10-K

UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

Form 10-K

☒ ANNUAL REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934

For the fiscal year ended December 31, 2021

or

☐ TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934

For the transition period from                                  to                           

Commission file number: 1-16129

FLUOR CORPORATION

(Exact name of registrant as specified in its charter)

Delaware		33-0927079
(State or other jurisdiction of		(I.R.S. Employer
incorporation or organization)		Identification No.)
6700 Las Colinas Boulevard
Irving,	Texas	75039
(Address of principal executive offices)		(Zip Code)

469-398-7000

(Registrant’s telephone number, including area code)

Securities registered pursuant to Section 12(b) of the Act:

Title of Each Class	Trading Symbol(s)	Name of Each Exchange on Which Registered
Common Stock, $.01 par value per share	FLR	New York Stock Exchange
1.750% Senior Notes due 2023	FLR 23	New York Stock Exchange

Securities registered pursuant to Section 12(g) of the Act:

None

Indicate by check mark if the registrant is a well-known seasoned issuer, as defined in Rule 405 of the Securities Act. Yes þ    No o

Indicate by check mark if the registrant is not required to file reports pursuant to Section 13 or Section 15(d) of the Exchange Act. Yes o    No þ

Indicate by check mark whether the registrant (1) has filed all reports required to be filed by Section 13 or 15(d) of the Exchange Act during the preceding 12 months (or for such shorter period that the registrant was required to file such reports), and (2) has been subject to such filing requirements for the past 90 days. Yes þ    No o

Indicate by check mark whether the registrant has submitted electronically every Interactive Data File required to be submitted pursuant to Rule 405 of Regulation S-T during the preceding 12 months (or for such shorter period that the registrant was required to submit such files). Yes þ    No o

Indicate by check mark whether the registrant is a large accelerated filer, an accelerated filer, a non-accelerated filer, a smaller reporting company or an emerging growth company. See the definitions of "large accelerated filer," "accelerated filer," "smaller reporting company" and "emerging growth company" in Rule 12b-2 of the Exchange Act.

Large accelerated filer þ Accelerated filer o Non-accelerated filer o Smaller reporting company ☐ Emerging growth company ☐

If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act. o

Indicate by check mark whether the registrant has filed a report on and attestation to its management's assessment of the effectiveness of its internal control over financial reporting under Section 404(b) of the Sarbanes-Oxley Act (15 U.S.C. 7262(b)) by the registered public accounting firm that prepared or issued its audit report. ☑

Indicate by check mark whether the registrant is a shell company (as defined in Rule 12b-2 of the Exchange Act). Yes ☐    No þ

As of June 30, 2021, the aggregate market value of the registrant's common stock held by non-affiliates of the registrant was approximately $2.5 billion based on the closing sale price as reported on the New York Stock Exchange.

As of January 31, 2022, 141,434,771 shares of the registrant’s common stock, $0.01 par value per share, were outstanding.

DOCUMENTS INCORPORATED BY REFERENCE
Document	Parts Into Which Incorporated
Portions of the Proxy Statement for the Annual Meeting of Stockholders to be held on May 5, 2022.	Part III

FLUOR CORPORATION

INDEX TO ANNUAL REPORT ON FORM 10-K

For the Fiscal Year Ended December 31, 2021

		Page
	Glossary of Terms	1
	Forward-Looking Information	1
	PART I
Item 1.	Business	3
Item 1A.	Risk Factors	13
Item 1B.	Unresolved Staff Comments	30
Item 2.	Properties	30
Item 3.	Legal Proceedings	31
Item 4.	Mine Safety Disclosures	31
	PART II
Item 5.	Market for Registrant's Common Equity, Related Stockholder Matters and Issuer Purchases of Equity Securities	32
Item 7.	Management's Discussion and Analysis of Financial Condition and Results of Operations	32
Item 7A.	Quantitative and Qualitative Disclosures About Market Risk	42
Item 8.	Financial Statements and Supplementary Data	43
Item 9.	Changes in and Disagreements with Accountants on Accounting and Financial Disclosure	43
Item 9A.	Controls and Procedures	43
Item 9B.	Other Information	45
	PART III
Item 10.	Directors, Executive Officers and Corporate Governance	46
Item 11.	Executive Compensation	46
Item 12.	Security Ownership of Certain Beneficial Owners and Management and Related Stockholder Matters	46
Item 13.	Certain Relationships and Related Transactions, and Director Independence	47
Item 14.	Principal Accountant Fees and Services	47
	PART IV
Item 15.	Exhibits and Financial Statement Schedules	48
Item 16.	Form 10-K Summary	51
Signatures		51

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Glossary of Terms

The definitions and abbreviations set forth below apply to the indicated terms used throughout this filing.

Abbreviation/Term	Definition
2021 10-K	Annual Report on Form 10-K for the year ended December 31, 2021
ABO	Accumulated benefit obligation
AOCI	Accumulated other comprehensive income (loss)
ASC	Accounting Standards Codification
ASU	Accounting Standards Update
Cont Ops	Continuing operations
CPS	Convertible preferred stock
COVID	Coronavirus pandemic
DB plan	Defined benefit pension plan
DC plan	Defined contribution pension plan
Disc Ops	Discontinued operations
DOE	U.S. Department of Energy
EPC	Engineering, procurement and construction
EPS	Earnings per share
Exchange Act	Securities Exchange Act of 1934
FEMA	U.S. Federal Emergency Management Agency
Fluor	Fluor Corporation
FTC	Foreign tax credit
G&A	General and administrative expense
GAAP	Accounting principles generally accepted in the United States
GILTI	Global Intangible Low-Taxed Income
ICFR	Internal control over financial reporting
LNG	Liquefied natural gas
NCI	Noncontrolling interests
NM	Not meaningful
NOL	Net operating loss
NRC	U.S. Nuclear Regulatory Commission
NuScale	NuScale Power, LLC
OCI	Other comprehensive income (loss)
PBO	Projected benefit obligation
PP&E	Property, plant and equipment
RSU	Restricted stock units
RUPO	Remaining unsatisfied performance obligations
SEC	Securities and Exchange Commission
SGI	Stock growth incentive awards
SMR	Small modular reactor
Stork	Stork Holding B.V. and subsidiaries; Acquired by Fluor in 2016
VDI	Value driver incentive
VIE	Variable interest entity

Forward-Looking Information

From time to time, we make certain comments and disclosures in reports and statements, including this 2021 10-K, or statements are made by its officers or directors, that, while based on reasonable assumptions, may be forward-looking in nature. Under the Private Securities Litigation Reform Act of 1995, a "safe harbor" may be provided to us for certain of these

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forward-looking statements. We caution readers that forward-looking statements, including disclosures which use words such as "will, "may," "could," "should" "believes," "anticipates," "plans," "expects," "intends," "estimates," "projects," "potential," "continue" and similar statements are subject to various future risks and uncertainties which could cause actual results of operations to differ materially from expectations.

Any forward-looking statements that we may make are based on our current expectations and beliefs concerning future developments and their potential effects on us. There can be no assurance that future developments affecting us will be those anticipated by us. Any forward-looking statements are subject to the risks, uncertainties and other factors that could cause actual results of operations, financial condition, cost reductions, acquisitions, dispositions, financing transactions, operations, expansion, consolidation and other events to differ materially from those expressed or implied in such forward-looking statements.

We are subject to known risks and to potentially unknown risks. While most risks affect only future cost or revenue anticipated by us, some risks may relate to accruals that have already been reflected in earnings. Our failure to receive payments of expected amounts or the incurrence of liabilities in excess of amounts recorded, could result in charges against future earnings. As a result, the reader is cautioned to recognize and consider the inherently uncertain nature of forward-looking statements and not to place undue reliance on them.

These factors include those referenced or described in this 2021 10-K (including in "Item 1A. — Risk Factors"). We cannot control all risks and uncertainties, and in many cases, we cannot predict the risks and uncertainties that could cause our actual results to differ materially from those indicated by the forward-looking statements. You should consider these risks and uncertainties when you are evaluating us and deciding whether to invest in our securities. Except as otherwise required by law, we undertake no obligation to publicly update or revise our forward-looking statements, whether as a result of new information, future events or otherwise.

Defined Terms

Except as the context otherwise requires, the terms "Fluor" or the "Registrant" as used herein are references to Fluor Corporation and its predecessors and references to the "company," "we," "us," or "our" as used herein shall include Fluor Corporation, its consolidated subsidiaries and joint ventures.

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PART I

Item 1.    Business

Fluor Corporation was incorporated in Delaware in September, 2000. However, through our predecessors, we have been in business for over a century.

Our common stock trades on the New York Stock Exchange under the ticker symbol "FLR".

Fluor Corporation is a holding company that owns many subsidiaries, as well as interests in joint ventures. Acting through these entities, we are one of the larger global professional services firms providing EPC, fabrication and modularization, and project management services, on a global basis. We provide these services to our clients in a diverse set of industries worldwide including production and fuels, chemicals, LNG, nuclear project services, infrastructure, advanced technologies, life sciences and mining and metals. We are also a service provider to the U.S. federal government and governments abroad.

During the first quarter of 2021, we began operating our business through four segments. These segments include: Energy Solutions, Urban Solutions, Mission Solutions and Other. Fluor Constructors International, Inc., which is organized and operates separately from the rest of our business, provides unionized management and construction services in the United States and Canada, both independently and as a subcontractor on projects for Fluor.

In January 2021, we outlined four strategic priorities for driving value creation for our shareholders:

•Drive growth across our portfolio, by growing markets outside of the traditional oil and gas sector, including energy transition, advanced technology and life sciences, high-demand metals, infrastructure and nuclear and civil, defense and intelligence for governments;

•Pursue contracts with fair and balanced commercial terms, focusing on more favorable, risk-adjusted agreements that reward Fluor for value;

•Reinforce financial discipline, maintaining a solid balance sheet by generating predictable cash flow and earnings; and

•Foster a high-performance culture with purpose, by advancing our diversity, equity and inclusion efforts and promoting social progress and sustainability.

In 2021, we completed a number of transactions in support of our strategic priorities. In May 2021, we sold the North American portion of our construction equipment business, AMECO. Additionally, in May 2021, we issued 600,000 shares of Series A 6.5% cumulative perpetual CPS in a private transaction. We used the majority of the net proceeds of this offering to complete a tender offer in which we purchased a cumulative $483 million of our outstanding 2023 and 2024 Notes. In 2021, we also redeemed $26 million of outstanding 2023 and 2024 Notes in open market transactions. For further information on these transactions please see Notes to Consolidated Financial Statements.

In December 2021, we announced that NuScale, in which we are the majority investor, signed a merger agreement with Spring Valley Acquisition Corp., a special purpose acquisition company ("Spring Valley"). Spring Valley is acquiring an approximately 20% interest in NuScale. The proposed transaction is anticipated to close in the first half of 2022, subject to customary closing conditions. Upon completion of the merger, we estimate that we will own approximately 60-70% of the combined company and expect that we will continue to consolidate it.

Competitive Strengths

As a world-class provider of technical and professional services, we believe that we bring capital efficient business solutions that combine excellence in execution, safety, cost containment and experience to our clients. In that regard, we believe that our business advantages and global positioning provide us with significant competitive strengths:

Safety. One of our core values is our constant focus on safety. Maintaining a safe and secure workplace is a key business driver for us and our clients. In our experience, whether in an office or at a jobsite, a safe environment decreases risks, provides for the well-being of all workers, enhances morale, improves productivity, reduces project cost and generally improves client relations. We believe that our commitment to safety is one of our most distinguishing features.

Global Execution Platform. As one of the larger publicly traded EPC companies, we have a global footprint with employees located throughout the world. Our global presence enables us to build local relationships to capitalize on opportunities as well as mobilize quickly to project sites around the world and to draw on our local knowledge and talent

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pools. We continue to form strategic alliances with local partners, leverage our supply chain expertise and emphasize local training programs. We also provide services from our distributed execution centers on a cost-efficient basis.

Excellence in Execution. We believe that our ability to execute, maintain and manage complex projects, large or small and often in geographically challenging locations, gives us a distinct competitive advantage. We strive to complete our projects meeting or exceeding all client specifications. We have continued to shift toward data-driven execution, which we expect will enhance our ability to meet our clients' needs.

Market Diversity. We serve multiple markets across a broad spectrum of industries around the globe. Our market diversity helps to mitigate the impact of the cyclicality in the markets we serve and allows us to strive for more consistent growth. We believe that maintaining a good mixture within our entire business portfolio permits us to both focus on our more stable business markets and to capitalize on cyclical markets when the timing is appropriate.

Client Relationships. We actively pursue relationships with new clients while also building on our long-term relationships with existing clients. We believe that long-term relationships with existing clients serve us well by allowing us to better understand and be more responsive to their requirements. Regardless of whether our clients are new or have been with us for many decades, our ability to successfully foster relationships is a key strength.

Risk Management. We believe we have the ability to assess, mitigate and manage project risk, especially in difficult locations or circumstances. We have an experienced management team, and utilize a systematic and disciplined approach towards identifying, assessing and managing risks. We believe that our risk management approach helps us control costs and meet clients' schedules.

Sustainability. Our sustainability mission envisions meeting the needs of our clients while conducting business in an environmentally and socially responsible manner. We consistently apply prudent governance principles to the benefit of current and future generations, thereby creating value for all stakeholders. Every day, we help clients safeguard the environment, conserve energy, protect lives, and strengthen the economies and social structures of communities in which our employees work and live.

General Operations

Our services fall into five broad categories (outlined below). Our services can range from basic consulting activities, often at the early stages of a project, to complete design-build, operations and maintenance contracts.

•In engineering and design, we develop solutions to address our clients’ most complex problems. Our engineering services range from traditional engineering disciplines such as piping, mechanical, electrical, control systems, civil, structural and architectural to advanced engineering specialties including process engineering, chemical engineering, simulation, integrated automation processes and interactive 3-D modeling. Through our design solutions, we can provide clients with varied offerings which can include front-end engineering, conceptual design, estimating, feasibility studies, permitting, process simulation, technology and licensing evaluation, scope definition and siting.

•Our procurement offerings include procurement and supply chain solutions aimed at improving product quality and performance while also reducing project cost and schedule. Our clients draw upon our global sourcing and supply expertise, global purchasing power, technical knowledge, processes, systems and experienced global resources. Our procurement activities include strategic sourcing, material management, contracts management, buying, expediting, supplier quality inspection and logistics.

•In construction, we mobilize, execute, commission and demobilize projects on a self-perform and subcontracted basis. Generally, we are responsible for the completion of a project, often in difficult locations and under challenging circumstances. We are frequently designated as program manager, and serve as such in cases where the client has facilities in multiple locations, complex phases in a single project location, or a large-scale investment in one facility.

•We also provide a variety of fabrication and modularization services, including integrated engineering and modular fabrication and assembly, as well as modular construction and asset support services to clients around the globe from our joint venture yards. By operating our own yards in key regions of the world, we help our clients achieve cost and schedule savings by reducing on-site craft needs and shifting work to inherently safer and more controlled work environments.

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•We offer operations and maintenance services intended to improve the performance and extend the life of our clients’ facilities. This may include the global delivery of services to include facility management, technical facility operations, plant readiness, commissioning, start-up and maintenance technology, small capital projects, turnaround and outage services and recapitalization of facilities and infrastructure. Among other things, we can provide key management, staffing and management skills to clients on-site at their facilities. These activities also include routine and outage/turnaround maintenance services, general maintenance and asset management, emissions reduction technologies and services, and restorative, repair, predictive and prevention services.

•Project management involves managing all aspects of the effort to deliver projects on schedule and within budget, and is critical on every project. We are often hired as the overall program manager on large complex projects where various contractors and subcontractors are involved and multiple activities need to be integrated to ensure the success of the overall project. Our services include logistics, development of project execution plans, detailed schedules, cost forecasts, progress tracking and reporting, and the integration of EPC efforts. Project management is accountable to the client to deliver the safety, functionality and financial performance requirements of the project.

Business Segments

Energy Solutions

Our Energy Solutions segment focuses on opportunities in the production and fuels, chemicals, LNG and nuclear project services markets. We provide solutions to the energy transition markets, including asset decarbonization, carbon capture, renewable fuels, waste-to-energy, green chemicals, hydrogen, nuclear power and other low-carbon energy sources. At the same time, we continue to serve the traditional oil, gas and petrochemical industries with full project life-cycle services, including expansion and modernization projects as well as sustaining capital work. While we perform work on projects that range greatly in size and scope, we believe that one of our distinguishing features is our global strength and experience to perform very large projects in difficult locations. As energy and chemicals projects have become more challenging geographically, geopolitically or otherwise, we believe that clients will continue to look to us to manage their complex projects based on our size, strength, global reach, experience, technical expertise and proven track record.

With each specific project, our role can vary. We may be involved in providing front-end engineering, program management and final design services, construction management services, self-perform construction, or oversight of other contractors, and we may also assume responsibility for the procurement of materials, equipment and subcontractors. We have the capacity to design, fabricate and construct new facilities, upgrade, modernize and expand existing facilities, and rebuild facilities following fires and explosions. We also provide consulting services ranging from feasibility studies to process assessments to project finance structuring.

In production and fuels, we execute projects for the oil and gas production, processing and refining industries, including an increasing component of energy transition. In the upstream sector, our typical projects involve the production, processing and transporting of oil and gas, including the development of infrastructure associated with major new fields and pipelines. We are also involved in offshore production facilities and in gas processing projects. In the downstream sector, our clients have been modernizing and modifying existing refineries to increase capacity, improve margins and improve environmental performance. We are active in the repurposing of existing refining facilities for the production of renewable fuels. We are also focused on other transition markets, such as carbon capture and sequestration, blue and green hydrogen, ammonia and other low carbon solutions, as an increasing number of clients and countries implement stronger sustainable energy goals.

We have been very active for several decades in the chemicals and petrochemicals market, with major projects in the ethylene-based markets as well as in a variety of specialty chemicals. The most active markets have been in the United States, Middle East and Asia, where there is significant demand for chemical products. We are also active in battery chemicals projects and we are engaging with clients on implementing lower carbon solutions on their existing and new facilities.

We have participated in a wide variety of LNG developments, including liquefaction, floating LNG facilities and regasification terminals. Our work in LNG has included feasibility studies, technology evaluations, technical audits, process equipment optimization and selection, basic design, project specifications development, permitting support, front-end engineering and design, detailed EPC and start-up assistance.

In the nuclear project services market, we provide a full range of services for small modular reactor technologies and operations support for existing nuclear power facilities and managing waste. Through our relationship with NuScale, we can offer a complete project solution for carbon free power by utilizing NuScale's proprietary SMR technology, a market that is gaining significant momentum with the push to more sustainable energy sources.

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Urban Solutions

Our Urban Solutions segment provides EPC and project management services to the advanced technologies, life sciences, mining and metals, and infrastructure industries, as well as professional staffing services.

For the advanced technologies market, we provide program management and EPC services to a wide variety of companies on a global basis. Our experience spans a wide variety of market segments, including advanced materials, data storage and computing, fast-moving consumer goods, food and beverage, semiconductors, smart batteries and specialty products. We specialize in designing projects that incorporate lean manufacturing concepts while also satisfying client sustainability goals.

In life sciences, we provide front end studies and EPC services to the pharmaceutical, biotechnology, medical devices and animal health industries. We also specialize in providing validation and commissioning services where we not only bring new facilities into production, but we also extend the life, or improve efficiencies, of existing facilities. We believe the ability to complete projects on a large-scale basis, especially in a business where time to market is critical, enables us to better serve our clients and is a key competitive advantage.

In mining and metals, we provide a full range of services to our clients who produce a variety of commodities, including bauxite, copper, gold, iron ore, diamond, alumina, aluminum and phosphates. We have the experience required to support the increasing demand for battery metals, including lithium, platinum and nickel, due to urbanization and the transition to clean energy. We also serve the fertilizer industry and provide services in the downstream metals market. Our services include conceptual and feasibility studies through detailed EPC, commissioning and startup support. Many of these opportunities are being developed in remote and logistically challenging environments, such as the Andes Mountains, Western Australia and Africa. We believe we are one of the few companies with the size, regional presence and experience to execute large scale mining and metals projects in these difficult and remote locations.

We are an industry leader in developing infrastructure projects such as roads, highways, bridges and rail for governments, with particular interest in large, complex projects. We provide a broad range of services including consulting, design, planning, financial structuring, engineering and construction. We also provide long-term operation and maintenance services for transit and highway projects. Our projects may involve the use of public/private partnerships, which allow us to develop and finance deals in concert with public entities for projects such as toll roads and rail lines that would not have otherwise been undertaken with public funding alone. Continuing urbanization and the replacement and expansion of aging infrastructure in North America continues to drive project opportunities.

Historically, we have also offered a full range of services to the power industry including EPC, program management, startup and commissioning and technical services to utilities, independent power producers, original equipment manufacturers and other third parties. In recent years, this has become an increasingly smaller component of our business, though some projects remain in our portfolio.

The segment's staffing services are provided through TRS Staffing Solutions®. TRS is a global enterprise of staffing specialists that provides the company and third-party clients with technical, professional and craft resources either on a contract or permanent placement basis.

Mission Solutions

Mission Solutions is a provider of high-end technical solutions to the U.S. and other governments. The segment's nuclear and civil business holds a tier 1 position with differentiated expertise in managing complex national security missions across the Department of Energy and the National Nuclear Security Administration. We deliver solutions for nuclear security and operations, nuclear waste management and laboratory management. Additionally, we are an industry leader in nuclear remediation at governmental facilities providing site management, environmental remediation, and decommissioning of facilities and have been successful in addressing environmental and regulatory challenges associated with legacy and operational nuclear sites. We also provide services to commercial nuclear clients. In civil services, we are a partner to FEMA for disaster recovery and are one of their top contractors.

In defense, we deliver operations and maintenance, global logistics, EPC, life support and operations of mission critical facilities across U.S. military service organizations. We can rapidly mobilize people and equipment to deliver solutions across the globe and in the harshest environments. We believe we can deliver the solutions to our military clients no matter how remote the location or how quickly services are required. From life support and logistics services for special forces across Africa, to building and managing facilities for Afghan evacuees in the U.S., to building a runway on Ascension Island, we believe we have the people, tools and skills to provide services that are unmatched among our peers.

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For our intelligence clients, we have more than 600 cleared personnel providing critical infrastructure solutions such as data center management, operations and maintenance of secure facilities and technology platform services. We construct and renovate secure facilities for the intelligence community in more than 20 countries, and support both enduring and contingency missions. We believe we are trusted by our clients to ensure their mission success.

Other

Our Other segment includes the operations of NuScale, in which we are the majority investor. NuScale has developed an NRC standard design approved SMR technology, which we believe will be a leader in the development of light water, passively safe SMRs, providing us with significant future project opportunities.

Discontinued Operations

The sale of the North American portion of our AMECO equipment business was completed in May 2021. In the first quarter of 2021, we also committed to a plan to sell our Stork business. Both Stork and the remaining AMECO operations are reported as Disc Ops for all periods presented.

AMECO provides integrated construction equipment, tool, scaffolding and fleet service solutions to the company and third-party clients in a focused number of locations around the world for construction projects and client production assets. Stork provides asset maintenance and asset integrity services to the oil and gas, chemicals, life sciences, power, mining and metals, consumer products and manufacturing industries.

Other Matters

Backlog

Backlog represents the total amount of revenue we expect to record in the future based upon contracts that have been awarded to us. Backlog is stated in terms of gross revenues and may include significant estimated amounts of third-party, subcontracted and pass-through costs.

Backlog in the engineering and construction industry is a measure of the value of work to be performed on contracts already awarded and those in progress.

	December 31, 2021		December 31, 2020
	(in millions)
Energy Solutions	$	9,324	$	11,021
Urban Solutions	7,048		9,224
Mission Solutions	2,562		2,899
Total Backlog(1)(2)	$	18,934	$	23,144

_______________________________________________________________________________

(1)The temporary staffing business in the Urban Solutions segment does not report backlog or new awards based on the nature of its business. For projects related to proportionately consolidated joint ventures, we include only our percentage ownership of each joint venture's backlog.

(2)Includes backlog of $1.1 billion and $1.8 billion for projects in a loss position as of December 31, 2021 and 2020, respectively.

(in millions)	December 31, 2021		December 31, 2020
North America	$	12,235	$	16,398
Asia Pacific (including Australia)	1,049		1,543
Europe	2,251		2,550
Central and South America	2,899		1,825
Middle East and Africa	500		828
Total Backlog	$	18,934	$	23,144

Although backlog reflects business that we consider to be firm, cancellations, deferrals or scope adjustments may occur. Backlog is adjusted to reflect any known project cancellations, revisions to project scope and cost, foreign currency exchange

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fluctuations and project deferrals, as appropriate. The terms and conditions of some contracts include elements of both lump-sum and reimbursable contracts. Also, certain contracts may be converted from reimbursable to lump-sum. Due to additional factors outside of our control, such as changes in project schedules, we cannot accurately predict the exact timing that our December 31, 2021 backlog will be earned as revenue. Accordingly, backlog is not necessarily indicative of future earnings or revenues and no assurances can be provided that we will ultimately realize revenue on our backlog.

The following table sets forth our changes in consolidated backlog:

	2021		2020
	(in millions)
Backlog at beginning of year	$	23,144	$	29,392
New awards	8,753		7,459
Adjustments and cancellations, net(1)	(633)		331
Work performed	(12,330)		(14,038)
Backlog at end of year	$	18,934	$	23,144

(1)     During 2021, we removed $2 billion from backlog due to the cancellation of a steel project and a chemicals project.

In 2022, we expect to perform approximately 50% of our total backlog reported as of December 31, 2021, which is in line with the last three years.

Types of Contracts

While the basic terms and conditions of the contracts that we perform may vary considerably, we typically perform our work under two types of contracts: (a) reimbursable contracts and (b) lump-sum or guaranteed maximum contracts. In some markets, we are seeing hybrid contracts containing both lump-sum and reimbursable elements. As of December 31, 2021, the following table summarizes contract type within our ending backlog:

	December 31, 2021
	(in millions)		(percentage)
Reimbursable	$	6,760	36	%
Lump-Sum and Guaranteed Maximum	12,174		64	%

In accordance with industry practice, most of our contracts are subject to termination at the discretion of our client. In such situations, our contracts typically provide for the payment of fees earned through the date of termination and the reimbursement of costs incurred including demobilization costs.

Under reimbursable contracts, the client reimburses us based upon negotiated rates and pays us a pre-determined fee, or a fee based upon a percentage of the cost incurred in completing the project. Our profit may be in the form of a fee, a simple markup applied to labor cost incurred in performing the contract, or a combination of the two. The fee element may also vary. The fee may be an incentive fee based upon achieving certain performance factors, milestones or targets; it may be a fixed amount in the contract; or it may be based upon a percentage of the cost incurred. In some cases, reimbursable contracts may be converted into lump-sum contracts.

Our Mission Solutions segment, primarily acting as a prime contractor or a major subcontractor for a number of government programs, generally performs its services under reimbursable contracts subject to applicable statutes and regulations. In many cases, these contracts include incentive fee arrangements. The programs may span many years and may be implemented by awards under multiple contracts. Some of our government contracts are known as indefinite delivery indefinite quantity (“IDIQ”) agreements. Under these arrangements, we work closely with the government to define the scope and amount of work required based upon an estimate of the maximum amount that the government desires to spend. While the scope is often not initially fully defined or does not require any specific amount of work, once the project scope is determined, additional work may be awarded to us without the need for further competitive bidding.

Under lump-sum contracts, we typically bid based upon specifications provided by the client. This type of contracting presents risks because it requires us to predetermine the work to be performed, the project execution schedule and all costs associated with the work. Another type of lump-sum contract is a negotiated fixed-price contract, under which we are selected as contractor first, and then we negotiate price with the client. Negotiated fixed-price contracts frequently occur in single-responsibility arrangements where we perform some of the work before negotiating the total price for the project. Another type of lump-sum contract is a unit price contract under which we are paid a set amount for every “unit” of work

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performed. If we perform well under these types of contracts, we can benefit from cost savings. However, if the project does not proceed as originally planned, we may not be able to recover cost overruns except in certain situations.

Guaranteed maximum price contracts are reimbursable contracts except that the total fee plus the total cost cannot exceed an agreed upon guaranteed maximum price. We can be responsible for some or all of the total cost of the project if the cost exceeds the guaranteed maximum price. Where the total cost is less than the negotiated guaranteed maximum price, we may receive the benefit of the cost savings based upon a negotiated agreement with the client.

Some of our contracts, regardless of type, may operate under joint ventures or other teaming arrangements. Typically, we enter into these arrangements with reputable companies with whom we have worked previously. These arrangements are generally made to strengthen our market position or technical skills, or where the size, scale or location of the project directs the use of such arrangements.

Competition

We are one of the world’s larger providers of engineering, procurement, construction, fabrication and modularization, operations, maintenance and asset integrity, and project management services. The markets served by our business are highly competitive and, for the most part, require substantial resources and highly skilled and experienced technical personnel. A large number of companies compete against us, including U.S.-based companies such as AECOM, Amentum Services, Inc., Bechtel Group, Inc., EMCOR Group, Inc., Jacobs Engineering Group, Inc., KBR, Inc., Kiewit Corporation, Granite Construction, Inc. and Quanta Services, Inc., and international-based companies such as ACS Actividades de Construccion y Servicios, Balfour Beatty plc, Chiyoda Corporation, Hyundai Engineering & Construction Company, Ltd., JGC Corporation, McDermott International, Inc., Petrofac Limited, SNC-Lavalin Group, Inc., Samsung Engineering, Stantec Inc., Technip Energies N.V., Wood Group plc, and WorleyParsons Limited.

Competition for our Energy Solutions and Urban Solutions segments is based on an ability to provide the design, engineering, planning, management and project execution skills required to complete complex projects in a safe, timely and cost-efficient manner. We believe our engineering, procurement, fabrication and construction business derives its competitive strength from our market diversity, excellence in execution, reputation for quality, technology, cost-effectiveness, worldwide procurement capability, project management expertise, geographic coverage, ability to meet client requirements by performing construction on either a union or an open shop basis, ability to execute complex projects of varying sizes, strong safety record and lengthy experience with a wide range of services and technologies.

In Urban Solutions, temporary staffing is a highly fragmented market with over 1,000 companies competing globally. The key competitive factors in this business line are price, service, quality, client relationships, breadth of service and the ability to identify and retain qualified personnel and geographic coverage.

In our Mission Solutions segment, key competitive factors are primarily centered on performance, qualified personnel and the ability to provide the design, engineering, planning, management and project execution skills required to complete complex projects in a safe, timely, cost-efficient and compliant manner.

Raw Materials

The principal products we use in our business include structural steel, metal plate, concrete, cable and various electrical and mechanical components. These products and components are subject to raw material (aluminum, copper, nickel, iron ore, etc.) availability and pricing fluctuations, which we monitor on a regular basis. We have access to numerous global supply sources; however, the availability and cost of these products, components and raw materials may vary significantly from year to year due to various factors including the logistics market, client demand, producer capacity, inflation, market conditions and specific material shortages.

Compliance with Government Regulations, Including Environmental, Safety and Health Matters

We provide services at sites throughout the world. Work at some of these sites involves activities related to nuclear facilities, hazardous waste, hydrocarbon production, distribution and transport, the military and infrastructure. Some of our work can be performed adjacent to environmentally sensitive locations such as wetlands, lakes and rivers. We also contract with governments to remediate hazardous materials, including chemical agents, as well as to decontaminate and decommission nuclear sites. These activities can require us to manage, handle, remove, treat, transport and dispose of toxic, radioactive or hazardous substances, and are subject to many environmental, health and safety laws and regulations.

We believe that we are compliant with all environmental, health and safety laws and regulations. We further believe that any accruals with respect to future environmental costs are adequate and that any future costs will not have a material effect on our financial position or results of operations. Some factors, however, could result in additional expenditures or the provision of additional accruals in expectation of such expenditures. These include the imposition of more stringent

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requirements under environmental laws or regulations, new developments or changes regarding site cleanup costs or the allocation of such costs among potentially responsible parties, or a determination that we are potentially responsible for the release of hazardous substances at sites other than those currently identified.

Human Capital Management

We have built a high-performance culture with purpose and foster a diverse and inclusive workplace as a business imperative because people are our single greatest asset. A high performance culture, where everyone is treated fairly and respectfully and has equal access to opportunities based on capabilities and performance, regardless of background, raises both the individual and collective performance of our company. Our culture drives employee engagement, productivity and a sustainable competitive advantage.

The following summarizes our human capital information as of December 31, 2021:

	Number of Employees
Salaried Employees	19,529
Craft and Hourly Employees	18,477
TRS Agency	2,576
Total	40,582

The number of craft and hourly employees can vary in relation to the number, size and phase of execution of our projects. We have employees in the following regions:

Region	% of Global Workforce
North America	36	%
Europe, Africa and Middle East	21	%
Central and South America	32	%
Asia Pacific (includes Australia)	11	%

Health and Safety

Safety is one of our core values. We are committed to taking care of our employees and preventing injuries in our offices and project locations. Our robust programs and procedures help us mitigate the hazards inherent in the work we do. We are committed to fostering a caring, preventative culture founded on proactive action by engaged employees. We call this Safer TogetherSM. Our 2021 safety performance (calculated in accordance with OSHA record keeping requirements) resulted in a total case incident rate of 0.37 with COVID cases included (or 0.33 with COVID cases excluded), which both outperformed our goal of less than 0.40 (excluding COVID cases) and well below the comparable industry benchmarks.

In response to COVID, we implemented a number of measures to protect the well-being of our employees and mitigate COVID transmission within our offices and on our projects. In 2020, we established a global COVID task force and implemented actions to empower remote working, restrict non-essential business travel, enhance sanitation at our offices and project sites, and other return-to-work measures. In 2021, the global COVID task force continued to provide guidance for our sites and offices as the pandemic progressed and regulations changed in various locations. We promoted our existing employee assistance program to support employee well-being with a focus on mental health. We also issued an updated workplace flexibility policy for our employees who are not required to be onsite or in the office.

Diversity, Equity and Inclusion

We are committed to advancing Diversity, Equity and Inclusion ("DE&I"). We believe that every voice matters, and we value DE&I at every level of our organization. We encourage diversity of cultures, innovation and perspectives as we build inclusive, high-performance teams. We listen actively, respect one another and foster an environment with a sense of pride and belonging. We engage and partner with stakeholders who represent and support gender, generation, sexual orientation, mental and physical ability, race and ethnic diversity. We encourage knowledge sharing among our employees and stakeholders.

We are focused on delivering four key impact pillars to advance DE&I:

•Champion an inclusive culture;

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•Recruit, develop and retain talent;

•Enhance employee experience; and

•Improve social progress and impact.

We work with a variety of outreach, community and education organizations, including a range of universities. In 2021, we added three historically Black colleges and universities ("HBCUs") to Fluor’s Global University Sponsorship Program ("GUSP"). We announced that we will provide up to $1 million, including matching donations over three years, to North Carolina Agricultural & Technical State University, Prairie View A&M University in Texas and Tuskegee University in Alabama.

We are committed to strengthening our talent pipeline by expanding diversity in recruiting. We post our job openings internally and externally to reach a broad, diverse pool of candidates from all backgrounds. We have implemented a balanced slate candidate selection practice, which enables the identification of diverse candidates for positions across our offices and business lines.

We have established six regional inclusion councils to drive region-specific diversity and inclusion. In addition, we currently have four employee resource groups ("ERGs"): Black Employee Alliance (“BEA”), Emerging Leaders Group ("ELG"), Graduates Advancing to Professionalism ("GAP") and Growing Representation & Opportunity for Women ("GROW"). ERGs are a critical component of strengthening our culture of inclusion by encouraging employee engagement, attracting and retaining talent and offering allyship of shared identity individuals to share new ideas, insights and perspectives.

Development Opportunities

One of our top priorities is to provide ongoing training and development for our employees through multiple venues, including Fluor University, our online learning platform. Employees can select from among a wide variety of self-paced, online, virtual and instructor-led training courses. Topics range from our internally developed Fluor University courses focused on discipline-specific training, to commercially available technical learning and general knowledge topics, such as leadership, business acumen, communication and inclusive management. In 2021, our employees earned more than 55,000 credit hours through Fluor University. We have also developed several programs to help employees advance their careers, including Fluor Fellows for our technical experts and Mentoring Circles. In 2021, we also launched a new career development website.

Community Responsibility

Part of building a high-performance culture with purpose is offering employees robust and enriching opportunities to help build a better future. For more than 40 years, our employee volunteer program, Fluor Cares, has given employees a conduit for giving back to the communities where we live and work. In 2021, we launched a rebranded Fluor Cares 2.0 platform which consolidated both employee giving and volunteerism under the Fluor Cares banner and expanded the program to include 13 countries. The company match of 25 percent was expanded to several new cause categories, offering millions of nonprofit organizations to which employees can contribute. Despite lingering COVID protocols, our employees volunteered their time to hundreds of charitable organizations and causes.

We remained true to our legacy of giving back even as a variety of natural disasters, regional unrest and the continuing impact of COVID impacted lives and communities in far-reaching and profound ways. In 2021, Fluor and our employees pledged money to provide critical relief and support to those in need. Donations included emergency relief and resettlement support for more than 7,000 Afghan evacuees and contributions to help victims of tornadoes in the Midwest, wildfires in California and the super typhoon in the Philippines. We also provided more than 865,000 meals as well as clothing and warm blankets for more than 2,700 families around the globe.

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Information about our Executive Officers

The following information is being furnished with respect to our executive officers as of January 31, 2022:

Name	Age	Position with the Company(1)
Alan L. Boeckmann	73	Executive Chairman
Joseph L. Brennan	54	Executive Vice President and Chief Financial Officer
James R. Breuer	53	Group President, Energy Solutions
Alvin C. Collins III	48	Group President, Corporate Development and Sustainability
David E. Constable	60	Chief Executive Officer
Thomas P. D'Agostino	63	Group President, Mission Solutions
Stacy L. Dillow	48	Executive Vice President and Chief Human Resources Officer
Mark E. Fields	63	Group President, Project Execution
John C. Regan	52	Executive Vice President, Controller and Chief Accounting Officer
John R. Reynolds	65	Executive Vice President, Chief Legal Officer and Secretary
Terry W. Towle	61	Group President, Urban Solutions

_______________________________________________________________________________

(1)All references are to positions held with Fluor Corporation. All officers serve in their respective capacities at the pleasure of the Board of Directors.

Alan L. Boeckmann

Mr. Boeckmann has been Executive Chairman since 2019. Prior to his retirement in 2012, he previously served as non-executive Chairman of the company from 2011 to 2012 and Chairman and Chief Executive Officer of the company from 2002 to 2011. Mr. Boeckmann first joined the company in 1974. Mr. Boeckmann will retire as Executive Chairman effective May 5, 2022.

Joseph L. Brennan

Mr. Brennan has been Executive Vice President and Chief Financial Officer since July 2020. Prior to that, he was Senior Vice President and Operations Controller in 2020, Senior Vice President and Segment Controller — Energy & Chemicals from 2018 to 2020 and Vice President and Segment Controller — Energy & Chemicals from 2016 to 2018 and as the general manager of the company's Southern California operations from 2013 to 2016. Mr. Brennan joined the company in 1991.

James R. Breuer

Mr. Breuer has been Group President, Energy Solutions since January 2021. Prior to that, he was President, Downstream — Energy & Chemicals from 2019 to 2021, Vice President and General Manager, South America — Mining & Metals from 2017 to 2019 and Director of Operations, ICA Fluor from 2013 to 2017. Mr. Breuer joined the company in 1993.

Alvin C. Collins III

Mr. Collins has been Group President, Corporate Development and Sustainability since January 2021. Prior to that, he was Senior Vice President, Operations — Energy & Chemicals from 2019 to 2021, Senior Vice President, Global Business Development — Energy & Chemicals in 2019, Senior Vice President, Operations in Europe, Africa and the Middle East — Energy & Chemicals from 2016 to 2019. Mr. Collins joined the company in 1994.

David E. Constable

Mr. Constable has been Chief Executive Officer since January 2021, after serving as a member of Fluor's Board of Directors since 2019. He previously served as Chief Executive Officer (from 2011) and Chief Executive Officer and President (from 2014) of Sasol Ltd., an integrated energy and chemical company, until 2016. Prior to that, he was Group President, Project Operations at the company from 2009 to 2011 and Group President, Power from 2005 to 2009. Mr. Constable first joined the company in 1982. Mr. Constable was appointed Chairman of the Board effective upon Mr. Boeckmann's retirement in May 2022.

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Thomas P. D'Agostino

Mr. D'Agostino has been Group President, Mission Solutions since January 2021. Prior to that, he was Group President, Government from 2017 to 2021, Senior Vice President, Sales —Government from 2015 to 2017 and Senior Vice President, Strategic Planning and Development — Government from 2013 to 2015. Mr. D'Agostino joined the company in 2013.

Stacy L. Dillow

Ms. Dillow has been Executive Vice President and Chief Human Resources Officer since 2019. Prior to that, she was Head of Supply Chain Transformation, Southeast Asia and Australasia at Unilever, a consumer goods company, from 2018 to 2019. Prior to that, she was Senior Project Director — Energy & Chemicals at the company from 2014 to 2017. Ms. Dillow first joined the company in 1996.

Mark E. Fields

Mr. Fields has been Group President, Project Execution since January 2021. Prior to that, he was Group President, Energy & Chemicals from 2019 to 2021, Senior Vice President, Energy & Chemicals Americas from 2017 to 2019 and Senior Vice President, Project Director — Energy & Chemicals from 2009 to 2017. Mr. Fields joined the company in 1981.

John C. Regan

Mr. Regan has been Executive Vice President, Controller and Chief Accounting Officer since June 2020. Prior to joining the company, he was Executive Vice President and Chief Financial Officer of Alta Mesa Resources, Inc., an upstream exploration and production company, from 2019 to 2020, and Executive Vice President and Chief Financial Officer of Vine Oil and Gas LP and Brix Oil and Gas LP, private companies focused on natural gas exploration, from 2015 to 2018. Alta Mesa Resources, Inc. and certain of its subsidiaries filed for protection under Chapter 11 of the U.S. Bankruptcy Code in September 2019.

John R. Reynolds

Mr. Reynolds has been Executive Vice President and Chief Legal Officer since 2019 and Secretary since 2020. Prior to that, he was Vice President and Senior Managing General Counsel from 2017 to 2019 and Managing General Counsel from 2005 to 2017. Mr. Reynolds joined the company in 1985.

Terry W. Towle

Mr. Towle has been Group President, Urban Solutions since January 2021. Prior to that, he was Group President, Infrastructure & Power from 2019 to 2021, Senior Vice President, Project Director — Infrastructure from 2015 to 2019 and Senior Vice President, Business Line President — Infrastructure from 2014 to 2015. Mr. Towle joined the company in 1985.

Available Information

Our website address is www.fluor.com. You may obtain free electronic copies of our annual reports on Form 10-K, quarterly reports on Form 10-Q, current reports on Form 8-K, and all amendments to those reports on the “Investor Relations” portion of our website, under the heading “SEC Filings” filed under “Financial Information.” These reports are available on our website as soon as reasonably practicable after we electronically file them with the SEC. These reports, and any amendments to them, are also available at the Internet website of the SEC, http://www.sec.gov. We also use our investor relations website as a channel of distribution for important company information. Investors and others can receive notifications of new information posted on our investor relations website in real time by signing up for e-mail alerts and RSS feeds. We also maintain various documents related to our corporate governance including our Corporate Governance Guidelines, our Board Committee Charters and our Code of Business Conduct and Ethics for Members of the Board of Directors on the “Sustainability” portion of our website under the heading “Corporate Governance Documents” filed under “Governance.”

Item 1A.    Risk Factors

We operate in a complex and rapidly changing global environment that involves numerous known and unknown risks and uncertainties that could materially adversely affect our business, financial condition, results of operations, and stock price. The risks described below highlight some of the factors that have affected and could affect us in the future. We may also be affected by unknown risks or risks that we currently think are immaterial. If any such events actually occur, our business, financial condition, results of operations, and stock price could be materially adversely affected.

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Summary Risk Factors

The following summarizes the risks and uncertainties that could materially adversely affect our business, financial condition, results of operation and stock price. You should read this summary together with the more detailed description of each risk factor contained below.

Risks Related to our Operations

•COVID has had and could continue to have a material adverse effect on our business operations, results of operations and financial position.

•We are vulnerable to the cyclical nature of the markets we serve.

•Our revenue and earnings are largely dependent on new awards, which are driven by our clients.

•The nature of our contracts, particularly our lump-sum contracts, subject us to risks associated with delays and cost overruns, which may not be recoverable and may result in reduced profits or losses that could have a material impact on us.

•Intense competition in the EPC industry can impact our revenue and profits.

•The success of teaming arrangements and joint ventures depends on the satisfactory performance by our venture partners over whom we may have little or no control, and the failure of those partners to perform their obligations could impose additional obligations on us that could have a material impact on us.

•Cybersecurity breaches of our systems and information technology could adversely impact us.

•We have international operations that are subject to foreign economic and political uncertainties and risks. Unexpected and adverse changes in the foreign countries in which we operate could result in project disruptions, increased cost and potential losses.

•Our backlog is subject to unexpected adjustments and cancellations.

•Our employees work on projects that are inherently dangerous and in locations where there are high security risks, and a failure to maintain a safe work site could result in significant losses.

•Our businesses could be materially and adversely affected by events outside of our control.

•Our actual results could differ from the assumptions and estimates used to prepare our financial statements.

•If we experience delays or defaults in client payments, we could be negatively impacted.

•We are dependent upon suppliers and subcontractors to complete many of our contracts.

•Our U.S. government contracts and contracting rights may be terminated or otherwise adversely impacted at any time, and our inability to win or renew government contracts during regulated procurement processes could harm our operations and reduce our projects and revenues.

•Our success requires us to hire and retain qualified personnel.

•Our effective tax rate and tax positions may vary.

•Systems and information technology interruption, as well as new systems implementation, could adversely impact our ability to operate and our operating results.

•It can be very difficult and expensive to obtain the insurance we need for our business operations.

•If we do not have adequate indemnification for our nuclear services, it could adversely affect our business and financial condition.

•Foreign currency risks could have an adverse impact on us.

•The loss of one or a few clients could have an adverse effect on us.

•Damage to our reputation could in turn cause damage to our business.

•Our business may be negatively impacted if we are unable to adequately protect intellectual property rights.

•Our results of operations could be adversely affected as a result of asset impairments.

•Climate change and related environmental issues could have a material adverse impact on our business, financial condition and results of operation.

•Increasing scrutiny and changing expectations from investors with respect to sustainability practices may impose additional costs on us or expose us to reputational or other risks.

Risks Related to Indebtedness and other Credit Related Risks

•Adverse credit and financial market conditions could impair our, our clients' and our partners' borrowing capacity, which could negatively affect us.

•Our indebtedness could lead to adverse consequences or adversely affect our financial position and prevent us from fulfilling our obligations under such indebtedness, and any refinancing of this debt could be at significantly higher interest rates.

•We may be unable to win new contract awards if we cannot provide clients with financial assurances.

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Legal and Regulatory Risks

•We are involved in litigation and regulatory proceedings, potential liability claims and contract disputes that may have a material impact on our financial condition and results of operations.

•Our failure to recover adequately on claims against project owners, subcontractors or suppliers for payment or performance could have a material effect on our financial results.

•We could be adversely affected by violations of the U.S. Foreign Corrupt Practices Act and similar worldwide anti-bribery laws.

•We could be adversely impacted if we fail to comply with domestic and international import and export laws.

•Employee, agent or partner misconduct or our overall failure to comply with laws or regulations could impair our ability to compete for contracts.

•New or changing legal requirements could adversely affect us.

•Past and future environmental, safety and health regulations could impose significant additional costs on us.

Risks Related to Mergers & Acquisitions and Strategic Plans

•We may be unsuccessful implementing our strategic and operational initiatives.

•We may be unsuccessful integrating acquisitions or capitalizing on investments we make.

Risks Related to our Preferred Stock and our Equity

•Conversion of our CPS will dilute the ownership interest of existing common stockholders or may otherwise depress the price of our common stock.

•Our CPS has rights, preferences and privileges that are not held by, and are preferential to the rights of, our common stockholders, which could adversely affect the value of the common stock, our liquidity and our financial condition.

•Provisions attendant to our preferred stock may deter or prevent a business combination that may be favorable to our common stockholders.

•In the event we issue additional equity securities, stockholders' ownership percentages would be diluted.

•Delaware law and our charter documents may impede or discourage a takeover or change of control.

Risks Related to our Operations

COVID has had and could continue to have a material adverse effect on our business operations, results of operations and financial position.

There have been extraordinary and wide-ranging actions taken by international, federal, state and local public health and governmental authorities in response to COVID, including vaccine mandates, quarantines, government restrictions on movement, business closures and suspensions, canceled events and activities, isolation, and other voluntary or mandated changes in behavior. Both the outbreak of the disease and actions in response thereto have created significant uncertainty and economic volatility and disruption, which have impacted and may continue to impact our workforce and operations and have materially adversely affected and may continue to materially adversely affect our results of operations and financial performance, including, but not limited to, the following:

•We have experienced, and may continue to experience, reductions in demand for our services and the delay or abandonment of ongoing or anticipated projects due to our clients’, suppliers’ and other third parties’ diminished financial conditions or financial distress, as well as governmental budget constraints. These impacts are expected to continue or worsen if stay-at-home, social distancing, travel restrictions and other similar orders or restrictions remain in place for an extended period of time or are re-imposed after being lifted or eased.

•Some clients have been, and may in the future be, unable to meet their payment obligations to us in a timely manner, including as a result of deteriorating financial condition. Further, other third parties, such as suppliers, subcontractors, joint venture partners and other outside business partners, have experienced significant disruptions in their ability to satisfy their obligations with respect to us, or they may be unable to do so in the future altogether.

•While we have had phased re-openings of some offices in accordance with local guidelines from governing agencies, many of our employees continue to work remotely. While many of our employees can effectively perform their responsibilities while working remotely, some work may not be completed as efficiently as if it were performed on site. Additionally, we may be exposed to unexpected cybersecurity risks and additional information technology-related expenses as a result of these remote working requirements.

•We are subject to various vaccine mandates issued by clients or governments, and it is possible that additional mandates may be announced by other jurisdictions that could impact our workforce and operations. Such mandates

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could negatively impact our ability to attract and retain qualified employees, increase costs and administrative burden and make us subject to fines.

•Illness, travel restrictions or other workforce disruptions have affected, and may continue to affect, our supply chain, our ability to timely and satisfactorily complete our clients’ projects, our ability to provide services to our clients or our other business processes.

•Jurisdictions where we have operations may continue to close borders, impose prolonged quarantines and further restrict travel and business activity, which could materially impair our ability to conduct our operations, to source supplies through the global supply chain and to identify, pursue and capture new business opportunities, and which could continue to restrict the ability of our employees to access their workplaces. We also face the possibility of increased overhead or other expenses resulting from compliance with any current or future government orders or other measures enacted in response to COVID.

•We operate in many countries around the world, and certain of those countries’ governments may be unable to effectively mitigate the financial or other impacts of COVID on their economies and workforces and our operations therein.

The extent to which COVID will continue to impact us depends on numerous evolving factors and future developments that we are not currently able to predict and may also exacerbate other risks discussed in this 2021 10-K, any of which could have a material adverse effect on us, our business operations, results of operations and financial position.

We are vulnerable to the cyclical nature of the markets we serve.

The demand for our services is dependent upon the existence of projects with EPC needs. Our clients' interest in approving new projects, budgets for capital expenditures and need for our services have in the past been, and may in the future be, adversely affected by, among other things, poor economic conditions, low oil prices, political uncertainties and currency devaluations. Clients have been and remain selective in how they allocate and expend their capital, which has resulted in a reduction of the number of projects we may bid on and win, especially the larger scale projects in which we specialize. For example, in our Energy Solutions segment, capital expenditures by our clients are influenced by factors such as prevailing prices and expectations about future prices for underlying commodities, technological advances, the costs of exploration, production and delivery of product, domestic and international political, military, regulatory and economic conditions and other similar factors. The decline in oil prices in the first quarter of 2020 significantly reduced demand for our services. There is no guarantee that the current recovery in oil prices will be sustained, and the timing and extent of any future improvements in demand remain uncertain. Industries served by that segment and many of the others we serve have historically been and will continue to be vulnerable to general downturns, which in turn could materially and adversely affect the demand for our services.

Our revenue and earnings are largely dependent on new awards, which are driven by our clients.

The awarding and timing of projects is unpredictable and driven by our clients. Awards, including expansions of existing projects, often involve complex and lengthy negotiations and competitive bidding processes. These processes can be impacted by a wide variety of factors including a client's decision to not proceed with the development of a project, governmental approvals, financing contingencies, oil prices, environmental conditions and overall market and economic conditions. We may not win contracts that we have bid on due to price, a client's perception of our ability to perform and/or perceived technology advantages held by others. Many of our competitors may be more inclined to take greater risks or include terms and conditions that we might not deem acceptable, especially when the markets for the services we typically offer are relatively soft. Because a significant portion of our revenue is generated from large projects, our results can fluctuate depending on whether and when large project awards occur and the commencement and progress of work under large contracts already awarded. As a result, we are subject to the risk of losing new awards to competitors or the risk that revenue may not be derived from awarded projects as quickly as anticipated. Additionally, uncertain economic and political conditions may make it difficult for our clients, our vendors and us to accurately forecast and plan future business activities. For example, changes to U.S. policies related to global trade and tariffs in recent years, and responsive changes in policy by foreign jurisdictions, have resulted in uncertainty surrounding the future of the global economy as well as retaliatory trade measures implemented by other countries.

The nature of our contracts, particularly our lump-sum contracts, subject us to risks associated with delays and cost overruns, which may not be recoverable and may result in reduced profits or losses that could have a material impact on us.

Because our projects are often technically complex, with multiple phases occurring over several years, we incur risks in our project execution activities. These risks could result in project delays, cost overruns or other problems and can include the following:

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•Incorrect assumptions related to productivity, scheduling estimates or future economic conditions, including with respect to the impacts of inflation on lump-sum contracts;

•Unanticipated technical problems, including design or engineering issues;

•Inaccurate representations of site conditions and unanticipated changes in the project execution plan;

•Project modifications creating unanticipated costs or delays and failure to properly manage project modifications;

•Inability to achieve guaranteed performance or quality standards with regard to engineering, construction or project management obligations;

•Insufficient or inadequate project execution tools and systems needed to record, track, forecast and control cost and schedule;

•Reliance on historical cost and/or execution data that is not representative of current economic and/or execution conditions;

•Failure to accurately estimate the timing and cost of projects, including due to inflation, supply chain disruption, rising construction costs or unforeseen increases in the cost of labor;

•Unanticipated increases in the cost of raw materials, components or equipment, including due to inflation or the imposition of import tariffs;

•Failure to properly make judgments in accordance with applicable professional standards, including engineering standards;

•Failure to properly assess and update appropriate risk mitigation strategies and measures;

•Difficulties related to the performance of our clients, partners, subcontractors, suppliers or other third parties;

•Delays or productivity issues caused by weather; and

•Changes in local laws or difficulties or delays in obtaining permits, rights of way or approvals.

These and other risks have in the past and may in the future result in our failure to achieve contractual cost or schedule commitments, safety performance, overall client satisfaction or other performance criteria. As a result, we may receive lower fees or lose our ability to earn incentive fees. In other cases, our fee will not change but we will have to continue to perform work without additional fees until the performance criteria is achieved. We may also be required to pay liquidated damages if we fail to complete a project on schedule. In addition, if we fail to meet guaranteed performance or quality standards, we may be held responsible under the guarantee or warranty provisions of our contract for cost impact to the client, generally in the form of contractually agreed-upon liquidated damages or an obligation to re-perform work. To the extent these events occur, the total cost to the project (including any liquidated damages we become liable to pay) could be material and could, in some circumstances, equal or exceed the full value of the contract. In such events, our financial condition or results of operations could be materially and negatively impacted.

In circumstances where the contract is lump-sum or the revenue is otherwise fixed, we bear significant risk for delays and cost overruns. Reimbursable contract types, such as those that include negotiated hourly billing rates, may restrict the kinds or amounts of costs that are reimbursable, therefore exposing us to the risk that we may incur certain costs in executing these contracts that are above our estimates and not recoverable from our clients.

Intense competition in the EPC industry can impact our revenue and profits.

We serve markets that are highly competitive and in which a large number of multinational companies compete. These markets require substantial resources and investment in technology and skilled personnel. We also see a continuing influx of non-traditional competitors offering below-market pricing while accepting greater risk. Competition places downward pressure on our contract prices and profit margins, and could cause us to accept contractual terms and conditions that are not normal or customary, thereby increasing the risk of losses on such contracts. Intense competition is expected to continue in these markets, presenting us with significant challenges in our ability to maintain acceptable profit margins. To the extent we are unable to meet these competitive challenges, we could lose revenue and experience reduced profitability.

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The success of teaming arrangements and joint ventures depends on the satisfactory performance by our venture partners over whom we may have little or no control, and the failure of those partners to perform their obligations could impose additional obligations on us that could have a material impact on us.

In the ordinary course of business in our industry, we execute specific projects and otherwise conduct certain operations through joint ventures, consortiums, partnerships and other collaborative arrangements (collectively, "ventures"). We have various ownership interests in these ventures, with such ownership typically being proportionate to our decision-making and distribution rights. The ventures generally contract directly with our client; however, services may be performed directly by the venture, or may be performed by us, our partners, or a combination thereof.

Our success in many markets is impacted by the presence or capability of our partners. If we are unable to compete alone, or with a quality partner, our ability to win work and successfully complete our contracts may be impacted. Differences in opinions or views between venture partners can result in delayed decision-making or failure to agree on material issues, which could adversely affect the business and operations of our ventures. In many of the countries in which we engage in joint ventures, it may be difficult to enforce our contractual rights under the applicable joint venture agreement.

At times, we also participate in ventures where we are not a controlling party or where we team with unaffiliated parties on a particular project. In such instances, we may have limited control over venture decisions and actions, including internal controls and financial reporting, which may have an impact on our business. If internal control problems arise within a venture, or if our venture partners have financial or operational issues, there could be a material impact on our business, financial condition or results of operations.

The success of our ventures also depends, in large part, on the satisfactory performance by our venture partners of their obligations, including their obligation to commit working capital, equity or credit support as required by the venture and to support their indemnification and other contractual obligations. If our venture partners fail to satisfactorily perform their obligations, the venture may be unable to adequately perform or deliver its contracted services. Under these circumstances, we may be required to make additional investments and provide additional services to ensure the adequate performance and delivery of the contracted services and to meet any performance guarantees. From time to time, in order to establish or preserve a relationship, or to better ensure venture success, we may accept risks or responsibilities for the venture that are not necessarily proportionate with the reward we expect to receive or that may differ from risks or responsibilities we would normally accept in our own operations. We may also be subject to joint and several liability under the contracts for venture projects. These additional obligations could result in reduced profits or, in some cases, increased liabilities or significant losses for us with respect to the venture, and in turn, our business and operations. In addition, a failure by a venture partner to comply with applicable regulations could negatively impact our business and reputation and could result in fines, penalties, suspension or, in the case of government contracts, even debarment.

Cybersecurity breaches of our systems and information technology could adversely impact our ability to operate.

We utilize, develop, install and maintain a number of information technology systems. Various privacy and security laws require us to protect sensitive and confidential information from disclosure. In addition, we are bound by our contracts, as well as our own business practices, to protect confidential and proprietary information. Our computer systems, as well as those of our clients, contractors and other vendors, face the threat of unauthorized access, computer hacking, viruses, malicious code, cyber attacks, phishing and other security incursions and system disruptions. While we endeavor to maintain industry-accepted security measures and technology to secure our computer systems and while we endeavor to ensure our cloud vendors that store our data maintain similar measures, these systems and the information stored on these systems are still subject to threats. There can be no assurance that our efforts will protect us against all threats. Further, as these security threats continue to evolve, we may be required to devote additional resources to protect, detect and respond against such threats. A party who circumvents our security measures, or those of our clients, contractors or other vendors, could misappropriate confidential or proprietary information, improperly manipulate data, or cause damage or interruptions to systems. Any of these events could damage our reputation, result in litigation and regulatory fines and penalties, or have a material adverse effect on our business, financial condition or results of operations. Furthermore, while we maintain insurance that specifically covers cybersecurity threats, our coverage may not sufficiently cover all types of losses or claims that may arise.

We have international operations that are subject to foreign economic and political uncertainties and risks. Unexpected and adverse changes in the foreign countries in which we operate could result in project disruptions, increased cost and potential losses.

Our business is subject to international economic and political conditions that change (sometimes frequently) for reasons that are beyond our control. We expect that a significant portion of our revenue and profits will continue to come from international projects for the foreseeable future.

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Operating in the international marketplace exposes us to a number of risks including:

•abrupt changes in government policies, laws, treaties (including those impacting trade), regulations or leadership;

•embargoes or other trade restrictions, including sanctions;

•restrictions on currency movement;

•tax or tariff changes and withholding requirements;

•currency exchange rate fluctuations;

•changes in labor conditions and difficulties in staffing and managing international operations, including logistical and communication challenges;

•U.S. government trade or other policy changes in relation to the foreign countries in which we operate;

•other regional, social, political and economic instability, including recessions and other economic crises;

•natural disasters and public health crises, including pandemics;

•expropriation and nationalization of our assets;

•international hostilities; and

•unrest, civil strife, acts of war, terrorism and insurrection.

Also, the lack of a well-developed legal system in some of the countries where we operate may make it difficult to enforce our contractual rights or to defend ourself against claims made by others. We operate in locations where there is a significant amount of political risk. In addition, military action or continued unrest could impact the supply or pricing of oil, disrupt our operations in the region and elsewhere, and increase our security costs. Our level of exposure to these risks may vary with each project, depending on the location of the project and its stage of completion. For example, our risk exposure with respect to a project in an early development phase, such as engineering, will generally be less than our risk exposure on a project that is in the construction phase. To the extent that our international business is affected by unexpected and adverse foreign economic and political conditions and risks, we may experience project disruptions and losses.

Our backlog is subject to unexpected adjustments and cancellations.

Our backlog generally consists of projects for which we have an executed contract or commitment with a client and reflects our expected revenue from the contract or commitment, which is often subject to revision over time. We cannot guarantee that the revenue projected in our backlog will be realized or profitable or will not be subject to delay or suspension. Project cancellations, scope adjustments or deferrals, or foreign currency fluctuations may occur with respect to contracts reflected in our backlog and could reduce the dollar amount of our backlog and the revenue and profits that we actually earn; or, may cause the rate at which we perform on our backlog to decrease. Most of our contracts have termination for convenience provisions in them allowing clients to cancel projects. Our contracts typically provide for the payment of fees earned through the date of termination and the reimbursement of costs incurred including demobilization costs. In addition, projects may remain in our backlog for an extended period of time. During periods of economic slowdown, or decreases and/or instability in oil prices, the risk of projects being suspended, delayed or canceled generally increases. Finally, poor project or contract performance could also impact our backlog and profits. Such developments could have a material adverse effect on our business and our profits.

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Our employees work on projects that are inherently dangerous and in locations where there are high security risks, and a failure to maintain a safe work site could result in significant losses.

We often work on complex projects, frequently in geographically remote or high-risk locations that are subject to political, social or economic risks, or war or civil unrest. In those locations where we have employees or operations, we may expend significant efforts and incur substantial security costs to maintain safety. In addition, our project sites can place our employees and others near large equipment, dangerous processes or substances or highly regulated materials, and in challenging environments. Safety is a primary focus of our business and is critical to our reputation and performance. Many of our clients require that we meet certain safety criteria to be eligible to bid on contracts, and some of our contract fees or profits are subject to satisfying safety criteria. Unsafe work conditions also have the potential of increasing employee turnover, increasing project costs and raising our operating costs. If we fail to implement appropriate safety procedures and/or if our procedures fail, our employees or others may suffer injuries or loss of life, the completion of a project could be delayed and we could experience investigations or litigation. Although we have a safety function to implement effective health, safety and environmental procedures throughout our company, the failure to comply with such procedures, client contracts or applicable regulations could subject us to losses and liability. Despite these activities we cannot guarantee the safety of our personnel, nor can we guarantee our work, equipment or supplies will be free from damage.

Our businesses could be materially and adversely affected by events outside of our control.

Extraordinary or force majeure events beyond our control, such as natural or man-made disasters, severe weather conditions, public health crises such as COVID, supply chain disruption, political crises or other catastrophic events, could negatively impact our ability to operate or increase our costs to operate. Such events may result in disruptions to our operations; evacuation of personnel; increased labor and material costs or shortages; inability to deliver materials, equipment and personnel to jobsites in accordance with contract schedules; and loss of productivity. We may remain obligated to perform our services after any such events, unless a contract provision provides us with relief from our obligations. The extra costs incurred as a result of these events may not be reimbursed by our clients. If we are not able to react quickly to such events, or if a high concentration of our projects are impacted by such an event, our operations may be adversely affected. In addition, if we cannot complete our contracts on time, we may be subject to potential liability claims by our clients, which may reduce our profits and result in losses.

Our actual results could differ from the assumptions and estimates used to prepare our financial statements.

In preparing our financial statements, we make estimates and assumptions that affect the reported values of assets, liabilities, revenue and expenses, and the disclosure of contingent assets and liabilities. Areas requiring significant estimates by our management include:

•recognition of revenue, costs, profits or losses;

•recognition of revenue related to project incentives, awards or other variable consideration we expect to receive;

•recognition of recoveries under contract change orders or claims;

•estimated amounts for project losses, warranty costs, contract close-out or other costs;

•collectability of receivables and the need and amount of any allowance;

•asset valuations;

•income tax provisions and related valuation allowances;

•determination of expense and potential liabilities under pension and other post-retirement benefit programs; and

•accruals for other estimated liabilities, including litigation and insurance reserves and receivables.

Estimates are based on management's reasonable assumptions and experience, but are only estimates. Our actual business and financial results could differ from our estimates of such results due to changes in facts and circumstances, which could have a material negative impact on our financial condition and reported results of operations. Further, we recognize contract revenue as work on a contract progresses. The cumulative amount of revenue recorded on a contract at any point is that percentage of total estimated revenue that costs incurred to date bear to estimated total costs. Accordingly, contract revenue and total cost estimates are reviewed and revised as the work progresses. Adjustments are reflected in contract revenue in the period when such estimates are revised. Such adjustments could be material and could result in reduced profitability.

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If we experience delays or defaults in client payments, we could be negatively impacted.

Because of the nature of our contracts, we sometimes commit resources to projects prior to receiving payments from clients in amounts sufficient to cover expenditures as they come due. Some of our clients have found it difficult to pay our invoices timely, increasing the risk that our accounts receivable could become uncollectible and ultimately be written off. In certain cases, our clients for our large projects are project-specific entities that do not have significant assets other than their interests in the project. From time to time, it is difficult for us to collect payments owed to us by these clients. In addition, clients may request extension of the payment terms otherwise agreed to under our contracts. Delays in client payments may require us to make a working capital investment, which could impact our cash flows and liquidity. If a client fails to pay invoices on a timely basis or defaults, there could be a material adverse effect on our results of operations or liquidity.

We are dependent upon suppliers and subcontractors to complete many of our contracts.

Some of the work performed under our contracts is performed by third-party subcontractors. We also rely on third-party suppliers to provide much of the equipment and materials used for projects. If we are unable to hire qualified subcontractors or find qualified suppliers, our ability to successfully or timely complete a project could be impaired. If the amount we are required to pay for subcontractors or equipment and supplies exceeds what we have estimated, especially in a lump-sum contract, we may suffer losses on these contracts. If a supplier or subcontractor fails to provide supplies, technology, equipment or services as required under a contract to us, our joint venture partner, our client or any other party involved in the project for any reason, or provides supplies, technology, equipment or services that are not an acceptable quality, we may be required to source those supplies, technology, equipment or services on a delayed basis or at a higher price than anticipated, which could impact our profitability. In addition, faulty workmanship, equipment or materials could impact the overall project, resulting in claims against us for failure to meet required project specifications. These risks may be intensified during an economic downturn if these suppliers or subcontractors experience financial difficulties or find it difficult to obtain sufficient financing to fund their operations or access to bonding, and are not able to provide the services or supplies necessary for our business. In addition, in instances where we rely on a limited number of suppliers or subcontractors, there may be no available replacement technology, equipment, materials or services on a timely basis or at the costs we had anticipated. A failure by a third-party subcontractor or supplier to comply with applicable laws, rules or regulations could negatively impact our business and reputation and could result in fines, penalties, suspension, or in the case of government contracts, even debarment.

Our U.S. government contracts and contracting rights may be terminated or otherwise adversely impacted at any time, and our inability to win or renew government contracts during regulated procurement processes could harm our operations and reduce our projects and revenues.

We have a significant portfolio of government contracts, including those that we have in place with the DOE and U.S. Department of Defense. U.S. government contracts are subject to various uncertainties, restrictions and regulations, including oversight audits by government agencies and profit and cost controls, which could result in withholding or delay of payments to us. U.S. government contracts are also subject to uncertainties associated with congressional funding, including the potential impacts of budget deficits, government shutdowns and federal sequestration. Changes in U.S. government priorities, which can occur due to policy changes or economic changes, could adversely impact our revenues. The U.S. government is under no obligation to maintain program funding at any specific level, and funds for a program may even be eliminated. Our U.S. government clients may terminate or decide not to renew our contracts with little or no prior notice.

In addition, U.S. government contracts are subject to specific regulations such as the Federal Acquisition Regulation ("FAR"), the Truth in Negotiations Act, the Cost Accounting Standards ("CAS"), the Service Contract Act and Department of Defense security regulations. Failure to comply with any of these regulations and other government requirements may result in contract price adjustments, financial penalties or contract termination. Our U.S. government contracts are also subject to audits, cost reviews and investigations by U.S. government oversight agencies such as the U.S. Defense Contract Audit Agency (the "DCAA"). The DCAA reviews the adequacy of, and our compliance with, our internal controls and policies (including our labor, billing, accounting, purchasing, estimating, compensation and management information systems). The DCAA also has the ability to review how we have accounted for costs under the FAR and CAS. The DCAA presents its findings to the Defense Contract Management Agency ("DCMA"). Should the DCMA determine that we have not complied with the terms of our contract and applicable statutes and regulations, or if they believe that we have engaged in inappropriate accounting or other activities, payments to us may be disallowed or we could be required to refund previously collected payments. Additionally, we may be subject to criminal and civil penalties, suspension or debarment from future government contracts, and qui tam litigation brought by private individuals on behalf of the U.S. government under the False Claims Act, which could include claims for treble damages. These suits may remain under seal (and hence, be unknown to us) for some time while the government decides whether to intervene on behalf of the qui tam plaintiff. Furthermore, if we have significant disagreements with our government clients concerning costs incurred, negative publicity could arise, which could adversely affect our industry reputation and our ability to compete for new contracts in the government arena or otherwise.

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Most U.S. government contracts are awarded through a rigorous competitive process. The U.S. government has increasingly relied upon multiple-year contracts with pre-established terms and conditions that generally require those contractors that have been previously awarded the contract to engage in an additional competitive bidding process for each task order issued under the contract. Such processes require successful contractors to anticipate requirements and develop rapid-response bid and proposal teams as well as dedicated supplier relationships and delivery systems to react to these needs. We face rigorous competition and significant pricing pressures in order to win these task orders. If we are not successful in containing costs or able to timely respond to government requests, we may not win additional awards. Moreover, even if we are qualified to work on a government contract, we may be impacted in our pursuit of work by government policies designed to protect small businesses and under- represented minority contractors.

Many of our U.S. government contracts require security clearances. Depending upon the level of clearance required, security clearances can be difficult and time-consuming to obtain. If we or our employees are unable to obtain or retain necessary security clearances, we may not be able to win new business, and our existing government clients could terminate their contracts with us or decide not to renew them.

Under the Budget Control Act of 2011, an automatic sequestration process, or across-the-board budget cuts, was triggered when the Joint Select Committee on Deficit Reduction failed to agree on a deficit reduction plan for the U.S. federal budget. The Budget Control Act of 2011 remains in place, extended through 2029, and absent additional legislative or other remedial action, the sequestration could require reduced U.S. federal government spending through 2029. A significant reduction in federal government spending or a change in budgetary priorities could reduce demand for our services, cancel or delay federal projects, and result in the closure of federal facilities and significant personnel reductions, which could have a material adverse effect on our results of operations and financial condition.

Our success requires us to hire and retain qualified personnel.

The success of our business is dependent upon being able to attract, develop and retain personnel, including engineers, project management, craft employees and management around the globe, who have the necessary and required experience and expertise, and who will perform these services at a reasonable and competitive rate. Competition for these and other experienced personnel is intense. It may be difficult to attract and retain qualified individuals with the expertise and in the timeframe demanded by our clients. In certain geographic areas, for example, we may be unable to satisfy the demand for our services because of our inability to deploy qualified personnel. Also, it may be difficult to replace personnel who hold government required credentials. Loss of the services of, or failure to recruit, qualified technical and management personnel could limit our ability to successfully complete existing projects and compete for new projects.

As some of our executives and other key personnel approach retirement age or otherwise leave the company, we need to provide for smooth transitions, which may require that we devote time and resources to identify and integrate new personnel into leadership roles. Changes in our management team may disrupt our business and the failure to successfully transition and assimilate executives or other key personnel could adversely affect our results. If we are unable to employ a sufficient number of skilled personnel or effectively implement appropriate succession plans, our ability to pursue projects may be adversely affected, the costs of executing our existing and future projects may increase.

In addition, the cost of providing our services, including the extent to which we utilize our workforce, affects our profitability. For example, the uncertainty of contract award timing can present difficulties in matching our workforce size with project needs. If an expected contract award is delayed or not received, we could incur costs resulting from excess staff, reductions in staff, or redundancy of facilities that could have a material adverse impact on us.

Our effective tax rate and tax positions may vary.

We are subject to income taxes where we do business. A change in tax laws, treaties or regulations, or their interpretation, in any country in which we operate could change our overall tax rate , which could have a material impact on our results of operations. In addition, significant judgment is required in determining our worldwide provision for income taxes and our judgments could prove inaccurate. There are many transactions and calculations where the ultimate tax determination is uncertain. We are regularly under audit by tax authorities, and our tax estimates and tax positions could be materially affected by many factors including the final outcome of tax audits and related litigation, the introduction of new tax accounting standards, legislation, regulations and related interpretations, our global mix of earnings, our ability to realize deferred tax assets and changes in uncertain tax positions. Future changes in our tax rate or adverse changes in tax laws could have a material adverse effect on our profitability and liquidity.

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Systems and information technology interruption, as well as new systems implementation, could adversely impact our ability to operate and our operating results.

We are heavily reliant on computer, information and communications technology and related systems, some of which are hosted by third party providers. From time to time, we experience system interruptions and delays that may be planned for upgrades or that may be unplanned. Unplanned interruptions could result from natural disasters, power loss, telecommunications failures, acts of war or terrorism, acts of God, computer viruses, physical or electronic break-ins and similar events or disruptions. Any of these or other events could cause system interruptions, delays, loss of critical or sensitive data (including personal or financial data) or loss of funds; could delay or prevent operations (including the processing of transactions and reporting of financial results); and could adversely affect our reputation or our operating results. While we have and require the maintenance of reasonable safeguards designed to protect against unavailability or loss of data, these safeguards may not be sufficient. We may be required to incur significant costs to protect against or alleviate damage caused by systems interruptions and delays, which could have a material adverse effect on our business and cash flows.

