Cover
Cover - shares | 6 Months Ended | |
Jun. 30, 2024 | Jul. 31, 2024 | |
Cover [Abstract] | ||
Document Type | 10-Q | |
Document Quarterly Report | true | |
Document Period End Date | Jun. 30, 2024 | |
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, $.01 par value per share | |
Trading Symbol | FLR | |
Security Exchange Name | NYSE | |
Entity Current Reporting Status | Yes | |
Entity Interactive Data Current | Yes | |
Entity Filer Category | Large Accelerated Filer | |
Entity Small Business | false | |
Entity Emerging Growth Company | false | |
Entity Shell Company | false | |
Entity Common Stock, Shares Outstanding | 171,288,056 | |
Entity Central Index Key | 0001124198 | |
Amendment Flag | false | |
Current Fiscal Year End Date | --12-31 | |
Document Fiscal Year Focus | 2024 | |
Document Fiscal Period Focus | Q2 |
CONDENSED CONSOLIDATED STATEMEN
CONDENSED CONSOLIDATED STATEMENT OF OPERATIONS - USD ($) $ in Millions | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2024 | Jun. 30, 2023 | Jun. 30, 2024 | Jun. 30, 2023 | |
Income Statement [Abstract] | ||||
Revenue | $ 4,227 | $ 3,939 | $ 7,961 | $ 7,692 |
Cost of revenue | (4,049) | (3,741) | (7,683) | (7,532) |
Gross profit | 178 | 198 | 278 | 160 |
G&A | (50) | (60) | (110) | (121) |
Foreign currency gain (loss) | 48 | (44) | 60 | (86) |
Operating profit (loss) | 176 | 94 | 228 | (47) |
Interest expense | (11) | (16) | (23) | (32) |
Interest income | 49 | 53 | 100 | 110 |
Earnings before taxes | 214 | 131 | 305 | 31 |
Income tax expense | (61) | (63) | (111) | (93) |
Net earnings (loss) | 153 | 68 | 194 | (62) |
Less: Net earnings (loss) attributable to NCI | (16) | 7 | (34) | (16) |
Net earnings (loss) attributable to Fluor | 169 | 61 | 228 | (46) |
Less: Dividends on CPS | 0 | 10 | 0 | 20 |
Net earnings available to Fluor common stockholders, basic | 169 | 51 | 228 | (66) |
Net earnings available to Fluor common stockholders, diluted | $ 169 | $ 51 | $ 228 | $ (66) |
Basic EPS available to Fluor common stockholders (in dollars per share) | $ 0.99 | $ 0.36 | $ 1.33 | $ (0.46) |
Diluted EPS available to Fluor common stockholders (in dollars per share) | $ 0.97 | $ 0.35 | $ 1.32 | $ (0.46) |
CONDENSED CONSOLIDATED STATEM_2
CONDENSED CONSOLIDATED STATEMENT OF COMPREHENSIVE INCOME (LOSS) - USD ($) $ in Millions | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2024 | Jun. 30, 2023 | Jun. 30, 2024 | Jun. 30, 2023 | |
Statement of Comprehensive Income [Abstract] | ||||
Net earnings (loss) | $ 153 | $ 68 | $ 194 | $ (62) |
OCI, net of tax: | ||||
Foreign currency translation adjustment | (5) | 19 | (49) | 65 |
Ownership share of equity method investees’ OCI | (3) | (3) | (4) | (4) |
Other | 0 | 1 | (5) | 2 |
Total OCI, net of tax | (8) | 17 | (58) | 63 |
Comprehensive income | 145 | 85 | 136 | 1 |
Less: Comprehensive income (loss) attributable to NCI | (15) | 7 | (33) | (16) |
Comprehensive income attributable to Fluor | $ 160 | $ 78 | $ 169 | $ 17 |
CONDENSED CONSOLIDATED BALANCE
CONDENSED CONSOLIDATED BALANCE SHEET - USD ($) $ in Millions | Jun. 30, 2024 | Dec. 31, 2023 |
Current assets | ||
Cash and cash equivalents ($526 and $491 related to VIEs) | $ 2,629 | $ 2,519 |
Marketable securities | 79 | 69 |
Accounts receivable, net ($129 and $135 related to VIEs) | 1,021 | 1,137 |
Contract assets ($194 and $171 related to VIEs) | 976 | 991 |
Other current assets ($47 and $50 related to VIEs) | 312 | 347 |
Total current assets | 5,017 | 5,063 |
Noncurrent assets | ||
Property, plant and equipment, net ($49 and $41 related to VIEs) | 467 | 458 |
Investments | 614 | 614 |
Deferred taxes | 31 | 51 |
Deferred compensation trusts | 214 | 241 |
Goodwill | 206 | 206 |
Other assets ($81 and $127 related to VIEs) | 262 | 340 |
Total noncurrent assets | 1,794 | 1,910 |
Total assets | 6,811 | 6,973 |
Current liabilities | ||
Accounts payable ($296 and $285 related to VIEs) | 1,112 | 1,214 |
Contract liabilities ($331 and $276 related to VIEs) | 696 | 639 |
Accrued salaries, wages and benefits ($23 and $25 related to VIEs) | 573 | 653 |
Other accrued liabilities ($73 and $73 related to VIEs) | 456 | 657 |
Total current liabilities | 2,837 | 3,163 |
Long-term debt | 1,136 | 1,158 |
Deferred taxes | 99 | 70 |
Other noncurrent liabilities ($21 and $20 related to VIEs) | 496 | 530 |
Commitments and contingencies | ||
Shareholders’ equity | ||
Common stock — authorized 375,000,000 shares ($0.01 par value); issued and outstanding — 171,281,080 and 170,405,512 shares in 2024 and 2023, respectively | 2 | 2 |
APIC | 1,262 | 1,228 |
AOCI | (329) | (269) |
Retained earnings | 1,207 | 979 |
Total shareholders’ equity | 2,142 | 1,940 |
NCI | 101 | 112 |
Total equity | 2,243 | 2,052 |
Total liabilities and equity | $ 6,811 | $ 6,973 |
CONDENSED CONSOLIDATED BALANC_2
CONDENSED CONSOLIDATED BALANCE SHEET (Parenthetical) - USD ($) $ in Millions | Jun. 30, 2024 | Dec. 31, 2023 |
CURRENT ASSETS, VIEs | ||
Cash and cash equivalents | $ 2,629 | $ 2,519 |
Accounts receivable, net | 1,021 | 1,137 |
Contract assets | 976 | 991 |
Other current assets | 312 | 347 |
NONCURRENT ASSETS, VIEs | ||
Property, plant and equipment, net | 467 | 458 |
Other assets | 262 | 340 |
CURRENT LIABILITIES, VIEs | ||
Accounts payable | 1,112 | 1,214 |
Contract liabilities | 696 | 639 |
Accrued salaries, wages and benefits | 573 | 653 |
Other accrued liabilities | $ 456 | $ 657 |
Stockholders' Equity Attributable to Parent [Abstract] | ||
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) | 171,281,080 | 170,405,512 |
Common stock shares outstanding (in shares) | 171,281,080 | 170,405,512 |
Variable Interest Entity, Primary Beneficiary | ||
CURRENT ASSETS, VIEs | ||
Cash and cash equivalents | $ 526 | $ 491 |
Accounts receivable, net | 129 | 135 |
Contract assets | 194 | 171 |
Other current assets | 47 | 50 |
NONCURRENT ASSETS, VIEs | ||
Property, plant and equipment, net | 49 | 41 |
Other assets | 81 | 127 |
CURRENT LIABILITIES, VIEs | ||
Accounts payable | 296 | 285 |
Contract liabilities | 331 | 276 |
Accrued salaries, wages and benefits | 23 | 25 |
Other accrued liabilities | 73 | 73 |
Other noncurrent liabilities | $ 21 | $ 20 |
CONDENSED CONSOLIDATED STATEM_3
CONDENSED CONSOLIDATED STATEMENT OF CASH FLOWS - USD ($) $ in Millions | 6 Months Ended | |
Jun. 30, 2024 | Jun. 30, 2023 | |
OPERATING CASH FLOW | ||
Net earnings (loss) | $ 194 | $ (62) |
Adjustments to reconcile net earnings to operating cash flow: | ||
Depreciation and amortization | 34 | 37 |
Earnings from equity method investments, net of distributions | (2) | (9) |
(Gain) loss on sales of assets | (14) | 58 |
Stock-based compensation | 20 | 24 |
Deferred taxes | 22 | 10 |
Changes in assets and liabilities | (86) | (162) |
Other | 3 | 5 |
Operating cash flow | 171 | (99) |
INVESTING CASH FLOW | ||
Purchases of marketable securities | (78) | (90) |
Proceeds from sales and maturities of marketable securities | 69 | 217 |
Capital expenditures | (82) | (42) |
Proceeds from sales of assets | 74 | 23 |
Investments in partnerships and joint ventures | (21) | (10) |
Other | 0 | 5 |
Investing cash flow | (38) | 103 |
FINANCING CASH FLOW | ||
Purchase and retirement of debt | (24) | (137) |
Dividends paid on CPS | 0 | (20) |
Distributions paid to NCI | (6) | (27) |
Capital contributions by NCI | 0 | 2 |
Proceeds from NuScale share issuance (net of issuance fees) | 45 | 0 |
Taxes paid on vested restricted stock | (6) | (10) |
Other | (3) | (5) |
Financing cash flow | 6 | (197) |
Effect of exchange rate changes on cash | (29) | 16 |
Increase (decrease) in cash and cash equivalents | 110 | (177) |
Cash and cash equivalents at beginning of period | 2,519 | 2,439 |
Cash and cash equivalents at end of period | 2,629 | 2,262 |
SUPPLEMENTAL INFORMATION: | ||
Cash paid for interest | 22 | 31 |
Cash paid for income taxes (net of refunds) | $ 31 | $ 70 |
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, 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) | (130) | (107) | (107) | (23) | ||||
OCI | 46 | 46 | 46 | |||||
Dividends on CPS $16.25 per share) | (9) | |||||||
Distributions to NCI, net of contributions | 1 | 1 | ||||||
Other NCI transactions | 2 | 2 | 2 | |||||
Stock-based plan activity (in shares) | 1 | |||||||
Stock-based plan activity | (8) | (8) | 1 | |||||
Balance, end of year (in shares) at Mar. 31, 2023 | 1 | 143 | ||||||
Balance, end of year at Mar. 31, 2023 | 1,907 | 1,719 | $ 0 | $ 1 | 1,257 | (319) | 780 | 188 |
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) | |||||||
OCI | 63 | |||||||
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 | |||||
Dividends on CPS $16.25 per share) | (10) | (10) | (10) | |||||
