effect of forecast revision on estimated project cost	$ 34			$ 34
Effect of forecast revision on estimated project cost (in dollars per share)	$ 0.20			$ 0.20
Energy Solutions | Large LNG Project
Segment Reporting Information [Line Items]
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
Segment Reporting Information [Line Items]
Effect of forecast revision on estimated project cost			$ 32		$ 32
Effect of forecast revision on estimated project cost (in dollars per share)			$ 0.14		$ 0.14
Urban Solutions | LAX Automated People Mover Project
Segment Reporting Information [Line Items]
Effect of forecast revision on estimated project cost				$ 59
Effect of forecast revision on estimated project cost (in dollars per share)				$ 0.34
Mission Solutions | Weapons Facility Project
Segment Reporting Information [Line Items]
Effect of forecast revision on estimated project cost				$ 30
Effect of forecast revision on estimated project cost (in dollars per share)				$ 0.17

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, 2023	Jun. 30, 2022	Jun. 30, 2023	Jun. 30, 2022
Segment Reporting Information [Line Items]
Total segment profit	$ 94	$ 106	$ (47)	$ 201
Fluor Corporation | NuScale | Disposal Group, Not Discontinued Operations
Segment Reporting Information [Line Items]
Entity's interest in partnership or joint venture (percent)	56%		56%
Reportable Segments | Continuing Operations
Segment Reporting Information [Line Items]
Total segment profit	$ 191	108	$ 176	223
Reportable Segments | Other | Continuing Operations
Segment Reporting Information [Line Items]
Total segment profit	(14)	3	(104)	(11)
Reportable Segments | Other | NuScale | Continuing Operations
Segment Reporting Information [Line Items]
Total segment profit	(23)	(8)	(52)	(29)
Reportable Segments | Other | Stork | Continuing Operations
Segment Reporting Information [Line Items]
Total segment profit	9	8	10	12
Reportable Segments | Other | AMECO | Continuing Operations
Segment Reporting Information [Line Items]
Total segment profit	$ 0	$ 3	$ (62)	$ 6

Operating Information by Segm_6

Operating Information by Segment and Geographic Area - Total Assets (Details) - USD ($) $ in Millions	Jun. 30, 2023	Dec. 31, 2022
Segment Reporting Information [Line Items]
Total assets	$ 6,756	$ 6,827
Reportable Segments | Energy Solutions
Segment Reporting Information [Line Items]
Total assets	1,146	967
Reportable Segments | Urban Solutions
Segment Reporting Information [Line Items]
Total assets	1,162	1,170
Reportable Segments | Mission Solutions
Segment Reporting Information [Line Items]
Total assets	543	485
Reportable Segments | Other
Segment Reporting Information [Line Items]
Total assets	574	583
Corporate
Segment Reporting Information [Line Items]
Total assets	$ 3,331	$ 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		6 Months Ended
	Jun. 30, 2023	Jun. 30, 2022	Jun. 30, 2023	Jun. 30, 2022
Revenues from External Customers and Long-Lived Assets [Line Items]
Total revenue	$ 3,939	$ 3,299	$ 7,692	$ 6,422
North America
Revenues from External Customers and Long-Lived Assets [Line Items]
Total revenue	2,762	2,101	5,413	4,009
Asia Pacific (includes Australia)
Revenues from External Customers and Long-Lived Assets [Line Items]
Total revenue	436	203	761	452
Europe
Revenues from External Customers and Long-Lived Assets [Line Items]
Total revenue	530	595	1,042	1,145
Central and South America
Revenues from External Customers and Long-Lived Assets [Line Items]
Total revenue	177	356	398	707
Middle East and Africa
Revenues from External Customers and Long-Lived Assets [Line Items]
Total revenue	$ 34	$ 44	$ 78	$ 109

Impairment - Narrative (Details

Impairment - Narrative (Details) $ in Millions	6 Months Ended
	Jun. 30, 2022 USD ($)
Stork and AMECO | Energy Solutions
Restructuring [Line Items]
Assets, fair value adjustment	$ (63)