We continue to evaluate the need to upgrade and/or replace our systems and network infrastructure to protect our computing environment, to stay current on vendor supported products, to improve the efficiency of our systems and for other business reasons. The implementation of new systems and information technology could adversely impact our operations by imposing substantial capital expenditures, demands on management time and risks of delays or difficulties in transitioning to new systems. Our systems implementations also may not result in productivity improvements at the levels anticipated. Systems implementation disruption and any other information technology disruption, if not anticipated and appropriately mitigated, could have a material adverse effect on our business.

It can be very difficult and expensive to obtain the insurance we need for our business operations.

We maintain insurance both as a corporate risk management strategy and to satisfy the requirements of many of our contracts. Although we have been generally able to cover our insurance needs, there can be no assurances that we can secure all necessary or appropriate insurance in the future, or that such insurance can be economically secured. For example, catastrophic events can result in decreased coverage limits, more limited coverage, increased premium costs or deductibles. We also monitor the financial health of our insurance. Our insurance is purchased from a number of leading providers, often in layered insurance or quota share arrangements. If any of our third party insurers fail, abruptly cancel our coverage or otherwise cannot satisfy their obligations to us, then our overall risk exposure and operational expenses could increase and our business operations could be interrupted.

If we do not have adequate indemnification for our nuclear services, it could adversely affect our business and financial condition.

We provide services to the DOE and the nuclear energy industry in the on-going maintenance and modification of nuclear facilities as well as decontamination and decommissioning activities of nuclear plants. The Price-Anderson Act generally indemnifies parties performing services to nuclear power plants and DOE contractors; however, not all of our activities are covered. Thus, if the Price-Anderson Act indemnification protections do not apply to our services, or if the exposure occurs outside of the U.S. in a region that does not have protections comparable to the Price-Anderson Act, our business and financial condition could be adversely affected by our client's refusal to contract with us, by our inability to obtain commercially reasonable insurance or third party indemnification, or by the potentially significant monetary damages we could incur.

Foreign currency risks could have an adverse impact on revenue, earnings and/or backlog.

Our contracts may subject us to foreign currency risk, particularly when project revenue is denominated in a currency different than the expected costs. A project may be denominated in different currencies at various points in time as a project progresses. We may attempt to minimize our exposure to foreign currency risk by obtaining contract provisions that protect us from foreign currency fluctuations and/or by implementing hedging strategies utilizing derivatives. However, these actions may not always eliminate all foreign currency risk, and as a result, our profitability could be affected.

Our monetary assets and liabilities denominated in nonfunctional currencies are subject to remeasurement. In addition, the U.S. dollar value of our backlog may from time to time increase or decrease significantly due to foreign currency volatility. We may also be exposed to limitations on our ability to reinvest earnings from operations in one country to fund our operations in other countries.

The loss of one or a few clients could have an adverse effect on us.

A few clients, including the U.S. government, state governments and governmental agencies comprise a significant portion of our revenue. Although we have long-standing relationships with many of our significant clients, our clients may

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unilaterally reduce, fail to renew or terminate their contracts with us at any time. Most of our contracts have "termination for convenience" provisions in them. The loss of business from a significant client could have a material adverse effect on our business, financial position and results of operations.

Damage to our reputation could in turn cause damage to our business.

Maintaining a positive reputation is critical to attracting and maintaining clients and other business relationships. If we fail to address issues that may give rise to reputational risk, we could significantly harm our business. These issues may include, but are not limited to, any of the risk factors discussed herein. If our reputation is harmed, we could suffer a number of adverse consequences, such as:

•reduced demand for our services;

•lack of investor confidence;

•less favorable credit rating;

•the inability to attract and retain qualified employees;

•a loss or reduction in scope of current project contracts and fewer contract awards;

•less favorable contract terms;

•increased need for financial assurances;

•increased litigation and costs; and

•heightened regulatory scrutiny.

These and other consequences resulting from damage to our reputation could have a material adverse effect us.

Our business may be negatively impacted if we are unable to adequately protect intellectual property rights.

Our success is impacted by our ability to differentiate our services through our technologies and know-how. This includes the ability to protect intellectual property rights. We utilize a combination of patents, copyrights, trade secrets, confidentiality agreements and other contractual arrangements to protect our interests. However, these methods only provide limited protection and may not adequately protect our interests. Our employees, contractors and joint venture partners are subject to confidentiality obligations, but this protection may be inadequate to deter or prevent misappropriation of our confidential information and/or infringement of our intellectual property rights. This can be especially true in certain foreign countries where intellectual property does not have equivalent protections as in the U.S., or when our joint venture partner is a competitor who will gain access to our procedures and know-how while working with us in the performance of services.

Our clients require broad ownership rights in the work product and other materials we deliver. If we are unable to retain ownership of our pre-existing intellectual property and improvements thereto, it may affect our ability to provide similar services to other clients in the future, which ultimately, could have a material adverse effect on our operations.

Our competitors or others may independently develop technology substantially similar to our trade secret technology or we may be unsuccessful in preserving our intellectual property rights in the future. Our intellectual property rights could be invalidated, circumvented, challenged or infringed upon. Litigation to determine the scope of intellectual property rights, even if ultimately successful, could be costly and could divert management's attention.

In addition, our clients or other third parties may also provide us with their technology and intellectual property. There is a risk that we may not sufficiently protect against improper use or dissemination and, as a result, we could be subject to claims and litigation and resulting liabilities, loss of contracts or other consequences that could have an adverse impact on us.

We also hold licenses from third parties utilized in our business operations. If we are no longer able to license such technology on commercially reasonable terms or otherwise, we could be adversely affected. When we license our intellectual property to third parties, the scope of such license grant is generally limited. If such third party exceeds the scope of the license grant, and if we are unable to detect unauthorized use of our intellectual property or otherwise take appropriate steps to enforce our rights, our revenue and margins will be adversely impacted, and the value of our intellectual property portfolio may be adversely affected.

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Our results of operations could be adversely affected as a result of asset impairments.

Our results of operations and financial condition could be adversely affected by impairments. Goodwill and other intangible assets that have indefinite useful lives are not amortized, but instead are tested at least annually for impairment. Any future impairments, including impairments of tangible assets, goodwill, investments, deferred tax assets or other intangible assets, could have a material adverse effect on our financial condition and results of operations.

Climate change and related environmental issues could have a material adverse impact on us.

Climate change related events, such as increased frequency and severity of storms, floods, wildfires, droughts, hurricanes, freezing conditions, and other natural disasters, may have a long-term impact on our business, financial condition and results of operation. While we seek to mitigate our business risks associated with climate change, we recognize that there are inherent climate related risks regardless of where we conduct our businesses. For example, a catastrophic natural disaster could negatively impact any of our office locations and the locations of our clients. Access to clean water and reliable energy in the communities where we conduct our business is critical to our operations. Accordingly, a natural disaster has the potential to disrupt our and our clients’ businesses and may cause us to experience work stoppages, supply chain disruptions, project delays, financial losses and additional costs to resume operations, including increased insurance costs or loss of cover, legal liability and reputational losses.

Further, the risks caused by climate change span across the full spectrum of the industries we serve. The direct physical risks that climate change poses through chronic environmental changes, such as rising sea levels and temperatures, and acute events, such as hurricanes, droughts and wildfires, is common to each of these industries. Our clients could face increased costs to maintain their assets, which could result in reduced profitability and fewer resources for strategic investment. These types of physical risks could in turn lead to transitional risks (i.e., the degree to which society responds to the threat of climate change). For example, growing concerns about climate change may result in legislation, international protocols or treaties, regulation or other restrictions on greenhouse gas emissions or that otherwise seek to address climate change that could affect our clients, including those who (a) are involved in the exploration, production or refining of fossil fuels, such as our Energy Solutions clients, (b) emit greenhouse gases through the combustion of fossil fuels or (c) emit greenhouse gases through the mining, manufacture, utilization or production of materials or goods. Such legislation or restrictions could increase the costs of projects for us and our clients or, in some cases, prevent a project from going forward, thereby potentially reducing the need for our services, which would in turn have a material adverse impact on us. However, policy changes and climate legislation could also accelerate energy transition, including the development of carbon capture and storage projects, alternative transportation, alternative energy facilities, such as wind farms or nuclear reactors, or incentivize increased implementation of clean fuels projects, which could positively impact the demand for our services. We cannot predict when or whether any of these legislative proposals may become law or what effect will be on us and our clients.

Increasing scrutiny and changing expectations from investors with respect to sustainability practices may impose additional costs on us or expose us to reputational or other risks.

Investors and clients have increasingly focused on the environmental, social and governance practices of companies, including practices with respect to human capital, emissions and environmental impact and political spending. While we have programs and initiatives in place related to our environmental, social and governance practices, investors may decide to reallocate capital or to not commit capital as a result of their assessment of our practices. In addition, our clients may require that we adhere to varying environmental, social or governance standards. Our failure to comply with investor or client standards, which are evolving, or if we are perceived to not have responded appropriately to the growing concern for these issues could also cause reputational harm to our business and could have a material adverse effect on us. In addition, organizations that provide ratings information to investors on environmental, social and governance matters may have unfavorable views on us, which may lead to negative sentiment.

Risks Related to Indebtedness

Adverse credit and financial market conditions could impair our, our clients' and our partners' borrowing capacity, which could negatively affect us.

Our ability to generate cash is important for the funding of our operations, investing in ventures, the servicing of our indebtedness, paying dividends and making acquisitions. To the extent that existing cash balances and operating cash flow, together with borrowing capacity under our credit facilities, are insufficient to make investments or acquisitions or provide needed working capital, we may require additional financing from other sources. Our ability to obtain such additional financing will depend upon prevailing capital market conditions, including those arising due to events occurring in our industry, as well as conditions in our business and our operating results; and those factors may affect our efforts to negotiate terms that are acceptable to us. Furthermore, if global economic, industry, political or other market conditions adversely affect the financial institutions that provide credit to us, it is possible that our ability to establish or draw upon our credit

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facilities may be impacted. In addition, a downgrade in our credit rating could increase the cost of our borrowings or their refinancing, limit access to sources of financing or lead to other adverse consequences. If adequate funds are not available, or are not available on acceptable terms, we may be unable to make future investments, take advantage of acquisitions or other opportunities, or respond to competitive challenges.

In addition, adverse credit and financial market conditions also adversely affect our clients' and our partners' borrowing capacity, which could result in contract cancellations or suspensions, project award and execution delays, payment delays or defaults by our clients. These disruptions could materially impact our backlog and profits. If we extend a significant portion of credit to our clients or projects in a specific geographic region or industry, we may experience higher levels of collection risk or non-payment if those clients are impacted by factors specific to their geographic industry or region.

Our indebtedness could lead to adverse consequences or adversely affect our financial position and prevent us from fulfilling our obligations under such indebtedness, and any refinancing of this debt could be at significantly higher interest rates.

Our indebtedness could have important consequences, including but not limited to:

•increasing our vulnerability to general adverse economic and industry conditions;

•requiring us to dedicate a substantial portion of our cash flow from operations to servicing our debt, thereby reducing the availability of cash to fund working capital, capital expenditures, acquisitions and investments and other general corporate purposes; and

•limiting our flexibility in planning for, or reacting to, challenges and opportunities, and changes in our businesses and the markets in which we operate.

Our ability to service our debt will depend on our future operating performance and financial results, which may be subject to factors beyond our control, including general economic, financial and business conditions. If we do not have sufficient cash flow to service our debt, we may need to refinance all or part of our existing debt, borrow more money or sell securities or assets, some or all of which may not be available to us at acceptable terms or at all. In addition, we may need to incur additional debt in the future in the ordinary course of business. Although the terms of our credit agreements and our bond indentures allow us to incur additional debt, there are limitations which may preclude us from incurring the desired amount.

Our current debt and any future additional debt we may incur impose, or may impose, significant operating and financial restrictions on us. In addition, our credit facilities require us to maintain specified financial covenants. A breach of any of these covenants could result in a default. If a default occurs, the relevant lenders could elect to accelerate payments due. If our operating performance declines, or if we are unable to comply with any covenant, we may need to obtain amendments to our credit agreements or waivers from the lenders to avoid default. These factors could have a material adverse effect on us.

We may be unable to win new contract awards if we cannot provide clients with financial assurances.

It is a common industry practice for clients to require us to provide surety bonds, letters of credit, bank guarantees or other forms of financial assurance as credit enhancements. Surety bonds, letters of credit or guarantees indemnify our clients if we fail to perform our contractual obligations. Historically, we have had strong surety bonding capacity due to our credit rating, but bonding is provided at the surety's sole discretion. In addition, because of the overall limitations in worldwide bonding capacity, we may find it difficult to access sufficient surety bonding capacity to meet our total surety bonding needs. For letters of credit, we have historically had adequate capacity under our existing credit facilities, but any capacity that may be required in excess of our credit limits would be at our lenders' sole discretion. Failure to provide credit enhancements on terms required by a client may result in an inability to compete for or win a project.

Legal and Regulatory Risks

We are involved in litigation and regulatory proceedings, potential liability claims and contract disputes that may have a material impact on our financial condition and results of operations.

We are subject to a variety of legal or regulatory proceedings, liability claims or contract disputes. Our operating activities expose us to claims against us for recovery of costs they incurred in excess of what they expected to incur, or for which they believe they are not contractually liable. We may be named as a defendant in legal proceedings where parties may make a claim for damages or other remedies with respect to our projects or other matters, including shareholder litigation. During times of economic uncertainty, especially with regard to our commodity-based clients, claim frequencies and amounts tend to increase.

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In proceedings where it is determined that we have liability, we may not be covered by insurance or these liabilities may exceed our coverage. In addition, even where insurance is maintained for such exposure, the policies have deductibles resulting in our assuming exposure for a layer of coverage with respect to any such claims. Our professional liability coverage is on a "claims-made" basis covering only claims actually made during the policy period. Any liability not covered by our insurance, in excess of our insurance limits or, if covered by insurance but subject to a high deductible, could have a material adverse impact on us.

We have received subpoenas from both the SEC and the U.S. Department of Justice ("DOJ") seeking documents and information related to projects for which we recorded charges in the second quarter of 2019 and certain project accounting, financial reporting and governance matters. We are coordinating our responses to the SEC and DOJ and cooperating in providing the requested documents and information. If the SEC or DOJ commences legal action as a result of the investigations, we could be required to pay significant penalties and become subject to injunctions, cease and desist orders and other measures. We cannot predict the outcome or timing of any governmental or regulatory investigation.

In addition to these investigations, we have also had numerous securities class action lawsuits and stockholder derivative actions filed against us and certain of our current and former executives and directors.

We may incur significant expenses related to legal, accounting, and other professional services in connection with the SEC investigation, the DOJ investigation, lawsuits and related legal and regulatory matters. These expenses and the diversion of our management's attention has adversely affected, and could continue to adversely affect, our operations.

We remain exposed to heightened risks of litigation, regulatory proceedings, and government enforcement actions and additional subpoenas. Any future investigations or additional lawsuits may have a material adverse effect on us.

In other legal or regulatory proceedings, liability claims or contract disputes, we may be covered by indemnification agreements that may at times be difficult to enforce. Even if enforceable, it may be difficult to recover under these agreements if the indemnitor does not have the ability to financially support the indemnity. Litigation and regulatory proceedings are subject to inherent uncertainties, and unfavorable rulings could occur, including for monetary damages. If we were to receive an unfavorable ruling in a matter, our business and results of operations could be materially harmed. Such proceedings can also be costly, time-consuming, disruptive to operations and distracting to management, regardless of the outcome.

Our failure to recover adequately on claims against clients, subcontractors or suppliers for payment or performance could have a material effect on our financial results.

We occasionally bring claims against clients for additional costs exceeding the contract price or for amounts not included in the original contract price. Similarly, we present change orders and claims to our subcontractors and suppliers. If we fail to properly provide notice or document the nature of change orders or claims, or are otherwise unsuccessful in negotiating a reasonable settlement, we could incur reduced profits, cost overruns and in some cases a loss on the project. These types of claims can occur due to matters such as owner-caused delays or changes from the initial project scope, which result in additional cost. These claims can result in lengthy and costly proceedings, and it is often difficult to accurately predict when these claims will be fully resolved. When these types of events occur and while unresolved claims are pending, we may invest significant working capital in projects to cover cost overruns pending the resolution of the relevant claims. A failure to promptly recover on these types of claims could have a material adverse impact on our liquidity and financial results.

We could be adversely affected by violations of the U.S. Foreign Corrupt Practices Act and similar worldwide anti-bribery laws.

The U.S. Foreign Corrupt Practices Act, the U.K. Bribery Act of 2010 and similar anti-bribery laws in other jurisdictions generally prohibit companies and their intermediaries from making improper payments to officials or others for the purpose of obtaining or retaining business. While our policies mandate compliance with these anti-bribery laws, we operate in many parts of the world that have experienced corruption to some degree and, in certain circumstances, strict compliance with anti-bribery laws may conflict with local customs and practices. We train our personnel concerning anti-bribery laws and issues, and we also inform our partners, subcontractors, suppliers, agents and others who work for us or on our behalf that they must comply with anti-bribery law requirements. We also have procedures and controls in place to monitor compliance. However, there is no assurance that our internal controls will always protect us from the possible reckless or criminal acts committed by our employees or agents. If we are found to be liable for anti-bribery law violations (either due to our own acts or our inadvertence, or due to the acts or inadvertence of others including our partners, agents, subcontractors or suppliers), we could suffer from criminal or civil penalties or other sanctions, including contract cancellations or debarment, and damaged reputation, any of which could have a material adverse effect on our business. Litigation or investigations relating to alleged or suspected violations of anti-bribery laws, even if ultimately such litigation or investigations demonstrate that we did not violate anti-bribery laws, could be costly and could distract management.

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We could be adversely impacted if we fail to comply with domestic and international import and export laws.

Our global operations require importing and exporting goods and technology across international borders on a regular basis. Our policies mandate strict compliance with U.S. and foreign international trade laws. To the extent we export technical services, data and products outside of the U.S., we are subject to regulations governing international trade and exports including but not limited to the International Traffic in Arms Regulations, the Export Administration Regulations and trade sanctions against embargoed countries, which are administered by the Office of Foreign Assets Control within the Department of Treasury. From time to time, we identify certain inadvertent or potential export or related violations. These violations may include, for example, transfers without required governmental authorization. A failure to comply with these laws and regulations could result in civil or criminal sanctions, including the imposition of fines, the denial of export privileges, and suspension or debarment from participation in U.S. government contracts.

Employee, agent or partner misconduct or our overall failure to comply with laws or regulations could impair our ability to compete for contracts

Misconduct, fraud, non-compliance with applicable laws and regulations, or other improper activities by one of our employees, agents or partners could have a significant negative impact on our business and reputation. Such misconduct could include the failure to comply with anti-corruption, export control and environmental regulations; federal procurement regulations, regulations regarding the pricing of labor and other costs in government contracts and regulations regarding the protection of sensitive government information; regulations on lobbying or similar activities; regulations pertaining to the internal control over financial reporting; and various other applicable laws or regulations. The precautions we take to prevent and detect fraud, misconduct or failures to comply with applicable laws and regulations may not be effective, and we could face unknown risks or losses. Failure to comply with applicable laws or regulations or acts of fraud or misconduct could subject us to fines and penalties, loss of security clearance and suspension or debarment from contracting with government agencies, which could weaken our ability to win contracts and have a material adverse impact on our revenues and profits.

New or changing legal requirements could adversely affect our operating results.

Our business and results of operations could be affected by the passage of laws, policies and regulations. The implementation of trade barriers, countervailing duties, or border taxes, or the addition, relaxation or repeal of laws, policies and regulations regarding the industries and sectors in which we work could result in a decline in demand for our services, or may make the manner in which we perform our services, less profitable. Furthermore, changes to existing trade agreements may impact our business operations. We cannot predict when or whether any of these various legislative and regulatory proposals may become law or what their effect will be on us and our clients.

Past and future environmental, safety and health regulations could impose significant additional costs on us that reduce our profits.

We are subject to numerous environmental laws and health and safety regulations. Our projects can involve the handling of hazardous and other highly regulated materials, including nuclear and other radioactive materials, which, if improperly handled or disposed of, could subject us to civil and criminal liabilities. It is impossible to reliably predict the full nature and effect of judicial, legislative or regulatory developments relating to health and safety regulations and environmental protection regulations applicable to our operations. The applicable regulations, as well as the length of time available to comply with those regulations, continue to develop and change. The cost of complying with regulations, satisfying any environmental remediation requirements for which we may be found responsible, or satisfying claims or judgments alleging personal injury, property damage or natural resource damages as a result of exposure to, or contamination by, hazardous materials, including as a result of commodities such as lead or asbestos-related products, could be substantial, may not be covered by insurance, could impact profitability and materially impact our operations.

We are subject to a number of regulations such as those from the U.S. Nuclear Regulatory Commission and non-U.S. regulatory bodies, such as the International Atomic Energy Commission and the European Union, which can have a substantial effect on our nuclear operations and investments. Delays in receiving necessary approvals, permits or licenses, the failure to maintain sufficient compliance programs, and other problems encountered during construction (including changes to such regulatory requirements) could have an adverse effect on us.

A substantial portion of our business is generated either directly or indirectly as a result of federal, state, local and foreign laws and regulations related to environmental matters. A reduction in the number or scope of these laws or regulations, or changes in government policies regarding the funding, implementation or enforcement of such laws and regulations, could significantly reduce the size of one of our markets and limit our opportunities for growth or reduce our revenue below current levels.

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Risks Related to Mergers & Acquisitions and Strategic Plans

We may be unsuccessful in implementing our strategic and operational initiatives.

We have announced a number of strategic and operational initiatives designed to optimize costs and improve operational efficiency, including plans to divest our Stork business, monetize surplus real estate and non-core investments, and rationalize resources and overhead across various geographies. Our ability to successfully execute these initiatives is subject to various risks and uncertainties, including regulatory intervention, which may negatively impact the realization of expected benefits. Our failure to realize the anticipated benefits, which may be due to our inability to execute, competition, economic conditions, and other risks described herein, could have a material adverse effect on us. Divesting businesses involves risks and uncertainties, such as the difficulty separating assets related to such businesses from the businesses we retain, employee distraction, the need to obtain regulatory approvals and other third-party consents, which potentially disrupts customer and vendor relationships, and the fact that we may be subject to additional tax obligations or loss of certain tax benefits. Such actions also involve significant costs and require time and attention of our management, which may divert attention from other business operations. Because of these challenges, as well as market conditions or other factors, anticipated divestitures may take longer or be costlier or generate fewer benefits than expected and may not be completed at all. If we are unable to complete the divestitures or to successfully transition divested businesses, our business and financial results could be negatively impacted. If we dispose of a business, we may not be able to successfully cause a buyer of a divested business to assume the liabilities of that business or, even if such liabilities are assumed, we may have difficulties enforcing our rights, contractual or otherwise, against the buyer. We may retain exposure on financial or performance guarantees and other contractual, employment, pension and severance obligations, and potential liabilities that may arise under law because of the disposition or the subsequent failure of an acquirer. As a result, performance by the divested businesses or other conditions outside of our control could have a material adverse effect on our results of operations. In addition, the divestiture of any business could negatively impact our profitability because of losses that may result from such a sale, the loss of revenues or a decrease in cash flows. Following a divestiture, we may also have less diversification in our business and in the markets we serve, as well as in our client base.

We may be unsuccessful integrating acquisitions or capitalizing on investments we make.

In making an acquisition or investment, we devote significant management attention and resources to integrating or aligning the business practices and operations of companies we acquire or invest in. Difficulties we may encounter in integrating or capitalizing on investments could include:

•A delay in the integration or alignment of management teams, strategies, operations, products and services;

•Diversion of management's attention;

•The consequences of a change in tax treatment;

•Differences in corporate culture and management philosophies;

•The ability to retain key personnel;

•The challenges of integrating or aligning complex IT systems; and

•Potential for unknown liabilities and unforeseen increased expenses or associated delays, including integration costs.

Any of these factors could negatively affect us.

Risks Related to our Preferred Stock and our Equity

Conversion of our CPS will dilute the ownership interest of existing common stockholders or may otherwise depress the price of our common stock.

In May 2021, we issued shares of Series A CPS. The conversion of some or all of the preferred stock into our common stock will dilute the ownership interests of existing common stockholders. Any public market sales of the common stock issuable upon conversion could adversely affect the market price of our common stock.

Our CPS has rights, preferences and privileges that are not held by, and are preferential to the rights of, our common stockholders, which could adversely affect the value of the common stock, our liquidity and our financial condition.

Holders of our preferred stock have the right to receive a payment of $1,000 per share, plus accumulated but unpaid dividends, upon our liquidation, winding up or dissolution before any payment may be made to holders of our common stock.

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In addition, dividends on the preferred stock accrue and are cumulative at an annual rate of 6.50%. Subject to certain exceptions, we are not permitted to declare or pay dividends on our common stock unless all accumulated and unpaid preferred stock dividends have been satisfied. These dividend obligations could impact our liquidity available for other purposes.

If dividends on the preferred stock are in arrears and unpaid for six or more quarterly dividend periods, the preferred stockholders are entitled to elect two additional directors to our board of directors. In addition, votes of holders of at least 66⅔% of the outstanding preferred stock are required to issue any equity senior to the preferred stock.

The rights of the preferred stockholders could also limit our ability to obtain additional financing, which could have an adverse effect on our financial condition. The preferred stockholders could also have divergent interests from the holders of our common stock.

Provisions attendant to our preferred stock may deter or prevent a business combination that may be favorable to our stockholders.

If a make-whole fundamental change occurs, we may be required to increase the conversion rate for an electing holder. This and other provisions attendant to the preferred stock could deter or prevent a third party from acquiring us even when the acquisition may be favorable to our common stockholders.

In the event we issue additional equity securities, stockholders' ownership percentages would be diluted.

We may in the future issue additional equity securities to pay for potential acquisitions or to otherwise fund our corporate initiatives. If we do issue additional equity securities, the issuance may dilute our earnings per share and stockholders' percentage ownership.

Delaware law and our charter documents may impede or discourage a takeover or change of control.

Fluor is a Delaware corporation. Various anti-takeover provisions under Delaware law impose impediments on the ability of others to acquire control of us, even if a change of control would be beneficial to our stockholders. In addition, certain provisions of our charters and bylaws may impede or discourage a takeover. For example:

•stockholders may not act by written consent;

•there are various restrictions on the ability of a stockholder to call a special meeting or to nominate a director for election; and

•our Board of Directors can authorize the issuance of preferred shares.

These types of provisions in our charters and bylaws could also make it more difficult for a third party to acquire us, even if the acquisition would be beneficial to our equity holders.

Item 1B.    Unresolved Staff Comments

None.

Item 2.    Properties

Major Facilities

Our operations are conducted at both owned and leased properties in U.S. and foreign locations totaling approximately 6.6 million rentable square feet, down 1.3 million square feet from last year. Our executive offices are located at 6700 Las Colinas Boulevard, Irving, Texas. As our business frequently changes, the extent of utilization of the facilities by particular segments cannot be accurately stated. In addition, certain of our properties are leased or subleased to third party tenants. While we have operations worldwide, the following summarizes our more significant existing facilities:

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Location	Interest
United States:
Greenville, South Carolina	Owned
Houston (Sugar Land), Texas	Leased
Irving, Texas (Corporate Headquarters)	Owned
Southern California (Aliso Viejo and Long Beach)	Leased
Canada:
Calgary, Alberta	Owned
Vancouver, British Columbia	Leased
Latin America:
Santiago, Chile	Owned and Leased
Europe, Africa and Middle East:
Al Khobar, Saudi Arabia	Owned
Amsterdam, the Netherlands	Owned
Farnborough, England	Owned and Leased
Gliwice, Poland	Owned
Johannesburg, South Africa	Leased
Utrecht, the Netherlands	Leased
Asia/Asia Pacific:
Manila, the Philippines	Owned and Leased
New Delhi, India	Leased
Perth, Australia	Leased
Shanghai, China	Leased

In addition, we lease or own a number of individually insignificant offices, warehouses and equipment yards strategically located throughout the world. We also, through various joint ventures, own or lease fabrication yards in China and Mexico.

Item 3.    Legal Proceedings

As part of our normal business activities, we are party to a number of legal proceedings and other matters in various stages of development. We periodically assess our liabilities and contingencies for these matters based upon the latest information available.

For information on legal proceedings and matters in dispute, see the Consolidated Financial Statements in this report.

Item 4.    Mine Safety Disclosures

None.

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PART II

Item 5.    Market for Registrant's Common Equity, Related Stockholder Matters and Issuer Purchases of Equity Securities

Our common stock is traded on the New York Stock Exchange under the symbol "FLR."

We have paid no dividends on our common stock since April 2020. Any future cash dividends will depend upon our results of operations, financial condition, cash requirements, availability of surplus and such other factors as our Board of Directors may deem relevant.

At January 31, 2022, there were 4,151 stockholders of record of our common stock.

Issuer Purchases of Equity Securities

The following table provides information for the three months ended December 31, 2021 about purchases by the company of equity securities that have been registered pursuant to Section 12 of the Securities Exchange Act of 1934, as amended (the "Exchange Act").

Period	Total Number of Shares Purchased	Average Price Paid per Share		Total Number of Shares Purchased as Part of Publicly Announced Plans or Programs	Maximum Number of Shares that May Yet Be Purchased Under Plans or Programs(1)
October 1–October 31, 2021	—	$	—	—	10,513,093
November 1–November 30, 2021	—	—		—	10,513,093
December 1–December 31, 2021	—	—		—	10,513,093
Total	—	$	—	—

_______________________________________________________________________________

(1)The share repurchase program, as amended, totals 34,000,000 shares. We may repurchase shares from time to time in open market transactions or privately negotiated transactions, including through pre-arranged trading programs, at our discretion, subject to market conditions and other factors and at such time and in amounts that we deem appropriate.

Item 7.    Management's Discussion and Analysis of Financial Condition and Results of Operations

The following discussion and analysis should be read in conjunction with our financial statements.

Results of Operations

During the first quarter of 2021, we changed the composition of our segments to implement our new strategy and to pursue opportunities in our designated markets. We now report our operating results in four segments as follows: Energy Solutions, Urban Solutions, Mission Solutions and Other. Segment operating information and assets for 2020 and 2019 have been recast to conform to these changes.

In the first quarter of 2021, we also committed to a plan to sell our Stork business, which had previously represented the majority of operations from our former diversified services segment. The sale of the North American portion of the AMECO equipment business was completed during May 2021. Therefore, both Stork and AMECO are reported as Disc Ops along with other immaterial operations. We expect to complete the sale of Stork and the remaining AMECO operations early in 2022. The assets and liabilities of the Stork and AMECO businesses are classified as held for sale for all periods presented.

In December 2021, we announced that NuScale, in which we are the majority investor, signed a merger agreement with Spring Valley Acquisition Corp., a special purpose acquisition company ("Spring Valley"). Spring Valley is acquiring an approximately 20% interest in NuScale. The proposed transaction is anticipated to close in the first half of 2022, subject to customary closing conditions. Upon completion of the merger, we estimate that we will own approximately 60-70% of the combined company and expect that we will continue to consolidate it.

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	YEAR ENDED DECEMBER 31,
(in millions)	2021				2020				2019
Revenue
Energy Solutions	$	4,956			$	5,271			$	5,838
Urban Solutions	4,416				5,854				6,590
Mission Solutions	3,063				3,033				3,026
Total revenue	$	12,435			$	14,158			$	15,454
Segment profit (loss) $ and margin %
Energy Solutions	$	250	5.0	%	$	169	3.2	%	$	(97)	(1.7)	%
Urban Solutions	38		0.9	%	161		2.8	%	(50)		(0.8)	%
Mission Solutions	155		5.1	%	87		2.9	%	46		1.5	%
Other	(69)		NM		(84)		NM		(66)		NM
Total segment profit (loss) $ and margin %(1)	$	374	3.0	%	$	333	2.4	%	$	(167)	(1.1)	%
G&A	(216)				(202)				(140)
Impairment, restructuring and other exit costs	(44)				(108)				(318)
Loss on pension settlement	(198)				—				(138)
Foreign currency gain (loss)	(13)				(45)				(26)
Interest expense, net	(68)				(42)				(11)
Earnings (loss) attributable to NCI from Cont Ops	37				67				(39)
Earnings (loss) from Cont Ops before taxes	(128)				3				(839)
Income tax (expense) benefit	(16)				(15)				(482)
Net earnings (loss) from Cont Ops	$	(144)			$	(12)			$	(1,321)
New awards
Energy Solutions	$	3,313			$	2,013			$	3,724
Urban Solutions	2,721				3,563				4,471
Mission Solutions	2,719				1,883				2,151
Total new awards	$	8,753			$	7,459			$	10,346
New awards related to projects located outside of the U.S.	57%				53%				48%
(in millions)	December 31, 2021				December 31, 2020
Backlog
Energy Solutions	$	9,324			$	11,021
Urban Solutions	7,048				9,224
Mission Solutions	2,562				2,899
Total backlog	$	18,934			$	23,144
Backlog related to projects located outside of the U.S.	65%				64%
Backlog related to lump-sum projects	64%				60%

(1)Total segment profit (loss) is a non-GAAP financial measure. We believe that total segment profit (loss) provides a meaningful perspective on our results as it is the aggregation of individual segment profit (loss) measures that we use to evaluate and manage our performance.

Our business has been adversely affected by the impacts of COVID and the steep decline in oil prices that occurred in early 2020. These events created significant uncertainty and economic volatility and disruption, which have impacted and may continue to impact our business. We experienced reductions in demand for certain services and the delay or abandonment of ongoing or anticipated projects due to our clients’, suppliers’ and other third parties’ diminished financial condition. Although oil prices have rebounded in 2021 and 2022, we have not yet seen our energy clients respond with elevated capital expenditures for our services. Our estimates reflect our best assessment of project results inclusive of COVID effects, which have been dynamic as our projects have seen changes in prevailing regulations as COVID cases crested and fell.

During 2021, consolidated revenue declined due to volume declines on projects which were completed or nearing completion in the Energy Solutions and Urban Solutions segments as well as the cancellation of three large projects that were in progress in the prior year. Consolidated revenue in 2020 declined due to volume declines on completed projects or projects nearing completion as well as COVID and the decline in oil prices.

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During 2021, improvements in segment profit in the Energy Solutions, Mission Solutions and Other segments were partially offset by a significant decline in segment profit for Urban Solutions where we recognized a $138 million charge in the second quarter of 2021 for procurement and subcontractor cost growth on a legacy infrastructure project. Segment profit in 2020 significantly improved primarily due to forecast revisions totaling $839 million recognized in 2019 on several projects in the Energy Solutions, Urban Solutions and Mission Solutions segments but was diminished by the impact of COVID on numerous projects in 2020.

The effective tax rate from Cont Ops was 13%, (454%) and 57% for 2021, 2020, and 2019, respectively. The 2021 effective tax rate was favorably impacted by a $52 million benefit due to the Dutch pension plan settlement. This benefit was offset by a $100 million increase in valuation allowances to reduce deferred assets primarily in the U.S., U.K. and the Netherlands. The 2020 effective tax rate was favorably impacted by a $125 million benefit due to the utilization of a 2019 net operating loss carryback as allowed under the CARES ACT. This benefit was offset by a $147 million increase in valuation allowances to reduce deferred tax assets primarily in the U.S. and the Netherlands. The 2019 effective tax rate was unfavorably impacted by $659 million in charges related to establishing valuation allowances to reduce net deferred tax assets in the U.S., the U.K. and Australia.

Our results reported by foreign subsidiaries with non-U.S. dollar functional currencies are affected by foreign currency volatility. When the U.S. dollar appreciates against the non-U.S. dollar functional currencies of these subsidiaries, our reported revenue, cost and earnings, after translation into U.S. dollars, are lower than what they would have been had the U.S. dollar depreciated against the same foreign currencies or if there had been no change in the exchange rates.

Our profit margins, in some cases, may be favorably or unfavorably impacted by a change in the amount of customer-furnished materials, which are accounted for as pass-through costs.

Any lack of broad based new awards could pressure our future earning streams. The decline in backlog during 2021 primarily resulted from the removal of approximately $2 billion from backlog due to the cancellation of a chemicals project and a steel project. Although backlog reflects business that is considered to be firm, cancellations, deferrals or scope adjustments may occur. Backlog is adjusted to reflect any known project cancellations, revisions to project scope and cost, foreign currency exchange fluctuations and project deferrals, as appropriate. Backlog differs from RUPO discussed elsewhere. RUPO includes only the amount of revenue we expect to recognize under contracts with definite terms and substantive termination provisions.

Impairment, Restructuring and Other Exit Costs

Impairment expense, included in Cont Ops, for 2021, 2020 and 2019 is summarized as follows:

	Year Ended December 31,
(in thousands)	2021		2020		2019
Impairment expense:
Energy Solutions' equity method investments	$	27,934	$	86,096	$	256,769
Information technology assets	15,858		16,269		—
Total impairment expense	$	43,792	$	102,365	$	256,769

During 2019, we initiated a restructuring plan designed to optimize costs and improve operational efficiency. These efforts primarily related to the rationalization of resources, investments, real estate and overhead across various geographies. The recognition of costs for the planned restructuring activities was substantially completed by the end of 2020. We did not recognize any material restructuring costs during 2021.

Information about our completed restructuring follows:

(in thousands)	Costs Incurred in 2020		Costs Incurred in 2019
Restructuring and other exit costs:
Severance	$	5,256	$	30,530
Asset impairments	—		29,485
Other exit costs	736		1,658
Total restructuring and other exit costs	$	5,992	$	61,673

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Gain (Loss) on Pension Settlement

In 2021, we settled the majority of the obligations of our largest DB plan, which provided retirement benefits to certain employees in the Netherlands, and recognized a loss on settlement of $198 million. In 2019, we settled the obligations of our DB plan in the United Kingdom and recognized a loss on settlement of $138 million.

Segment Operations

We provide professional services in the fields of EPC, fabrication and modularization, and project management services, on a global basis and serve a diverse set of industries worldwide.

Energy Solutions

Revenue in 2021 decreased due to declines in the volume of execution activities for projects nearing completion and the cancellation of a chemicals project in North America partially offset by the ramp up of execution activities on a refinery project in Mexico and a chemicals project in China. Revenue in 2020 decreased due to significant declines in the volume of execution activities for numerous upstream, downstream and chemicals projects nearing completion partially offset by increased execution activity for an LNG project in Canada.

Segment profit in 2021 increased due to the ramp up of execution activities on the refinery project in Mexico and the LNG project in Canada and the collection of previously reserved accounts receivable but was partially offset by losses on embedded foreign currency derivatives, the decline in execution activity for projects nearing completion and the cancellation of the chemicals project in North America. The increase in segment profit during 2020 was primarily the result of forecast revisions on several projects recognized during 2019. Excluding the impact of the 2019 charges, segment profit declined in 2020 due to COVID related cost growth, the recognition of reserves for expected credit losses on aged receivables, the reduced execution activity of the upstream, downstream and chemicals projects discussed above, partially offset by the increase in activity for the LNG project. The change in segment profit margin in 2021 and 2020 reflects these same factors. Segment profit margin in 2020 was also adversely impacted by a shift from higher margin work in 2019 to lower margin work in 2020 in certain geographies.

New awards in 2021 increased due to awards for a refinery project in Mexico. No significant awards were booked in 2020 due to the impact of COVID and declining oil prices on our customers' capital spend. New awards in 2019 included a chemicals projects in China and a downstream project in the United Kingdom. Backlog decreased during 2021 primarily due to the cancellation of the chemicals project in North America.

Urban Solutions

Revenue in 2021 decreased due to the close out of data center projects in Europe and mining projects in South America and Australia as well as the cancellation of a rail project and a steel project that were in progress in the prior year periods. Revenue in 2020 declined due to a six-month suspension in 2020 of a large mining project in South America due to COVID and a decline in the volume of execution activities for a large life sciences project and two mining projects completed or nearing completion. The revenue decline in 2020 was partially offset by increased execution activities on two advanced technologies projects, a mining project and a metals project.

Segment profit in 2021 declined due to forecast revisions for procurement and subcontractor cost growth, delays and disruptions in schedule of a legacy infrastructure project, resulting in a charge of $138 million recognized in the second quarter of 2021. We believe that these cost growth factors may be at least partially recoverable under the contract. However, we expect that it will require several quarters to analyze recoverability and negotiate with our client before recognizing incremental revenue for these factors. The decline in segment profit in 2021 was further impacted by forecast revisions for schedule delays and productivity on a light rail project but partially offset by the favorable resolution of a long-standing customer dispute on a road project as well as a gain on the sale of our interest in an infrastructure joint venture. The change in 2021 segment profit margin reflects these same factors.

Segment profit in 2020 significantly improved compared to 2019 primarily due to forecast revisions on several power and infrastructure projects recognized in 2019 as well as a favorable settlement on a canceled rail project in 2020. The increase in 2020 segment profit was partially offset by charges for cost growth in the infrastructure legacy portfolio, the decline in activity for the life sciences and mining projects nearing completion and the mining project in South America that was impacted by COVID. The change in 2020 segment profit margin reflects these same factors.

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New awards in 2021 and 2020 decreased partly due to delayed procurement efforts by many of our clients. However, we were recently awarded limited notice to proceed on two significant mining projects in South America. New awards in 2021 included a large life sciences project in Europe. New awards in 2020 included a highway project in Texas and new awards in 2019 included the data center projects in Europe and a road project in Texas. Backlog declined during 2021 due to the cancellation of a steel project coupled with lower new awards. Our staffing business does not report new awards or backlog.

Mission Solutions

Revenue in 2021 was flat compared to 2020 and 2019. In 2021, the ramp up of execution activities on a project to provide contingency and humanitarian support for Afghan evacuees in the United States was offset by the decline in revenue related to the closure of the army logistics and life support program in Afghanistan. In 2020, increased project execution activities at the Strategic Petroleum Reserve and our DOE sites were partially offset by the decline in revenue from the completion of a nuclear decommissioning project in 2019.

The increase in segment profit in 2021 was driven by the ramp up of execution activities on the evacuee support project discussed above, increased execution activity on our DOE projects, higher than anticipated performance-based fees, the release of COVID cost reserves and the collection of previously reserved accounts receivable and the reversal of the related provision partially offset by the closure of the army logistics and life support program in Afghanistan. The increase in segment profit in 2020 was primarily driven by significant items recognized in 2019. In 2019, we recognized significant charges for cost growth on two lump-sum projects. The 2019 charges were partially offset by a favorable settlement on two nuclear power plant projects in 2019.The change in segment profit margin in 2021 and 2020 reflects these same factors.

New awards in 2021 increased due to extensions on certain DOE projects as well as the award for contingency and humanitarian support for Afghan evacuees. New awards in 2020 decreased due to a decline in FEMA work in 2020 and an award for a weapons storage and maintenance facility booked in 2019. The decline in backlog during 2021 resulted from new award activity being outpaced by work performed. Backlog included $445 million and $1.0 billion of unfunded government contracts as of December 31, 2021 and 2020, respectively. Unfunded backlog reflects our estimate of future revenue under awarded government contracts for which funding has not yet been appropriated.

Other

Other includes the operations of NuScale. NuScale expenses included in the determination of segment loss were as follows:

	YEAR ENDED DECEMBER 31,
(in millions)	2021		2020		2019
NuScale expenses	$	(169)	$	(159)	$	(127)
Less: DOE reimbursable expenses	69		71		57
NuScale expenses, net	(100)		(88)		(70)
Less: Attributable to NCI	31		4		4
Fluor segment loss	$	(69)	$	(84)	$	(66)

The increase in NuScale expenses during 2021 was due to an increase in compensation and the increase in 2020 was due to an increase in research and development activities as NuScale received final design certification by the NRC in August of 2020. NuScale received capital contributions from outside investors of $193 million, $9 million and $49 million during 2021, 2020 and 2019, respectively. As of December 31, 2021, Fluor had an approximate 80% ownership in NuScale.

G&A

	YEAR ENDED DECEMBER 31,
(in millions)	2021		2020		2019
G&A
Compensation	$	164	$	122	$	87
Severance	8		4		—
SEC investigation / Internal review costs	27		42		—
Gain on sale of building	(13)		—		—
Other	30		33		53
G&A	$	216	$	201	$	140

The increase in compensation expense in 2021 was due to higher stock price driven compensation on stock-based awards and higher performance driven compensation including annual bonus projections. The increase in compensation expense in 2020 was primarily due to lower stock price and performance driven compensation in 2019.

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We continue to incur professional fees in responding to the SEC investigation, which remains ongoing. The internal review began in the first quarter of 2020 and was substantially completed in the fourth quarter of 2020.

The decrease in other expense in 2021 and 2020 was driven by the realization of our 2019 restructuring efforts and lower travel costs due to COVID. We announced in January 2021 that we had begun an undertaking to substantially reduce our overhead costs. Although we have not satisfied the requirements to recognize charges for any restructurings for the 2021 undertaking, we are likely to recognize expense in future quarters for these efforts.

Net Interest Expense

	YEAR ENDED DECEMBER 31,
(in millions)	2021		2020		2019
Net interest expense
Interest expense	$	63	$	65	$	65
Costs to refinance our credit facility	2		—		—
Loss on debt repurchases	20		—		—
Interest income	(17)		(23)		(54)
Net interest expense	$	68	$	42	$	11

The loss on debt repurchases includes costs to redeem $509 million of 2023 and 2024 Notes through a tender offer completed in September 2021 as well as through open market transactions following the issuance of the CPS in the second quarter of 2021. The decrease in interest income during 2021 and 2020 was primarily driven by lower interest rates compared to 2019.

Critical Accounting Policies and Estimates

Our discussion and analysis of our financial condition and results of operations is based upon our financial statements, which have been prepared in accordance with accounting principles generally accepted in the United States. Our significant accounting policies are described in the notes to our financial statements. The preparation of our financial statements requires management to make estimates and judgments that affect the reported amounts of assets, liabilities, revenue and expenses, and related disclosure of contingent assets and liabilities. Estimates are based on information available through the date of the issuance of the financial statements and, accordingly, actual results in future periods could differ from these estimates. Significant judgments and estimates used in the preparation of our financial statements apply to the following critical accounting policies:

Revenue Recognition for Long-Term Contracts. We recognize our engineering and construction contract revenue over time as we provide services to satisfy our performance obligations. We generally use the cost-to-cost percentage-of-completion measure of progress as it best depicts how control transfers to our clients. The cost-to-cost approach measures progress towards completion based on the ratio of contract cost incurred to date compared to total estimated contract cost. Use of the cost-to-cost measure of progress requires us to prepare estimates of total expected revenue and cost to complete our projects.

Due to the nature of our industry, there is significant complexity in our estimation of total expected revenue and cost, for which we must make significant judgments. Our contracts with our customers may contain award fees, incentive fees, liquidated damages or other provisions that can either increase or decrease the contract price to arrive at estimated revenue. These variable amounts generally are awarded upon achievement of certain performance metrics, program milestones or cost targets and can be based upon customer discretion. We estimate variable consideration at the most likely amount to which we expect to be entitled. We include estimated amounts in the transaction price to the extent it is probable we will realize that amount. Our estimates of variable consideration and our determination of its inclusion in project revenue for accounting purposes are based on an assessment of our anticipated performance and other information that may be available to us.

At a project level, we have specific practices and procedures to review our estimate of total revenue and cost. Each project team reviews the progress and execution of our performance obligations, which impact the project’s accounting outcome. As part of this process, the project team reviews information such as any outstanding key contract matters, progress towards completion and the related program schedule and identified risks and opportunities. The accuracy of our revenue and profit recognition in a given period depends on the accuracy of our project estimates, which can change from period to period due to a variety of factors including:

•Complexity in original design;

•Extent of changes from original design;

•Different site conditions than assumed in our bid;

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•The productivity, availability and skill level of labor;

•Weather conditions when executing a project;

•The technical maturity of the technologies involved;

•Length of time to complete the project;

•Availability and cost of equipment and materials;

•Subcontractor and joint venture partner performance;

•Expected costs of warranties; and

•Our ability to recover for additional contract costs.

We recognize changes in contract estimates on a cumulative catch-up basis in the period in which the changes are identified. Such changes in contract estimates can result in the recognition of revenue in a current period for performance obligations which were satisfied or partially satisfied in prior periods. Changes in contract estimates may also result in the reversal of previously recognized revenue if the current estimate adversely differs from the previous estimate. If we estimate that a project will have costs in excess of revenue, we recognize the total loss in the period it is identified.

Variable Consideration. The nature of our contracts gives rise to several types of variable consideration, including claims, unpriced change orders, award and incentive fees, liquidated damages and penalties. We consider variable consideration in the development of our project forecasts so that our forecasted revenue reflects the amount of consideration we expect to be probable of recovering without a future significant reversal. We estimate the amount of revenue attributable to variable consideration using the expected value method (i.e., the sum of probability-weighted amounts) or the most likely amount method, whichever offers better prediction. Significant judgments are required in developing estimates for variable consideration.

Fair Value Measurements. We are often required to use fair value measurement techniques with inputs that require the use of estimates and involve significant judgment. These circumstances include:

•Impairment testing of goodwill and indefinite-lived intangibles when quantitative analysis is deemed necessary

•Impairment testing of long-lived assets when impairment indicators are present

•Impairment testing of investments as part of other than temporary impairment assessments when impairment indicators are present

•Fair value assessments of businesses held for sale that are reported at fair value less cost to sell

•Purchase price allocations for acquired businesses

When performing quantitative fair value or impairment evaluations, we estimate the fair value of our assets by considering the results of either or both income-based and market-based valuation approaches. Under the income approach, we prepare a discounted cash flow valuation model using recent forecasts and compare the estimated fair value of each asset to its carrying value. Cash flow forecasts are discounted using the appropriate weighted-average cost of capital at the date of evaluation. The weighted-average cost of capital is comprised of the cost of equity and the cost of debt with a weighting for each that reflects our current capital structure. Preparation of long-term forecasts involve significant judgments involving consideration of our backlog, expected future awards, customer attrition, working capital assumptions, and general market trends and conditions. Significant changes in these forecasts or any valuation assumptions, such as the discount rate selected, could affect the estimated fair value of our assets and could result in impairment expenses. Under the market approach, we consider market information such as multiples of comparable publicly traded companies and/or completed sales transactions to develop or validate our fair value conclusions, when appropriate and available.

Due to the impact of COVID and the decline in oil prices in 2020, we performed interim impairment testing of our goodwill, intangibles and certain equity method investments and recognized impairment expenses of $169 million, $27 million and $86 million, respectively. The impairment expense on goodwill and intangibles was included in Disc Ops. During 2019, we recognized impairment charges of $257 million related to certain equity method investments and $34 million related to intangible assets now included in Disc Ops.

Restructuring Accruals. We recognize and accrue restructuring related termination benefits when the recognition criteria under GAAP have been met, depending on the nature of the termination benefit. Recognition of termination benefits requires the use of estimates in determining the expected termination benefits payable, when they are probable of being realized and can be reasonably estimated. Our estimates consider the number of employees that we expect will be eligible to receive the benefit and the amount of benefit potentially payable to each employee based on either the terms of the plan or statutory entitlement.

Recent Accounting Pronouncements

Item is described more fully in the Notes to Financial Statements.

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Litigation and Matters in Dispute Resolution

Item is described more fully in the Notes to Financial Statements.

LIQUIDITY AND FINANCIAL CONDITION

Our liquidity arises from available cash and cash equivalents and marketable securities, cash generated from operations, capacity under our credit facilities and, when necessary, access to capital markets. We have committed and uncommitted lines of credit available for revolving loans and letters of credit. We believe that for at least the next 12 months, cash generated from operations, along with our unused credit capacity and cash position, is sufficient to support operating requirements. We regularly review our sources and uses of liquidity and may pursue opportunities to address our liquidity needs.

As of December 31, 2021, letters of credit totaling $429 million were outstanding under our $1.65 billion credit facility, which matures in February 2023. This credit facility contains customary financial covenants, including a debt-to-capitalization ratio that cannot exceed 0.65 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 $1.25 billion, all as defined in the amended credit facility. The credit facility also contains provisions that will require us to provide collateral if we are downgraded to BB by S&P and Ba2 by Moody's, such collateral consisting broadly of liens on 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 December 31, 2021, we could have borrowed an additional $779 million under our credit facility.

In February 2022, we amended our credit facility to extend the maturity to February 2025, increase the size of the facility to $1.8 billion and decrease the debt-to-capitalization ratio to 0.60 to 1.00.

In 2022, we expect to pursue issuance of new senior notes to address the maturities currently scheduled for 2023 and 2024. We cannot predict the terms or conditions associated with any such issuance.

Cash and cash equivalents combined with marketable securities were $2.3 billion as of December 31, 2021 and $2.2 billion as of December 31, 2020. Cash and cash equivalents are held in numerous accounts throughout the world to fund our global project execution activities. Non-U.S. cash and cash equivalents amounted to $992 million and $984 million as of December 31, 2021 and 2020, respectively. Non-U.S. cash and cash equivalents exclude deposits of U.S. legal entities that are either swept into overnight, offshore accounts or invested in offshore, short-term time deposits, to which there is unrestricted access.

In evaluating our liquidity needs, we consider cash and cash equivalents held by our consolidated variable interest entities (joint ventures and partnerships). These amounts (which totaled $630 million and $655 million as of December 31, 2021 and 2020, respectively) were not necessarily readily available for general purposes. We also consider the extent to which client advances (which totaled $74 million and $80 million as of December 31, 2021 and 2020, respectively) are likely to be sustained or consumed over the near term for project execution activities and the cash flow requirements of our various foreign operations. In some cases, it may not be financially efficient to move cash and cash equivalents between countries due to statutory dividend limitations and/or adverse tax consequences. We did not consider any cash to be permanently reinvested outside the U.S. as of December 31, 2021 and 2020, other than unremitted earnings required to meet our working capital and long-term investment needs in non-U.S. foreign jurisdictions where we operate.

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	Year Ended December 31,
(in thousands)	2021		2020		2019
OPERATING CASH FLOW	$	25,332	$	185,884	$	219,018
INVESTING CASH FLOW
Proceeds from sales and maturities (purchases) of marketable securities	(103,806)		(15,430)		207,374
Capital expenditures	(75,073)		(113,442)		(180,842)
Proceeds from sales of assets incl. AMECO-North America	145,672		111,589		65,977
Investments in partnerships and joint ventures	(79,464)		(29,219)		(52,305)
Other	(9,198)		4,940		40,268
Investing cash flow	(121,869)		(41,562)		80,472
FINANCING CASH FLOW
Proceeds from issuance of CPS	582,000		—		—
Purchases and retirement of debt	(525,212)		—		—
Debt extinguishment costs	(1,503)		—		—
Dividends paid (on CPS in 2021 and common stock in 2020 and 2019)	(19,175)		(28,720)		(118,073)
Distributions paid to NCI	(108,798)		(23,184)		(33,674)
Capital contributions by NCI	201,847		110,051		64,646
Other	(6,907)		(9,701)		9,802
Financing cash flow	122,252		48,446		(77,299)
Effect of exchange rate changes on cash	(15,114)		8,814		10,262
Increase (decrease) in cash and cash equivalents	10,601		201,582		232,453
Cash and cash equivalents at beginning of year	2,198,781		1,997,199		1,764,746
Cash and cash equivalents at end of year	$	2,209,382	$	2,198,781	$	1,997,199
Cash paid during the year for:
Interest	$	90,299	$	65,641	$	71,938
Income taxes (net of refunds)	74,589		65,188		204,080

Operating Activities

Cash flows from operating activities result primarily from our EPC activities and are affected by changes in working capital associated with such activities. Working capital levels vary from period to period and are primarily affected by our volume of work and billing schedules on our projects. These levels are also impacted by the stage of completion and commercial terms of engineering and construction projects, as well as our execution of our projects compared to their budget. Working capital requirements also vary by project and the payments terms agreed to with our clients, vendors and subcontractors. Most contracts require payments as the projects progress. Additionally, certain projects receive advance payments from clients. A typical trend for our projects is to have higher cash balances during the initial phases of execution due to deposits paid to us which then diminish toward the end of the construction phase. As a result, our cash position is reduced as customer advances are utilized, unless they are replaced by advances on other projects. We maintain cash reserves and borrowing facilities to provide additional working capital in the event that a project’s net operating cash outflows exceed its available cash balances. As of December 31, 2021, our backlog included $1.1 billion for loss projects which may have a negative impact on our operating cash flow in future periods.

Our operating cash flow for 2021 was negatively impacted by increases in working capital on several large projects as well as higher cash payments of G&A. Operating cash flow in 2021 and 2020 were positively impacted by significant settlement payments on a cancelled rail project. Operating cash flow in 2020 and 2019 were positively impacted by decreases in project working capital.

We contributed $128 million, $130 million and $115 million into our DC plans during 2021, 2020 and 2019, respectively, and $13 million, $25 million and $15 million into our DB plans during 2021, 2020 and 2019, respectively. We expect to contribute up to $13 million to our DB plans in 2022, which is expected to be in excess of the minimum funding required. The remaining obligations under our Dutch DB plan and UK DB plan were settled in 2021 and 2019, respectively. The loss on settlement in both years consisted primarily of unrecognized actuarial losses included in AOCI and did not materially impact our cash position. For one of our discontinued operations, we participate in one multiemployer plan in which we are aware of

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a significant unfunded benefit obligation. However, we believe we qualify for an exemption and do not believe we have a probable payment to the plan. Therefore, we have not recognized a liability related to this unfunded benefit obligation.

NuScale expenses were $69 million, $84 million and $66 million during 2021, 2020 and 2019, respectively, and were reported net of qualified reimbursable expenses of $69 million, $71 million and $57 million, respectively.

Investing Activities

Our investment policy focuses on, in order of priority, the preservation of capital, maintenance of liquidity and maximization of yield. Marketable securities may include money market funds, time deposits placed with highly-rated financial institutions, repurchase agreements that are fully collateralized by U.S. Government-related securities, high-grade commercial paper and high quality short-term and medium-term fixed income securities.

Capital expenditures during 2021 primarily related to construction equipment on certain infrastructure projects as well as expenditures for facilities and investments in information technology. Capital expenditures during 2020 and 2019 primarily related to construction equipment associated with the equipment operations now included in Disc Ops, as well as expenditures for facilities and investments in information technology.

Proceeds from sales of assets during 2021 includes the sale of the North American operations of the AMECO equipment business for $71 million as well as our 10% ownership interest in an infrastructure joint venture and a building in the U.S. During 2020, we sold substantially all of the assets of our AMECO equipment business in Jamaica as well as 100% of our interest in an equipment rental business in Europe. Also in 2020, we sold our interests in two infrastructure joint ventures in the Netherlands and one infrastructure joint venture in the U.S.

Investments in unconsolidated partnerships and joint ventures in 2021 included a $26 million capital contribution to COOEC Fluor, which satisfied our contractual funding requirements, as well as capital contributions to an Energy Solutions joint venture and a recently formed Mission Solutions joint venture. Investments in unconsolidated partnerships and joint ventures in 2020 and 2019 included capital contributions to two infrastructure joint ventures in the United States.

Financing Activities

In May 2021, we issued 600,000 shares of Series A 6.5% cumulative perpetual CPS in a private placement transaction involving a limited number of qualified institutional buyers. Each share of preferred stock has a liquidation preference of $1,000 per share, plus accumulated but unpaid dividends, and is convertible, at the holder's option at any time into 44.9585 shares (the conversion rate) of our common stock per share of preferred stock. Cumulative cash dividends on the preferred stock are payable at an annual rate of 6.5% quarterly in arrears on February 15, May 15, August 15, and November 15, beginning on August 15, 2021, upon declaration of the dividend by our Board of Directors. Assuming that our Board of Directors approves dividends, the preferred stock will require approximately $39 million of annual dividend payments. Moreover, the issuance created added complexity to our quarterly EPS calculations. Accordingly, in determining our diluted earnings impact of the preferred stock, we will now assess the correlation between net earnings attributable to Fluor and dividends on the preferred stock as well as the effect of conversions of the preferred stock into our common stock, which could represent up to 27 million potentially dilutive shares.

After May 20, 2022 and before May 2024, we may elect to cause each share of CPS to convert into our common stock at the conversion rate, subject to certain conditions including a make-whole premium before May 2024, if our closing price per common share of our stock exceeds $28.92 for 20 consecutive trading days. After May 2024, we could make a similar election if our closing price per common share of our stock exceeds $22.24 for 20 consecutive trading days.

Dividends on the CPS were declared and paid in August and November 2021. Quarterly cash dividends of $0.10 per common share were paid in the first and second quarters of 2020. Quarterly cash dividends of $0.21 per common share were paid in all quarters of 2019. We suspended our common stock cash dividend during April 2020. The payment and level of future cash dividends is subject to the discretion of our Board of Directors.

In September 2021, we completed a tender offer in which we repurchased $375 million (face value) of 2023 Notes and $108 million (face value) of 2024 Notes, excluding accrued interest. Additionally, we redeemed $26 million of outstanding 2023 and 2024 Notes in open market transactions during 2021. We recognized $20 million in losses related to these redemptions which is included in interest expense.

Other borrowings (debt repayments) represent short-term bank loans and other financing arrangements associated with Stork.

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Distributions paid to holders of NCI represent cash outflows to partners of consolidated partnerships or joint ventures created primarily for the execution of single contracts or projects. Distributions in 2021 primarily related to a transportation joint venture project in the United States. Distributions in 2020 and 2019 primarily related to a mining joint venture project in Chile.

Capital contributions by NCI during 2021 primarily related to new investments totaling $193 million by NuScale's NCI holders. We believe these contributions eliminated the need for any near-term contributions to NuScale by us. Capital contributions by NCI in 2020 related to three infrastructure joint ventures in the United States. Capital contributions by NCI in 2019 primarily related to initial investments from new partners in NuScale.

We have a common stock repurchase program, authorized by our Board of Directors, to purchase shares in the open market or privately negotiated transactions at our discretion. As of December 31, 2021, over 10 million shares could still be purchased under the existing stock repurchase program, although we do not have any immediate intent to begin such repurchases.

Off-Balance Sheet Arrangements

Letters of Credit

As of December 31, 2021, letters of credit totaling $429 million were outstanding under committed lines of credit and letters of credit totaling $896 million were outstanding under uncommitted lines of credit. Letters of credit are ordinarily provided to indemnify our clients if we fail to perform our obligations under our contracts. Surety bonds may be used as an alternative to letters of credit.

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 $15 billion as of December 31, 2021.

Financial guarantees, made in the ordinary course of business in certain limited circumstances, are entered into with financial institutions and other credit grantors and generally obligate us to make payment in the event of a default by the borrower. These arrangements generally require the borrower to pledge collateral to support the fulfillment of the borrower’s obligation.

Inflation

Although inflation and cost trends affect our results, we mitigate these trends by seeking to fix our cost at or soon after the time of award on lump-sum or fixed-price contracts or to recover cost increases in cost reimbursable contracts.

Item 7A.    Quantitative and Qualitative Disclosures about Market Risk

We have cash and marketable securities on deposit with major banks throughout the world. Such deposits are placed with high quality institutions and the amounts invested in any single institution are limited to the extent possible in order to minimize concentration of counterparty credit risk. Marketable securities may consist of time deposits, registered money market funds, U.S. agency securities, U.S. Treasury securities, commercial paper, non-U.S. government securities and corporate debt securities. We have not incurred any credit risk losses related to deposits in cash or investments in marketable securities.

Certain of our contracts are subject to foreign currency risk. We limit exposure to foreign currency fluctuations in most of our contracts through provisions that specify client payments in currencies corresponding to the currency in which cost is expected to be incurred. As a result, we generally have limited situations in which we have to mitigate foreign currency exposure with derivatives.

We utilize derivative instruments to mitigate certain financial exposures, including currency and oil price risk associated with EPC contracts, currency risk associated with monetary assets and liabilities denominated in nonfunctional currencies and risk associated with interest rate volatility. As of December 31, 2021, we had total gross notional amounts of $499 million of foreign currency contracts (primarily related to the Canadian Dollar, Chinese Yuan, British Pound, Euro, Indian Rupee and Philippine Peso) and $32 million of commodity contracts. The foreign currency and commodity contracts are of varying duration, none of which extend beyond December 2024. Our historical gains and losses associated with foreign currency contracts have typically been immaterial, and have largely mitigated the exposures being hedged. We do not enter into derivative transactions for speculative purposes.

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Our results reported by foreign subsidiaries with non-U.S. dollar functional currencies are also affected by foreign currency volatility. When the U.S. dollar appreciates against the non-U.S. dollar functional currencies of these subsidiaries, our reported revenue, cost and earnings, after translation into U.S. dollars, are lower than what they would have been had the U.S. dollar depreciated against the same foreign currencies or if there had been no change in the exchange rates.

Our long-term debt typically features a fixed-rate coupon, and therefore, our exposure to interest rate risk is not material.

Item 8.    Financial Statements and Supplementary Data

The information required by this Item is submitted as a separate section of this Form 10-K as described in Item 15. 

Item 9.    Changes in and Disagreements with Accountants on Accounting and Financial Disclosure

None.

Item 9A.    Controls and Procedures

Evaluation of Disclosure Controls and Procedures

As defined in Rule 13a-15 and 15d-15 of the Exchange Act, our management, with the participation of our CEO and CFO, is responsible for establishing and maintaining disclosure controls and procedures. These controls and procedures should be designed to provide reasonable assurance that information required to be disclosed by us in reports we file or submit under the Exchange Act is recorded, processed, summarized and reported within the time periods specified in the rules and forms of the SEC, and that the information required to be disclosed by us in reports that we file or submit under the Exchange Act is accumulated and communicated to our management, including the CEO and CFO, to allow timely decisions regarding required disclosure.

Based on their evaluation, our CEO and CFO have concluded that our disclosure controls and procedures were effective as of December 31, 2021.

Management's Report on Internal Control over Financial Reporting

Our management is responsible for establishing and maintaining adequate ICFR that is designed to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements in accordance with GAAP.

Our management, including our CEO and CFO, conducted an assessment of the effectiveness of our ICFR as of December 31, 2021 based upon the framework issued by the Committee of Sponsoring Organizations of the Treadway Commission (COSO 2013) and concluded that our ICFR was effective.

Ernst & Young LLP, our independent registered public accounting firm, has issued an attestation report on the effectiveness of our ICFR. Their report follows this management report.

Changes in Internal Control over Financial Reporting

There have been no changes in our ICFR during the fourth quarter of 2021 that have materially affected, or are reasonably likely to materially affect, our ICFR.

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Report of Independent Registered Public Accounting Firm

To the Shareholders and the Board of Directors of Fluor Corporation

Opinion on Internal Control Over Financial Reporting

We have audited Fluor Corporation’s internal control over financial reporting as of December 31, 2021, based on criteria established in Internal Control—Integrated Framework issued by the Committee of Sponsoring Organizations of the Treadway Commission (2013 framework) (the COSO criteria). In our opinion, Fluor Corporation (the Company) maintained, in all material respects, effective internal control over financial reporting as of December 31, 2021, based on the COSO criteria.

We also have audited, in accordance with the standards of the Public Company Accounting Oversight Board (United States) (PCAOB), the consolidated balance sheets of Fluor Corporation as of December 31, 2021 and 2020, the related consolidated statements of operations, comprehensive income (loss), changes in equity and cash flows for each of the three years in the period ended December 31, 2021, and the related notes (collectively referred to as the “consolidated financial statements”) and our report dated February 22, 2022 expressed an unqualified opinion thereon.

Basis for Opinion

The Company’s management is responsible for maintaining effective internal control over financial reporting and for its assessment of the effectiveness of internal control over financial reporting included in the accompanying Management’s Report on Internal Control Over Financial Reporting. Our responsibility is to express an opinion on The Company’s internal control over financial reporting based on our audit. We are a public accounting firm registered with the PCAOB and are required to be independent with respect to The Company in accordance with the U.S. federal securities laws and the applicable rules and regulations of the Securities and Exchange Commission and the PCAOB.

We conducted our audit in accordance with the standards of the PCAOB. Those standards require that we plan and perform the audit to obtain reasonable assurance about whether effective internal control over financial reporting was maintained in all material respects.

Our audit included obtaining an understanding of internal control over financial reporting, assessing the risk that a material weakness exists, testing and evaluating the design and operating effectiveness of internal control based on the assessed risk, and performing such other procedures as we considered necessary in the circumstances. We believe that our audit provides a reasonable basis for our opinion.

Definition and Limitations of Internal Control Over Financial Reporting

A company’s internal control over financial reporting is a process designed to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with generally accepted accounting principles. A company’s internal control over financial reporting includes those policies and procedures that (1) pertain to the maintenance of records that, in reasonable detail, accurately and fairly reflect the transactions and dispositions of the assets of the company; (2) provide reasonable assurance that transactions are recorded as necessary to permit preparation of financial statements in accordance with generally accepted accounting principles, and that receipts and expenditures of the company are being made only in accordance with authorizations of management and directors of the company; and (3) provide reasonable assurance regarding prevention or timely detection of unauthorized acquisition, use, or disposition of the company’s assets that could have a material effect on the financial statements.

Because of its inherent limitations, internal control over financial reporting may not prevent or detect misstatements. Also, projections of any evaluation of effectiveness to future periods are subject to the risk that controls may become inadequate because of changes in conditions, or that the degree of compliance with the policies or procedures may deteriorate.

/s/ Ernst & Young LLP

Dallas, Texas

February 22, 2022

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Item 9B.    Other Information

None.

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PART III

Item 10.    Directors, Executive Officers and Corporate Governance

Directors, Executive Officers, Promoters and Control Persons

The information required by Paragraph (a), and Paragraphs (c) through (g) of Item 401 of Regulation S-K (except for information required by Paragraphs (d) — (f) of that Item to the extent the required information pertains to our executive officers) and Item 405 of Regulation S-K will be set forth in our definitive proxy statement to be filed with the SEC pursuant to Regulation 14A within 120 days after the close of our fiscal year (our "Proxy Statement") and is incorporated herein by reference. The information required by Paragraph (b) of Item 401 of Regulation S-K, as well as the information required by Paragraphs (d) — (f) of that Item to the extent the required information pertains to our executive officers, is set forth herein at Part I, Item 1 of this 2021 10-K under the heading "Information about our Executive Officers."

Code of Ethics

We have long maintained and enforced a Code of Business Conduct and Ethics that applies to all employees, including our CEO, CFO and CAO. A copy of our Code of Business Conduct and Ethics, as amended, has been posted on the "Sustainability" — "Ethics and Compliance" portion of our website, www.fluor.com.

We have disclosed and intend to continue to disclose any changes or amendments to our code of ethics or waivers from our code of ethics applicable to our CEO, CFO and CAO by posting such changes or waivers to our website.

Corporate Governance

We have adopted corporate governance guidelines, which are available on our website at www.fluor.com under the "Sustainability" portion of our website under the heading "Corporate Governance Documents" filed under "Governance." Information regarding the Audit Committee is hereby incorporated by reference from the information that will be contained in our Proxy Statement.

Item 11.    Executive Compensation

Information required by this item will be included in our Proxy Statement, which information is incorporated herein by reference.

Item 12.    Security Ownership of Certain Beneficial Owners and Management and Related Stockholder Matters

Equity Compensation Plan Information

The following table provides information as of December 31, 2021 with respect to the shares of common stock that may be issued under our equity compensation plans:

Plan Category	(a) Number of securities to be issued upon exercise of outstanding options, warrants and rights	(b) Weighted average exercise price of outstanding options, warrants and rights	(c) Number of securities available for future issuance under equity compensation plans (excluding securities listed in column (a))
Equity compensation plans approved by stockholders(1)	9,301,721	$42.24(3)	7,306,395
Equity compensation plans not approved by stockholders(2)	397,208	$16.55(3)	—
Total	9,698,929		7,306,395

_______________________________________________________________________________

(1)Consists of (a) the Amended and Restated 2008 Executive Performance Incentive Plan, under which 3,044,228 shares are issuable upon exercise of outstanding options, and under which no shares remain for future issuance; (b) the 2017 Performance Incentive Plan, under which 1,688,712 shares are issuable upon exercise of outstanding options, 1,273,448 shares are issuable upon vesting of outstanding restricted stock units, 1,356,111 shares are issuable if specified performance targets are met under outstanding performance-based award units, and under which no shares remain available for issuance; (c) the 2020 Performance Incentive Plan, under which 481,626 shares are issuable upon exercise of outstanding options, 517,416 shares are issuable upon vesting of outstanding restricted stock units, 613,868 shares are issuable if specified performance targets are met under outstanding performance-based award units, and under which 7,306,395 remain available for issuance; (d) 13,969, 20,764 and 21,424 vested restricted stock units under the 2008

46

Executive Performance Plan, 2017 Performance Incentive Plan and 2020 Performance Incentive Plan, respectively, that were deferred by non-associate directors participating in the 409A Director Deferred Compensation Program that are distributable in the form of shares; (e) 76,592 vested restricted stock units granted to non-associate directors under the 2017 Performance Incentive Plan that are subject to a post-vest holding period and for which shares have not been issued; and (f) 193,563 vested restricted stock units and performance-based award units deferred by executive officers under the 2008 Executive Performance Incentive Plan.

(2)Consists of inducement awards made to Mr. David E. Constable in connection with his appointment as CEO.

(3)Weighted-average exercise price of outstanding options only.

The additional information required by this item will be included in our Proxy Statement, which information is incorporated by reference.

Item 13.    Certain Relationships and Related Transactions, and Director Independence

Information required by this item will be included in our Proxy Statement, which information is incorporated herein by reference.

Item 14.    Principal Accountant Fees and Services

Information required by this item will be included in our Proxy Statement, which information is incorporated herein by reference.

47

PART IV

Item 15.    Exhibits and Financial Statement Schedules

(a)Documents filed as part of this 2021 10-K:

1.Financial Statements:

Our consolidated financial statements at December 31, 2021 and 2020 and for each of the three years in the period ended December 31, 2021, together with the report of our independent registered public accounting firm on those consolidated financial statements are hereby filed as part of this 2021 10-K, beginning on page F-1.

2.Financial Statement Schedules:

No financial statement schedules are presented since the required information is not present or not present in amounts sufficient to require submission of the schedule, or because the information required is included in the consolidated financial statements and notes thereto.