Distributions to NCI, net of contributions | (26) | (26) | ||||||
Other NCI transactions | 6 | 2 | 2 | 4 | ||||
Stock-based plan activity (in shares) | 0 | |||||||
Stock-based plan activity | 8 | 8 | 8 | 0 | ||||
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 Dec. 31, 2023 | 170 | |||||||
Balance, beginning of year at Dec. 31, 2023 | 2,052 | 1,940 | $ 2 | 1,228 | (269) | 979 | 112 | |
Increase (Decrease) in Shareholders' Equity | ||||||||
Net earnings (loss) | 40 | 59 | 59 | (19) | ||||
OCI | (50) | (50) | (50) | |||||
Distributions to NCI, net of contributions | 1 | 3 | 3 | (2) | ||||
Other NCI transactions | 2 | 0 | 0 | 2 | ||||
Stock-based plan activity | (1) | (1) | $ 1 | (1) | ||||
Balance, end of year (in shares) at Mar. 31, 2024 | 171 | |||||||
Balance, end of year at Mar. 31, 2024 | 2,044 | 1,951 | $ 2 | 1,230 | (319) | 1,038 | 93 | |
Balance, beginning of year (in shares) at Dec. 31, 2023 | 170 | |||||||
Balance, beginning of year at Dec. 31, 2023 | 2,052 | 1,940 | $ 2 | 1,228 | (269) | 979 | 112 | |
Increase (Decrease) in Shareholders' Equity | ||||||||
Net earnings (loss) | 194 | |||||||
OCI | (58) | |||||||
Balance, end of year (in shares) at Jun. 30, 2024 | 171 | |||||||
Balance, end of year at Jun. 30, 2024 | 2,243 | 2,142 | $ 2 | 1,262 | (329) | 1,207 | 101 | |
Balance, beginning of year (in shares) at Mar. 31, 2024 | 171 | |||||||
Balance, beginning of year at Mar. 31, 2024 | 2,044 | 1,951 | $ 2 | 1,230 | (319) | 1,038 | 93 | |
Increase (Decrease) in Shareholders' Equity | ||||||||
Net earnings (loss) | 153 | 169 | 169 | (16) | ||||
OCI | (8) | (10) | (10) | 2 | ||||
Distributions to NCI, net of contributions | 22 | 0 | 0 | 22 | ||||
Other NCI transactions | 23 | 23 | 23 | 0 | ||||
Stock-based plan activity | 9 | 9 | $ 0 | 9 | 0 | |||
Balance, end of year (in shares) at Jun. 30, 2024 | 171 | |||||||
Balance, end of year at Jun. 30, 2024 | $ 2,243 | $ 2,142 | $ 2 | $ 1,262 | $ (329) | $ 1,207 | $ 101 |
CONDENSED CONSOLIDATED STATEM_5
CONDENSED CONSOLIDATED STATEMENT OF CHANGES IN EQUITY (Parenthetical) - $ / shares | 3 Months Ended | |
Jun. 30, 2023 | Mar. 31, 2023 | |
Statement of Stockholders' Equity [Abstract] | ||
Dividends on CPS (in dollars per share) | $ 16.25 | $ 16.25 |
Principles of Consolidation
Principles of Consolidation | 6 Months Ended |
Jun. 30, 2024 | |
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 2023 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, 2024 through the filing date of this Q2 2024 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, 2024 | |
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 2024 Quarter. 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, some of which may require new disclosures beginning with our next 10-K filing. During 2023, the FASB issued ASU 2023-05, which requires certain joint ventures to apply a new basis of accounting upon formation by recognizing and initially measuring most of their assets and liabilities at fair value. The guidance does not apply to joint ventures that may be proportionately consolidated and those that are collaborative arrangements. ASU 2023-05 is effective for joint ventures with a formation date on or after January 1, 2025. We do not expect this ASU will have a material impact on our financial statements. During 2023, the FASB issued ASU 2023-07, which requires us to disclose significant segment expenses and other segment items. ASU 2023-07 will be applied retrospectively and is first effective for our annual reporting for 2024 and for quarterly reporting beginning in 2025. We are currently evaluating the impact this ASU will have on our financial statements, but do not expect it to have any impact to our consolidated results. During 2023, the FASB issued ASU 2023-09, which requires us to disclose income taxes paid, net of refunds, disaggregated by federal, state and foreign taxes and to provide more details in our rate reconciliation about items that meet a quantitative threshold. ASU 2023-09 is first effective for our annual reporting for 2025. We are currently evaluating the impact this ASU will have on our financial statements, but do not expect it to have any impact to our consolidated results. At its June 2024 meeting, the FASB discussed feedback received from stakeholders on proposed targeted improvements to the guidance on internal use software, which requires entities to use judgment in evaluating when to recognize software costs. An ASU is expected to be issued in late 2024. |
Earnings Per Share
Earnings Per Share | 6 Months Ended |
Jun. 30, 2024 | |
Earnings Per Share [Abstract] | |
Earnings Per Share | Earnings Per Share Potentially dilutive securities include CPS, convertible debt, 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) 2024 2023 2024 2023 Net earnings (loss) attributable to Fluor $ 169 $ 61 $ 228 $ (46) Less: Dividends on CPS — 10 — 20 Net earnings (loss) available to Fluor common stockholders 169 51 228 (66) Weighted average common shares outstanding 171 143 171 143 Diluted effect: CPS — 27 — — Stock options, RSUs and performance-based award units 3 2 2 — Convertible debt (1) — — — — Weighted average diluted shares outstanding 174 172 173 143 Basic EPS available to Fluor common stockholders $ 0.99 $ 0.36 $ 1.33 $ (0.46) Diluted EPS available to Fluor common stockholders $ 0.97 $ 0.35 $ 1.32 $ (0.46) Anti-dilutive securities not included in shares outstanding: CPS — — — 27 Stock options, RSUs and performance-based award units 2 3 2 5 Stock delivered under capped call options (2) — — — — (1) Holders of our 2029 Notes may convert their notes at a conversion price of $45.37 per share when the stock price exceeds $58.98 for 20 of the last 30 days preceding quarter end. Upon conversion, we will repay the principal amount of the notes in cash and may elect to convey the conversion premium in cash, shares of our common stock or a combination of both. The conversion feature of our 2029 Notes will have a dilutive impact on EPS when the average market price of our common stock exceeds the conversion price of $45.37 per share for the quarter. During the 2024 Quarter, the weighted average price per share of our common stock was less than $45.37. (2) Diluted shares outstanding does not include the impact of the capped call options we entered into concurrently with the issuance of the 2029 Notes, as the effect is always anti-dilutive. If shares are delivered to us under the capped calls, those shares will offset the dilutive effect of the shares that we would issue upon conversion of the 2029 Notes. |
Operating Information by Segmen
Operating Information by Segment and Geographic Area | 6 Months Ended |
Jun. 30, 2024 | |
Segment Reporting [Abstract] | |
Operating Information by Segment and Geographic Area | Operating Information by Segment and Geographic Area 3ME 6ME (in millions) 2024 2023 2024 2023 Revenue Energy Solutions $ 1,595 $ 1,721 $ 3,028 $ 3,333 Urban Solutions 1,831 1,202 3,309 2,411 Mission Solutions 704 705 1,305 1,354 Other 97 311 319 594 Total revenue $ 4,227 $ 3,939 $ 7,961 $ 7,692 Segment profit (loss) Energy Solutions $ 75 $ 89 $ 143 $ 178 Urban Solutions 105 76 155 55 Mission Solutions 41 40 63 47 Other (27) (14) (49) (104) Total segment profit $ 194 $ 191 $ 312 $ 176 G&A (50) (60) (110) (121) Foreign currency gain (loss) 48 (44) 60 (86) Interest income (expense), net 38 37 77 78 Earnings (loss) attributable to NCI (16) 7 (34) (16) Earnings before taxes $ 214 $ 131 $ 305 $ 31 Intercompany revenue for our professional staffing business, excluded from revenue above $ 75 $ 74 $ 156 $ 143 Energy Solutions. Segment profit declined in the 2024 Quarter and 2024 Period primarily due to lower contributions from a large project in the late stages of execution. We recognized a positive forecast adjustment upon the negotiation of change orders on the same project in the 2023 Quarter and 2023 Period. Segment profit in the 2024 Quarter and 2024 Period was also impacted by a decline in the volume of execution activity for projects completed or nearing completion as well as cost growth on a construction only subcontract executed by our joint venture in Mexico resulting in a $39 million (or $0.16 per share) charge during the 2024 Period. The decline in segment profit during the 2024 Quarter and 2024 Period was partially offset by final negotiations and handover of a large upstream legacy project which was completed during the 2024 Quarter. We recorded $34 million (or $0.20 per share) for cost growth on the now-completed project during 2023 Quarter and 2023 Period. Segment profit in the 2024 Quarter and 2024 Period also included gains of $20 million and $27 