Income Taxes - Narrative (Detai

Income Taxes - Narrative (Details)	3 Months Ended		6 Months Ended
	Jun. 30, 2023	Jun. 30, 2022	Jun. 30, 2023	Jun. 30, 2022
Income Tax Disclosure [Abstract]
Effective tax rate, continuing operations (as a percent)	47.90%	30.70%	302.70%	32.80%

Income Taxes - Income Tax Expen

Income Taxes - Income Tax Expense (Benefit) Reconciliation (Details) - USD ($) $ in Millions	3 Months Ended		6 Months Ended
	Jun. 30, 2023	Jun. 30, 2022	Jun. 30, 2023	Jun. 30, 2022
Income Tax Disclosure [Abstract]
U.S statutory federal income tax expense	$ 27	$ 22	$ 6	$ 40
Increase (decrease) in taxes resulting from:
State and local income taxes, net of federal income tax effects	0	1	(2)	1
Valuation allowance, net	23	20	75	35
Foreign tax impacts	8	(13)	16	(10)
Noncontrolling interest	(1)	(2)	3	(3)
Sale of AMECO South America	0	0	(10)	0
Other adjustments	6	4	5	0
Total income tax expense	$ 63	$ 32	$ 93	$ 63

Partnerships and Joint Ventur_2

Partnerships and Joint Ventures (Details) - USD ($) $ in Millions	Jun. 30, 2023	Dec. 31, 2022
Variable interest entity information
Other accrued liabilities	$ 764	$ 679
Variable Interest Entity, Not Primary Beneficiary
Variable interest entity information
Other accrued liabilities	6
Net ( liability) assets		46
Variable Interest Entity, Not Primary Beneficiary | Future funding commitment
Variable interest entity information
Commitment amount	57
Accrued liabilities | Related Party
Variable interest entity information
Investments loss position in other accrued liabilities	428	312
Accounts and notes receivable, net | Variable Interest Entity, Not Primary Beneficiary | Related Party
Variable interest entity information
Accounts receivable, net	$ 178	$ 185

Guarantees (Details)

Guarantees (Details) - USD ($)	Jun. 30, 2023	Dec. 31, 2022
Guarantees
Performance guarantee obligation not material	$ 0	$ 0
Performance Guarantee
Guarantees
Estimated performance guarantees outstanding	$ 12,000,000,000

Commitments and Contingencies (

Commitments and Contingencies (Details) $ in Millions			1 Months Ended
	Aug. 23, 2019 USD ($)	Dec. 13, 2016 AUD ($) claim	Mar. 31, 2023 referee	Oct. 31, 2022 USD ($)	Sep. 30, 2018 action	Jun. 30, 2023 USD ($)	Aug. 31, 2019 USD ($)	Aug. 12, 2016 USD ($)
Loss Contingencies [Line Items]
Number of actions filed | action					11
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 | Santos Ltd
Loss Contingencies [Line Items]
Damages sought		$ 1,470
Loss contingency, trial or alternative dispute resolution, number of referees apointed | referee			3
Estimate of possible loss		$ 236
Pending litigation | Sadara Chemical Company
Loss Contingencies [Line Items]
Damages sought	$ 100,000,000
Estimate of possible loss	$ 574,000,000
Pending litigation | Fluor/TECHINT
Loss Contingencies [Line Items]
Estimate of possible loss						$ 364,000,000		$ 250,000,000
Pending litigation | North Texas Tollway Authority
Loss Contingencies [Line Items]
Damages sought				$ 100,000,000
Pending litigation | Santos Ltd Claim 1
Loss Contingencies [Line Items]
Number of claims | claim		1
Loss contingency, panel referred damages awarded from other party, value		$ 700
Pending litigation | Santos Ltd Claim 2
Loss Contingencies [Line Items]
Loss contingency, panel referred damages awarded from other party, value		$ 790