3.Exhibits:

EXHIBIT INDEX

Exhibit	Description
3.1	Amended and Restated Certificate of Incorporation of the registrant (incorporated by reference to Exhibit 3.1 to the registrant's Current Report on Form 8-K (Commission file number 1-16129) filed on May 8, 2012).
3.2	Certificate of Elimination of Series A Junior Participating Preferred Stock of the registrant (incorporated by reference to Exhibit 3.1 to the registrant's Current Report on Form 8-K (Commission file number 1-16129) filed on May 18, 2021).
3.3	Certificate of Designations, Preferences, and Rights of Series A 6.50% Cumulative Perpetual Convertible Preferred Stock of the registrant (incorporated by reference to Exhibit 3.2 to the registrant's Current Report on Form 8-K (Commission file number 1-16129) filed on May 18, 2021).
3.4	Amended and Restated Bylaws of the registrant (incorporated by reference to Exhibit 3.2 to the registrant's Current Report on Form 8-K (Commission file number 1-16129) filed on February 9, 2016).
4.1	Senior Debt Securities Indenture between Fluor Corporation and Wells Fargo Bank, National Association, as trustee, dated as of September 8, 2011 (incorporated by reference to Exhibit 4.3 to the registrant's Current Report on Form 8-K (Commission file number 1-16129) filed on September 8, 2011).
4.2	First Supplemental Indenture between Fluor Corporation and Wells Fargo Bank, National Association, as trustee, dated as of September 13, 2011 (incorporated by reference to Exhibit 4.4 to the registrant's Current Report on Form 8-K (Commission file number 1-16129) filed on September 13, 2011).
4.3	Second Supplemental Indenture between Fluor Corporation and Wells Fargo Bank, National Association, as trustee, dated as of June 22, 2012 (incorporated by reference to Exhibit 4.2 to the registrant's Registration Statement on Form S-3 (Commission file number 333-182283) filed on June 22, 2012).
4.4	Third Supplemental Indenture between Fluor Corporation and Wells Fargo Bank, National Association, as trustee, dated as of November 25, 2014 (incorporated by reference to Exhibit 4.1 to the registrant's Current Report on Form 8-K (Commission file number 1-16129) filed on November 25, 2014).
4.5	Fourth Supplemental Indenture between Fluor Corporation and Wells Fargo Bank, National Association, as trustee, dated as of March 21, 2016 (incorporated by reference to Exhibit 4.3 to the registrant's Current Report on Form 8-K (Commission file number 1-16129) filed on March 21, 2016).
4.6	Fifth Supplemental Indenture between Fluor Corporation and Wells Fargo Bank, National Association, as trustee, dated as of August 29, 2018 (incorporated by reference to Exhibit 4.1 to the registrant's Current Report on Form 8-K (Commission file number 1-16129) filed on August 29, 2018).
4.7	Description of Securities.*
10.1	Fluor Corporation Amended and Restated 2008 Executive Performance Incentive Plan (incorporated by reference to Exhibit 10.1 to the registrant's Current Report on Form 8-K (Commission file number 1-16129) filed on May 3, 2013).**
10.2	Form of Option Agreement (2015 grants) under the Fluor Corporation Amended and Restated 2008 Executive Performance Incentive Plan (incorporated by reference to Exhibit 10.26 to the registrant's Quarterly Report on Form 10-Q (Commission file number 1-16129) filed on April 30, 2015).**
10.3	Form of Option Agreement (2017 grants) under the Fluor Corporation Amended and Restated 2008 Executive Performance Incentive Plan (incorporated by reference to Exhibit 10.6 to the registrant's Annual Report on Form 10-K (Commission file number 1-16129) filed on February 17, 2017).**

48

Exhibit	Description
10.4	Form of Value Driver Incentive Award Agreement (for the senior team, with a post-vesting holding period) under the Fluor Corporation Amended and Restated 2008 Executive Performance Incentive Plan (incorporated by reference to Exhibit 10.7 to the registrant's Quarterly Report on Form 10-Q (Commission file number 1-16129) filed on May 5, 2016).**
10.5	Form of Value Driver Incentive Award Agreement (2017 grants) under the Fluor Corporation Amended and Restated 2008 Executive Performance Incentive Plan (incorporated by reference to Exhibit 10.9 to the registrant's Annual Report on Form 10-K (Commission file number 1-16129) filed on February 17, 2017).**
10.6	Form of Restricted Stock Unit Agreement (for the senior team, with a post-vesting holding period) under the Fluor Corporation Amended and Restated 2008 Executive Performance Incentive Plan (incorporated by reference to Exhibit 10.10 to the registrant's Quarterly Report on Form 10-Q (Commission file number 1-16129) filed on May 5, 2016).**
10.7	Form of Restricted Stock Unit Agreement (2017 grants) under the Fluor Corporation Amended and Restated 2008 Executive Performance Incentive Plan (incorporated by reference to Exhibit 10.14 to the registrant's Annual Report on Form 10-K (Commission file number 1-16129) filed on February 17, 2017).**
10.8	Fluor Corporation 2017 Performance Incentive Plan (incorporated by reference to Exhibit 10.1 to the registrant's Registration Statement on Form S-8 (Commission file number 333-217653) filed on May 4, 2017).**
10.9	Form of Restricted Stock Unit Agreement under the Fluor Corporation 2017 Performance Incentive Plan (incorporated by reference to Exhibit 10.15 to the registrant's Quarterly Report on Form 10-Q (Commission file number 1-16129) filed on May 3, 2018).**
10.10	Form of Restricted Stock Unit Agreement (2020 grant) under the Fluor Corporation 2017 Performance Incentive Plan (incorporated by reference to Exhibit 10.1 to the registrant's Quarterly Report on Form 10-Q (Commission file number 1-16129) filed on December 10, 2020).**
10.11	Form of Option Agreement under the Fluor Corporation 2017 Performance Incentive Plan (incorporated by reference to Exhibit 10.16 to the registrant's Quarterly Report on Form 10-Q (Commission file number 1-16129) filed on May 3, 2018).**
10.12	Form of Option Agreement (2020 grant) under the Fluor Corporation 2017 Performance Incentive Plan (incorporated by reference to Exhibit 10.2 to the registrant's Quarterly Report on Form 10-Q (Commission file number 1-16129) filed on December 10, 2020).**
10.13	Form of Value Driver Incentive Award Agreement under the Fluor Corporation 2017 Performance Incentive Plan (incorporated by reference to Exhibit 10.17 to the registrant's Quarterly Report on Form 10-Q (Commission file number 1-16129) filed on May 3, 2018).**
10.14	Form of Performance Award Agreement (2020 grant) under the Fluor Corporation 2017 Performance Incentive Plan (incorporated by reference to Exhibit 10.3 to the registrant's Quarterly Report on Form 10-Q (Commission file number 1-16129) filed on December 10, 2020).**
10.15	Form of Stock Growth Incentive Award Agreement (2020 grant) under the Fluor Corporation 2017 Performance Incentive Plan (incorporated by reference to Exhibit 10.4 to the registrant's Quarterly Report on Form 10-Q (Commission file number 1-16129) filed on December 10, 2020).**
10.16	Fluor Corporation 2020 Performance Incentive Plan (incorporated by reference to Exhibit 99.1 to the registrant's Registration Statement on Form S-8 (Commission file number 333-251426) filed on December 17, 2020.**
10.17	Form of Option Agreement under the Fluor Corporation 2020 Performance Incentive Plan.* **
10.18	Form of Restricted Stock Unit Agreement under the Fluor Corporation 2020 Performance Incentive Plan.* **
10.19	Form of Performance Award Agreement under the Fluor Corporation 2020 Performance Incentive Plan.* **
10.20	Fluor Executive Deferred Compensation Plan, as amended and restated effective April 21, 2003 (incorporated by reference to Exhibit 10.5 to the registrant's Annual Report on Form 10-K (Commission file number 1-16129) filed on February 29, 2008).**
10.21	Fluor 409A Executive Deferred Compensation Program, as amended and restated effective January 1, 2017 (incorporated by reference to Exhibit 10.16 to the registrant's Quarterly Report on Form 10-Q (Commission file number 1-16129) filed on November 2, 2017).**
10.22	Executive Severance Plan (incorporated by reference to Exhibit 10.7 to the registrant's Annual Report on Form 10-K (Commission file number 1-16129) filed on February 22, 2012).**
10.23	Retention Award, dated November 26, 2019, granted to Alan L. Boeckmann (incorporated by reference to Exhibit 10.17 to the registrant's Annual Report on Form 10-K (Commission file number 1-16129) filed on September 25, 2020).**
10.24	Consulting Agreement, effective July 1, 2021, between FDEE Consulting, Inc. and Carlos M. Hernandez (incorporated by reference to Exhibit 10.25 to the registrant's Annual Report on Form 10-K (Commission file number 1-16129) filed on February 26, 2021).**

49

Exhibit	Description
10.25	Offer Letter, dated October 30, 2020, between the registrant and David E. Constable (incorporated by reference to Exhibit 10.26 to the registrant's Annual Report on Form 10-K (Commission file number 1-16129) filed on February 26, 2021).**
10.26	Option Agreement, dated December 23, 2020, between the registrant and David E. Constable (incorporated by reference to Exhibit 10.27 to the registrant's Annual Report on Form 10-K (Commission file number 1-16129) filed on February 26, 2021).**
10.27	Restricted Stock Unit Agreement, dated December 23, 2020, between the registrant and David E. Constable (incorporated by reference to Exhibit 10.28 to the registrant's Annual Report on Form 10-K (Commission file number 1-16129) filed on February 26, 2021).**
10.28	Term Sheet, dated January 11, 2021, between the registrant and Taco de Haan (incorporated by reference to Exhibit 10.2 to the registrant's Quarterly Report on Form 10-Q (Commission file number 1-16129) filed on May 7, 2021).**
10.29	Consulting Agreement, effective March 22, 2021, between the registrant and D. Michael Steuert (incorporated by reference to Exhibit 10.3 to the registrant's Quarterly Report on Form 10-Q (Commission file number 1-16129) filed on May 7, 2021).**
10.30	Separation and Release Agreement, effective May 18, 2021, between the registrant and Garry W. Flowers (incorporated by reference to Exhibit 10.1 to the registrant's Quarterly Report on Form 10-Q (Commission file number 1-16129) filed on August 6, 2021).**
10.31	Summary of Fluor Corporation Non-Management Director Compensation (incorporated by reference to Exhibit 10.29 to the registrant's Annual Report on Form 10-K (Commission file number 1-16129) filed on February 26, 2021).
10.32	Form of Restricted Stock Unit Agreement granted to directors under the Fluor Corporation 2017 Performance Incentive Plan (incorporated by reference to Exhibit 10.19 to the registrant's Quarterly Report on Form 10-Q (Commission file number 1-16129) filed on August 3, 2017).**
10.33	Form of Restricted Stock Unit Agreement granted to directors (2018 grant) under the Fluor Corporation 2017 Performance Incentive Plan (incorporated by reference to Exhibit 10.25 to the registrant's Quarterly Report on Form 10-Q (Commission file number 1-16129) filed on August 2, 2018).**
10.34	Form of Restricted Stock Unit Agreement granted to directors (2020 grant) under the Fluor Corporation 2020 Performance Incentive Plan (incorporated by reference to Exhibit 10.32 to the registrant's Annual Report on Form 10-K (Commission file number 1-16129) filed on February 26, 2021).**
10.35	Fluor Corporation Deferred Directors' Fees Program, as amended and restated effective January 1, 2002 (incorporated by reference to Exhibit 10.9 to the registrant's Annual Report on Form 10-K (Commission file number 1-16129) filed on March 31, 2003).**
10.36	Fluor Corporation 409A Director Deferred Compensation Program, as amended and restated effective as of November 2, 2016 (incorporated by reference to Exhibit 10.22 to the registrant's Annual Report on Form 10-K (Commission file number 1-16129) filed on February 17, 2017).**
10.37	Directors' Life Insurance Summary (incorporated by reference to Exhibit 10.12 to the registrant's Registration Statement on Form 10/A (Amendment No. 1) (Commission file number 1-16129) filed on November 22, 2000).**
10.38	Form of Indemnification Agreement entered into between the registrant and each of its directors and executive officers (incorporated by reference to Exhibit 10.21 to the registrant's Annual Report on Form 10-K (Commission file number 1-16129) filed on February 25, 2009).
10.39	Form of Change in Control Agreement entered into between the registrant and each of its executive officers (incorporated by reference to Exhibit 10.1 to the registrant's Current Report on Form 8-K (Commission file number 1-16129) filed on June 29, 2010).**
10.40	$1,650,000 Second Amended and Restated Revolving Loan and Letter of Credit Facility Agreement dated as of February 19, 2021, among Fluor Corporation, the Lenders thereunder, BNP Paribas, as Administrative Agent and an Issuing Lender, Bank of America, N.A., as Syndication Agent, and Citibank, N.A. and Wells Fargo Bank, National Association, as Co-Documentation Agents (incorporated by reference to Exhibit 10.48 to the registrant's Annual Report on Form 10-K (Commission file number 1-16129) filed on February 26, 2021).
10.41	Agreement and Plan of Merger, dated as of December 13, 2021, by and among Spring Valley, Merger Sub and NuScale (incorporated by reference to Exhibit 2.1 to the Current Report on Form 8-K (Commission file number 1-39736) filed by Spring Valley on December 14, 2021).
21.1	Subsidiaries of the registrant.*
23.1	Consent of Independent Registered Public Accounting Firm.*
31.1	Certification of Chief Executive Officer pursuant to Section 302 of the Sarbanes-Oxley Act of 2002.*
31.2	Certification of Chief Financial Officer pursuant to Section 302 of the Sarbanes-Oxley Act of 2002.*
32.1	Certification of Chief Executive Officer pursuant to Section 906 of the Sarbanes-Oxley Act of 2002.*

50

Exhibit	Description
32.2	Certification of Chief Financial Officer pursuant to Section 906 of the Sarbanes-Oxley Act of 2002.*
101.INS	Inline XBRL Instance Document.*
101.SCH	Inline XBRL Taxonomy Extension Schema Document.*
101.CAL	Inline XBRL Taxonomy Extension Calculation Linkbase Document.*
101.LAB	Inline XBRL Taxonomy Extension Label Linkbase Document.*
101.PRE	Inline XBRL Taxonomy Extension Presentation Linkbase Document.*
101.DEF	Inline XBRL Taxonomy Extension Definition Linkbase Document.*
104	The cover page from the Company's 2021 10-K for the year ended December 31, 2021, formatted in Inline XBRL (included in the Exhibit 101 attachments).*

_______________________________________________________________________________

*    Exhibit filed with this report.

**    Management contract or compensatory plan or arrangement.

Attached as Exhibit 101 to this report are the following documents formatted in XBRL (Extensible Business Reporting Language): (i) the Consolidated Statement of Operations for the years ended December 31, 2021, 2020 and 2019, (ii) the Consolidated Balance Sheet at December 31, 2021 and December 31, 2020, (iii) the Consolidated Statement of Cash Flows for the years ended December 31, 2021, 2020 and 2019 and (iv) the Consolidated Statement of Equity for the years ended December 31, 2021, 2020 and 2019.

Item 16.    Form 10-K Summary

None.

SIGNATURES

Pursuant to the requirements of Section 13 or 15(d) of the Securities Exchange Act of 1934, the registrant has duly caused this 2021 10-K to be signed on its behalf by the undersigned, thereunto duly authorized.

FLUOR CORPORATION
By:	/s/ JOSEPH L. BRENNAN
	Joseph L. Brennan, Chief Financial Officer

February 22, 2022

Pursuant to the requirements of the Securities Exchange Act of 1934, this 2021 10-K has been signed below by the following persons on behalf of the registrant and in the capacities and on the dates indicated.

51

Signature	Title	Date
Principal Executive Officer and Director:
/s/ DAVID E. CONSTABLE
David E. Constable	Chief Executive Officer	February 22, 2022
Principal Financial Officer:
/s/ JOSEPH L. BRENNAN
Joseph L. Brennan	Chief Financial Officer	February 22, 2022
Principal Accounting Officer:
/s/ JOHN C. REGAN
John C. Regan	Chief Accounting Officer	February 22, 2022
Other Directors:
/s/ ALAN L. BOECKMANN
Alan L. Boeckmann	Executive Chairman	February 22, 2022
/s/ ALAN M. BENNETT
Alan M. Bennett	Director	February 22, 2022
/s/ ROSEMARY T. BERKERY
Rosemary T. Berkery	Director	February 22, 2022
/s/ H. PAULETT EBERHART
H. Paulett Eberhart	Director	February 22, 2022
/s/ JAMES T. HACKETT
James T. Hackett	Director	February 22, 2022
/s/ THOMAS C. LEPPERT
Thomas C. Leppert	Director	February 22, 2022
/s/ TERI P. MCCLURE
Teri P. McClure	Director	February 22, 2022
/s/ ARMANDO J. OLIVERA
Armando J. Olivera	Director	February 22, 2022
/s/ MATTHEW K. ROSE
Matthew K. Rose	Director	February 22, 2022

52

FLUOR CORPORATION

INDEX TO CONSOLIDATED FINANCIAL STATEMENTS

TABLE OF CONTENTS	PAGE
Report of Independent Registered Public Accounting Firm (PCAOB ID: 42)	F-2
Consolidated Statement of Operations	F-4
Consolidated Statement of Comprehensive Income (Loss)	F-5
Consolidated Balance Sheet	F-6
Consolidated Statement of Cash Flows	F-7
Consolidated Statement of Changes in Equity	F-8
Notes to Consolidated Financial Statements	F-9

F-1

Report of Independent Registered Public Accounting Firm

To the Shareholders and the Board of Directors of Fluor Corporation

Opinion on the Financial Statements

We have audited the accompanying consolidated balance sheets of Fluor Corporation (the Company) as of December 31, 2021 and 2020, the related consolidated statements of operations, comprehensive income (loss), changes in equity and cash flows for each of the three years in the period ended December 31, 2021, and the related notes (collectively referred to as the “consolidated financial statements“). In our opinion, the consolidated financial statements present fairly, in all material respects, the financial position of the Company at December 31, 2021 and 2020, and the results of its operations and its cash flows for each of the three years in the period ended December 31, 2021, in conformity with U.S. generally accepted accounting principles.

We also have audited, in accordance with the standards of the Public Company Accounting Oversight Board (United States) (PCAOB), the Company's internal control over financial reporting as of December 31, 2021, based on criteria established in Internal Control-Integrated Framework issued by the Committee of Sponsoring Organizations of the Treadway Commission (2013 framework) and our report dated February 22, 2022 expressed an unqualified opinion thereon.

Basis for Opinion

These financial statements are the responsibility of the Company's management. Our responsibility is to express an opinion on the Company’s financial statements based on our audits. We are a public accounting firm registered with the PCAOB and are required to be independent with respect to the Company in accordance with the U.S. federal securities laws and the applicable rules and regulations of the Securities and Exchange Commission and the PCAOB.

We conducted our audits in accordance with the standards of the PCAOB. Those standards require that we plan and perform the audit to obtain reasonable assurance about whether the financial statements are free of material misstatement, whether due to error or fraud. Our audits included performing procedures to assess the risks of material misstatement of the financial statements, whether due to error or fraud, and performing procedures that respond to those risks. Such procedures included examining, on a test basis, evidence regarding the amounts and disclosures in the financial statements. Our audits also included evaluating the accounting principles used and significant estimates made by management, as well as evaluating the overall presentation of the financial statements. We believe that our audits provide a reasonable basis for our opinion.

Critical Audit Matters

The critical audit matter communicated below is a matter arising from the current period audit of the financial statements that was communicated or required to be communicated to the audit committee and that: (1) relates to accounts or disclosures that are material to the financial statements and (2) involved our especially challenging, subjective or complex judgments. The communication of the critical audit matter does not alter in any way our opinion on the consolidated financial statements, taken as a whole, and we are not, by communicating the critical audit matter below, providing a separate opinion on the critical audit matter or on the accounts or disclosures to which it relates.

Long-term revenue recognition on certain engineering and construction contracts

Description of the Matter

As described in Note 2 to the consolidated financial statements, the Company recognizes engineering and construction contract revenue over time, due to the continuous transfer of control to the customer, based primarily on contract cost incurred to date compared to total estimated contract cost. Revenue recognition under this method is judgmental, particularly on lump-sum contracts, as it requires the Company to prepare estimates of total contract revenue and total contract costs, including costs to complete in-process contracts. Auditing the Company’s estimates of total contract revenue and costs on certain engineering and construction contracts which are larger in size and longer in duration involved significant auditor judgment, as it required the evaluation of subjective assumptions related to forecasted labor costs and variable consideration, specifically as it relates to potential liquidated damages and contractual claims.

F-2

How We Addressed the Matter in Our Audit We obtained an understanding, evaluated the design, and tested the operating effectiveness of controls over the estimation process that affect revenue recognition, including controls over management’s monitoring and review of project costs yet to be incurred and variable consideration estimates.
Our audit procedures included, among others, evaluating the appropriate application of the Company’s revenue recognition method; testing significant assumptions used to develop the estimated variable consideration and costs to complete; and testing the completeness and accuracy of the underlying data. To assess the reasonableness of these estimates, we performed audit procedures that included, among others, agreeing the estimates to supporting documentation; conducting interviews with project personnel; attending select project review meetings; and performing sensitivity analyses or retrospective review using historical actual costs and trends.

/s/ Ernst & Young LLP

We have served as the Company‘s auditor since 1973.

Dallas, Texas

February 22, 2022

F-3

FLUOR CORPORATION

CONSOLIDATED STATEMENT OF OPERATIONS

	Year Ended December 31,
(in thousands, except per share amounts)	2021		2020		2019
Revenue	$	12,434,879	$	14,157,929	$	15,454,484
Cost of revenue	(12,023,284)		(13,758,403)		(15,660,536)
Gross profit (loss)	411,595		399,526		(206,052)
G&A	(216,451)		(201,522)		(139,819)
Impairment, restructuring and other exit costs	(43,792)		(108,357)		(318,442)
Gain (loss) on pension settlement	(198,132)		406		(137,898)
Foreign currency gain (loss)	(12,950)		(44,765)		(26,124)
Operating profit (loss)	(59,730)		45,288		(828,335)
Interest expense	(84,481)		(65,370)		(64,886)
Interest income	16,506		23,576		53,756
Earnings (loss) from Cont Ops before taxes	(127,705)		3,494		(839,465)
Income tax (expense) benefit	(16,489)		(15,856)		(481,965)
Net earnings (loss) from Cont Ops	(144,194)		(12,362)		(1,321,430)
Less: Net earnings (loss) from Cont Ops attributable to NCI	37,542		66,717		(38,788)
Net earnings (loss) from Cont Ops attributable to Fluor	(181,736)		(79,079)		(1,282,642)
Net earnings (loss) from Disc Ops attributable to Fluor	(258,434)		(355,967)		(239,522)
Net earnings (loss) attributable to Fluor	$	(440,170)	$	(435,046)	$	(1,522,164)
Less: Dividends on CPS	24,375		—		—
Net earnings (loss) available to Fluor common stockholders	$	(464,545)	$	(435,046)	$	(1,522,164)
Basic EPS available to Fluor common stockholders
Net earnings (loss) from Cont Ops	$	(1.46)	$	(0.56)	$	(9.16)
Net earnings (loss) from Disc Ops	(1.83)		(2.53)		(1.71)
Diluted EPS available to Fluor common stockholders
Net earnings (loss) from Cont Ops	$	(1.46)	$	(0.56)	$	(9.16)
Net earnings (loss) from Disc Ops	(1.83)		(2.53)		(1.71)

The accompanying notes are an integral part of these financial statements.

F-4

FLUOR CORPORATION

CONSOLIDATED STATEMENT OF COMPREHENSIVE INCOME (LOSS)

	Year Ended December 31,
(in thousands)	2021		2020		2019
Net earnings (loss) from Cont Ops	(144,194)		(12,362)		(1,321,430)
Net earnings (loss) from Disc Ops	(257,552)		(354,429)		(231,692)
Net earnings (loss)	(401,746)		(366,791)		(1,553,122)
OCI, net of tax:
Foreign currency translation adjustment	(37,433)		(17,127)		65,500
Ownership share of equity method investees' OCI	(1,692)		(18,528)		(11,784)
DB plan adjustments	100,972		(19,392)		105,452
Unrealized gain (loss) on hedges	(9,346)		18,897		3,140
Total OCI, net of tax	52,501		(36,150)		162,308
Comprehensive income (loss)	(349,245)		(402,941)		(1,390,814)
Less: Comprehensive income (loss) attributable to NCI	39,758		69,138		(32,310)
Comprehensive income (loss) attributable to Fluor	$	(389,003)	$	(472,079)	$	(1,358,504)

The accompanying notes are an integral part of these financial statements.

F-5

FLUOR CORPORATION

CONSOLIDATED BALANCE SHEET

(in thousands, except share and per share amounts)	December 31, 2021		December 31, 2020
ASSETS
Current assets
Cash and cash equivalents ($630,325 and $654,852 related to VIEs)	$	2,209,382	$	2,198,781
Marketable securities ($90,114 and $66 related to VIEs)	127,222		23,345
Accounts receivable, net ($159,049 and $238,376 related to VIEs)	901,228		935,676
Contract assets ($199,676 and $237,923 related to VIEs)	931,685		859,675
Other current assets ($18,731 and $29,408 related to VIEs)	538,270		378,043
Current assets held for sale	854,855		638,489
Total current assets	5,562,642		5,034,009
Noncurrent assets
PP&E, net ($38,355 and $34,847 related to VIEs)	386,589		463,827
Investments	513,909		527,416
Deferred taxes	51,082		77,915
Deferred compensation trusts	330,110		350,427
Goodwill	206,508		207,369
Other assets ($36,295 and $40,829 related to VIEs)	228,723		269,610
Noncurrent assets held for sale	—		379,239
Total noncurrent assets	1,716,921		2,275,803
Total assets	$	7,279,563	$	7,309,812
LIABILITIES AND EQUITY
Current liabilities
Accounts payable ($248,086 and $328,940 related to VIEs)	$	1,098,550	$	1,115,625
Short-term borrowings	911		4,890
Contract liabilities ($351,268 and $262,811 related to VIEs)	890,698		1,093,761
Accrued salaries, wages and benefits ($27,006 and $28,381 related to VIEs)	566,943		578,827
Other accrued liabilities ($16,037 and $36,646 related to VIEs)	650,295		376,451
Current liabilities related to assets held for sale	696,663		402,483
Total current liabilities	3,904,060		3,572,037
Long-term debt	1,167,366		1,701,098
Deferred taxes	67,309		80,745
Other noncurrent liabilities ($6,335 and $9,164 related to VIEs)	574,147		593,765
Noncurrent liabilities related to assets held for sale	—		98,940
Contingencies and commitments
Equity
Shareholders' equity
Preferred stock — authorized 20,000,000 shares ($0.01 par value); issued and outstanding — 600,000 shares in 2021 and none issued in 2020	6		—
Common stock — authorized 375,000,000 shares ($0.01 par value); issued and outstanding — 141,434,771 and 140,715,205 shares in 2021 and 2020, respectively	1,411		1,404
Additional paid-in capital	966,333		195,940
AOCI	(365,739)		(416,906)
Retained earnings	790,442		1,249,809
Total shareholders' equity	1,392,453		1,030,247
NCI	174,228		232,980
Total equity	1,566,681		1,263,227
Total liabilities and equity	$	7,279,563	$	7,309,812

The accompanying notes are an integral part of these financial statements.

F-6

FLUOR CORPORATION

CONSOLIDATED STATEMENT OF CASH FLOWS

	Year Ended December 31,
(in thousands)	2021		2020		2019
OPERATING CASH FLOW
Net earnings (loss)	$	(401,746)	$	(366,791)	$	(1,553,122)
Adjustments to reconcile net earnings (loss) to operating cash flow:
Impairment expense - Cont Ops	43,792		102,365		286,254
Impairment expense - Disc Ops	246,285		340,939		96,763
(Gain) loss on pension settlement	198,132		(406)		137,898
Write-off of cumulative translation loss	—		—		83,665
Depreciation	73,200		102,451		154,599
Amortization of intangibles	1,156		3,123		15,882
(Earnings) loss from equity method investments, net of distributions	(7,757)		(3,881)		9,348
(Gain) loss on sales of assets incl. AMECO-North America	(2,230)		(510)		7,284
Loss on debt repurchases	19,606		—		—
Stock-based compensation	31,971		21,882		36,075
Deferred taxes	28,563		(20,285)		320,633
Net contributions to employee pension plans	(12,302)		(20,770)		(2,325)
Changes in assets and liabilities	(196,652)		31,048		631,697
Other	3,314		(3,281)		(5,633)
Operating cash flow	25,332		185,884		219,018
INVESTING CASH FLOW
Purchases of marketable securities	(148,493)		(35,078)		(31,165)
Proceeds from sales and maturities of marketable securities	44,687		19,648		238,539
Capital expenditures	(75,073)		(113,442)		(180,842)
Proceeds from sales of assets incl. AMECO-North America	145,672		111,589		65,977
Investments in partnerships and joint ventures	(79,464)		(29,219)		(52,305)
Other	(9,198)		4,940		40,268
Investing cash flow	(121,869)		(41,562)		80,472
FINANCING CASH FLOW
Proceeds from issuance of CPS	582,000		—		—
Purchases and retirement of debt	(525,212)		—		—
Debt extinguishment costs	(1,503)		—		—
Dividends paid (on CPS in 2021 and common stock in 2020 and 2019)	(19,175)		(28,720)		(118,073)
Other borrowings (debt repayments)	(5,460)		3,881		9,093
Distributions paid to NCI	(108,798)		(23,184)		(33,674)
Capital contributions by NCI	201,847		110,051		64,646
Other	(1,447)		(13,582)		709
Financing cash flow	122,252		48,446		(77,299)
Effect of exchange rate changes on cash	(15,114)		8,814		10,262
Increase (decrease) in cash and cash equivalents	10,601		201,582		232,453
Cash and cash equivalents at beginning of year	2,198,781		1,997,199		1,764,746
Cash and cash equivalents at end of year	$	2,209,382	$	2,198,781	$	1,997,199

The accompanying notes are an integral part of these financial statements.

F-7

FLUOR CORPORATION

CONSOLIDATED STATEMENT OF CHANGES IN EQUITY

(in thousands, except per share amounts)	Preferred Stock			Common Stock			Additional Paid-In Capital		AOCI		Retained Earnings		Total Shareholders' Equity		NCI		Total Equity
	Shares	Amount		Shares	Amount
BALANCE AS OF DECEMBER 31, 2018	—	—		139,654	$	1,396	$	82,106	$	(543,531)	$	3,294,154	$	2,834,125	$	146,128	$	2,980,253
Net loss	—	—		—	—		—		—		(1,522,164)		(1,522,164)		(30,958)		(1,553,122)
Cumulative adjustment for the adoption of ASC 842	—	—		—	—		—		—		20,544		20,544		—		20,544
Cumulative adjustment for the adoption of ASC 606 for certain investments	—	—		—	—		—		—		11,934		11,934		—		11,934
OCI	—	—		—	—		—		163,658		—		163,658		(1,350)		162,308
Dividends ($0.73 per share)	—	—		—	—		304		—		(103,556)		(103,252)		—		(103,252)
Distributions to NCI	—	—		—	—		—		—		—		—		(33,674)		(33,674)
Capital contributions by NCI	—	—		—	—		—		—		—		—		64,646		64,646
Other NCI transactions	—	—		—	—		48,997		—		—		48,997		(48,452)		545
Stock-based plan activity	—	—		520	3		33,907		—		—		33,910		—		33,910
BALANCE AS OF DECEMBER 31, 2019	—	—		140,174	$	1,399	$	165,314	$	(379,873)	$	1,700,912	$	1,487,752	$	96,340	$	1,584,092
Net earnings (loss)	—	—		—	—		—		—		(435,046)		(435,046)		68,255		(366,791)
Cumulative adjustment for the adoption of ASC 326	—	—		—	—		—		—		(1,977)		(1,977)		—		(1,977)
OCI	—	—		—	—		—		(37,033)		—		(37,033)		883		(36,150)
Dividends ($0.10 per share)	—	—		—	—		—		—		(14,120)		(14,120)		—		(14,120)
Distributions to NCI	—	—		—	—		—		—		—		—		(23,184)		(23,184)
Capital contributions by NCI	—	—		—	—		—		—		—		—		110,051		110,051
Other NCI transactions	—	—		—	—		10,099		—		—		10,099		(19,365)		(9,266)
Stock-based plan activity	—	—		541	5		20,527		—		40		20,572		—		20,572
BALANCE AS OF DECEMBER 31, 2020	—	—		140,715	$	1,404	$	195,940	$	(416,906)	$	1,249,809	$	1,030,247	$	232,980	$	1,263,227
Net earnings (loss)	—	—		—	—		—		—		(440,170)		(440,170)		38,424		(401,746)
OCI	—	—		—	—		—		51,167		—		51,167		1,334		52,501
Issuance of CPS	600	6		—	—		581,994		—		—		582,000		—		582,000
Dividends on CPS ($16.25 per share)	—	—		—	—		—		—		(19,175)		(19,175)		—		(19,175)
Distributions to NCI	—	—		—	—		—		—		—		—		(108,798)		(108,798)
Capital contributions by NCI	—	—		—	—		—		—		—		—		201,847		201,847
Other NCI transactions	—	—		—	—		160,569		—		—		160,569		(191,559)		(30,990)
Stock-based plan activity	—	—		720	7		27,830		—		(22)		27,815		—		27,815
BALANCE AS OF DECEMBER 31, 2021	600	$	6	141,435	$	1,411	$	966,333	$	(365,739)	$	790,442	$	1,392,453	$	174,228	$	1,566,681

The accompanying notes are an integral part of these financial statements.

F-8

FLUOR CORPORATION

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS

1.    Description of Business

Fluor Corporation (“we”, “us”, “our” or “the company”) is a holding company that owns many subsidiaries, as well as interests in joint ventures. Acting through these entities, we are one of the largest professional services firms providing EPC, fabrication and modularization, and project management services, on a global basis. We provide these services to our clients in a diverse set of industries worldwide including production and fuels, chemicals, LNG, nuclear project services, infrastructure, advanced technologies, life sciences and mining and metals. We are also a service provider to the U.S. federal government and governments abroad.

During the first quarter of 2021, we changed the composition of our segments to implement our new strategy and to pursue opportunities in our designated markets. We now report our operating results in four segments as follows: Energy Solutions, Urban Solutions, Mission Solutions and Other. Segment operating information and assets for 2020 and 2019 have been recast to conform to these changes.

Energy Solutions focuses on opportunities in the production and fuels, chemicals, LNG and nuclear project services market. The segment provides solutions to the energy transition market, including asset decarbonization, carbon capture, renewable fuels, waste-to-energy, green chemicals, hydrogen, nuclear power and other low-carbon energy sources. The segment also continues to serve the traditional oil, gas and petrochemical industries with full project life-cycle services, including expansion and modernization projects as well as sustaining capital work.

Urban Solutions provides EPC and project management services to the infrastructure, advanced technologies, life sciences and mining and metals industries, as well as professional staffing services.

Mission Solutions focuses on federal agencies across the U.S. government and select international opportunities. These include, among others, the DOE, the Department of Defense, the Federal Emergency Management Agency and intelligence agencies. The segment also provides services to commercial nuclear clients.

Other includes only the operations of NuScale, in which we are the majority investor. NuScale is developing an SMR technology.

In the first quarter of 2021, we committed to a plan to sell our Stork business, which had previously represented the majority of operations from our former diversified services segment. The sale of the North American portion of the AMECO equipment business was completed during May 2021. Therefore, both Stork and AMECO are reported as Disc Ops along with other immaterial operations. We expect to complete the sale of Stork and the remaining AMECO operations early in 2022. The assets and liabilities of the Stork and AMECO businesses are classified as held for sale for all periods presented.

In December 2021, we announced that NuScale, in which we are the majority investor, signed a merger agreement with Spring Valley Acquisition Corp., a special purpose acquisition company ("Spring Valley"). Spring Valley is acquiring an approximately 20% interest in NuScale. The proposed transaction is anticipated to close in the first half of 2022, subject to customary closing conditions. Upon completion of the merger, we estimate that we will own approximately 60-70% of the combined company and expect that we will continue to consolidate it.

2.    Significant Accounting Policies

Principles of Consolidation

The financial statements include the accounts of Fluor Corporation and its subsidiaries. All significant intercompany transactions of consolidated subsidiaries are eliminated. Certain amounts in 2020 and 2019 have been reclassified to conform to the 2021 presentation, which includes the segregation of Disc Ops and assets and liabilities held for sale. Certain amounts in tables may not total or agree to the financial statements due to immaterial rounding differences. Management has evaluated all material events occurring subsequent to December 31, 2021 through the filing date of the 2021 10-K.

We frequently form joint ventures or partnerships with others primarily for the execution of single contracts or projects. If a joint venture or partnership is a VIE and we are the primary beneficiary, the joint venture or partnership is consolidated and our partners' interests are recognized as NCI. As is customary in our industry, for unconsolidated construction partnerships and joint ventures, we generally recognize our proportionate share of revenue, cost and profit and use the one-line equity method for the investment. In other instances, the cost and equity methods of accounting are used, depending on

F-9

FLUOR CORPORATION

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS (Continued)

our respective ownership interest and amount of influence on the entity, as well as other factors. At times, we also execute projects through collaborative arrangements for which we recognize our relative share of revenue and cost.

Use of Estimates

The preparation of financial statements in accordance with GAAP requires management to make estimates and assumptions that affect reported amounts. These estimates are based on information available through the date of the issuance of the financial statements. Therefore, actual results could differ from those estimates.

Foreign Currency Translation

Our reporting currency is the U.S. dollar. For our international subsidiaries, the functional currency is typically the currency of the primary economic environment in which each subsidiary operates. Translation gains and losses are recorded in OCI. Gains and losses from remeasuring foreign currency transactions into the functional currency are included in earnings.

Revenue Recognition

Engineering and construction contracts. We recognize engineering and construction contract revenue over time as we provide services to satisfy our performance obligations. We generally use the cost-to-cost percentage-of-completion measure of progress as it best depicts how control transfers to our clients. The cost-to-cost approach measures progress towards completion based on the ratio of contract cost incurred to date compared to total estimated contract cost. Engineering and construction contracts are generally accounted for as a single unit of account (a single performance obligation) and are not segmented between types of services on a single project. Cost of revenue includes an allocation of depreciation and amortization. Where applicable, customer-furnished materials, labor and equipment and subcontractor materials, labor and equipment, are included in revenue and cost of revenue when management believes that we are acting as a principal rather than as an agent (i.e., we integrate the materials, labor and equipment into the deliverables promised to the customer). Customer-furnished materials are only included in revenue and cost when the contract includes construction activity and we have visibility into the amount the customer is paying for the materials or there is a reasonable basis for estimating the amount. We recognize revenue, but not profit, on certain uninstalled materials that are not specifically produced, fabricated, or constructed for a project. Revenue on these uninstalled materials is recognized when the cost is incurred and control is transferred. Changes to total estimated contract cost or losses, if any, are recognized in the period in which they are determined as assessed at the contract level. Pre-contract costs are expensed as incurred unless they are expected to be recovered from the client. Project mobilization costs are generally charged to project costs as incurred when they are an integrated part of the performance obligation being transferred to the client. Customer payments on engineering and construction contracts are typically due within 30 to 45 days of billing, depending on the contract.

Service contracts. For the majority of our operations and maintenance contracts, revenue is recognized when services are performed and contractually billable. For all other service contracts, we recognize revenue over time using the cost-to-cost percentage-of-completion method. Service contracts that include multiple performance obligations are segmented between types of services. For contracts with multiple performance obligations, we allocate the transaction price to each performance obligation using an estimate of the stand-alone selling price of each distinct service in the contract. Revenue recognized on service contracts that has not been billed to clients is recorded as contract assets. Amounts billed to clients in excess of revenue recognized on service contracts to date are recorded as contract liabilities. Customer payments on service contracts are typically due within 30 to 90 days of billing, depending on the contract.

Variable consideration. The nature of our contracts gives rise to several types of variable consideration, including claims, unpriced change orders, award and incentive fees, liquidated damages and penalties. We consider variable consideration in the development of our project forecasts so that our forecasted revenue reflects the amount of consideration we expect to be probable of recovering without a significant reversal. We estimate the amount of revenue to be recognized on variable consideration using the expected value method (i.e., the sum of probability-weighted amounts) or the most likely amount method, whichever offers better prediction.

Warranties. We generally provide limited duration warranties for work performed under our contracts. Historically, warranty claims have not resulted in material costs incurred, and any estimated costs for warranties are included in the individual project cost estimates for purposes of accounting for long-term contracts.

F-10

FLUOR CORPORATION

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS (Continued)

Practical Expedients. If we have a right to consideration from a customer in an amount that corresponds directly with the value of our performance completed to date (a service contract in which we bill a fixed amount for each hour of service provided), we recognize revenue in the amount to which we have a right to invoice for services performed. We do not adjust the contract price for the effects of a significant financing component where, at contract inception, the period between service provision and customer payment will be one year or less. We exclude from the measurement of the transaction price all taxes assessed by governmental authorities that are collected by us from our customers (use taxes, value added taxes, some excise taxes).

RUPO. RUPO represents a measure of the value of work to be performed on contracts awarded and in progress. Although RUPO reflects business that is considered to be firm, cancellations, deferrals or scope adjustments may occur. RUPO is adjusted to reflect any known project cancellations, revisions to project scope and cost, foreign currency exchange fluctuations and project deferrals, as appropriate. RUPO differs from backlog discussed elsewhere in the 2021 10-K. Backlog includes the amount of revenue we expect to recognize under ongoing operations and maintenance contracts for the remainder of the current year renewal period plus up to three additional years if renewal is considered to be probable, while RUPO includes only the amount of revenue we expect to recognize under ongoing operations and maintenance contracts with definite terms and substantive termination provisions.

Project Estimates

    Due to the nature of our industry, there is significant complexity in our estimation of total expected revenue and cost, for which we must make significant judgments. Our contracts with our customers may contain award fees, incentive fees, liquidated damages or other provisions that can either increase or decrease the contract price to arrive at estimated revenue. These variable amounts generally are earned upon achievement of certain performance metrics, program milestones or cost targets and can be based upon customer discretion. We estimate variable consideration at the most likely amount to which we expect to be entitled. We include estimated amounts in the transaction price to the extent it is probable we will realize that amount. Our estimates of variable consideration and our determination of its inclusion in project revenue for accounting purposes are based on an assessment of our anticipated performance and other information that may be available to us.

    At a project level, we have specific practices and procedures to review our estimate of total revenue and cost. Each project team reviews the progress and execution of our performance obligations, which impact the project’s accounting outcome. As part of this process, the project team reviews information such as any outstanding key contract matters, progress towards completion and the related program schedule and identified risks and opportunities. The accuracy of our revenue and profit recognition in a given period depends on the accuracy of our project estimates, which can change from period to period due to a variety of factors including:

•Complexity in original design;

•Extent of changes from original design;

•Different site conditions than assumed in our bid;

•The productivity, availability and skill level of labor;

•Weather conditions when executing a project;

•The technical maturity of the technologies involved;

•Length of time to complete the project;

•Availability and cost of equipment and materials;

•Subcontractor and joint venture partner performance;

•Expected costs of warranties; and

•Our ability to recover for additional contract costs.

    We recognize changes in contract estimates on a cumulative catch-up basis in the period in which the changes are identified. Such changes in contract estimates can result in the recognition of revenue in a current period for performance obligations which were satisfied or partially satisfied in prior periods. Changes in contract estimates may also result in the reversal of previously recognized revenue if the current estimate adversely differs from the previous estimate. If we estimate that a project will have costs in excess of revenue, we recognize the total loss in the period it is identified.

Contract Assets and Liabilities

    Contract assets represent revenue recognized in excess of amounts billed and include unbilled receivables (typically for cost reimbursable contracts) and contract work in progress (typically for fixed-price contracts). Unbilled receivables, which

F-11

FLUOR CORPORATION

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS (Continued)

represent an unconditional right to payment subject only to the passage of time, are recognized as accounts receivable when they are billed. Advances that are payments on account of contract assets are deducted from contract assets. We anticipate that substantially all incurred cost associated with contract assets as of December 31, 2021 will be billed and collected within one year. Contract liabilities represent amounts billed to clients in excess of revenue recognized to date.

Segment Reporting

Management evaluates segment performance based on segment profit. We incur cost and expenses and hold certain assets at the corporate level which relate to our business as a whole. Certain of these amounts have been charged to our business segments by various methods, largely on the basis of usage. Total assets not allocated to segments and held in "Corporate and other" primarily include cash, marketable securities, income-tax related assets, pension assets, deferred compensation trust assets and corporate property, plant and equipment.

Segment profit is an earnings measure that we utilize to evaluate and manage our business performance. Segment profit is calculated as revenue less cost of revenue and earnings attributable to NCI.

Variable Interest Entities

We assess our partnerships and joint ventures at inception to determine if any meet the qualifications of a VIE. We consider a partnership or joint venture a VIE if it has any of the following characteristics:

(a) the total equity investment is not sufficient to permit the entity to finance its activities without additional subordinated financial support,

(b) characteristics of a controlling financial interest are missing (either the ability to make decisions through voting or other rights, the obligation to absorb the expected losses of the entity or the right to receive the expected residual returns of the entity), or

(c) the voting rights of the equity holders are not proportional to their obligations to absorb the expected losses of the entity and/or their rights to receive the expected residual returns of the entity, and substantially all of the entity's activities either involve or are conducted on behalf of an investor that has disproportionately few voting rights.

Upon the occurrence of certain events, we reassess our initial determination of whether the partnership or joint venture is a VIE. The majority of our partnerships and joint ventures qualify as VIEs because the total equity investment is typically nominal and not sufficient to permit the entity to finance its activities without additional subordinated financial support.

We also perform a qualitative assessment of each identified VIE to determine if we are its primary beneficiary. We conclude that we are the primary beneficiary and consolidate the VIE if we have both:

(a) the power to direct the economically significant activities of the entity and

(b) the obligation to absorb losses of, or the right to receive benefits from, the entity that could potentially be significant to the VIE.

We consider the contractual agreements that define the ownership structure, distribution of profits and losses, risks, responsibilities, indebtedness, voting rights and board representation of the respective parties in determining if we are the primary beneficiary. We also consider all parties that have direct or implicit variable interests when determining whether we are the primary beneficiary. Management's assessment of whether we are the primary beneficiary of a VIE is continuously performed.

Cash and Cash Equivalents

Cash and cash equivalents include securities with maturities of three months or less at the date of purchase.

Marketable Securities

Marketable securities consist of time deposits placed with investment grade banks with original maturities greater than three months, which are typically held-to-maturity because we have the intent and ability to hold them until maturity. Held-to-maturity securities are carried at amortized cost. The cost of securities sold is determined by using the specific identification method. Marketable securities are assessed at least annually for other-than-temporary impairment.

F-12

FLUOR CORPORATION

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS (Continued)

Research and Development

We have a controlling interest in NuScale, a research and development operation associated with the licensing and commercialization of SMR technology. Since May 2014, NuScale has been receiving reimbursement from the DOE for certain qualified expenditures under cost-sharing award agreements that require NuScale to use the DOE funds to cover engineering costs associated with SMR design development and certification. Costs incurred by NuScale are expensed as incurred, net of qualifying DOE reimbursements, and reported in "Cost of revenue". The U.S. Nuclear Regulatory Commission approved NuScale's design certification application in August 2020. Aside from NuScale, we generally do not engage in significant research and development activities.

Property, Plant and Equipment

Property, plant and equipment is recorded at cost. Leasehold improvements are amortized over the shorter of their economic lives or the lease terms. Depreciation is calculated using the straight-line method over the following ranges of estimated useful service lives, in years:

	Estimated Useful Service Lives
Buildings	20 – 40
Building and leasehold improvements	6 – 20
Machinery and equipment	2 – 10
Furniture and fixtures	2 – 10

Goodwill and Intangible Assets

Goodwill and intangible assets with indefinite lives are not amortized but are subject to at least annual impairment tests during the fourth quarter. For impairment testing, goodwill is allocated to the applicable reporting units based on the current reporting structure. We may elect to utilize a qualitative assessment to evaluate whether it is more likely than not that the fair value of each reporting unit is less than its carrying amount. If so, we perform a quantitative test, and if the carrying amount of a reporting unit exceeds its fair value, we recognize an impairment loss. Intangible assets with indefinite lives are impaired if their carrying value exceeds their fair value. In-process research and development associated with our investment in NuScale is considered indefinite lived until the related technology is available for commercial use.

Interim impairment testing of goodwill and intangible assets is performed if indicators of potential impairment exist. Such indicators may include the results of operations of certain businesses and geographies and the performance of the company stock price.

Intangible assets with finite lives are amortized on a straight-line basis over their useful lives.

Income Taxes

Deferred tax assets and liabilities are recognized for the expected future tax consequences of events that have been recognized in our financial statements or tax filings. We evaluate the realizability of our deferred tax assets and record a valuation allowance to reduce deferred tax assets to amounts that are more likely than not to be realized. The factors used to assess the likelihood of realization are our forecast of future taxable income and available tax planning strategies that could be implemented to realize such assets. Failure to achieve forecasted taxable income could affect the ultimate realization of deferred tax assets and could adversely impact our future effective tax rate.

Income tax positions are recognized when they meet a more-likely-than-not recognition threshold. Previously recognized tax positions that no longer meet the more-likely-than-not threshold are derecognized upon such determination. We recognize potential interest and penalties related to unrecognized tax positions as a component of income tax expense.

Judgment is required in determining the provision for income taxes as we consider our worldwide taxable earnings and the impact of the continuing audit process conducted by various tax authorities. The final outcome of any audits could differ materially from amounts recognized by the company. We account for the GILTI effects in the period that is subject to such tax.

F-13

FLUOR CORPORATION

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS (Continued)

Derivatives and Hedging

We may attempt to limit foreign currency exposure in most of our contracts by denominating contract revenue in the currencies in which cost is incurred. Certain financial exposure, which includes currency and commodity price risk associated with engineering and construction contracts, currency risk associated with monetary assets and liabilities denominated in nonfunctional currencies and risk associated with interest rate volatility, may subject us to earnings volatility. We may implement a hedging strategy utilizing derivatives instruments to mitigate such risk. All derivatives are recorded at fair value. The change in the fair value of the derivative is offset against the change in the fair value of the underlying asset or liability through earnings. To a lesser extent, we also utilize cash flow hedges. We formally document our hedge relationships at inception and subsequently assess hedge effectiveness qualitatively, unless the hedge relationship is no longer highly effective. For cash flow hedges, the change in fair value is recorded as a component of AOCI and is reclassified into earnings when the hedged item settles. In certain limited circumstances, foreign currency payment provisions could be deemed embedded derivatives. If an embedded foreign currency derivative is identified, the derivative is bifurcated from the host contract and the change in fair value is recognized through earnings. We maintain master netting arrangements with certain counterparties to facilitate the settlement of derivative instruments; however, we report the fair value of derivatives on a gross basis.

Concentrations of Credit Risk

Accounts receivable and all contract work in progress are from clients in various industries and locations throughout the world. Most contracts require payments as the projects progress or, in certain cases, advance payments. We generally do not require collateral, but in most cases can place liens against the project assets or terminate the contract, if a material default occurs. We evaluate the counterparty credit risk as part of our project risk review process and in determining the appropriate level of reserves. We maintain reserves for potential credit losses and generally such losses have been minimal and within management's estimates.

We have cash and marketable securities on deposit with major banks throughout the world. Such deposits are placed with high quality institutions and the amounts invested in any single institution are limited to the extent possible in order to minimize concentration of counterparty credit risk.

Our counterparties for derivatives are large financial institutions selected based on profitability, strength of balance sheet, credit ratings and capacity for timely payment of financial commitments. There are no significant concentrations of credit risk with any individual counterparty related to our derivative contracts.

We monitor the credit quality of our counterparties and establish reserves for any significant credit risk losses.

Stock-Based Plans

Our stock plans provide for grants of nonqualified or incentive stock options, RSUs, restricted stock and performance-based award units, including VDI units. All grants of stock options and RSUs as well as performance-based units awarded to Section 16 officers in 2021, 2020 and 2019 can only be settled in company stock and are accounted for as equity awards.

All expense under stock-based awards is recognized based on the fair values of the awards. Stock option awards have grant exercise prices equal to the grant date market price of the company's stock. The fair value of grants of RSUs and restricted stock is determined using the closing price of our common stock on the date of grant but may be discounted for any significant post-vest holding periods. The grant date fair value of performance-based award units is determined by adjusting the closing price of the company's common stock on the date of grant for any post-vest holding period discounts and for the effect of market conditions, when applicable. Stock-based compensation expense is generally recognized over the required service period, or over a shorter period when employee retirement eligibility is a factor.

We also grant SGI awards and performance-based awards to non-Section 16 executives which are settled in cash. These awards are classified as liabilities and remeasured at fair value through expense at the end of each reporting period until the awards are settled.

F-14

FLUOR CORPORATION

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS (Continued)

Leases

We recognize right-of-use assets and lease liabilities for leases with terms greater than 12 months or leases that contain a purchase option that is reasonably certain to be exercised. Leases are classified as either finance or operating leases. This classification dictates whether lease expense is recognized based on an effective interest method or on a straight-line basis over the term of the lease.

Our right-of use assets and lease liabilities primarily relate to office facilities, equipment used in connection with long-term construction contracts and other personal property. Certain of our facility and equipment leases include one or more options to renew, with renewal terms that can extend the lease term up to 10 years. The exercise of lease renewal options is at our discretion. Renewal periods are included in the expected lease term if they are reasonably certain of being exercised by us. Certain leases also include options to purchase the leased property. None of our lease agreements contain material residual value guarantees or material restrictions or covenants.

Long-term leases (leases with terms greater than 12 months) are recorded as liabilities at the present value of the minimum lease payments not yet paid. We use our incremental borrowing rate to determine the present value of the lease when the rate implicit in the lease is not readily determinable. Certain lease contracts contain nonlease components such as maintenance, utilities, fuel and operator services. We recognize both the lease component and nonlease components as a single lease component for all of its right-of-use assets. From time to time, certain service or purchase contracts may contain an embedded lease.

Short-term leases (leases with an initial term of 12 months or less or leases that are cancelable by the lessee and lessor without significant penalties) are not capitalized but are expensed on a straight-line basis over the lease term. The majority of our short-term leases relate to equipment used on construction projects. We enter into these leases at periodic rental rates for an unspecified duration and typically have a termination for convenience provision.

3.    Recent Accounting Pronouncements

Accounting Pronouncements Implemented During 2021

In the first quarter of 2021, we adopted ASU 2020-06, “Accounting for Convertible Instruments and Contracts in an Entity's Own Equity,” which simplifies accounting for convertible instruments and the application of the derivatives scope exception for contracts in our own equity. ASU 2020-06 eliminates two of the three models in the prior guidance that required separating embedded conversion features from convertible instruments and also eliminates some of the requirements for equity classification. ASU 2020-06 also addresses how convertible instruments are accounted for in the diluted EPS calculation. The adoption did not have any impact on our financial statements.

F-15

FLUOR CORPORATION

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS (Continued)

4.    Earnings Per Share

Potentially dilutive securities include CPS, stock options, RSUs, restricted stock and performance-based award units. Diluted EPS reflects the assumed exercise or conversion of all dilutive securities using the if-converted and treasury stock methods. In computing diluted EPS, only securities that are actually dilutive are included.

	Year Ended December 31,
(in thousands, except per share amounts)	2021		2020		2019
Net earnings (loss) from Cont Ops attributable to Fluor	$	(181,736)	$	(79,079)	$	(1,282,642)
Less: Dividends on CPS	24,375		—		—
Net earnings (loss) from Cont Ops available to Fluor common stockholders	(206,111)		(79,079)		(1,282,642)
Net earnings (loss) from Disc Ops attributable to Fluor	(258,434)		(355,967)		(239,522)
Net earnings (loss) available to Fluor common stockholders	$	(464,545)	$	(435,046)	$	(1,522,164)
Weighted average common shares outstanding	141,275		140,511		140,061
Dilutive effect:
CPS	—		—		—
Stock options, RSUs, restricted stock and performance-based award units	—		—		—
Weighted average diluted shares outstanding	141,275		140,511		140,061
Basic EPS available to Fluor common stockholders:
Net earnings (loss) from Cont Ops	$	(1.46)	$	(0.56)	$	(9.16)
Net earnings (loss) from Disc Ops	(1.83)		(2.53)		(1.71)
Diluted EPS available to Fluor common stockholders:
Net earnings (loss) from Cont Ops	$	(1.46)	$	(0.56)	$	(9.16)
Net earnings (loss) from Disc Ops	(1.83)		(2.53)		(1.71)
Anti-dilutive securities not included in shares outstanding:
CPS	16,674		N/A		N/A
Stock options, RSUs, restricted stock and performance-based award units	1,899		709		593

F-16

FLUOR CORPORATION

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS (Continued)

5.    Operating Information by Segment and Geographic Area

	Year Ended December 31,
(in millions)	2021		2020		2019
Revenue
Energy Solutions	$	4,956	$	5,271	$	5,838
Urban Solutions	4,416		5,854		6,590
Mission Solutions	3,063		3,033		3,026
Total revenue	$	12,435	$	14,158	$	15,454
Intercompany revenue for our professional staffing business, excluded from revenue above	$	261	$	269	$	310
Segment profit (loss)
Energy Solutions	$	250	$	169	$	(97)
Urban Solutions	38		161		(50)
Mission Solutions	155		87		46
Other	(69)		(84)		(66)
Total segment profit	$	374	$	333	$	(167)
G&A	(216)		(202)		(140)
Impairment, restructuring and other exit costs	(44)		(108)		(318)
Gain (loss) on pension settlement	(198)		—		(138)
Foreign currency gain (loss)	(13)		(45)		(26)
Interest income (expense), net	(68)		(42)		(11)
Earnings (loss) from Cont Ops attributable to NCI	37		67		(39)
Earnings (loss) from Cont Ops before taxes	$	(128)	$	3	$	(839)
Depreciation (all but Corporate included in segment profit)
Energy Solutions	$	—	$	—	$	—
Urban Solutions	9		10		7
Mission Solutions	4		4		4
Other	2		2		2
Corporate	53		65		62
Total depreciation(1)	$	68	$	81	$	75
Capital expenditures
Energy Solutions	$	—	$	—	$	—
Urban Solutions	25		29		12
Mission Solutions	4		3		3
Other	2		4		1
Corporate	19		25		58
Total capital expenditures(2)	$	50	$	61	$	74
	December 31, 2021		December 31, 2020
Total assets
Energy Solutions	$	1,158	$	1,011
Urban Solutions	906		1,123
Mission Solutions	764		576
Other	38		37
Corporate	3,588		3,575
Disc Ops - Assets held for sale	826		988
Total assets	$	7,280	$	7,310
Goodwill
Energy Solutions	$	13	$	13
Urban Solutions	130		130
Mission Solutions	58		58
Other	6		6
Total goodwill	$	207	$	207

F-17

FLUOR CORPORATION

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS (Continued)

(1) Depreciation of $5 million, $22 million and $79 million during 2021, 2020 and 2019, respectively, is reported in Disc Ops and excluded from the table above.

(2) Capital expenditures of $28 million, $48 million and $102 million during 2021, 2020 and 2019, respectively, is reported in Disc Ops and excluded from the table above.

Energy Solutions. The revenue of a single Energy Solutions customer and its affiliates amounted to 15% and 13% of our consolidated revenue during 2021 and 2020, respectively. The revenue of a different Energy Solutions customer and its affiliates amounted to 13% of our consolidated revenue during 2019.

Segment profit in 2021 included the collection of previously reserved accounts receivable and losses on embedded foreign currency derivatives. Segment profit in 2020 included the recognition of reserves totaling $60 million for expected credit losses on aged receivables as well as margin diminution resulting from COVID related cost growth. Segment loss in 2019 included charges associated with forecast revisions on certain projects including $260 million (or $1.85 per share) for cost growth on an offshore project; $87 million (or $0.62 per share) for cost growth on two downstream projects and scope reductions on a large upstream project; $26 million (or $0.19 per share) for the write-off of pre-contract costs, $26 million (or $0.19 per share) on embedded foreign currency derivatives and $31 million (or $0.22 per share) from the resolution of close-out matters.

Urban Solutions. Segment profit in 2021 included forecast revisions for procurement and subcontractor cost growth, delays and disruptions in schedule of a legacy infrastructure project, resulting in a charge of $138 million (or $0.72 per share). Segment profit in 2021 also included forecast revisions for schedule delays and productivity on a light rail project, a favorable resolution of a long-standing customer dispute on a road project and a gain on the sale of our interest in an infrastructure joint venture. Segment profit in 2020 included a positive settlement on a canceled rail project as well as charges for cost growth in the infrastructure legacy portfolio. Segment loss in 2019 included forecast revisions totaling $135 million (or $0.96 per share) for three power projects and $133 million (or $0.95 per share) for several infrastructure projects. Segment loss in 2019 was partially offset by a gain of $31 million (or $0.16 per share) resulting from a favorable resolution of a longstanding customer dispute on a mining project.

Mission Solutions. Revenue from work performed for various agencies of the U.S. government amounted to 24%, 20% and 17% of our consolidated revenue during 2021, 2020 and 2019, respectively.

Segment loss in 2019 included charges of $59 million (or $0.42 per share) and $83 million (or $0.59 per share) on two lump-sum projects, respectively, for various engineering and cost growth associated with the facilities. The 2019 charges were partially offset by a favorable settlement on two nuclear power plant projects in 2019.

Other. NuScale received capital contributions from outside investors of $193 million, $9 million and $49 million during 2021, 2020 and 2019, respectively. As of December 31, 2021, Fluor had an approximate 80% ownership in NuScale.

Operating Information by Geographic Area

	Revenue by project location Year Ended December 31,						Total Assets As of December 31,
(in millions)	2021		2020		2019		2021		2020
North America	$	8,130	$	9,388	$	7,895	$	4,526	$	3,982
Asia Pacific (includes Australia)	1,264		1,324		1,695		617		562
Europe	1,458		1,791		2,869		1,081		1,404
Central and South America	1,252		1,126		2,021		612		813
Middle East and Africa	331		529		974		444		549
Total	$	12,435	$	14,158	$	15,454	$	7,280	$	7,310

F-18

FLUOR CORPORATION

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS (Continued)

6.    Impairment, Restructuring and Other Exit Costs

Impairment

Impairment expense, included in Cont Ops, for 2021, 2020 and 2019 is summarized as follows:

	Year Ended December 31,
(in thousands)	2021		2020		2019
Impairment expense:
Energy Solutions' equity method investments	$	27,934	$	86,096	$	256,769
Information technology assets	15,858		16,269		—
Total impairment expense	$	43,792	$	102,365	$	256,769

Our business has been adversely affected by the impacts of COVID and the steep decline in oil prices that occurred in early 2020. These events created significant uncertainty and economic volatility and disruption, which have impacted and may continue to impact our business. We experienced reductions in demand for certain services and the delay or abandonment of ongoing or anticipated projects due to our clients’, suppliers’ and other third parties’ diminished financial condition. Although oil prices have rebounded in 2021 and 2022, we have not yet seen our energy clients respond with elevated capital expenditures for our services. During 2021, 2020 and 2019, we evaluated our significant investments and determined that certain of our investments were impaired. The fair value of these investments were determined using unobservable Level 3 inputs based on the forecast of anticipated volumes and overhead absorption in a cyclical business.

Restructuring and Other Exit Costs

During 2019, we initiated a restructuring plan designed to optimize costs and improve operational efficiency. These efforts primarily related to the rationalization of resources, investments, real estate and overhead across various geographies. The recognition of costs for the planned restructuring activities was substantially completed by the end of 2020. We did not recognize any material restructuring costs during 2021.

Information about our completed restructuring follows:

(in thousands)	Costs Incurred in 2020		Costs Incurred in 2019
Restructuring and other exit costs:
Severance	$	5,256	$	30,530
Asset impairments	—		29,485
Other exit costs	736		1,658
Total restructuring and other exit costs	$	5,992	$	61,673

Asset impairment charges in 2019 included the write down of held-for-sale and held-for-use assets to fair value. The fair value was estimated using observable Level 2 inputs for identical assets.

A reconciliation of restructuring liabilities follow:

(in thousands)	Severance		Other Exit Costs		Total
Balance as of December 31, 2019	$	30,479	$	564	$	31,043
Restructuring charges accrued during the period	5,256		736		5,992
Cash payments / settlements during the period	(18,858)		(793)		(19,651)
Currency translation	(396)		(401)		(797)
Balance as of December 31, 2020	$	16,481	$	106	$	16,587
Cash payments / settlements during the period	$	(16,378)	$	(106)	$	(16,484)
Currency translation	(103)		—		(103)
Balance as of December 31, 2021	$	—	$	—	$	—

F-19

FLUOR CORPORATION

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS (Continued)

7.    Income Taxes

The income tax expense (benefit) components recognized in Cont Ops follow:

	Year Ended December 31,
(in thousands)	2021		2020		2019
Current:
Federal (a)	$	961	$	(121,411)	$	(36,591)
Foreign	40,823		133,810		159,876
State and local	(4,754)		5,343		4,295
Total current	37,030		17,742		127,580
Deferred:
Federal	—		17,451		325,351
Foreign	(20,541)		(19,337)		9,593
State and local	—		—		19,441
Total deferred	(20,541)		(1,886)		354,385
Total income tax expense	$	16,489	$	15,856	$	481,965

(a)    The CARES Act allows entities to carry back 2019 loss to prior periods of up to five years and claim refunds of federal taxes paid. The Company has filed the refund claim with the IRS and received a refund of $49 million in the third quarter of 2020 and expect a refund of $72 million in 2022.

A reconciliation of U.S. statutory federal income tax expense (benefit) to income tax expense (benefit) from Cont Ops follows:

	Year Ended December 31,
(in thousands)	2021		2020		2019
U.S. statutory federal tax expense (benefit)	$	(26,818)	$	734	$	(176,288)
Increase (decrease) in taxes resulting from:
State and local income taxes	12,777		(10,817)		(5,128)
U.S. tax on GILTI	—		3,835		21,433
NCI	(6,718)		(9,143)		13,209
Foreign tax differential, net	(23,315)		(10,386)		3,989
Valuation allowance, net	99,663		146,930		659,203
Other changes to uncertain tax positions	895		7,484		4,098
Stranded tax effects from AOCI	(51,782)		—		(35,619)
CARES Act benefit	2,188		(124,753)		—
Other, net	9,599		11,972		(2,932)
Total income tax expense	$	16,489	$	15,856	$	481,965

F-20

FLUOR CORPORATION

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS (Continued)

Deferred taxes reflect the tax effects of differences between the amounts recorded as assets and liabilities for financial reporting purposes and the amounts recorded for income tax purposes. The tax effects of significant temporary differences giving rise to deferred tax assets and liabilities are as follows:

	December 31,
(in thousands)	2021		2020
Deferred tax assets:
Accrued liabilities not currently deductible:
Employee compensation and benefits	$	138,034	$	104,305
Project and non-project reserves	67,861		71,999
Net operating loss carryforward	346,561		326,402
Tax basis of investment in excess of book basis	144,019		118,915
U.S. foreign tax credit carryforward	455,912		414,348
AOCI	26,982		62,681
Other	26,794		103,955
Total deferred tax assets	1,206,163		1,202,605
Valuation allowance	(1,114,574)		(1,080,752)
Deferred tax assets, net	$	91,589	$	121,853
Deferred tax liabilities:
Book basis of property and equipment in excess of tax basis	(31,197)		(43,475)
Dividend withholding on unremitted non-U.S. earnings	(55,080)		(57,859)
Other	(21,539)		(23,349)
Total deferred tax liabilities	(107,816)		(124,683)
Deferred tax assets, net of deferred tax liabilities	$	(16,227)	$	(2,830)

As of December 31, 2021, we are indefinitely reinvested only with respect to unremitted earnings required to meet our working capital and long-term investment needs in the foreign jurisdictions within which we operate. Beyond those limits, we expect current earnings to be available for distribution. Deferred tax liabilities of approximately $31 million have not been recorded with respect to unremitted earnings that are considered indefinitely reinvested, again primarily associated with foreign withholding and income taxes that would be due upon remittance. We have no intention of initiating any actions that would lead to taxation of the earnings deemed indefinitely reinvested.

As of December 31, 2021, tax credit carryforwards, principally federal, and tax loss carryforwards, principally federal, state, and foreign, were as follows:

(in thousands)	Federal FTC		Federal NOLs		State NOLs		Foreign NOLs
Expiration periods:
2022 - 2026	$	94,317	$	—	$	10,932	$	40,177
2027-2031	361,595		—		34,034		56,255
2032-2041	—		—		351,159		5,783
Indefinite	—		163,099		131,680		1,177,047

During 2021 and 2020, we were in a three-year cumulative loss on a consolidated, jurisdictional basis in Australia, the Netherlands, the U.K. and the U.S. Such cumulative loss constitutes significant negative evidence (with regards to future taxable income) for assessing likelihood of realization. We also considered positive evidence but concluded it did not outweigh this significant negative evidence of a three-year cumulative loss. Accordingly, we recognized non-cash charges to tax expense of $10 million and $142 million to record a valuation allowance against net U.S. deferred tax assets and $42 million and $28 million against certain net foreign deferred tax assets during 2021 and 2020, respectively. We also reduced a valuation allowance for $18 million in AOCI against net deferred tax assets primarily related to the Netherlands' pension settlement that occurred in the fourth quarter of 2021.

F-21

FLUOR CORPORATION

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS (Continued)

In the normal course of business, we are subject to examination by taxing authorities worldwide, including such major jurisdictions as Australia, Canada, Chile, the Netherlands, the U.K. and the U.S. Although we believe our reserves for our tax positions are reasonable, the outcome of tax audits could be materially different, both favorably and unfavorably. With a few exceptions, we are no longer subject to U.S. federal, state and local, or non-U.S. income tax examinations for years before 2012.

A summary of unrecognized tax benefits follows:

(in thousands)	2021		2020
Balance at beginning of year	$	48,413	$	42,394
Change in tax positions of prior years	—		8,166
Change in tax positions of current year	—		—
Reduction in tax positions for statute expirations	(514)		(1,510)
Reduction in tax positions for audit settlements	—		(637)
Balance at end of year	$	47,899	$	48,413

If recognized, the total amount of unrecognized tax benefits as of December 31, 2021 and 2020, would favorably impact the effective tax rates by $30 million in both years. We had $13 million and $11 million of accrued interest and penalties as of December 31, 2021 and 2020, respectively. We do not anticipate any significant changes to the unrecognized tax benefits within the next twelve months.

U.S. and foreign earnings (loss) from Cont Ops before taxes are as follows:

	Year Ended December 31,
(in thousands)	2021		2020		2019
United States	$	(176,271)	$	(276,041)	$	(873,189)
Foreign	48,566		279,535		33,724
Total	$	(127,705)	$	3,494	$	(839,465)

8.    Supplemental Cash Flow Information

The changes in assets and liabilities included in operating cash flow follow:

	Year Ended December 31,
(in thousands)	2021		2020		2019
(Increase) decrease in:
Accounts and notes receivable, net	$	5,393	$	138,388	$	210,419
Contract assets	(178,632)		280,360		207,467
Other current assets	(167,416)		3,893		(80,248)
Other assets	283,895		76,613		44,707
Increase (decrease) in:
Accounts payable	6,360		(343,113)		(46,873)
Contract liabilities	(175,812)		(53,580)		202,359
Accrued liabilities	108,896		(11,829)		29,880
Other liabilities	(79,336)		(59,684)		63,986
Increase (decrease) in cash due to changes in assets and liabilities	$	(196,652)	$	31,048	$	631,697
Cash paid during the year for:
Interest	$	90,299	$	65,641	$	71,938
Income taxes (net of refunds)	74,589		65,188		204,080

F-22

FLUOR CORPORATION

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS (Continued)

9.    Partnerships and Joint Ventures

In the normal course of business, we form partnerships or joint ventures primarily for the execution of single contracts or projects. The majority of these partnerships or joint ventures are characterized by a 50% or less, noncontrolling ownership or participation interest, with decision making and distribution of expected gains and losses typically being proportionate to the ownership or participation interest. Many of the partnership and joint venture agreements provide for capital calls to fund operations, as necessary. Investments in a loss position of $240 million were included in other accrued liabilities as of December 31, 2021 and consisted primarily of provision for anticipated losses on a legacy infrastructure project. Accounts receivable related to work performed for unconsolidated partnerships and joint ventures included in "Accounts and notes receivable, net" were $204 million and $207 million as of December 31, 2021 and 2020, respectively.

The following is a summary of aggregate, unaudited balance sheet data for unconsolidated entities where our investment is presented as a one-line equity method investment:

	December 31,
(in millions)	2021		2020
Current assets	$	10,154	$	8,129
Noncurrent assets	3,755		4,744
Current liabilities	7,860		6,301
Noncurrent liabilities	3,527		4,353

The following is a summary of aggregate, unaudited income statement data for unconsolidated entities where the equity method of accounting is used to recognize our share of net earnings or loss of investees:

(in millions)	2021		2020		2019
Revenue	$	1,585	$	1,196	$	1,211
Cost of revenue	1,000		1,094		1,112
Net earnings	52		54		43

During 2021, 2020 and 2019, we evaluated our significant investments and determined that certain of our investments were impaired. As a result, we recognized impairment expense of $28 million, $86 million and $257 million during 2021, 2020 and 2019, respectively.

One of our more significant joint ventures is COOEC Fluor, in which we have a 49% ownership interest. COOEC Fluor owns, operates and manages the Zhuhai Fabrication Yard in China’s Guangdong province. We made a capital contribution of $26 million to the joint venture during the first quarter of 2021, which satisfied our contractual funding requirements.

During 2021, we sold our 10% ownership interest in an infrastructure joint venture and recognized a gain of $20 million, which was included in Urban Solutions' segment profit. During 2020, we sold our interests in three infrastructure joint ventures and recognized a gain of $8 million. We also sold our 50% ownership interest in Sacyr Fluor and recognized a loss of $11 million, which was included in Energy Solutions' segment profit.

Variable Interest Entities

The aggregate carrying value of the unconsolidated VIEs (classified under both "Investments" and "Other accrued liabilities") was a net asset of $30 million and $174 million as of December 31, 2021 and 2020, respectively. Some of our VIEs have debt; however, such debt is typically non-recourse in nature to Fluor. 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 December 31, 2021 for the unconsolidated VIEs were $57 million.

In some cases, we are required to consolidate certain VIEs. Assets and liabilities associated with the operations of our consolidated VIEs are presented on the balance sheet. The assets of a VIE are restricted for use only for the particular VIE and are not available for our general operations.

We have agreements with certain VIEs to provide financial or performance assurances to clients, as discussed elsewhere.

F-23

FLUOR CORPORATION

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS (Continued)

10.    Guarantees

In the ordinary course of business, we enter into various agreements providing performance assurances and guarantees to our clients on behalf of certain unconsolidated and consolidated partnerships, joint ventures and other jointly executed contracts. These agreements are entered into primarily to support project execution commitments. Performance guarantees have various expiration dates ranging from mechanical completion to a period extending beyond contract completion. The maximum potential amount of future payments that we could be required to make under outstanding performance guarantees, which represents the remaining cost of work to be performed, was estimated to be $15 billion as of December 31, 2021. For cost reimbursable contracts, amounts that may become payable pursuant to guarantee provisions are normally recoverable from the client for work performed. For lump-sum contracts, the performance guarantee amount is the cost to complete the contracted work, less amounts remaining to be billed to the client under the contract. Remaining billable amounts could be greater or less than the cost to complete. In those cases where costs exceed the remaining amounts payable under the contract, we may have recourse to third parties, such as owners, partners, subcontractors or vendors for claims. There were no liabilities related to performance guarantees as of December 31, 2021 and 2020.

In certain limited circumstances, financial guarantees are entered into with financial institutions and other credit grantors and generally obligate us to make payment in the event of a default by the borrower. These arrangements generally require the borrower to pledge collateral to support the fulfillment of the borrower's obligation.

11.    Contingencies and Commitments

We and certain of our subsidiaries are subject to litigation, claims and other commitments and contingencies arising in the ordinary course of business. Although the asserted value of these matters may be significant, we currently do not expect that the ultimate resolution of any open matters will have a material adverse effect on our financial position or results of operations.

Since May 2018, purported shareholders have filed various complaints against Fluor and certain of its current and former executives in the U.S. District Court for the Northern District of Texas. The plaintiffs purport to represent a class of shareholders who purchased or otherwise acquired Fluor common stock from August 14, 2013 through February 14, 2020, and seek to recover damages arising from alleged violations of federal securities laws. These claims are based on statements concerning Fluor’s internal and disclosure controls, risk management, revenue recognition, and Fluor’s gas-fired power contracts, which plaintiffs assert were materially misleading. As of May 26, 2020, these complaints have been consolidated into one matter. We filed a motion to dismiss the matter on July 1, 2020. The motion was granted in part on May 5, 2021, and as a result the Court dismissed with prejudice all allegations except those related to a single statement made in 2015 about one gas-fired power contract. While no assurance can be given as to the ultimate outcome of this matter, during 2021 we recorded a liability for the estimated resolution of the matter and we also recognized the effects of expected insurance coverage.