million, respectively, on embedded foreign currency derivatives compared to losses of $8 million and $47 million, respectively, in the 2023 Quarter and 2023 Period. Urban Solutions. Segment profit significantly improved in the 2024 Quarter and 2024 Period due to an increase in execution activities on advanced technology projects and a life sciences project. Segment profit in the 2024 Quarter and 2024 Period included the agreement to the terms of a change order on a legacy infrastructure project compared to a $59 million (or $0.34 per share) charge for rework associated with subcontractor design errors and related schedule impacts on the same project during the 2023 Period. Mission Solutions. Segment profit was higher in the 2024 Period compared to the 2023 Period that included a $30 million (or $0.17 per share) charge for cost growth associated with schedule delays on a weapons facility project that is substantially complete. Other . Segment profit (loss) for NuScale, Stork and AMECO follows: 3ME 6ME (in millions) 2024 2023 2024 2023 NuScale (1) $ (28) $ (23) $ (61) $ (52) Stork 1 9 12 10 AMECO — — — (62) Segment profit (loss) $ (27) $ (14) $ (49) $ (104) (1) As of June 30, 2024, we had an appro ximate 51% ow nership in NuScale. In March 2024, we completed the sale of Stork's operations in continental Europe for $67 million. During the 2024 Period, we recognized a gain on sale of $11 million including de-recognition of Stork's net assets and cumulative foreign currency translation. During April 2024, we also entered into a definitive sale agreement for Stork's U.K. operations, which could close in late 2024, most significantly dependent upon regulatory approval. The financial statement effects for this proposed U.K. sale did not meet the requirements for discontinued operations and held-for-sale reporting as of June 30, 2024. The transaction, as agreed to, is not expected to have a material earnings impact when consummated. In March 2023, we sold our AMECO South America business, which included operations in Chile and Peru. This transaction marked the completion of the AMECO divestiture. 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 $ 956 $ 1,053 Urban Solutions 1,336 1,211 Mission Solutions 585 577 Other 226 509 Corporate 3,708 3,623 Total assets $ 6,811 $ 6,973 Revenue by project location follows: 3ME 6ME (in millions) 2024 2023 2024 2023 North America $ 2,929 $ 2,762 $ 5,299 $ 5,413 Asia Pacific (includes Australia) 558 436 1,001 761 Europe 558 530 1,333 1,042 Central and South America 136 177 203 398 Middle East and Africa 46 34 125 78 Total revenue $ 4,227 $ 3,939 $ 7,961 $ 7,692 |
Income Taxes
Income Taxes | 6 Months Ended |
Jun. 30, 2024 | |
Income Tax Disclosure [Abstract] | |
Income Taxes | Income Taxes The effective tax rate on earnings was 28.5% for the 2024 Quarter and 36.4% for the 2024 Period compared to 48.1% for the 2023 Quarter and 300.0% for the 2023 Period. During the 2024 Quarter, we received a refund of $77 million, including interest, from the IRS attributable to the 2013 tax year that was originally recognized as a receivable in 2020 pursuant to the CARES Act. Tax refunds of $82 million remain unpaid but are anticipated to be received later in 2024. The underlying assets were included in other current assets as of December 31, 2023. A reconciliation of U.S. statutory federal income tax expense to income tax expense follows: 3ME 6ME (In millions) 2024 2023 2024 2023 U.S statutory federal income tax expense $ 45 $ 27 $ 64 $ 6 Increase (decrease) in taxes resulting from: State and local income taxes, net of federal income tax effects 3 — 3 (2) Valuation allowance, net 35 23 30 75 Foreign tax impacts (6) 8 1 16 Noncontrolling interest 3 (1) 7 3 Sale of AMECO South America — — — (10) Reserve for uncertain tax positions (21) — (4) — Other adjustments 2 6 10 5 Total income tax expense $ 61 $ 63 $ 111 $ 93 |
Partnerships and Joint Ventures
Partnerships and Joint Ventures | 6 Months Ended |
Jun. 30, 2024 | |
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 $199 million and $307 million were included in other accrued liabilities as of June 30, 2024 and December 31, 2023, 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 $193 million and $174 million as of June 30, 2024 and December 31, 2023, respectively. Variable Interest Entities The aggregate carrying value of unconsolidated VIEs (classified under both "Investments” and “Other accrued liabilities”) was a net asset of $156 million and $91 million as of June 30, 2024 and December 31, 2023, respectively. Some of our VIEs have debt; however, such debt is typically non-recourse to us. Our maximum exposure to loss as a result of our investments in unconsolidated VIEs is typically limited to the aggregate of the carrying value of the investment and future funding necessary to satisfy the contractual obligations of the VIE. Future funding commitments as of June 30, 2024 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, 2024 | |
Guarantees [Abstract] | |
Guarantees | Guarantees The maximum potential amount of future payments that we could be required to make under outstanding performance guarantees, which represents the remaining cost of work to be performed, was estimated to be $14 billion as of June 30, 2024. 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 |
Commitments and Contingencies
Commitments and Contingencies | 6 Months Ended |
Jun. 30, 2024 | |
Commitments and Contingencies Disclosure [Abstract] | |
Contingencies and Commitments | Contingencies and Commitments We and certain of our subsidiaries are subject to litigation, claims and other commitments and contingencies, 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 contingencies when we determine that an unfavorable outcome is probable and the amount of the loss can be reasonably estimated. While there is at least a reasonable possibility 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 2023 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 3 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 approximately AUD $790 million excluding interest and costs. 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 and reserved its decision. Pursuant to an application by Santos to adopt the Panel’s report, the Court then held an adoption hearing in February and March 2024 at which Fluor contended 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. The Court also reserved its decision at the close of the adoption hearing. We await the Court’s decisions on Fluor’s application to set aside the reference and Santos’s application to adopt the Panel’s report. There have been no substantive changes to the disclosures for the following commitments and contingencies since the matter was presented in the 2023 10-K. 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 relation to retaining walls along the Project. 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. In September 2023, the NTTA provided an expert report that included calculations of damages, consisting of costs to repair sixty-five retaining walls, estimated at $227 million. We have answered the petition and asserted claims for, among other things, indemnity from subcontractors. |
Contract Assets and Liabilities
Contract Assets and Liabilities | 6 Months Ended |
Jun. 30, 2024 | |
Revenue from Contract with Customer [Abstract] | |
Contract Assets and Liabilities | Contract Assets and Liabilities The following summarizes information about our contract assets and liabilities: (in millions) June 30, December 31, 2023 Information about contract assets: Contract assets Unbilled receivables - reimbursable contracts $ 872 $ 854 Contract work in progress - lump-sum contracts 104 137 Contract assets $ 976 $ 991 6ME (in millions) 2024 2023 Information about contract liabilities: Revenue recognized that was included in contract liabilities as of January 1 $ 430 $ 471 We estimate that our RUPO will be satisfied over the following periods: (in millions) June 30, Within 1 year $ 15,285 1 to 2 years 9,482 Thereafter 5,269 Total RUPO $ 30,036 |
Remaining Unsatisfied Performan
Remaining Unsatisfied Performance Obligations | 6 Months Ended |
Jun. 30, 2024 | |
Revenue from Contract with Customer [Abstract] | |
Remaining Unsatisfied Performance Obligations | Contract Assets and Liabilities The following summarizes information about our contract assets and liabilities: (in millions) June 30, December 31, 2023 Information about contract assets: Contract assets Unbilled receivables - reimbursable contracts $ 872 $ 854 Contract work in progress - lump-sum contracts 104 137 Contract assets $ 976 $ 991 6ME (in millions) 2024 2023 Information about contract liabilities: Revenue recognized that was included in contract liabilities as of January 1 $ 430 $ 471 We estimate that our RUPO will be satisfied over the following periods: (in millions) June 30, Within 1 year $ 15,285 1 to 2 years 9,482 Thereafter 5,269 Total RUPO $ 30,036 |