Contract Assets and Liabiliti_3

Contract Assets and Liabilities (Details) - USD ($) $ in Millions	6 Months Ended
	Jun. 30, 2023	Jun. 30, 2022	Dec. 31, 2022
Contract assets
Unbilled receivables - reimbursable contracts	$ 849		$ 738
Contract work in progress - lump-sum contracts	183		177
Contract assets	1,032		915
Advance billings deducted from contract assets	211		220
Information about contract liabilities:
Revenue recognized that was included in contract liabilities as of January 1	471	$ 741
Claim revenue for costs	586		498
Construction contract cost, subcontractor	$ 20		$ 0

Remaining Unsatisfied Perform_3

Remaining Unsatisfied Performance Obligations (Details) $ in Millions	Jun. 30, 2023 USD ($)
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction [Line Items]
Remaining performance obligation	$ 24,386
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Start Date [Axis]: 2024-07-01
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction [Line Items]
Remaining performance obligation, period (in years)	6 months
Remaining performance obligation	$ 13,212
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Start Date [Axis]: 2025-01-01
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction [Line Items]
Remaining performance obligation, period (in years)	1 year
Remaining performance obligation	$ 7,445
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Start Date [Axis]: 2026-01-01
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction [Line Items]
Remaining performance obligation, period (in years)
Remaining performance obligation	$ 3,729

Debt and Letters of Credit - Sc

Debt and Letters of Credit - Schedule of Debt (Details) - USD ($) $ in Millions	Jun. 30, 2023	Dec. 31, 2022
Current:
Short-term debt and current portion of long-term debt	$ 17	$ 152
Long-term:
Borrowings under credit facility	0	0
Long-term debt	979	978
Other long-term borrowings	2	2
Total long-term	979	978
2023 Notes
Current:
Short-term debt and current portion of long-term debt	0	138
Other borrowings
Current:
Short-term debt and current portion of long-term debt	17	14
2024 Notes
Long-term:
Long-term debt	381	381
Unamortized discount	(1)	(1)
Unamortized deferred financing costs	0	0
2028 Notes
Long-term:
Long-term debt	600	600
Unamortized discount	(1)	(1)
Unamortized deferred financing costs	$ (2)	$ (3)

Debt and Letters of Credit - Na

Debt and Letters of Credit - Narrative (Details) € in Millions, $ in Millions	1 Months Ended	6 Months Ended
	Jan. 31, 2023 EUR (€)	Jun. 30, 2023 USD ($)	Jun. 30, 2023 EUR (€)
2023 Notes
Financing Arrangements
Repayments of debt | €	€ 140
Repayments of debt expected in next fiscal period | €	€ 129
Lines of Credit
Financing Arrangements
Amount outstanding under credit facilities		$ 451
Lines of Credit | Committed Line of Credit
Financing Arrangements
Current borrowing capacity		776
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
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
Lines of Credit | Uncommitted Line of Credit
Financing Arrangements
Amount outstanding under credit facilities		$ 930

Convertible Preferred Stock (De

Convertible Preferred Stock (Details) $ / shares in Units, $ in Millions	1 Months Ended		3 Months Ended		6 Months Ended
	Jul. 31, 2023 USD ($)	May 31, 2023 USD ($)	Jun. 30, 2023 USD ($)	Jun. 30, 2022 USD ($)	Jun. 30, 2023 USD ($) segment $ / shares	Jun. 30, 2022 USD ($)
Class of Stock [Line Items]
Preferred stock dividends paid		$ 10
Preferred stock dividends declared amount			$ 10	$ 10	$ 19	$ 20
Preferred stock, convertible, conversion rate (in shares)			44.9585		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			$ 48		$ 48