Since September 2018, eleven separate purported shareholders' derivative actions were filed against current and former members of the Board of Directors, as well as certain of Fluor’s current and former executives. Fluor is named as a nominal defendant in the actions. These derivative actions purport to assert claims on behalf of Fluor and make substantially the same factual allegations as the securities class action matter discussed above and seek various forms of monetary and injunctive relief. These actions are pending in Texas state court (District Court for Dallas County), the U.S. District Court for the District of Delaware, the U.S. District Court for the Northern District of Texas, and the Court of Chancery of the State of Delaware. Certain of these actions were consolidated and stayed, at least while our motion to dismiss was pending in the securities class action matter. We anticipate seeking a further stay until final resolution of the securities class action. While no assurance can be given as to the ultimate outcome of this matter, we do not believe it is probable that a loss will be incurred. Accordingly, we have not recorded any liability as a result of these actions.

Fluor Australia Ltd., our wholly-owned subsidiary (“Fluor Australia”), completed a cost reimbursable engineering, procurement and construction management services project for Santos Ltd. (“Santos”) involving a large network of natural gas gathering and processing facilities in Queensland, Australia. On December 13, 2016, Santos filed an action in Queensland Supreme Court against Fluor Australia, asserting various causes of action and seeking damages and/or a refund of contract proceeds paid of approximately AUD $1.47 billion. Santos has joined Fluor to the matter on the basis of a parent company guarantee issued for the project. We believe that the claims asserted by Santos are without merit and we are vigorously defending these claims. While no assurance can be given as to the ultimate outcome of this matter, we do not believe it is probable that a loss will be incurred. Accordingly, we have not recorded any liability as a result of this action.

F-24

FLUOR CORPORATION

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS (Continued)

Fluor Limited, our wholly-owned subsidiary (“Fluor Limited”), and Fluor Arabia Limited, a partially-owned subsidiary (“Fluor Arabia”), completed cost reimbursable engineering, procurement and construction management services for Sadara Chemical Company (“Sadara”) involving a large petrochemical facility in Jubail, Kingdom of Saudi Arabia. On August 23, 2019, Fluor Limited and Fluor Arabia Limited commenced arbitration proceedings against Sadara after it refused to pay invoices totaling approximately $100 million due under the contracts. As part of the arbitration proceedings, Sadara has asserted various counterclaims for damages and/or a refund of contract proceeds paid totaling approximately $574 million against Fluor Limited and Fluor Arabia Limited. We believe that the counterclaims asserted by Sadara are without merit and are vigorously defending these claims. While no assurance can be given as to the ultimate outcome of the counterclaims, we do not believe it is probable that a loss will be incurred in excess of amounts reserved for this matter. Accordingly, we have not recorded any further liability as a result of the counterclaims.

Various wholly-owned subsidiaries of Fluor, in conjunction with a partner, TECHINT, (“Fluor/TECHINT”) performed engineering, procurement and construction management services on a cost reimbursable basis for Barrick Gold Corporation involving a gold mine and ore processing facility on a site straddling the border between Argentina and Chile. In 2013, Barrick terminated the Fluor/TECHINT agreements for convenience and not due to the performance of Fluor/TECHINT. On August 12, 2016, Barrick filed a notice of arbitration against Fluor/TECHINT, demanding damages and/or a refund of contract proceeds paid of not less than $250 million under various claims relating to Fluor/TECHINT’s alleged performance. Proceedings were suspended while the parties explored a possible settlement. In August 2019, Barrick drew down $36 million of letters of credit from Fluor/TECHINT ($24 million from Fluor and $12 million from TECHINT). Thereafter, Barrick proceeded to reactivate the arbitration. Barrick and Fluor/TECHINT have exchanged detailed statements of claim and counterclaim pursuant to which Barrick’s claim against Fluor/TECHINT now totals approximately $364 million. We believe that the claims asserted by Barrick are without merit and are vigorously defending these claims. While no assurance can be given as to the ultimate outcome of this matter, we do not believe it is probable that a loss will be incurred. Accordingly, we have not recorded any liability as a result of these claims.

Other Matters

We have made claims arising from the performance under our contracts. Factors considered in determining whether revenue associated with claims should be recognized include: (a) the legal basis for the claim, (b) additional costs were caused by circumstances that were unforeseen at the contract date and not the result of deficiencies in our performance, (c) claim-related costs are identifiable and considered reasonable in view of the work performed, and (d) evidence supporting the claim is objective and verifiable. Similarly, we recognize disputed back charges to suppliers or subcontractors as a reduction of cost when the same requirements have been satisfied. We periodically evaluate our positions and the amounts recognized with respect to all our claims and back charges. As of December 31, 2021 and 2020, we had recorded $215 million and $216 million, respectively, of claim revenue for costs incurred to date. Additional costs, which will increase the claim revenue balance over time, are expected to be incurred in future periods. We had no material disputed back charges to suppliers or subcontractors as of December 31, 2021 and 2020.

From time to time, we enter into contracts with the U.S. government and its agencies. Government contracts are subject to audits and reviews by government representatives with respect to our compliance with various restrictions and regulations applicable to government contractors, including but not limited to the allowability of costs incurred under reimbursable contracts. In connection with performing government contracts, we maintain reserves for estimated exposures associated with these matters.

Our operations are subject to and affected by federal, state and local laws and regulations regarding the protection of the environment. We maintain reserves for potential future environmental cost where such obligations are either known or considered probable, and can be reasonably estimated. We believe that our reserves with respect to future environmental cost are adequate and such future cost will not have a material effect on our financial position or results of operations.

In February 2020, we announced that the SEC is conducting an investigation and has requested documents and information related to projects for which we recorded charges in the second quarter of 2019. In April 2020 and January 2022, Fluor received subpoenas from the U.S. Department of Justice (“DOJ”) seeking documents and information related to the second quarter 2019 charges; certain of the projects associated with those charges; and certain project accounting, financial reporting and governance matters. Such inquiries are ongoing, and we have continued to respond to the SEC and DOJ and cooperate in these investigations.

F-25

FLUOR CORPORATION

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS (Continued)

12.    Contract Assets and Liabilities

The following summarizes information about our contract assets and liabilities:

	December 31,
(in millions)	2021		2020
Information about contract assets:
Contract assets
Unbilled receivables - reimbursable contracts	$	709	$	590
Contract work in progress - lump sum contracts	223		270
Contract assets	$	932	$	860
Advance billings deducted from contract assets	$	208	$	308
	Year Ended December 31,
	2021		2020
Information about contract liabilities:
Provision for anticipated losses on contracts included in contract liabilities	$	215	$	203
Revenue recognized that was included in contract liabilities as of January 1	848		751

13. Remaining Unsatisfied Performance Obligations

    We estimate that our RUPO will be satisfied over the following periods:

(in millions)	December 31, 2021
Within 1 year	$	9,631
1 to 2 years	5,452
Thereafter	3,420
Total RUPO	$	18,503

14.    Debt and Letters of Credit

Debt consisted of the following:

	December 31,
(in thousands)	2021		2020
Borrowings under credit facility	$	—	$	—
Current:
Other borrowings	$	911	$	4,890
Long-Term:
Senior Notes
2023 Notes	$	193,012	$	611,250
Unamortized discount on 2023 Notes	(49)		(283)
Unamortized deferred financing costs	(211)		(1,203)
2024 Notes	381,014		500,000
Unamortized discount on 2024 Notes	(1,214)		(2,130)
Unamortized deferred financing costs	(951)		(1,670)
2028 Notes	600,000		600,000
Unamortized discount on 2028 Notes	(854)		(981)
Unamortized deferred financing costs	(3,381)		(3,885)
Total long-term	$	1,167,366	$	1,701,098

F-26

FLUOR CORPORATION

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS (Continued)

Credit Facility

As of December 31, 2021, letters of credit totaling $429 million were outstanding under our $1.65 billion credit facility, which matures in February 2023. This credit facility contains customary financial covenants, including a debt-to-capitalization ratio that cannot exceed 0.65 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 $1.25 billion, all as defined in the credit facility. The credit facility also contains provisions that will require us to provide collateral if we are downgraded to BB by S&P and Ba2 by Moody's, such collateral consisting broadly of liens on 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 December 31, 2021, we could have borrowed an additional $779 million under our credit facility.

In February 2022, we amended our credit facility to extend the maturity to February 2025, increase the size of the facility to $1.8 billion and decrease the debt-to-capitalization ratio to 0.60 to 1.00.

Uncommitted Lines of Credit

As of December 31, 2021, letters of credit totaling $896 million were outstanding under uncommitted lines of credit, although no amounts were drawn.

Senior Notes

In September 2021, we completed a tender offer in which we repurchased $375 million of 2023 Notes and $108 million of 2024 Notes, excluding accrued interest. Additionally, we redeemed $26 million of outstanding 2023 and 2024 Notes in open market transactions during the 2021 period. We used the proceeds from the issuance of CPS to redeem the 2023 and 2024 Notes. We recognized $20 million in losses related to these redemptions which is included in interest expense.

In August 2018, we issued $600 million of 4.250% Senior Notes due in September 2028 ("2028 Notes") and received proceeds of $595 million. Interest on the 2028 Notes is payable semi-annually in March and September. Prior to June 2028, we may redeem the 2028 Notes at a redemption price equal to 100% of the principal amount, plus a “make whole” premium described in the indenture. After June 2028, the 2028 Notes can be redeemed at par plus accrued interest.

In March 2016, we issued €500 million of 1.750% Senior Notes due in March 2023 ("2023 Notes") and received proceeds of €497 million. Interest on the 2023 Notes is payable annually in March. Prior to December 2022, we may redeem the 2023 Notes at a redemption price equal to 100% of the principal amount, plus a "make whole" premium described in the indenture. After December 2022, the 2023 Notes can be redeemed at par plus accrued interest. Additionally, we may redeem the 2023 Notes at par plus accrued interest if certain changes in U.S. tax laws occur.

In November 2014, we issued $500 million of 3.5% Senior Notes due in December 2024 ("2024 Notes") and received proceeds of $491 million. Interest on the 2024 Notes is payable semi-annually in June and December. Prior to September 2024, we may redeem the 2024 Notes at a redemption price equal to 100% of the principal amount, plus a "make whole" premium described in the indenture. After September 2024, the 2024 Notes can be redeemed at par plus accrued interest.

For all of the Senior Notes, a change of control (as defined by the terms of the respective indentures) could require the company to repay them at 101% of the principal amount, plus accrued interest. We may incur additional indebtedness if we are in compliance with certain restrictive covenants, including restrictions on liens and restrictions on sale and leaseback transactions.

15. Preferred Stock

In May 2021, we issued 600,000 shares of Series A 6.5% cumulative perpetual CPS in a private placement transaction involving a limited number of qualified institutional buyers.

The CPS, with respect to dividend rights or rights upon liquidation, winding-up or dissolution of Fluor, ranks senior to all classes of common stock and to any other class of capital stock or series of preferred stock that may be established (except in certain circumstances). The CPS is, however, junior to our existing and future debt.

The CPS does not have a maturity date. Cumulative cash dividends on the preferred stock are payable at an annual rate of 6.5% quarterly in arrears on February 15, May 15, August 15 and November 15, upon declaration of the dividend by our Board of Directors. Dividends accumulate from the most recent date on which dividends have been paid. CPS dividends of $9

F-27

FLUOR CORPORATION

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS (Continued)

million and $10 million were paid in August 2021 and October 2021, respectively. In January 2022, our Board of Directors approved the payment of a preferred stock dividend of $10 million.

Each share of preferred stock has a liquidation preference of $1,000 per share, plus accumulated but unpaid dividends, and is convertible, at the holder's option at any time into 44.9585 shares of our common stock per share of preferred stock. The conversion rate is subject to certain customary adjustments, but no payment or adjustment for accumulated but unpaid dividends will be made upon conversion, subject to certain limited exceptions. The preferred stock may not be redeemed by us; however, we may, at any time on or after May 20, 2022, elect to cause all outstanding shares of preferred stock to be automatically converted into shares of our common stock at the conversion rate, subject to certain conditions (and, if such automatic conversion occurs prior to May 20, 2024, the payment of a cash make-whole premium). If a make-whole fundamental change, as defined in the certificate of designations for the preferred stock, occurs, we will in certain circumstances be required to increase the conversion rate for a holder who elects to convert shares of preferred stock in connection with such make-whole fundamental change.

The shares of preferred stock have no voting rights except if and when dividends on the preferred stock are in arrears and have been unpaid with respect to six or more quarterly dividend payment dates (whether or not consecutive). In such events, the holders of the preferred stock would be entitled to elect two additional directors to the board of directors. Such voting rights are exercisable until all dividends in arrears have been paid in full, at which time the voting rights and the term of the two additional directors terminate.

Concurrent with the issuance of the CPS, 200,000 shares of preferred stock previously designated as Series A Junior Participating Preferred Stock were eliminated and returned to the status of authorized but unissued shares of preferred stock, without designation.

16.    Fair Value Measurements

The fair value hierarchy prioritizes the use of inputs used in valuation techniques into the following three levels:

•Level 1 — quoted prices in active markets for identical assets and liabilities

•Level 2 — inputs other than quoted prices in active markets for identical assets and liabilities that are observable, either directly or indirectly

•Level 3 — unobservable inputs

We perform procedures to verify the reasonableness of pricing information received from third parties for significant assets and liabilities classified as Level 2. The following table delineates assets and liabilities that are measured at fair value on a recurring basis:

	December 31, 2021								December 31, 2020
(in thousands)	Total		Level 1		Level 2		Level 3		Total		Level 1		Level 2		Level 3
Assets:
Deferred compensation trusts(1)	$	11,952	$	11,952	$	—	$	—	$	9,626	$	9,626	$	—	$	—
Derivative assets(2)
Foreign currency	15,308		—		15,308		—		22,667		—		22,667		—
Commodity	5,225		—		5,225		—		806		—		806		—
Liabilities:
Derivative liabilities(2)
Foreign currency	$	6,528	$	—	$	6,528	$	—	$	2,571	$	—	$	2,571	$	—
Commodity	232		—		232		—		5,059		—		5,059		—

(1)Consists of registered money market funds and an equity index fund. These investments, which are trading securities, represent the net asset value at the close of business of the period based on the last trade or official close of an active market or exchange.

(2)Foreign currency and commodity derivatives are estimated using pricing models with market-based inputs, which take into account the present value of estimated future cash flows.

F-28

FLUOR CORPORATION

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS (Continued)

We have measured assets and liabilities held for sale and certain other impaired assets at fair value on a nonrecurring basis. The following summarizes information about financial instruments that are not required to be measured at fair value:

		December 31, 2021				December 31, 2020
(in thousands)	Fair Value Hierarchy	Carrying Value		Fair Value		Carrying Value		Fair Value
Assets:
Cash(1)	Level 1	$	1,295,437	$	1,295,437	$	1,180,024	$	1,180,024
Cash equivalents(2)	Level 2	913,945		913,945		1,018,757		1,018,757
Marketable securities, current(2)	Level 2	127,222		127,222		23,345		23,345
Notes receivable, including noncurrent portion(3)	Level 3	10,249		10,249		28,488		28,488
Liabilities:
2023 Senior Notes(4)	Level 2	$	192,752	$	195,957	$	609,764	$	578,554
2024 Senior Notes(4)	Level 2	378,849		399,177		496,200		494,045
2028 Senior Notes(4)	Level 2	595,765		629,754		595,134		599,220
Other borrowings(5)	Level 2	911		911		4,890		4,890

_______________________________________________________________________________

(1)Cash consists of bank deposits. Carrying amounts approximate fair value.

(2)The carrying amounts of these time deposits approximate fair value because of the short-term maturity of these instruments. Amortized cost is not materially different from the fair value.

(3)Notes receivable are carried at net realizable value which approximates fair value. Factors considered in determining the fair value include the credit worthiness of the borrower, current interest rates, the term of the note and any collateral pledged as security. Notes receivable are periodically assessed for impairment.

(4)The fair value of the Senior Notes was estimated based on 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.

17.    Property, Plant and Equipment

Property, plant and equipment is as follows:

	December 31,
(cost in thousands)	2021		2020
Land	$	41,425	$	42,854
Buildings	248,289		265,369
Building and leasehold improvements	137,039		150,613
Machinery and equipment	731,198		804,252
Furniture and fixtures	114,230		117,271
Assets under development	18,488		14,867
	1,290,669		1,395,226
Less accumulated depreciation	(904,080)		(931,399)
Net property, plant and equipment	$	386,589	$	463,827

18.    Stock-Based Compensation

Equity Awards

Stock-based compensation totaled $27 million, $22 million and $36 million during 2021, 2020 and 2019, respectively. There were no tax benefits recognized related to stock-based compensation during these periods.

F-29

FLUOR CORPORATION

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS (Continued)

The following table summarizes RSU, restricted stock and stock option activity:

	RSU or Restricted Stock		Stock Options
	Number	Weighted Average Grant Date Fair Value Per Share	Number	Weighted Average Exercise Price Per Share
Outstanding as of December 31, 2018	985,132	$53.78	4,589,385	$60.25
Granted	1,356,303	32.68	1,192,108	22.47
Forfeited or expired	(173,604)	39.57	(351,885)	60.56
Vested/exercised	(507,520)	47.72	(48,131)	30.46
Outstanding as of December 31, 2019	1,660,311	$39.88	5,381,477	$52.13
Granted	1,355,975	10.30	975,290	11.06
Forfeited or expired	(114,352)	33.74	(603,835)	59.46
Vested/exercised	(643,340)	42.23	—	—
Outstanding as of December 31, 2020	2,258,594	$21.76	5,752,932	$44.40
Granted	596,391	18.67	481,626	17.96
Forfeited or expired	(132,713)	18.78	(659,216)	58.37
Vested/exercised	(810,560)	30.83	(84,416)	8.81
Outstanding as of December 31, 2021	1,911,712	$17.16	5,490,926	$40.95
Options exercisable as of December 31, 2021			3,519,747	$54.31
Remaining unvested options outstanding and expected to vest			1,951,467	$17.09

Our stock-based plans provide that RSUs and restricted stock may not be sold or transferred until service-based restrictions have lapsed. Generally, upon termination of employment, RSUs and restricted stock which have not vested are forfeited. RSUs granted to executives in 2021, 2020 and 2019 generally vest over 3 years. RSUs granted to one executive in 2020 vest over 5 years. RSUs granted to directors in 2021, 2020 and 2019 vested upon grant. RSUs awarded to directors in 2019 (as well as one RSU award to a director in 2020) are subject to a post-vest holding period of 3 years. The fair value of RSUs that vested during 2021, 2020 and 2019 was $14 million, $5 million and $14 million, respectively. The balance of unamortized RSU expense as of December 31, 2021 was $6 million, which is expected to be recognized over a weighted-average period of 2.0 years.

The exercise price of options represents the closing price of our common stock on the date of grant. The options granted in 2021, 2020 and 2019 generally vest over 3 years and expire 10 years after the grant date. Options granted to one executive in 2020 vest over 5 years. The aggregate intrinsic value of stock options exercised during 2021 and 2019 was $0.8 million and $0.3 million, respectively. There were no stock option exercises during 2020. The balance of unamortized stock option expense as of December 31, 2021 was $3 million, which is expected to be recognized over a weighted-average period of 1.0 year.

The grant date fair value of options and other significant assumptions follow:

	2021		January 1 - November 30, 2020		December 31, 2020		January 1 - September 30, 2019		October 1 - December 31, 2019
Weighted average grant date fair value	$8.94		$4.59		$9.05		$7.99		$6.93
Expected life of options (in years)	4.5		4.6		7.2		5.6		5.4
Risk-free interest rate	0.7	%	0.4	%	0.5	%	2.6	%	1.7	%
Expected volatility	62	%	65	%	61	%	33	%	47	%
Expected annual dividend per share	$0.00		$0.00		$0.00		$0.84		$0.40

F-30

FLUOR CORPORATION

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS (Continued)

The computation of the expected volatility assumption used in the Black-Scholes calculations is based on a 50/50 blend of historical and implied volatility. Information related to options outstanding as of December 31, 2021 follows:

	Options Outstanding				Options Exercisable
Range of Exercise Prices	Number Outstanding	Weighted Average Remaining Contractual Life (In Years)	Weighted Average Exercise Price Per Share		Number Exercisable	Weighted Average Remaining Contractual Life (In Years)	Weighted Average Exercise Price Per Share
$8.81 - $29.50	2,413,093	8.4	$	17.64	456,853	8.0	$	21.34
$46.07 - $62.50	2,671,436	3.5	56.19		2,658,332	3.5	56.19
$70.76 - $79.19	406,407	2.1	79.19		404,562	2.1	79.19
	5,490,936	5.6	$	40.95	3,519,747	4.0	$	54.31

As of December 31, 2021, options outstanding and options exercisable had an aggregate intrinsic value of $19 million and $3 million, respectively .

During 2021, 2020 and 2019, performance-based award units totaling 613,868; 1,156,365; and 350,532, respectively, were awarded to Section 16 officers. These awards generally cliff vest after a period of 3 years and contain annual performance conditions for each of the 3 years of the vesting period. Under GAAP, performance-based awards are not deemed granted until the performance targets have been established. The performance targets for each year are generally established in the first quarter. Accordingly, only one-third of the units awarded in any given year are deemed to be granted each year of the 3 year vesting periods. During 2021, the following units were granted based upon the establishment of performance targets:

	Performance-based Award Units Granted in 2021	Weighted Average Grant Date Fair Value Per Share
2021 Performance Award Plan	204,623	$20.49
2020 Performance Award Plan	385,455	$19.98
2019 Performance Award Plan	116,844	$20.18

For awards granted under the 2021, 2020 and 2019 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.

The balance of unamortized compensation expense associated with performance-based award units as of December 31, 2021 was less than $2 million, which is expected to be recognized over a weighted-average period of 1.0 years.

Liability Awards

We grant SGI awards in the form of stock units, determined by dividing the target amount by the closing price of our common stock at the grant date. Each stock unit represents the right to receive cash equal to the value of one share of our common stock upon vesting. SGI awards granted to executives vest and become payable at a rate of one-third of the total award each year. Compensation expense of $67 million, $25 million and $6 million related to SGI awards was included in G&A in 2021, 2020 and 2019, respectively. Liabilities associated with SGI awards were $73 million and $29 million as of December 31, 2021 and 2020, respectively.

During 2021, 2020 and 2019, performance-based awards were awarded to non-Section 16 executives and will be settled in cash. Compensation expense of $7 million, $3 million and $8 million related to these performance-based awards was included in G&A in 2021, 2020 and 2019, respectively. Liabilities associated with these awards were $7 million and $16 million as of December 31, 2021 and 2020, respectively.

F-31

FLUOR CORPORATION

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS (Continued)

19.    Retirement Plans

DC Plans

Domestic and international DC plans are available to eligible salaried and craft employees. Company contributions to DC plans are based on an employee's eligible compensation and participation rate. We recognized expense of $128 million, $130 million and $115 million associated with contributions to our DC plans during 2021, 2020 and 2019, respectively.

DB Plans

Certain DB plans are available to eligible international salaried employees. Contributions to DB plans are at least the minimum amounts required by applicable regulations. Benefit payments under these plans are generally based upon length of service and/or qualifying compensation.

Net periodic pension expense for our DB Plans included the following components:

	Year Ended December 31,
(in thousands)	2021		2020		2019
Service cost	$	17,490	$	18,129	$	15,750
Interest cost	7,333		9,899		19,617
Expected return on assets	(28,577)		(26,304)		(32,645)
Amortization of prior service credit	(856)		(903)		(886)
Recognized net actuarial loss	5,875		5,806		10,303
Curtailments	15		—		—
(Gain) loss on settlements	198,132		(406)		137,898
Net periodic pension expense(1)	$	199,412	$	6,221	$	150,037

(1) Net periodic pension expense of $1 million, $2 million and $2 million during 2021, 2020 and 2019, respectively, was reported as Disc Ops.

The service cost component of net periodic pension expense is presented in “Cost of revenue” and the other components of net periodic pension expense are presented in “G&A” and "(Gain) loss on pension settlement".

Plan Settlements

Our largest DB plan, which provided retirement benefits to certain employees in the Netherlands, was terminated in December 2021, at which point the remaining benefit obligations were transferred to a plan not sponsored by Fluor and we were substantially relieved of any further obligation. Our DB plan in the United Kingdom was terminated in December 2019, at which point the remaining benefit obligations were transferred to an insurer and we were relieved of any further obligation. The loss on settlement in both years consisted primarily of unrecognized actuarial losses included in AOCI and did not impact our cash position. Retirement benefits in these countries are now administered through DC plans.

DB Plan Assumptions

The ranges of assumptions indicated below cover DB plans in the Netherlands, Germany and the Philippines and are based on the economic environment in each host country at the end of each reporting period. The discount rates for the DB plans were determined primarily based on a hypothetical yield curve developed from the yields on high quality corporate and government bonds with durations consistent with the pension obligations in those countries. The expected long-term rate of return on asset assumptions utilizing historical returns, correlations and investment manager forecasts are established for all relevant asset classes including international equities and government, corporate and other debt securities.

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FLUOR CORPORATION

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS (Continued)

	December 31,
	2021	2020	2019
For determining PBO at year-end:
Discount rates	1.20-4.75%	0.80-3.50%	1.20-4.75%
Rates of increase in compensation levels	2.25-5.00%	2.25-6.00%	2.25-6.00%
For determining net periodic cost for the year:
Discount rates	0.80-3.50%	1.20-4.75%	1.80-7.25%
Rates of increase in compensation levels	2.25-6.00%	2.25-6.00%	2.25-7.00%
Expected long-term rates of return on assets	0.80-5.70%	1.20-5.60%	1.80-8.20%

We evaluate the funded status of each of our DB plans using the above assumptions and determine the appropriate funding level in light of applicable regulatory requirements, tax deductibility, reporting considerations and other factors. The funding status of the plans is sensitive to changes in long-term interest rates and returns on plan assets, and funding obligations could increase substantially if interest rates fall dramatically or returns on plan assets are below expectations. Assuming no changes in current assumptions, we expect to contribute up to $13 million to our DB plans in 2022, which is expected to be in excess of the minimum funding required. If the discount rates were reduced by 25 basis points, plan liabilities would increase by approximately $5 million.

DB Plan Assets

The following table sets forth the target and actual allocations of plan assets:

		December 31,
	2021 Target Allocation	2021		2020
Asset category:
Debt securities	25% - 35%	28	%	63	%
Equity securities	10% - 20%	17	%	28	%
Other	50% - 60%	55	%	9	%
Total		100	%	100	%

Our investment strategy is to maintain asset allocations that appropriately manage risk within the context of seeking adequate returns. Investment allocations are determined by each plan's governing body. Asset allocations may be affected by local regulations. Long-term allocation guidelines are established with a target range allocation for each asset class. Short-term deviations from these allocations may exist from time to time for tactical investment or strategic implementation purposes.

Investments in debt securities are used to provide stable investment returns while protecting the funding status of the plans. Investments in equity securities are utilized to generate long-term capital appreciation to mitigate the effects of increases in benefit obligations resulting from inflation, longer life expectancy and salary growth. While most of our plans may invest in the company's securities, there are no such direct investments at the present time.

Plan assets included investments in common or collective trusts ("CCTs"), which offer efficient access to diversified investments across various asset categories. The estimated fair value of the investments in the CCTs represents the net asset value of the shares or units of such funds as determined by the issuer. At the present time, there no restrictions on how the plans may redeem their investments.

Debt securities are comprised of corporate bonds, government securities and CCTs with underlying investments in corporate bonds, government and asset backed securities and interest rate swaps. Corporate bonds primarily consist of investment-grade rated bonds and notes, of which no significant concentration exists in any one rating category or industry. Government securities include international government bonds, some of which are inflation-indexed. Corporate bonds and government securities are valued based on pricing models, which are determined from a compilation of primarily observable market information, broker quotes in non-active markets or similar assets.

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FLUOR CORPORATION

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS (Continued)

Equity securities span various industries and are comprised of common stocks of international companies as well as CCTs with underlying investments in common and preferred stocks. Publicly traded corporate equity securities are valued based on the closing price of an active market or exchange. Inactive securities are valued at the last reported bid price. As of December 31, 2021 and 2020, direct investments in equity securities were concentrated in international securities.

Other plan assets include guaranteed investment contracts and CCTs. Guaranteed investment contracts are insurance contracts that guarantee a principal repayment and a stated rate of interest. The estimated fair value of these insurance contracts, which are Level 3 assets, represents the discounted value of guaranteed benefit payments. CCTs hold underlying investments primarily in commodities.

The following table delineates the fair value of the plan assets and liabilities of our DB Plans:

	December 31, 2021								December 31, 2020
(in thousands)	Total		Level 1		Level 2		Level 3		Total		Level 1		Level 2		Level 3
Assets:
Equity securities:
Common stock	$	4,798	$	4,798	$	—	$	—	$	5,252	$	5,252	$	—	$	—
CCTs	758		—		758		—		230,135		—		230,135		—
Debt securities:
Corporate bonds	45		—		45		—		532		—		532		—
Government securities	9,287		—		9,287		—		12,036		—		12,036		—
CCTs	—		—		—		—		507,691		—		507,691		—
Other:
Guaranteed investment contracts	17,931		—		—		17,931		20,588		—		—		20,588
CCTs	—		—		—		—		51,679		—		51,679		—
Plan assets measured at fair value, net	$	32,819	$	4,798	$	10,090	$	17,931	$	827,913	$	5,252	$	802,073	$	20,588
Plan assets not measured at fair value, net	55								1,507
Total plan assets, net	$	32,874							$	829,420

The following table presents information about Level 3 fair value measurements:

(in thousands)	2021		2020
Balance at beginning of year	$	20,588	$	19,650
Actual return on plan assets:
Assets still held at reporting date	(1,565)		2,092
Assets sold during the period	—		—
Purchases	224		343
Settlements	(1,316)		(1,497)
Balance at end of year	$	17,931	$	20,588

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FLUOR CORPORATION

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS (Continued)

The following table presents expected future benefit payments related to our DB Plans:

Year Ended December 31,	(in thousands)
2022	$	4,383
2023	4,186
2024	4,141
2025	4,116
2026	3,987
2027 — 2031	25,810

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FLUOR CORPORATION

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS (Continued)

The following table sets forth the change in PBO, plan assets and funded status of the plans:

	December 31,
(in thousands)	2021		2020
Change in PBO:
Benefit obligation at beginning of year	$	869,835	$	748,784
Service cost	17,490		18,129
Interest cost	7,333		9,899
Employee contributions	2,643		2,860
Currency translation	(32,064)		72,178
Actuarial (gain)/loss (primarily due to plan experience in 2021 and assumption changes in 2020)	52,190		58,258
Benefits paid	(15,582)		(17,224)
Curtailments	(415)		(6,574)
Settlements	(798,679)		(16,475)
PBO at end of year	102,751		869,835
Change in plan assets:
Plan assets at beginning of year	829,420		710,663
Actual return on plan assets	30,326		55,819
Company contributions	12,886		24,752
Employee contributions	2,643		2,860
Currency translation	(28,140)		69,025
Benefits paid	(15,582)		(17,224)
Settlements	(798,679)		(16,475)
Plan assets at end of year	32,874		829,420
Funded status — (Under)/overfunded	$	(69,877)	$	(40,415)
Amounts recognized in the Consolidated Balance Sheet:
Pension assets included in other assets	$	—	$	—
Pension liabilities included in other accrued liabilities	—		—
Pension liabilities included in current liabilities related to assets held for sale	(22,248)		(25,617)
Pension liabilities included in noncurrent liabilities	(47,629)		(14,798)
AOCI (pre-tax)	$	3,042	$	161,534
Plans with PBO in excess of plan assets:
PBO	$	102,751	$	869,835
Plan assets	32,874		829,420
Plans with ABO in excess of plan assets:
ABO	$	40,374	$	45,757
Plan assets	17,931		20,588

The total ABO for all DB Plans as of December 31, 2021 and 2020 was $55 million and $793 million, respectively.

Multiemployer Pension Plans

In addition to our DB plans, we participate in multiemployer pension plans for unionized construction and maintenance craft employees. Company contributions are based on the hours worked by employees covered under various collective bargaining agreements and totaled $44 million, $38 million and $32 million during 2021, 2020 and 2019, respectively. Upon withdrawal from a multiemployer plan, we may have an obligation to make additional contributions for our share of any unfunded benefit obligation, but only if we do not meet the requirements of any applicable exemptions. For one of our discontinued operations, we participate in a multiemployer plan in which we are aware of a significant unfunded benefit obligation. However, we believe we qualify for an exemption and do not believe we have a probable payment to the plan.

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FLUOR CORPORATION

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS (Continued)

Therefore, we have not recognized a liability related to this unfunded benefit obligation. The preceding information does not include amounts related to benefit plans applicable to employees associated with certain contracts with the U.S. Department of Energy because we are not responsible for the current or future funding of these plans.

20.    Other Noncurrent Liabilities

We have deferred compensation plans and other retirement arrangements for executives which generally provide for payments upon retirement, death or termination of employment. As of December 31, 2021 and 2020, the obligations related to these plans totaled $324 million and $329 million, respectively, within noncurrent liabilities. To fund these obligations, we have established non-qualified trusts, which are included in noncurrent assets. These trusts hold life insurance policies and marketable securities. These trusts were valued at $330 million and $350 million as of December 31, 2021 and 2020, respectively. Periodic changes in the value of these trust investments, most of which are unrealized, are recognized in earnings, and serve to mitigate changes to the obligations which are also reflected in earnings.

We maintain appropriate levels of insurance for business risks, including workers compensation and general liability. Insurance coverages contain various retention amounts for which we provide accruals based on the aggregate of the liability for reported claims and an actuarially determined estimated liability for claims incurred but not reported. As of December 31, 2021 and 2020, insurance liabilities of $58 million and $70 million, respectively, were included in noncurrent liabilities.

21.    Leases

The following summarizes lease expense:

	Year Ended December 31, 2021				Year Ended December 31, 2020				Year Ended December 31, 2019
Lease Expense / (Sublease Income)	Cont Ops		Disc Ops		Cont Ops		Disc Ops		Cont Ops		Disc Ops
(in thousands)
Operating lease cost	$	48,738	$	27,463	$	55,889	$	28,842	$	61,306	$	30,093
Finance lease cost
Amortization of right-of-use assets	833		4,095		345		983		363		1,058
Interest on lease liabilities	13		432		15		124		34		34
Variable lease cost (1)	9,654		457		6,961		454		19,231		—
Short-term lease cost	69,381		67,077		50,750		66,311		70,815		92,729
Sublease income	(2,091)		(274)		(3,050)		(14,026)		(2,596)		(32,141)
Total lease expense	$	126,528	$	99,250	$	110,910	$	82,688	$	149,153	$	91,773

(1)Primarily relates to rent escalation due to cost of living indexation and payments for property taxes, insurance or common area maintenance based on actual assessments.

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FLUOR CORPORATION

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS (Continued)

Information related to our right-of use assets and lease liabilities follows:

		December 31, 2021				December 31, 2020
Lease Assets / Liabilities	Balance Sheet Classification	Cont Ops		Disc Ops		Cont Ops		Disc Ops
(in thousands)
Right-of-use assets
Operating lease assets	Other assets	$	104,752	$	—	$	137,725	$	—
Operating lease assets	Current assets held for sale	—		73,822		—		79,843
Finance lease assets	Other assets	892		—		281		—
Finance lease assets	Current assets held for sale	—		20,115		—		9,188
Total right-of-use assets		$	105,644	$	93,937	$	138,006	$	89,031
Lease liabilities
Operating lease liabilities, current	Other accrued liabilities	$	35,136	$	—	$	42,232	$	—
Operating lease liabilities, noncurrent	Noncurrent liabilities	87,400		—		119,055		—
Operating lease liabilities	Current liabilities held for sale	—		74,648		—		80,103
Finance lease liabilities, current	Other accrued liabilities	693		—		8		—
Finance lease liabilities, noncurrent	Noncurrent liabilities	202		—		—		—
Finance lease liabilities	Current liabilities held for sale	—		17,876		—		8,433
Total lease liabilities		$	123,431	$	92,524	$	161,295	$	88,536

Supplemental information related to our leases follows:

	Year Ended December 31, 2021						Year Ended December 31, 2020
	Cont Ops			Disc Ops			Cont Ops			Disc Ops
(in thousands)
Cash paid for amounts included in the measurement of lease liabilities:
Operating cash flows from operating leases	$	54,696		$	28,322		$	61,275		$	29,154
Operating cash flows from finance leases	13			432			15			124
Financing cash flows from finance leases	557			5,909			451			1,676
Right-of-use assets obtained in exchange for new operating lease liabilities	12,726			24,350			13,177			7,294
Right-of-use assets obtained in exchange for new finance lease liabilities	1,384			19,144			—			8,663
Weighted-average remaining lease term - operating leases	4.0 years			8.6 years			4.5 years			9.2 years
Weighted-average remaining lease term - finance leases	1.4 years			4.9 years			2.8 years			5.0 years
Weighted-average discount rate - operating leases	3.1		%	2.3		%	3.0		%	2.8		%
Weighted-average discount rate - finance leases	1.2		%	2.1		%	3.4		%	2.8		%

F-38

FLUOR CORPORATION

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS (Continued)

The remaining lease payments under our operating and finance leases follows:

	Cont Ops				Disc Ops
Year Ended December 31,	Operating  Leases		Finance  Leases		Operating  Leases		Finance  Leases
(in thousands)
2022	$	38,393	$	645	$	22,690	$	6,383
2023	33,745		259		13,731		5,157
2024	22,787		—		9,889		3,392
2025	18,582		—		6,202		3,036
2026	11,302		—		3,901		563
Thereafter	6,002		—		25,854		—
Total lease payments	$	130,811	$	904	$	82,267	$	18,531
Less: Interest	(8,275)		(9)		(7,619)		(655)
Present value of lease liabilities	$	122,536	$	895	$	74,648	$	17,876

22.    Derivatives and Hedging

Derivatives Designated as Hedges

As of December 31, 2021, we had total gross notional amounts of $240 million of foreign currency contracts outstanding (primarily related to the Canadian Dollar, Chinese Yuan and Euro) that were designated as hedges. The foreign currency contracts are of varying duration, none of which extend beyond December 2024. There were no commodity contracts outstanding that were designated as hedges as of December 31, 2021.

The fair values of derivatives designated as hedging instruments follows:

	Asset Derivatives					Liability Derivatives
(in thousands)	Balance Sheet Location	December 31, 2021		December 31, 2020		Balance Sheet Location	December 31, 2021		December 31, 2020
Foreign currency contracts	Other current assets	$	6,947	$	20,004	Other accrued liabilities	$	19	$	4
Commodity contracts	Other current assets	—		—		Other accrued liabilities	—		—
Foreign currency contracts	Other assets	2,990		2,184		Noncurrent liabilities	26		25
Total		$	9,937	$	22,188		$	45	$	29

The after-tax amount of gain (loss) recognized in OCI and reclassified from AOCI into earnings associated with derivative instruments designated as cash flow hedges follows:

	After-Tax Amount of Gain (Loss) Recognized in OCI							After-Tax Amount of Gain (Loss) Reclassified from AOCI into Earnings
Cash Flow Hedges (in thousands)	2021		2020		2019		Location of Gain (Loss)	2021		2020		2019
Foreign currency contracts	$	10,752	$	19,608	$	1,043	Cost of revenue	$	20,212	$	2,382	$	(1,041)
Commodity contracts	—		(107)		460		Cost of revenue	—		(100)		453
Interest rate contracts	—		—		—		Interest expense	(114)		(1,678)		(1,049)
Total	$	10,752	$	19,501	$	1,503		$	20,098	$	604	$	(1,637)

Derivatives Not Designated as Hedges

As of December 31, 2021, we also had total gross notional amounts of $259 million of foreign currency contracts and $32 million of commodity contracts outstanding that were not designated as hedges. The foreign currency contracts primarily related to contract obligations denominated in nonfunctional currencies. The fair value of derivatives not designated as hedges, as well as the associated gains and losses were not material for any period presented.

F-39

FLUOR CORPORATION

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS (Continued)

23.     Other Comprehensive Income (Loss)

    The components of OCI follow:

	Year Ended December 31,
	2021						2020						2019
(in thousands)	Before-Tax Amount		Tax (Expense) Benefit		Net-of-Tax Amount		Before-Tax Amount		Tax (Expense) Benefit		Net-of-Tax Amount		Before-Tax Amount		Tax (Expense) Benefit		Net-of-Tax Amount
OCI:
Foreign currency translation adjustments	$	(37,422)	$	(11)	$	(37,433)	$	(17,127)	$	—	$	(17,127)	$	101,096	$	(35,596)	$	65,500
Ownership share of equity method investees' OCI	545		(2,237)		(1,692)		(21,837)		3,309		(18,528)		(15,630)		3,846		(11,784)
DB plan adjustments	153,285		(52,313)		100,972		(19,392)		—		(19,392)		150,427		(44,975)		105,452
Unrealized gain (loss) on hedges	(11,068)		1,722		(9,346)		23,531		(4,634)		18,897		4,734		(1,594)		3,140
Total OCI	105,340		(52,839)		52,501		(34,825)		(1,325)		(36,150)		240,627		(78,319)		162,308
Less: OCI attributable to NCI	1,334		—		1,334		883		—		883		(1,350)		—		(1,350)
OCI attributable to Fluor Corporation	$	104,006	$	(52,839)	$	51,167	$	(35,708)	$	(1,325)	$	(37,033)	$	241,977	$	(78,319)	$	163,658

The changes in AOCI balances follow:

(in thousands)	Foreign Currency Translation		Ownership Share of Equity Method Investees' OCI		DB Plans		Unrealized Gain (Loss) on Hedges		AOCI, Net
Attributable to Fluor Corporation:
Balance as of December 31, 2020	$	(260,960)	$	(53,984)	$	(118,589)	$	16,627	$	(416,906)
OCI before reclassifications	(38,767)		(2,259)		(50,482)		10,752		(80,756)
Amounts reclassified from AOCI	—		567		151,454		(20,098)		131,923
Net OCI	(38,767)		(1,692)		100,972		(9,346)		51,167
Balance as of December 31, 2021	$	(299,727)	$	(55,676)	$	(17,617)	$	7,281	$	(365,739)
Attributable to NCI:
Balance as of December 31, 2020	$	(4,168)	$	—	$	—	$	—	$	(4,168)
OCI before reclassifications	1,334		—		—		—		1,334
Amount reclassified from AOCI	—		—		—		—		—
Net OCI	1,334		—		—		—		1,334
Balance as of December 31, 2021	$	(2,834)	$	—	$	—	$	—	$	(2,834)

(in thousands)	Foreign Currency Translation		Ownership Share of Equity Method Investees' OCI		DB Plans		Unrealized Gain (Loss) on Hedges		AOCI, Net
Attributable to Fluor Corporation:
Balance as of December 31, 2019	$	(242,950)	$	(35,456)	$	(99,197)	$	(2,270)	$	(379,873)
OCI before reclassifications	(18,010)		(19,076)		(22,921)		19,501		(40,506)
Amounts reclassified from AOCI	—		548		3,529		(604)		3,473
Net OCI	(18,010)		(18,528)		(19,392)		18,897		(37,033)
Balance as of December 31, 2020	$	(260,960)	$	(53,984)	$	(118,589)	$	16,627	$	(416,906)
Attributable to NCI:
Balance as of December 31, 2019	$	(5,051)	$	—	$	—	$	—	$	(5,051)
OCI before reclassifications	883		—		—		—		883
Amount reclassified from AOCI	—		—		—		—		—
Net OCI	883		—		—		—		883
Balance as of December 31, 2020	$	(4,168)	$	—	$	—	$	—	$	(4,168)

F-40

FLUOR CORPORATION

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS (Continued)

(in thousands)	Foreign Currency Translation		Ownership Share of Equity Method Investees' OCI		DB Plans		Unrealized Gain (Loss) on Hedges		AOCI, Net
Attributable to Fluor Corporation:
Balance as of December 31, 2018	$	(309,800)	$	(23,672)	$	(204,649)	$	(5,410)	$	(543,531)
OCI before reclassifications	19,957		(12,304)		4,006		1,503		13,162
Amounts reclassified from AOCI	46,893		520		101,446		1,637		150,496
Net OCI	66,850		(11,784)		105,452		3,140		163,658
Balance as of December 31, 2019	$	(242,950)	$	(35,456)	$	(99,197)	$	(2,270)	$	(379,873)
Attributable to NCI:
Balance as of December 31, 2018	$	(3,701)	$	—	$	—	$	—	$	(3,701)
OCI before reclassifications	(1,350)		—		—		—		(1,350)
Amount reclassified from AOCI	—		—		—		—		—
Net OCI	(1,350)		—		—		—		(1,350)
Balance as of December 31, 2019	$	(5,051)	$	—	$	—	$	—	$	(5,051)

The reclassifications out of AOCI follow:

	Location in Consolidated  Statement of Operations	Year Ended December 31,
(in thousands)		2021		2020		2019
Component of AOCI:
Foreign currency translation adjustment	Impairment, restructuring & other exit costs	$	—	$	—	$	(84,286)
Income tax benefit	Income tax expense (benefit)	—		—		37,393
Net of tax		$	—	$	—	$	(46,893)
Ownership share of equity method investees' OCI	Cost of revenue	$	(756)	$	(730)	$	(695)
Income tax benefit	Income tax expense (benefit)	189		182		175
Net of tax		$	(567)	$	(548)	$	(520)
DB plan adjustments	Various accounts(1)	$	(202,733)	$	(3,529)	$	(146,579)
Income tax benefit	Income tax expense (benefit)	51,279		—		45,133
Net of tax		$	(151,454)	$	(3,529)	$	(101,446)
Unrealized gain (loss) on hedges:
Commodity and foreign currency contracts	Various accounts(2)	$	26,576	$	1,837	$	(1,370)
Interest rate contracts	Interest expense	(1,189)		(1,678)		(1,678)
Income tax benefit	Income tax expense (benefit)	(5,289)		445		1,411
Net of tax:		$	20,098	$	604	$	(1,637)

(1)DB plan adjustments were reclassified to "G&A" and "Loss on pension settlement".

(2)Gains and losses on commodity and foreign currency derivatives were reclassified to "Cost of revenue" and "G&A".

24. Discontinued Operations

In the first quarter of 2021, we committed to a plan to sell our Stork business, which had previously represented the majority of operations from our former diversified services segment. We sold the North American operations of the AMECO equipment business in May 2021 for $71 million and recognized a loss on the sale of $27 million. In August 2020, we sold our

F-41

FLUOR CORPORATION

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS (Continued)

AMECO equipment business in Jamaica for $18 million and recognized a loss of $1 million. Smaller AMECO operations in South America and Africa remain held for sale.

Impairment expense, included in Disc Ops, is summarized as follows:

	Year Ended December 31, 2021				Year Ended December 31, 2020				Year Ended December 31, 2019
(in thousands)	Stork		AMECO		Stork		AMECO		Stork		AMECO
Impairment expense:
Goodwill (1)	$	12,700	$	—	$	168,568	$	12,300	$	—	$	2,125
Intangible customer relationships (2)	—		—		26,671		—		33,657		—
Fair value adjustment and expected costs associated with sale (3)	180,500		53,085		—		133,400		—		—
Total impairment expense	$	193,200	$	53,085	$	195,239	$	145,700	$	33,657	$	2,125

(1) As part of our assessment of goodwill in 2020, the fair value of the reporting units was determined using an income based approach that utilized unobservable Level 3 inputs, including significant management assumptions such as expected awards, forecasted revenue and operating margins, weighted average cost of capital, working capital assumptions and general market trends and conditions.

(2) The customer relationships' valuation approach utilized unobservable Level 3 inputs including ranges of assumptions of long-term revenue growth from 2% to 5.5% with a weighted average of 2.4%, weighted average cost of capital of 12% and a customer attrition factor of 10%.

(3) The fair value of the Stork and AMECO assets were determined using a combination of observable level 2 inputs in 2021, including indicative offers and ongoing negotiations for the related assets, and an income based approach that utilized unobservable Level 3 inputs in 2020, including significant management assumptions such as expected awards, forecasted revenue and operating margins, weighted average cost of capital, working capital assumptions and general market trends and conditions.

F-42

FLUOR CORPORATION

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS (Continued)

Disc Ops information follows:

	Year Ended December 31, 2021								Year Ended December 31, 2020								Year Ended December 31, 2019
(in thousands)	Stork		AMECO		Other		Total		Stork		AMECO		Other		Total		Stork		AMECO		Other		Total
Revenue	$	1,599,705	$	122,263	$	—	$	1,721,968	$	1,509,238	$	216,994	$	—	$	1,726,232	$	1,805,705	$	317,371	$	—	$	2,123,076
Cost of revenue	(1,559,327)		(124,948)		(9,106)		(1,693,381)		(1,514,374)		(195,024)		(13,198)		(1,722,596)		(1,794,266)		(354,782)		21,152		(2,127,896)
Gross profit	40,378		(2,685)		(9,106)		28,587		(5,136)		21,970		(13,198)		3,636		11,439		(37,411)		21,152		(4,820)
G&A	(4,351)		—		—		(4,351)		—		(234)		—		(234)		—		(239)		—		(239)
Impairment, restructuring and other exit costs	(193,200)		(53,085)		—		(246,285)		(196,503)		(146,430)		—		(342,933)		(92,906)		(121,252)		—		(214,158)
Loss on sale of AMECO	—		(26,670)		—		(26,670)		—		(1,390)		—		(1,390)		—		—		—		—
Foreign currency gain (loss)	(228)		(157)		—		(385)		(2,078)		55		—		(2,023)		(413)		(1,265)		—		(1,678)
Operating profit (loss)	(157,401)		(82,597)		(9,106)		(249,104)		(203,717)		(126,029)		(13,198)		(342,944)		(81,880)		(160,167)		21,152		(220,895)
Interest (expense) income, net	(4,995)		27		—		(4,968)		(4,633)		(159)		—		(4,792)		(7,365)		341		—		(7,024)
Earnings (loss) before taxes from Disc Ops	(162,396)		(82,570)		(9,106)		(254,072)		(208,350)		(126,188)		(13,198)		(347,736)		(89,245)		(159,826)		21,152		(227,919)
Income tax (expense) benefit	(3,480)		—		—		(3,480)		(2,736)		(3,957)		—		(6,693)		(3,265)		3,938		(4,447)		(3,774)
Net earnings (loss) from Disc Ops	$	(165,876)	$	(82,570)	$	(9,106)	$	(257,552)	$	(211,086)	$	(130,145)	$	(13,198)	$	(354,429)	$	(92,510)	$	(155,888)	$	16,705	$	(231,693)
Less: Net earnings (loss) from Disc Ops attributable to NCI	$	883	$	(1)	$	—	$	882	$	1,537	$	1	$	—	$	1,538	$	7,169	$	660	$	—	$	7,829
Net earnings (loss) from Disc Ops attributable to Fluor	$	(166,759)	$	(82,569)	$	(9,106)	$	(258,434)	$	(212,623)	$	(130,146)	$	(13,198)	$	(355,967)	$	(99,679)	$	(156,548)	$	16,705	$	(239,522)

In August 2019, we settled legal matters related to a previously divested business. The resulting gain and all associated legal fees were included in "Other" in the table above.

F-43

FLUOR CORPORATION

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS (Continued)

The following summarizes information related to assets and liabilities classified as held for sale:

	December 31, 2021							December 31, 2020
(in thousands)	Stork	AMECO	Other	Total from Disc Ops	Other Assets and Liabilities from Cont Ops		Total	Stork	AMECO	Other	Total from Disc Ops	Other Assets and Liabilities from Cont Ops		Total
Accounts and notes receivable, net	$237,808	$26,355	$5,176	$269,339	$	—	$269,339	$245,105	$42,797	$10,475	$298,377	$	—	$298,377
Contract assets	134,516	—	—	134,516	—		134,516	108,152	2,188	—	110,340	—		110,340
Other current assets	41,126	18,853	—	59,979	—		59,979	45,384	73,618	—	119,002	—		119,002
Current assets held for sale	413,450	45,208	5,176	463,834	—		463,834	398,641	118,603	10,475	527,719	—		527,719
Property, plant and equipment, net	98,425	—	—	98,425	22,000		120,425	97,258	67,380	—	164,638	24,538		189,176
Goodwill	113,816	—	—	113,816	—		113,816	141,889	—	—	141,889	—		141,889
Investments	3,339	—	—	3,339	7,028		10,367	4,649	—	—	4,649	5,064		9,713
Other assets	125,306	21,107	—	146,413	—		146,413	135,421	13,810	—	149,231	—		149,231
Noncurrent assets held for sale (1)	340,886	21,107	—	361,993	29,028		391,021	379,217	81,190	—	460,407	29,602		490,009
Total assets held for sale	$754,336	$66,315	$5,176	$825,827	$29,028		$854,855	$777,858	$199,793	$10,475	$988,126	$29,602		$1,017,728
Accounts payable	$114,683	$6,423	$507	$121,613	$	—	$121,613	$116,580	$17,388	$13	$133,981	$	—	$133,981
Short-term borrowings	16,975	—	—	16,975	—		16,975	20,525	—	—	20,525	—		20,525
Contract liabilities	54,421	10	—	54,431	—		54,431	46,997	782	—	47,779	—		47,779
Accrued salaries, wages and benefits	60,519	1,164	—	61,683	—		61,683	57,626	7,152	—	64,778	—		64,778
Other accrued liabilities	290,853	51,506	—	342,359	—		342,359	113,965	11,977	—	125,942	—		125,942
Current liabilities held for sale	537,451	59,103	507	597,061	—		597,061	355,693	37,299	13	393,005	—		393,005
Noncurrent liabilities held for sale(1)	87,793	11,809	—	99,602	—		99,602	98,940	9,478	—	108,418	—		108,418
Total liabilities held for sale	$625,244	$70,912	$507	$696,663	$	—	$696,663	$454,633	$46,777	$13	$501,423	$	—	$501,423

(1)    Noncurrent assets and liabilities held for sale were classified as current as we expect to complete the sale of Stork and the remaining AMECO operations early in 2022.

    Our cash flow information for 2021, 2020 and 2019 included the following activities related to Disc Ops:

	Year Ended December 31,
(in thousands)	2021						2020						2019
	Stork		AMECO		Total		Stork		AMECO		Total		Stork		AMECO		Total
Impairment expense	$	193,200	$	53,085	$	246,285	$	195,239	$	145,700	$	340,939	$	64,335	$	32,428	$	96,763
Depreciation of fixed assets	5,417		—		5,417		21,849		—		21,849		24,203		54,568		78,771
Amortization of stock-based awards	—		—		—		—		56		56		—		123		123
Capital expenditures	(16,861)		(11,019)		(27,880)		(21,087)		(26,913)		(48,000)		(28,185)		(73,433)		(101,618)

F-44

FLUOR CORPORATION

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS (Continued)

25.    Quarterly Financial Data (Unaudited)

(in millions, except per share amounts)	First Quarter		Second Quarter		Third Quarter		Fourth Quarter
Year ended December 31, 2021
Revenue	$	2,939	$	3,236	$	3,103	$	3,157
Cost of revenue	(2,846)		(3,177)		(2,997)		(3,003)
Earnings (loss) from Cont Ops before taxes	(28)		(13)		70		(157)
Net earnings (loss) from Cont Ops	(28)		(14)		43		(145)
Amounts attributable to Fluor Corporation:
Net earnings (loss) from Cont Ops	(61)		(6)		46		(161)
Net earnings (loss) from Disc Ops	(26)		(108)		(6)		(118)
Net earnings (loss)	$	(87)	$	(114)	$	40	$	(279)
Basic earnings (loss) per share attributable to Fluor Corporation:
Net earnings (loss) from Cont Ops	$	(0.43)	$	(0.08)	$	0.26	$	(1.21)
Net earnings (loss) from Disc Ops	(0.19)		(0.76)		(0.04)		(0.84)
Net earnings (loss)	$	(0.62)	$	(0.84)	$	0.22	$	(2.04)
Diluted earnings (loss) per share attributable to Fluor Corporation:
Net earnings (loss) from Cont Ops	$	(0.43)	$	(0.08)	$	0.26	$	(1.21)
Net earnings (loss) from Disc Ops	(0.19)		(0.76)		(0.04)		(0.84)
Net earnings (loss)	$	(0.62)	$	(0.84)	$	0.22	$	(2.04)
(in millions, except per share amounts)	First Quarter		Second Quarter		Third Quarter		Fourth Quarter
Year ended December 31, 2020
Revenue	$	3,698	$	3,735	$	3,457	$	3,268
Cost of revenue	(3,634)		(3,656)		(3,324)		(3,144)
Earnings (loss) from Cont Ops before taxes	(32)		23		54		(42)
Net earnings (loss) from Cont Ops	31		(8)		26		(61)
Amounts attributable to Fluor Corporation:
Net earnings (loss) from Cont Ops	22		(15)		21		(107)
Net earnings (loss) from Disc Ops	(288)		(10)		(2)		(56)
Net earnings (loss)	$	(266)	$	(25)	$	19	$	(163)
Basic earnings (loss) per share attributable to Fluor Corporation:
Net earnings (loss) from Cont Ops	$	0.15	$	(0.11)	$	0.15	$	(0.76)
Net earnings (loss) from Disc Ops	(2.05)		(0.07)		(0.01)		(0.40)
Net earnings (loss)	$	(1.90)	$	(0.18)	$	0.14	$	(1.16)
Diluted earnings (loss) per share attributable to Fluor Corporation:
Net earnings (loss) from Cont Ops	$	0.15	$	(0.11)	$	0.15	$	(0.76)
Net earnings (loss) from Disc Ops	(2.05)		(0.07)		(0.01)		(0.40)
Net earnings (loss)	$	(1.90)	$	(0.18)	$	0.14	$	(1.16)

F-45

FLUOR CORPORATION

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS (Continued)

Significant items affecting 2021 earnings included the following:

•A charge of $138 million for procurement and subcontractor cost growth, delays and disruptions in the schedule of a legacy infrastructure project during the second quarter of 2021.

•A charge of $198 million for the loss of pension settlement during the fourth quarter of 2021.

Significant items affecting 2020 earnings included the following:

•Charges totaling $103 million for impairments of investments and other assets during the first quarter of 2020.

•Charges totaling $55 million for current expected credit losses associated with Energy Solutions clients during the first quarter of 2020.

•Charges totaling $50 million for project positions due to COVID related schedule delays and associated cost growth during the first quarter of 2020.

•Charges totaling $295 million and $46 million for impairments of assets held for sale (included in Disc Ops) during the first and fourth quarters of 2020, respectively.

F-46

EX-4.7

Exhibit 4.7

DESCRIPTION OF THE REGISTRANT’S SECURITIES

REGISTERED PURSUANT TO SECTION 12 OF THE SECURITIES EXCHANGE ACT OF 1934

DESCRIPTION OF COMMON STOCK

The following description is a summary that is not complete and is qualified in its entirety by reference to our Amended and Restated Certificate of Incorporation (our “Certificate of Incorporation”) and our Amended and Restated By-Laws (our “By-Laws”), each of which is an exhibit to the Annual Report on Form 10-K to which this description is an exhibit. We encourage you to read our Certificate of Incorporation, Bylaws, and the applicable provisions of the Delaware General Corporate Law for additional information.

General

Under our Certificate of Incorporation, Fluor is authorized to issue 375,000,000 shares of common stock, par value $0.01 per share, and 20,000,000 shares of preferred stock, par value $0.01 per share.

Voting Rights

Holders of our common stock are entitled to one vote per share on all matters voted on generally by stockholders. Except as otherwise required by law or with respect to any outstanding series of our preferred stock, the holders of our common stock possess all voting power. Our Bylaws and Certificate of Incorporation generally provide that stockholder action is effective upon the affirmative vote of a majority in outstanding voting power present in person or by proxy at any meeting of stockholders. However, directors shall be elected by a vote of the majority of the votes cast, unless the number of director nominees exceeds the number of directors to be elected. A majority of the votes cast means that the number of shares voted "for" a director nominee must exceed the number of shares voted "against" that nominee.

Dividend Rights; Rights Upon Liquidation

Subject to any preferential rights of holders of any of our preferred stock that may be outstanding, holders of shares of our common stock are entitled to receive dividends on such stock out of assets legally available for distribution when, as and if authorized and declared by our board of directors and to share ratably in the assets of Fluor legally available for distribution to our stockholders in the event of our liquidation, dissolution or winding-up.

Other Matters

Holders of our common stock will have no preferences or preemptive, conversion or exchange rights. Shares of our common stock will not be liable for further calls or assessments by Fluor. Our common stock is listed on the New York Stock Exchange and trades under the symbol "FLR."

Anti-Takeover Provisions

General

Certain provisions of our Certificate of Incorporation, our Bylaws and Section 203 of the Delaware General Corporation Law may have the effect of impeding the acquisition of control of Fluor by means of a tender offer, a

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proxy contest, open market purchases or otherwise in a transaction not approved by our board of directors. These provisions are designed to reduce, or have the effect of reducing, the vulnerability of Fluor to an unsolicited proposal for the restructuring or sale of all or substantially all the assets of Fluor or an unsolicited takeover attempt which is unfair to Fluor stockholders.

Charter and Bylaw Provisions

Our Certificate of Incorporation authorizes our board of directors to issue from time to time, without further vote or action by the stockholders, up to 20,000,000 shares of our preferred stock in one or more series and to fix the designations, powers, preferences and rights, and any qualifications, limitations or restrictions, with respect to the shares issued under each such series. Pursuant to this authority, our board could create and issue a series of our preferred stock with such designations,powers, preferences and rights which have the effect of discriminating against an existing or prospective holder of our capital stock, thus making it more difficult for, or discouraging any attempt by, a potential acquirer to obtain control of Fluor by means of a merger, tender offer, proxy contest or otherwise. As a result, the authority to issue shares of preferred stock may have the effect of delaying, deferring or preventing a change in control of Fluor without any further action by our stockholders.

Other provisions of our Certificate of Incorporation and Bylaws that may make it more difficult to replace our board of directors include:

• the prohibition on stockholders acting by written consent;

• the limitations on the ability of our stockholders to call a special meeting, although, holders of at least 25% of our outstanding shares of common stock have the right to call a special meeting of stockholders, subject to certain limitations and procedures;

• requirements for advance notice for raising business or making nominations at stockholder meetings; and

• the ability of our board of directors to amend the Bylaws, increase the size of our board and to fill vacancies on our board.

Section 203 of the Delaware General Corporation Law

We are subject to the provisions of Section 203 of the Delaware General Corporation Law. In general, Section 203 prohibits a publicly held Delaware corporation from engaging in a “business combination” with an “interested stockholder” for a period of three years after the date on which the person becomes an interested stockholder, unless (i) prior to the time that such stockholder becomes an interested stockholder, the Board of Directors approves such transaction or business combination, (ii) the stockholder acquires more than 85% of the outstanding voting stock of the corporation (excluding shares held by directors who are officers or held in employee stock plans) upon consummation of such transaction, or (iii) at or subsequent to the time such stockholder becomes an interested stockholder, the business combination is approved by the Board of Directors and by two-thirds of the outstanding voting stock of the corporation (excluding shares held by the interested stockholder) at a meeting of stockholders (and not by written consent). A “business combination” includes a merger, asset sale or other transaction resulting in a financial benefit to such interested stockholder. For purposes of Section 203, “interested stockholder” is a person who, together with affiliates and associates, owns (or within three years prior, did own) 15% or more of the corporation’s voting stock. Fluor has not opted out of the protections of Section 203 of the Delaware General Corporation Law.

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DESCRIPTION OF 1.750% SENIOR NOTES DUE 2023

The following description is a summary that is not complete and is qualified in its entirety by reference to the indenture (as defined below). We encourage you to read the Indenture for additional information.

General

The notes were issued as a series of debt securities under an indenture dated as of September 8, 2011 (as previously amended on June 22, 2012, the "base indenture") between us and Wells Fargo Bank, National Association, as trustee (the "trustee"), as supplemented by a supplemental indenture dated as of March 21, 2016 (the "supplemental indenture," and together with the base indenture, the "indenture").

The notes were issued in an initial aggregate principal amount of €500,000,000 and will mature on March 21, 2023. The notes were issued only in fully registered form without coupons in minimum denominations of €100,000 and integral multiples of €1,000 above that amount. The notes were not be entitled to any sinking fund.

Interest on the notes accrues at the rate of 1.750% per annum from March 21, 2016, or from the most recent date to which interest has been paid or provided for, payable annually on March 21 of each year, beginning on March 21, 2017, to the persons in whose names the notes are registered in the security register at the close of business on the March 6 preceding the relevant interest payment date, except that interest payable at maturity shall be paid to the same persons to whom principal of the notes is payable. Interest is computed on the notes on the basis of the actual number of days in the period for which interest is being calculated and the actual number of days from and including the last date on which interest was paid on the notes (or March 21, 2016, if no interest has been paid on the notes), to but excluding the next scheduled interest payment date. This payment convention is referred to as ACTUAL/ACTUAL (ICMA) as defined in the rulebook of International Capital Markets.

The indenture does not limit the amount of notes that we may issue. We may from time to time, without notice to or the consent of the registered holders of the notes, create and issue additional notes ranking equally and ratably with the previously issued notes in all respects (other than the issue price, the date of issuance, the payment of interest accruing prior to the issue date of such additional notes and the first payment of interest following the issue date of such additional notes), provided that if the additional notes are not fungible with the previously issued notes for U.S. federal income tax purposes, the additional notes will have separate CUSIP, ISIN or Common Code numbers. Any such additional notes shall be consolidated and form a single series with the previously issued notes, including for purposes of voting and redemptions.

The indenture does not limit our ability, or the ability of our subsidiaries, to incur additional indebtedness. The indenture and the terms of the notes do not contain any covenants (other than those described herein) designed to afford holders of any notes protection in a highly leveraged or other transaction involving us that may adversely affect holders of the notes.

The notes are represented by one or more global securities. Each global security is deposited with, or on behalf of, a common depositary, and registered in the name of the nominee of the common depositary for the accounts of Clearstream and Euroclear. Except as described below under "—Book-Entry Delivery and Settlement," the notes will not be issuable in certificated form.

Listing

The notes are listed on the New York Stock Exchange.

Ranking

The notes are our senior unsecured obligations and rank equally in right of payment with all of our existing and future unsecured and unsubordinated indebtedness. The notes are effectively subordinated to any of our future secured indebtedness to the extent of the value of the assets securing such indebtedness and effectively junior to liabilities of our subsidiaries. Additionally, we have the ability under our existing revolving loan and letter of credit facility to incur substantial additional indebtedness in the future.

The notes are not guaranteed by any of our subsidiaries and are therefore structurally subordinated to all existing and future indebtedness and other obligations, including trade payables, of our subsidiaries.

Issuance in Euro; Payment on the Notes

Initial holders were required to pay for the notes in euros. All payments of interest and principal, including payments made upon any redemption of the notes, are payable in euros. If the euro is unavailable to us due to the

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imposition of exchange controls or other circumstances beyond our control or if the euro is no longer being used by the then member states of the European Monetary Union that have adopted the euro as their currency or for the settlement of transactions by public institutions of or within the international banking community, then all payments in respect of the notes will be made in U.S. dollars until the euro is again available to us or so used. In such circumstances, the amount payable on any date in euros will be converted into U.S. dollars on the basis of the then most recently available market exchange rate for euros, as determined by us in our sole discretion. Any payment in respect of the notes so made in U.S. dollars will not constitute an event of default under the notes or the indenture.

Investors are subject to foreign exchange risks as to payments of principal and interest, including payments made upon any redemption of the notes, that may have important economic and tax consequences to them.

"Euro" means the single currency of participating member states of the economic and monetary union as contemplated in the Treaty on European Union.

Business Day

The term "business day" means any day, other than a Saturday or Sunday, (1) which is not a day on which banking institutions in the City of New York or the City of London are authorized or required by law or executive order to close and (2) on which the Trans-European Automated Real-time Gross Settlement Express Transfer system (the TARGET2 system), or any successor thereto, operates. If any interest payment date, maturity date or redemption date is not a business day, then the related payment for such interest payment date, maturity date or redemption date shall be paid on the next succeeding business day with the same force and effect as if made on such interest payment date, maturity date or redemption date, as the case may be, and no further interest shall accrue as a result of such delay.

Optional Redemption

We may, at our option, at any time and from time to time redeem the notes, in whole or in part, on not less than 30 nor more than 60 days' prior notice mailed to the holders of the notes. Prior to December 21, 2022 (the date that is three months prior to the scheduled maturity date of the notes), the notes will be redeemable at a redemption price, plus accrued and unpaid interest to the date of redemption, equal to the greater of (1) 100% of the principal amount of the notes to be redeemed and (2) the sum of the present values of the remaining scheduled payments of principal and interest on the notes to be redeemed (not including interest accrued to the date of redemption), discounted to the redemption date on an annual basis (ACTUAL/ACTUAL (ICMA)) at the Comparable Government Bond Rate plus basis points.

On or after December 21, 2022 (the date that is three months prior to the scheduled maturity date of the notes), the notes will be redeemable at a redemption price, plus accrued and unpaid interest to the date of redemption, equal to 100% of the principal amount of the notes to be redeemed.

"Comparable Government Bond Rate" means, with respect to any redemption date, the rate per annum equal to the yield to maturity, expressed as a percentage (rounded to three decimal places, with 0.0005 being rounded upwards), computed as of the third business day immediately preceding such redemption date, calculated in accordance with customary financial practice in pricing new issues of comparable corporate debt securities paying interest on an annual basis (ACTUAL/ACTUAL (ICMA)) of the Comparable Government Bond, assuming a price for the Comparable Government Bond (expressed as a percentage of its principal amount) equal to the Comparable Government Bond Price for such redemption date.

"Comparable Government Bond" means the German government bond (Bundesanleihe) selected by an Independent Investment Banker as having an actual or interpolated maturity comparable to the remaining term of the notes to be redeemed that would be utilized, at the time of selection and in accordance with customary financial practice, in pricing new issues of euro-denominated corporate debt securities of comparable maturity to the remaining term of the notes. "Independent Investment Banker" means one of the Reference Bond Dealers appointed by us.

"Comparable Government Bond Price" means, with respect to any redemption date, (1) the average of the Reference Bond Dealer Quotations for such redemption date, after excluding the highest and lowest of such Reference Bond Dealer Quotations, or (2) if we obtain fewer than six such Reference Bond Dealer Quotations, the average of all Reference Bond Dealer Quotations obtained.

"Reference Bond Dealer" means each of Merrill Lynch International, BNP Paribas, Crédit Agricole Corporate and Investment Bank and their respective successors and three other nationally recognized investment banking firms that are Primary Bond Dealers specified from time to time by us, except that if any of the foregoing ceases to be a

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broker of, and/or market maker in, German government bonds (a "Primary Bond Dealer"), we are required to designate as a substitute another nationally recognized investment banking firm that is a Primary Bond Dealer.

"Reference Bond Dealer Quotations" means, with respect to each Reference Bond Dealer and any redemption date, the average, as determined by us, of the bid and asked prices for the Comparable Government Bond (expressed in each case as a percentage of its principal amount) quoted in writing to us by such Reference Bond Dealer as of 11:00 a.m., London time, on the third business day preceding such redemption date.

On and after any redemption date, interest will cease to accrue on the notes called for redemption. Prior to any redemption date, we are required to deposit with the paying agent money sufficient to pay the redemption price of and accrued interest on the notes to be redeemed on such date. If we are redeeming less than all the notes, the trustee under the indenture must select the notes to be redeemed by such method as the trustee deems fair and appropriate in accordance with the applicable depositary's procedures.

Payment of Additional Amounts

All payments of principal and interest in respect of the notes will be made free and clear of, and without deduction or withholding for or on account of, any present or future taxes, duties, assessments or other similar governmental charges required to be deducted or withheld by the United States or any political subdivision or taxing authority of or in the United States (collectively, "Taxes"), unless such withholding or deduction is required by law.

In the event any such withholding or deduction for Taxes on payments in respect of the notes is required, we will, subject to the limitations described below, pay such additional amounts ("Additional Amounts") on the notes as will result in receipt by each beneficial owner of a note that is not a U.S. Person (as defined below) of such amounts (after all such withholding or deduction), as would have been received by such beneficial owner had no such withholding or deduction been required. We will not be required, however, to make any payment of Additional Amounts for or on account of:

a)     any Tax that would not have been imposed but for (1) the existence of any present or former connection (other than a connection arising solely from the ownership of those notes or the receipt of payments in respect of those notes) between a holder of a note (or the beneficial owner for whose benefit such holder holds such note), or between a fiduciary, settlor, beneficiary, member or shareholder or other equity owner of, or possessor of a power over, that holder or beneficial owner (if that holder or beneficial owner is an estate, trust, partnership, corporation or other entity) and the United States, including that holder or beneficial owner, or that fiduciary, settlor, beneficiary, member, shareholder or possessor, being or having been a citizen or resident or treated as a resident of the United States or being or having been engaged in trade or business or present in the United States or having had a permanent establishment in the United States, (2) the failure of a beneficial owner or holder of the notes to comply with any certification, information, documentation or other reporting requirements concerning the nationality, residence, identity or connections with the United States of the beneficial owner or holder of the notes that such beneficial owner or holder is legally able to comply with (including, but not limited to, the requirement to provide Internal Revenue Service Forms W-8BEN, W-8BEN-E, W-8ECI, or any subsequent versions thereof or successor thereto, and including, without limitation, any documentation requirement under an applicable income tax treaty) or (3) the presentation of a note for payment on a date more than 30 days after the later of the date on which that payment becomes due and payable and the date on which payment is duly provided for, except to the extent that the holder or beneficial owner would have been entitled to such Additional Amounts on presenting such note on any date during such 30-day period;

b)     any estate, inheritance, gift, sales, transfer, capital gains, excise, personal property, wealth or similar Tax;

c)     any Tax imposed by reason of the beneficial owner's past or present status as a passive foreign investment company with respect to the United States, a controlled foreign corporation with respect to the United States, a foreign tax exempt organization with respect to the United States or a personal holding company with respect to the United States or as a corporation that accumulates earnings to avoid U.S. federal income tax;

d)     any Tax which is payable otherwise than by withholding or deducting from payment of principal of or premium, if any, or interest on the notes;

e)     any Tax required to be withheld by any paying agent from any payment of principal of and premium, if any, or interest on any note if that payment can be made without withholding by any other paying agent;

f)     any Tax imposed on interest received by (1) a 10-percent shareholder (as defined in Section 871(h)(3)(B) of the U.S. Internal Revenue Code of 1986, as amended (the "Code"), and the regulations that may be

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promulgated thereunder) of us, (2) a controlled foreign corporation that is related to us within the meaning of Section 864(d)(4) of the Code, or (3) a bank receiving interest described in Section 881(c)(3)(A) of the Code, to the extent such Tax would not have been imposed but for the beneficial owner's status as described in clauses (1) through (3) of this paragraph (f);

g)     any Tax that would not have been imposed but for a change in law, regulation, or administrative or judicial interpretation that becomes effective more than 15 days after the payment becomes due or is duly provided for, whichever occurs later;

h)     any withholding or deduction that is required to be made pursuant to the European Council Directive 2003/48/EC on the taxation of savings income (the "Savings Directive") or any other European Union directive amending, supplementing or replacing the Savings Directive, or any law implementing or complying with, or introduced in order to conform to, the Savings Directive or other European Union directives;

i)     any Tax required to be withheld or deducted under Sections 1471 through 1474 of the Code (or any amended or successor version of such Sections that is substantively comparable) ("FATCA"), any regulations or other guidance thereunder, or any agreement (including any intergovernmental agreement) entered into in connection therewith; or any law, regulation or other official guidance enacted in any jurisdiction implementing FATCA or an intergovernmental agreement in respect of FATCA; or

j)     any combination of items (a), (b), (c), (d), (e), (f), (g), (h) and (i);

nor will we pay any Additional Amounts to any beneficial owner or holder of notes who is a fiduciary or partnership to the extent that a beneficiary or settlor with respect to that fiduciary or a member of that partnership or a beneficial owner thereof would not have been entitled to the payment of those Additional Amounts had that beneficiary, settlor, member or beneficial owner been the beneficial owner of those notes.