Debt and Letters of Credit
Debt and Letters of Credit | 6 Months Ended |
Jun. 30, 2024 | |
Debt Disclosure [Abstract] | |
Debt and Letters of Credit | Debt and Letters of Credit Debt consisted of the following: (in millions) June 30, December 31, 2023 Borrowings under credit facility $ — $ — Senior Notes 2028 Notes (4.250% Senior Notes) 576 600 Unamortized discount and deferred financing costs (2) (3) 2029 Notes (1.125% Convertible Senior Notes) 575 575 Unamortized deferred financing costs (13) (14) Total debt $ 1,136 $ 1,158 Credit Facility As of June 30, 2024, letters of credit totaling $429 million were outstanding under our $1.8 billion credit facility, which matures in 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 $1.2 billion, defined in the amended credit facility, which may be reduced to $1.0 billion upon the repayment of debt. The credit facility also contains provisions that will require us to provide collateral to secure the facility should we be downgraded to BB by S&P and Ba2 by Moody's, such collateral consisting broadly of our U.S. assets. Borrowings under the facility, which may be denominated in USD, EUR or GBP, bear interest at a base rate, plus an applicable borrowing margin. As of June 30, 2024, we had not made any borrowings under our credit facility line and maintained a borrowing capacity of $831 million. Uncommitted Lines of Credit As of June 30, 2024, letters of credit totaling $927 million were outstanding under uncommitted lines of credit. Redemption of 2028 Notes During the 2024 Period, we redeemed $24 million of aggregate outstanding 2028 Notes, with an immaterial earnings impact. |
Convertible Preferred Stock
Convertible Preferred Stock | 6 Months Ended |
Jun. 30, 2024 | |
Equity [Abstract] | |
Convertible Preferred Stock | Convertible Preferred StockIn September 2023, we exercised our mandatory conversion rights on our CPS in which all of the outstanding shares of CPS converted to 44.9585 shares of our common stock, plus a cash payment of $45.23 per CPS for a make-whole premium. The total make-whole premium amounted to $27 million. Upon conversion, all dividends on the CPS ceased |
Fair Value Measurements
Fair Value Measurements | 6 Months Ended |
Jun. 30, 2024 | |
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, 2024 December 31, 2023 Fair Value Hierarchy Fair Value Hierarchy (in millions) Total Level 1 Level 2 Level 3 Total Level 1 Level 2 Level 3 Assets: Trading securities (1) $ 14 $ 14 $ — $ — $ 12 $ 12 $ — $ — Derivative assets (2) Foreign currency 1 — 1 — 6 — 6 — Commodity — — — — 1 — 1 — Liabilities: NuScale warrants (3) $ 6 $ 3 $ 3 $ — $ 12 $ 6 $ 6 $ — Derivative liabilities (2) Foreign currency — — — — 3 — 3 — Commodity — — — — 1 — 1 — _________________________________________________________ (1) Consists of registered money market funds and an equity index fund held in deferred compensation trusts. These investments 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 NuScale warrant liabilities are comprised of public and private placement warrants redeemable by NuScale 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 certain other impaired assets at fair value on a nonrecurring basis. The following summarizes information about financial instruments that are not required to be measured at fair value: June 30, 2024 December 31, 2023 (in millions) Fair Value Carrying Fair Carrying Fair Assets: Cash (1) Level 1 $ 1,581 $ 1,581 $ 1,357 $ 1,357 Cash equivalents (2) Level 2 1,048 1,048 1,162 1,162 Marketable securities, current (2) Level 2 79 79 69 69 Notes receivable, including noncurrent portion Level 3 9 9 9 9 Liabilities: 2028 Senior Notes (3) Level 2 $ 574 $ 547 $ 597 $ 573 2029 Senior Notes (3) Level 2 562 657 561 626 _________________________________________________________ (1) Cash consists of bank deposits. Carrying amounts approximate fair value. (2) Cash equivalents and marketable securities, current primarily consists of time deposits. Carrying amounts approximate fair value because of the short-term maturity of these instruments. Amortized cost is not materially different from the fair value. (3) The fair value of the Senior Notes was estimated based on quoted market prices and Level 2 inputs. |
Stock-Based Compensation
Stock-Based Compensation | 6 Months Ended |
Jun. 30, 2024 | |
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 2023 10-K. In the 2024 and 2023 Periods, RSUs totaling 428,305 and 432,654, respectively, were granted to executives and directors at a weighted-average grant date fair value of $37.35 and $34.88 per share, respectively, and generally vest over three years. Stock options for the purchase of 178,644 and 178,434 shares at a weighted-average exercise price of $37.02 and $35.76 per share were awarded to executives during the 2024 and 2023 Periods, respectively. The options granted in 2024 and 2023 generally vest over 3 years and expire 10 years after the grant date. Performance-based award units totaling 272,844 and 274,755 were awarded to Section 16 officers during the 2024 and 2023 Periods, respectively. These awards generally cliff vest after 3 years and contain annual performance conditions for each of the 3 years of the vesting period. Under GAAP, performance-based elements of such awards are not deemed granted until the performance targets have been established. The performance targets for each year are generally established in the first quarter. For awards granted under the 2024 performance plan, 80% of the award is earned based on achievement of earnings before taxes targets over three 1-year periods and 20% of the award is earned based on our 3-year cumulative TSR relative to companies in the S&P 500 on the date of the award. The performance component of these awards is deemed granted when targets are established while the TSR component of these awards is deemed granted upon issuance. During the 2024 Period, the following units were granted based upon the establishment of performance targets: Performance-based Award Units Granted in 2024 Weighted Average 2024 Performance Award Plan 127,332 $41.46 2023 Performance Award Plan 73,271 $42.09 2022 Performance Award Plan 113,856 $42.09 For awards granted under our performance award plans, the number of units are adjusted at the end of each performance period based on attainment of certain performance targets and on market conditions, pursuant to the terms of the award agreements. As of June 30, 2024, there were 218,783 shares associated with performance awards that had been awarded to employees, but which are not deemed granted due to the underlying performance targets having not yet been established. Liability Awards SGI awards granted to executives vest and become payable at a rate of 1/3 of the total award each year. Performance-based awards awarded to non-Section 16 officer executives will be settled in cash. Location in Statement of Operations 3ME 6ME (in millions) 2024 2023 2024 2023 SGI awards G&A $ 7 $ 4 $ 12 $ 11 Performance-based awards for non-Section 16 officers G&A 2 10 10 17 Liabilities (in millions) Location on Balance Sheet June 30, December 31, 2023 SGI awards Accrued salaries, wages and benefits and other noncurrent liabilities $ 43 $ 58 Performance-based awards for non-Section 16 officers Accrued salaries, wages and benefits and other noncurrent liabilities 28 29 |
Pay vs Performance Disclosure
Pay vs Performance Disclosure - USD ($) $ in Millions | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2024 | Jun. 30, 2023 | Jun. 30, 2024 | Jun. 30, 2023 | |
Pay vs Performance Disclosure | ||||
Net earnings (loss) attributable to Fluor | $ 169 | $ 61 | $ 228 | $ (46) |
Insider Trading Arrangements
Insider Trading Arrangements | 3 Months Ended | 6 Months Ended |
Jun. 30, 2024 shares | Jun. 30, 2024 shares | |
Trading Arrangements, by Individual | ||
Non-Rule 10b5-1 Arrangement Adopted | false | |
Rule 10b5-1 Arrangement Terminated | false | |
Non-Rule 10b5-1 Arrangement Terminated | false | |
Joseph L Brennan [Member] | ||
Trading Arrangements, by Individual | ||
Material Terms of Trading Arrangement | On June 6, 2024, Joseph L. Brennan, Executive Vice President and Chief Financial Officer, adopted a Rule 10b5-1 trading arrangement (as defined in Item 408(a) of Regulation S-K) intended to satisfy the affirmative defense conditions of Rule 10b5-1(c) of the Exchange Act. The arrangement provides for the sale of up to 62,521 shares of common stock, subject to certain conditions. The arrangement will terminate on August 29, 2025. | |