Fair Value Measurements - Recur

Fair Value Measurements - Recurring Basis (Details) - Fair Value, Measurements, Recurring - USD ($) $ in Thousands	Jun. 30, 2023	Dec. 31, 2022
Fair value of assets and liabilities measured on recurring basis
Deferred compensation trusts	$ 13,000	$ 10,000
Foreign currency contracts
Fair value of assets and liabilities measured on recurring basis
Derivative assets	7,000	9,000
Derivative liabilities	4,000	8,000
Commodity
Fair value of assets and liabilities measured on recurring basis
Derivative assets	1,000	4,000
Derivative liabilities	1,000	1,000
SMR warrants
Fair value of assets and liabilities measured on recurring basis
Derivative liabilities	30,000	38,000
Level 1
Fair value of assets and liabilities measured on recurring basis
Deferred compensation trusts	13,000	10,000
Level 1 | SMR warrants
Fair value of assets and liabilities measured on recurring basis
Derivative liabilities	16,000	21,000
Level 2 | Foreign currency contracts
Fair value of assets and liabilities measured on recurring basis
Derivative assets	7,000	9,000
Derivative liabilities	4,000	8,000
Level 2 | Commodity
Fair value of assets and liabilities measured on recurring basis
Derivative assets	1,000	4,000
Derivative liabilities	1,000	1,000
Level 2 | SMR warrants
Fair value of assets and liabilities measured on recurring basis
Derivative liabilities	$ 14,000	$ 17,000

Fair Value Measurements - Finan

Fair Value Measurements - Financial Instruments Not Required to be Measured at Fair Value (Details) - USD ($) $ in Millions	Jun. 30, 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	$ 60	$ 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 | 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	380	380
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	597	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	19	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
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	60	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 | 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	371	370
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	560	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	19	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
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	1,334	1,262
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	1,334	1,262
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	928	1,177
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	$ 928	$ 1,177

Stock-Based Compensation - Narr

Stock-Based Compensation - Narrative (Details)	6 Months Ended
	Jun. 30, 2023 period $ / shares shares	Jun. 30, 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)	432,654	415,356
Granted, weighted average grant date fair value (in dollars per share) | $ / shares	$ 34.88	$ 22.36
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 for other executives
Stock-Based Plans
Vesting period (in years)	3 years
Performance-based awards for other executives | Executives
Stock-Based Plans
Granted (in shares)	274,755	426,957
Vesting period (in years)	3 years

Stock-Based Compensation - Sche

Stock-Based Compensation - Schedule of Performance-Based Awards Granted (Details)	6 Months Ended
	Jun. 30, 2023 $ / shares shares
2023 Performance Award Plan
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Performance-based Award Units Granted (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 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 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		6 Months Ended
	Jun. 30, 2023	Jun. 30, 2022	Jun. 30, 2023	Jun. 30, 2022	Dec. 31, 2022
SGI awards
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Liabilities associated with SGI awards	$ 52		$ 52		$ 92
SGI awards | General and Administrative Expense
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Share-based compensation expense	4	$ 1	11	$ 11
Performance-based awards for other executives
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Liabilities associated with SGI awards	26		26		$ 15
Performance-based awards for other executives | General and Administrative Expense
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Share-based compensation expense	$ 10	$ (3)	$ 17	$ 12

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, 2023	Jun. 30, 2022	Jun. 30, 2023	Jun. 30, 2022
Other comprehensive income (loss), Before-Tax Amount:
Before-Tax Amount	$ 16	$ (13)	$ 62	$ 14
Other comprehensive income (loss), Tax Benefit (Expense):
Tax Benefit (Expense)	1	(4)	1	(2)
Other comprehensive income (loss), Net-of-Tax Amount:
Total OCI, net of tax	17	(17)	63	12
Foreign currency translation adjustments
Other comprehensive income (loss), Before-Tax Amount:
Before-Tax Amount	19	(33)	65	(4)
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	19	(33)	65	(4)
Ownership share of equity method investees’ OCI
Other comprehensive income (loss), Before-Tax Amount:
Before-Tax Amount	(4)	21	(5)	21
Other comprehensive income (loss), Tax Benefit (Expense):
Tax Benefit (Expense)	1	(4)	1	(3)
Other comprehensive income (loss), Net-of-Tax Amount:
Total OCI, net of tax	(3)	17	(4)	18
Less: OCI attributable to NCI
Other comprehensive income (loss), Before-Tax Amount:
Before-Tax Amount	0	1	0	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	0	1	0	1
AOCI
Other comprehensive income (loss), Before-Tax Amount:
Before-Tax Amount	16	(14)	62	13
Other comprehensive income (loss), Tax Benefit (Expense):
Tax Benefit (Expense)	1	(4)	1	(2)
Other comprehensive income (loss), Net-of-Tax Amount:
Total OCI, net of tax	17	(18)	63	11
Other
Other comprehensive income (loss), Before-Tax Amount:
Before-Tax Amount	1	(1)	2	(3)
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	$ 1	$ (1)	$ 2	$ (2)