We undertake that, to the extent permitted by law, we will maintain a paying agent that will not be obliged to deduct or withhold tax pursuant to the Savings Directive or any other European Union directive amending, supplementing or replacing the Savings Directive, or any law implementing or complying with, or introduced in order to conform to, the Savings Directive or other European Union directives.

As used in the preceding paragraph, "U.S. Person" means any individual who is a citizen or resident of the United States for U.S. federal income tax purposes, a corporation, partnership or other entity created or organized in or under the laws of the United States, any state of the United States or the District of Columbia (other than a partnership that is not treated as a United States person under any applicable U.S. Treasury regulations), or any estate or trust the income of which is subject to United States federal income taxation regardless of its source.

Any reference in the terms of the notes to any amounts in respect of the notes shall be deemed also to refer to any Additional Amounts which may be payable under this provision.

Redemption for Tax Reasons

We may redeem the notes at our option, in whole but not in part, at a redemption price equal to 100% of the principal amount of the notes, together with any accrued and unpaid interest on the notes to the date of redemption, at any time, if:

(1)     we have or will become obliged to pay Additional Amounts with respect to the notes as a result of any change in, or amendment to, the laws, regulations, treaties, or rulings of the United States or any political subdivision of or in the United States or any taxing authority thereof or therein affecting taxation, or any change in, or amendment to, the application, official interpretation, administration or enforcement of such laws, regulations, treaties or rulings (including a holding by a court of competent jurisdiction in the United States), which change or amendment is enacted, adopted, announced or becomes effective on or after the date of the issuance of the notes; or

(2)     on or after the date of the issuance of the notes, any action is taken by a taxing authority of, or any action has been brought in a court of competent jurisdiction in, the United States or any political subdivision of or in the United States or any taxing authority thereof or therein, including any of those actions specified in clause (1) above, whether or not such action was taken or brought with respect to us, or there is any change, amendment, clarification, application or interpretation of such laws, regulations, treaties or rulings, which in any such case, will result in a material probability that we will be required to pay Additional Amounts with respect to such notes (it being understood that such material probability will be

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deemed to result if the written opinion of independent tax counsel to such effect is delivered to the trustee and the paying agent).

Notice of any redemption will be mailed, or delivered electronically if the notes are held by any depositary (in accordance with such depositary's customary procedures), at least 30 days but not more than 60 days before the redemption date to each registered holder of the notes; provided, however, that the notice of redemption shall not be given earlier than 90 days before the earliest date on which we would be obligated to pay such Additional Amounts if a payment in respect of the notes were then due.

Change of Control Triggering Event

Upon the occurrence of a Change of Control Triggering Event with respect to the notes, unless we have exercised our right to redeem the notes as described under "—Optional Redemption" by giving irrevocable notice to the trustee in accordance with the indenture, each holder of notes will have the right to require us to purchase all or a portion of such holder's notes pursuant to the offer described below (the "Change of Control Offer"), at a purchase price equal to 101% of the principal amount thereof plus accrued and unpaid interest, if any, to the date of purchase (the "Change of Control Payment"), subject to the rights of holders of notes on the relevant record date to receive interest due on the relevant interest payment date.

Unless we have exercised our right to redeem all outstanding notes, within 30 days following the date upon which the Change of Control Triggering Event occurred with respect to the notes, or at our option, prior to any Change of Control but after the public announcement of the pending Change of Control, we will be required to send, by first class mail, a notice to each holder of notes, with a copy to the trustee, which notice will govern the terms of the Change of Control Offer. Such notice will state, among other things, the purchase date, which must be no earlier than 30 days nor later than 60 days from the date such notice is mailed, other than as may be required by law (the "Change of Control Payment Date"). The notice, if mailed prior to the date of consummation of the Change of Control, will state that the Change of Control Offer is conditioned on the Change of Control being consummated on or prior to the Change of Control Payment Date.

On the Change of Control Payment Date, we will, to the extent lawful:

•accept or cause a third party to accept for payment all notes or portions of notes properly tendered pursuant to the Change of Control Offer;

•deposit or cause a third party to deposit with the paying agent an amount equal to the Change of Control Payment in respect of all notes or portions of notes properly tendered; and

•deliver or cause to be delivered to the trustee the notes properly accepted together with an officers' certificate stating the aggregate principal amount of notes or portions of notes being repurchased and that all conditions precedent to the Change of Control Offer and to the repurchase by us of notes pursuant to the Change of Control Offer have been complied with.

We will not be required to make a Change of Control Offer with respect to the notes if a third party makes such an offer in the manner, at the times and otherwise in compliance with the requirements for such an offer made by us and such third party purchases all the notes properly tendered and not withdrawn under its offer.

We will comply in all material respects with the requirements of Rule 14e-1 under the Securities Exchange Act of 1934, as amended (the "Exchange Act"), and any other securities laws and regulations thereunder to the extent those laws and regulations are applicable in connection with the repurchase of the notes as a result of a Change of Control Triggering Event. To the extent that the provisions of any such securities laws or regulations conflict with the Change of Control Offer provisions of the notes, we will comply with those securities laws and regulations and will not be deemed to have breached our obligations under the Change of Control Offer provisions of the notes by virtue of any such conflict.

For purposes of the foregoing discussion of a Change of Control Offer, the following definitions are applicable:

"Change of Control" means the occurrence of any of the following after the date of issuance of the notes:

(1)       the direct or indirect sale, lease, transfer, conveyance or other disposition (other than by way of merger or consolidation), in one or a series of related transactions, of all or substantially all of the assets of Fluor and its subsidiaries taken as a whole to any "person" or "group" (as those terms are used in Section 13(d)(3) of the Exchange Act) other than to Fluor or one of its subsidiaries;

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(2)       the consummation of any transaction (including, without limitation, any merger or consolidation) the result of which is that any "person" or "group" (as those terms are used in Section 13(d)(3) of the Exchange Act, it being agreed that an employee of Fluor or any of its subsidiaries for whom shares are held under an employee stock ownership, employee retirement, employee savings or similar plan and whose shares are voted in accordance with the instructions of such employee shall not be a member of a "group" (as that term is used in Section 13(d)(3) of the Exchange Act) solely because such employee's shares are held by a trustee under said plan) becomes the "beneficial owner" (as defined in Rules 13d-3 and 13d-5 under the Exchange Act), directly or indirectly, of our Voting Stock representing more than 50% of the voting power of our outstanding Voting Stock;

(3)       we consolidate with, or merge with or into, any Person, or any Person consolidates with, or merge with or into, us, in any such event pursuant to a transaction in which any of our outstanding Voting Stock or Voting Stock of such other Person is converted into or exchanged for cash, securities or other property, other than any such transaction where our Voting Stock outstanding immediately prior to such transaction constitutes, or is converted into or exchanged for, Voting Stock representing at least a majority of the voting power of the Voting Stock of the surviving Person immediately after giving effect to such transaction;

(4)       the first day on which a majority of the members of our board of directors are not Continuing Directors; or

(5)       the adoption of a plan relating to our liquidation or dissolution.

Notwithstanding the foregoing, a transaction will not be deemed to involve a Change of Control solely because we become a direct or indirect wholly-owned subsidiary of a holding company if the direct and indirect holders of the Voting Stock of such holding company immediately following that transaction are substantially the same as the holders of our Voting Stock immediately prior to that transaction.

"Change of Control Triggering Event" means, with respect to the notes, (1) the rating of the notes is lowered by two out of three of the Rating Agencies on any date during the period (the "Trigger Period") commencing on the earlier of (a) the occurrence of a Change of Control and (b) the first public announcement by us of any Change of Control (or pending Change of Control), and ending 60 days following consummation of such Change of Control (which Trigger Period will be extended following consummation of a Change of Control for so long as any of the Rating Agencies has publicly announced that it is considering a possible ratings change), and (2) the notes are rated below Investment Grade by each of the Rating Agencies on any day during the Trigger Period; provided that a Change of Control Triggering Event will not be deemed to have occurred in respect of a particular Change of Control if each Rating Agency making the reduction in rating does not publicly announce or confirm or inform the trustee at our request that the reduction was the result, in whole or in part, of any event or circumstance comprised of or arising as a result of, or in respect of, the Change of Control.

Notwithstanding the foregoing, no Change of Control Triggering Event will be deemed to have occurred in connection with any particular Change of Control unless and until such Change of Control has actually been consummated.

"Continuing Director" means, as of any date of determination, any member of our board of directors who: (1) was a member of such board of directors on the date of issuance of the notes or (2) was nominated for election, elected or appointed to such board of directors with the approval of a majority of the Continuing Directors who were members of such board of directors at the time of such nomination, election or appointment (either by a specific vote or by approval of a proxy statement in which such member was named as a nominee for election as a director).

"Fitch" means Fitch Ratings, Inc. and its successors.

"Investment Grade" means a rating of Baa3 or better by Moody's (or its equivalent under any successor rating category of Moody's), a rating of BBB– or better by S&P (or its equivalent under any successor rating category of S&P), and a rating of BBB– or better by Fitch (or its equivalent under any successor rating category of Fitch), and the equivalent investment grade credit rating from any replacement rating agency or rating agencies selected by us under the circumstances permitting us to select a replacement agency and in the manner for selecting a replacement agency, in each case as set forth in the definition of "Rating Agency."

"Moody's" means Moody's Investors Service, Inc., a subsidiary of Moody's Corporation, and its successors.

"Rating Agency" means each of Moody's, S&P and Fitch; provided, that if any of Moody's, S&P or Fitch ceases to provide rating services to issuers or investors, we may appoint another "nationally recognized statistical rating organization" within the meaning of Section 3(a)(62) of the Exchange Act as a replacement for such Rating Agency.

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"S&P" means Standard & Poor's Ratings Services, a division of The McGraw-Hill Companies, Inc., and its successors.

"Voting Stock" of any specified Person as of any date means the capital stock of such Person that is at the time entitled to vote generally in the election of the board of directors of such Person.

For purposes of the notes, the following definition is applicable:

"Person" means any individual, corporation, partnership, limited liability company, business trust, association, joint-stock company, joint venture, trust, incorporated or unincorporated organization or government or any agency or political subdivision thereof.

The definition of Change of Control includes a phrase relating to the direct or indirect sale, lease, transfer, conveyance or other disposition of "all or substantially all" of the properties or assets of Fluor and its subsidiaries taken as a whole. Although there is a limited body of case law interpreting the phrase "substantially all," there is no precise, established definition of the phrase under applicable law. Accordingly, the applicability of the requirement that we offer to repurchase the notes as a result of a sale, lease, transfer, conveyance or other disposition of less than all of the assets of Fluor and its subsidiaries taken as a whole to another Person or group may be uncertain.

Certain Covenants

Restrictions on Liens

We will not, nor will we permit any Domestic Subsidiary to, incur, issue, assume or guarantee any Debt secured by a Lien upon any Principal Property or on any shares of stock or indebtedness of any Domestic Subsidiary (whether such Principal Property, shares of stock or indebtedness is now owned or hereafter acquired) without in any such case effectively providing that the notes (together with, if we shall so determine, any other indebtedness of or guaranteed by us or such Domestic Subsidiary ranking equally with the notes then existing or thereafter created) shall be secured equally and ratably with such Debt, except that the foregoing restrictions shall not apply to:

(1)     Liens on property, shares of stock or indebtedness of or guaranteed by any Person existing at the time such Person becomes a Domestic Subsidiary;

(2)     Liens on property existing at the time of acquisition thereof, or to secure the payment of all or part of the purchase or construction price of property, or to secure Debt incurred or guaranteed for the purpose of financing all or part of the purchase or construction price of property or the cost of improvements on property, which Debt is incurred or guaranteed prior to, at the time of, or within 180 days after the later of such acquisition or completion of such improvements or construction or commencement of commercial operation of the property;

(3)     Liens in favor of us or any Subsidiary;

(4)     Liens on property of a Person existing at the time such Person is merged into or consolidated with us or a Domestic Subsidiary or at the time of a purchase, lease or other acquisition of the property of a Person as an entirety or substantially as an entirety by us or a Domestic Subsidiary;

(5)     Liens on our property or that of a Domestic Subsidiary in favor of the United States of America or any state thereof, or any political subdivision thereof, or in favor of any other country, or any political subdivision thereof, to secure certain payments pursuant to any contract or statute or to secure any indebtedness incurred or guaranteed for the purpose of financing all or any part of the purchase price or the cost of construction of the property subject to such Liens (including, but not limited to, Liens incurred in connection with pollution control industrial revenue bond or similar financing);

(6)     Liens imposed by law, for example mechanics', workmen's, repairmen's, banker's or other similar Liens or rights of set-off arising in the ordinary course of business;

(7)     pledges or deposits under workmen's compensation or similar legislation or in certain other circumstances;

(8)     Liens in connection with legal proceedings;

(9)     Liens for taxes or assessments or governmental charges or levies not yet due or delinquent, of which can thereafter be paid without penalty, or which are being contested in good faith by appropriate proceedings;

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(10)     Liens consisting of restrictions on the use of real property that do not interfere materially with the property's use;

(11)     Liens existing on the date of the indenture; and

(12)     any refinancing, extension, renewal or replacement (or successive refinancings, extensions, renewals or replacements), in whole or in part, of any Lien referred to in any of the foregoing clauses; provided, however, that (a) the principal or accreted amount of any Debt of ours or any of our Domestic Subsidiaries secured by such Lien immediately after such refinancing, extension, renewal or replacement shall not exceed the sum of the principal or accreted amount, as the case may be, of any Debt of ours or any of our Domestic Subsidiaries so secured immediately prior to such refinancing, extension, renewal or replacement plus any costs and expenses (including, without limitation, any fees, premiums and penalties) related to such refinancing, extension, renewal or replacement, and (b) such refinancing, extension, renewal or replacement shall be limited to all or a part of the same Principal Property (and any improvements thereon), any shares of stock or indebtedness of any Domestic Subsidiary which secured any Debt of ours or any of our Domestic Subsidiaries immediately prior to such refinancing, extension, renewal or replacement.

Notwithstanding the above, we and any one or more Domestic Subsidiaries may, without securing the notes, incur, issue, assume or guarantee secured Debt which would otherwise be subject to the foregoing restrictions, provided that after giving effect thereto the aggregate amount of Debt which would otherwise be subject to the foregoing restrictions then outstanding (not including secured Debt permitted under the foregoing exceptions) plus Attributable Debt relating to sale and leaseback transactions (as described below) does not exceed 15% of our Consolidated Net Tangible Assets.

Restrictions on Sale and Leaseback Transactions

The consummation of any sale and leaseback transaction by us or any Domestic Subsidiary of any Principal Property (whether owned as of the issue date of the notes or thereafter acquired) is prohibited following the date of the supplemental indenture governing the notes unless:

(1)     we or such Domestic Subsidiary would be entitled under the indenture to issue, assume or guarantee Debt secured by a Lien upon such Principal Property at least equal in amount to the Attributable Debt in respect of such transaction without equally and ratably securing the notes, provided that such Attributable Debt shall thereupon be deemed to be Debt subject to the provisions described above under "Restrictions on Liens"; or

(2)     within 180 days, an amount in cash equal to such Attributable Debt is applied to (a) the retirement of Senior Debt that matures at or is extendible or renewable at the option of the obligor to a date more than twelve months after the date of the creation of such Senior Debt or (b) the purchase, construction, development, expansion or improvement of other comparable property, in the case of both (a) and (b) above, in an amount not less than the greater of:

•the net proceeds of the sale of the Principal Property leased pursuant to the arrangement, or

•the fair market value of the Principal Property so leased.

The restrictions described above do not apply:

(1)     to a sale and leaseback transaction between us and a Domestic Subsidiary or between Domestic Subsidiaries, or that involves the taking back of a lease for a period of less than three years; or

(2)     if, at the time of the sale and leaseback transaction, after giving effect to the transaction, the total discounted net amount of rent required to be paid during the remaining term of any lease relating to all outstanding sale and leaseback transactions (other than sale and leaseback transactions otherwise permitted under this captioned section) plus all outstanding secured Debt pursuant to the "Restrictions on Liens" covenant above, does not exceed 15% of our Consolidated Net Tangible Assets.

Certain Definitions Relating to Our Restrictive Covenants

Following are the meanings of the terms that are important in understanding the restrictive covenants previously described.

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"Attributable Debt" is defined as the present value (discounted at the rate of interest implicit in the terms of the lease) of the obligation of a lessee for net rental payments during the remaining term of any lease (including any period for which such lease has been extended or may, at the option of the lessor, be extended).

"Consolidated Net Tangible Assets" means the aggregate amount of assets (less applicable reserves and other properly deductible items) after deducting therefrom (a) all current liabilities (excluding any indebtedness for money borrowed having a maturity of less than 12 months from the date of the most recent consolidated balance sheet of the Company but which by its terms is renewable or extendable beyond 12 months from such date at the option of the borrower) and (b) all goodwill, trade names, patents, unamortized debt discount and expense and any other like intangibles, all as set forth on the most recent consolidated balance sheet of the Company computed in accordance with U.S. generally accepted accounting principles and contained in an annual report on Form 10-K or a quarterly report on Form 10-Q (in each case as amended, if applicable) filed by the Company with the Securities and Exchange Commission (or any successor thereto) or if, at such date, the Company shall have ceased filing such reports with the Securities and Exchange Commission (or any successor thereto), the Company's then most recent consolidated annual or quarterly balance sheet prepared in accordance with U.S. generally accepted accounting principles.

"Debt" is defined as indebtedness for money borrowed that in accordance with applicable generally accepted accounting principles would be reflected on the balance sheet of the obligor as a liability as of the date on which Debt is to be determined. Notwithstanding anything to the contrary contained herein, "Debt" of the Company and its Subsidiaries shall exclude Debt of variable interest entities which is identified (as required by and referenced in FASB Interpretation No. 46, Consolidation of Variable Interest Entities (January 2003), as may be modified or supplemented) by separate line item in the balance sheet of the Company and its Subsidiaries as non-recourse to the Company and its Subsidiaries.

"Domestic Subsidiary" is defined as a Subsidiary (a) which is a United States-organized (other than the territories and possessions thereof) legal entity and (b) which owns any Principal Property.

"Liens" is defined as any mortgage, pledge, lien or other encumbrance.

"Principal Property" is defined as each plant, warehouse, equipment yard, distribution facility or office located within the United States (other than the territories and possessions thereof) and owned or leased by the Company or a Domestic Subsidiary which has a gross book value in excess of 2% of Consolidated Net Tangible Assets other than a plant, warehouse, equipment yard, distribution facility or office, or portion thereof which, in the opinion of the Company's Board of Directors, is not of material importance to the business conducted by the Company and its Subsidiaries as an entirety.

"Senior Debt" means any Debt of the Company or its Subsidiaries other than Subordinated Debt.

"Subordinated Debt" means any Debt of the Company which is expressly subordinated in right of payment to the notes.

"Subsidiary" of a Person means a corporation, partnership, joint venture, limited liability company or other business entity of which a majority of the shares of securities or other interests having ordinary voting power for the election of directors or other governing body (other than securities or interests having such power only by reason of the happening of a contingency) are at the time beneficially owned, or the management of which is otherwise controlled, directly, or indirectly through one or more intermediaries, or both, by such Person. Unless otherwise specified, all references herein to a "Subsidiary" or to "Subsidiaries" shall refer to a Subsidiary or Subsidiaries of the Company.

Events of Default

An Event of Default with respect to the notes of any series is defined in the indentures as:

•default in the payment of any installment of interest upon the notes as and when the same shall become due and payable, and continuance of such default for a period of 30 days;

•Default in the payment of all or any part of the principal of notes as and when the same shall become due and payable either at maturity, upon any redemption, by declaration or otherwise;

•default in the performance or breach of any other covenant or warranty contained in the notes or set forth in the applicable indenture (other than a covenant or warranty included in the applicable indenture solely for the benefit of one or more series of debt securities other than such series) and continuance of such default or breach for a period of 90 days after due notice by the trustee or by the holders of at least 25% in principal amount of the outstanding securities of such series; or

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•certain events of bankruptcy, insolvency or reorganization of the Company.

The indentures provide that the trustee shall notify the holders of notes of each series of any continuing default known to the trustee which has occurred with respect to such series within 90 days after the occurrence thereof. The indentures provide that, notwithstanding the foregoing, except in the case of default in the payment of the principal of, or interest, if any, on any of the notes of such series, the trustee may withhold such notice if the trustee in good faith determines that the withholding of such notice is in the interests of the holders of notes of such series.

The indentures provide that if an Event of Default with respect to any series of notes shall have occurred and be continuing, either the trustee or the holders of not less than 25% in aggregate principal amount of notes of such series then outstanding may declare the principal amount of all notes of such series to be due and payable immediately, but upon certain conditions such declaration may be annulled. Any past defaults and the consequences thereof, except a default in the payment of principal of or interest, if any, on notes of such series, may be waived by the holders of a majority in principal amount of the notes of such series then outstanding.

In case an Event of Default with respect to any series of notes shall occur and be continuing, the trustee shall not be under any obligation to exercise any of the trusts or powers vested in it by the indentures at the request or direction of any of the holders of such series, unless such holders shall have offered to such trustee security or indemnity reasonably satisfactory to it. The holders of a majority in aggregate principal amount of the notes of each series affected and then outstanding shall have the right to direct the time, method and place of conducting any proceeding for any remedy available to the trustee under the applicable indenture or exercising any trust or power conferred on the trustee with respect to the notes of such series; provided that the trustee may refuse to follow any direction which is in conflict with any law or such indenture and subject to certain other limitations.

No holder of any notes of any series will have any right by virtue or by availing of any provision of the indentures to institute any proceeding at law or in equity or in bankruptcy or otherwise with respect to the indentures or for any remedy thereunder, unless such holder shall have previously given the trustee written notice of an Event of Default with respect to notes of such series and unless the holders of at least 25% in aggregate principal amount of the outstanding notes of such series shall have made written request to the trustee to institute such proceeding as trustee, and offered indemnity reasonably satisfactory to it, and the trustee shall have failed to institute such proceeding within 60 days after its receipt of such request, and the trustee shall not have received from the holders of a majority in aggregate principal amount of the outstanding notes of such series a direction inconsistent with such request. The right of a holder of any note to receive payment of the principal of and interest, if any, on such note on or after the due dates expressed in such note, or to institute suit for the enforcement of any such payment on or after such dates, shall not be impaired or affected without the consent of such holder.

Book-Entry Delivery and Settlement

We have obtained the information in this section concerning Clearstream and Euroclear and their book-entry systems and procedures from sources that we believe to be reliable. We take no responsibility for an accurate portrayal of this information. In addition, the description of the clearing systems in this section reflects our understanding of the rules and procedures of Clearstream and Euroclear as they are currently in effect. Those clearing systems could change their rules and procedures at any time.

The notes will initially be represented by one or more fully registered global notes. Each such global note will be deposited with, or on behalf of, a common depositary and registered in the name of the nominee of the common depositary for the accounts of Clearstream and Euroclear. Except as set forth below, the global notes may be transferred, in whole and not in part, only to Euroclear or Clearstream or their respective nominees. You may hold your interests in the global notes in Europe through Clearstream or Euroclear, either as a participant in such systems or indirectly through organizations which are participants in such systems. Clearstream and Euroclear will hold interests in the global notes on behalf of their respective participating organizations or customers through customers' securities accounts in Clearstream's or Euroclear's names on the books of their respective depositaries. Book-entry interests in the notes and all transfers relating to the notes will be reflected in the book-entry records of Clearstream and Euroclear. The address of Clearstream is 42 Avenue JF Kennedy, L-1855 Luxembourg, Luxembourg and the address of Euroclear is 1 Boulevard Roi Albert II, B-1210 Brussels, Belgium.

The distribution of the notes will be cleared through Clearstream and Euroclear. Any secondary market trading of book-entry interests in the notes will take place through Clearstream and Euroclear participants and will settle in same-day funds. Owners of book-entry interests in the notes will receive payments relating to their notes in euro, except as described under "Currency Conversion" and "—Issuance in Euro; Payment on the Notes."

Clearstream and Euroclear have established electronic securities and payment transfer, processing, depositary and custodial links among themselves and others, either directly or through custodians and depositaries. These links allow the notes to be issued, held and transferred among the clearing systems without the physical transfer of

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certificates. Special procedures to facilitate clearance and settlement have been established among these clearing systems to trade securities across borders in the secondary market.

The policies of Clearstream and Euroclear will govern payments, transfers, exchanges and other matters relating to the investor's interest in the notes held by them. We have no responsibility for any aspect of the records kept by Clearstream or Euroclear or any of their direct or indirect participants. We also do not supervise these systems in any way.

Clearstream and Euroclear and their participants perform these clearance and settlement functions under agreements they have made with one another or with their customers. You should be aware that they are not obligated to perform or continue to perform these procedures and may modify them or discontinue them at any time.

Except as provided below, owners of beneficial interests in the notes will not be entitled to have the notes registered in their names, will not receive or be entitled to receive physical delivery of the notes in definitive form and will not be considered the owners or holders of the notes under the indenture, including for purposes of receiving any reports delivered by us or the trustee pursuant to the indenture. Accordingly, each person owning a beneficial interest in a note must rely on the procedures of the depositary and, if such person is not a participant, on the procedures of the participant through which such person owns its interest, in order to exercise any rights of a holder of notes.

We have been advised by Clearstream and Euroclear, respectively, as follows:

Clearstream

Clearstream advises that it is incorporated under the laws of Luxembourg as a professional depositary. Clearstream holds securities for its participating organizations ("Clearstream Participants") and facilitates the clearance and settlement of securities transactions between Clearstream Participants through electronic book-entry changes in accounts of Clearstream Participants, thereby eliminating the need for physical movement of certificates. Clearstream provides to Clearstream Participants, among other things, services for safekeeping, administration, clearance and settlement of internationally traded securities and securities lending and borrowing. Clearstream interfaces with domestic markets in several countries. As a professional depositary, Clearstream is subject to regulation by the Luxembourg Commission for the Supervision of the Financial Sector (Commission de Surveillance du Secteur Financier). Clearstream Participants are recognized financial institutions around the world, including underwriters, securities brokers and dealers, banks, trust companies, clearing corporations and certain other organizations and may include the underwriters. Indirect access to Clearstream is also available to others, such as banks, brokers, dealers and trust companies that clear through or maintain a custodial relationship with a Clearstream Participant, either directly or indirectly.

Distributions with respect to interests in the notes held beneficially through Clearstream will be credited to cash accounts of Clearstream Participants in accordance with its rules and procedures.

Euroclear

Euroclear advises that it was created in 1968 to hold securities for participants of Euroclear ("Euroclear Participants") and to clear and settle transactions between Euroclear Participants through simultaneous electronic book-entry delivery against payment, thereby eliminating the need for physical movement of certificates and any risk from lack of simultaneous transfers of securities and cash. Euroclear includes various other services, including securities lending and borrowing and interfaces with domestic markets in several countries. Euroclear is operated by Euroclear Bank S.A./N.V. (the "Euroclear Operator"). All operations are conducted by the Euroclear Operator, and all Euroclear securities clearance accounts and Euroclear cash accounts are accounts with the Euroclear Operator. Euroclear Participants include banks (including central banks), securities brokers and dealers and other professional financial intermediaries and may include the underwriters. Indirect access to Euroclear is also available to other firms that clear through or maintain a custodial relationship with a Euroclear Participant, either directly or indirectly.

The Terms and Conditions Governing Use of Euroclear and the related Operating Procedures of the Euroclear System, or the Euroclear Terms and Conditions, and applicable Belgian law govern securities clearance accounts and cash accounts with the Euroclear Operator. Specifically, these terms and conditions govern:

•transfers of securities and cash within Euroclear;

•withdrawal of securities and cash from Euroclear; and

•receipt of payments with respect to securities in Euroclear.

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All securities in Euroclear are held on a fungible basis without attribution of specific certificates to specific securities clearance accounts. The Euroclear Operator acts under the terms and conditions only on behalf of Euroclear Participants and has no record of or relationship with persons holding securities through Euroclear Participants.

Distributions with respect to interests in the notes held beneficially through Euroclear will be credited to the cash accounts of Euroclear Participants in accordance with the Euroclear Terms and Conditions.

Clearance and Settlement Procedures

We understand that investors that hold their notes through Clearstream or Euroclear accounts will follow the settlement procedures that are applicable to conventional eurobonds in registered form. Notes will be credited to the securities custody accounts of Clearstream and Euroclear participants on the business day following the settlement date, for value on the settlement date. They will be credited either free of payment or against payment for value on the settlement date.

We understand that secondary market trading between Clearstream and/or Euroclear participants will occur in the ordinary way following the applicable rules and operating procedures of Clearstream and Euroclear. Secondary market trading will be settled using procedures applicable to conventional eurobonds in registered form.

You should be aware that investors will only be able to make and receive deliveries, payments and other communications involving the notes through Clearstream and Euroclear on days when those systems are open for business. Those systems may not be open for business on days when banks, brokers and other institutions are open for business in the United States.

In addition, because of time-zone differences, there may be problems with completing transactions involving Clearstream and Euroclear on the same business day as in the United States. U.S. investors who wish to transfer their interests in the notes, or to make or receive a payment or delivery of the notes, on a particular day, may find that the transactions will not be performed until the next business day in Luxembourg or Brussels, depending on whether Clearstream or Euroclear is used.

Clearstream or Euroclear will credit payments to the cash accounts of Clearstream customers or Euroclear participants, as applicable, in accordance with the relevant system's rules and procedures, to the extent received by its depositary. Clearstream or the Euroclear Operator, as the case may be, will take any other action permitted to be taken by a holder under the indenture on behalf of a Clearstream customer or Euroclear participant only in accordance with its relevant rules and procedures.

Clearstream and Euroclear have agreed to the foregoing procedures in order to facilitate transfers of the notes among participants of Clearstream and Euroclear. However, they are under no obligation to perform or continue to perform those procedures, and they may discontinue those procedures at any time.

Certificated Notes

Subject to certain conditions, the notes represented by the global notes are exchangeable for certificated notes in definitive form of like tenor in minimum denominations of €100,000 principal amount and integral multiples of €1,000 in excess thereof if:

(1)      the common depositary provides notification that it is unwilling, unable or no longer qualified to continue as depositary for the global notes and a successor is not appointed within 90 days;

(2)       we in our discretion at any time determine not to have all the notes represented by the global note; or

(3)       default entitling the holders of the applicable notes of to accelerate the maturity thereof has occurred and is continuing.

Any note that is exchangeable as above is exchangeable for certificated notes issuable in authorized denominations and registered in such names as the common depositary shall direct. Subject to the foregoing, a global note is not exchangeable, except for a global note of the same aggregate denomination to be registered in the name of the common depositary (or its nominee).

Same-day Payment

Payments (including principal, interest and any additional amounts) and transfers with respect to notes in certificated form may be executed at the office or agency maintained for such purpose within the City of London

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(initially the office of the paying agent maintained for such purpose) or, at our option, by check mailed to the holders thereof at the respective addresses set forth in the register of holders of the applicable notes, provided that all payments (including principal, interest and any additional amounts) on notes in certificated form, for which the holders thereof have given wire transfer instructions, will be required to be made by wire transfer of immediately available funds to the accounts specified by the holders thereof. No service charge will be made for any registration of transfer, but payment of a sum sufficient to cover any tax or governmental charge payable in connection with that registration may be required.

Trustee

Wells Fargo Bank, National Association is the trustee under the indenture. In the ordinary course of their businesses, affiliates of the trustee have engaged in commercial banking transactions with us, and may in the future engage in commercial banking and other transactions with us.

Paying Agent

Citibank, N.A., London Branch acts as paying agent, calculation agent, registrar and transfer agent for the notes. In the ordinary course of their businesses, affiliates of the paying agent have engaged in commercial banking transactions with us, and may in the future engage in commercial banking and other transactions with us.

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EX-10.17

Exhibit 10.17

FORM OF OPTION AGREEMENT

This Option Agreement ("Agreement") entered into as of [GRANT DATE] (the "Grant Date"), by and between Fluor Corporation, a Delaware corporation (the "Company"), and you ("Grantee" or “you”) evidences the grant to Grantee of a Stock Option ("Option") under the Fluor Corporation 2020 Performance Incentive Plan (the "Plan"). Capitalized terms used in this Agreement and not defined herein have the meaning set forth in the Plan.

Section 1.AWARD SUBJECT TO PLAN

This Option is granted subject to all of the terms and conditions of this Agreement and the Plan, including any terms, rules or determinations made by the Committee pursuant to its administrative authority under the Plan, and such further terms as are set forth in the Plan that are applicable to awards thereunder, including without limitation provisions on adjustment of awards, non-transferability, satisfaction of tax requirements and compliance with other laws. The Option is not intended to be an "incentive stock option" within the meaning of that term under Code Section 422.

Section 2.OPTION AWARD

The Company hereby awards Grantee an Option to purchase shares of Company common stock, par value $.01 per share (“Shares”), pursuant to this Agreement at an exercise price per Share of $XX.XX, subject to the terms and conditions set forth herein and in the Plan. The Option may not be exercised in whole or in part as of the Grant Date, and becomes exercisable only if and to the extent provided in the following paragraphs and otherwise subject to and in accordance with the Plan.

Section 3.VESTING AND EXPIRATION

The Option shall vest and become exercisable at a rate of one third per year (rounded up to the nearest whole Share) commencing on [FIRST VESTING DATE] and annually thereafter on [SECOND VESTING DATE] and [THIRD VESTING DATE], provided that Grantee’s employment has not terminated on or before such date unless one of the exceptions in this Section 3 is met. Subject to the provisions below and the terms of the Plan, the right to exercise the Option shall expire on [EXPIRATION DATE IN 10 YEARS]. Notwithstanding the foregoing, in the event that on the expiration date (i) the exercise of the Option is prohibited by applicable law or (ii) Shares may not be purchased or sold by you due to the “black-out period” of a Company policy or a “lock-up” agreement undertaken in connection with an issuance of securities by the Company, the expiration date shall be delayed until 30 days following the end of the legal prohibition, black-out period or lock-up agreement.

If your employment with the Company or any of its subsidiaries terminates for any reason other than death, Retirement, Disability or a Qualifying Termination, each as defined below and determined by the Committee in accordance with the Plan, then as of the date of such termination this Option shall expire as to any portion which has not yet become vested and exercisable, meaning that you shall forfeit such portion in exchange for no additional consideration or payment. If prior to the Option becoming vested and exercisable in full pursuant to the preceding paragraph, your employment with the Company or any of its subsidiaries terminates by reason of your death, Disability or a Qualifying Termination, each as determined by the Committee in accordance with the Plan, then any portion of this Option which has yet to become vested and exercisable shall become immediately vested and exercisable. If prior to the Option becoming vested and exercisable in full pursuant to the preceding paragraph, your employment with the Company or any of its subsidiaries terminates by reason of your Retirement and you deliver a signed long term incentive vesting/forfeiture agreement to the Company in a form acceptable to the Company (except when such an agreement is prohibited by governing law as determined by the Company), then any portion of this Option which has yet to become vested and exercisable shall continue to vest and become exercisable as set forth in the preceding paragraph. Notwithstanding the foregoing and regardless of reason for termination, under all circumstances other than your Qualifying Termination, any Option held less than one year from [DATE] shall be forfeited[; provided, however, in the event of your Retirement, this one-year holding requirement may be waived by the Committee, in its sole and absolute discretion and any portion of this Option which has yet to become vested and exercisable shall continue to vest and become exercisable as set forth in the preceding paragraph]1. Nothing in the Plan or this Agreement confers any right of continuing employment with the Company or its subsidiaries. Notwithstanding the foregoing, if in the event of a Change of Control the successor to the Company does not assume this Option, then any portion of this Option which has yet to become vested and exercisable and which has not otherwise been forfeited pursuant to the provisions of this Section 3 shall become immediately vested and exercisable. Notwithstanding anything to the contrary herein, in the event your employment is terminated for Cause (as defined herein), regardless of whether you are Retirement eligible, you shall forfeit your right to receive any unvested portion of this Option, unless otherwise prohibited by law.

To the extent that this Option is exercisable after your termination of employment, after taking into account the vesting provisions set forth in this Section 3, then this Option shall expire three (3) months following your termination of employment; provided, that if such termination occurred on account of your death, Retirement, Disability, or a Qualifying Termination, the Option shall expire on its original expiration date.

For purposes of this Agreement, "Retirement" and "Disability" mean, respectively, your retirement or disability, all as determined in accordance with applicable Company personnel policies and the Plan. The term “Qualifying Termination” means your involuntary termination of employment by the Company, without Cause, within two (2) years following a Change of Control of the Company. For this purpose, “Cause” means your dishonesty, fraud, willful misconduct, breach of fiduciary duty, conflict of interest, commission of a felony, material failure or refusal to perform your job duties in accordance with Company policies, material violation of Company policy that causes harm to the Company or its subsidiaries or other wrongful conduct of a similar nature and degree.

1 May be added for some officers.

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Section 4.RESALE AND TRANSFER RESTRICTIONS

Neither the Option nor any interest therein may be sold, assigned, conveyed, gifted, pledged, hypothecated or otherwise transferred in any manner, other than by will or the laws of descent and distribution. The Company may impose such restrictions, conditions or limitations as it determines appropriate as to the timing and manner of any re-sales by the Grantee or other subsequent transfers by the Grantee of any Shares issued as a result of the exercise of this Option, including without limitation (a) restrictions under an insider trading policy, (b) restrictions designed to delay and/or coordinate the timing and manner of sales by Grantee and other Option holders and (с) restrictions as to the use of a specified brokerage firm for such re-sales or other transfers.

Section 5.WITHHOLDING

Regardless of any action the Company or the Grantee’s employer (the “Employer”) takes with respect to any or all income tax, social insurance, payroll tax, payment on account or other tax-related withholding (“Tax-Related Items”), the Grantee acknowledges and agrees that the ultimate liability for all Tax-Related Items legally due by the Grantee is and remains the Grantee’s responsibility and that the Company and/or the Employer (i) make no representations nor undertakings regarding the treatment of any Tax-Related Items in connection with any aspect of the grant of this Option, including the grant, vesting and exercise of the Option, delivery of Shares and/or cash related to such Option or the subsequent sale of any Shares acquired pursuant to such Option, and (ii) do not commit to structure the terms or any aspect of the grant of this Option to reduce or eliminate the Grantee’s liability for Tax-Related Items. The Grantee shall pay the Company or the Employer any amount of Tax-Related Items that the Company or the Employer may be required to withhold as a result of the Grantee’s participation in the Plan or receipt of this Option that cannot be satisfied by the means described below. Further, if the Grantee is subject to tax in more than one jurisdiction, the Grantee acknowledges that the Company and/or Employer (or former Employer, as applicable) may be required to withhold or account for Tax-Related Items in more than one jurisdiction. The Company may refuse to deliver the Shares if the Grantee fails to comply with the Grantee’s obligations in connection with the Tax-Related Items.

Prior to the taxable or tax withholding event, as applicable, the Grantee shall pay, or make adequate arrangements satisfactory to the Company or to the Employer (in their sole discretion) to satisfy all Tax-Related Items. In this regard, the Grantee authorizes the Company or Employer to withhold all applicable Tax-Related Items legally payable by the Grantee by (1) withholding a number of Shares otherwise deliverable equal to the Retained Share Amount (as defined below); (2) withholding from the Grantee’s wages or other cash compensation paid by the Company and/or Employer; and/or (3) withholding from proceeds of the sale of Shares acquired upon settlement of the Option (e.g. through cashless exercise), either through a voluntary sale or through a sale arranged by the Company (on the Grantee’s behalf pursuant to this authorization), to the extent permitted by the Plan Administrator. The “Retained Share Amount” shall mean a number of Shares equal to the quotient of the minimum statutory tax withholding obligation of the Company triggered by the Option on the relevant date, divided by the fair market value of one Share on the relevant date or as otherwise provided in the Plan. If the obligation for Tax-Related Items is satisfied by withholding a number of Shares as described herein, the Grantee understands that he or she shall be deemed to have been issued the full number of applicable Shares, notwithstanding that a number of Shares are held back solely for the purpose of paying the Tax-Related Items.

Grantee acknowledges and understands that Grantee should consult a tax advisor regarding Grantee’s tax obligations.

Section 6.SEVERABILITY

In the event that one or more of the provisions of this Agreement shall be invalidated for any reason by a court of competent jurisdiction, any provision so invalidated shall be deemed to be separable from the other provisions hereof, and the remaining provisions hereof shall continue to be valid and fully enforceable.

Section 7.DATA PROTECTION

The Grantee hereby explicitly and unambiguously consents to the collection, use and transfer, in electronic or other form, of the Grantee’s personal data as described in this document by and among, as applicable, the Employer, and the Company and its subsidiaries for the exclusive purpose of implementing, administering and managing the Grantee’s participation in the Plan. The Grantee understands that the Company, its subsidiaries and the Employer hold certain personal information about the Grantee, including, but not limited to, name, home address and telephone number, date of birth, social security or insurance number or other identification number, salary, nationality, job title, any Shares or directorships held in the Company, details of all Options or any other entitlement to Shares awarded, canceled, purchased, exercised, vested, unvested or outstanding in the Grantee’s favor for the purpose of implementing, managing and administering the Plan (“Data”). The Grantee understands that the Data may be transferred to any third parties assisting in the implementation, administration and management of the Plan, that these recipients may be located in the Grantee’s country or elsewhere, including outside the European economic area, and that the recipient country may have different data privacy laws and protections than the Grantee’s country. The Grantee understands that he/she may request a list with the names and addresses of any potential recipients of the Data by contacting the local human resources representative. The Grantee authorizes the recipients to receive, possess, use, retain and transfer the Data, in electronic or other form, for the purposes of implementing, administering and managing the Grantee’s participation in the Plan, including any requisite transfer of such Data, as may be required to a broker or other third party with whom the Grantee may elect to deposit any Shares acquired under the Plan. The Grantee understands that Data will be held only as long as is necessary to implement, administer and manage participation in the Plan. The Grantee understands that he/she may, at any time, view Data, request additional information about the storage and processing of the Data, require any necessary amendments to the Data or refuse or withdraw the consents herein, in any case without cost, by contacting the local human resources representative in writing. The Grantee understands that refusing or withdrawing consent may affect the Grantee’s ability to participate in the Plan. For more information on the consequences of refusing to consent or withdrawing consent, the Grantee understands that he/she may contact the Plan administrator at the Company.

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Section 8.ACKNOWLEDGMENT AND WAIVER

By accepting the grant of this Option, the Grantee acknowledges and agrees that:

(a)the Plan is established voluntarily by the Company, and it is discretionary in nature and may be modified, amended, suspended or terminated by the Company at any time unless otherwise provided in the Plan or this Agreement;

(b)the grant of Options is voluntary and occasional and does not create any contractual or other right to receive future grants of Shares or Options, or benefits in lieu of Shares or Options, even if Shares or Options have been granted repeatedly in the past;

(c)all decisions with respect to future grants, if any, shall be at the sole discretion of the Company;

(d)the Grantee’s participation in the Plan shall not create a right to further employment with Employer and shall not interfere with the ability of Employer to terminate the Grantee’s employment relationship, and it is expressly agreed and understood that employment is terminable at the will of either party, insofar as permitted by law;

(e)the Grantee is participating voluntarily in the Plan;

(f)Option grants and resulting benefits are extraordinary items that do not constitute compensation of any kind for services of any kind rendered to the Company or the Employer, and are outside the scope of the Grantee’s employment contract, if any;

(g)Option grants and resulting benefits are not part of normal or expected compensation or salary for any purposes, including, but not limited to calculating any severance, resignation, termination, redundancy, or end of service payments, or bonuses, long-service awards, pension or retirement benefits or similar payments insofar as permitted by law;

(h)in the event that the Grantee is not an employee of the Company, this grant of Options shall not be interpreted to form an employment contract or relationship with the Company, and furthermore, this grant of Options shall not be interpreted to form an employment contract with the Employer or any subsidiary of the Company;

(i)the future value of the Shares is unknown, may increase or decrease from the date of grant or exercise of the Option and cannot be predicted with certainty;

(j)in consideration of the grant of this Option, no claim or entitlement to compensation or damages shall arise from termination or diminution in value of this Option resulting from termination of the Grantee’s employment by the Company or the Employer (for any reason whatsoever), and the Grantee irrevocably releases the Company and the Employer from any such claim that may arise; if, notwithstanding the foregoing, any such claim is found by a court of competent jurisdiction to have arisen, then, by accepting the terms of this Agreement, the Grantee shall be irrevocably deemed to have waived any entitlement to pursue such claim; and

(k)the award evidenced by this Agreement is subject to all Company policies relating to the clawback and/or recoupment of compensation, as the same may be amended from time to time, and to the extent the Grantee is subject to such policies, the terms and conditions of such policies are hereby incorporated by reference into this Agreement.

Section 9.CONFIDENTIALITY

The Agreement and the Option granted hereunder are conditioned upon Grantee not disclosing this Agreement or said Option to anyone other than Grantee's spouse or financial advisor or senior management of the Company or senior members of the Company's Law, Tax, and Human Resources departments during the period prior to the exercise of said Option. If disclosure is made by Grantee to any other person not authorized by the Company, this Agreement and said Option shall be null and void and shall terminate in exchange for no additional consideration or payment. Notwithstanding any other provision of this Agreement or any other agreement, if Grantee makes a confidential disclosure of a Company trade secret to a government official or an attorney for the purpose of reporting or investigating a suspected violation of law, or in a court filing under seal, Grantee shall not be held liable under this Agreement or any other agreement, or under any federal or state trade secret law for such a disclosure. Moreover, nothing in this Agreement or any other agreement shall prevent Grantee from making a confidential disclosure of any other confidential information to a government official, to an attorney as necessary to obtain legal advice or in a court filing under seal.

Section 10.GRANT-SPECIFIC TERMS

Appendix A contains additional terms and conditions of the Agreement applicable to Grantees residing outside the U.S. In addition, Appendix A also contains information and notices regarding exchange control and certain other issues of which the Grantee (if residing outside the U.S.) should be aware that may arise as a result of participation in the Plan.

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Section 11.ENFORCEMENT

This Agreement and the Option granted hereunder shall be governed by, construed, administered and enforced in accordance with the laws of the State of Delaware without reference to choice or conflict of law principles.

Section 12.EXECUTION OF AWARD AGREEMENT

Please acknowledge your acceptance of the terms of this Agreement by electronically signing this Agreement.

IN WITNESS WHEREOF, the parties hereto have executed this Agreement as of the day and year first herein above written.

FLUOR CORPORATION

By:    [NAME]

        [TITLE]

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APPENDIX A

Fluor Corporation Option Award
Under the 2020 Performance Incentive Plan

Terms For Non-U.S. Grantees

TERMS AND CONDITIONS

This Appendix A, which is part of the Agreement, includes additional terms and conditions of the Agreement that will apply to you if you are a resident in one of the countries listed below. Capitalized terms used but not defined herein shall have the same meanings assigned to them in the Plan and the Agreement.

NOTIFICATIONS

This Appendix A also includes information regarding exchange control and certain other issues of which you should be aware with respect to your participation in the Plan. The information is based on the securities, exchange control and other laws in effect in the respective countries as of [DATE]. Such laws are often complex and change frequently. As a result, the Company strongly recommends that you not rely on the information in this Appendix A as the only source of information relating to the consequences of your participation in the Plan because such information may be out-of-date when your Options vest and/or you sell any Shares acquired under the Plan.

In addition, the information contained herein is general in nature and may not apply to your particular situation. As a result, the Company is not in a position to assure you of any particular result. You are therefore advised to seek appropriate professional advice as to how the relevant laws in your country may apply to your situation.

Finally, if you are a citizen or resident of a country other than that in which you are currently working, the information contained herein may not apply to you.

GRANT-SPECIFIC TERMS

Below please find country specific language that applies to Australia, Canada, Chile, Germany, the Netherlands, Russia, South Africa, Spain and the United Kingdom.

AUSTRALIA

Terms and Conditions

Prospectus Information. The “Offer Document” and “Australian Rules” contain additional terms and conditions that govern the Option. Grantees should review those documents carefully. In addition, the written or other materials provided to Grantees in connection with the Options have been prepared for the purpose of complying with the relevant United States securities regulations and applicable stock exchange requirements. The information disclosed may not be the same as that which must be disclosed in a prospectus prepared under Australian law.

Notifications

Securities Law Information. If Grantee acquires Shares pursuant to the Option and offers the Shares for sale to a person or entity resident in Australia, the offer may be subject to disclosure requirements under Australian law. Grantees should obtain legal advice on disclosure obligations prior to making any such offer.

Exchange Control Information. Exchange control reporting is required for cash transactions exceeding A$10,000 and international fund transfers. The Australian bank assisting with the transaction will file the report. If there is no Australian bank involved in the transfer, Grantee will be required to file the report.

CANADA

Terms and Conditions

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Form of Payment. Due to legal restrictions in Canada, and notwithstanding any language to the contrary in the Plan, Grantees are prohibited from surrendering previously owned Shares or, from attesting to the ownership of previously owned Shares, to pay the exercise price or any tax liability in connection with the Option.

Language Consent

The following provision applies to residents of Quebec:

The parties acknowledge that it is their express wish that the Agreement, as well as all documents, notices, and legal proceedings entered into, given or instituted pursuant hereto or relating directly or indirectly hereto, be drawn up in English.

Les parties reconnaissent avoir exigé la rédaction en anglais de cette convention, ainsi que de tous documents, avis et procédures judiciaires, exécutés, donnés ou intentés en vertu de, ou liés directement ou indirectement à la présente convention.

Notifications

Additional Restrictions on Resale. Securities purchased under the Plan may be subject to certain restrictions on resale imposed by Canadian provincial securities laws. You are encouraged to seek legal advice prior to any resale of such securities. In general, participants resident in Canada may resell their securities in transactions carried out on exchanges outside of Canada.

Tax Reporting. The Tax Act and the regulations thereunder require a Canadian resident individual (among others) to file an information return (Form T1135) disclosing prescribed information where, at any time in a tax year, the total cost amount of such individual’s “specified foreign property” (which includes Shares) exceeds Cdn.$100,000. You should consult your own tax advisor regarding this reporting requirement.

CHILETerms and Conditions
There are no country-specific provisions.

Notifications

Securities Law Information. Neither the Company, the award, nor any Company shares acquired under the Plan are registered with the Chilean Registry of Securities or are under the control of the Chilean Superintendence of Securities.

Exchange Control Information. Exchange control reporting is required to remit funds for the purchase of shares exceeding US$10,000 (including cashless exercise transactions). If reporting is required, you will be responsible for filing this report with the Central Bank of Chile.In addition, you must also file a report with the Central Bank if, in a given year, you have kept investments, deposits, or credits abroad in an amount that exceeds US$5,000,000.

Tax Information. Registration of your investment in Company Shares with the Chilean Internal Revenue Service may result in more favorable tax treatment. Please consult your tax advisor for additional details.

GERMANY

Terms and Conditions

There are no country-specific provisions.

Notifications

Exchange Control Information. Cross-border payments in excess of EUR12,500 must be reported monthly to the German Federal Bank. If Grantee uses a German bank to transfer a cross-border payment in excess of EUR12,500 in connection with the sale of Shares acquired under the Plan, the bank will file the report for you. In addition, you must report any receivables, payables, or debts in foreign currency exceeding an amount of EUR5,000,000 on a monthly basis.

THE NETHERLANDS

Terms and Conditions

There are no country-specific provisions.

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Notifications

Insider-Trading Notification. Grantees should be aware of the Dutch insider-trading rules, which may impact the sale of Shares acquired upon exercise of the Option. In particular, Grantees may be prohibited from effectuating certain transactions involving Shares if they have inside information about the Company. Grantees should consult their personal legal advisor if they are uncertain whether the insider-trading rules apply to them. By accepting the Agreement and participating in the Plan, Grantee acknowledges having read and understood this notification and acknowledges that it is his or her responsibility to comply with the Dutch insider-trading rules.

RUSSIA

Terms and Conditions

Securities Law Information. Grantee acknowledges that the Agreement, the grant of options, the Plan and all other materials that Grantee may receive regarding participation in the Plan do not constitute advertising or an offering of securities in Russia. The issuance of securities pursuant to the Plan has not and will not be registered in Russia and therefore, the securities described in any Plan-related documents may not be used for offering or public circulation in Russia.

Grantee further acknowledges that in no event will Shares acquired upon exercise of the options be delivered to Grantee in Russia; all Shares acquired upon exercise of the options will be maintained on Grantee’s behalf in the United States.

Grantee acknowledges that Grantee is not permitted to sell Shares directly to a Russian legal entity or resident.

Notifications

Grantee understands that Grantee is solely liable for all applicable Russian exchange control requirements (including repatriation requirements applicable to the proceeds from the sale of Shares).

SOUTH AFRICA

Terms and Conditions

There are no country-specific provisions.

Notifications

Exchange Control Information. To participate in the Plan, Grantee understands that Grantee must comply with exchange control regulations and rulings (the “Exchange Control Regulations”) in South Africa.

Because the Exchange Control Regulations change frequently and without notice, Grantee understands that Grantee should consult a legal advisor prior to the purchase or sale of shares under the Plan to ensure compliance with current regulations. Grantee understands that it is Grantee’s responsibility to comply with South African exchange control laws, and neither the Company nor your Employer will be liable for any fines or penalties resulting from failure to comply with applicable laws.

SPAIN

Terms and Conditions

There are no country-specific provisions.

Notifications

No Special Employment or Similar Rights. Grantee understands that the Company has unilaterally, gratuitously, and discretionally decided to distribute awards under the Plan to individuals who may be employees of the Company or its subsidiaries throughout the world. The decision is a temporary decision that is entered into upon the express assumption and condition that any grant will not economically or otherwise bind the Company or any of its subsidiaries presently or in the future, other than as specifically set forth in the Plan and the terms and conditions of Grantee’s option grant. Consequently, Grantee understands that any grant is given on the assumption and condition that it shall not become a part of any employment contract (either with the Company or any of its subsidiaries) and shall not be considered a mandatory benefit, salary for any purpose (including severance compensation) or any other right whatsoever. Further, Grantee understands and freely accepts that there is no guarantee that any benefit whatsoever shall arise from any gratuitous and discretionary grant since the future value of the awards and underlying shares is unknown and unpredictable. In addition, Grantee understands that this grant would not be made but for the assumptions and conditions referred to above; thus, Grantee acknowledges and freely accepts that should any or all of the assumptions be mistaken or should any of the conditions not be met for any reason, then any grant of awards shall be null and void and the Plan shall not have any effect whatsoever.

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Further, the Option provides a conditional right to Shares and may be forfeited or affected by Grantee’s termination of employment, as set forth in the Agreement. For avoidance of doubt, Grantee’s rights, if any, to the Options upon termination of employment shall be determined as set forth in the Agreement, including, without limitation, where (i) Grantee is considered to be unfairly dismissed without good cause; (ii) Grantee is dismissed for disciplinary or objective reasons or due to a collective dismissal; (iii) Grantee terminates service due to a change of work location, duties or any other employment or contractual condition; or (iv) Grantee terminates service due to the Company’s or any of its subsidiaries’ unilateral breach of contract.

Securities Law Notice. The options granted under the Plan do not qualify as securities under Spanish regulations. By the grant of the options, no "offer of securities to the public", as defined under Spanish law, has taken place or will take place in Spanish territory. The present document and any other document relating to the offer of options under the Plan has not been nor will it be registered with the Comisión Nacional del Mercado de Valores (Spanish Securities Exchange Commission), and it does not constitute a public offering prospectus.

Foreign Asset and Account Reporting. To the extent that Spanish residents hold rights or assets (e.g., shares of common stock, cash, etc.) in a bank or brokerage account outside of Spain with a value in excess of €50,000 per type of right or asset as of December 31 each year, such residents are required to report information on such rights and assets on their tax return for such year. Shares of common stock constitute securities for purposes of this requirement, but Options (whether vested or unvested) are generally not considered assets or rights for purposes of this requirement.

If applicable, Spanish residents must report the assets or rights on Form 720 by no later than March 31 following the end of the relevant year. After such assets or rights are initially reported, the reporting obligation will only apply for subsequent years if the value of any previously-reported assets or rights increases by more than €20,000. Failure to comply with this reporting requirement may result in penalties.

Spanish residents are also required to electronically declare to the Bank of Spain any securities accounts (including brokerage accounts held abroad), as well as the securities held in such accounts, if the value of the transactions for all such accounts during the prior tax year or the balances in such accounts as of December 31 of the prior tax year exceeds €1,000,000. More frequent reporting is required if such transaction value or account balance exceeds €1,000,000.

Spanish residents should consult with their personal tax and legal advisors to ensure compliance with their personal reporting obligations.

Exchange Control Information. All acquisitions of foreign shares by Spanish residents must comply with exchange control regulations in Spain. Because of foreign investments requirements, the acquisition of Company shares under the Plan must be declared for statistical purposes to the Spanish Direccion General de Politica Comercial y de Inversiones Extranjeras (the “DGPCIE“). If you acquire the Shares through the use of a Spanish financial institution, that institution will automatically make the declaration to the DGPCIE for you. Otherwise, you must make the declaration by filling a form with the DGPCIE.

If you import the Shares acquired under the Plan into Spain, you must declare the importation of the share certificates to the DGPCIE.

In addition, you must also file a declaration of the ownership of the Shares with the Directorate of Foreign Transactions each January while the Shares are owned. These filings are made on standard forms furnished by the Directorate of Foreign Transactions.

When you receive any foreign currency payments (i.e., as a result of the sale of the Shares), you must inform the institution receiving the payment of the basis upon which such payment is made and provide certain specific information (e.g., name, address, and fiscal identification number; the name and corporate domicile of the company; the amount of the payment; the type of foreign currency received; the country of origin; and the reason for the payment).

UNITED KINGDOM

Terms and Conditions

UK Rules. The Option is granted under the “UK Rules,” which contain additional terms and conditions that govern the Option. Grantees should review the UK Rules carefully.

Notifications

There are no country-specific notifications.

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EX-10.18

Exhibit 10.18

FORM OF RESTRICTED STOCK UNIT AGREEMENT

This Restricted Stock Unit Agreement ("Agreement") entered into as of [GRANT DATE] (the "Grant Date"), by and between Fluor Corporation, a Delaware corporation (the "Company"), and you ("Grantee" or “you”) evidences the grant to Grantee of a Stock Unit Award (“RSU Award”) under the Fluor Corporation 2020 Performance Incentive Plan (the "Plan"). Capitalized terms used in this Agreement and not defined herein have the meaning set forth in the Plan.

Section 1.AWARD SUBJECT TO PLAN

This RSU Award is granted subject to all of the terms and conditions of this Agreement and the Plan, including any terms, rules or determinations made by the Committee pursuant to its administrative authority under the Plan, and such further terms as are set forth in the Plan that are applicable to awards thereunder, including without limitation provisions on adjustment of awards, non-transferability, satisfaction of tax requirements and compliance with other laws.

Section 2.RESTRICTED STOCK UNIT AWARD

The Company hereby awards Grantee restricted stock units (“RSUs”), subject to the terms and conditions set forth herein. Each RSU represents the right to receive one share of Company common stock, par value $.01 per share (“Shares”), pursuant to this RSU Award, subject to the terms and conditions set forth herein. Subject to the provisions of Section 3 and Section 4 hereof, upon the issuance to Grantee of Shares hereunder, Grantee shall also receive cash in an amount equivalent to any dividends or distributions paid or made by the Company from the date of this RSU Award to the date of the issuance of the Shares with respect to an equivalent number of Shares so issued.

Section 3.RESTRICTIONS ON SALE OR OTHER TRANSFER

Each RSU awarded to Grantee pursuant to this Agreement shall be subject to forfeiture to the Company pursuant to the terms and conditions set forth herein and each RSU may not be sold or otherwise transferred except pursuant to the following provisions:

(a)The RSUs shall be held in book entry form by the Company until (1) the restrictions set forth herein lapse in accordance with the provisions of Section 4, at which time the RSUs will be converted to Shares, or (2) the RSUs are forfeited pursuant to Section 4 hereof.

(b)No such RSUs may be sold, transferred or otherwise alienated or hypothecated so long as such RSUs are subject to the restrictions provided for in this Agreement.

(c)The Company may impose such other restrictions, conditions or limitations as it determines appropriate as to the timing and manner of any re-sales by the Grantee or other subsequent transfers by the Grantee of any Shares issued as a result of the vesting of the RSUs, including without limitation (i) restrictions under an insider trading policy, (ii) restrictions designed to delay and/or coordinate the timing and manner of sales by Grantee and other stockholders of the Company and (iii) restrictions as to the use of a specified brokerage firm for such re-sales or other transfers.

Section 4.LAPSE OF RESTRICTIONS

The RSUs subject to this RSU Award shall vest and restrictions thereon shall lapse at a rate of one third of such number per year commencing with [FIRST VESTING DATE] and annually thereafter on [SECOND VESTING DATE] and [THIRD VESTING DATE], provided that Grantee’s employment has not terminated on or before such date unless one of the exceptions set forth below in this Section 4 is met. The Company will issue you the Shares subject to this RSU Award (as well as any cash payments related to dividends or distributions related to such Shares) as soon as reasonably possible after each date on which the applicable restrictions lapse or any other date upon which this RSU Award vests as set forth below in this Section 4.

If your employment with the Company or any of its subsidiaries terminates for any reason other than death, Retirement, Disability or a Qualifying Termination, each as defined below and determined by the Committee in accordance with the Plan, then as of the date of such termination any RSUs which have yet to vest shall be forfeited by you in exchange for no additional consideration or payment. If prior to the RSUs becoming vested in full pursuant to the preceding paragraph, your employment with the Company or any of its subsidiaries terminates by reason of your death, Disability or a Qualifying Termination, each as determined by the Committee in accordance with the Plan, then any portion of this RSU Award which has yet to become vested shall become immediately vested. If prior to the RSUs becoming vested in full pursuant to the preceding paragraph, your employment with the Company or any of its subsidiaries terminates by reason of your Retirement and you deliver a signed long term incentive vesting/forfeiture agreement to the Company in a form acceptable to the Company (except when such an agreement is prohibited by governing law as determined by the Company), then any portion of this RSU Award which has yet to become vested shall continue to vest pursuant to the vesting schedule set forth in the preceding paragraph. Notwithstanding the foregoing and regardless of the reason for termination, under all circumstances other than your Qualifying Termination, any RSUs held less than one year from [DATE] shall be forfeited in exchange for no additional consideration or payment[; provided, however, in the event of your Retirement, this one-year holding requirement may be waived by the Committee, in its sole and absolute discretion, and any portion of this RSU Award which has yet to become vested shall continue to vest as set forth in the preceding paragraph]1. Nothing in the Plan or this Agreement confers any right of continuing employment with the Company or its subsidiaries. Notwithstanding the foregoing, if in the event of a Change of Control the successor to the Company does not assume this RSU Award, then any portion of this RSU Award which has yet to become vested and which has not otherwise been forfeited pursuant to

1 May be added for some officers.

    - 1 -

the provisions of this Section 4 shall become immediately vested. Notwithstanding anything to the contrary herein, in the event your employment is terminated for Cause (as defined herein), regardless of whether you are Retirement eligible, you shall forfeit the unvested RSUs in exchange for no additional consideration or payment, unless otherwise prohibited by law.

For purposes of this Agreement, "Retirement" shall mean your retirement as determined in accordance with applicable Company personnel policies and the Plan. “Disability” and “Change of Control” shall have the meanings given to them in Appendix B to this Agreement. The term “Qualifying Termination” means your involuntary termination of employment by the Company, without Cause, within two (2) years following a Change of Control of the Company. For this purpose, “Cause” means your dishonesty, fraud, willful misconduct, breach of fiduciary duty, conflict of interest, commission of a felony, material failure or refusal to perform your job duties in accordance with Company policies, material violation of Company policy that causes harm to the Company or its subsidiaries or other wrongful conduct of a similar nature and degree.

Section 5.ТАХ WITHHOLDING

Regardless of any action the Company or the Grantee’s employer (the “Employer”) takes with respect to any or all income tax, social insurance, payroll tax, payment on account or other tax-related withholding (“Tax-Related Items”), the Grantee acknowledges and agrees that the ultimate liability for all Tax-Related Items legally due by the Grantee is and remains the Grantee’s responsibility and that the Company and/or the Employer (i) make no representations nor undertakings regarding the treatment of any Tax-Related Items in connection with any aspect of this grant of RSUs, including the grant and vesting of RSUs, subsequent delivery of Shares and/or cash related to such RSUs or the subsequent sale of any Shares acquired pursuant to such RSUs and receipt of any dividend equivalent payments (if any) and (ii) do not commit to structure the terms or any aspect of this grant of RSUs to reduce or eliminate the Grantee’s liability for Tax-Related Items. The Grantee shall pay the Company or the Employer any amount of Tax-Related Items that the Company or the Employer may be required to withhold as a result of the Grantee’s participation in the Plan or receipt of RSUs or of Shares pursuant to RSUs that cannot be satisfied by the means described below. Further, if the Grantee is subject to tax in more than one jurisdiction, the Grantee acknowledges that the Company and/or Employer (or former Employer, as applicable) may be required to withhold or account for Tax-Related Items in more than one jurisdiction. The Company may refuse to deliver the Shares if the Grantee fails to comply with the Grantee’s obligations in connection with the Tax-Related Items.

Prior to the taxable or tax withholding event, as applicable, the Grantee shall pay, or make adequate arrangements satisfactory to the Company or to the Employer (in their sole discretion) to satisfy all Tax-Related Items. In this regard, the Grantee authorizes the Company or Employer to withhold all applicable Tax-Related Items legally payable by the Grantee by (1) withholding a number of Shares otherwise deliverable equal to the Retained Share Amount (as defined below); (2) withholding from the Grantee’s wages or other cash compensation paid by the Company and/or Employer; and/or (3) withholding from proceeds of the sale of Shares acquired upon settlement of the RSUs, either through a voluntary sale or through a sale arranged by the Company (on the Grantee’s behalf pursuant to this authorization), to the extent permitted by the Plan Administrator. The “Retained Share Amount” shall mean a number of Shares equal to the quotient of the minimum statutory tax withholding obligation of the Company triggered by the RSUs on the relevant date, divided by the fair market value of one Share on the relevant date or as otherwise provided in the Plan. If the obligation for Tax-Related Items is satisfied by withholding a number of Shares as described herein, the Grantee understands that he or she shall be deemed to have been issued the full number of Shares subject to the settled RSUs, notwithstanding that a number of Shares are held back solely for the purpose of paying the Tax-Related Items due as a result of the settlement of the RSUs.

Grantee acknowledges and understands that Grantee should consult a tax advisor regarding Grantee’s tax obligations.

Section 6.SEVERABILITY

In the event that one or more of the provisions of this Agreement shall be invalidated for any reason by a court of competent jurisdiction, any provision so invalidated shall be deemed to be separable from the other provisions hereof, and the remaining provisions hereof shall continue to be valid and fully enforceable.

Section 7.DATA PROTECTION

The Grantee hereby explicitly and unambiguously consents to the collection, use and transfer, in electronic or other form, of the Grantee’s personal data as described in this document by and among, as applicable, the Employer, and the Company and its subsidiaries for the exclusive purpose of implementing, administering and managing the Grantee’s participation in the Plan. The Grantee understands that the Company, its subsidiaries and the Employer hold certain personal information about the Grantee, including, but not limited to, name, home address and telephone number, date of birth, social security or insurance number or other identification number, salary, nationality, job title, any Shares or directorships held in the Company, details of all options or any other entitlement to Shares awarded, canceled, purchased, exercised, vested, unvested or outstanding in the Grantee’s favor for the purpose of implementing, managing and administering the Plan (“Data”). The Grantee understands that the Data may be transferred to any third parties assisting in the implementation, administration and management of the Plan, that these recipients may be located in the Grantee’s country or elsewhere, including outside the European economic area, and that the recipient country may have different data privacy laws and protections than the Grantee’s country. The Grantee understands that he/she may request a list with the names and addresses of any potential recipients of the Data by contacting the local human resources representative. The Grantee authorizes the recipients to receive, possess, use, retain and transfer the Data, in electronic or other form, for the purposes of implementing, administering and managing the Grantee’s participation in the Plan, including any requisite transfer of such Data, as may be required to a broker or other third party with whom the Grantee may elect to deposit any Shares acquired under the Plan. The Grantee understands that Data will be held only as long as is necessary to implement, administer and manage participation in the Plan. The Grantee understands that he/she may, at any time, view Data, request additional information about the storage and processing of the Data, require any necessary amendments to the Data or refuse or withdraw the consents herein, in any case without cost, by contacting the local

    - 2 -

human resources representative in writing. The Grantee understands that refusing or withdrawing consent may affect the Grantee’s ability to participate in the Plan. For more information on the consequences of refusing to consent or withdrawing consent, the Grantee understands that he/she may contact the Plan Administrator at the Company.

Section 8.ACKNOWLEDGMENT AND WAIVER

By accepting this grant of RSUs, the Grantee acknowledges and agrees that:

(a)the Plan is established voluntarily by the Company, and it is discretionary in nature and may be modified, amended, suspended or terminated by the Company at any time unless otherwise provided in the Plan or this Agreement;

(b)the grant of RSUs is voluntary and occasional and does not create any contractual or other right to receive future grants of Shares or RSUs, or benefits in lieu of Shares or RSUs, even if Shares or RSUs have been granted repeatedly in the past;

(c)all decisions with respect to future grants, if any, shall be at the sole discretion of the Company;

(d)the Grantee’s participation in the Plan shall not create a right to further employment with Employer and shall not interfere with the ability of Employer to terminate the Grantee’s employment relationship, and it is expressly agreed and understood that employment is terminable at the will of either party, insofar as permitted by law;

(e)the Grantee is participating voluntarily in the Plan;

(f)RSU awards and resulting benefits are extraordinary items that do not constitute compensation of any kind for services of any kind rendered to the Company or the Employer, and are outside the scope of the Grantee’s employment contract, if any;

(g)RSU awards and resulting benefits are not part of normal or expected compensation or salary for any purposes, including, but not limited to calculating any severance, resignation, termination, redundancy, or end of service payments, or bonuses, long-service awards, pension or retirement benefits or similar payments insofar as permitted by law;

(h)in the event that the Grantee is not an employee of the Company, this award of RSUs shall not be interpreted to form an employment contract or relationship with the Company, and furthermore, this award of RSUs shall not be interpreted to form an employment contract with the Employer or any subsidiary of the Company;

(i)the future value of the Shares is unknown, may increase or decrease from the date of award or vesting of the RSU and cannot be predicted with certainty;

(j)in consideration of this grant of RSUs, no claim or entitlement to compensation or damages shall arise from termination or diminution in value of this grant of RSUs resulting from termination of the Grantee’s employment by the Company or the Employer (for any reason whatsoever), and the Grantee irrevocably releases the Company and the Employer from any such claim that may arise; if, notwithstanding the foregoing, any such claim is found by a court of competent jurisdiction to have arisen, then, by accepting the terms of this Agreement, the Grantee shall be irrevocably deemed to have waived any entitlement to pursue such claim; and

(k)the award evidenced by this Agreement is subject to all Company policies relating to the clawback and/or recoupment of compensation, as the same may be amended from time to time, and to the extent the Grantee is subject to such policies, the terms and conditions of such policies are hereby incorporated by reference into this Agreement.

Section 9.CONFIDENTIALITY

This Agreement and the receipt of any RSUs hereunder are conditioned upon Grantee not disclosing this Agreement or said receipt to anyone other than Grantee's spouse, financial advisor, senior management of the Company or members of the Company's Law, Tax, and Human Resources departments. If unauthorized disclosure is made to any other person, the RSUs received hereunder shall be forfeited in exchange for no additional payment or consideration. Notwithstanding any other provision of this Agreement or any other agreement, if Grantee makes a confidential disclosure of a Company trade secret to a government official or an attorney for the purpose of reporting or investigating a suspected violation of law, or in a court filing under seal, Grantee shall not be held liable under this Agreement or any other agreement, or under any federal or state trade secret law for such a disclosure. Moreover, nothing in this Agreement or any other agreement shall prevent Grantee from making a confidential disclosure of any other confidential information to a government official, to an attorney as necessary to obtain legal advice or in a court filing under seal.

Section 10.GRANT-SPECIFIC TERMS

Appendix A contains additional terms and conditions of the Agreement applicable to Grantees residing outside the United States. In addition, Appendix A also contains information and notices regarding exchange control and certain other issues of which the Grantee (if

    - 3 -

residing outside the U.S.) should be aware that may arise as a result of participation in the Plan. Appendix B contains additional terms in compliance with Section 409A of the United States Internal Revenue Code.

Section 11.ENFORCEMENT

This Agreement and the RSUs granted hereunder shall be governed by, construed, administered and enforced in accordance with the laws of the State of Delaware without reference to choice or conflict of law principles.

Section 12.EXECUTION OF AWARD AGREEMENT

Please acknowledge your acceptance of the terms of this Agreement by electronically signing this Agreement.

IN WITNESS WHEREOF, the parties hereto have executed this Agreement as of the day and year first herein above written.

        FLUOR CORPORATION

        By:    [NAME]

            [TITLE]

    - 4 -

APPENDIX A

FLUOR CORPORATION
RESTRICTED STOCK UNIT AWARD

UNDER THE 2020 PERFORMANCE INCENTIVE PLAN

TERMS FOR NON-U.S. GRANTEES

TERMS AND CONDITIONS

This Appendix A, which is part of the Agreement, includes additional terms and conditions of the Agreement that will apply to you if you are a resident in one of the countries listed below. Capitalized terms used but not defined herein shall have the same meanings assigned to them in the Plan and the Agreement.

NOTIFICATIONS

This Appendix A also includes information regarding exchange control and certain other issues of which you should be aware with respect to your participation in the Plan. The information is based on the securities, exchange control and other laws in effect in the respective countries as of [DATE]. Such laws are often complex and change frequently. As a result, the Company strongly recommends that you not rely on the information in this Appendix A as the only source of information relating to the consequences of your participation in the Plan because such information may be out-of-date when your RSUs vest and/or you sell any Shares acquired under the Plan.

In addition, the information contained herein is general in nature and may not apply to your particular situation. As a result, the Company is not in a position to assure you of any particular result. You are therefore advised to seek appropriate professional advice as to how the relevant laws in your country may apply to your situation.

Finally, if you are a citizen or resident of a country other than that in which you are currently working, the information contained herein may not apply to you.

GRANT-SPECIFIC TERMS

Below please find country specific language that applies to Australia, Canada, Chile, Germany, the Netherlands, Russia, South Africa, Spain and the United Kingdom.

AUSTRALIA

Terms and Conditions

Prospectus Information. The “Offer Document” and “Australian Rules” contain additional terms and conditions that govern the RSU. Grantees should review those documents carefully. In addition, the written or other materials provided to Grantees in connection with the RSUs have been prepared for the purpose of complying with the relevant United States securities regulations and applicable stock exchange requirements. The information disclosed may not be the same as that which must be disclosed in a prospectus prepared under Australian law.

RSUs Settled in Shares Only. Notwithstanding anything to the contrary in the Plan and/or the Agreement, Grantee understands that RSUs granted to Grantee shall be paid in Shares only and do not provide any right for Grantee to receive a cash payment.

Notifications

Securities Law Information. If Grantee acquires Shares pursuant to the RSU and offers the Shares for sale to a person or entity resident in Australia, the offer may be subject to disclosure requirements under Australian law. Grantees should obtain legal advice on disclosure obligations prior to making any such offer.

Exchange Control Information. Exchange control reporting is required for cash transactions exceeding A$10,000 and international fund transfers. The Australian bank assisting with the transaction will file the report. If there is no Australian bank involved in the transfer, Grantee will be required to file the report.