Name | Joseph L. Brennan | |
Title | Executive Vice President and Chief Financial Officer | |
Rule 10b5-1 Arrangement Adopted | true | |
Adoption Date | On June 6, 2024 | |
Arrangement Duration | 449 days | |
Aggregate Available | 62,521 | 62,521 |
Recent Accounting Pronounceme_2
Recent Accounting Pronouncements (Policies) | 6 Months Ended |
Jun. 30, 2024 | |
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 2024 Quarter. 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, some of which may require new disclosures beginning with our next 10-K filing. During 2023, the FASB issued ASU 2023-05, which requires certain joint ventures to apply a new basis of accounting upon formation by recognizing and initially measuring most of their assets and liabilities at fair value. The guidance does not apply to joint ventures that may be proportionately consolidated and those that are collaborative arrangements. ASU 2023-05 is effective for joint ventures with a formation date on or after January 1, 2025. We do not expect this ASU will have a material impact on our financial statements. During 2023, the FASB issued ASU 2023-07, which requires us to disclose significant segment expenses and other segment items. ASU 2023-07 will be applied retrospectively and is first effective for our annual reporting for 2024 and for quarterly reporting beginning in 2025. We are currently evaluating the impact this ASU will have on our financial statements, but do not expect it to have any impact to our consolidated results. During 2023, the FASB issued ASU 2023-09, which requires us to disclose income taxes paid, net of refunds, disaggregated by federal, state and foreign taxes and to provide more details in our rate reconciliation about items that meet a quantitative threshold. ASU 2023-09 is first effective for our annual reporting for 2025. We are currently evaluating the impact this ASU will have on our financial statements, but do not expect it to have any impact to our consolidated results. At its June 2024 meeting, the FASB discussed feedback received from stakeholders on proposed targeted improvements to the guidance on internal use software, which requires entities to use judgment in evaluating when to recognize software costs. An ASU is expected to be issued in late 2024. |
Earnings Per Share (Tables)
Earnings Per Share (Tables) | 6 Months Ended |
Jun. 30, 2024 | |
Earnings Per Share [Abstract] | |
Schedule of Calculations of Basic and Diluted EPS | 3ME 6ME (in millions, except per share amounts) 2024 2023 2024 2023 Net earnings (loss) attributable to Fluor $ 169 $ 61 $ 228 $ (46) Less: Dividends on CPS — 10 — 20 Net earnings (loss) available to Fluor common stockholders 169 51 228 (66) Weighted average common shares outstanding 171 143 171 143 Diluted effect: CPS — 27 — — Stock options, RSUs and performance-based award units 3 2 2 — Convertible debt (1) — — — — Weighted average diluted shares outstanding 174 172 173 143 Basic EPS available to Fluor common stockholders $ 0.99 $ 0.36 $ 1.33 $ (0.46) Diluted EPS available to Fluor common stockholders $ 0.97 $ 0.35 $ 1.32 $ (0.46) Anti-dilutive securities not included in shares outstanding: CPS — — — 27 Stock options, RSUs and performance-based award units 2 3 2 5 Stock delivered under capped call options (2) — — — — (1) Holders of our 2029 Notes may convert their notes at a conversion price of $45.37 per share when the stock price exceeds $58.98 for 20 of the last 30 days preceding quarter end. Upon conversion, we will repay the principal amount of the notes in cash and may elect to convey the conversion premium in cash, shares of our common stock or a combination of both. The conversion feature of our 2029 Notes will have a dilutive impact on EPS when the average market price of our common stock exceeds the conversion price of $45.37 per share for the quarter. During the 2024 Quarter, the weighted average price per share of our common stock was less than $45.37. (2) Diluted shares outstanding does not include the impact of the capped call options we entered into concurrently with the issuance of the 2029 Notes, as the effect is always anti-dilutive. If shares are delivered to us under the capped calls, those shares will offset the dilutive effect of the shares that we would issue upon conversion of the 2029 Notes. |
Operating Information by Segm_2
Operating Information by Segment and Geographic Area (Tables) | 6 Months Ended |
Jun. 30, 2024 | |
Segment Reporting [Abstract] | |
Schedule of Operating Information and Assets by Reportable Segment | 3ME 6ME (in millions) 2024 2023 2024 2023 Revenue Energy Solutions $ 1,595 $ 1,721 $ 3,028 $ 3,333 Urban Solutions 1,831 1,202 3,309 2,411 Mission Solutions 704 705 1,305 1,354 Other 97 311 319 594 Total revenue $ 4,227 $ 3,939 $ 7,961 $ 7,692 Segment profit (loss) Energy Solutions $ 75 $ 89 $ 143 $ 178 Urban Solutions 105 76 155 55 Mission Solutions 41 40 63 47 Other (27) (14) (49) (104) Total segment profit $ 194 $ 191 $ 312 $ 176 G&A (50) (60) (110) (121) Foreign currency gain (loss) 48 (44) 60 (86) Interest income (expense), net 38 37 77 78 Earnings (loss) attributable to NCI (16) 7 (34) (16) Earnings before taxes $ 214 $ 131 $ 305 $ 31 Intercompany revenue for our professional staffing business, excluded from revenue above $ 75 $ 74 $ 156 $ 143 Other . Segment profit (loss) for NuScale, Stork and AMECO follows: 3ME 6ME (in millions) 2024 2023 2024 2023 NuScale (1) $ (28) $ (23) $ (61) $ (52) Stork 1 9 12 10 AMECO — — — (62) Segment profit (loss) $ (27) $ (14) $ (49) $ (104) (1) As of June 30, 2024, we had an appro ximate 51% ow nership in NuScale. Total assets by segment are as follows: (in millions) June 30, December 31, Energy Solutions $ 956 $ 1,053 Urban Solutions 1,336 1,211 Mission Solutions 585 577 Other 226 509 Corporate 3,708 3,623 Total assets $ 6,811 $ 6,973 |
Schedule of Operating Information by Geographic Area | Revenue by project location follows: 3ME 6ME (in millions) 2024 2023 2024 2023 North America $ 2,929 $ 2,762 $ 5,299 $ 5,413 Asia Pacific (includes Australia) 558 436 1,001 761 Europe 558 530 1,333 1,042 Central and South America 136 177 203 398 Middle East and Africa 46 34 125 78 Total revenue $ 4,227 $ 3,939 $ 7,961 $ 7,692 |
Income Taxes (Tables)
Income Taxes (Tables) | 6 Months Ended |
Jun. 30, 2024 | |
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) 2024 2023 2024 2023 U.S statutory federal income tax expense $ 45 $ 27 $ 64 $ 6 Increase (decrease) in taxes resulting from: State and local income taxes, net of federal income tax effects 3 — 3 (2) Valuation allowance, net 35 23 30 75 Foreign tax impacts (6) 8 1 16 Noncontrolling interest 3 (1) 7 3 Sale of AMECO South America — — — (10) Reserve for uncertain tax positions (21) — (4) — Other adjustments 2 6 10 5 Total income tax expense $ 61 $ 63 $ 111 $ 93 |
Contract Assets and Liabiliti_2
Contract Assets and Liabilities (Tables) | 6 Months Ended |
Jun. 30, 2024 | |
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, December 31, 2023 Information about contract assets: Contract assets Unbilled receivables - reimbursable contracts $ 872 $ 854 Contract work in progress - lump-sum contracts 104 137 Contract assets $ 976 $ 991 6ME (in millions) 2024 2023 Information about contract liabilities: Revenue recognized that was included in contract liabilities as of January 1 $ 430 $ 471 |
Remaining Unsatisfied Perform_2
Remaining Unsatisfied Performance Obligations (Tables) | 6 Months Ended |
Jun. 30, 2024 | |
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, Within 1 year $ 15,285 1 to 2 years 9,482 Thereafter 5,269 Total RUPO $ 30,036 |
Debt and Letters of Credit (Tab
Debt and Letters of Credit (Tables) | 6 Months Ended |
Jun. 30, 2024 | |
Debt Disclosure [Abstract] | |
Schedule of Debt | Debt consisted of the following: (in millions) June 30, December 31, 2023 Borrowings under credit facility $ — $ — Senior Notes 2028 Notes (4.250% Senior Notes) 576 600 Unamortized discount and deferred financing costs (2) (3) 2029 Notes (1.125% Convertible Senior Notes) 575 575 Unamortized deferred financing costs (13) (14) Total debt $ 1,136 $ 1,158 |
Fair Value Measurements (Tables
Fair Value Measurements (Tables) | 6 Months Ended |
Jun. 30, 2024 | |