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, 2023	Jun. 30, 2022	Jun. 30, 2023	Jun. 30, 2022
Changes in AOCI balances by component (after-tax)
Balance, beginning of year	$ 1,907	$ 1,645	$ 1,996	$ 1,567
Total OCI, net of tax	17	(17)	63	12
Balance, end of year	1,970	1,694	1,970	1,694
Attributable to Fluor:
Changes in AOCI balances by component (after-tax)
Balance, beginning of year	(319)	(337)	(365)	(366)
OCI before reclassifications	16	(28)	61	4
Amounts reclassified from AOCI	1	10	2	7
Total OCI, net of tax	17	(18)	63	11
Balance, end of year	(302)	(355)	(302)	(355)
Foreign Currency Translation
Changes in AOCI balances by component (after-tax)
Balance, beginning of year	(282)	(271)	(328)	(300)
OCI before reclassifications	19	(34)	65	(5)
Amounts reclassified from AOCI	0	0	0	0
Total OCI, net of tax	19	(34)	65	(5)
Balance, end of year	(263)	(305)	(263)	(305)
Ownership Share of Equity Method Investees’ OCI
Changes in AOCI balances by component (after-tax)
Balance, beginning of year	(26)	(55)	(25)	(56)
OCI before reclassifications	(3)	10	(4)	10
Amounts reclassified from AOCI	0	7	0	8
Total OCI, net of tax	(3)	17	(4)	18
Balance, end of year	(29)	(38)	(29)	(38)
Other
Changes in AOCI balances by component (after-tax)
Balance, beginning of year	(11)	(11)	(12)	(10)
OCI before reclassifications	0	(4)	0	(1)
Amounts reclassified from AOCI	1	3	2	(1)
Total OCI, net of tax	1	(1)	2	(2)
Balance, end of year	(10)	(12)	(10)	(12)
Attributable to NCI:
Changes in AOCI balances by component (after-tax)
Balance, beginning of year	(2)	(3)	(2)	(3)
OCI before reclassifications	0	1	0	1
Amounts reclassified from AOCI	0	0	0	0
Total OCI, net of tax	0	1	0	1
Balance, end of year	(2)	(2)	(2)	(2)
Foreign Currency Translation
Changes in AOCI balances by component (after-tax)
Balance, beginning of year	(2)	(3)	(2)	(3)
OCI before reclassifications	0	1	0	1
Amounts reclassified from AOCI	0	0	0	0
Total OCI, net of tax	0	1	0	1
Balance, end of year	(2)	(2)	(2)	(2)
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
Other
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 Millions	3 Months Ended		6 Months Ended
	Jun. 30, 2023	Jun. 30, 2022	Jun. 30, 2023	Jun. 30, 2022
Reclassifications out of accumulated other comprehensive income (loss)
Income tax expense (benefit)	$ (63)	$ (32)	$ (93)	$ (63)
Net earnings (loss)	68	73	(62)	128
Reclassified out of AOCI | Ownership share of equity method investees’ OCI
Reclassifications out of accumulated other comprehensive income (loss)
Cost of revenue	0	(7)	0	(8)
Income tax expense (benefit)	0	0	0	0
Net earnings (loss)	0	(7)	0	(8)
Reclassified out of AOCI | Unrealized Gain (Loss) on Hedges
Reclassifications out of accumulated other comprehensive income (loss)
Income tax expense (benefit)	0	1	0	0
Net earnings (loss)	(1)	(3)	(2)	1
Reclassified out of AOCI | Unrealized Gain (Loss) on Hedges | Unrealized gain (loss) on foreign currency contracts
Reclassifications out of accumulated other comprehensive income (loss)
Cost of revenue	$ (1)	$ (4)	$ (2)	$ 1