    - 5 -

CANADA

Terms and Conditions

Form of Payment. Due to legal restrictions in Canada, and notwithstanding any language to the contrary in the Plan, Grantees are prohibited from surrendering previously owned Shares, or from attesting to the ownership of previously owned Shares, to pay any tax liability in connection with the RSUs. For the avoidance of ambiguity, withholding in Shares for this RSU Award is permissible.

RSUs Settled in Shares Only. Notwithstanding anything to the contrary in the Plan and/or the Agreement, Grantee understands that RSUs granted to Grantee shall be paid in Shares only and do not provide any right for Grantee to receive a cash payment.

Language Consent

The following provision applies to residents of Quebec:

The parties acknowledge that it is their express wish that the Agreement, as well as all documents, notices, and legal proceedings entered into, given or instituted pursuant hereto or relating directly or indirectly hereto, be drawn up in English.

Les parties reconnaissent avoir exigé la rédaction en anglais de cette convention, ainsi que de tous documents, avis et procédures judiciaires, exécutés, donnés ou intentés en vertu de, ou liés directement ou indirectement à la présente convention.

Notifications

Additional Restrictions on Resale. Securities acquired under the Plan may be subject to certain restrictions on resale imposed by Canadian provincial securities laws. You are encouraged to seek legal advice prior to any resale of such securities. In general, participants resident in Canada may resell their securities in transactions carried out on exchanges outside of Canada.

Tax Reporting. The Tax Act and the regulations thereunder require a Canadian resident individual (among others) to file an information return (Form T1135) disclosing prescribed information where, at any time in a tax year, the total cost amount of such individual’s “specified foreign property” (which includes Shares) exceeds Cdn.$100,000. You should consult your own tax advisor regarding this reporting requirement.

CHILETerms and Conditions
There are no country-specific provisions.

Notifications

Securities Law Information. Neither the Company, the award, nor any Company shares acquired under the Plan are registered with the Chilean Registry of Securities or are under the control of the Chilean Superintendence of Securities.Exchange Control Information. If exchange control reporting is required , you will be responsible for filing the report with the Central Bank of Chile.In addition, you must also file a report with the Central Bank if, in a given year, you have kept investments, deposits, or credits abroad in an amount that exceeds US$5,000,000.Tax Information. Registration of your investment in Company shares with the Chilean Internal Revenue Service may result in more favorable tax treatment. Please consult your tax advisor for additional details.

GERMANY

Terms and Conditions

There are no country-specific provisions.

Notifications

Exchange Control Information. Cross-border payments in excess of EUR12,500 must be reported monthly to the German Federal Bank. If Grantee uses a German bank to transfer a cross-border payment in excess of EUR12,500 in connection with the sale of Shares acquired under the Plan, the bank will file the report for you. In addition, you must report any receivables, payables, or debts in foreign currency exceeding an amount of EUR5,000,000 on a monthly basis.

    - 6 -

THE NETHERLANDS

Terms and Conditions

There are no country-specific provisions.

Notifications

Insider-Trading Notification. Grantees should be aware of the Dutch insider-trading rules, which may impact the sale of Shares acquired upon vesting of the RSU. In particular, Grantees may be prohibited from effectuating certain transactions involving Shares if they have inside information about the Company. Grantees should consult their personal legal advisor if they are uncertain whether the insider-trading rules apply to them. By accepting the Agreement and participating in the Plan, Grantee acknowledges having read and understood this notification and acknowledges that it is his or her responsibility to comply with the Dutch insider-trading rules.

RUSSIA

Terms and Conditions

Securities Law Information. Grantee acknowledges that the Agreement, the grant of RSUs, the Plan and all other materials Grantee may receive regarding participation in the Plan do not constitute advertising or an offering of securities in Russia. The issuance of securities pursuant to the Plan has not and will not be registered in Russia and therefore, the securities described in any Plan-related documents may not be used for offering or public circulation in Russia.

Grantee further acknowledges that in no event will Shares acquired upon vesting of the RSUs be delivered to Grantee in Russia; all Shares acquired upon vesting of the RSUs will be maintained on Grantee’s behalf in the United States.

Grantee acknowledges that Grantee is not permitted to sell Shares directly to a Russian legal entity or resident.

Notifications

Grantee understands that Grantee is solely liable for all applicable Russian exchange control requirements (including repatriation requirements applicable to the proceeds from the sale of Shares).

SOUTH AFRICA

Terms and Conditions

There are no country-specific provisions.

Notifications

Exchange Control Information. To participate in the Plan, Grantee understands that Grantee must comply with exchange control regulations and rulings (the “Exchange Control Regulations”) in South Africa.

For RSUs, because no transfer of funds from South Africa is required, no filing or reporting requirements should apply when the RSUs, if any, are granted or when shares are issued upon vesting and settlement of the RSUs.

Because the Exchange Control Regulations change frequently and without notice, Grantee understands that Grantee should consult a legal advisor prior to the purchase or sale of shares under the Plan to ensure compliance with current regulations. Grantee understands that it is Grantee’s responsibility to comply with South African exchange control laws, and neither the Company nor Grantee’s Employer will be liable for any fines or penalties resulting from failure to comply with applicable laws.

SPAIN

Terms and Conditions

There are no country-specific provisions.

Notifications

No Special Employment or Similar Rights. Grantee understands that the Company has unilaterally, gratuitously, and discretionally decided to distribute awards under the Plan to individuals who may be employees of the Company or its subsidiaries throughout the world. The decision is a temporary decision that is entered into upon the express assumption and condition that any grant will not economically or otherwise bind the Company or any of its subsidiaries presently or in the future, other than as specifically set forth in the Plan and the terms and conditions of Grantee’s RSU grant. Consequently, Grantee understands that any grant is given on the assumption and

    - 7 -

condition that it shall not become a part of any employment contract (either with the Company or any of its subsidiaries) and shall not be considered a mandatory benefit, salary for any purpose (including severance compensation) or any other right whatsoever. Further, Grantee understands and freely accepts that there is no guarantee that any benefit whatsoever shall arise from any gratuitous and discretionary grant since the future value of the awards and underlying shares is unknown and unpredictable. In addition, Grantee understands that this grant would not be made but for the assumptions and conditions referred to above; thus, Grantee acknowledges and freely accepts that should any or all of the assumptions be mistaken or should any of the conditions not be met for any reason, then any grant of awards shall be null and void and the Plan shall not have any effect whatsoever.

Further, the RSU Award provides a conditional right to Shares and may be forfeited or affected by Grantee’s termination of employment, as set forth in the Agreement. For avoidance of doubt, Grantee’s rights, if any, to the RSUs upon termination of employment shall be determined as set forth in the Agreement, including, without limitation, where (i) Grantee is considered to be unfairly dismissed without good cause; (ii) Grantee is dismissed for disciplinary or objective reasons or due to a collective dismissal; (iii) Grantee terminates service due to a change of work location, duties or any other employment or contractual condition; or (iv) Grantee terminates service due to the Company’s or any of its subsidiaries’ unilateral breach of contract.

Securities Law Notice. The RSUs granted under the Plan do not qualify as securities under Spanish regulations. By the grant of RSUs, no "offer of securities to the public", as defined under Spanish law, has taken place or will take place in Spanish territory. The present document and any other document relating to the offer of RSUs under the Plan has not been nor will it be registered with the Comisión Nacional del Mercado de Valores (Spanish Securities Exchange Commission), and it does not constitute a public offering prospectus.

Foreign Asset and Account Reporting. To the extent that Spanish residents hold rights or assets (e.g., shares of common stock, cash, etc.) in a bank or brokerage account outside of Spain with a value in excess of €50,000 per type of right or asset as of December 31 each year, such residents are required to report information on such rights and assets on their tax return for such year. Shares of common stock constitute securities for purposes of this requirement, but unvested rights (e.g., RSUs) are not considered assets or rights for purposes of this requirement.

If applicable, Spanish residents must report the assets or rights on Form 720 by no later than March 31 following the end of the relevant year. After such assets or rights are initially reported, the reporting obligation will only apply for subsequent years if the value of any previously-reported assets or rights increases by more than €20,000. Failure to comply with this reporting requirement may result in penalties.

Spanish residents are also required to electronically declare to the Bank of Spain any securities accounts (including brokerage accounts held abroad), as well as the securities held in such accounts, if the value of the transactions for all such accounts during the prior tax year or the balances in such accounts as of December 31 of the prior tax year exceeds €1,000,000. More frequent reporting is required if such transaction value or account balance exceeds €1,000,000.

Spanish residents should consult with their personal tax and legal advisors to ensure compliance with their personal reporting obligations.

Exchange Control Information. All acquisitions of foreign shares by Spanish residents must comply with exchange control regulations in Spain. Because of foreign investments requirements, the acquisition of Company shares under the Plan must be declared for statistical purposes to the Spanish Direccion General de Politica Comercial y de Inversiones Extranjeras (the “DGPCIE“). If you acquire the Shares through the use of a Spanish financial institution, that institution will automatically make the declaration to the DGPCIE for you. Otherwise, you must make the declaration by filling a form with the DGPCIE.

If you import the Shares acquired under the Plan into Spain, you must declare the importation of the share certificates to the DGPCIE.

In addition, you must also file a declaration of the ownership of the Shares with the Directorate of Foreign Transactions each January while the Shares are owned. These filings are made on standard forms furnished by the Directorate of Foreign Transactions.

When you receive any foreign currency payments (i.e., as a result of the sale of the Shares), you must inform the institution receiving the payment of the basis upon which such payment is made and provide certain specific information (e.g., name, address, and fiscal identification number; the name and corporate domicile of the company; the amount of the payment; the type of foreign currency received; the country of origin; and the reason for the payment).

UNITED KINGDOM

Terms and Conditions

UK Rules. The RSU Award is granted under the “UK Rules,” which contain additional terms and conditions that govern the RSU Award. Grantees should review the UK Rules carefully.

Notifications

There are no country-specific notifications.

.

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    - 9 -

APPENDIX B

Compliance with Section 409A of the Internal Revenue Code

(a)    It is intended that the provisions of this Agreement comply with Section 409A of the U.S. Internal Revenue Code (“Section 409A”), and all provisions of this Agreement shall be construed and interpreted in a manner consistent with the requirements for avoiding taxes or penalties under Section 409A.

(b)    Neither Grantee nor any of Grantee’s creditors or beneficiaries shall have the right to subject any deferred compensation (within the meaning of Section 409A) payable under this Agreement to any anticipation, alienation, sale, transfer, assignment, pledge, encumbrance, attachment or garnishment. Except as permitted under Section 409A, any deferred compensation (within the meaning of Section 409A) payable to Grantee or for Grantee’s benefit under this Agreement may not be reduced by, or offset against, any amount owing by Grantee to the Company or any of its subsidiaries.

(c)    If, at the time of Grantee’s separation from service (within the meaning of Section 409A), (i) Grantee is a specified employee (within the meaning of Section 409A and using the identification methodology selected by the Company from time to time) and (ii) the Company shall make a good faith determination that an amount payable hereunder constitutes deferred compensation (within the meaning of Section 409A) the payment of which is required to be delayed pursuant to the six-month delay rule set forth in Section 409A in order to avoid taxes or penalties under Section 409A, then the Company shall not pay such amount on the otherwise scheduled payment date pursuant to Section 4 of this Agreement but shall instead pay it, without interest, on the first business day after such six-month period or, if earlier, upon the Grantee’s death.

(d)    Notwithstanding anything to the contrary contained herein, for the purpose of this Agreement, (i) if the RSUs have not previously been forfeited, the RSUs shall vest on a Disability, which shall mean that the Grantee is considered disabled in accordance with U.S. Treasury Regulations section 1.409A-3(i)(4), determined as if all permissible provisions of such regulation were in effect, and (ii) a Change of Control of the Company is considered to have occurred with respect to the Grantee upon the occurrence with respect to the Grantee of a change in the ownership or effective control of the Company or a change in the ownership of a substantial portion of the assets of the Company, as determined in accordance with U.S. Treasury Regulations section 1.409A-3(i)(5).

(e)    Notwithstanding any provision of this Agreement to the contrary, in light of the uncertainty with respect to the proper application of Section 409A, the Company reserves the right to make amendments to this Agreement as the Company deems necessary or desirable to avoid the imposition of taxes or penalties under Section 409A. In any case, Grantee shall be solely responsible and liable for the satisfaction of all taxes and penalties that may be imposed on Grantee or for Grantee’s account in connection with this Agreement (including, without limitation, any taxes and penalties under Section 409A), and neither the Company nor any of its subsidiaries shall have any obligation to indemnify or otherwise hold Grantee harmless from any or all of such taxes or penalties.

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EX-10.19

Exhibit 10.19

FORM OF PERFORMANCE AWARD AGREEMENT

This Performance Award Agreement (“Agreement”) entered into as of [GRANT DATE] (the “Grant Date”), by and between Fluor Corporation, a Delaware corporation (the “Company”), and you (“Grantee” or “you”) evidences the grant to Grantee of a Performance Award (“Performance Award”) under the Fluor Corporation 2020 Performance Incentive Plan (the “Plan”). Capitalized terms used in this Agreement and not defined herein have the meaning set forth in the Plan.

Section 1.    AWARD SUBJECT TO PLAN

Your Performance Award is granted subject to all of the terms and conditions of this Agreement and the Plan, including any terms, rules or determinations made by the Committee pursuant to its administrative authority under the Plan, and such further terms as are set forth in the Plan that are applicable to awards thereunder, including without limitation provisions on adjustment of awards, non-transferability, satisfaction of tax requirements and compliance with other laws.

Section 2.    MEASURE DEFINITIONS

Your Performance Award performance criteria are comprised of two measures: Return on Invested Capital (“ROIC”) and Earnings Per Share (“EPS”, and together with ROIC, the “Performance Targets”), averaged over a three-year performance period beginning on January 1, [GRANT YEAR] and ending on December 31, [END OF THREE-YEAR PERIOD] (the “Performance Period”). ROIC is calculated by dividing full year corporate net earnings attributable to Fluor Corporation from continuing operations (excluding after-tax net interest) by Net Invested Capital. Net Invested Capital is defined as total shareholders’ equity (excluding accumulated other comprehensive income) plus total external long and short-term debt (excluding non-recourse debt) minus cash, current and non-current marketable securities in excess of US $1.0 billion. ROIC is calculated based on the average Net Invested Capital reported for the previous five quarters. EPS represents diluted earnings per share attributable to Fluor Corporation from continuing operations.

The Performance Targets may be subject to certain adjustments approved by the Committee in connection with the grants.

Section 3.    PERFORMANCE TARGETS AND VALUE OF AWARD

Your Performance Award target amount is communicated in your long-term incentive award letter (the “Target Amount”). [This Target Amount shall be expressed in units by dividing the Target Amount by the closing price of the Company’s common stock ($XX.XX), par value $.01 per share (“Shares”), on [GRANT DATE] (e.g., if your Target Amount is $100,000 and the Company’s Share price is $XX.XX on the applicable date, this Target Amount shall be expressed as X,XXX units).]1

[These units]/[This Target Amount] will be adjusted based on the Company’s performance for the Performance Period against the established Performance Targets, which will be weighted as follows: 50% ROIC and 50% EPS. For [FIRST YEAR], specific performance targets are set forth on Exhibit A, which may be attached hereto or sent to you separately at a later date. Specific performance targets for [FOLLOWING YEARS] will be set at the beginning of the respective year and provided to you.

The [units]/[earned amount] will be further adjusted based on the Company’s three-year cumulative total shareholder return relative to the companies in the S&P 500 Index on [GRANT DATE], as further defined and calculated as set forth on Exhibit B (“Relative TSR”). In no event will the final earned [units]/[amount] exceed 200% of the [target units]/[Target Amount].

[Once the units are adjusted for the Company’s performance, the number of units shall not change for this Performance Award.]

Section 4.    RETENTION PERIOD AND PAYOUT

The period commencing [GRANT DATE] and ending on [FINAL VESTING DATE IN THREE YEARS] shall be the “Retention Period”. Your Performance Award will vest in full on [FINAL VESTING DATE IN THREE YEARS] (the “Vesting Date”), subject to the continued employment requirements or other exceptions contained in Section 5 below. Payment of the Performance Award shall be made as soon as practicable after the Vesting Date, except as provided in Section 5. [The Performance Award shall be paid (i.e., settled) in Shares. Subject to the provisions of Section 4 and Section 5 hereof, upon the issuance to Grantee of Shares hereunder, Grantee shall also receive additional Shares equal to the amount of accrued dividends or distributions paid or made by the Company on a quarterly basis, which dividends or distributions shall be deemed to be reinvested throughout the Performance Period, based on the Shares awarded under this Performance Award and the performance level earned during the Performance Period; provided, that any fractional Shares shall be rounded up to the nearest whole Share]2.

Section 5.     CONTINUED EMPLOYMENT

1 Awards may also be payable in cash, in which case no units will be established.

2 For awards payable in cash, payment will be made “generally on the same date that other executive incentives are paid, if any, and in no event later than March 15 of the year following the year in which is earned.”

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Vesting of the Performance Award is conditioned upon you remaining in the employment of the Company or its subsidiaries for the Retention Period or satisfying the exceptions described in this Section 5. If your employment with the Company or any of its subsidiaries terminates for any reason other than death, Retirement, Disability or a Qualifying Termination, each as defined below and as determined by the Committee in accordance with the Plan, then as of the date of such termination any unvested Performance Award shall be forfeited by you in exchange for no additional consideration or payment. If your employment with the Company or any of its subsidiaries terminates during the Retention Period by reason of your death or Disability, each as determined by the Committee in accordance with the Plan, then any portion of this Performance Award which has yet to become vested shall vest and continue to become payable in accordance with its terms on the Vesting Date as described in section 4.3 If prior to the Performance Award becoming vested in full pursuant to Section 4 hereof, your employment with the Company or any of its subsidiaries terminates by reason of your Retirement and you deliver a signed long term incentive vesting/forfeiture agreement to the Company in a form acceptable to the Company (except when such an agreement is prohibited by governing law as determined by the Company), then any portion of this Performance Award which has yet to become vested shall continue to vest over the Retention Period and become payable in accordance with the terms hereof on the Vesting Date as described in Section 4. In the event that you incur a Qualifying Termination, the Performance Award shall immediately vest and be paid to you based on actual results for any annual performance period ending prior to the Change of Control and at target performance levels for annual performance periods ending after the Change of Control as soon as practicable after such termination (provided that such award has not previously been forfeited pursuant to the provisions of this Agreement). Notwithstanding the foregoing and regardless of the reason for termination, under all circumstances other than your Qualifying Termination, any Performance Award held less than one year from [GRANT DATE] shall be forfeited in exchange for no additional consideration or payment[; provided, however, in the event of your Retirement, this one-year holding requirement may be waived by the Committee, in its sole and absolute discretion, and any portion of this Performance Award which has yet to become vested shall continue to vest as set forth in the preceding paragraph]4.

Nothing in the Plan or this Agreement confers any right of continuing employment with the Company or its subsidiaries. Notwithstanding the foregoing, if in the event of a Change of Control the successor to the Company does not assume this Performance Award, then any portion of this Performance Award which has yet to become vested and which has not otherwise been forfeited pursuant to the provisions of this Section 4 shall immediately vest and shall be paid based on actual results for any annual performance period ending prior to the Change of Control and at target performance levels for annual performance periods ending after the Change of Control, as soon as practicable following the Change of Control (provided that the Performance Award has not previously been forfeited pursuant to the provisions of this Section 5). Notwithstanding anything to the contrary herein, in the event your employment is terminated for Cause (as defined herein), regardless of whether you are Retirement eligible, you shall forfeit the unvested portion of your Performance Award in exchange for no additional consideration or payment, unless otherwise prohibited by law.

For purposes of this Agreement, "Retirement" shall mean your retirement as determined in accordance with applicable Company personnel policies and the Plan. “Disability” and “Change of Control” shall have the meanings given to them in Appendix B to this Agreement.

    The term “Qualifying Termination” means your involuntary termination of employment by the Company, without Cause, within two (2) years following a Change of Control of the Company. For this purpose, “Cause” means your dishonesty, fraud, willful misconduct, breach of fiduciary duty, conflict of interest, commission of a felony, material failure or refusal to perform your job duties in accordance with Company policies, material violation of Company policy that causes harm to the Company or its subsidiaries or other wrongful conduct of a similar nature and degree.

Section 6.    TAX WITHHOLDING

Regardless of any action the Company or the Grantee’s employer (the “Employer”) takes with respect to any or all income tax, social insurance, payroll tax, payment on account or other tax-related withholding (“Tax-Related Items”), the Grantee acknowledges and agrees that the ultimate liability for all Tax-Related Items legally due by the Grantee is and remains the Grantee’s responsibility and that the Company and/or the Employer (i) make no representations nor undertakings regarding the treatment of any Tax-Related Items in connection with any aspect of this grant of a Performance Award, including the grant and vesting of the Performance Award, subsequent delivery of the [Shares related to such Performance Award or the subsequent sale of any Shares acquired pursuant to such Performance Award]/[cash payment] and (ii) do not commit to structure the terms or any aspect of this grant of a Performance Award to reduce or eliminate the Grantee’s liability for Tax-Related Items. The Grantee shall pay the Company or the Employer any amount of Tax-Related Items that the Company or the Employer may be required to withhold as a result of the Grantee’s participation in the Plan or receipt of a Performance Award that cannot be satisfied by the means described below. Further, if the Grantee is subject to tax in more than one jurisdiction, the Grantee acknowledges that the Company and/or Employer (or former Employer, as applicable) may be required to withhold or account for Tax-Related Items in more than one jurisdiction. The Company may refuse to deliver the Performance Award payment if the Grantee fails to comply with the Grantee’s obligations in connection with the Tax-Related Items.

Prior to the taxable or tax withholding event, as applicable, the Grantee shall pay, or make adequate arrangements satisfactory to the Company or to the Employer (in their sole discretion) to satisfy all Tax-Related Items. In this regard, the Grantee authorizes the Company or Employer to withhold all applicable Tax-Related Items legally payable by the Grantee by [(1) withholding from the Performance Award a number of Shares otherwise deliverable equal to the Retained Share Amount (as defined below); (2)] withholding from the Grantee’s wages or other cash compensation paid by the Company and/or Employer; and/or (3) withholding from proceeds of the sale of Shares acquired upon settlement of the Performance Award, either through a voluntary sale or through a sale arranged by the Company (on the Grantee’s behalf pursuant to this authorization), to the extent permitted by the Plan Administrator. The “Retained Share Amount” shall mean a number of

3 For awards payable in cash, awards shall “immediately vest and be paid to you as soon as practicable after such termination (provided that such award has not previously been forfeited pursuant to the provisions of this Agreement).”

4 May be included for some officers.

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Shares equal to the quotient of the minimum statutory tax withholding obligation of the Company triggered by the Performance Award payment on the relevant date, divided by the fair market value of one Share on the relevant date or as otherwise provided in the Plan. If the obligation for Tax-Related Items is satisfied by withholding a number of Shares as described herein, the Grantee understands that he or she shall be deemed to have been issued the full number of Shares, notwithstanding that a number of Shares are held back solely for the purpose of paying the Tax-Related Items due as a result of the settlement of the Performance Award.

Grantee acknowledges and understands that Grantee should consult a tax advisor regarding Grantee’s tax obligations.

Section 7.    SEVERABILITY

In the event that one or more of the provisions of this Agreement shall be invalidated for any reason by a court of competent jurisdiction, any provision so invalidated shall be deemed to be separable from the other provisions hereof, and the remaining provisions hereof shall continue to be valid and fully enforceable.

Section 8.    DATA PROTECTION

THE GRANTEE HEREBY EXPLICITLY AND UNAMBIGUOUSLY CONSENTS TO THE COLLECTION, USE AND TRANSFER, IN ELECTRONIC OR OTHER FORM, OF THE GRANTEE’S PERSONAL DATA AS DESCRIBED IN THIS DOCUMENT BY AND AMONG, AS APPLICABLE, THE EMPLOYER, AND THE COMPANY AND ITS SUBSIDIARIES FOR THE EXCLUSIVE PURPOSE OF IMPLEMENTING, ADMINISTERING AND MANAGING THE GRANTEE’S PARTICIPATION IN THE PLAN. THE GRANTEE UNDERSTANDS THAT THE COMPANY, ITS SUBSIDIARIES AND THE EMPLOYER HOLD CERTAIN PERSONAL INFORMATION ABOUT THE GRANTEE, INCLUDING, BUT NOT LIMITED TO, NAME, HOME ADDRESS AND TELEPHONE NUMBER, DATE OF BIRTH, SOCIAL SECURITY OR INSURANCE NUMBER OR OTHER IDENTIFICATION NUMBER, SALARY, NATIONALITY, JOB TITLE, ANY SHARES OR DIRECTORSHIPS HELD IN THE COMPANY, DETAILS OF ALL OPTIONS OR ANY OTHER ENTITLEMENT TO SHARES AWARDED, CANCELED, PURCHASED, EXERCISED, VESTED, UNVESTED OR OUTSTANDING IN THE GRANTEE’S FAVOR FOR THE PURPOSE OF IMPLEMENTING, MANAGING AND ADMINISTERING THE PLAN (“DATA”). THE GRANTEE UNDERSTANDS THAT THE DATA MAY BE TRANSFERRED TO ANY THIRD PARTIES ASSISTING IN THE IMPLEMENTATION, ADMINISTRATION AND MANAGEMENT OF THE PLAN, THAT THESE RECIPIENTS MAY BE LOCATED IN THE GRANTEE’S COUNTRY OR ELSEWHERE, INCLUDING OUTSIDE THE EUROPEAN ECONOMIC AREA, AND THAT THE RECIPIENT COUNTRY MAY HAVE DIFFERENT DATA PRIVACY LAWS AND PROTECTIONS THAN THE GRANTEE’S COUNTRY. THE GRANTEE UNDERSTANDS THAT HE/SHE MAY REQUEST A LIST WITH THE NAMES AND ADDRESSES OF ANY POTENTIAL RECIPIENTS OF THE DATA BY CONTACTING THE LOCAL HUMAN RESOURCES REPRESENTATIVE. THE GRANTEE AUTHORIZES THE RECIPIENTS TO RECEIVE, POSSESS, USE, RETAIN AND TRANSFER THE DATA, IN ELECTRONIC OR OTHER FORM, FOR THE PURPOSES OF IMPLEMENTING, ADMINISTERING AND MANAGING THE GRANTEE’S PARTICIPATION IN THE PLAN, INCLUDING ANY REQUISITE TRANSFER OF SUCH DATA, AS MAY BE REQUIRED TO A BROKER OR OTHER THIRD PARTY WITH WHOM THE GRANTEE MAY ELECT TO DEPOSIT SHARES, IF ANY, ACQUIRED UNDER THE PLAN. THE GRANTEE UNDERSTANDS THAT DATA WILL BE HELD ONLY AS LONG AS IS NECESSARY TO IMPLEMENT, ADMINISTER AND MANAGE PARTICIPATION IN THE PLAN. THE GRANTEE UNDERSTANDS THAT HE/SHE MAY, AT ANY TIME, VIEW DATA, REQUEST ADDITIONAL INFORMATION ABOUT THE STORAGE AND PROCESSING OF THE DATA, REQUIRE ANY NECESSARY AMENDMENTS TO THE DATA OR REFUSE OR WITHDRAW THE CONSENTS HEREIN, IN ANY CASE WITHOUT COST, BY CONTACTING THE LOCAL HUMAN RESOURCES REPRESENTATIVE IN WRITING. THE GRANTEE UNDERSTANDS THAT REFUSING OR WITHDRAWING CONSENT MAY AFFECT THE GRANTEE’S ABILITY TO PARTICIPATE IN THE PLAN. FOR MORE INFORMATION ON THE CONSEQUENCES OF REFUSING TO CONSENT OR WITHDRAWING CONSENT, THE GRANTEE UNDERSTANDS THAT HE/SHE MAY CONTACT THE PLAN ADMINISTRATOR AT THE COMPANY.

Section 9.     ACKNOWLEDGMENT AND WAIVER

By accepting the grant of this Performance Award, the Grantee acknowledges and agrees that:

(a)    the Plan is established voluntarily by the Company, and it is discretionary in nature and may be modified, amended, suspended or terminated by the Company at any time unless otherwise provided in the Plan or this Agreement;

(b)    the grant of Performance Awards is voluntary and occasional and does not create any contractual or other right to receive future grants of Performance Awards, or benefits in lieu of Performance Awards, even if Performance Awards have been granted repeatedly in the past;

(c)    all decisions with respect to future grants, if any, shall be at the sole discretion of the Company;

(d)    the Grantee’s participation in the Plan shall not create a right to further employment with Employer and shall not interfere with the ability of Employer to terminate the Grantee’s employment relationship, and it is expressly agreed and understood that employment is terminable at the will of either party, insofar as permitted by law;

(e)    the Grantee is participating voluntarily in the Plan;

(f)    Performance Awards and resulting benefits are extraordinary items that do not constitute compensation of any kind for services of any kind rendered to the Company or the Employer, and are outside the scope of the Grantee’s employment contract, if any;

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(g)    Performance Awards and resulting benefits are not part of normal or expected compensation or salary for any purposes, including, but not limited to calculating any severance, resignation, termination, redundancy, or end of service payments, or bonuses, long-service awards, pension or retirement benefits or similar payments insofar as permitted by law;

(h)    in the event that the Grantee is not an employee of the Company, this Performance Award shall not be interpreted to form an employment contract or relationship with the Company, and furthermore, this Performance Award shall not be interpreted to form an employment contract with the Employer or any subsidiary of the Company;

(i)    in consideration of this Performance Award, no claim or entitlement to compensation or damages shall arise from termination or diminution in value of this Performance Award resulting from termination of the Grantee’s employment by the Company or the Employer (for any reason whatsoever), and the Grantee irrevocably releases the Company and the Employer from any such claim that may arise; if, notwithstanding the foregoing, any such claim is found by a court of competent jurisdiction to have arisen, then, by accepting the terms of this Agreement, the Grantee shall be irrevocably deemed to have waived any entitlement to pursue such claim;

(j)    the Company may impose such other restrictions, conditions or limitations as it determines appropriate as to the timing and manner of any re-sales by the Grantee or other subsequent transfers by the Grantee of any Shares issued as a result of the vesting of the Performance Award, including without limitation (i) restrictions under an insider trading policy, (ii) restrictions designed to delay and/or coordinate the timing and manner of sales by Grantee and other Shareholders and (iii) restrictions as to the use of a specified brokerage firm for such re-sales or other transfers; and

(k)    the award evidenced by this Agreement is subject to all Company policies relating to the clawback and/or recoupment of compensation, as the same may be amended from time to time, and to the extent the Grantee is subject to such policies, the terms and conditions of such policies are hereby incorporated by reference into this Agreement.

Section 10.    CONFIDENTIALITY

This Agreement and the receipt of any Performance Award hereunder are conditioned upon Grantee not disclosing this Agreement or said receipt to anyone other than Grantee's spouse, financial advisor, senior management of the Company or members of the Company's Law, Tax, and Human Resources departments. If unauthorized disclosure is made to any other person, this Performance Award shall be forfeited in exchange for no additional consideration or payment. Notwithstanding any other provision of this Agreement or any other agreement, if Grantee makes a confidential disclosure of a Company trade secret to a government official or an attorney for the purpose of reporting or investigating a suspected violation of law, or in a court filing under seal, Grantee shall not be held liable under this Agreement or any other agreement, or under any federal or state trade secret law for such a disclosure. Moreover, nothing in this Agreement or any other agreement shall prevent Grantee from making a confidential disclosure of any other confidential information to a government official, to an attorney as necessary to obtain legal advice or in a court filing under seal.

Section 11.     GRANT-SPECIFIC TERMS

Appendix A contains additional terms and conditions of the Agreement applicable to Grantees residing outside the United States. In addition, Appendix A also contains information and notices regarding exchange control and certain other issues of which the Grantee (if residing outside the United States) should be aware that may arise as a result of participation in the Plan. Appendix B contains additional terms in compliance with Section 409A of the United States Internal Revenue Code.

Section 12.    ENFORCEMENT

This Agreement and the Performance Award granted hereunder shall be governed by, construed, administered and enforced in accordance with the laws of the State of Delaware without reference to choice or conflict of law principles.

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Section 13.    EXECUTION OF AWARD AGREEMENT

Please acknowledge your acceptance of the terms of this Agreement by electronically signing this Agreement.

IN WITNESS WHEREOF, the parties hereto have executed this Agreement as of the day and year first herein above written.

FLUOR CORPORATION

    By:    

[NAME]

[TITLE]

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EXHIBIT A

PERFORMANCE TARGETS

[TO BE SET ANNUALLY]

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EXHIBIT B

TSR CALCULATION

1.Definitions.

a.“Peer Companies” (and each, a “Peer Company”) means the companies in the S&P 500 Index on [GRANT DATE].

b.“Beginning Price” means, with respect to the Company and any other Peer Company, the average of the closing market prices of such company’s common stock on the principal exchange on which such stock is traded for the twenty (20) consecutive trading days ending with the last trading day before the beginning of the Performance Period. For the purpose of determining Beginning Price, the value of dividends and other distributions shall be determined by treating them as reinvested in additional shares of stock as of the applicable ex-date.

c.“Ending Price” means, with respect to the Company and any other Peer Company, the average of the closing market prices of such company’s common stock on the principal exchange on which such stock is traded for the twenty (20) consecutive trading days ending on the last trading day of the Performance Period. For the purpose of determining Ending Price, the value of dividends and other distributions shall be determined by treating them as reinvested in additional shares of stock as of the applicable ex-date.

2.Calculation of TSR.

a.“TSR” shall be determined with respect to the Company and any other Peer Company by dividing: (a) the sum of (i) the difference obtained by subtracting the applicable Beginning Price from the applicable Ending Price plus (ii) all dividends and other distributions during the Performance Period by (b) the applicable Beginning Price. Any noncash distributions shall be valued at fair market value. For the purpose of determining TSR, the value of dividends and other distributions shall be determined by treating them as reinvested in additional shares of stock as of the applicable ex-date.

b.With respect to the computation of TSR, Beginning Price, and Ending Price, there shall also be an equitable and proportionate adjustment to the extent (if any) necessary to preserve the intended incentives of the awards and mitigate the impact of any stock split, stock dividend or reverse stock split occurring during the Performance Period (or during the applicable 20-day period in determining Beginning Price or Ending Price, as the case may be).

3.Treatment of Peer Transactions during the Performance Period.

a.In the event a Peer Company becomes bankrupt, the bankrupt company will remain in the peer group positioned at the bottom of the group.

b.In the event of a merger, acquisition or business combination transaction of a Peer Company in which the Peer Company is the surviving entity and remains publicly traded, the surviving entity shall remain a Peer Company.

c.In the event of a merger, acquisition or business combination transaction of a Peer Company, a “going private” transaction or similar event involving a Peer Company, in each case where the Peer Company is not the surviving entity or is no longer publicly traded, the company shall no longer be a Peer Company.

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4.Comparative TSR.

The Performance units will be adjusted based on how the Company’s TSR ranks in comparison to the TSRs of the Peer Companies in accordance with the following schedule:

Ranking of the Company against the Peer Companies	Adjustment
Top third	Increase 30%
Middle third	No change
Bottom third	Decrease 30%

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APPENDIX A

FLUOR CORPORATION
PERFORMANCE AWARDS

UNDER THE 2020 PERFORMANCE INCENTIVE PLAN

TERMS FOR NON-U.S. GRANTEES

TERMS AND CONDITIONS

This Appendix A, which is part of the Agreement, includes additional terms and conditions of the Agreement that will apply to you if you are a resident in one of the countries listed below. Capitalized terms used but not defined herein will have the same meanings assigned to them in the Plan and the Agreement.

NOTIFICATIONS

This Appendix A also includes information regarding exchange control and certain other issues of which you should be aware with respect to your participation in the Plan. The information is based on the securities, exchange control and other laws in effect in the respective countries as of [DATE]. Such laws are often complex and change frequently. As a result, the Company strongly recommends that you not rely on the information in this Appendix A as the only source of information relating to the consequences of your participation in the Plan because such information may be out-of-date when your Performance Awards vest.

In addition, the information contained herein is general in nature and may not apply to your particular situation. As a result, the Company is not in a position to assure you of any particular result. You are therefore advised to seek appropriate professional advice as to how the relevant laws in your country may apply to your situation.

Finally, if you are a citizen or resident of a country other than that in which you are currently working, the information contained herein may not apply to you.

GRANT-SPECIFIC LANGUAGE

Below please find country specific language that applies to Australia, Canada, Chile, Germany, the Netherlands, Russia, South Africa, Spain and the United Kingdom.

AUSTRALIA

Terms and Conditions

There are no country-specific provisions.

Notifications

Exchange Control Information. Exchange control reporting is required for cash transactions exceeding A$10,000 and international fund transfers. The Australian bank assisting with the transaction will file the report. If there is no Australian bank involved in the transfer, Grantee will be required to file the report.

CANADA

Terms and Conditions

There are no country-specific provisions.

Language Consent

The following provision applies to residents of Quebec:

The parties acknowledge that it is their express wish that the Agreement, as well as all documents, notices, and legal proceedings entered into, given or instituted pursuant hereto or relating directly or indirectly hereto, be drawn up in English.

Les parties reconnaissent avoir exigé la rédaction en anglais de cette convention, ainsi que de tous documents, avis et procédures judiciaires, exécutés, donnés ou intentés en vertu de, ou liés directement ou indirectement à la présente convention.

Notifications

9

Additional Restrictions on Resale. Securities acquired under the Plan may be subject to certain restrictions on resale imposed by Canadian provincial securities laws. You are encouraged to seek legal advice prior to any resale of such securities. In general, participants resident in Canada may resell their securities in transactions carried out on exchanges outside of Canada.

Tax Reporting. The Tax Act and the regulations thereunder require a Canadian resident individual (among others) to file an information return (Form T1135) disclosing prescribed information where, at any time in a tax year, the total cost amount of such individual’s “specified foreign property” (which includes Shares) exceeds Cdn.$100,000. You should consult your own tax advisor regarding this reporting requirement.

CHILETerms and Conditions
There are no country-specific provisions.

Notifications

Securities Law Information. Neither the Company, the award, nor any Company shares acquired under the Plan are registered with the Chilean Registry of Securities or are under the control of the Chilean Superintendence of Securities.Exchange Control Information. If exchange control reporting is required , you will be responsible for filing the report with the Central Bank of Chile.In addition, you must also file a report with the Central Bank if, in a given year, you have kept investments, deposits, or credits abroad in an amount that exceeds US$5,000,000.Tax Information. Registration of your investment in Company shares with the Chilean Internal Revenue Service may result in more favorable tax treatment. Please consult your tax advisor for additional details.

GERMANY

Terms and Conditions

There are no country-specific provisions.

Notifications

Exchange Control Information. Cross-border payments in excess of EUR12,500 must be reported monthly to the German Federal Bank. If Grantee uses a German bank to transfer a cross-border payment in excess of EUR12,500, the bank will file the report for you. In addition, you must report any receivables, payables, or debts in foreign currency exceeding an amount of EUR5,000,000 on a monthly basis.

THE NETHERLANDS

Terms and Conditions

Insider-Trading Notification. Grantees should be aware of the Dutch insider-trading rules, which may impact the sale of Shares acquired upon vesting of the Performance Award. In particular, Grantees may be prohibited from effectuating certain transactions involving Shares if they have inside information about the Company. Grantees should consult their personal legal advisor if they are uncertain whether the insider-trading rules apply to them. By accepting the Agreement and participating in the Plan, Grantee acknowledges having read and understood this notification and acknowledges that it is his or her responsibility to comply with the Dutch insider-trading rules.

Notifications

There are no country-specific notifications.

RUSSIA

Terms and Conditions

Securities Law Information. Grantee acknowledges that the Agreement, the grant of Performance Awards, the Plan and all other materials Grantee may receive regarding participation in the Plan do not constitute advertising or an offering of securities in Russia. The issuance of securities pursuant to the Plan has not and will not be registered in Russia and therefore, the securities described in any Plan-related documents may not be used for offering or public circulation in Russia.

Grantee further acknowledges that in no event will Shares acquired upon vesting of the Performance Awards be delivered to Grantee in Russia; all Shares acquired upon vesting of the Performance Awards will be maintained on Grantee’s behalf in the United States.

10

Grantee acknowledges that Grantee is not permitted to sell Shares directly to a Russian legal entity or resident.

Notifications

Grantee understands that Grantee is solely liable for all applicable Russian exchange control requirements (including repatriation requirements applicable to the proceeds from the sale of Shares).

SOUTH AFRICA

Terms and Conditions

There are no country-specific provisions.

Notifications

Exchange Control Information. To participate in the Plan, Grantee understands that Grantee must comply with exchange control regulations and rulings (the “Exchange Control Regulations”) in South Africa.

For Performance Awards, because no transfer of funds from South Africa is required, no filing or reporting requirements should apply when the Performance Awards, if any, are granted or upon settlement of the Performance Awards (in Shares).

Because the Exchange Control Regulations change frequently and without notice, Grantee understands that Grantee should consult a legal advisor to ensure compliance with current regulations. Grantee understands that it is Grantee’s responsibility to comply with South African exchange control laws, and neither the Company nor Grantee’s Employer will be liable for any fines or penalties resulting from failure to comply with applicable laws.

SPAIN

Terms and Conditions

There are no country-specific provisions.

Notifications

No Special Employment or Similar Rights. Grantee understands that the Company has unilaterally, gratuitously, and discretionally decided to distribute Performance Awards under the Plan to individuals who may be employees of the Company or its subsidiaries throughout the world. The decision is a temporary decision that is entered into upon the express assumption and condition that any grant will not economically or otherwise bind the Company or any of its subsidiaries presently or in the future, other than as specifically set forth in the Plan and the terms and conditions of Grantee’s Performance Award. Consequently, Grantee understands that any grant is given on the assumption and condition that it will not become a part of any employment contract (either with the Company or any of its subsidiaries) and will not be considered a mandatory benefit, salary for any purpose (including severance compensation) or any other right whatsoever. Further, Grantee understands and freely accepts that there is no guarantee that any benefit whatsoever will arise from any gratuitous and discretionary grant. In addition, Grantee understands that this grant would not be made but for the assumptions and conditions referred to above; thus, Grantee acknowledges and freely accepts that should any or all of the assumptions be mistaken or should any of the conditions not be met for any reason, then any grant of awards will be null and void and the Plan will not have any effect whatsoever.

Further, the Performance Award provides a conditional right to Shares and may be forfeited or affected by Grantee’s termination of employment, as set forth in the Agreement. For avoidance of doubt, Grantee’s rights, if any, to the Performance Awards upon termination of employment will be determined as set forth in the Agreement, including, without limitation, where (i) Grantee is considered to be unfairly dismissed without good cause; (ii) Grantee is dismissed for disciplinary or objective reasons or due to a collective dismissal; (iii) Grantee terminates service due to a change of work location, duties or any other employment or contractual condition; or (iv) Grantee terminates service due to the Company’s or any of its subsidiaries’ unilateral breach of contract.

Securities Law Notice. The Performance Awards granted under the Plan do not qualify as securities under Spanish regulations. By the grant of Performance Awards, no "offer of securities to the public", as defined under Spanish law, has taken place or will take place in Spanish territory. The present document and any other document relating to the offer of Performance Awards under the Plan has not been nor will it be registered with the Comisión Nacional del Mercado de Valores (Spanish Securities Exchange Commission), and it does not constitute a public offering prospectus.

Foreign Asset and Account Reporting. To the extent that Spanish residents hold rights or assets (e.g., shares of common stock, cash, etc.) in a bank or brokerage account outside of Spain with a value in excess of €50,000 per type of right or asset as of December 31 each year, such residents are required to report information on such rights and assets on their tax return for such year. Shares of common stock constitute securities for purposes of this requirement, but unvested rightsare not considered assets or rights for purposes of this requirement.

If applicable, Spanish residents must report the assets or rights on Form 720 by no later than March 31 following the end of the relevant year. After such assets or rights are initially reported, the reporting obligation will only apply for subsequent years if the value of any previously-reported assets or rights increases by more than €20,000. Failure to comply with this reporting requirement may result in penalties.

11

Spanish residents are also required to electronically declare to the Bank of Spain any securities accounts (including brokerage accounts held abroad), as well as the securities held in such accounts, if the value of the transactions for all such accounts during the prior tax year or the balances in such accounts as of December 31 of the prior tax year exceeds €1,000,000. More frequent reporting is required if such transaction value or account balance exceeds €1,000,000.

Spanish residents should consult with their personal tax and legal advisors to ensure compliance with their personal reporting obligations advisors to ensure compliance with their

Exchange Control Information. All acquisitions of foreign shares by Spanish residents must comply with exchange control regulations in Spain. Because of foreign investments requirements, the acquisition of Company shares under the Plan must be declared for statistical purposes to the Spanish Direccion General de Politica Comercial y de Inversiones Extranjeras (the “DGPCIE“). If you acquire the Shares through the use of a Spanish financial institution, that institution will automatically make the declaration to the DGPCIE for you. Otherwise, you must make the declaration by filling a form with the DGPCIE.

If you import the Shares acquired under the Plan into Spain, you must declare the importation of the share certificates to the DGPCIE.

In addition, you must also file a declaration of the ownership of the Shares with the Directorate of Foreign Transactions each January while the Shares are owned. These filings are made on standard forms furnished by the Directorate of Foreign Transactions.

When you receive any foreign currency payments (i.e., as a result of the sale of the Shares), you must inform the institution receiving the payment of the basis upon which such payment is made and provide certain specific information (e.g., name, address, and fiscal identification number; the name and corporate domicile of the company; the amount of the payment; the type of foreign currency received; the country of origin; and the reason for the payment).

UNITED KINGDOM

Terms and Conditions

UK Rules. The Performance Award is granted under the “UK Rules,” which contain additional terms and conditions that govern the Performance Award. Grantees should review the UK Rules carefully.

Notifications

There are no country-specific notifications.

12

APPENDIX B

Compliance with Section 409A of the Internal Revenue Code

(a)    It is intended that the provisions of this Agreement comply with Section 409A of the U.S. Internal Revenue Code (“Section 409A”), and all provisions of this Agreement shall be construed and interpreted in a manner consistent with the requirements for avoiding taxes or penalties under Section 409A.

(b)    Neither Grantee nor any of Grantee’s creditors or beneficiaries shall have the right to subject any deferred compensation (within the meaning of Section 409A) payable under this Agreement to any anticipation, alienation, sale, transfer, assignment, pledge, encumbrance, attachment or garnishment. Except as permitted under Section 409A, any deferred compensation (within the meaning of Section 409A) payable to Grantee or for Grantee’s benefit under this Agreement may not be reduced by, or offset against, any amount owing by Grantee to the Company or any of its subsidiaries.

(c)    If, at the time of Grantee’s separation from service (within the meaning of Section 409A), (i) Grantee is a specified employee (within the meaning of Section 409A and using the identification methodology selected by the Company from time to time) and (ii) the Company shall make a good faith determination that an amount payable hereunder constitutes deferred compensation (within the meaning of Section 409A) the payment of which is required to be delayed pursuant to the six-month delay rule set forth in Section 409A in order to avoid taxes or penalties under Section 409A, then the Company shall not pay such amount on the otherwise scheduled payment date pursuant to Section 4 of this Agreement but shall instead pay it, without interest, on the first business day after such six-month period or, if earlier, upon the Grantee’s death.

(d)    Notwithstanding anything to the contrary contained herein, for the purpose of this Agreement, (i) if the Performance Award has not previously been forfeited, the Performance Award will vest on a Disability, which shall mean that the Grantee is considered disabled in accordance with U.S. Treasury Regulations section 1.409A-3(i)(4), determined as if all permissible provisions of such regulation were in effect, and (ii) a Change of Control of the Company is considered to have occurred with respect to the Grantee upon the occurrence with respect to the Grantee of a change in the ownership or effective control of the Company or a change in the ownership of a substantial portion of the assets of the Company, as determined in accordance with U.S. Treasury Regulations section 1.409A-3(i)(5).

(e)    Notwithstanding any provision of this Agreement to the contrary, in light of the uncertainty with respect to the proper application of Section 409A, the Company reserves the right to make amendments to this Agreement as the Company deems necessary or desirable to avoid the imposition of taxes or penalties under Section 409A. In any case, Grantee shall be solely responsible and liable for the satisfaction of all taxes and penalties that may be imposed on Grantee or for Grantee’s account in connection with this Agreement (including, without limitation, any taxes and penalties under Section 409A), and neither the Company nor any of its subsidiaries shall have any obligation to indemnify or otherwise hold Grantee harmless from any or all of such taxes or penalties.

13

EX-21.1

Exhibit 21.1

FLUOR CORPORATION SUBSIDIARIES(1)
[Note: Roman numerals below denote the level of the subsidiary. For example, “I” represents a first tier subsidiary of Fluor Corporation; “II” represents a second tier subsidiary, etc.]
Subsidiary Name										Percent Holding	Organized Under Laws of
I	American Equipment Company, Inc.									100.000	South Carolina
II		AMECO COLOMBIA S.A.S.								100.0000	Colombia
II		AMECO PANAMA S.A.								100.0000	Panama
II		Ameco Services, S. de R.L. de C.V.								72.8690	Mexico
II		AMECO Services Inc.								100.0000	Delaware
II		American Construction Equipment Company, Inc.								100.0000	California
		III			AMECO Holdings, Inc.					100.0000	California
					IV		AMECO Caribbean, Inc.			100.0000	California
						V			Ameco Inc.	100.0000	Saint Lucia
					IV		Ameco Equipment Services, Inc.			100.0000	Mauritius
						V			Servitrade – Servicos, Investimento y Trading Limitada	99.0000	Mozambique
					IV		AMECO Project Services, Inc.			100.0000	Philippines
					IV		Ameco Pty. Ltd.			10.0000	Australia
						V			Ameco Services, S. de R.L. de C.V.	3.0320	Mexico
					IV			Maquinaria Ameco Guatemala, Limitada		80.0000	Guatemala
					IV			Servitrade – Servicos, Investimentos y Trading Limitada		1.0000	Mozambique
		III		Ameco Services S. de R.L. de C.V.						24.0990	Mexico
II		Palmetto Seed Capital Ltd. Partnership								7.3529	South Carolina
I	Fluor Constructors International, Inc.									100.0000	California
II		Fluor Constructors Canada Ltd.								100.0000	New Brunswick
		III	SSLP/FCCL JV							50.0000	Canada (JV)
II		Fluor Management and Technical Services, Inc.								100.0000	California
II		Servicios de Construccion del Pacifico, Inc.								100.0000	Delaware
I	Fluor Enterprises, Inc.									100.0000	California
II		202 Maintenance Services, LLC								50.0000	Delaware
II		AMECODISC, LLC								100.0000	Delaware
II		American Bridge/Fluor Enterprises Inc. A Joint Venture								50.0000	California (JV)
II		BNA Constructors USA JV								40.0000	Michigan
II		Brady-Fluor, LLC								49.0000	Delaware
II		Cavendish Fluor Partnership Limited								35.0000	England
II		Cibolo Creek Infrastructure Joint Venture								55.0000	Texas (JV)
II		Colorado River Constructors JV								55.0000	Texas (JV)
II		Connect 202 Partners, LLC								38.0000	Delaware

Subsidiary Name Percent Holding Organized Under Laws of

II	ConOps Industrial Ltd.							100.0000	New Brunswick
	III			684033 N.B. Ltd.				100.0000	New Brunswick
	III			Pro-V/ConOps JV				50.0000	Canada (JV)
II	Daniel International Corporation							100.0000	South Carolina
	III			Fluor Daniel Engineering, Inc.				100.0000	Ohio
	III			Fluor Management Company L.P.				46.0676	Delaware
II	DAX Industries, Inc.							5.0000	Texas
II	Dean / Fluor, LLC							50.0000	Delaware
II	Denver Transit Constructors, LLC							40.0000	Delaware
II	Denver Transit Holdings, LLC							10.0000	Delaware
	III		Denver Transit Partners, LLC					100.0000	Delaware
II	Denver Transit Operators, LLC							33.3333	Delaware
II	Denver Transit Systems, LLC							50.0000	Delaware
II	EFDEE Connecticut Architects, Inc.							100.0000	Connecticut
	III		Industrial Services France SAS					100.0000	France
II	EFDEE Engineering Professional Corporation							100.0000	North Carolina
II	EFDEE Mississippi Architects, A Professional Corporation							100.0000	Mississippi
II	EFDEE New York Engineers & Architects P.C.							100.0000	New York
II	ENCEE Architecture Services, P.C.							100.0000	North Carolina
II	ESSI, LLC							33.3333	Delaware
II	Evergreen Equipment and Personnel Leasing, Inc.							100.0000	Rhode Island
II	FCI/Fluor/Parsons, a Joint Venture							30.0000	California (JV)
II	FD Architects & Engineers Corporation							100.0000	New Jersey
II	FDEE Consulting, Inc.							100.0000	California
II	FDHM, Inc.							100.0000	California
II	FHdB, LLC							100.00	Texas
	III		Fluor Brasil Ltda.					00.0010	Brazil
	III		Fluor Brasil Servicos de Engenharia Ltda					99.9990	Brazil
II	Fluor A&E Services, Inc.							100.0000	California
II	Fluor Alaska, Inc.							100.0000	Alaska
II	Fluor Americas, Inc.							100.0000	California
II	Fluor Australia Pty Ltd.							100.0000	Australia
	III		Giovenco Industries (AUST) Pty Limited					100.0000	Australia
					IV		Giovenco Industrial Services Pty Ltd.	100.0000	Australia
					IV		Giovenco/Insulations International JV Pty Ltd.	100.0000	Australia (JV)
					IV		Giovenco/Insulations International JV Unit Trust	100.0000	Australia (JV)
					IV		MGJV Pty Ltd.	30.0000	Australia (JV)
		III				Fluor Construction Services Pty Ltd.		100.0000	Australia
		III				Fluor Global Services Australia Pty Ltd.		100.0000	Australia
		III				Fluor Power Services Pty Ltd.		100.0000	Australia
		III				Fluor Rail Services Pty Ltd.		100.0000	Australia
		III				Fluor-SKM Iron Ore Joint Venture		55.0000	Australia (JV)
		III				JGC Fluor Kitimat LNG Project JV		50.0000	Canada (JV)
		III				Karratha Engineering Services Pty Ltd.		100.0000	Australia
		III				P.T. Signet Indonesia		10.0000	Indonesia
		III				Signet Holdings Pty Ltd.		100.0000	Australia
					IV		P.T. Signet Indonesia	90.0000	Indonesia
					IV		Signet Engineering Pty Ltd.	100.0000	Australia

2

Subsidiary Name Percent Holding Organized Under Laws of

III

Stork Technical Services Holding Australia Pty Ltd.

100.0000

Australia

IV

Giovenco Industries (AUST) Trust

100.0000

Australia

IV

Stork Technical Services Australia Pty Ltd.

100.00

Australia

V

Stork GOAL JV Pty Ltd.

50.0000

Australia (JV)

III

TRS Staffing Solutions (Australia) Pty Ltd.

100.0000

Australia

II

Fluor Boke, Inc.

100.0000

Delaware

II

Fluor BNA O&M USA LLC

100.0000

Delaware

III

BNA O&M USA General Partnership

40.0000

Delaware

II

Fluor Brasil, Ltda.

99.9990

Brazil

III

Fluor Engenharia e Projetos S.A.

99.9900

Brazil (JV)

II

Fluor Brasil Servicos de Engenharia Ltda

0.0010

Brazil

II

Fluor Canada Ltd.

100.0000

New Brunswick

III

B.C. Mining Joint Venture

50.0000

Canada (JV)

III

BNA Constructors Canada GP

40.0000

Canada

III

Fluor BNA Holdco Inc.

100.0000

New Brunswick

IV

Fluor BNA GP Inc.

100.0000

New Brunswick

V

Bridging North America Holding Corporation

40.0000

Canada

III

Fluor BNA O&M GP Inc.

100.0000

New Brunswick

IV

BNA O&M General Partnership

40.0000

Canada

III

Fluor Daniel International Services, Inc.

10.0000

Barbados

III

Fluor Engineering Solutions Ltd.

100.0000

New Brunswick

III

Fluor WEP Holdings Inc.

100.0000

New Brunswick

IV

Windsor Essex Mobility Group GP

33.3333

Canada

III

JGC Fluor BC LNG Joint Venture

60.0000

Canada (JV)

III

Parkway Infrastructure Constructors

33.3333

Canada

III

TRS Staffing Solutions (Canada) Inc.

100.0000

Canada

III

Wright Engineers Chile Limitada

100.0000

Chile

III

Wright Engineers Limitada Peru

35.0000

Peru

II

Fluor Cebu, Inc.

100.0000

Philippines

II

Fluor Chile, Inc.

100.0000

California

III

Ameco Chile S.A.

0.0450

Chile

III

Fluor Chile Ingenieria y Construccion S.A.

99.0000

Chile

IV

CEJV Ingenieria y Construccion Limitada

50.0000

Chile (JV)

IV

Fluor Techint SRL Construccion y Servicios Limitada

50.0000

Chile

III

Ingenieria y Construccion Fluor Daniel Chile Limitada

99.9000

Chile

II

Fluor Colombia Limited

100.0000

Delaware

II

Fluor ConOps Limited

100.0000

Guernsey

II

Fluor Daniel (Japan) Inc.

100.0000

Japan

II

Fluor Daniel (Malaysia) Sdn. Bhd

100.0000

Malaysia

III

Technip-Fluor JV

49.0000

Malaysia (JV)

II

Fluor Daniel Caribbean, Inc.

100.0000

Delaware

III

Duke/Fluor Daniel Caribbean S.E.

00.2500

Puerto Rico

III

Fluor Craft Services, Inc.

100.0000

South Carolina

III

Fluor Daniel International (Malaysia) Sdn. Bhd.

100.0000

Malaysia

III

Fluor Daniel Maintenance Services, Inc.

100.0000

Delaware

III

Fluor Daniel Services Corporation

100.0000

Delaware

3

Subsidiary Name Percent Holding Organized Under Laws of

III

Fluor Facility & Plant Services, Inc.

100.0000

South Carolina

II

Fluor Daniel China, Inc.

100.0000

California

II

Fluor Daniel China Services, Inc.

100.0000

California

II

Fluor Daniel Coal Services International, Inc.

100.0000

Delaware

III

Duke/Fluor Daniel International

49.9999

Nevada

IV

Duke/Fluor Daniel Caribbean, S.E.

99.0000

Puerto Rico

III

Duke/Fluor Daniel LLC

49.9999

Nevada

II

Fluor Daniel Construction Company

100.0000

California

II

Fluor Daniel Development Corporation

100.0000

California

III

Crown Energy Company

100.0000

New Jersey

III

FBT Services, Inc.

100.0000

California

III

Fluor Daniel Modesto, Inc.

100.0000

California

IV

Fluor Services LLC

99.0000

Oman

IV

Wilmore/Fluor Modesto LLC

50.0000

California

II

Fluor Daniel Eastern, Inc.

100.0000

California

III

Fluor Kazakhstan LLC

100.0000

California

III

P.T. Fluor Daniel Indonesia

80.0000

Indonesia

IV

PT. Mitra Bersama Engineering

99.0000

Indonesia

V

PT Singgar Mulia

25.0000

Indonesia

II

Fluor Daniel Engineers & Constructors, Inc.

100.0000

Delaware

III

Fluor (China) Engineering and Construction Co. Ltd.

100.0000

P.R.C.

II

Fluor Daniel Engineers & Constructors, Ltd.

100.0000

California

III

CGF Projects Ghana Limited

51.0000

Ghana

III

Technip-Fluor JV (owned by FDE&CL Singapore branch)

49.0000

Singapore (JV)

II

Fluor Daniel Engineers & Consultants Ltd.

100.0000

Mauritius

III

Fluor Daniel India Private Limited

80.0000

India

III

Fluor Mocambique, Limitada

99.0000

Mozambique

III

JGC - Fluor Mocambique, Lda

50.0000

Mozambique

II

Fluor Daniel Espana, S.A.

100.0000

California

III

Fluor Arabia Limited

50.0000

Saudi Arabia

IV

WorleyParsons Arabia Limited Fluor Arabia Limited Joint Venture

50.0000

Saudi Arabia (JV)

II

Fluor Daniel Eurasia, Inc.

100.0000

California

III

Sakhalin Neftegas Technology

50.0000

Russian Federation

II

Fluor Engenharia e Projetos S.A.

0.0010

Brazil (JV)

II

Fluor Europe B.V.

100.0000

Netherlands

III

AG&P Fluor Joint Venture Company, Inc.

50.0000

Philippines (JV)

III

Fluor B.V.

100.0000

Netherlands

IV

Fluor Consultants B.V.

100.0000

Netherlands

V

Fluor Project Services B.V.

100.0000

Netherlands

IV

Fluor Infrastructure B.V.

100.0000

Netherlands

V

Fluor A27/A1 B.V.

100.0000

Netherlands

VI

3Angle EPCM V.O.F.

50.0000

Netherlands

V

3Angle B.V.

33.3333

Netherlands

V

Infraspeed (Holdings) B.V.

3.4800

Netherlands

V

IXAS Gaasperdammerweg B.V.

33.3333

Netherlands

4

Subsidiary Name Percent Holding Organized Under Laws of

V

IXAS Zuid-Oost B.V.

25.0000

Netherlands

V

Poort van Den Bosch B.V.

10.0000

Netherlands

V

Poort van Den Bosch V.O.F.

10.0000

Netherlands (JV)

V

ZuidPlus V.O.F.

42.5000

Netherlands

IV

Stork Holding B.V.

100.0000

Netherlands

V

Stork B.V.

100.0000

Netherlands

VI

Koninklijke Machinefabriek Stork B.V.

100.0000

Netherlands

VI

SFS 007.298.633 Pty Limited

100.0000

Australia

VI

Stork Technical Services HOLDCO B.V.

100.0000

Netherlands

VII

Stork Technical Services Holding B.V

100.0000

Netherlands

VIII

Cooperheat Franchising B.V.

100.0000

Netherlands

IX

Cooperheat Saudi Arabia Company Ltd.

75.0000

Saudi Arabia

IX

Stork Technical Services New Zealand Limited

100.0000

New Zealand

IX

Tabarca Consortium

64.0000

Colombia

VIII

Corrosion Inspection & Integrity Services SDN Bhd

100.0000

Malaysia

VIII

Stork Asset Management Technology B.V.

100.0000

Netherlands

VIII

Stork Caspian LLC

49.0000

Azerbaijan (JV)

VIII

Stork Gears & Services B.V.

100.0000

Netherlands

IX

Stork Gears & Services Asia Pte. Ltd.

100.0000

Singapore

5

Subsidiary Name Percent Holding Organized Under Laws of

VIII	Stork German Holding GmbH				100.0000	Germany
IX		Stork Getriebe & Services GmbH			100.0000	Germany
IX		Stork Technical Services GmbH			100.0000	Germany
VIII	Stork Intellectual Property B.V.				100.0000	Netherlands
VIII	Stork International B.V.				100.0000	Netherlands
IX		Rash Inversiones 2007 S.L.			100.0000	Spain
X			Mecanicos Asociados S.A.S.		100.0000	Colombia
XI				Consorcio Generacion P135 MASA-VEPICA	50.0000	Colombia
XI				Consorcio Group Stork	80.0000	Colombia
XI				Consorcio KGM	41.0000	Colombia (JV)

6

Subsidiary Name Percent Holding Organized Under Laws of

XI	Consorcio MASATEC POWER		50.0000	Colombia (JV)
XI	Consorcio Stork Y Masa		30.0000	Colombia (JV)
XI	Consorcio Turnaround Alliance		30.0000	Colombia (JV)
XI	Pipeline Maintenance Alliance		70.0000	Colombia (JV)
XI	Stork Peru S.A.C.		99.9999	Peru
XII		Consorcio MSC	80.0000	Peru (JV)

7

Subsidiary Name Percent Holding Organized Under Laws of

XII			Consorcio Stork-TMI Peru	50.0000	Peru
IX		Stork Mechanical Works and Maintenance Co. K.S.C.C.		32.0000	Kuwait
IX		Stork Technical Services Belgium N.V.		0.0010	Belgium
IX		Stork Technical Services Sadaf LLC		99.9900	Azerbaijan
IX		Wescon (B) SDN BHD		99.9800	Brunei Darussalam
VIII	Stork Mechanical Works and Maintenance Co. K.S.C.C.			17.0000	Kuwait
VIII	Stork Nederland B.V.			100.0000	Netherlands
IX		AJS V.O.F.		37.5000	Netherlands
IX		DSC Maintenance V.O.F.		50.0000	Netherlands
IX		GLT-Plus V.O.F.		25.0000	Netherlands
IX		Istimewa Electrotechniek B.V.		100.0000	Netherlands

8

Subsidiary Name Percent Holding Organized Under Laws of

X			Infra Combinatie Zuid-West	25.0000	Netherlands
X			Mourik Istimewa Combinatie V.O.F.	50.0000	Netherlands
IX		N2ES V.O.F.		50.0000	Netherlands
IX		S-M V.O.F.		50.0000	Netherlands
VIII	Stork Peru S.A.C.			0.0001	Peru
VIII	Stork Power Services & Technology Beijing Limited			100.0000	China
VIII	Stork Power Services B.V.			100.0000	Netherlands
IX		Stork Integrated Solutions B.V.		100.0000	Netherlands
IX		Stork Power Services OOO		99.0000	Russian Federation
IX		Stork Power Services USA Holding Inc.		100.0000	Delaware
X			Stork H & E Turbo Blading, Inc. DBA Stork DFW Service Center	100.0000	New York

9

Subsidiary Name Percent Holding Organized Under Laws of

X			Stork Technical Services USA, Inc.	100.0000	Delaware
VIII	Stork Technical Services (STS) Ltd.			100.0000	United Kingdom
IX		Cooperheat GmbH		100.0000	Germany
X			Thermoprozess Cooperheat GmbH	48.0000	Germany
VIII	Stork Technical Services Beheer B.V.			100.0000	Netherlands
VIII	Stork Technical Services Belgium N.V.			99.9990	Belgium
VIII	Stork Technical Services Malaysia Sdn. Bhd.			100.0000	Malaysia
VIII	Stork Technical Services Sadaf LLC			0.0100	Azerbaijan
VIII	Stork Technical Services Saudi Arabia Co.			55.0000	Saudi Arabia
VIII	Stork Technical Services UK Limited			100.0000	United Kingdom
VIII	Stork Thermeq B.V.			100.0000	Netherlands
IX		Stork Power Services OOO		1.0000	Russian Federation
VIII	Stork TS Holdings Limited			0.0002	United Kingdom
VIII	Stork Turbo Blading B.V.			100.0000	Netherlands
VIII	Stork Turbo Service B.V.			100.0000	Netherlands

10

Subsidiary Name Percent Holding Organized Under Laws of

IX			Stork Oryx Turbo Machinery Services LLC				49.0000	Qatar
VIII		Wescon International B.V.					100.0000	Netherlands
VII	Stork TS Holdings Limited						99.9998	United Kingdom
VIII		Stork TS UK Limited					100.0000	United Kingdom
IX			AAR 2007 Limited				100.0000	Scotland
X				Stork Technical Services (Holdings) Limited			50.0000	United Kingdom
XI					Stork Technical Services (RBG) Limited		100.0000	United Kingdom
XII						RBG Kazakhstan LLP	100.0000	Kazakhstan

11

Subsidiary Name Percent Holding Organized Under Laws of

XII	Stork Cooperheat Bahrain SPC	100.0000	Bahrain
XII	Stork International Limited	100.0000	United Kingdom
XII	Stork Technical Services International Ltd.	100.0000	United Kingdom

12

Subsidiary Name Percent Holding Organized Under Laws of

XIII Elgin RBG (Pty) Limited 50.0000 Namibia

13

Subsidiary Name Percent Holding Organized Under Laws of

XIII Stork Technical Services International South Africa 100.0000 South Africa

14

Subsidiary Name Percent Holding Organized Under Laws of

XIII Stork Technical Services Trinidad and Tobago Ltd 8.9700 Trinidad & Tobago

15

Subsidiary Name Percent Holding Organized Under Laws of

	XII					Stork Technical Services Trinidad and Tobago Ltd		91.0300	Trinidad & Tobago
	XIII						Stork Elecon Ltd	100.0000	Trinidad & Tobago
	IX				Stork Technical Services (Holdings) Limited			50.0000	United Kingdom
			VI	Wescon (B) SDN BHD				0.0200	Brunei Darussalam
IV		TRS Staffing Solutions B.V.						100.0000	Netherlands

16

Subsidiary Name Percent Holding Organized Under Laws of

	III			Fluor Daniel E&C LLC						99.0000	Russian Federation
	III			Fluor Engineering N.V.						100.0000	Belgium
	III			Fluor Finance International B.V/S.a.r.L.						100.0000	Netherlands
	III			Fluor Island ehf.						100.0000	Iceland
	III			Fluor S.A.						100.0000	Poland
	III			Fluor Spain Holding S.L.						4.0000	Spain
			IV			Fluor Plant Engineering, S.A.				100.0000	Spain
			IV			Technical Resource Solutions, S.L.				100.0000	Spain
	III			TRS Consultants-JLT						100.0000	United Arab Emirates
			IV			TRS Staffing Solutions Mozambique, Limitada				99.0000	Mozambique
II	Fluor Daniel Global Limited									100.0000	Guernsey
	III			Fluor Daniel Global Services Limited						100.0000	Guernsey
II	Fluor Daniel Holdings, Inc.									100.0000	California
	III			Fluor Central Asia Limited Liability Partnership						99.0000	Kazakhstan
	III			Fluor Daniel Holdings (Botswana) (Pty) Limited						100.0000	Botswana
	III			Fluor Daniel Holdings Canada Inc.						100.0000	New Brunswick
			IV			Supreme Modular Fabrication Inc.				50.0000	New Brunswick
	III			Fluor Investments LLC						100.0000	Delaware
	III			Fluor Mocambique, Limitada						1.0000	Mozambique
	III			Fluor Services LLC						1.0000	Oman
	III			Fluor Uganda Engineering and Construction Limited						99.9999	Uganda
	III			Fluor-Habboush International Limited						50.0000	Bermuda
	III			FWPJV Limited						50.0000	England (JV)
			IV			KPJV Limited				60.0000	England (JV)
	III			Najmat Al-Sabah for General Services Limited Liability Company, Private Company						100.0000	Iraq
	III			Qatar National Facility Services						49.0000	Qatar
II	Fluor Daniel Illinois, Inc.									100.0000	Delaware
	III			D/FD Operating Services LLC						49.9999	Delaware
	III			Duke/Fluor Daniel (GP)						49.9999	North Carolina
II	Fluor Daniel India, Inc.									100.0000	California
II	Fluor Daniel International Services, Inc.									90.0000	Barbados
II	Fluor Daniel Latin America, Inc.									100.0000	California
	III			Grupo Empresarial Alvica, S.A.						80.0000	Venezuela
			IV			Grupo Alvica SCS				0.1000	Venezuela
		III		Servicios Cuyuni, E.T.T., C.A.						80.0000	Venezuela
II	Fluor Daniel Mexico S.A.									100.0000	California
	III			ICA Fluor Daniel, S. de R.L. de C.V.						49.0000	Mexico
			IV			ICA Fluor Servicios Gerenciales, S.A. de C.V.				98.0000	Mexico
					V		ICA Fluor Operaciones, S.A. de C.V.			0.0100	Mexico
								VI	Desarrolladora De Etileno, S. de R.L. de C.V.	20.0000	Mexico

17

Subsidiary Name Percent Holding Organized Under Laws of

							VI	Etileno XXI Contractors SAPI		20.0000	Mexico
							VI	Etileno XXI Services B.V.		20.0000	Netherlands
							VI	ICA Stork, S. de R.L. de C.V.		20.0000	Mexico
							VI	ICA Fluor Petroquimica, S.A.		98.0000	Mexico
							VII		ICA Stork, S. de R.L. de C.V.	80.0000	Mexico
		IV			ICA Fluor Servicios Operativos, S.A. de C.V.					99.9900	Mexico
		IV			IF Proyectos, S.A.					100.0000	Panama
		IV			IFD Servicios de Ingenieria S.A. de C.V.					99.9600	Mexico
				V		ICA Fluor Servicios Operativos, S.A. de C.V.				0.0100	Mexico
		IV			Industrial Del Hierro S.A. de C.V.					99.9900	Mexico
				V		ICA Fluor Petroquimica S.A. de C.V.				2.0000	Mexico
	III		IFD Servicios de Ingenieria S.A. de C.V.							0.0200	Mexico
		IV			Industrial Del Hierro S.A. de C.V.					0.0100	Mexico
	III		TRS International Group, S. de R.L. de C.V.							0.9540	Mexico
	III		TRS Staffing Solutions, S. de R.L. de C.V.							0.2000	Mexico
II	Fluor Daniel Mining & Metals, Ltd.									100.0000	California
	III		Ameco Chile S.A.							99.9550	Chile
	III		Empresa Constructora Fluor Salfa SGO Limitada							50.0000	Chile
	III		Fluor Chile Ingenieria y Construccion S.A.							1.0000	Chile
		IV			CEJV Ingenieria y Construccion Limitada					50.0000	Chile (JV)
	III		Ingenieria y Construccion Fluor Daniel Chile Limitada							0.1000	Chile
II	Fluor Daniel Overseas, Inc.									100.0000	California
	III		Fluor Uganda Engineering and Construction Limited							00.0010	Uganda
	III		PFD International LLC							50.0000	Delaware
II	Fluor Daniel P.R.C., Ltd.									100.0000	California
II	Fluor Daniel Pacific, Inc.									100.0000	California
	III		Fluor Daniel-AMEC Philippines, Inc.							50.0000	Philippines
II	Fluor Daniel Pulp & Paper, Inc.									100.0000	California
II	Fluor Daniel South America Limited									100.0000	California
	III		AMECO Peru S.R.L.							99.9500	Peru
II	Fluor Daniel Technical Services, Inc.									100.0000	Texas
II	Fluor Daniel Venture Group, Inc.									100.0000	California
	III		Fluor Daniel Asia, Inc.							100.0000	California
		IV			Duke/Fluor Daniel International Services					49.9999	Nevada
				V		Duke/Fluor Daniel Caribbean, S.E.				0.5000	Puerto Rico
		IV			P.T. Fluor Daniel Indonesia					20.0000	Indonesia
				V		Fluor Aker Solutions Indonesia JV				50.0000	Indonesia (JV)
				V		PT. MITRA BERSAMA ENGINEERING				99.0000	Indonesia