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, 2024 December 31, 2023 Fair Value Hierarchy Fair Value Hierarchy (in millions) Total Level 1 Level 2 Level 3 Total Level 1 Level 2 Level 3 Assets: Trading securities (1) $ 14 $ 14 $ — $ — $ 12 $ 12 $ — $ — Derivative assets (2) Foreign currency 1 — 1 — 6 — 6 — Commodity — — — — 1 — 1 — Liabilities: NuScale warrants (3) $ 6 $ 3 $ 3 $ — $ 12 $ 6 $ 6 $ — Derivative liabilities (2) Foreign currency — — — — 3 — 3 — Commodity — — — — 1 — 1 — _________________________________________________________ (1) Consists of registered money market funds and an equity index fund held in deferred compensation trusts. These investments 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 NuScale warrant liabilities are comprised of public and private placement warrants redeemable by NuScale under certain conditions, both measured using the price of the public warrants. The private placement warrants are not publicly traded and have been classified as Level 2 measurements while the public warrants are classified as Level 1. |
Schedule of Carrying Values and Estimated Fair Values of Financial Instruments Not Required to be Measured at Fair Value | The following summarizes information about financial instruments that are not required to be measured at fair value: June 30, 2024 December 31, 2023 (in millions) Fair Value Carrying Fair Carrying Fair Assets: Cash (1) Level 1 $ 1,581 $ 1,581 $ 1,357 $ 1,357 Cash equivalents (2) Level 2 1,048 1,048 1,162 1,162 Marketable securities, current (2) Level 2 79 79 69 69 Notes receivable, including noncurrent portion Level 3 9 9 9 9 Liabilities: 2028 Senior Notes (3) Level 2 $ 574 $ 547 $ 597 $ 573 2029 Senior Notes (3) Level 2 562 657 561 626 _________________________________________________________ (1) Cash consists of bank deposits. Carrying amounts approximate fair value. (2) Cash equivalents and marketable securities, current primarily consists of time deposits. Carrying amounts approximate fair value because of the short-term maturity of these instruments. Amortized cost is not materially different from the fair value. (3) The fair value of the Senior Notes was estimated based on quoted market prices and Level 2 inputs. |
Stock-Based Compensation (Table
Stock-Based Compensation (Tables) | 6 Months Ended |
Jun. 30, 2024 | |
Share-Based Payment Arrangement [Abstract] | |
Schedule of Share-based Payment Arrangement Activity | During the 2024 Period, the following units were granted based upon the establishment of performance targets: Performance-based Award Units Granted in 2024 Weighted Average 2024 Performance Award Plan 127,332 $41.46 2023 Performance Award Plan 73,271 $42.09 2022 Performance Award Plan 113,856 $42.09 |
Schedule of Disclosure of Compensation Arrangements by Share-based Payment Award | Location in Statement of Operations 3ME 6ME (in millions) 2024 2023 2024 2023 SGI awards G&A $ 7 $ 4 $ 12 $ 11 Performance-based awards for non-Section 16 officers G&A 2 10 10 17 Liabilities (in millions) Location on Balance Sheet June 30, December 31, 2023 SGI awards Accrued salaries, wages and benefits and other noncurrent liabilities $ 43 $ 58 Performance-based awards for non-Section 16 officers Accrued salaries, wages and benefits and other noncurrent liabilities 28 29 |
Earnings Per Share - Schedule o
Earnings Per Share - Schedule of Calculations of Basic and Diluted EPS (Details) $ / shares in Units, shares in Millions, $ in Millions | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2024 USD ($) $ / shares shares | Jun. 30, 2023 USD ($) $ / shares shares | Jun. 30, 2024 USD ($) day $ / shares shares | Jun. 30, 2023 USD ($) $ / shares shares | |
Income Amounts Attributable to Parent, Disclosures [Abstract] | ||||
Net earnings (loss) attributable to Fluor | $ | $ 169 | $ 61 | $ 228 | $ (46) |
Less: Dividends on CPS | $ | 0 | 10 | 0 | 20 |
Net earnings available to Fluor common stockholders, basic | $ | $ 169 | $ 51 | $ 228 | $ (66) |
Weighted average common shares outstanding (shares) | 171 | 143 | 171 | 143 |
Diluted effect: | ||||
CPS (in shares) | 0 | 27 | 0 | 0 |
Stock options, RSUs performance-based award units (in shares) | 3 | 2 | 2 | 0 |
Convertible debt (in shares) | 0 | 0 | 0 | 0 |
Weighted average diluted shares outstanding (in shares) | 174 | 172 | 173 | 143 |
Basic EPS available to Fluor common stockholders (in dollars per share) | $ / shares | $ 0.99 | $ 0.36 | $ 1.33 | $ (0.46) |
Diluted EPS available to Fluor common stockholders (in dollars per share) | $ / shares | 0.97 | $ 0.35 | 1.32 | $ (0.46) |
2029 Notes ($1.125% Convertible Senior Notes) | Convertible Debt | ||||
Diluted effect: | ||||
Conversion price (in dollars per share) | $ / shares | $ 45.37 | 45.37 | ||
Stock price trigger (in dollar per share) | $ / shares | $ 58.98 | |||
2029 Notes ($1.125% Convertible Senior Notes) | Convertible Debt | Debt Conversion Terms One | ||||
Diluted effect: | ||||
Threshold trading days | day | 20 | |||
Threshold consecutive trading days | day | 30 |
Earnings Per Share - Antidiluti
Earnings Per Share - Antidilutive Securities Excluded from Computation of EPS (Details) - shares shares in Millions | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2024 | Jun. 30, 2023 | Jun. 30, 2024 | Jun. 30, 2023 | |
CPS | ||||
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items] | ||||
Anti-dilutive securities not included above (in shares) | 0 | 0 | 0 | 27 |
Stock options, RSUs and performance-based award units | ||||
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items] | ||||
Anti-dilutive securities not included above (in shares) | 2 | 3 | 2 | 5 |
Stock delivered under capped call options | ||||
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items] | ||||
Anti-dilutive securities not included above (in shares) | 0 | 0 | 0 | 0 |
Operating Information by Segm_3
Operating Information by Segment and Geographic Area - Reportable Segments (Details) - USD ($) $ in Millions | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2024 | Jun. 30, 2023 | Jun. 30, 2024 | Jun. 30, 2023 | |
Segment Reporting Information [Line Items] | ||||
Total revenue | $ 4,227 | $ 3,939 | $ 7,961 | $ 7,692 |
Total segment profit | 176 | 94 | 228 | (47) |
G&A | (50) | (60) | (110) | (121) |
Foreign currency gain (loss) | 48 | (44) | 60 | (86) |
Earnings before taxes | 214 | 131 | 305 | 31 |
Continuing Operations | ||||
Segment Reporting Information [Line Items] | ||||
G&A | (50) | (60) | (110) | (121) |
Foreign currency gain (loss) | 48 | (44) | 60 | (86) |
Interest income (expense), net | 38 | 37 | 77 | 78 |
Earnings (loss) attributable to NCI | (16) | 7 | (34) | (16) |
Earnings before taxes | 214 | 131 | 305 | 31 |
Continuing Operations | Reportable Segments | ||||
Segment Reporting Information [Line Items] | ||||
Total revenue | 4,227 | 3,939 | 7,961 | 7,692 |
Total segment profit | 194 | 191 | 312 | 176 |
Continuing Operations | Consolidation, Eliminations | ||||
Segment Reporting Information [Line Items] | ||||
Total revenue | 75 | 74 | 156 | 143 |
Continuing Operations | Energy Solutions | Reportable Segments | ||||
Segment Reporting Information [Line Items] | ||||
Total revenue | 1,595 | 1,721 | 3,028 | 3,333 |
Total segment profit | 75 | 89 | 143 | 178 |
Continuing Operations | Urban Solutions | Reportable Segments | ||||
Segment Reporting Information [Line Items] | ||||
Total revenue | 1,831 | 1,202 | 3,309 | 2,411 |
Total segment profit | 105 | 76 | 155 | 55 |
Continuing Operations | Mission Solutions | Reportable Segments | ||||
Segment Reporting Information [Line Items] | ||||
Total revenue | 704 | 705 | 1,305 | 1,354 |
Total segment profit | 41 | 40 | 63 | 47 |
Continuing Operations | Other | Reportable Segments | ||||
Segment Reporting Information [Line Items] | ||||
Total revenue | 97 | 311 | 319 | 594 |
Total segment profit | $ (27) | $ (14) | $ (49) | $ (104) |
Operating Information by Segm_4
Operating Information by Segment and Geographic Area - Narrative (Details) - USD ($) $ / shares in Units, $ in Millions | 1 Months Ended | 3 Months Ended | 6 Months Ended | |||
Mar. 31, 2024 | Mar. 31, 2023 | Jun. 30, 2024 | Jun. 30, 2023 | Jun. 30, 2024 | Jun. 30, 2023 | |
Disposal Group, Not Discontinued Operations | Stork | ||||||
Segment Reporting Information [Line Items] | ||||||
Proceeds from sale | $ 67 | |||||
Gain on sale | $ 11 | |||||
Disposal Group, Not Discontinued Operations | AMECO | ||||||
Segment Reporting Information [Line Items] | ||||||
Loss on sale | $ 60 | |||||
AMECO divestiture, negative impact on earnings from foreign currency translation | $ 35 | |||||
Energy Solutions | ||||||
Segment Reporting Information [Line Items] | ||||||
Effect of forecast revision on estimated project cost | $ 34 | $ 39 | $ 34 | |||
Effect of forecast revision on estimated project cost (in dollars per share) | $ 0.20 | $ 0.16 | $ 0.20 | |||