18

Subsidiary Name Percent Holding Organized Under Laws of

							VI	PT Singgar Mulia	25.0000	Indonesia
		IV			P.T. Nusantara Power Services				70.0000	Indonesia
	III		Soli Flo LLC						25.0000	Delaware
		IV			Soli.Flo, Inc.				100.0000	California
				V		Soli-Flo Material Transfer, L.P.			1.0000	California
				V		Soli-Flo Partners, L.P.			1.0000	California
	III		Soli-Flo Material Transfer, L.P.						24.7500	California
	III		Soli-Flo Partners, L.P.						24.7500	California
	III		Springfield Resource Recovery, Inc.						100.0000	Massachusetts
		IV			Springfield Resource Recovery Limited Partnership				10.0000	Massachusetts
	III		Springfield Resource Recovery Limited Partnership						90.0000	Massachusetts
II	Fluor Daniel, a Professional Architectural Corporation								100.0000	Louisiana
II	Fluor Daniel, Inc. - Philippines								99.9900	Philippines
II	Fluor Engineering Corporation								100.0000	Michigan
II	Fluor Enterprises Group, Inc.								100.0000	Delaware
II	Fluor Federal Global Projects, Inc.								100.0000	Delaware
II	Fluor Federal Services NWS, Inc.								100.0000	Washington
II	Fluor Federal Services, Inc.								100.0000	Washington
	III		Fluor Energy Technology Services, LLC						100.0000	Delaware
	III		Fluor Federal Petroleum Operations, LLC						100.0000	Delaware
	III		Fluor Federal, Inc.						100.0000	Washington
	III		Fluor Idaho, LLC						100.0000	Delaware
	III		Fluor Marine Propulsion, LLC						100.0000	Delaware
	III		Fluor-BWXT Portsmouth LLC						51.0000	Ohio
	III		Fluor|Westinghouse Liquid Waste Services, LLC						67.0000	Delaware
	III		Mid-America Conversion Services, LLC						25.0000	Delaware
	III		Nuclear Production One, LLC						60.0000	Delaware
	III		Savannah River Nuclear Solutions, LLC						48.0000	South Carolina
II	Fluor Federal Services, LLC								100.0000	Delaware
II	Fluor Federal Solutions, LLC								100.0000	South Carolina
	III		Rock Island Integrated Services						51.0000	Illinois (JV)
II	Fluor Fernald, Inc.								100.0000	California
	III		Fluor Environmental Resources Management Services, Inc.						100.0000	Delaware
II	Fluor Finance U.S., Inc.								100.0000	Texas
II	Fluor Flatiron Balfour Beatty Dragados DBJV								30.0000	California (JV)
II	Fluor GmbH								100.0000	Germany
	III		Arbeitsgemeinschaft BAB A8 Ausbau Augsburg - München						25.0000	Germany
II	Fluor Government Group International, Inc.								100.0000	Delaware
	III		Canadian National Energy Alliance Ltd.						20.0000	Canada
	III		Fluor Intercontinental Arabian Peninsula LLC						1.0000	Oman
II	Fluor Guinea, Inc.								100.0000	Texas
II	Fluor Hanford, Inc.								100.0000	Washington
II	Fluor Heavy Civil, LLC								100.0000	Delaware
II	Fluor Industrial Services Canada Inc.								100.0000	New Brunswick
	III		Fluor Driver Inc.						50.0000	Alberta

19

Subsidiary Name Percent Holding Organized Under Laws of

II	Fluor Industrial Services, Inc.						100.0000	Delaware
II	Fluor Intercontinental, Inc.						100.0000	California
	III		Dominican Republic Combined Cycle, LLC				49.0000	Delaware
	III		FIID LLC				100.0000	Djibouti
	III		Fluor AMEC II, LLC				55.0000	Delaware
	III		Fluor Daniel Nigeria Limited				60.0000	Nigeria
	III		Fluor Government Group-Canada, Inc.				100.0000	New Brunswick
		IV			ATCO – Fluor Support Solutions Ltd.		49.0000	Alberta
		IV			Canadian National Energy Alliance Ltd.		20.0000	Canada
	III		Fluor Intercontinental Arabian Peninsula LLC				99.0000	Oman
	III		Fluor Intercontinental Germany GmbH				100.0000	Germany
	III		Fluor Intercontinental Solutions, LLC				100.0000	Delaware
	III		FLUOR M ltd.				100.0000	Macedonia
	III		Greenville Technical Services Inc.				100.0000	Delaware
	III		Grupo Alvica SCS				79.9200	Venezuela
	III		NWKC LLC				50.0000	Delaware
II	Fluor International Limited						100.0000	United Kingdom
	III		COOEC-Fluor Heavy Industries Co., Ltd.				49.0000	China
	III		Fluor Industrial Services Limited				100.0000	United Kingdom
		IV			CSP EG S.L.		65.0000	Equatorial Guinea
		IV			Energy Resourcing Limited		100.0000	Scotland
	III		Fluor Limited				100.0000	United Kingdom
		IV			FDH JV - KNPC AZRP/ZOR		45.0000	Kuwait (JV)
		IV			FDH JV - KNPC CFP		33.3333	Kuwait (JV)
		IV			Fluor Pension Trustee Limited		100.0000	England
		IV			FPMM, XXK (FPMM, LLC-English translation)		100.0000	Mongolia
				V		Mongolian National Facility Services (MNFS) LLC	49.0000	Mongolia
	III		Fluor Ocean Services Limited				100.0000	England
	III		Fluor Projects Limited				100.0000	England
	III		Genesys Telecommunications Holdings Limited				45.0000	England
		IV			Genesys Telecommunications Limited		100.0000	England
	III		Kazakh Projects Joint Venture Limited				50.0000	England (JV)
	III		KDPC Limited				50.0000	England
	III		PFD (UK) Limited				50.0000	England
	III		TRS Staffing Solutions Limited				100.0000	England
II	Fluor International, Inc.						100.0000	California
	III		Fluor Mideast Limited				100.0000	California
	III		Iraq Construction Ltd.				100.0000	British Virgin Islands
		IV			Iraq Water General Contracting Company L.L.C.		100.0000	Iraq
II	Fluor Ireland Limited						100.0000	Ireland
	III		TRS Staffing Solutions Limited				100.0000	Ireland
II	Fluor Kazakhstan Inc.						100.0000	Texas
II	Fluor Maintenance Services, Inc.						100.0000	California

20

Subsidiary Name Percent Holding Organized Under Laws of

II	Fluor Mediterranean, Inc.			100.0000	California
II	Fluor Mideast Limited			100.0000	Bermuda
II		Fluor Mining and Metals France, Inc.		100.0000	Delaware
II	Fluor NE, Inc.			100.0000	Arizona
	III		ADP Marshall Contractors, Inc.	100.0000	Delaware
	III		ADP/FD of Nevada, Inc.	100.0000	Nevada
	III		M&W/Marshall, a Joint Venture	50.0000	Oregon (JV)
II	Fluor Nuclear Services, Inc.			100.0000	Ohio
II	Fluor Oak Ridge, LLC			100.0000	Delaware
II	Fluor Projects, Inc.			100.0000	Texas
II	Fluor Real Estate Services, Inc.			100.0000	Delaware
II	Fluor Rovuma, Inc.			100.0000	Delaware
II	Fluor Scaffolding, Inc.			100.0000	Delaware
II	Fluor Services International, Inc.			100.0000	Nevada
II	Fluor Spain Holding S.L.			96.0000	Spain
	III		Fluor Plant Engineering, S.A.	100.0000	Spain
	III		Technical Resource Solutions, S.L.	100.0000	Spain
II	Fluor SPN, Inc.			100.0000	Delaware
II	Fluor Supply Chain Solutions B.V.			100.0000	Netherlands
II	Fluor Supply Chain Solutions LLC			100.0000	Delaware
	III		Acqyre B.V.	100.0000	Netherlands
	III		Fluor Supply Chain Solutions Singapore Pte. Ltd.	100.0000	Singapore
	III		IT Development Centre B.V.	100.0000	Netherlands
II	Fluor Technip Integrated Joint Venture			50.0000	Texas (JV)
II	Fluor Technologies Corporation			100.0000	Delaware
II	Fluor Texas, Inc.			100.0000	Texas
	III		KazakhNefteGasServis Limited Liability Partnership	50.0000	Kazakhstan
II	Fluor Transworld Services, Inc.			100.0000	California
II	Fluor US Services, Inc.			100.0000	Delaware
II		Fluor-Brady, LLC		50.0000	Delaware
II	Fluor-Lane, LLC			65.0000	Delaware
II	Fluor-Lane 95, LLC			65.0000	Delaware
II	Fluor-Lane South Carolina, LLC			55.0000	Delaware
II	Fluor-United Asheville, LLC			60.0000	Delaware
II	Fluor/HDR Global Design Consultants, LLC			50.0000	Delaware
II	FM Operating Services, LLC			50.0000	Delaware
II	FMC Holding Company LLC			100.0000	Delaware
	III		Fluor Management Company L.P.	20.5277	Delaware
II	Fru-Con/Fluor Daniel Joint Venture			50.0000	Missouri (JV)
II	Global Project Execution, Inc.			100.0000	Delaware
II	GLX Constructors, an unincorporated joint venture			25.0000	Massachusetts (JV)
II	Goar, Allison & Associates, LLC			100.0000	Texas
II	Indo-Mauritian Affiliates Limited			100.0000	Mauritius
	III		Fluor Daniel India Private Limited	20.0000	India
II	Infrastructure Civil Equipment, LLC			100.0000	Delaware
II	Integrated Solutions France, Inc.			100.0000	Delaware
II	Integrated Solutions Services, Inc.			100.0000	California

21

Subsidiary Name Percent Holding Organized Under Laws of

II	JGC-FEI Joint Venture						50.0000	Texas (JV)
II	JGC/Fluor JV						50.0000	England (JV)
II	Lone Star Infrastructure, Joint Venture						45.0000	Texas (JV)
II	Lone Star Infrastructure, LLC						45.0000	Delaware
II	Middle East Fluor						100.0000	California
II	NuScale Holdings Corp.						76.1875	Oregon
II	NuScale Power, LLC						91.3575	Oregon
II	Oregon Bridge Delivery Partners Joint Venture						50.0000	Oregon (JV)
II	P2S Bermuda, LLC						100.0000	Delaware
II	Pegasus Link Constructors						55.0000	Texas
II	Pegasus Link Constructors - LBJ East Project						55.0000	Texas (JV)
II	Pegasus Link Constructors, LLC						55.0000	Delaware
II	PESIL Inc.						100.0000	Illinois
II	PESNC Inc.						100.0000	North Carolina
II	Phoenix Constructors, Joint Venture						32.5000	New York (JV)
II	Plant Engineering Services LLC						100.0000	Delaware
II	Plant Performance Services International LLC						100.0000	Delaware
	III		Plant Performance Services Caribbean Limited				100.0000	Trinidad & Tobago
II	Plant Performance Services International, Ltd.						100.0000	Bermuda
	III		Fluor International Nigeria Limited				60.0000	Nigeria
II	Provo River Constructors						42.5000	Utah
II	Purple Line Transit Constructors, LLC						50.0000	Delaware
II	Purple Line Transit Operations, LLC						50.0000	Delaware
II	Purple Line Transit Partners, LLC						15.0000	Delaware
II	Saddleback Constructors						27.0000	Delaware
II	Servicios Mineria, Inc.						100.0000	Delaware
II	Soli-Flo LLC						25.0000	Delaware
	III		Soli.Flo, Inc.				100.0000	Delaware
		IV			Soli-Flo Material Transfer, L.P.		1.0000	California
		IV			Soli-Flo Partners, L.P.		1.0000	California
II	Soli-Flo Material Transfer, L.P.						24.7500	California
II	Soli-Flo Partners, L.P.						24.7500	California
II	Strategic Organizational Systems Enterprises, Inc.						100.0000	California
	III		Strategic Organizational Systems Environmental Engineering Division, Inc.				100.0000	Texas
II	Support Services International, LLC						100.0000	South Carolina
II	Tappan Zee Constructors, LLC						30.0000	Delaware
II	TDF Inc.						100.0000	California
	III		Fluor Daniel Engineers S.A. (Pty) Limited				100.0000	Liechtenstein
		IV			Trans-Africa Projects Ltd.		50.0000	Mauritius
		IV			Trans-Africa Projects (Pty) Ltd.		50.0000	South Africa
	III		Fluor S.A. (Pty) Limited				100.0000	Liechtenstein
		IV			Fluor Global Plant Services (Proprietary) Limited		100.0000	South Africa
		IV			Fluor South Africa Proprietary Limited		90.0000	South Africa
				V		FLAG Joint Venture	46.8000	South Africa (JV)

22

Subsidiary Name Percent Holding Organized Under Laws of

						V		TRS Staffing Solutions (Pty) Ltd	100.0000	South Africa
				IV			Fluor-Igoda Projects (Proprietary) Limited		70.0000	South Africa
II			Venezco, Inc.						100.0000	California
II			Virta Inc.						100.0000	Delaware
II			Walsh-Fluor Design-Build Team						40.0000	Illinois
II			Williams Brothers Engineering Company						100.0000	Delaware
			III		Fluor Argentina, Inc.				100.0000	Delaware
				IV			Fluor Argentina Inc. Sucursal Argentina – TECHINT Compania Tecnica Internacional S.A.C.I-Union		50.0000	Argentina
			III		TRS Labour Hire Solutions Pty Ltd				100.0000	Australia
			III		Williams Brothers Engineering Limited				100.0000	England
			III		Williams Brothers Process Services, Inc.				100.0000	Delaware
II			WODECO Nigeria Limited						60.0000	Nigeria
I	Fluor Holding Company LLC								100.0000	Delaware
II		Compania Minera San Jose Del Peru S.A.							99.0000	Peru
II		Fluor Management Company L.P.							33.4047	Delaware
II		Mineral Resource Development Corporation							100.0000	Delaware
			III		Compania Minera San Jose Del Peru S.A.				1.0000	Peru
			III		St. Joe Participacoes Ltda.				0.0125	Brazil
II		St. Joe Participacoes Ltda							99.9875	Brazil
I	TRS Staffing Solutions, Inc.								100.0000	South Carolina
II		Agensi Pekerjaan TRS Malaysia SDN. BHD.							49.00	Malaysia
II		TRS Craft Services, Inc.							100.0000	Delaware
II		TRS FAR EAST SDN. BHD.							100.0000	Malaysia
			III		Agensi Pekerjaan TRS Malaysia SDN. BHD.				51.0000	Malaysia
II		TRS International Group, S. de R.L. de C.V.							99.0460	Mexico
II		TRS International Payroll Co.							100.0000	Texas
			III		TRS Staffing Solutions India Private Limited				0.1000	India
II		TRS SA HOLDING COMPANY (PTY) LTD							100.0000	South Africa
			III		TRS SEARCH AND SELECTION (Pty) Ltd				100.0000	South Africa
II		TRS STAFFING SOLUTIONS (PROPRIETARY) LIMITED							100.0000	Botswana
II		TRS Staffing Solutions India Private Limited							99.9000	India
II		TRS Staffing Solutions Mozambique, Limitada							1.0000	Mozambique
II		TRS Staffing Solutions, S. de R.L. de C.V.							99.8000	Mexico
(1) Does not include certain subsidiaries which if considered in the aggregate as a single subsidiary would not constitute a significant subsidiary

23

EX-23.1

Exhibit 23.1

Consent of Independent Registered Public Accounting Firm

We consent to the incorporation by reference in the following Registration Statements:

1)Registration Statement (Form S-8 No. 333-148269) pertaining to the Fluor 409A Executive Deferred Compensation Program,

2)Registration Statement (Form S-8 No. 333-148270) pertaining to the Fluor Corporation 409A Deferred Directors' Fees Program,

3)Registration Statement (Form S-8 No. 333-188379) pertaining to the Fluor Corporation Amended and Restated 2008 Executive Performance Incentive Plan,

4)Registration Statement (Form S-8 No. 333-217653) pertaining to the Fluor Corporation 2017 Performance Incentive Plan,

5)Registration Statement (Form S-8 No. 333-226546) pertaining to the Fluor Corporation 409A Executive Deferred Compensation Program,

6)Registration Statement (Form S-3 No. 333-226545) and related Prospectus of Fluor Corporation pertaining to the registration of its debt securities, common stock, preferred stock, and warrants,

7)Registration Statement (Form S-8 No. 333-251426) pertaining to the Fluor Corporation 2020 Performance Incentive Plan,

8)Registration Statement (Form S-8 No. 333-260823) pertaining to Executive Officer Inducement Awards.

of our reports dated February 22, 2022, with respect to the consolidated financial statements of Fluor Corporation and the effectiveness of internal control over financial reporting of Fluor Corporation included in this Annual Report (Form 10-K) of Fluor Corporation for the year ended December 31, 2021.

                                         /s/ Ernst & Young LLP

Dallas, Texas

February 22, 2022

EX-31.1

Exhibit 31.1

CERTIFICATION OF CHIEF EXECUTIVE OFFICER

PURSUANT TO RULE 13a-14(a) OR RULE 15d-14(a)

OF THE SECURITIES EXCHANGE ACT OF 1934

I, David E. Constable, certify that:

1.    I have reviewed this annual report on Form 10-K of Fluor Corporation;

2.    Based on my knowledge, this report does not contain any untrue statement of a material fact or omit to state a material fact necessary to make the statements made, in light of the circumstances under which such statements were made, not misleading with respect to the period covered by this report;

3.    Based on my knowledge, the financial statements, and other financial information included in this report, fairly present in all material respects the financial condition, results of operations and cash flows of the registrant as of, and for, the periods presented in this report;

4.    The registrant’s other certifying officer(s) and I are responsible for establishing and maintaining disclosure controls and procedures (as defined in Exchange Act Rules 13a-15(e) and 15d-15(e)) and internal control over financial reporting (as defined in Exchange Act Rules 13a-15(f) and 15d-15(f)) for the registrant and have:

a)    Designed such disclosure controls and procedures, or caused such disclosure controls and procedures to be designed under our supervision, to ensure that material information relating to the registrant, including its consolidated subsidiaries, is made known to us by others within those entities, particularly during the period in which this report is being prepared;

b)    Designed such internal control over financial reporting, or caused such internal control over financial reporting to be designed under our supervision, to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with generally accepted accounting principles;

c)    Evaluated the effectiveness of the registrant’s disclosure controls and procedures and presented in this report our conclusions about the effectiveness of the disclosure controls and procedures, as of the end of the period covered by this report based on such evaluation; and

d)    Disclosed in this report any change in the registrant’s internal control over financial reporting that occurred during the registrant’s most recent fiscal quarter (the registrant’s fourth fiscal quarter in the case of an annual report) that has materially affected, or is reasonably likely to materially affect, the registrant’s internal control over financial reporting; and

5.    The registrant’s other certifying officer(s) and I have disclosed, based on our most recent evaluation of internal control over financial reporting, to the registrant’s auditors and the audit committee of the registrant’s board of directors (or persons performing the equivalent functions):

a)    All significant deficiencies and material weaknesses in the design or operation of internal control over financial reporting which are reasonably likely to adversely affect the registrant’s ability to record, process, summarize and report financial information; and

b)    Any fraud, whether or not material, that involves management or other employees who have a significant role in the registrant’s internal control over financial reporting.

Date: February 22, 2022

By:	/s/ David E. Constable
	David E. Constable
	Chief Executive Officer

EX-31.2

Exhibit 31.2

CERTIFICATION OF CHIEF FINANCIAL OFFICER

PURSUANT TO RULE 13a-14(a) OR RULE 15d-14(a)

OF THE SECURITIES EXCHANGE ACT OF 1934

I, Joseph L. Brennan, certify that:

1.    I have reviewed this annual report on Form 10-K of Fluor Corporation;

2.    Based on my knowledge, this report does not contain any untrue statement of a material fact or omit to state a material fact necessary to make the statements made, in light of the circumstances under which such statements were made, not misleading with respect to the period covered by this report;

3.    Based on my knowledge, the financial statements, and other financial information included in this report, fairly present in all material respects the financial condition, results of operations and cash flows of the registrant as of, and for, the periods presented in this report;

4.    The registrant’s other certifying officer(s) and I are responsible for establishing and maintaining disclosure controls and procedures (as defined in Exchange Act Rules 13a-15(e) and 15d-15(e)) and internal control over financial reporting (as defined in Exchange Act Rules 13a-15(f) and 15d-15(f)) for the registrant and have:

a)    Designed such disclosure controls and procedures, or caused such disclosure controls and procedures to be designed under our supervision, to ensure that material information relating to the registrant, including its consolidated subsidiaries, is made known to us by others within those entities, particularly during the period in which this report is being prepared;

b)    Designed such internal control over financial reporting, or caused such internal control over financial reporting to be designed under our supervision, to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with generally accepted accounting principles;

c)    Evaluated the effectiveness of the registrant’s disclosure controls and procedures and presented in this report our conclusions about the effectiveness of the disclosure controls and procedures, as of the end of the period covered by this report based on such evaluation; and

d)    Disclosed in this report any change in the registrant’s internal control over financial reporting that occurred during the registrant’s most recent fiscal quarter (the registrant’s fourth fiscal quarter in the case of an annual report) that has materially affected, or is reasonably likely to materially affect, the registrant’s internal control over financial reporting; and

5.    The registrant’s other certifying officer(s) and I have disclosed, based on our most recent evaluation of internal control over financial reporting, to the registrant’s auditors and the audit committee of the registrant’s board of directors (or persons performing the equivalent functions):

a)    All significant deficiencies and material weaknesses in the design or operation of internal control over financial reporting which are reasonably likely to adversely affect the registrant’s ability to record, process, summarize and report financial information; and

b)    Any fraud, whether or not material, that involves management or other employees who have a significant role in the registrant’s internal control over financial reporting.

Date: February 22, 2022

By:	/s/ Joseph L. Brennan
	Joseph L. Brennan
	Chief Financial Officer

EX-32.1

Exhibit 32.1

CERTIFICATION OF CHIEF EXECUTIVE OFFICER

PURSUANT TO RULE 13a-14(b) OR RULE 15d-14(b)

OF THE SECURITIES EXCHANGE ACT OF 1934

AND 18 U.S.C. SECTION 1350

In connection with the Annual Report of Fluor Corporation (the “Company”) on Form 10-K for the period ended December 31, 2021, as filed with the Securities and Exchange Commission on the date hereof (the “Report”), I, David E. Constable, Chief Executive Officer of the Company, certify, for purposes of 18 U.S.C. Section 1350, as adopted pursuant to Section 906 of the Sarbanes-Oxley Act of 2002, that to my knowledge:

•    the Report fully complies with the requirements of Section 13(a) or 15(d) of the Securities Exchange Act of 1934, as amended; and

•    the information contained in the Report fairly presents, in all material respects, the financial condition and results of operations of the Company.

Date: February 22, 2022

By:	/s/ David E. Constable
	David E. Constable
	Chief Executive Officer

A signed original of this written statement required by 18 U.S.C. Section 1350 has been provided to the Company and will be retained by the Company and furnished to the Securities and Exchange Commission or its staff upon request.

EX-32.2

Exhibit 32.2

CERTIFICATION OF CHIEF FINANCIAL OFFICER

PURSUANT TO RULE 13a-14(b) OR RULE 15d-14(b)

OF THE SECURITIES EXCHANGE ACT OF 1934

AND 18 U.S.C. SECTION 1350

In connection with the Annual Report of Fluor Corporation (the “Company”) on Form 10-K for the period ended December 31, 2021, as filed with the Securities and Exchange Commission on the date hereof (the “Report”), I, Joseph L. Brennan, Chief Financial Officer of the Company, certify, for purposes of 18 U.S.C. Section 1350, as adopted pursuant to Section 906 of the Sarbanes-Oxley Act of 2002, that to my knowledge:

•    the Report fully complies with the requirements of Section 13(a) or 15(d) of the Securities Exchange Act of 1934, as amended; and

•    the information contained in the Report fairly presents, in all material respects, the financial condition and results of operations of the Company.

Date: February 22, 2022

By:	/s/ Joseph L. Brennan
	Joseph L. Brennan
	Chief Financial Officer

    A signed original of this written statement required by 18 U.S.C. Section 1350 has been provided to the Company and will be retained by the Company and furnished to the Securities and Exchange Commission or its staff upon request.

XML

Cover page - USD ($)
$ in Billions

12 Months Ended

Dec. 31, 2021

Jan. 31, 2022

Jun. 30, 2021

Entity Information [Line Items]

Document Type

10-K

Document Annual Report

true

Document Period End Date

Dec. 31, 2021

Current Fiscal Year End Date

--12-31

Document Transition Report

false

Entity File Number

1-16129

Entity Registrant Name

FLUOR CORPORATION

Entity Incorporation, State or Country Code

DE

Entity Tax Identification Number

33-0927079

Entity Address, Address Line One

6700 Las Colinas Boulevard

Entity Address, City or Town

Irving,

Entity Address, State or Province

TX

Entity Address, Postal Zip Code

75039

City Area Code

469

Local Phone Number

398-7000

Entity Well-known Seasoned Issuer

Yes

Entity Voluntary Filers

No

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 Public Float

$ 2.5

Entity Common Stock, Shares Outstanding

141,434,771

Documents Incorporated by Reference

DOCUMENTS INCORPORATED BY REFERENCE
Document	Parts Into Which Incorporated
Portions of the Proxy Statement for the Annual Meeting of Stockholders to be held on May 5, 2022.	Part III

Entity Central Index Key

0001124198

Amendment Flag

false

Document Fiscal Year Focus

2021

Document Fiscal Period Focus

FY

ICFR Auditor Attestation Flag

true

Common Stock | NEW YORK STOCK EXCHANGE, INC.

Entity Information [Line Items]

Title of 12(b) Security

Common Stock, $.01 par value per share

Trading Symbol

FLR

Security Exchange Name

NYSE

Senior Notes 1.750%, Due 2023 | NEW YORK STOCK EXCHANGE, INC.

Entity Information [Line Items]

Title of 12(b) Security

1.750% Senior Notes due 2023

Trading Symbol

FLR 23

Security Exchange Name

NYSE

XML

Audit Information	12 Months Ended
	Dec. 31, 2021
Audit Information [Abstract]
Auditor Firm ID	42
Auditor Name	Ernst & Young LLP
Auditor Location	Dallas, Texas

XML

CONSOLIDATED STATEMENT OF OPERATIONS - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2021	Dec. 31, 2020	Dec. 31, 2019
Income Statement [Abstract]
Revenue	$ 12,434,879	$ 14,157,929	$ 15,454,484
Cost of revenue	(12,023,284)	(13,758,403)	(15,660,536)
Gross profit (loss)	411,595	399,526	(206,052)
G&A	(216,451)	(201,522)	(139,819)
Impairment, restructuring & other exit costs	(43,792)	(108,357)	(318,442)
Gain (loss) on pension settlement	(198,132)	406	(137,898)
Foreign currency gain (loss)	(12,950)	(44,765)	(26,124)
Operating profit (loss)	(59,730)	45,288	(828,335)
Interest expense	(84,481)	(65,370)	(64,886)
Interest income	16,506	23,576	53,756
Earnings (loss) from Cont Ops before taxes	(127,705)	3,494	(839,465)
Income tax (expense) benefit	(16,489)	(15,856)	(481,965)
Net earnings (loss) from Cont Ops	(144,194)	(12,362)	(1,321,430)
Less: Net earnings (loss) from Cont Ops attributable to NCI	37,542	66,717	(38,788)
Net earnings (loss) attributable to Fluor Corporation from Cont Ops	(181,736)	(79,079)	(1,282,642)
Net earnings (loss) from Disc Ops attributable to Fluor	(258,434)	(355,967)	(239,522)
Net earnings (loss) attributable to Fluor	(440,170)	(435,046)	(1,522,164)
Less: Dividends on CPS	24,375	0	0
Net earnings (loss) available to Fluor common stockholders	$ (464,545)	$ (435,046)	$ (1,522,164)
Basic earnings (loss) per share attributable to Fluor
Net earnings (loss) from continuing operations (in dollars per share)	$ (1.46)	$ (0.56)	$ (9.16)
Net earnings from discontinued operations (in dollars per share)	(1.83)	(2.53)	(1.71)
Diluted earnings (loss) per share attributable to Fluor
Net earnings (loss) from continuing operations (in dollars per share)	(1.46)	(0.56)	(9.16)
Net earnings from discontinued operations (in dollars per share)	$ (1.83)	$ (2.53)	$ (1.71)

XML

CONSOLIDATED STATEMENT OF COMPREHENSIVE INCOME (LOSS) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2021	Dec. 31, 2020	Dec. 31, 2019
Statement of Comprehensive Income [Abstract]
Net earnings (loss) from Cont Ops	$ (144,194)	$ (12,362)	$ (1,321,430)
Net earnings (loss) from Disc Ops	(257,552)	(354,429)	(231,692)
Net earnings (loss)	(401,746)	(366,791)	(1,553,122)
OCI, net of tax:
Foreign currency translation adjustment	(37,433)	(17,127)	65,500
Ownership share of equity method investees' OCI	(1,692)	(18,528)	(11,784)
DB plan adjustments	100,972	(19,392)	105,452
Unrealized gain (loss) on hedges	(9,346)	18,897	3,140
Total OCI, net of tax	52,501	(36,150)	162,308
Comprehensive income (loss)	(349,245)	(402,941)	(1,390,814)
Less: Comprehensive income (loss) attributable to NCI	39,758	69,138	(32,310)
Comprehensive income (loss) attributable to Fluor	$ (389,003)	$ (472,079)	$ (1,358,504)

XML

CONSOLIDATED BALANCE SHEET - USD ($) $ in Thousands	Dec. 31, 2021	Dec. 31, 2020
Current assets
Cash and cash equivalents ($630,325 and $654,852 related to VIEs)	$ 2,209,382	$ 2,198,781
Marketable securities ($90,114 and $66 related to VIEs)	127,222	23,345
Accounts receivable, net ($159,049 and $238,376 related to VIEs)	901,228	935,676
Contract assets ($199,676 and $237,923 related to VIEs)	931,685	859,675
Other current assets ($18,731 and $29,408 related to VIEs)	538,270	378,043
Current assets held for sale	854,855	638,489
Total current assets	5,562,642	5,034,009
Noncurrent assets
PP&E, net ($38,355 and $34,847 related to VIEs)	386,589	463,827
Investments	513,909	527,416
Deferred taxes	51,082	77,915
Deferred compensation trusts	330,110	350,427
Goodwill	206,508	207,369
Other assets ($36,295 and $40,829 related to VIEs)	228,723	269,610
Noncurrent assets held for sale	0	379,239
Total noncurrent assets	1,716,921	2,275,803
Total assets	7,279,563	7,309,812
Current liabilities
Accounts payable ($248,086 and $328,940 related to VIEs)	1,098,550	1,115,625
Short-term borrowings	911	4,890
Contract liabilities ($351,268 and $262,811 related to VIEs)	890,698	1,093,761
Accrued salaries, wages and benefits ($27,006 and $28,381 related to VIEs)	566,943	578,827
Other accrued liabilities ($16,037 and $36,646 related to VIEs)	650,295	376,451
Current liabilities related to assets held for sale	696,663	402,483
Total current liabilities	3,904,060	3,572,037
Long-term debt	1,167,366	1,701,098
Deferred taxes	67,309	80,745
Other noncurrent liabilities ($6,335 and $9,164 related to VIEs)	574,147	593,765
Noncurrent liabilities related to assets held for sale	0	98,940
Contingencies and commitments
Shareholders' equity
Preferred stock — authorized 20,000,000 shares ($0.01 par value); issued and outstanding — 600,000 shares in 2021 and none issued in 2020	6	0
Common stock — authorized 375,000,000 shares ($0.01 par value); issued and outstanding — 141,434,771 and 140,715,205 shares in 2021 and 2020, respectively	1,411	1,404
Additional paid-in capital	966,333	195,940
AOCI	(365,739)	(416,906)
Retained earnings	790,442	1,249,809
Total shareholders' equity	1,392,453	1,030,247
NCI	174,228	232,980
Total equity	1,566,681	1,263,227
Total liabilities and equity	$ 7,279,563	$ 7,309,812

XML

CONSOLIDATED BALANCE SHEET (Parenthetical) - USD ($) $ in Thousands	Dec. 31, 2021	Dec. 31, 2020
CURRENT ASSETS, VIEs
Cash and cash equivalents	$ 2,209,382	$ 2,198,781
Marketable securities, current	127,222	23,345
Accounts and notes receivable	901,228	935,676
Contract assets	931,685	859,675
Other current assets	538,270	378,043
NONCURRENT ASSETS, VIEs
Net property, plant and equipment	386,589	463,827
Other noncurrent assets	228,723	269,610
CURRENT LIABILITIES, VIEs
Trade accounts payable	1,098,550	1,115,625
Accrued salaries, wages and benefits	566,943	578,827
Other accrued liabilities	650,295	376,451
Other noncurrent liabilities ($6,335 and $9,164 related to VIEs)	$ 574,147	$ 593,765
Shareholders' equity
Preferred stock, authorized shares (in shares)	20,000,000	20,000,000
Preferred stock, par value (in dollars per share)	$ 0.01	$ 0.01
Preferred stock, issued shares (in shares)	600,000	600,000
Common stock, authorized shares (in shares)	375,000,000	375,000,000
Common stock, par value (in dollars per share)	$ 0.01	$ 0.01
Common stock, issued shares (in shares)	141,434,771	140,715,205
Common stock, outstanding shares (in shares)		140,715,205
Variable Interest Entity, Primary Beneficiary
CURRENT ASSETS, VIEs
Cash and cash equivalents	$ 630,325	$ 654,852
Marketable securities, current	90,114	66
Accounts and notes receivable	159,049	238,376
Contract assets	199,676	237,923
Other current assets	18,731	29,408
NONCURRENT ASSETS, VIEs
Net property, plant and equipment	38,355	34,847
Other noncurrent assets	36,295	40,829
CURRENT LIABILITIES, VIEs
Trade accounts payable	248,086	328,940
Contract liabilities	351,268	262,811
Accrued salaries, wages and benefits	27,006	28,381
Other accrued liabilities	16,037	36,646
Other noncurrent liabilities ($6,335 and $9,164 related to VIEs)	$ 6,335	$ 9,164

XML

CONSOLIDATED STATEMENT OF CASH FLOWS - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2021	Dec. 31, 2020	Dec. 31, 2019
OPERATING CASH FLOW
Net earnings (loss)	$ (401,746)	$ (366,791)	$ (1,553,122)
Adjustments to reconcile net earnings (loss) to operating cash flow:
Impairment expense - Cont Ops	43,792	102,365	286,254
Impairment expense	246,285	340,939	96,763
(Gain) loss on pension settlement	198,132	(406)	137,898
Write-off of cumulative translation loss	0	0	83,665
Depreciation	73,200	102,451	154,599
Amortization of intangibles	1,156	3,123	15,882
(Earnings) loss from equity method investments, net of distributions	(7,757)	(3,881)	9,348
(Gain) loss on sales of assets incl. AMECO-North America	(2,230)	(510)	7,284
Loss on debt repurchases	19,606	0	0
Stock-based compensation	31,971	21,882	36,075
Deferred taxes	28,563	(20,285)	320,633
Net contributions to employee pension plans	(12,302)	(20,770)	(2,325)
Changes in assets and liabilities	(196,652)	31,048	631,697
Other	3,314	(3,281)	(5,633)
Operating cash flow	25,332	185,884	219,018
INVESTING CASH FLOW
Purchases of marketable securities	(148,493)	(35,078)	(31,165)
Proceeds from sales and maturities of marketable securities	44,687	19,648	238,539
Capital expenditures	(75,073)	(113,442)	(180,842)
Proceeds from sales of assets incl. AMECO-North America	145,672	111,589	65,977
Investments in partnerships and joint ventures	(79,464)	(29,219)	(52,305)
Other	(9,198)	4,940	40,268
Investing cash flow	(121,869)	(41,562)	80,472
FINANCING CASH FLOW
Proceeds from issuance of CPS	582,000	0	0
Purchases and retirement of debt	(525,212)	0	0
Debt extinguishment costs	(1,503)	0	0
Dividends paid (on CPS in 2021 and common stock in 2020 and 2019)	(19,175)	(28,720)	(118,073)
Other borrowings (debt repayments)	(5,460)	3,881	9,093
Distributions paid to NCI	(108,798)	(23,184)	(33,674)
Capital contributions by NCI	201,847	110,051	64,646
Other	(1,447)	(13,582)	709
Financing cash flow	122,252	48,446	(77,299)
Effect of exchange rate changes on cash	(15,114)	8,814	10,262
Increase (decrease) in cash and cash equivalents	10,601	201,582	232,453
Cash and cash equivalents at beginning of year	2,198,781	1,997,199	1,764,746
Cash and cash equivalents at end of year	$ 2,209,382	$ 2,198,781	$ 1,997,199

XML

CONSOLIDATED STATEMENT OF CHANGES IN EQUITY - USD ($) $ in Thousands	Total	Cumulative Effect, Period of Adoption, Adjustment	Preferred Stock	Common Stock	Additional Paid-In Capital	AOCI	Retained Earnings	Retained Earnings Cumulative Effect, Period of Adoption, Adjustment	Total Shareholders' Equity	Total Shareholders' Equity Cumulative Effect, Period of Adoption, Adjustment	NCI
BALANCE, beginning of year (in shares) at Dec. 31, 2018			0	139,654,000
Beginning balance at Dec. 31, 2018	$ 2,980,253		$ 0	$ 1,396	$ 82,106	$ (543,531)	$ 3,294,154		$ 2,834,125		$ 146,128
Beginning balance (ASC 842) at Dec. 31, 2018		$ 20,544						$ 20,544		$ 20,544
Beginning balance (ASC 606) at Dec. 31, 2018		11,934						11,934		11,934
Increase (Decrease) in Shareholders' Equity
Net earnings (loss)	(1,553,122)						(1,522,164)		(1,522,164)		(30,958)
OCI	162,308					163,658			163,658		(1,350)
Dividends	(103,252)					304	(103,556)		(103,252)
Distributions to NCI	(33,674)										(33,674)
Capital contributions by NCI	64,646										64,646
Other NCI transactions	545				48,997				48,997		(48,452)
Stock-based plan activity (in shares)				520,000
Stock-based plan activity	33,910			$ 3	33,907				33,910
BALANCE, end of year (in shares) at Dec. 31, 2019			0	140,174,000
Ending balance at Dec. 31, 2019	1,584,092	$ (1,977)	$ 0	$ 1,399	165,314	(379,873)	1,700,912	$ (1,977)	1,487,752	$ (1,977)	96,340
Increase (Decrease) in Shareholders' Equity
Net earnings (loss)	(366,791)						(435,046)		(435,046)		68,255
OCI	(36,150)					(37,033)			(37,033)		883
Dividends	(14,120)						(14,120)		(14,120)
Distributions to NCI	(23,184)										(23,184)
Capital contributions by NCI	110,051										110,051
Other NCI transactions	(9,266)				10,099				10,099		(19,365)
Stock-based plan activity (in shares)				541,000
Stock-based plan activity	20,572			$ 5	20,527		40		20,572
BALANCE, end of year (in shares) at Dec. 31, 2020			0	140,715,000
Ending balance at Dec. 31, 2020	1,263,227		$ 0	$ 1,404	195,940	(416,906)	1,249,809		1,030,247		232,980
Increase (Decrease) in Shareholders' Equity
Net earnings (loss)	(401,746)						(440,170)		(440,170)		38,424
OCI	52,501					51,167			51,167		1,334
Issuance of CPS (in shares)			600,000
Issuance of CPS	582,000		$ 6		581,994				582,000
Dividends	(19,175)						(19,175)		(19,175)
Distributions to NCI	(108,798)										(108,798)
Capital contributions by NCI	201,847										201,847
Other NCI transactions	(30,990)				160,569				160,569		(191,559)
Stock-based plan activity (in shares)				720,000
Stock-based plan activity	27,815			$ 7	27,830		(22)		27,815
BALANCE, end of year (in shares) at Dec. 31, 2021			600,000	141,435,000
Ending balance at Dec. 31, 2021	$ 1,566,681		$ 6	$ 1,411	$ 966,333	$ (365,739)	$ 790,442		$ 1,392,453		$ 174,228

XML

CONSOLIDATED STATEMENT OF CHANGES IN EQUITY (Parenthetical) - $ / shares	12 Months Ended
	Dec. 31, 2021	Dec. 31, 2020	Dec. 31, 2019	Dec. 31, 2018
Accounting Standards Update [Extensible List]			Accounting Standards Update 2019-04 [Member]
Dividends (in dollars per share)	$ 16.25	$ 0.10	$ 0.73
ASC 842
Accounting Standards Update [Extensible List]				ASC 842
ASC 606
Accounting Standards Update [Extensible List]				ASC 606

XML

Description of Business

12 Months Ended

Dec. 31, 2021

Organization, Consolidation and Presentation of Financial Statements [Abstract]

Description of Business

Description of Business

Fluor Corporation (“we”, “us”, “our” or “the company”) is a holding company that owns many subsidiaries, as well as interests in joint ventures. Acting through these entities, we are one of the largest professional services firms providing EPC, fabrication and modularization, and project management services, on a global basis. We provide these services to our clients in a diverse set of industries worldwide including production and fuels, chemicals, LNG, nuclear project services, infrastructure, advanced technologies, life sciences and mining and metals. We are also a service provider to the U.S. federal government and governments abroad.

During the first quarter of 2021, we changed the composition of our segments to implement our new strategy and to pursue opportunities in our designated markets. We now report our operating results in four segments as follows: Energy Solutions, Urban Solutions, Mission Solutions and Other. Segment operating information and assets for 2020 and 2019 have been recast to conform to these changes.

Energy Solutions focuses on opportunities in the production and fuels, chemicals, LNG and nuclear project services market. The segment provides solutions to the energy transition market, including asset decarbonization, carbon capture, renewable fuels, waste-to-energy, green chemicals, hydrogen, nuclear power and other low-carbon energy sources. The segment also continues to serve the traditional oil, gas and petrochemical industries with full project life-cycle services, including expansion and modernization projects as well as sustaining capital work.

Urban Solutions provides EPC and project management services to the infrastructure, advanced technologies, life sciences and mining and metals industries, as well as professional staffing services.

Mission Solutions focuses on federal agencies across the U.S. government and select international opportunities. These include, among others, the DOE, the Department of Defense, the Federal Emergency Management Agency and intelligence agencies. The segment also provides services to commercial nuclear clients.

Other includes only the operations of NuScale, in which we are the majority investor. NuScale is developing an SMR technology.

In the first quarter of 2021, we committed to a plan to sell our Stork business, which had previously represented the majority of operations from our former diversified services segment. The sale of the North American portion of the AMECO equipment business was completed during May 2021. Therefore, both Stork and AMECO are reported as Disc Ops along with other immaterial operations. We expect to complete the sale of Stork and the remaining AMECO operations early in 2022. The assets and liabilities of the Stork and AMECO businesses are classified as held for sale for all periods presented.

In December 2021, we announced that NuScale, in which we are the majority investor, signed a merger agreement with Spring Valley Acquisition Corp., a special purpose acquisition company ("Spring Valley"). Spring Valley is acquiring an approximately 20% interest in NuScale. The proposed transaction is anticipated to close in the first half of 2022, subject to customary closing conditions. Upon completion of the merger, we estimate that we will own approximately 60-70% of the combined company and expect that we will continue to consolidate it.

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Significant Accounting Policies

12 Months Ended

Dec. 31, 2021

Accounting Policies [Abstract]

Significant Accounting Policies

Significant Accounting Policies

Principles of Consolidation

The financial statements include the accounts of Fluor Corporation and its subsidiaries. All significant intercompany transactions of consolidated subsidiaries are eliminated. Certain amounts in 2020 and 2019 have been reclassified to conform to the 2021 presentation, which includes the segregation of Disc Ops and assets and liabilities held for sale. Certain amounts in tables may not total or agree to the financial statements due to immaterial rounding differences. Management has evaluated all material events occurring subsequent to December 31, 2021 through the filing date of the 2021 10-K.

We frequently form joint ventures or partnerships with others primarily for the execution of single contracts or projects. If a joint venture or partnership is a VIE and we are the primary beneficiary, the joint venture or partnership is consolidated and our partners' interests are recognized as NCI. As is customary in our industry, for unconsolidated construction partnerships and joint ventures, we generally recognize our proportionate share of revenue, cost and profit and use the one-line equity method for the investment. In other instances, the cost and equity methods of accounting are used, depending on

our respective ownership interest and amount of influence on the entity, as well as other factors. At times, we also execute projects through collaborative arrangements for which we recognize our relative share of revenue and cost.

Use of Estimates

The preparation of financial statements in accordance with GAAP requires management to make estimates and assumptions that affect reported amounts. These estimates are based on information available through the date of the issuance of the financial statements. Therefore, actual results could differ from those estimates.

Foreign Currency Translation

Our reporting currency is the U.S. dollar. For our international subsidiaries, the functional currency is typically the currency of the primary economic environment in which each subsidiary operates. Translation gains and losses are recorded in OCI. Gains and losses from remeasuring foreign currency transactions into the functional currency are included in earnings.

Revenue Recognition

Engineering and construction contracts. We recognize engineering and construction contract revenue over time as we provide services to satisfy our performance obligations. We generally use the cost-to-cost percentage-of-completion measure of progress as it best depicts how control transfers to our clients. The cost-to-cost approach measures progress towards completion based on the ratio of contract cost incurred to date compared to total estimated contract cost. Engineering and construction contracts are generally accounted for as a single unit of account (a single performance obligation) and are not segmented between types of services on a single project. Cost of revenue includes an allocation of depreciation and amortization. Where applicable, customer-furnished materials, labor and equipment and subcontractor materials, labor and equipment, are included in revenue and cost of revenue when management believes that we are acting as a principal rather than as an agent (i.e., we integrate the materials, labor and equipment into the deliverables promised to the customer). Customer-furnished materials are only included in revenue and cost when the contract includes construction activity and we have visibility into the amount the customer is paying for the materials or there is a reasonable basis for estimating the amount. We recognize revenue, but not profit, on certain uninstalled materials that are not specifically produced, fabricated, or constructed for a project. Revenue on these uninstalled materials is recognized when the cost is incurred and control is transferred. Changes to total estimated contract cost or losses, if any, are recognized in the period in which they are determined as assessed at the contract level. Pre-contract costs are expensed as incurred unless they are expected to be recovered from the client. Project mobilization costs are generally charged to project costs as incurred when they are an integrated part of the performance obligation being transferred to the client. Customer payments on engineering and construction contracts are typically due within 30 to 45 days of billing, depending on the contract.

Service contracts. For the majority of our operations and maintenance contracts, revenue is recognized when services are performed and contractually billable. For all other service contracts, we recognize revenue over time using the cost-to-cost percentage-of-completion method. Service contracts that include multiple performance obligations are segmented between types of services. For contracts with multiple performance obligations, we allocate the transaction price to each performance obligation using an estimate of the stand-alone selling price of each distinct service in the contract. Revenue recognized on service contracts that has not been billed to clients is recorded as contract assets. Amounts billed to clients in excess of revenue recognized on service contracts to date are recorded as contract liabilities. Customer payments on service contracts are typically due within 30 to 90 days of billing, depending on the contract.

Variable consideration. The nature of our contracts gives rise to several types of variable consideration, including claims, unpriced change orders, award and incentive fees, liquidated damages and penalties. We consider variable consideration in the development of our project forecasts so that our forecasted revenue reflects the amount of consideration we expect to be probable of recovering without a significant reversal. We estimate the amount of revenue to be recognized on variable consideration using the expected value method (i.e., the sum of probability-weighted amounts) or the most likely amount method, whichever offers better prediction.

Warranties. We generally provide limited duration warranties for work performed under our contracts. Historically, warranty claims have not resulted in material costs incurred, and any estimated costs for warranties are included in the individual project cost estimates for purposes of accounting for long-term contracts.

Practical Expedients. If we have a right to consideration from a customer in an amount that corresponds directly with the value of our performance completed to date (a service contract in which we bill a fixed amount for each hour of service provided), we recognize revenue in the amount to which we have a right to invoice for services performed. We do not adjust the contract price for the effects of a significant financing component where, at contract inception, the period between service provision and customer payment will be one year or less. We exclude from the measurement of the transaction price all taxes assessed by governmental authorities that are collected by us from our customers (use taxes, value added taxes, some excise taxes).

RUPO. RUPO represents a measure of the value of work to be performed on contracts awarded and in progress. Although RUPO reflects business that is considered to be firm, cancellations, deferrals or scope adjustments may occur. RUPO is adjusted to reflect any known project cancellations, revisions to project scope and cost, foreign currency exchange fluctuations and project deferrals, as appropriate. RUPO differs from backlog discussed elsewhere in the 2021 10-K. Backlog includes the amount of revenue we expect to recognize under ongoing operations and maintenance contracts for the remainder of the current year renewal period plus up to three additional years if renewal is considered to be probable, while RUPO includes only the amount of revenue we expect to recognize under ongoing operations and maintenance contracts with definite terms and substantive termination provisions.

Project Estimates

    Due to the nature of our industry, there is significant complexity in our estimation of total expected revenue and cost, for which we must make significant judgments. Our contracts with our customers may contain award fees, incentive fees, liquidated damages or other provisions that can either increase or decrease the contract price to arrive at estimated revenue. These variable amounts generally are earned upon achievement of certain performance metrics, program milestones or cost targets and can be based upon customer discretion. We estimate variable consideration at the most likely amount to which we expect to be entitled. We include estimated amounts in the transaction price to the extent it is probable we will realize that amount. Our estimates of variable consideration and our determination of its inclusion in project revenue for accounting purposes are based on an assessment of our anticipated performance and other information that may be available to us.

    At a project level, we have specific practices and procedures to review our estimate of total revenue and cost. Each project team reviews the progress and execution of our performance obligations, which impact the project’s accounting outcome. As part of this process, the project team reviews information such as any outstanding key contract matters, progress towards completion and the related program schedule and identified risks and opportunities. The accuracy of our revenue and profit recognition in a given period depends on the accuracy of our project estimates, which can change from period to period due to a variety of factors including:

•Complexity in original design;

•Extent of changes from original design;

•Different site conditions than assumed in our bid;

•The productivity, availability and skill level of labor;

•Weather conditions when executing a project;

•The technical maturity of the technologies involved;

•Length of time to complete the project;

•Availability and cost of equipment and materials;

•Subcontractor and joint venture partner performance;

•Expected costs of warranties; and

•Our ability to recover for additional contract costs.

    We recognize changes in contract estimates on a cumulative catch-up basis in the period in which the changes are identified. Such changes in contract estimates can result in the recognition of revenue in a current period for performance obligations which were satisfied or partially satisfied in prior periods. Changes in contract estimates may also result in the reversal of previously recognized revenue if the current estimate adversely differs from the previous estimate. If we estimate that a project will have costs in excess of revenue, we recognize the total loss in the period it is identified.

Contract Assets and Liabilities

    Contract assets represent revenue recognized in excess of amounts billed and include unbilled receivables (typically for cost reimbursable contracts) and contract work in progress (typically for fixed-price contracts). Unbilled receivables, which

represent an unconditional right to payment subject only to the passage of time, are recognized as accounts receivable when they are billed. Advances that are payments on account of contract assets are deducted from contract assets. We anticipate that substantially all incurred cost associated with contract assets as of December 31, 2021 will be billed and collected within one year. Contract liabilities represent amounts billed to clients in excess of revenue recognized to date.

Segment Reporting

Management evaluates segment performance based on segment profit. We incur cost and expenses and hold certain assets at the corporate level which relate to our business as a whole. Certain of these amounts have been charged to our business segments by various methods, largely on the basis of usage. Total assets not allocated to segments and held in "Corporate and other" primarily include cash, marketable securities, income-tax related assets, pension assets, deferred compensation trust assets and corporate property, plant and equipment.

Segment profit is an earnings measure that we utilize to evaluate and manage our business performance. Segment profit is calculated as revenue less cost of revenue and earnings attributable to NCI.

Variable Interest Entities

We assess our partnerships and joint ventures at inception to determine if any meet the qualifications of a VIE. We consider a partnership or joint venture a VIE if it has any of the following characteristics:

(a) the total equity investment is not sufficient to permit the entity to finance its activities without additional subordinated financial support,

(b) characteristics of a controlling financial interest are missing (either the ability to make decisions through voting or other rights, the obligation to absorb the expected losses of the entity or the right to receive the expected residual returns of the entity), or

(c) the voting rights of the equity holders are not proportional to their obligations to absorb the expected losses of the entity and/or their rights to receive the expected residual returns of the entity, and substantially all of the entity's activities either involve or are conducted on behalf of an investor that has disproportionately few voting rights.

Upon the occurrence of certain events, we reassess our initial determination of whether the partnership or joint venture is a VIE. The majority of our partnerships and joint ventures qualify as VIEs because the total equity investment is typically nominal and not sufficient to permit the entity to finance its activities without additional subordinated financial support.

We also perform a qualitative assessment of each identified VIE to determine if we are its primary beneficiary. We conclude that we are the primary beneficiary and consolidate the VIE if we have both:

(a) the power to direct the economically significant activities of the entity and

(b) the obligation to absorb losses of, or the right to receive benefits from, the entity that could potentially be significant to the VIE.

We consider the contractual agreements that define the ownership structure, distribution of profits and losses, risks, responsibilities, indebtedness, voting rights and board representation of the respective parties in determining if we are the primary beneficiary. We also consider all parties that have direct or implicit variable interests when determining whether we are the primary beneficiary. Management's assessment of whether we are the primary beneficiary of a VIE is continuously performed.

Cash and Cash Equivalents

Cash and cash equivalents include securities with maturities of three months or less at the date of purchase.

Marketable Securities

Marketable securities consist of time deposits placed with investment grade banks with original maturities greater than three months, which are typically held-to-maturity because we have the intent and ability to hold them until maturity. Held-to-maturity securities are carried at amortized cost. The cost of securities sold is determined by using the specific identification method. Marketable securities are assessed at least annually for other-than-temporary impairment.

Research and Development

We have a controlling interest in NuScale, a research and development operation associated with the licensing and commercialization of SMR technology. Since May 2014, NuScale has been receiving reimbursement from the DOE for certain qualified expenditures under cost-sharing award agreements that require NuScale to use the DOE funds to cover engineering costs associated with SMR design development and certification. Costs incurred by NuScale are expensed as incurred, net of qualifying DOE reimbursements, and reported in "Cost of revenue". The U.S. Nuclear Regulatory Commission approved NuScale's design certification application in August 2020. Aside from NuScale, we generally do not engage in significant research and development activities.

Property, Plant and Equipment

Property, plant and equipment is recorded at cost. Leasehold improvements are amortized over the shorter of their economic lives or the lease terms. Depreciation is calculated using the straight-line method over the following ranges of estimated useful service lives, in years:

	Estimated Useful Service Lives
Buildings	20 – 40
Building and leasehold improvements	6 – 20
Machinery and equipment	2 – 10
Furniture and fixtures	2 – 10

Goodwill and Intangible Assets

Goodwill and intangible assets with indefinite lives are not amortized but are subject to at least annual impairment tests during the fourth quarter. For impairment testing, goodwill is allocated to the applicable reporting units based on the current reporting structure. We may elect to utilize a qualitative assessment to evaluate whether it is more likely than not that the fair value of each reporting unit is less than its carrying amount. If so, we perform a quantitative test, and if the carrying amount of a reporting unit exceeds its fair value, we recognize an impairment loss. Intangible assets with indefinite lives are impaired if their carrying value exceeds their fair value. In-process research and development associated with our investment in NuScale is considered indefinite lived until the related technology is available for commercial use.

Interim impairment testing of goodwill and intangible assets is performed if indicators of potential impairment exist. Such indicators may include the results of operations of certain businesses and geographies and the performance of the company stock price.

Intangible assets with finite lives are amortized on a straight-line basis over their useful lives.

Income Taxes

Deferred tax assets and liabilities are recognized for the expected future tax consequences of events that have been recognized in our financial statements or tax filings. We evaluate the realizability of our deferred tax assets and record a valuation allowance to reduce deferred tax assets to amounts that are more likely than not to be realized. The factors used to assess the likelihood of realization are our forecast of future taxable income and available tax planning strategies that could be implemented to realize such assets. Failure to achieve forecasted taxable income could affect the ultimate realization of deferred tax assets and could adversely impact our future effective tax rate.

Income tax positions are recognized when they meet a more-likely-than-not recognition threshold. Previously recognized tax positions that no longer meet the more-likely-than-not threshold are derecognized upon such determination. We recognize potential interest and penalties related to unrecognized tax positions as a component of income tax expense.

Judgment is required in determining the provision for income taxes as we consider our worldwide taxable earnings and the impact of the continuing audit process conducted by various tax authorities. The final outcome of any audits could differ materially from amounts recognized by the company. We account for the GILTI effects in the period that is subject to such tax.

Derivatives and Hedging

We may attempt to limit foreign currency exposure in most of our contracts by denominating contract revenue in the currencies in which cost is incurred. Certain financial exposure, which includes currency and commodity price risk associated with engineering and construction contracts, currency risk associated with monetary assets and liabilities denominated in nonfunctional currencies and risk associated with interest rate volatility, may subject us to earnings volatility. We may implement a hedging strategy utilizing derivatives instruments to mitigate such risk. All derivatives are recorded at fair value. The change in the fair value of the derivative is offset against the change in the fair value of the underlying asset or liability through earnings. To a lesser extent, we also utilize cash flow hedges. We formally document our hedge relationships at inception and subsequently assess hedge effectiveness qualitatively, unless the hedge relationship is no longer highly effective. For cash flow hedges, the change in fair value is recorded as a component of AOCI and is reclassified into earnings when the hedged item settles. In certain limited circumstances, foreign currency payment provisions could be deemed embedded derivatives. If an embedded foreign currency derivative is identified, the derivative is bifurcated from the host contract and the change in fair value is recognized through earnings. We maintain master netting arrangements with certain counterparties to facilitate the settlement of derivative instruments; however, we report the fair value of derivatives on a gross basis.

Concentrations of Credit Risk

Accounts receivable and all contract work in progress are from clients in various industries and locations throughout the world. Most contracts require payments as the projects progress or, in certain cases, advance payments. We generally do not require collateral, but in most cases can place liens against the project assets or terminate the contract, if a material default occurs. We evaluate the counterparty credit risk as part of our project risk review process and in determining the appropriate level of reserves. We maintain reserves for potential credit losses and generally such losses have been minimal and within management's estimates.

We have cash and marketable securities on deposit with major banks throughout the world. Such deposits are placed with high quality institutions and the amounts invested in any single institution are limited to the extent possible in order to minimize concentration of counterparty credit risk.

Our counterparties for derivatives are large financial institutions selected based on profitability, strength of balance sheet, credit ratings and capacity for timely payment of financial commitments. There are no significant concentrations of credit risk with any individual counterparty related to our derivative contracts.

We monitor the credit quality of our counterparties and establish reserves for any significant credit risk losses.

Stock-Based Plans

Our stock plans provide for grants of nonqualified or incentive stock options, RSUs, restricted stock and performance-based award units, including VDI units. All grants of stock options and RSUs as well as performance-based units awarded to Section 16 officers in 2021, 2020 and 2019 can only be settled in company stock and are accounted for as equity awards.

All expense under stock-based awards is recognized based on the fair values of the awards. Stock option awards have grant exercise prices equal to the grant date market price of the company's stock. The fair value of grants of RSUs and restricted stock is determined using the closing price of our common stock on the date of grant but may be discounted for any significant post-vest holding periods. The grant date fair value of performance-based award units is determined by adjusting the closing price of the company's common stock on the date of grant for any post-vest holding period discounts and for the effect of market conditions, when applicable. Stock-based compensation expense is generally recognized over the required service period, or over a shorter period when employee retirement eligibility is a factor.

We also grant SGI awards and performance-based awards to non-Section 16 executives which are settled in cash. These awards are classified as liabilities and remeasured at fair value through expense at the end of each reporting period until the awards are settled.

Leases

We recognize right-of-use assets and lease liabilities for leases with terms greater than 12 months or leases that contain a purchase option that is reasonably certain to be exercised. Leases are classified as either finance or operating leases. This classification dictates whether lease expense is recognized based on an effective interest method or on a straight-line basis over the term of the lease.

Our right-of use assets and lease liabilities primarily relate to office facilities, equipment used in connection with long-term construction contracts and other personal property. Certain of our facility and equipment leases include one or more options to renew, with renewal terms that can extend the lease term up to 10 years. The exercise of lease renewal options is at our discretion. Renewal periods are included in the expected lease term if they are reasonably certain of being exercised by us. Certain leases also include options to purchase the leased property. None of our lease agreements contain material residual value guarantees or material restrictions or covenants.

Long-term leases (leases with terms greater than 12 months) are recorded as liabilities at the present value of the minimum lease payments not yet paid. We use our incremental borrowing rate to determine the present value of the lease when the rate implicit in the lease is not readily determinable. Certain lease contracts contain nonlease components such as maintenance, utilities, fuel and operator services. We recognize both the lease component and nonlease components as a single lease component for all of its right-of-use assets. From time to time, certain service or purchase contracts may contain an embedded lease.

Short-term leases (leases with an initial term of 12 months or less or leases that are cancelable by the lessee and lessor without significant penalties) are not capitalized but are expensed on a straight-line basis over the lease term. The majority of our short-term leases relate to equipment used on construction projects. We enter into these leases at periodic rental rates for an unspecified duration and typically have a termination for convenience provision.

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Recent Accounting Pronouncements

12 Months Ended

Dec. 31, 2021

Accounting Policies [Abstract]

Recent Accounting Pronouncements

Recent Accounting Pronouncements

Accounting Pronouncements Implemented During 2021

In the first quarter of 2021, we adopted ASU 2020-06, “Accounting for Convertible Instruments and Contracts in an Entity's Own Equity,” which simplifies accounting for convertible instruments and the application of the derivatives scope exception for contracts in our own equity. ASU 2020-06 eliminates two of the three models in the prior guidance that required separating embedded conversion features from convertible instruments and also eliminates some of the requirements for equity classification. ASU 2020-06 also addresses how convertible instruments are accounted for in the diluted EPS calculation. The adoption did not have any impact on our financial statements.

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Earnings Per Share

12 Months Ended

Dec. 31, 2021

Earnings Per Share [Abstract]

Earnings Per Share

Earnings Per SharePotentially dilutive securities include CPS, stock options, RSUs, restricted stock and performance-based award units. Diluted EPS reflects the assumed exercise or conversion of all dilutive securities using the if-converted and treasury stock methods. In computing diluted EPS, only securities that are actually dilutive are included.

	Year Ended December 31,
(in thousands, except per share amounts)	2021		2020		2019
Net earnings (loss) from Cont Ops attributable to Fluor	$	(181,736)	$	(79,079)	$	(1,282,642)
Less: Dividends on CPS	24,375		—		—
Net earnings (loss) from Cont Ops available to Fluor common stockholders	(206,111)		(79,079)		(1,282,642)
Net earnings (loss) from Disc Ops attributable to Fluor	(258,434)		(355,967)		(239,522)
Net earnings (loss) available to Fluor common stockholders	$	(464,545)	$	(435,046)	$	(1,522,164)
Weighted average common shares outstanding	141,275		140,511		140,061
Dilutive effect:
CPS	—		—		—
Stock options, RSUs, restricted stock and performance-based award units	—		—		—
Weighted average diluted shares outstanding	141,275		140,511		140,061
Basic EPS available to Fluor common stockholders:
Net earnings (loss) from Cont Ops	$	(1.46)	$	(0.56)	$	(9.16)
Net earnings (loss) from Disc Ops	(1.83)		(2.53)		(1.71)
Diluted EPS available to Fluor common stockholders:
Net earnings (loss) from Cont Ops	$	(1.46)	$	(0.56)	$	(9.16)
Net earnings (loss) from Disc Ops	(1.83)		(2.53)		(1.71)
Anti-dilutive securities not included in shares outstanding:
CPS	16,674		N/A		N/A
Stock options, RSUs, restricted stock and performance-based award units	1,899		709		593

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Operating Information by Segment and Geographic Area

12 Months Ended

Dec. 31, 2021

Segment Reporting [Abstract]

Operating Information by Segment and Geographic Area

Operating Information by Segment and Geographic Area

	Year Ended December 31,
(in millions)	2021		2020		2019
Revenue
Energy Solutions	$	4,956	$	5,271	$	5,838
Urban Solutions	4,416		5,854		6,590
Mission Solutions	3,063		3,033		3,026
Total revenue	$	12,435	$	14,158	$	15,454
Intercompany revenue for our professional staffing business, excluded from revenue above	$	261	$	269	$	310
Segment profit (loss)
Energy Solutions	$	250	$	169	$	(97)
Urban Solutions	38		161		(50)
Mission Solutions	155		87		46
Other	(69)		(84)		(66)
Total segment profit	$	374	$	333	$	(167)
G&A	(216)		(202)		(140)
Impairment, restructuring and other exit costs	(44)		(108)		(318)
Gain (loss) on pension settlement	(198)		—		(138)
Foreign currency gain (loss)	(13)		(45)		(26)
Interest income (expense), net	(68)		(42)		(11)
Earnings (loss) from Cont Ops attributable to NCI	37		67		(39)
Earnings (loss) from Cont Ops before taxes	$	(128)	$	3	$	(839)
Depreciation (all but Corporate included in segment profit)
Energy Solutions	$	—	$	—	$	—
Urban Solutions	9		10		7
Mission Solutions	4		4		4
Other	2		2		2
Corporate	53		65		62
Total depreciation(1)	$	68	$	81	$	75
Capital expenditures
Energy Solutions	$	—	$	—	$	—
Urban Solutions	25		29		12
Mission Solutions	4		3		3
Other	2		4		1
Corporate	19		25		58
Total capital expenditures(2)	$	50	$	61	$	74
	December 31, 2021		December 31, 2020
Total assets
Energy Solutions	$	1,158	$	1,011
Urban Solutions	906		1,123
Mission Solutions	764		576
Other	38		37
Corporate	3,588		3,575
Disc Ops - Assets held for sale	826		988
Total assets	$	7,280	$	7,310
Goodwill
Energy Solutions	$	13	$	13
Urban Solutions	130		130
Mission Solutions	58		58
Other	6		6
Total goodwill	$	207	$	207

(1) Depreciation of $5 million, $22 million and $79 million during 2021, 2020 and 2019, respectively, is reported in Disc Ops and excluded from the table above.

(2) Capital expenditures of $28 million, $48 million and $102 million during 2021, 2020 and 2019, respectively, is reported in Disc Ops and excluded from the table above.

Energy Solutions. The revenue of a single Energy Solutions customer and its affiliates amounted to 15% and 13% of our consolidated revenue during 2021 and 2020, respectively. The revenue of a different Energy Solutions customer and its affiliates amounted to 13% of our consolidated revenue during 2019.

Segment profit in 2021 included the collection of previously reserved accounts receivable and losses on embedded foreign currency derivatives. Segment profit in 2020 included the recognition of reserves totaling $60 million for expected credit losses on aged receivables as well as margin diminution resulting from COVID related cost growth. Segment loss in 2019 included charges associated with forecast revisions on certain projects including $260 million (or $1.85 per share) for cost growth on an offshore project; $87 million (or $0.62 per share) for cost growth on two downstream projects and scope reductions on a large upstream project; $26 million (or $0.19 per share) for the write-off of pre-contract costs, $26 million (or $0.19 per share) on embedded foreign currency derivatives and $31 million (or $0.22 per share) from the resolution of close-out matters.

Urban Solutions. Segment profit in 2021 included forecast revisions for procurement and subcontractor cost growth, delays and disruptions in schedule of a legacy infrastructure project, resulting in a charge of $138 million (or $0.72 per share). Segment profit in 2021 also included forecast revisions for schedule delays and productivity on a light rail project, a favorable resolution of a long-standing customer dispute on a road project and a gain on the sale of our interest in an infrastructure joint venture. Segment profit in 2020 included a positive settlement on a canceled rail project as well as charges for cost growth in the infrastructure legacy portfolio. Segment loss in 2019 included forecast revisions totaling $135 million (or $0.96 per share) for three power projects and $133 million (or $0.95 per share) for several infrastructure projects. Segment loss in 2019 was partially offset by a gain of $31 million (or $0.16 per share) resulting from a favorable resolution of a longstanding customer dispute on a mining project.

Mission Solutions. Revenue from work performed for various agencies of the U.S. government amounted to 24%, 20% and 17% of our consolidated revenue during 2021, 2020 and 2019, respectively.

Segment loss in 2019 included charges of $59 million (or $0.42 per share) and $83 million (or $0.59 per share) on two lump-sum projects, respectively, for various engineering and cost growth associated with the facilities. The 2019 charges were partially offset by a favorable settlement on two nuclear power plant projects in 2019.

Other. NuScale received capital contributions from outside investors of $193 million, $9 million and $49 million during 2021, 2020 and 2019, respectively. As of December 31, 2021, Fluor had an approximate 80% ownership in NuScale.

Operating Information by Geographic Area

	Revenue by project location Year Ended December 31,						Total Assets As of December 31,
(in millions)	2021		2020		2019		2021		2020
North America	$	8,130	$	9,388	$	7,895	$	4,526	$	3,982
Asia Pacific (includes Australia)	1,264		1,324		1,695		617		562
Europe	1,458		1,791		2,869		1,081		1,404
Central and South America	1,252		1,126		2,021		612		813
Middle East and Africa	331		529		974		444		549
Total	$	12,435	$	14,158	$	15,454	$	7,280	$	7,310

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Impairment, Restructuring and Other Exit Costs

12 Months Ended

Dec. 31, 2021

Restructuring and Related Activities [Abstract]

Impairment, Restructuring and Other Exit Costs

Impairment, Restructuring and Other Exit Costs

Impairment

Impairment expense, included in Cont Ops, for 2021, 2020 and 2019 is summarized as follows:

	Year Ended December 31,
(in thousands)	2021		2020		2019
Impairment expense:
Energy Solutions' equity method investments	$	27,934	$	86,096	$	256,769
Information technology assets	15,858		16,269		—
Total impairment expense	$	43,792	$	102,365	$	256,769

Our business has been adversely affected by the impacts of COVID and the steep decline in oil prices that occurred in early 2020. These events created significant uncertainty and economic volatility and disruption, which have impacted and may continue to impact our business. We experienced reductions in demand for certain services and the delay or abandonment of ongoing or anticipated projects due to our clients’, suppliers’ and other third parties’ diminished financial condition. Although oil prices have rebounded in 2021 and 2022, we have not yet seen our energy clients respond with elevated capital expenditures for our services. During 2021, 2020 and 2019, we evaluated our significant investments and determined that certain of our investments were impaired. The fair value of these investments were determined using unobservable Level 3 inputs based on the forecast of anticipated volumes and overhead absorption in a cyclical business.

Restructuring and Other Exit Costs

During 2019, we initiated a restructuring plan designed to optimize costs and improve operational efficiency. These efforts primarily related to the rationalization of resources, investments, real estate and overhead across various geographies. The recognition of costs for the planned restructuring activities was substantially completed by the end of 2020. We did not recognize any material restructuring costs during 2021.

Information about our completed restructuring follows:

(in thousands)	Costs Incurred in 2020		Costs Incurred in 2019
Restructuring and other exit costs:
Severance	$	5,256	$	30,530
Asset impairments	—		29,485
Other exit costs	736		1,658
Total restructuring and other exit costs	$	5,992	$	61,673

Asset impairment charges in 2019 included the write down of held-for-sale and held-for-use assets to fair value. The fair value was estimated using observable Level 2 inputs for identical assets.

A reconciliation of restructuring liabilities follow:

(in thousands)	Severance		Other Exit Costs		Total
Balance as of December 31, 2019	$	30,479	$	564	$	31,043
Restructuring charges accrued during the period	5,256		736		5,992
Cash payments / settlements during the period	(18,858)		(793)		(19,651)
Currency translation	(396)		(401)		(797)
Balance as of December 31, 2020	$	16,481	$	106	$	16,587
Cash payments / settlements during the period	$	(16,378)	$	(106)	$	(16,484)
Currency translation	(103)		—		(103)
Balance as of December 31, 2021	$	—	$	—	$	—

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Income Taxes

12 Months Ended

Dec. 31, 2021

Income Tax Disclosure [Abstract]

Income Taxes

Income Taxes

The income tax expense (benefit) components recognized in Cont Ops follow:

	Year Ended December 31,
(in thousands)	2021		2020		2019
Current:
Federal (a)	$	961	$	(121,411)	$	(36,591)
Foreign	40,823		133,810		159,876
State and local	(4,754)		5,343		4,295
Total current	37,030		17,742		127,580
Deferred:
Federal	—		17,451		325,351
Foreign	(20,541)		(19,337)		9,593
State and local	—		—		19,441
Total deferred	(20,541)		(1,886)		354,385
Total income tax expense	$	16,489	$	15,856	$	481,965

(a)    The CARES Act allows entities to carry back 2019 loss to prior periods of up to five years and claim refunds of federal taxes paid. The Company has filed the refund claim with the IRS and received a refund of $49 million in the third quarter of 2020 and expect a refund of $72 million in 2022.

A reconciliation of U.S. statutory federal income tax expense (benefit) to income tax expense (benefit) from Cont Ops follows:

	Year Ended December 31,
(in thousands)	2021		2020		2019
U.S. statutory federal tax expense (benefit)	$	(26,818)	$	734	$	(176,288)
Increase (decrease) in taxes resulting from:
State and local income taxes	12,777		(10,817)		(5,128)
U.S. tax on GILTI	—		3,835		21,433
NCI	(6,718)		(9,143)		13,209
Foreign tax differential, net	(23,315)		(10,386)		3,989
Valuation allowance, net	99,663		146,930		659,203
Other changes to uncertain tax positions	895		7,484		4,098
Stranded tax effects from AOCI	(51,782)		—		(35,619)
CARES Act benefit	2,188		(124,753)		—
Other, net	9,599		11,972		(2,932)
Total income tax expense	$	16,489	$	15,856	$	481,965

Deferred taxes reflect the tax effects of differences between the amounts recorded as assets and liabilities for financial reporting purposes and the amounts recorded for income tax purposes. The tax effects of significant temporary differences giving rise to deferred tax assets and liabilities are as follows:

	December 31,
(in thousands)	2021		2020
Deferred tax assets:
Accrued liabilities not currently deductible:
Employee compensation and benefits	$	138,034	$	104,305
Project and non-project reserves	67,861		71,999
Net operating loss carryforward	346,561		326,402
Tax basis of investment in excess of book basis	144,019		118,915
U.S. foreign tax credit carryforward	455,912		414,348
AOCI	26,982		62,681
Other	26,794		103,955
Total deferred tax assets	1,206,163		1,202,605
Valuation allowance	(1,114,574)		(1,080,752)
Deferred tax assets, net	$	91,589	$	121,853
Deferred tax liabilities:
Book basis of property and equipment in excess of tax basis	(31,197)		(43,475)
Dividend withholding on unremitted non-U.S. earnings	(55,080)		(57,859)
Other	(21,539)		(23,349)
Total deferred tax liabilities	(107,816)		(124,683)
Deferred tax assets, net of deferred tax liabilities	$	(16,227)	$	(2,830)

As of December 31, 2021, we are indefinitely reinvested only with respect to unremitted earnings required to meet our working capital and long-term investment needs in the foreign jurisdictions within which we operate. Beyond those limits, we expect current earnings to be available for distribution. Deferred tax liabilities of approximately $31 million have not been recorded with respect to unremitted earnings that are considered indefinitely reinvested, again primarily associated with foreign withholding and income taxes that would be due upon remittance. We have no intention of initiating any actions that would lead to taxation of the earnings deemed indefinitely reinvested.

As of December 31, 2021, tax credit carryforwards, principally federal, and tax loss carryforwards, principally federal, state, and foreign, were as follows:

(in thousands)	Federal FTC		Federal NOLs		State NOLs		Foreign NOLs
Expiration periods:
2022 - 2026	$	94,317	$	—	$	10,932	$	40,177
2027-2031	361,595		—		34,034		56,255
2032-2041	—		—		351,159		5,783
Indefinite	—		163,099		131,680		1,177,047

During 2021 and 2020, we were in a three-year cumulative loss on a consolidated, jurisdictional basis in Australia, the Netherlands, the U.K. and the U.S. Such cumulative loss constitutes significant negative evidence (with regards to future taxable income) for assessing likelihood of realization. We also considered positive evidence but concluded it did not outweigh this significant negative evidence of a three-year cumulative loss. Accordingly, we recognized non-cash charges to tax expense of $10 million and $142 million to record a valuation allowance against net U.S. deferred tax assets and $42 million and $28 million against certain net foreign deferred tax assets during 2021 and 2020, respectively. We also reduced a valuation allowance for $18 million in AOCI against net deferred tax assets primarily related to the Netherlands' pension settlement that occurred in the fourth quarter of 2021.

In the normal course of business, we are subject to examination by taxing authorities worldwide, including such major jurisdictions as Australia, Canada, Chile, the Netherlands, the U.K. and the U.S. Although we believe our reserves for our tax positions are reasonable, the outcome of tax audits could be materially different, both favorably and unfavorably. With a few exceptions, we are no longer subject to U.S. federal, state and local, or non-U.S. income tax examinations for years before 2012.