Expense from embedded foreign currency derivatives | $ 20 | $ (8) | $ 27 | $ (47) | ||
Urban Solutions | LAX Automated People Mover Project | ||||||
Segment Reporting Information [Line Items] | ||||||
Effect of forecast revision on estimated project cost | $ 59 | $ 59 | ||||
Effect of forecast revision on estimated project cost (in dollars per share) | $ 0.34 | $ 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, 2024 | Jun. 30, 2023 | Jun. 30, 2024 | Jun. 30, 2023 | |
Segment Reporting Information [Line Items] | ||||
Total segment profit | $ 176 | $ 94 | $ 228 | $ (47) |
NuScale | Disposal Group, Not Discontinued Operations | Fluor Corporation | ||||
Segment Reporting Information [Line Items] | ||||
Entity's interest in partnership or joint venture (percent) | 51% | 51% | ||
Reportable Segments | Continuing Operations | ||||
Segment Reporting Information [Line Items] | ||||
Total segment profit | $ 194 | 191 | $ 312 | 176 |
Reportable Segments | Other | Continuing Operations | ||||
Segment Reporting Information [Line Items] | ||||
Total segment profit | (27) | (14) | (49) | (104) |
Reportable Segments | Other | NuScale | Continuing Operations | ||||
Segment Reporting Information [Line Items] | ||||
Total segment profit | (28) | (23) | (61) | (52) |
Reportable Segments | Other | Stork | Continuing Operations | ||||
Segment Reporting Information [Line Items] | ||||
Total segment profit | 1 | 9 | 12 | 10 |
Reportable Segments | Other | AMECO | Continuing Operations | ||||
Segment Reporting Information [Line Items] | ||||
Total segment profit | $ 0 | $ 0 | $ 0 | $ (62) |
Operating Information by Segm_6
Operating Information by Segment and Geographic Area - Total Assets (Details) - USD ($) $ in Millions | Jun. 30, 2024 | Dec. 31, 2023 |
Segment Reporting Information [Line Items] | ||
Total assets | $ 6,811 | $ 6,973 |
Reportable Segments | Energy Solutions | ||
Segment Reporting Information [Line Items] | ||
Total assets | 956 | 1,053 |
Reportable Segments | Urban Solutions | ||
Segment Reporting Information [Line Items] | ||
Total assets | 1,336 | 1,211 |
Reportable Segments | Mission Solutions | ||
Segment Reporting Information [Line Items] | ||
Total assets | 585 | 577 |
Reportable Segments | Other | ||
Segment Reporting Information [Line Items] | ||
Total assets | 226 | 509 |
Corporate | ||
Segment Reporting Information [Line Items] | ||
Total assets | $ 3,708 | $ 3,623 |
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, 2024 | Jun. 30, 2023 | Jun. 30, 2024 | Jun. 30, 2023 | |
Revenues from External Customers and Long-Lived Assets [Line Items] | ||||
Total revenue | $ 4,227 | $ 3,939 | $ 7,961 | $ 7,692 |
North America | ||||
Revenues from External Customers and Long-Lived Assets [Line Items] | ||||
Total revenue | 2,929 | 2,762 | 5,299 | 5,413 |
Asia Pacific (includes Australia) | ||||
Revenues from External Customers and Long-Lived Assets [Line Items] | ||||
Total revenue | 558 | 436 | 1,001 | 761 |
Europe | ||||
Revenues from External Customers and Long-Lived Assets [Line Items] | ||||
Total revenue | 558 | 530 | 1,333 | 1,042 |
Central and South America | ||||
Revenues from External Customers and Long-Lived Assets [Line Items] | ||||
Total revenue | 136 | 177 | 203 | 398 |
Middle East and Africa | ||||
Revenues from External Customers and Long-Lived Assets [Line Items] | ||||
Total revenue | $ 46 | $ 34 | $ 125 | $ 78 |
Income Taxes - Narrative (Detai
Income Taxes - Narrative (Details) - USD ($) $ in Millions | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2024 | Jun. 30, 2023 | Jun. 30, 2024 | Jun. 30, 2023 | |
Income Tax Disclosure [Abstract] | ||||
Effective tax rate, continuing operations (as a percent) | 28.50% | 48.10% | 36.40% | 300% |
Expected tax refund | $ 77 | |||
Income tax receivable | $ 82 | $ 82 |
Income Taxes - Income Tax Expen
Income Taxes - Income Tax Expense (Benefit) Reconciliation (Details) - USD ($) $ in Millions | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2024 | Jun. 30, 2023 | Jun. 30, 2024 | Jun. 30, 2023 | |
Income Tax Disclosure [Abstract] | ||||
U.S statutory federal income tax expense | $ 45 | $ 27 | $ 64 | $ 6 |
Increase (decrease) in taxes resulting from: | ||||
State and local income taxes, net of federal income tax effects | 3 | 0 | 3 | (2) |
Valuation allowance, net | 35 | 23 | 30 | 75 |
Foreign tax impacts | (6) | 8 | 1 | 16 |
Noncontrolling interest | 3 | (1) | 7 | 3 |
Sale of AMECO South America | 0 | 0 | 0 | (10) |
Reserve for uncertain tax positions | (21) | 0 | (4) | 0 |
Other adjustments | 2 | 6 | 10 | 5 |
Total income tax expense | $ 61 | $ 63 | $ 111 | $ 93 |
Partnerships and Joint Ventur_2
Partnerships and Joint Ventures (Details) $ in Millions | Jun. 30, 2024 USD ($) segment | Dec. 31, 2023 USD ($) |
Variable interest entity information | ||
Other accrued liabilities | $ 456 | $ 657 |
Variable Interest Entity, Not Primary Beneficiary | ||
Variable interest entity information | ||
Other accrued liabilities | 156 | |
Net ( liability) assets | 91 | |
Variable Interest Entity, Not Primary Beneficiary | Future funding commitment | ||
Variable interest entity information | ||
Commitment amount | $ 57 | |
Related Party | ||
Variable interest entity information | ||
Number of project | segment | 2 | |
Accrued liabilities | Related Party | ||
Variable interest entity information | ||
Investments loss position in other accrued liabilities | $ 199 | 307 |
Accounts and notes receivable, net | Related Party | Variable Interest Entity, Not Primary Beneficiary | ||
Variable interest entity information | ||
Accounts receivable, net | $ 193 | $ 174 |
Guarantees (Details)
Guarantees (Details) - USD ($) | Jun. 30, 2024 | Dec. 31, 2023 |
Guarantees | ||
Performance guarantee obligation not material | $ 0 | $ 0 |
Performance Guarantee | ||
Guarantees | ||
Estimated performance guarantees outstanding | $ 14,000,000,000 |
Contingencies and Commitments (
Contingencies and Commitments (Details) - Pending litigation $ in Millions, $ in Millions | 1 Months Ended | |||
Dec. 13, 2016 AUD ($) claim | Sep. 30, 2023 USD ($) wall | Mar. 31, 2023 referee | Oct. 31, 2022 USD ($) | |
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 | |||
Santos Ltd Claim 1 | ||||
Loss Contingencies [Line Items] | ||||
Number of claims | claim | 1 | |||
Loss contingency, panel referred damages awarded from other party, value | $ 700 | |||
Santos Ltd Claim 2 | ||||
Loss Contingencies [Line Items] | ||||
Loss contingency, panel referred damages awarded from other party, value | $ 790 | |||
North Texas Tollway Authority | ||||
Loss Contingencies [Line Items] | ||||
Damages sought | $ 227 | $ 100 | ||
Number of retaining walls | wall | 65 |
Contract Assets and Liabiliti_3
Contract Assets and Liabilities (Details) - USD ($) $ in Millions | 6 Months Ended | ||
Jun. 30, 2024 | Jun. 30, 2023 | Dec. 31, 2023 | |
Contract assets | |||
Unbilled receivables - reimbursable contracts | $ 872 | $ 854 | |
Contract work in progress - lump-sum contracts | 104 | 137 | |
Contract assets | 976 | 991 | |
Information about contract liabilities: | |||
Revenue recognized that was included in contract liabilities as of January 1 | 430 | $ 471 | |
Claim revenue for costs | 685 | 531 | |
Construction contract cost, subcontractor | $ 23 | $ 24 |
Remaining Unsatisfied Perform_3
Remaining Unsatisfied Performance Obligations (Details) $ in Millions | Jun. 30, 2024 USD ($) |
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction [Line Items] | |
Expected timing of satisfaction, period | $ 30,036 |
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Start Date [Axis]: 2024-07-01 | |
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction [Line Items] | |
Expected timing of satisfaction, period | $ 15,285 |
Remaining performance obligation, period (in years) | 6 months |
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Start Date [Axis]: 2025-01-01 | |
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction [Line Items] | |
Expected timing of satisfaction, period | $ 9,482 |
Remaining performance obligation, period (in years) | 1 year |
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Start Date [Axis]: 2026-01-01 | |
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction [Line Items] | |
Expected timing of satisfaction, period | $ 5,269 |
Remaining performance obligation, period (in years) | 2 years |
Debt and Letters of Credit - Sc
Debt and Letters of Credit - Schedule of Debt (Details) - USD ($) $ in Millions | Jun. 30, 2024 | Dec. 31, 2023 |
Financing Arrangements | ||
Borrowings under credit facility | $ 0 | $ 0 |
Long-term debt | 1,136 | 1,158 |
Total debt | $ 1,136 | 1,158 |
2028 Notes ($4.250% Senior Notes) | ||
Financing Arrangements | ||
Debt instrument, interest rate, stated percentage | 4.25% | |
Long-term debt | $ 576 | 600 |
Unamortized discount and deferred financing costs | $ (2) | (3) |
2029 Notes ($1.125% Convertible Senior Notes) | ||
Financing Arrangements | ||
Debt instrument, interest rate, stated percentage | 1.125% | |
Long-term debt | $ 575 | 575 |
Unamortized discount and deferred financing costs | $ (13) | $ (14) |
Debt and Letters of Credit - Na
Debt and Letters of Credit - Narrative (Details) € in Millions, $ in Millions | 6 Months Ended | ||
Jun. 30, 2024 USD ($) | Jun. 30, 2023 USD ($) | Jun. 30, 2024 EUR (€) | |
Financing Arrangements | |||
Repayments of debt | $ 24 | $ 137 | |
2028 Notes ($4.250% Senior Notes) | |||
Financing Arrangements | |||
Repayments of debt | 24 | ||
Lines of Credit | |||
Financing Arrangements | |||
Long-term Line of Credit | 429 | ||
Lines of Credit | Committed Line of Credit | |||
Financing Arrangements | |||
Current borrowing capacity | 831 | ||
Lines of Credit | Uncommitted Line of Credit | |||
Financing Arrangements | |||
Long-term Line of Credit | 927 | ||
Lines of Credit | Revolving Loan And Letter Of Credit Facility Agreement | Committed Line of Credit | |||
Financing Arrangements | |||
Maximum borrowing capacity | 1,800 | ||
Lines of Credit | Revolving Loan And Letter Of Credit Facility Agreement | Committed Line of Credit | Subsidiaries | |||
Financing Arrangements | |||
Covenant minimum liquidity | 1,200 | ||
Covenant minimum liquidity, after repayments of debt | $ 1,000 | ||
Lines of Credit | Revolving Loan And Letter Of Credit Facility Agreement | Committed Line of Credit | Minimum | |||
Financing Arrangements | |||
Ratio of consolidated debt to tangible net worth (as a percent) | 60% | ||
Lines of Credit | Revolving Loan And Letter Of Credit Facility Agreement | Committed Line of Credit | Maximum | |||
Financing Arrangements | |||
Ratio of consolidated debt to tangible net worth (as a percent) | 100% | ||
Lines of Credit | Revolving Loan And Letter Of Credit Facility Agreement | Committed Line of Credit | Maximum | Subsidiaries | |||
Financing Arrangements | |||
Aggregate amount of debt | $ 750 | € 750 |
Convertible Preferred Stock (De
Convertible Preferred Stock (Details) $ / shares in Units, $ in Millions | Sep. 30, 2023 USD ($) $ / shares |
Class of Stock [Line Items] | |
Preferred stock, convertible, conversion rate (in shares) | 44.9585 |
Preferred stock, liquidation preference per share (in dollars per share) | $ / shares | $ 45.23 |
CPS | |
Class of Stock [Line Items] | |
Preferred stock, estimated make-whole payment estimate | $ | $ 27 |
Fair Value Measurements - Recur
Fair Value Measurements - Recurring Basis (Details) - Fair Value, Measurements, Recurring - USD ($) $ in Thousands | Jun. 30, 2024 | Dec. 31, 2023 |
Fair value of assets and liabilities measured on recurring basis | ||
Trading securities | $ 14,000 | $ 12,000 |
Foreign currency contracts | ||
Fair value of assets and liabilities measured on recurring basis | ||
Derivative assets | 1,000 | 6,000 |
Derivative liabilities | 0 | 3,000 |
Commodity | ||
Fair value of assets and liabilities measured on recurring basis | ||
Derivative assets | 0 | 1,000 |
Derivative liabilities | 0 | 1,000 |
NuScale warrants | ||
Fair value of assets and liabilities measured on recurring basis | ||
Derivative liabilities | 6,000 | 12,000 |
Level 1 | ||
Fair value of assets and liabilities measured on recurring basis | ||
Trading securities | 14,000 | 12,000 |
Level 1 | NuScale warrants | ||
Fair value of assets and liabilities measured on recurring basis | ||
Derivative liabilities | 3,000 | 6,000 |
Level 2 | Foreign currency contracts | ||
Fair value of assets and liabilities measured on recurring basis | ||
Derivative assets | 1,000 | 6,000 |
Derivative liabilities | 0 | 3,000 |
Level 2 | Commodity | ||
Fair value of assets and liabilities measured on recurring basis | ||
Derivative assets | 0 | 1,000 |
Derivative liabilities | 0 | 1,000 |
Level 2 | NuScale warrants | ||
Fair value of assets and liabilities measured on recurring basis | ||
Derivative liabilities | $ 3,000 | $ 6,000 |
Fair Value Measurements - Finan
Fair Value Measurements - Financial Instruments Not Required to be Measured at Fair Value (Details) - USD ($) $ in Millions | Jun. 30, 2024 | Dec. 31, 2023 |
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 | $ 79 | $ 69 |
Carrying Value | Level 2 | 2028 Notes ($4.250% Senior Notes) | ||
Estimated fair values of the company's financial instruments that are not measured at fair value on a recurring basis | ||
Debt | 574 | 597 |
Carrying Value | Level 2 | 2029 Notes ($1.125% Convertible Senior Notes) | ||
Estimated fair values of the company's financial instruments that are not measured at fair value on a recurring basis | ||
Debt | 562 | 561 |
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 | 79 | 69 |
Fair Value | Level 2 | 2028 Notes ($4.250% Senior Notes) | ||
Estimated fair values of the company's financial instruments that are not measured at fair value on a recurring basis | ||
Debt | 547 | 573 |
Fair Value | Level 2 | 2029 Notes ($1.125% Convertible Senior Notes) | ||
Estimated fair values of the company's financial instruments that are not measured at fair value on a recurring basis | ||
Debt | 657 | 626 |
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 | 1,581 | 1,357 |
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 | 1,581 | 1,357 |
Cash Equivalents | Carrying Value | Level 2 | ||
Estimated fair values of the company's financial instruments that are not measured at fair value on a recurring basis | ||
Cash and cash equivalents | 1,048 | 1,162 |
Cash Equivalents | Fair Value | Level 2 | ||
Estimated fair values of the company's financial instruments that are not measured at fair value on a recurring basis | ||
Cash and cash equivalents | $ 1,048 | $ 1,162 |
Stock-Based Compensation - Narr
Stock-Based Compensation - Narrative (Details) | 6 Months Ended | |
Jun. 30, 2024 period $ / shares shares | Jun. 30, 2023 $ / 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) | 428,305 | 432,654 |
Granted, weighted average grant date fair value (in dollars per share) | $ / shares | $ 37.35 | $ 34.88 |
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) | 178,644 | 178,434 |
Options granted weighted-average exercise price, per share (in dollars per share) | $ / shares | $ 37.02 | $ 35.76 |
Performance-based awards for non-Section 16 officers | Executives | ||
Stock-Based Plans | ||
Granted (in shares) | 272,844 | 274,755 |
Vesting period (in years) | 3 years | |
Performance-based awards for non-Section 16 officers | Employees | ||
Stock-Based Plans | ||
Granted (in shares) | 218,783 |
Stock-Based Compensation - Sche
Stock-Based Compensation - Schedule of Performance-Based Awards Granted (Details) | 6 Months Ended |
Jun. 30, 2024 $ / shares shares | |
2024 Performance Award Plan | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |
Performance-based Award Units Granted (in shares) | shares | 127,332 |
Weighted Average Grant Date Fair Value Per Share (in dollars per share) | $ / shares | $ 41.46 |
2023 Performance Award Plan | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |
Performance-based Award Units Granted (in shares) | shares | 73,271 |
Weighted Average Grant Date Fair Value Per Share (in dollars per share) | $ / shares | $ 42.09 |
2022 Performance Award Plan | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |
Performance-based Award Units Granted (in shares) | shares | 113,856 |
Weighted Average Grant Date Fair Value Per Share (in dollars per share) | $ / shares | $ 42.09 |
Stock-Based Compensation - Comp
Stock-Based Compensation - Compensation Expense (Details) - Executives - USD ($) $ in Millions | 3 Months Ended | 6 Months Ended | |||
Jun. 30, 2024 | Jun. 30, 2023 | Jun. 30, 2024 | Jun. 30, 2023 | Dec. 31, 2023 | |
SGI awards | |||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||||
Liabilities associated with SGI awards | $ 43 | $ 43 | $ 58 | ||
SGI awards | General and Administrative Expense | |||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||||
Share-based compensation expense | 7 | $ 4 | 12 | $ 11 | |
Performance-based awards for non-Section 16 officers | |||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||||
Liabilities associated with SGI awards | 28 | 28 | $ 29 | ||
Performance-based awards for non-Section 16 officers | General and Administrative Expense | |||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||||
Share-based compensation expense | $ 2 | $ 10 | $ 10 | $ 17 |