A summary of unrecognized tax benefits follows:

(in thousands)	2021		2020
Balance at beginning of year	$	48,413	$	42,394
Change in tax positions of prior years	—		8,166
Change in tax positions of current year	—		—
Reduction in tax positions for statute expirations	(514)		(1,510)
Reduction in tax positions for audit settlements	—		(637)
Balance at end of year	$	47,899	$	48,413

If recognized, the total amount of unrecognized tax benefits as of December 31, 2021 and 2020, would favorably impact the effective tax rates by $30 million in both years. We had $13 million and $11 million of accrued interest and penalties as of December 31, 2021 and 2020, respectively. We do not anticipate any significant changes to the unrecognized tax benefits within the next twelve months.

U.S. and foreign earnings (loss) from Cont Ops before taxes are as follows:

	Year Ended December 31,
(in thousands)	2021		2020		2019
United States	$	(176,271)	$	(276,041)	$	(873,189)
Foreign	48,566		279,535		33,724
Total	$	(127,705)	$	3,494	$	(839,465)

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Supplemental Cash Flow Information

12 Months Ended

Dec. 31, 2021

Supplemental Cash Flow Information [Abstract]

Supplemental Cash Flow Information

Supplemental Cash Flow InformationThe changes in assets and liabilities included in operating cash flow follow:

	Year Ended December 31,
(in thousands)	2021		2020		2019
(Increase) decrease in:
Accounts and notes receivable, net	$	5,393	$	138,388	$	210,419
Contract assets	(178,632)		280,360		207,467
Other current assets	(167,416)		3,893		(80,248)
Other assets	283,895		76,613		44,707
Increase (decrease) in:
Accounts payable	6,360		(343,113)		(46,873)
Contract liabilities	(175,812)		(53,580)		202,359
Accrued liabilities	108,896		(11,829)		29,880
Other liabilities	(79,336)		(59,684)		63,986
Increase (decrease) in cash due to changes in assets and liabilities	$	(196,652)	$	31,048	$	631,697
Cash paid during the year for:
Interest	$	90,299	$	65,641	$	71,938
Income taxes (net of refunds)	74,589		65,188		204,080

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Partnerships and Joint Ventures

12 Months Ended

Dec. 31, 2021

Equity Method Investments and Joint Ventures [Abstract]

Partnerships and Joint Ventures

Partnerships and Joint Ventures

In the normal course of business, we form partnerships or joint ventures primarily for the execution of single contracts or projects. The majority of these partnerships or joint ventures are characterized by a 50% or less, noncontrolling ownership or participation interest, with decision making and distribution of expected gains and losses typically being proportionate to the ownership or participation interest. Many of the partnership and joint venture agreements provide for capital calls to fund operations, as necessary. Investments in a loss position of $240 million were included in other accrued liabilities as of December 31, 2021 and consisted primarily of provision for anticipated losses on a legacy infrastructure project. Accounts receivable related to work performed for unconsolidated partnerships and joint ventures included in "Accounts and notes receivable, net" were $204 million and $207 million as of December 31, 2021 and 2020, respectively.

The following is a summary of aggregate, unaudited balance sheet data for unconsolidated entities where our investment is presented as a one-line equity method investment:

	December 31,
(in millions)	2021		2020
Current assets	$	10,154	$	8,129
Noncurrent assets	3,755		4,744
Current liabilities	7,860		6,301
Noncurrent liabilities	3,527		4,353

The following is a summary of aggregate, unaudited income statement data for unconsolidated entities where the equity method of accounting is used to recognize our share of net earnings or loss of investees:

(in millions)	2021		2020		2019
Revenue	$	1,585	$	1,196	$	1,211
Cost of revenue	1,000		1,094		1,112
Net earnings	52		54		43

During 2021, 2020 and 2019, we evaluated our significant investments and determined that certain of our investments were impaired. As a result, we recognized impairment expense of $28 million, $86 million and $257 million during 2021, 2020 and 2019, respectively.

One of our more significant joint ventures is COOEC Fluor, in which we have a 49% ownership interest. COOEC Fluor owns, operates and manages the Zhuhai Fabrication Yard in China’s Guangdong province. We made a capital contribution of $26 million to the joint venture during the first quarter of 2021, which satisfied our contractual funding requirements.

During 2021, we sold our 10% ownership interest in an infrastructure joint venture and recognized a gain of $20 million, which was included in Urban Solutions' segment profit. During 2020, we sold our interests in three infrastructure joint ventures and recognized a gain of $8 million. We also sold our 50% ownership interest in Sacyr Fluor and recognized a loss of $11 million, which was included in Energy Solutions' segment profit.

Variable Interest Entities

The aggregate carrying value of the unconsolidated VIEs (classified under both "Investments" and "Other accrued liabilities") was a net asset of $30 million and $174 million as of December 31, 2021 and 2020, respectively. Some of our VIEs have debt; however, such debt is typically non-recourse in nature to Fluor. 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 December 31, 2021 for the unconsolidated VIEs were $57 million.

In some cases, we are required to consolidate certain VIEs. Assets and liabilities associated with the operations of our consolidated VIEs are presented on the balance sheet. The assets of a VIE are restricted for use only for the particular VIE and are not available for our general operations.

We have agreements with certain VIEs to provide financial or performance assurances to clients, as discussed elsewhere.

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Guarantees

12 Months Ended

Dec. 31, 2021

Guarantees [Abstract]

Guarantees

Guarantees

In the ordinary course of business, we enter into various agreements providing performance assurances and guarantees to our clients on behalf of certain unconsolidated and consolidated partnerships, joint ventures and other jointly executed contracts. These agreements are entered into primarily to support project execution commitments. Performance guarantees have various expiration dates ranging from mechanical completion to a period extending beyond contract completion. The maximum potential amount of future payments that we could be required to make under outstanding performance guarantees, which represents the remaining cost of work to be performed, was estimated to be $15 billion as of December 31, 2021. For cost reimbursable contracts, amounts that may become payable pursuant to guarantee provisions are normally recoverable from the client for work performed. For lump-sum contracts, the performance guarantee amount is the cost to complete the contracted work, less amounts remaining to be billed to the client under the contract. Remaining billable amounts could be greater or less than the cost to complete. In those cases where costs exceed the remaining amounts payable under the contract, we may have recourse to third parties, such as owners, partners, subcontractors or vendors for claims. There were no liabilities related to performance guarantees as of December 31, 2021 and 2020.

In certain limited circumstances, financial guarantees are entered into with financial institutions and other credit grantors and generally obligate us to make payment in the event of a default by the borrower. These arrangements generally require the borrower to pledge collateral to support the fulfillment of the borrower's obligation.

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Contingencies and Commitments

12 Months Ended

Dec. 31, 2021

Commitments and Contingencies Disclosure [Abstract]

Contingencies and Commitments

Contingencies and Commitments

We and certain of our subsidiaries are subject to litigation, claims and other commitments and contingencies arising in the ordinary course of business. Although the asserted value of these matters may be significant, we currently do not expect that the ultimate resolution of any open matters will have a material adverse effect on our financial position or results of operations.

Since May 2018, purported shareholders have filed various complaints against Fluor and certain of its current and former executives in the U.S. District Court for the Northern District of Texas. The plaintiffs purport to represent a class of shareholders who purchased or otherwise acquired Fluor common stock from August 14, 2013 through February 14, 2020, and seek to recover damages arising from alleged violations of federal securities laws. These claims are based on statements concerning Fluor’s internal and disclosure controls, risk management, revenue recognition, and Fluor’s gas-fired power contracts, which plaintiffs assert were materially misleading. As of May 26, 2020, these complaints have been consolidated into one matter. We filed a motion to dismiss the matter on July 1, 2020. The motion was granted in part on May 5, 2021, and as a result the Court dismissed with prejudice all allegations except those related to a single statement made in 2015 about one gas-fired power contract. While no assurance can be given as to the ultimate outcome of this matter, during 2021 we recorded a liability for the estimated resolution of the matter and we also recognized the effects of expected insurance coverage.

Since September 2018, eleven separate purported shareholders' derivative actions were filed against current and former members of the Board of Directors, as well as certain of Fluor’s current and former executives. Fluor is named as a nominal defendant in the actions. These derivative actions purport to assert claims on behalf of Fluor and make substantially the same factual allegations as the securities class action matter discussed above and seek various forms of monetary and injunctive relief. These actions are pending in Texas state court (District Court for Dallas County), the U.S. District Court for the District of Delaware, the U.S. District Court for the Northern District of Texas, and the Court of Chancery of the State of Delaware. Certain of these actions were consolidated and stayed, at least while our motion to dismiss was pending in the securities class action matter. We anticipate seeking a further stay until final resolution of the securities class action. While no assurance can be given as to the ultimate outcome of this matter, we do not believe it is probable that a loss will be incurred. Accordingly, we have not recorded any liability as a result of these actions.

Fluor Australia Ltd., our wholly-owned subsidiary (“Fluor Australia”), completed a cost reimbursable engineering, procurement and construction management services project for Santos Ltd. (“Santos”) involving a large network of natural gas gathering and processing facilities in Queensland, Australia. On December 13, 2016, Santos filed an action in Queensland Supreme Court against Fluor Australia, asserting various causes of action and seeking damages and/or a refund of contract proceeds paid of approximately AUD $1.47 billion. Santos has joined Fluor to the matter on the basis of a parent company guarantee issued for the project. We believe that the claims asserted by Santos are without merit and we are vigorously defending these claims. While no assurance can be given as to the ultimate outcome of this matter, we do not believe it is probable that a loss will be incurred. Accordingly, we have not recorded any liability as a result of this action.

Fluor Limited, our wholly-owned subsidiary (“Fluor Limited”), and Fluor Arabia Limited, a partially-owned subsidiary (“Fluor Arabia”), completed cost reimbursable engineering, procurement and construction management services for Sadara Chemical Company (“Sadara”) involving a large petrochemical facility in Jubail, Kingdom of Saudi Arabia. On August 23, 2019, Fluor Limited and Fluor Arabia Limited commenced arbitration proceedings against Sadara after it refused to pay invoices totaling approximately $100 million due under the contracts. As part of the arbitration proceedings, Sadara has asserted various counterclaims for damages and/or a refund of contract proceeds paid totaling approximately $574 million against Fluor Limited and Fluor Arabia Limited. We believe that the counterclaims asserted by Sadara are without merit and are vigorously defending these claims. While no assurance can be given as to the ultimate outcome of the counterclaims, we do not believe it is probable that a loss will be incurred in excess of amounts reserved for this matter. Accordingly, we have not recorded any further liability as a result of the counterclaims.

Various wholly-owned subsidiaries of Fluor, in conjunction with a partner, TECHINT, (“Fluor/TECHINT”) performed engineering, procurement and construction management services on a cost reimbursable basis for Barrick Gold Corporation involving a gold mine and ore processing facility on a site straddling the border between Argentina and Chile. In 2013, Barrick terminated the Fluor/TECHINT agreements for convenience and not due to the performance of Fluor/TECHINT. On August 12, 2016, Barrick filed a notice of arbitration against Fluor/TECHINT, demanding damages and/or a refund of contract proceeds paid of not less than $250 million under various claims relating to Fluor/TECHINT’s alleged performance. Proceedings were suspended while the parties explored a possible settlement. In August 2019, Barrick drew down $36 million of letters of credit from Fluor/TECHINT ($24 million from Fluor and $12 million from TECHINT). Thereafter, Barrick proceeded to reactivate the arbitration. Barrick and Fluor/TECHINT have exchanged detailed statements of claim and counterclaim pursuant to which Barrick’s claim against Fluor/TECHINT now totals approximately $364 million. We believe that the claims asserted by Barrick are without merit and are vigorously defending these claims. While no assurance can be given as to the ultimate outcome of this matter, we do not believe it is probable that a loss will be incurred. Accordingly, we have not recorded any liability as a result of these claims.

Other Matters

We have made claims arising from the performance under our contracts. Factors considered in determining whether revenue associated with claims should be recognized include: (a) the legal basis for the claim, (b) additional costs were caused by circumstances that were unforeseen at the contract date and not the result of deficiencies in our performance, (c) claim-related costs are identifiable and considered reasonable in view of the work performed, and (d) evidence supporting the claim is objective and verifiable. Similarly, we recognize disputed back charges to suppliers or subcontractors as a reduction of cost when the same requirements have been satisfied. We periodically evaluate our positions and the amounts recognized with respect to all our claims and back charges. As of December 31, 2021 and 2020, we had recorded $215 million and $216 million, respectively, of claim revenue for costs incurred to date. Additional costs, which will increase the claim revenue balance over time, are expected to be incurred in future periods. We had no material disputed back charges to suppliers or subcontractors as of December 31, 2021 and 2020.

From time to time, we enter into contracts with the U.S. government and its agencies. Government contracts are subject to audits and reviews by government representatives with respect to our compliance with various restrictions and regulations applicable to government contractors, including but not limited to the allowability of costs incurred under reimbursable contracts. In connection with performing government contracts, we maintain reserves for estimated exposures associated with these matters.

Our operations are subject to and affected by federal, state and local laws and regulations regarding the protection of the environment. We maintain reserves for potential future environmental cost where such obligations are either known or considered probable, and can be reasonably estimated. We believe that our reserves with respect to future environmental cost are adequate and such future cost will not have a material effect on our financial position or results of operations.

In February 2020, we announced that the SEC is conducting an investigation and has requested documents and information related to projects for which we recorded charges in the second quarter of 2019. In April 2020 and January 2022, Fluor received subpoenas from the U.S. Department of Justice (“DOJ”) seeking documents and information related to the second quarter 2019 charges; certain of the projects associated with those charges; and certain project accounting, financial reporting and governance matters. Such inquiries are ongoing, and we have continued to respond to the SEC and DOJ and cooperate in these investigations.

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Contract Assets and Liabilities

12 Months Ended

Dec. 31, 2021

Revenue from Contract with Customer [Abstract]

Contract Assets and Liabilities

Contract Assets and LiabilitiesThe following summarizes information about our contract assets and liabilities:

	December 31,
(in millions)	2021		2020
Information about contract assets:
Contract assets
Unbilled receivables - reimbursable contracts	$	709	$	590
Contract work in progress - lump sum contracts	223		270
Contract assets	$	932	$	860
Advance billings deducted from contract assets	$	208	$	308
	Year Ended December 31,
	2021		2020
Information about contract liabilities:
Provision for anticipated losses on contracts included in contract liabilities	$	215	$	203
Revenue recognized that was included in contract liabilities as of January 1	848		751

Remaining Unsatisfied Performance Obligations

    We estimate that our RUPO will be satisfied over the following periods:

(in millions)	December 31, 2021
Within 1 year	$	9,631
1 to 2 years	5,452
Thereafter	3,420
Total RUPO	$	18,503

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Remaining Unsatisfied Performance Obligations

12 Months Ended

Dec. 31, 2021

Revenue from Contract with Customer [Abstract]

Remaining Unsatisfied Performance Obligations

Contract Assets and LiabilitiesThe following summarizes information about our contract assets and liabilities:

	December 31,
(in millions)	2021		2020
Information about contract assets:
Contract assets
Unbilled receivables - reimbursable contracts	$	709	$	590
Contract work in progress - lump sum contracts	223		270
Contract assets	$	932	$	860
Advance billings deducted from contract assets	$	208	$	308
	Year Ended December 31,
	2021		2020
Information about contract liabilities:
Provision for anticipated losses on contracts included in contract liabilities	$	215	$	203
Revenue recognized that was included in contract liabilities as of January 1	848		751

Remaining Unsatisfied Performance Obligations

    We estimate that our RUPO will be satisfied over the following periods:

(in millions)	December 31, 2021
Within 1 year	$	9,631
1 to 2 years	5,452
Thereafter	3,420
Total RUPO	$	18,503

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Debt and Letters of Credit

12 Months Ended

Dec. 31, 2021

Debt Disclosure [Abstract]

Debt and Letters of Credit

Debt and Letters of Credit

Debt consisted of the following:

	December 31,
(in thousands)	2021		2020
Borrowings under credit facility	$	—	$	—
Current:
Other borrowings	$	911	$	4,890
Long-Term:
Senior Notes
2023 Notes	$	193,012	$	611,250
Unamortized discount on 2023 Notes	(49)		(283)
Unamortized deferred financing costs	(211)		(1,203)
2024 Notes	381,014		500,000
Unamortized discount on 2024 Notes	(1,214)		(2,130)
Unamortized deferred financing costs	(951)		(1,670)
2028 Notes	600,000		600,000
Unamortized discount on 2028 Notes	(854)		(981)
Unamortized deferred financing costs	(3,381)		(3,885)
Total long-term	$	1,167,366	$	1,701,098

Credit Facility

As of December 31, 2021, letters of credit totaling $429 million were outstanding under our $1.65 billion credit facility, which matures in February 2023. This credit facility contains customary financial covenants, including a debt-to-capitalization ratio that cannot exceed 0.65 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 $1.25 billion, all as defined in the credit facility. The credit facility also contains provisions that will require us to provide collateral if we are downgraded to BB by S&P and Ba2 by Moody's, such collateral consisting broadly of liens on 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 December 31, 2021, we could have borrowed an additional $779 million under our credit facility.

In February 2022, we amended our credit facility to extend the maturity to February 2025, increase the size of the facility to $1.8 billion and decrease the debt-to-capitalization ratio to 0.60 to 1.00.

Uncommitted Lines of Credit

As of December 31, 2021, letters of credit totaling $896 million were outstanding under uncommitted lines of credit, although no amounts were drawn.

Senior Notes

In September 2021, we completed a tender offer in which we repurchased $375 million of 2023 Notes and $108 million of 2024 Notes, excluding accrued interest. Additionally, we redeemed $26 million of outstanding 2023 and 2024 Notes in open market transactions during the 2021 period. We used the proceeds from the issuance of CPS to redeem the 2023 and 2024 Notes. We recognized $20 million in losses related to these redemptions which is included in interest expense.

In August 2018, we issued $600 million of 4.250% Senior Notes due in September 2028 ("2028 Notes") and received proceeds of $595 million. Interest on the 2028 Notes is payable semi-annually in March and September. Prior to June 2028, we may redeem the 2028 Notes at a redemption price equal to 100% of the principal amount, plus a “make whole” premium described in the indenture. After June 2028, the 2028 Notes can be redeemed at par plus accrued interest.

In March 2016, we issued €500 million of 1.750% Senior Notes due in March 2023 ("2023 Notes") and received proceeds of €497 million. Interest on the 2023 Notes is payable annually in March. Prior to December 2022, we may redeem the 2023 Notes at a redemption price equal to 100% of the principal amount, plus a "make whole" premium described in the indenture. After December 2022, the 2023 Notes can be redeemed at par plus accrued interest. Additionally, we may redeem the 2023 Notes at par plus accrued interest if certain changes in U.S. tax laws occur.

In November 2014, we issued $500 million of 3.5% Senior Notes due in December 2024 ("2024 Notes") and received proceeds of $491 million. Interest on the 2024 Notes is payable semi-annually in June and December. Prior to September 2024, we may redeem the 2024 Notes at a redemption price equal to 100% of the principal amount, plus a "make whole" premium described in the indenture. After September 2024, the 2024 Notes can be redeemed at par plus accrued interest.

For all of the Senior Notes, a change of control (as defined by the terms of the respective indentures) could require the company to repay them at 101% of the principal amount, plus accrued interest. We may incur additional indebtedness if we are in compliance with certain restrictive covenants, including restrictions on liens and restrictions on sale and leaseback transactions.

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Preferred Stock

12 Months Ended

Dec. 31, 2021

Equity [Abstract]

Preferred Stock

Preferred Stock

In May 2021, we issued 600,000 shares of Series A 6.5% cumulative perpetual CPS in a private placement transaction involving a limited number of qualified institutional buyers.

The CPS, with respect to dividend rights or rights upon liquidation, winding-up or dissolution of Fluor, ranks senior to all classes of common stock and to any other class of capital stock or series of preferred stock that may be established (except in certain circumstances). The CPS is, however, junior to our existing and future debt.

The CPS does not have a maturity date. Cumulative cash dividends on the preferred stock are payable at an annual rate of 6.5% quarterly in arrears on February 15, May 15, August 15 and November 15, upon declaration of the dividend by our Board of Directors. Dividends accumulate from the most recent date on which dividends have been paid. CPS dividends of $9

million and $10 million were paid in August 2021 and October 2021, respectively. In January 2022, our Board of Directors approved the payment of a preferred stock dividend of $10 million.

Each share of preferred stock has a liquidation preference of $1,000 per share, plus accumulated but unpaid dividends, and is convertible, at the holder's option at any time into 44.9585 shares of our common stock per share of preferred stock. The conversion rate is subject to certain customary adjustments, but no payment or adjustment for accumulated but unpaid dividends will be made upon conversion, subject to certain limited exceptions. The preferred stock may not be redeemed by us; however, we may, at any time on or after May 20, 2022, elect to cause all outstanding shares of preferred stock to be automatically converted into shares of our common stock at the conversion rate, subject to certain conditions (and, if such automatic conversion occurs prior to May 20, 2024, the payment of a cash make-whole premium). If a make-whole fundamental change, as defined in the certificate of designations for the preferred stock, occurs, we will in certain circumstances be required to increase the conversion rate for a holder who elects to convert shares of preferred stock in connection with such make-whole fundamental change.

The shares of preferred stock have no voting rights except if and when dividends on the preferred stock are in arrears and have been unpaid with respect to six or more quarterly dividend payment dates (whether or not consecutive). In such events, the holders of the preferred stock would be entitled to elect two additional directors to the board of directors. Such voting rights are exercisable until all dividends in arrears have been paid in full, at which time the voting rights and the term of the two additional directors terminate.

Concurrent with the issuance of the CPS, 200,000 shares of preferred stock previously designated as Series A Junior Participating Preferred Stock were eliminated and returned to the status of authorized but unissued shares of preferred stock, without designation.

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Fair Value Measurements

12 Months Ended

Dec. 31, 2021

Fair Value Disclosures [Abstract]

Fair Value Measurements

Fair Value Measurements

The fair value hierarchy prioritizes the use of inputs used in valuation techniques into the following three levels:

•Level 1 — quoted prices in active markets for identical assets and liabilities

•Level 2 — inputs other than quoted prices in active markets for identical assets and liabilities that are observable, either directly or indirectly

•Level 3 — unobservable inputs

We perform procedures to verify the reasonableness of pricing information received from third parties for significant assets and liabilities classified as Level 2. The following table delineates assets and liabilities that are measured at fair value on a recurring basis:

	December 31, 2021								December 31, 2020
(in thousands)	Total		Level 1		Level 2		Level 3		Total		Level 1		Level 2		Level 3
Assets:
Deferred compensation trusts(1)	$	11,952	$	11,952	$	—	$	—	$	9,626	$	9,626	$	—	$	—
Derivative assets(2)
Foreign currency	15,308		—		15,308		—		22,667		—		22,667		—
Commodity	5,225		—		5,225		—		806		—		806		—
Liabilities:
Derivative liabilities(2)
Foreign currency	$	6,528	$	—	$	6,528	$	—	$	2,571	$	—	$	2,571	$	—
Commodity	232		—		232		—		5,059		—		5,059		—

(1)Consists of registered money market funds and an equity index fund. These investments, which are trading securities, represent the net asset value at the close of business of the period based on the last trade or official close of an active market or exchange.

(2)Foreign currency and commodity derivatives are estimated using pricing models with market-based inputs, which take into account the present value of estimated future cash flows.

We have measured assets and liabilities held for sale and certain other impaired assets at fair value on a nonrecurring basis. The following summarizes information about financial instruments that are not required to be measured at fair value:

		December 31, 2021				December 31, 2020
(in thousands)	Fair Value Hierarchy	Carrying Value		Fair Value		Carrying Value		Fair Value
Assets:
Cash(1)	Level 1	$	1,295,437	$	1,295,437	$	1,180,024	$	1,180,024
Cash equivalents(2)	Level 2	913,945		913,945		1,018,757		1,018,757
Marketable securities, current(2)	Level 2	127,222		127,222		23,345		23,345
Notes receivable, including noncurrent portion(3)	Level 3	10,249		10,249		28,488		28,488
Liabilities:
2023 Senior Notes(4)	Level 2	$	192,752	$	195,957	$	609,764	$	578,554
2024 Senior Notes(4)	Level 2	378,849		399,177		496,200		494,045
2028 Senior Notes(4)	Level 2	595,765		629,754		595,134		599,220
Other borrowings(5)	Level 2	911		911		4,890		4,890

_______________________________________________________________________________

(1)Cash consists of bank deposits. Carrying amounts approximate fair value.

(2)The carrying amounts of these time deposits approximate fair value because of the short-term maturity of these instruments. Amortized cost is not materially different from the fair value.

(3)Notes receivable are carried at net realizable value which approximates fair value. Factors considered in determining the fair value include the credit worthiness of the borrower, current interest rates, the term of the note and any collateral pledged as security. Notes receivable are periodically assessed for impairment.

(4)The fair value of the Senior Notes was estimated based on 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.

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Property, Plant and Equipment

12 Months Ended

Dec. 31, 2021

Property, Plant and Equipment [Abstract]

Property, Plant and Equipment

Property, Plant and EquipmentProperty, plant and equipment is as follows:

	December 31,
(cost in thousands)	2021		2020
Land	$	41,425	$	42,854
Buildings	248,289		265,369
Building and leasehold improvements	137,039		150,613
Machinery and equipment	731,198		804,252
Furniture and fixtures	114,230		117,271
Assets under development	18,488		14,867
	1,290,669		1,395,226
Less accumulated depreciation	(904,080)		(931,399)
Net property, plant and equipment	$	386,589	$	463,827

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Stock-Based Compensation

12 Months Ended

Dec. 31, 2021

Share-based Payment Arrangement [Abstract]

Stock-Based Compensation

Stock-Based Compensation

Equity Awards

Stock-based compensation totaled $27 million, $22 million and $36 million during 2021, 2020 and 2019, respectively. There were no tax benefits recognized related to stock-based compensation during these periods.

The following table summarizes RSU, restricted stock and stock option activity:

	RSU or Restricted Stock		Stock Options
	Number	Weighted Average Grant Date Fair Value Per Share	Number	Weighted Average Exercise Price Per Share
Outstanding as of December 31, 2018	985,132	$53.78	4,589,385	$60.25
Granted	1,356,303	32.68	1,192,108	22.47
Forfeited or expired	(173,604)	39.57	(351,885)	60.56
Vested/exercised	(507,520)	47.72	(48,131)	30.46
Outstanding as of December 31, 2019	1,660,311	$39.88	5,381,477	$52.13
Granted	1,355,975	10.30	975,290	11.06
Forfeited or expired	(114,352)	33.74	(603,835)	59.46
Vested/exercised	(643,340)	42.23	—	—
Outstanding as of December 31, 2020	2,258,594	$21.76	5,752,932	$44.40
Granted	596,391	18.67	481,626	17.96
Forfeited or expired	(132,713)	18.78	(659,216)	58.37
Vested/exercised	(810,560)	30.83	(84,416)	8.81
Outstanding as of December 31, 2021	1,911,712	$17.16	5,490,926	$40.95
Options exercisable as of December 31, 2021			3,519,747	$54.31
Remaining unvested options outstanding and expected to vest			1,951,467	$17.09

Our stock-based plans provide that RSUs and restricted stock may not be sold or transferred until service-based restrictions have lapsed. Generally, upon termination of employment, RSUs and restricted stock which have not vested are forfeited. RSUs granted to executives in 2021, 2020 and 2019 generally vest over 3 years. RSUs granted to one executive in 2020 vest over 5 years. RSUs granted to directors in 2021, 2020 and 2019 vested upon grant. RSUs awarded to directors in 2019 (as well as one RSU award to a director in 2020) are subject to a post-vest holding period of 3 years. The fair value of RSUs that vested during 2021, 2020 and 2019 was $14 million, $5 million and $14 million, respectively. The balance of unamortized RSU expense as of December 31, 2021 was $6 million, which is expected to be recognized over a weighted-average period of 2.0 years.

The exercise price of options represents the closing price of our common stock on the date of grant. The options granted in 2021, 2020 and 2019 generally vest over 3 years and expire 10 years after the grant date. Options granted to one executive in 2020 vest over 5 years. The aggregate intrinsic value of stock options exercised during 2021 and 2019 was $0.8 million and $0.3 million, respectively. There were no stock option exercises during 2020. The balance of unamortized stock option expense as of December 31, 2021 was $3 million, which is expected to be recognized over a weighted-average period of 1.0 year.

The grant date fair value of options and other significant assumptions follow:

	2021		January 1 - November 30, 2020		December 31, 2020		January 1 - September 30, 2019		October 1 - December 31, 2019
Weighted average grant date fair value	$8.94		$4.59		$9.05		$7.99		$6.93
Expected life of options (in years)	4.5		4.6		7.2		5.6		5.4
Risk-free interest rate	0.7	%	0.4	%	0.5	%	2.6	%	1.7	%
Expected volatility	62	%	65	%	61	%	33	%	47	%
Expected annual dividend per share	$0.00		$0.00		$0.00		$0.84		$0.40

The computation of the expected volatility assumption used in the Black-Scholes calculations is based on a 50/50 blend of historical and implied volatility. Information related to options outstanding as of December 31, 2021 follows:

	Options Outstanding				Options Exercisable
Range of Exercise Prices	Number Outstanding	Weighted Average Remaining Contractual Life (In Years)	Weighted Average Exercise Price Per Share		Number Exercisable	Weighted Average Remaining Contractual Life (In Years)	Weighted Average Exercise Price Per Share
$8.81 - $29.50	2,413,093	8.4	$	17.64	456,853	8.0	$	21.34
$46.07 - $62.50	2,671,436	3.5	56.19		2,658,332	3.5	56.19
$70.76 - $79.19	406,407	2.1	79.19		404,562	2.1	79.19
	5,490,936	5.6	$	40.95	3,519,747	4.0	$	54.31

As of December 31, 2021, options outstanding and options exercisable had an aggregate intrinsic value of $19 million and $3 million, respectively .

During 2021, 2020 and 2019, performance-based award units totaling 613,868; 1,156,365; and 350,532, respectively, were awarded to Section 16 officers. These awards generally cliff vest after a period of 3 years and contain annual performance conditions for each of the 3 years of the vesting period. Under GAAP, performance-based awards are not deemed granted until the performance targets have been established. The performance targets for each year are generally established in the first quarter. Accordingly, only one-third of the units awarded in any given year are deemed to be granted each year of the 3 year vesting periods. During 2021, the following units were granted based upon the establishment of performance targets:

	Performance-based Award Units Granted in 2021	Weighted Average Grant Date Fair Value Per Share
2021 Performance Award Plan	204,623	$20.49
2020 Performance Award Plan	385,455	$19.98
2019 Performance Award Plan	116,844	$20.18

For awards granted under the 2021, 2020 and 2019 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.

The balance of unamortized compensation expense associated with performance-based award units as of December 31, 2021 was less than $2 million, which is expected to be recognized over a weighted-average period of 1.0 years.

Liability Awards

We grant SGI awards in the form of stock units, determined by dividing the target amount by the closing price of our common stock at the grant date. Each stock unit represents the right to receive cash equal to the value of one share of our common stock upon vesting. SGI awards granted to executives vest and become payable at a rate of one-third of the total award each year. Compensation expense of $67 million, $25 million and $6 million related to SGI awards was included in G&A in 2021, 2020 and 2019, respectively. Liabilities associated with SGI awards were $73 million and $29 million as of December 31, 2021 and 2020, respectively.

During 2021, 2020 and 2019, performance-based awards were awarded to non-Section 16 executives and will be settled in cash. Compensation expense of $7 million, $3 million and $8 million related to these performance-based awards was included in G&A in 2021, 2020 and 2019, respectively. Liabilities associated with these awards were $7 million and $16 million as of December 31, 2021 and 2020, respectively.

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Retirement Plans

12 Months Ended

Dec. 31, 2021

Retirement Benefits [Abstract]

Retirement Plans

Retirement Plans

DC Plans

Domestic and international DC plans are available to eligible salaried and craft employees. Company contributions to DC plans are based on an employee's eligible compensation and participation rate. We recognized expense of $128 million, $130 million and $115 million associated with contributions to our DC plans during 2021, 2020 and 2019, respectively.

DB Plans

Certain DB plans are available to eligible international salaried employees. Contributions to DB plans are at least the minimum amounts required by applicable regulations. Benefit payments under these plans are generally based upon length of service and/or qualifying compensation.

Net periodic pension expense for our DB Plans included the following components:

	Year Ended December 31,
(in thousands)	2021		2020		2019
Service cost	$	17,490	$	18,129	$	15,750
Interest cost	7,333		9,899		19,617
Expected return on assets	(28,577)		(26,304)		(32,645)
Amortization of prior service credit	(856)		(903)		(886)
Recognized net actuarial loss	5,875		5,806		10,303
Curtailments	15		—		—
(Gain) loss on settlements	198,132		(406)		137,898
Net periodic pension expense(1)	$	199,412	$	6,221	$	150,037

(1) Net periodic pension expense of $1 million, $2 million and $2 million during 2021, 2020 and 2019, respectively, was reported as Disc Ops.

The service cost component of net periodic pension expense is presented in “Cost of revenue” and the other components of net periodic pension expense are presented in “G&A” and "(Gain) loss on pension settlement".

Plan Settlements

Our largest DB plan, which provided retirement benefits to certain employees in the Netherlands, was terminated in December 2021, at which point the remaining benefit obligations were transferred to a plan not sponsored by Fluor and we were substantially relieved of any further obligation. Our DB plan in the United Kingdom was terminated in December 2019, at which point the remaining benefit obligations were transferred to an insurer and we were relieved of any further obligation. The loss on settlement in both years consisted primarily of unrecognized actuarial losses included in AOCI and did not impact our cash position. Retirement benefits in these countries are now administered through DC plans.

DB Plan Assumptions

The ranges of assumptions indicated below cover DB plans in the Netherlands, Germany and the Philippines and are based on the economic environment in each host country at the end of each reporting period. The discount rates for the DB plans were determined primarily based on a hypothetical yield curve developed from the yields on high quality corporate and government bonds with durations consistent with the pension obligations in those countries. The expected long-term rate of return on asset assumptions utilizing historical returns, correlations and investment manager forecasts are established for all relevant asset classes including international equities and government, corporate and other debt securities.

	December 31,
	2021	2020	2019
For determining PBO at year-end:
Discount rates	1.20-4.75%	0.80-3.50%	1.20-4.75%
Rates of increase in compensation levels	2.25-5.00%	2.25-6.00%	2.25-6.00%
For determining net periodic cost for the year:
Discount rates	0.80-3.50%	1.20-4.75%	1.80-7.25%
Rates of increase in compensation levels	2.25-6.00%	2.25-6.00%	2.25-7.00%
Expected long-term rates of return on assets	0.80-5.70%	1.20-5.60%	1.80-8.20%

We evaluate the funded status of each of our DB plans using the above assumptions and determine the appropriate funding level in light of applicable regulatory requirements, tax deductibility, reporting considerations and other factors. The funding status of the plans is sensitive to changes in long-term interest rates and returns on plan assets, and funding obligations could increase substantially if interest rates fall dramatically or returns on plan assets are below expectations. Assuming no changes in current assumptions, we expect to contribute up to $13 million to our DB plans in 2022, which is expected to be in excess of the minimum funding required. If the discount rates were reduced by 25 basis points, plan liabilities would increase by approximately $5 million.

DB Plan Assets

The following table sets forth the target and actual allocations of plan assets:

		December 31,
	2021 Target Allocation	2021		2020
Asset category:
Debt securities	25% - 35%	28	%	63	%
Equity securities	10% - 20%	17	%	28	%
Other	50% - 60%	55	%	9	%
Total		100	%	100	%

Our investment strategy is to maintain asset allocations that appropriately manage risk within the context of seeking adequate returns. Investment allocations are determined by each plan's governing body. Asset allocations may be affected by local regulations. Long-term allocation guidelines are established with a target range allocation for each asset class. Short-term deviations from these allocations may exist from time to time for tactical investment or strategic implementation purposes.

Investments in debt securities are used to provide stable investment returns while protecting the funding status of the plans. Investments in equity securities are utilized to generate long-term capital appreciation to mitigate the effects of increases in benefit obligations resulting from inflation, longer life expectancy and salary growth. While most of our plans may invest in the company's securities, there are no such direct investments at the present time.

Plan assets included investments in common or collective trusts ("CCTs"), which offer efficient access to diversified investments across various asset categories. The estimated fair value of the investments in the CCTs represents the net asset value of the shares or units of such funds as determined by the issuer. At the present time, there no restrictions on how the plans may redeem their investments.

Debt securities are comprised of corporate bonds, government securities and CCTs with underlying investments in corporate bonds, government and asset backed securities and interest rate swaps. Corporate bonds primarily consist of investment-grade rated bonds and notes, of which no significant concentration exists in any one rating category or industry. Government securities include international government bonds, some of which are inflation-indexed. Corporate bonds and government securities are valued based on pricing models, which are determined from a compilation of primarily observable market information, broker quotes in non-active markets or similar assets.

Equity securities span various industries and are comprised of common stocks of international companies as well as CCTs with underlying investments in common and preferred stocks. Publicly traded corporate equity securities are valued based on the closing price of an active market or exchange. Inactive securities are valued at the last reported bid price. As of December 31, 2021 and 2020, direct investments in equity securities were concentrated in international securities.

Other plan assets include guaranteed investment contracts and CCTs. Guaranteed investment contracts are insurance contracts that guarantee a principal repayment and a stated rate of interest. The estimated fair value of these insurance contracts, which are Level 3 assets, represents the discounted value of guaranteed benefit payments. CCTs hold underlying investments primarily in commodities.

The following table delineates the fair value of the plan assets and liabilities of our DB Plans:

	December 31, 2021								December 31, 2020
(in thousands)	Total		Level 1		Level 2		Level 3		Total		Level 1		Level 2		Level 3
Assets:
Equity securities:
Common stock	$	4,798	$	4,798	$	—	$	—	$	5,252	$	5,252	$	—	$	—
CCTs	758		—		758		—		230,135		—		230,135		—
Debt securities:
Corporate bonds	45		—		45		—		532		—		532		—
Government securities	9,287		—		9,287		—		12,036		—		12,036		—
CCTs	—		—		—		—		507,691		—		507,691		—
Other:
Guaranteed investment contracts	17,931		—		—		17,931		20,588		—		—		20,588
CCTs	—		—		—		—		51,679		—		51,679		—
Plan assets measured at fair value, net	$	32,819	$	4,798	$	10,090	$	17,931	$	827,913	$	5,252	$	802,073	$	20,588
Plan assets not measured at fair value, net	55								1,507
Total plan assets, net	$	32,874							$	829,420

The following table presents information about Level 3 fair value measurements:

(in thousands)	2021		2020
Balance at beginning of year	$	20,588	$	19,650
Actual return on plan assets:
Assets still held at reporting date	(1,565)		2,092
Assets sold during the period	—		—
Purchases	224		343
Settlements	(1,316)		(1,497)
Balance at end of year	$	17,931	$	20,588

The following table presents expected future benefit payments related to our DB Plans:

Year Ended December 31,	(in thousands)
2022	$	4,383
2023	4,186
2024	4,141
2025	4,116
2026	3,987
2027 — 2031	25,810

The following table sets forth the change in PBO, plan assets and funded status of the plans:

	December 31,
(in thousands)	2021		2020
Change in PBO:
Benefit obligation at beginning of year	$	869,835	$	748,784
Service cost	17,490		18,129
Interest cost	7,333		9,899
Employee contributions	2,643		2,860
Currency translation	(32,064)		72,178
Actuarial (gain)/loss (primarily due to plan experience in 2021 and assumption changes in 2020)	52,190		58,258
Benefits paid	(15,582)		(17,224)
Curtailments	(415)		(6,574)
Settlements	(798,679)		(16,475)
PBO at end of year	102,751		869,835
Change in plan assets:
Plan assets at beginning of year	829,420		710,663
Actual return on plan assets	30,326		55,819
Company contributions	12,886		24,752
Employee contributions	2,643		2,860
Currency translation	(28,140)		69,025
Benefits paid	(15,582)		(17,224)
Settlements	(798,679)		(16,475)
Plan assets at end of year	32,874		829,420
Funded status — (Under)/overfunded	$	(69,877)	$	(40,415)
Amounts recognized in the Consolidated Balance Sheet:
Pension assets included in other assets	$	—	$	—
Pension liabilities included in other accrued liabilities	—		—
Pension liabilities included in current liabilities related to assets held for sale	(22,248)		(25,617)
Pension liabilities included in noncurrent liabilities	(47,629)		(14,798)
AOCI (pre-tax)	$	3,042	$	161,534
Plans with PBO in excess of plan assets:
PBO	$	102,751	$	869,835
Plan assets	32,874		829,420
Plans with ABO in excess of plan assets:
ABO	$	40,374	$	45,757
Plan assets	17,931		20,588

The total ABO for all DB Plans as of December 31, 2021 and 2020 was $55 million and $793 million, respectively.

Multiemployer Pension Plans

In addition to our DB plans, we participate in multiemployer pension plans for unionized construction and maintenance craft employees. Company contributions are based on the hours worked by employees covered under various collective bargaining agreements and totaled $44 million, $38 million and $32 million during 2021, 2020 and 2019, respectively. Upon withdrawal from a multiemployer plan, we may have an obligation to make additional contributions for our share of any unfunded benefit obligation, but only if we do not meet the requirements of any applicable exemptions. For one of our discontinued operations, we participate in a multiemployer plan in which we are aware of a significant unfunded benefit obligation. However, we believe we qualify for an exemption and do not believe we have a probable payment to the plan.

Therefore, we have not recognized a liability related to this unfunded benefit obligation. The preceding information does not include amounts related to benefit plans applicable to employees associated with certain contracts with the U.S. Department of Energy because we are not responsible for the current or future funding of these plans.

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Other Noncurrent Liabilities	12 Months Ended
	Dec. 31, 2021
Other Liabilities, Noncurrent [Abstract]
Other Noncurrent Liabilities	Other Noncurrent LiabilitiesWe have deferred compensation plans and other retirement arrangements for executives which generally provide for payments upon retirement, death or termination of employment. As of December 31, 2021 and 2020, the obligations related to these plans totaled $324 million and $329 million, respectively, within noncurrent liabilities. To fund these obligations, we have established non-qualified trusts, which are included in noncurrent assets. These trusts hold life insurance policies and marketable securities. These trusts were valued at $330 million and $350 million as of December 31, 2021 and 2020, respectively. Periodic changes in the value of these trust investments, most of which are unrealized, are recognized in earnings, and serve to mitigate changes to the obligations which are also reflected in earnings.We maintain appropriate levels of insurance for business risks, including workers compensation and general liability. Insurance coverages contain various retention amounts for which we provide accruals based on the aggregate of the liability for reported claims and an actuarially determined estimated liability for claims incurred but not reported. As of December 31, 2021 and 2020, insurance liabilities of $58 million and $70 million, respectively, were included in noncurrent liabilities.

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Leases

12 Months Ended

Dec. 31, 2021

Leases, Operating [Abstract]

Leases

Leases

The following summarizes lease expense:

	Year Ended December 31, 2021				Year Ended December 31, 2020				Year Ended December 31, 2019
Lease Expense / (Sublease Income)	Cont Ops		Disc Ops		Cont Ops		Disc Ops		Cont Ops		Disc Ops
(in thousands)
Operating lease cost	$	48,738	$	27,463	$	55,889	$	28,842	$	61,306	$	30,093
Finance lease cost
Amortization of right-of-use assets	833		4,095		345		983		363		1,058
Interest on lease liabilities	13		432		15		124		34		34
Variable lease cost (1)	9,654		457		6,961		454		19,231		—
Short-term lease cost	69,381		67,077		50,750		66,311		70,815		92,729
Sublease income	(2,091)		(274)		(3,050)		(14,026)		(2,596)		(32,141)
Total lease expense	$	126,528	$	99,250	$	110,910	$	82,688	$	149,153	$	91,773

(1)Primarily relates to rent escalation due to cost of living indexation and payments for property taxes, insurance or common area maintenance based on actual assessments.

Information related to our right-of use assets and lease liabilities follows:

		December 31, 2021				December 31, 2020
Lease Assets / Liabilities	Balance Sheet Classification	Cont Ops		Disc Ops		Cont Ops		Disc Ops
(in thousands)
Right-of-use assets
Operating lease assets	Other assets	$	104,752	$	—	$	137,725	$	—
Operating lease assets	Current assets held for sale	—		73,822		—		79,843
Finance lease assets	Other assets	892		—		281		—
Finance lease assets	Current assets held for sale	—		20,115		—		9,188
Total right-of-use assets		$	105,644	$	93,937	$	138,006	$	89,031
Lease liabilities
Operating lease liabilities, current	Other accrued liabilities	$	35,136	$	—	$	42,232	$	—
Operating lease liabilities, noncurrent	Noncurrent liabilities	87,400		—		119,055		—
Operating lease liabilities	Current liabilities held for sale	—		74,648		—		80,103
Finance lease liabilities, current	Other accrued liabilities	693		—		8		—
Finance lease liabilities, noncurrent	Noncurrent liabilities	202		—		—		—
Finance lease liabilities	Current liabilities held for sale	—		17,876		—		8,433
Total lease liabilities		$	123,431	$	92,524	$	161,295	$	88,536

Supplemental information related to our leases follows:

	Year Ended December 31, 2021						Year Ended December 31, 2020
	Cont Ops			Disc Ops			Cont Ops			Disc Ops
(in thousands)
Cash paid for amounts included in the measurement of lease liabilities:
Operating cash flows from operating leases	$	54,696		$	28,322		$	61,275		$	29,154
Operating cash flows from finance leases	13			432			15			124
Financing cash flows from finance leases	557			5,909			451			1,676
Right-of-use assets obtained in exchange for new operating lease liabilities	12,726			24,350			13,177			7,294
Right-of-use assets obtained in exchange for new finance lease liabilities	1,384			19,144			—			8,663
Weighted-average remaining lease term - operating leases	4.0 years			8.6 years			4.5 years			9.2 years
Weighted-average remaining lease term - finance leases	1.4 years			4.9 years			2.8 years			5.0 years
Weighted-average discount rate - operating leases	3.1		%	2.3		%	3.0		%	2.8		%
Weighted-average discount rate - finance leases	1.2		%	2.1		%	3.4		%	2.8		%

The remaining lease payments under our operating and finance leases follows:

	Cont Ops				Disc Ops
Year Ended December 31,	Operating  Leases		Finance  Leases		Operating  Leases		Finance  Leases
(in thousands)
2022	$	38,393	$	645	$	22,690	$	6,383
2023	33,745		259		13,731		5,157
2024	22,787		—		9,889		3,392
2025	18,582		—		6,202		3,036
2026	11,302		—		3,901		563
Thereafter	6,002		—		25,854		—
Total lease payments	$	130,811	$	904	$	82,267	$	18,531
Less: Interest	(8,275)		(9)		(7,619)		(655)
Present value of lease liabilities	$	122,536	$	895	$	74,648	$	17,876

Leases

Leases

The following summarizes lease expense:

	Year Ended December 31, 2021				Year Ended December 31, 2020				Year Ended December 31, 2019
Lease Expense / (Sublease Income)	Cont Ops		Disc Ops		Cont Ops		Disc Ops		Cont Ops		Disc Ops
(in thousands)
Operating lease cost	$	48,738	$	27,463	$	55,889	$	28,842	$	61,306	$	30,093
Finance lease cost
Amortization of right-of-use assets	833		4,095		345		983		363		1,058
Interest on lease liabilities	13		432		15		124		34		34
Variable lease cost (1)	9,654		457		6,961		454		19,231		—
Short-term lease cost	69,381		67,077		50,750		66,311		70,815		92,729
Sublease income	(2,091)		(274)		(3,050)		(14,026)		(2,596)		(32,141)
Total lease expense	$	126,528	$	99,250	$	110,910	$	82,688	$	149,153	$	91,773

(1)Primarily relates to rent escalation due to cost of living indexation and payments for property taxes, insurance or common area maintenance based on actual assessments.

Information related to our right-of use assets and lease liabilities follows:

		December 31, 2021				December 31, 2020
Lease Assets / Liabilities	Balance Sheet Classification	Cont Ops		Disc Ops		Cont Ops		Disc Ops
(in thousands)
Right-of-use assets
Operating lease assets	Other assets	$	104,752	$	—	$	137,725	$	—
Operating lease assets	Current assets held for sale	—		73,822		—		79,843
Finance lease assets	Other assets	892		—		281		—
Finance lease assets	Current assets held for sale	—		20,115		—		9,188
Total right-of-use assets		$	105,644	$	93,937	$	138,006	$	89,031
Lease liabilities
Operating lease liabilities, current	Other accrued liabilities	$	35,136	$	—	$	42,232	$	—
Operating lease liabilities, noncurrent	Noncurrent liabilities	87,400		—		119,055		—
Operating lease liabilities	Current liabilities held for sale	—		74,648		—		80,103
Finance lease liabilities, current	Other accrued liabilities	693		—		8		—
Finance lease liabilities, noncurrent	Noncurrent liabilities	202		—		—		—
Finance lease liabilities	Current liabilities held for sale	—		17,876		—		8,433
Total lease liabilities		$	123,431	$	92,524	$	161,295	$	88,536

Supplemental information related to our leases follows:

	Year Ended December 31, 2021						Year Ended December 31, 2020
	Cont Ops			Disc Ops			Cont Ops			Disc Ops
(in thousands)
Cash paid for amounts included in the measurement of lease liabilities:
Operating cash flows from operating leases	$	54,696		$	28,322		$	61,275		$	29,154
Operating cash flows from finance leases	13			432			15			124
Financing cash flows from finance leases	557			5,909			451			1,676
Right-of-use assets obtained in exchange for new operating lease liabilities	12,726			24,350			13,177			7,294
Right-of-use assets obtained in exchange for new finance lease liabilities	1,384			19,144			—			8,663
Weighted-average remaining lease term - operating leases	4.0 years			8.6 years			4.5 years			9.2 years
Weighted-average remaining lease term - finance leases	1.4 years			4.9 years			2.8 years			5.0 years
Weighted-average discount rate - operating leases	3.1		%	2.3		%	3.0		%	2.8		%
Weighted-average discount rate - finance leases	1.2		%	2.1		%	3.4		%	2.8		%

The remaining lease payments under our operating and finance leases follows:

	Cont Ops				Disc Ops
Year Ended December 31,	Operating  Leases		Finance  Leases		Operating  Leases		Finance  Leases
(in thousands)
2022	$	38,393	$	645	$	22,690	$	6,383
2023	33,745		259		13,731		5,157
2024	22,787		—		9,889		3,392
2025	18,582		—		6,202		3,036
2026	11,302		—		3,901		563
Thereafter	6,002		—		25,854		—
Total lease payments	$	130,811	$	904	$	82,267	$	18,531
Less: Interest	(8,275)		(9)		(7,619)		(655)
Present value of lease liabilities	$	122,536	$	895	$	74,648	$	17,876

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Derivatives and Hedging

12 Months Ended

Dec. 31, 2021

Derivative Instruments and Hedging Activities Disclosure [Abstract]

Derivatives and Hedging

Derivatives and Hedging

Derivatives Designated as Hedges

As of December 31, 2021, we had total gross notional amounts of $240 million of foreign currency contracts outstanding (primarily related to the Canadian Dollar, Chinese Yuan and Euro) that were designated as hedges. The foreign currency contracts are of varying duration, none of which extend beyond December 2024. There were no commodity contracts outstanding that were designated as hedges as of December 31, 2021.

The fair values of derivatives designated as hedging instruments follows:

	Asset Derivatives					Liability Derivatives
(in thousands)	Balance Sheet Location	December 31, 2021		December 31, 2020		Balance Sheet Location	December 31, 2021		December 31, 2020
Foreign currency contracts	Other current assets	$	6,947	$	20,004	Other accrued liabilities	$	19	$	4
Commodity contracts	Other current assets	—		—		Other accrued liabilities	—		—
Foreign currency contracts	Other assets	2,990		2,184		Noncurrent liabilities	26		25
Total		$	9,937	$	22,188		$	45	$	29

The after-tax amount of gain (loss) recognized in OCI and reclassified from AOCI into earnings associated with derivative instruments designated as cash flow hedges follows:

	After-Tax Amount of Gain (Loss) Recognized in OCI							After-Tax Amount of Gain (Loss) Reclassified from AOCI into Earnings
Cash Flow Hedges (in thousands)	2021		2020		2019		Location of Gain (Loss)	2021		2020		2019
Foreign currency contracts	$	10,752	$	19,608	$	1,043	Cost of revenue	$	20,212	$	2,382	$	(1,041)
Commodity contracts	—		(107)		460		Cost of revenue	—		(100)		453
Interest rate contracts	—		—		—		Interest expense	(114)		(1,678)		(1,049)
Total	$	10,752	$	19,501	$	1,503		$	20,098	$	604	$	(1,637)

Derivatives Not Designated as Hedges

As of December 31, 2021, we also had total gross notional amounts of $259 million of foreign currency contracts and $32 million of commodity contracts outstanding that were not designated as hedges. The foreign currency contracts primarily related to contract obligations denominated in nonfunctional currencies. The fair value of derivatives not designated as hedges, as well as the associated gains and losses were not material for any period presented.

XML

Other Comprehensive Income (Loss)

12 Months Ended

Dec. 31, 2021

Stockholders' Equity Note [Abstract]

Other Comprehensive Income (Loss)

Other Comprehensive Income (Loss)

    The components of OCI follow:

	Year Ended December 31,
	2021						2020						2019
(in thousands)	Before-Tax Amount		Tax (Expense) Benefit		Net-of-Tax Amount		Before-Tax Amount		Tax (Expense) Benefit		Net-of-Tax Amount		Before-Tax Amount		Tax (Expense) Benefit		Net-of-Tax Amount
OCI:
Foreign currency translation adjustments	$	(37,422)	$	(11)	$	(37,433)	$	(17,127)	$	—	$	(17,127)	$	101,096	$	(35,596)	$	65,500
Ownership share of equity method investees' OCI	545		(2,237)		(1,692)		(21,837)		3,309		(18,528)		(15,630)		3,846		(11,784)
DB plan adjustments	153,285		(52,313)		100,972		(19,392)		—		(19,392)		150,427		(44,975)		105,452
Unrealized gain (loss) on hedges	(11,068)		1,722		(9,346)		23,531		(4,634)		18,897		4,734		(1,594)		3,140
Total OCI	105,340		(52,839)		52,501		(34,825)		(1,325)		(36,150)		240,627		(78,319)		162,308
Less: OCI attributable to NCI	1,334		—		1,334		883		—		883		(1,350)		—		(1,350)
OCI attributable to Fluor Corporation	$	104,006	$	(52,839)	$	51,167	$	(35,708)	$	(1,325)	$	(37,033)	$	241,977	$	(78,319)	$	163,658

The changes in AOCI balances follow:

(in thousands)	Foreign Currency Translation		Ownership Share of Equity Method Investees' OCI		DB Plans		Unrealized Gain (Loss) on Hedges		AOCI, Net
Attributable to Fluor Corporation:
Balance as of December 31, 2020	$	(260,960)	$	(53,984)	$	(118,589)	$	16,627	$	(416,906)
OCI before reclassifications	(38,767)		(2,259)		(50,482)		10,752		(80,756)
Amounts reclassified from AOCI	—		567		151,454		(20,098)		131,923
Net OCI	(38,767)		(1,692)		100,972		(9,346)		51,167
Balance as of December 31, 2021	$	(299,727)	$	(55,676)	$	(17,617)	$	7,281	$	(365,739)
Attributable to NCI:
Balance as of December 31, 2020	$	(4,168)	$	—	$	—	$	—	$	(4,168)
OCI before reclassifications	1,334		—		—		—		1,334
Amount reclassified from AOCI	—		—		—		—		—
Net OCI	1,334		—		—		—		1,334
Balance as of December 31, 2021	$	(2,834)	$	—	$	—	$	—	$	(2,834)

(in thousands)	Foreign Currency Translation		Ownership Share of Equity Method Investees' OCI		DB Plans		Unrealized Gain (Loss) on Hedges		AOCI, Net
Attributable to Fluor Corporation:
Balance as of December 31, 2019	$	(242,950)	$	(35,456)	$	(99,197)	$	(2,270)	$	(379,873)
OCI before reclassifications	(18,010)		(19,076)		(22,921)		19,501		(40,506)
Amounts reclassified from AOCI	—		548		3,529		(604)		3,473
Net OCI	(18,010)		(18,528)		(19,392)		18,897		(37,033)
Balance as of December 31, 2020	$	(260,960)	$	(53,984)	$	(118,589)	$	16,627	$	(416,906)
Attributable to NCI:
Balance as of December 31, 2019	$	(5,051)	$	—	$	—	$	—	$	(5,051)
OCI before reclassifications	883		—		—		—		883
Amount reclassified from AOCI	—		—		—		—		—
Net OCI	883		—		—		—		883
Balance as of December 31, 2020	$	(4,168)	$	—	$	—	$	—	$	(4,168)

(in thousands)	Foreign Currency Translation		Ownership Share of Equity Method Investees' OCI		DB Plans		Unrealized Gain (Loss) on Hedges		AOCI, Net
Attributable to Fluor Corporation:
Balance as of December 31, 2018	$	(309,800)	$	(23,672)	$	(204,649)	$	(5,410)	$	(543,531)
OCI before reclassifications	19,957		(12,304)		4,006		1,503		13,162
Amounts reclassified from AOCI	46,893		520		101,446		1,637		150,496
Net OCI	66,850		(11,784)		105,452		3,140		163,658
Balance as of December 31, 2019	$	(242,950)	$	(35,456)	$	(99,197)	$	(2,270)	$	(379,873)
Attributable to NCI:
Balance as of December 31, 2018	$	(3,701)	$	—	$	—	$	—	$	(3,701)
OCI before reclassifications	(1,350)		—		—		—		(1,350)
Amount reclassified from AOCI	—		—		—		—		—
Net OCI	(1,350)		—		—		—		(1,350)
Balance as of December 31, 2019	$	(5,051)	$	—	$	—	$	—	$	(5,051)

The reclassifications out of AOCI follow:

	Location in Consolidated  Statement of Operations	Year Ended December 31,
(in thousands)		2021		2020		2019
Component of AOCI:
Foreign currency translation adjustment	Impairment, restructuring & other exit costs	$	—	$	—	$	(84,286)
Income tax benefit	Income tax expense (benefit)	—		—		37,393
Net of tax		$	—	$	—	$	(46,893)
Ownership share of equity method investees' OCI	Cost of revenue	$	(756)	$	(730)	$	(695)
Income tax benefit	Income tax expense (benefit)	189		182		175
Net of tax		$	(567)	$	(548)	$	(520)
DB plan adjustments	Various accounts(1)	$	(202,733)	$	(3,529)	$	(146,579)
Income tax benefit	Income tax expense (benefit)	51,279		—		45,133
Net of tax		$	(151,454)	$	(3,529)	$	(101,446)
Unrealized gain (loss) on hedges:
Commodity and foreign currency contracts	Various accounts(2)	$	26,576	$	1,837	$	(1,370)
Interest rate contracts	Interest expense	(1,189)		(1,678)		(1,678)
Income tax benefit	Income tax expense (benefit)	(5,289)		445		1,411
Net of tax:		$	20,098	$	604	$	(1,637)

(1)DB plan adjustments were reclassified to "G&A" and "Loss on pension settlement".

(2)Gains and losses on commodity and foreign currency derivatives were reclassified to "Cost of revenue" and "G&A".

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Discontinued Operations

12 Months Ended

Dec. 31, 2021

Discontinued Operations and Disposal Groups [Abstract]

Discontinued Operations

Discontinued OperationsIn the first quarter of 2021, we committed to a plan to sell our Stork business, which had previously represented the majority of operations from our former diversified services segment. We sold the North American operations of the AMECO equipment business in May 2021 for $71 million and recognized a loss on the sale of $27 million. In August 2020, we sold our

AMECO equipment business in Jamaica for $18 million and recognized a loss of $1 million. Smaller AMECO operations in South America and Africa remain held for sale.

Impairment expense, included in Disc Ops, is summarized as follows:

	Year Ended December 31, 2021				Year Ended December 31, 2020				Year Ended December 31, 2019
(in thousands)	Stork		AMECO		Stork		AMECO		Stork		AMECO
Impairment expense:
Goodwill (1)	$	12,700	$	—	$	168,568	$	12,300	$	—	$	2,125
Intangible customer relationships (2)	—		—		26,671		—		33,657		—
Fair value adjustment and expected costs associated with sale (3)	180,500		53,085		—		133,400		—		—
Total impairment expense	$	193,200	$	53,085	$	195,239	$	145,700	$	33,657	$	2,125

(1) As part of our assessment of goodwill in 2020, the fair value of the reporting units was determined using an income based approach that utilized unobservable Level 3 inputs, including significant management assumptions such as expected awards, forecasted revenue and operating margins, weighted average cost of capital, working capital assumptions and general market trends and conditions.

(2) The customer relationships' valuation approach utilized unobservable Level 3 inputs including ranges of assumptions of long-term revenue growth from 2% to 5.5% with a weighted average of 2.4%, weighted average cost of capital of 12% and a customer attrition factor of 10%.

(3) The fair value of the Stork and AMECO assets were determined using a combination of observable level 2 inputs in 2021, including indicative offers and ongoing negotiations for the related assets, and an income based approach that utilized unobservable Level 3 inputs in 2020, including significant management assumptions such as expected awards, forecasted revenue and operating margins, weighted average cost of capital, working capital assumptions and general market trends and conditions.

Disc Ops information follows:

	Year Ended December 31, 2021								Year Ended December 31, 2020								Year Ended December 31, 2019
(in thousands)	Stork		AMECO		Other		Total		Stork		AMECO		Other		Total		Stork		AMECO		Other		Total
Revenue	$	1,599,705	$	122,263	$	—	$	1,721,968	$	1,509,238	$	216,994	$	—	$	1,726,232	$	1,805,705	$	317,371	$	—	$	2,123,076
Cost of revenue	(1,559,327)		(124,948)		(9,106)		(1,693,381)		(1,514,374)		(195,024)		(13,198)		(1,722,596)		(1,794,266)		(354,782)		21,152		(2,127,896)
Gross profit	40,378		(2,685)		(9,106)		28,587		(5,136)		21,970		(13,198)		3,636		11,439		(37,411)		21,152		(4,820)
G&A	(4,351)		—		—		(4,351)		—		(234)		—		(234)		—		(239)		—		(239)
Impairment, restructuring and other exit costs	(193,200)		(53,085)		—		(246,285)		(196,503)		(146,430)		—		(342,933)		(92,906)		(121,252)		—		(214,158)
Loss on sale of AMECO	—		(26,670)		—		(26,670)		—		(1,390)		—		(1,390)		—		—		—		—
Foreign currency gain (loss)	(228)		(157)		—		(385)		(2,078)		55		—		(2,023)		(413)		(1,265)		—		(1,678)
Operating profit (loss)	(157,401)		(82,597)		(9,106)		(249,104)		(203,717)		(126,029)		(13,198)		(342,944)		(81,880)		(160,167)		21,152		(220,895)
Interest (expense) income, net	(4,995)		27		—		(4,968)		(4,633)		(159)		—		(4,792)		(7,365)		341		—		(7,024)
Earnings (loss) before taxes from Disc Ops	(162,396)		(82,570)		(9,106)		(254,072)		(208,350)		(126,188)		(13,198)		(347,736)		(89,245)		(159,826)		21,152		(227,919)
Income tax (expense) benefit	(3,480)		—		—		(3,480)		(2,736)		(3,957)		—		(6,693)		(3,265)		3,938		(4,447)		(3,774)
Net earnings (loss) from Disc Ops	$	(165,876)	$	(82,570)	$	(9,106)	$	(257,552)	$	(211,086)	$	(130,145)	$	(13,198)	$	(354,429)	$	(92,510)	$	(155,888)	$	16,705	$	(231,693)
Less: Net earnings (loss) from Disc Ops attributable to NCI	$	883	$	(1)	$	—	$	882	$	1,537	$	1	$	—	$	1,538	$	7,169	$	660	$	—	$	7,829
Net earnings (loss) from Disc Ops attributable to Fluor	$	(166,759)	$	(82,569)	$	(9,106)	$	(258,434)	$	(212,623)	$	(130,146)	$	(13,198)	$	(355,967)	$	(99,679)	$	(156,548)	$	16,705	$	(239,522)

In August 2019, we settled legal matters related to a previously divested business. The resulting gain and all associated legal fees were included in "Other" in the table above.

The following summarizes information related to assets and liabilities classified as held for sale:

	December 31, 2021							December 31, 2020
(in thousands)	Stork	AMECO	Other	Total from Disc Ops	Other Assets and Liabilities from Cont Ops		Total	Stork	AMECO	Other	Total from Disc Ops	Other Assets and Liabilities from Cont Ops		Total
Accounts and notes receivable, net	$237,808	$26,355	$5,176	$269,339	$	—	$269,339	$245,105	$42,797	$10,475	$298,377	$	—	$298,377
Contract assets	134,516	—	—	134,516	—		134,516	108,152	2,188	—	110,340	—		110,340
Other current assets	41,126	18,853	—	59,979	—		59,979	45,384	73,618	—	119,002	—		119,002
Current assets held for sale	413,450	45,208	5,176	463,834	—		463,834	398,641	118,603	10,475	527,719	—		527,719
Property, plant and equipment, net	98,425	—	—	98,425	22,000		120,425	97,258	67,380	—	164,638	24,538		189,176
Goodwill	113,816	—	—	113,816	—		113,816	141,889	—	—	141,889	—		141,889
Investments	3,339	—	—	3,339	7,028		10,367	4,649	—	—	4,649	5,064		9,713
Other assets	125,306	21,107	—	146,413	—		146,413	135,421	13,810	—	149,231	—		149,231
Noncurrent assets held for sale (1)	340,886	21,107	—	361,993	29,028		391,021	379,217	81,190	—	460,407	29,602		490,009
Total assets held for sale	$754,336	$66,315	$5,176	$825,827	$29,028		$854,855	$777,858	$199,793	$10,475	$988,126	$29,602		$1,017,728
Accounts payable	$114,683	$6,423	$507	$121,613	$	—	$121,613	$116,580	$17,388	$13	$133,981	$	—	$133,981
Short-term borrowings	16,975	—	—	16,975	—		16,975	20,525	—	—	20,525	—		20,525
Contract liabilities	54,421	10	—	54,431	—		54,431	46,997	782	—	47,779	—		47,779
Accrued salaries, wages and benefits	60,519	1,164	—	61,683	—		61,683	57,626	7,152	—	64,778	—		64,778
Other accrued liabilities	290,853	51,506	—	342,359	—		342,359	113,965	11,977	—	125,942	—		125,942
Current liabilities held for sale	537,451	59,103	507	597,061	—		597,061	355,693	37,299	13	393,005	—		393,005
Noncurrent liabilities held for sale(1)	87,793	11,809	—	99,602	—		99,602	98,940	9,478	—	108,418	—		108,418
Total liabilities held for sale	$625,244	$70,912	$507	$696,663	$	—	$696,663	$454,633	$46,777	$13	$501,423	$	—	$501,423

(1)    Noncurrent assets and liabilities held for sale were classified as current as we expect to complete the sale of Stork and the remaining AMECO operations early in 2022.

    Our cash flow information for 2021, 2020 and 2019 included the following activities related to Disc Ops:

	Year Ended December 31,
(in thousands)	2021						2020						2019
	Stork		AMECO		Total		Stork		AMECO		Total		Stork		AMECO		Total
Impairment expense	$	193,200	$	53,085	$	246,285	$	195,239	$	145,700	$	340,939	$	64,335	$	32,428	$	96,763
Depreciation of fixed assets	5,417		—		5,417		21,849		—		21,849		24,203		54,568		78,771
Amortization of stock-based awards	—		—		—		—		56		56		—		123		123
Capital expenditures	(16,861)		(11,019)		(27,880)		(21,087)		(26,913)		(48,000)		(28,185)		(73,433)		(101,618)

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Quarterly Financial Data (Unaudited)

12 Months Ended

Dec. 31, 2021

Quarterly Financial Information Disclosure [Abstract]

Quarterly Financial Data (Unaudited)

Quarterly Financial Data (Unaudited)

(in millions, except per share amounts)	First Quarter		Second Quarter		Third Quarter		Fourth Quarter
Year ended December 31, 2021
Revenue	$	2,939	$	3,236	$	3,103	$	3,157
Cost of revenue	(2,846)		(3,177)		(2,997)		(3,003)
Earnings (loss) from Cont Ops before taxes	(28)		(13)		70		(157)
Net earnings (loss) from Cont Ops	(28)		(14)		43		(145)
Amounts attributable to Fluor Corporation:
Net earnings (loss) from Cont Ops	(61)		(6)		46		(161)
Net earnings (loss) from Disc Ops	(26)		(108)		(6)		(118)
Net earnings (loss)	$	(87)	$	(114)	$	40	$	(279)
Basic earnings (loss) per share attributable to Fluor Corporation:
Net earnings (loss) from Cont Ops	$	(0.43)	$	(0.08)	$	0.26	$	(1.21)
Net earnings (loss) from Disc Ops	(0.19)		(0.76)		(0.04)		(0.84)
Net earnings (loss)	$	(0.62)	$	(0.84)	$	0.22	$	(2.04)
Diluted earnings (loss) per share attributable to Fluor Corporation:
Net earnings (loss) from Cont Ops	$	(0.43)	$	(0.08)	$	0.26	$	(1.21)
Net earnings (loss) from Disc Ops	(0.19)		(0.76)		(0.04)		(0.84)
Net earnings (loss)	$	(0.62)	$	(0.84)	$	0.22	$	(2.04)
(in millions, except per share amounts)	First Quarter		Second Quarter		Third Quarter		Fourth Quarter
Year ended December 31, 2020
Revenue	$	3,698	$	3,735	$	3,457	$	3,268
Cost of revenue	(3,634)		(3,656)		(3,324)		(3,144)
Earnings (loss) from Cont Ops before taxes	(32)		23		54		(42)
Net earnings (loss) from Cont Ops	31		(8)		26		(61)
Amounts attributable to Fluor Corporation:
Net earnings (loss) from Cont Ops	22		(15)		21		(107)
Net earnings (loss) from Disc Ops	(288)		(10)		(2)		(56)
Net earnings (loss)	$	(266)	$	(25)	$	19	$	(163)
Basic earnings (loss) per share attributable to Fluor Corporation:
Net earnings (loss) from Cont Ops	$	0.15	$	(0.11)	$	0.15	$	(0.76)
Net earnings (loss) from Disc Ops	(2.05)		(0.07)		(0.01)		(0.40)
Net earnings (loss)	$	(1.90)	$	(0.18)	$	0.14	$	(1.16)
Diluted earnings (loss) per share attributable to Fluor Corporation:
Net earnings (loss) from Cont Ops	$	0.15	$	(0.11)	$	0.15	$	(0.76)
Net earnings (loss) from Disc Ops	(2.05)		(0.07)		(0.01)		(0.40)
Net earnings (loss)	$	(1.90)	$	(0.18)	$	0.14	$	(1.16)

Significant items affecting 2021 earnings included the following:

•A charge of $138 million for procurement and subcontractor cost growth, delays and disruptions in the schedule of a legacy infrastructure project during the second quarter of 2021.

•A charge of $198 million for the loss of pension settlement during the fourth quarter of 2021.

Significant items affecting 2020 earnings included the following:

•Charges totaling $103 million for impairments of investments and other assets during the first quarter of 2020.

•Charges totaling $55 million for current expected credit losses associated with Energy Solutions clients during the first quarter of 2020.

•Charges totaling $50 million for project positions due to COVID related schedule delays and associated cost growth during the first quarter of 2020.

•Charges totaling $295 million and $46 million for impairments of assets held for sale (included in Disc Ops) during the first and fourth quarters of 2020, respectively.

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Significant Accounting Policies (Policies)

12 Months Ended

Dec. 31, 2021

Accounting Policies [Abstract]

Principles of Consolidation

Principles of Consolidation

The financial statements include the accounts of Fluor Corporation and its subsidiaries. All significant intercompany transactions of consolidated subsidiaries are eliminated. Certain amounts in 2020 and 2019 have been reclassified to conform to the 2021 presentation, which includes the segregation of Disc Ops and assets and liabilities held for sale. Certain amounts in tables may not total or agree to the financial statements due to immaterial rounding differences. Management has evaluated all material events occurring subsequent to December 31, 2021 through the filing date of the 2021 10-K.

We frequently form joint ventures or partnerships with others primarily for the execution of single contracts or projects. If a joint venture or partnership is a VIE and we are the primary beneficiary, the joint venture or partnership is consolidated and our partners' interests are recognized as NCI. As is customary in our industry, for unconsolidated construction partnerships and joint ventures, we generally recognize our proportionate share of revenue, cost and profit and use the one-line equity method for the investment. In other instances, the cost and equity methods of accounting are used, depending on

our respective ownership interest and amount of influence on the entity, as well as other factors. At times, we also execute projects through collaborative arrangements for which we recognize our relative share of revenue and cost.

Use of Estimates

Use of Estimates

The preparation of financial statements in accordance with GAAP requires management to make estimates and assumptions that affect reported amounts. These estimates are based on information available through the date of the issuance of the financial statements. Therefore, actual results could differ from those estimates.

Foreign Currency Translation

Foreign Currency Translation

Our reporting currency is the U.S. dollar. For our international subsidiaries, the functional currency is typically the currency of the primary economic environment in which each subsidiary operates. Translation gains and losses are recorded in OCI. Gains and losses from remeasuring foreign currency transactions into the functional currency are included in earnings.

Revenue Recognition

Revenue Recognition

Engineering and construction contracts. We recognize engineering and construction contract revenue over time as we provide services to satisfy our performance obligations. We generally use the cost-to-cost percentage-of-completion measure of progress as it best depicts how control transfers to our clients. The cost-to-cost approach measures progress towards completion based on the ratio of contract cost incurred to date compared to total estimated contract cost. Engineering and construction contracts are generally accounted for as a single unit of account (a single performance obligation) and are not segmented between types of services on a single project. Cost of revenue includes an allocation of depreciation and amortization. Where applicable, customer-furnished materials, labor and equipment and subcontractor materials, labor and equipment, are included in revenue and cost of revenue when management believes that we are acting as a principal rather than as an agent (i.e., we integrate the materials, labor and equipment into the deliverables promised to the customer). Customer-furnished materials are only included in revenue and cost when the contract includes construction activity and we have visibility into the amount the customer is paying for the materials or there is a reasonable basis for estimating the amount. We recognize revenue, but not profit, on certain uninstalled materials that are not specifically produced, fabricated, or constructed for a project. Revenue on these uninstalled materials is recognized when the cost is incurred and control is transferred. Changes to total estimated contract cost or losses, if any, are recognized in the period in which they are determined as assessed at the contract level. Pre-contract costs are expensed as incurred unless they are expected to be recovered from the client. Project mobilization costs are generally charged to project costs as incurred when they are an integrated part of the performance obligation being transferred to the client. Customer payments on engineering and construction contracts are typically due within 30 to 45 days of billing, depending on the contract.

Service contracts. For the majority of our operations and maintenance contracts, revenue is recognized when services are performed and contractually billable. For all other service contracts, we recognize revenue over time using the cost-to-cost percentage-of-completion method. Service contracts that include multiple performance obligations are segmented between types of services. For contracts with multiple performance obligations, we allocate the transaction price to each performance obligation using an estimate of the stand-alone selling price of each distinct service in the contract. Revenue recognized on service contracts that has not been billed to clients is recorded as contract assets. Amounts billed to clients in excess of revenue recognized on service contracts to date are recorded as contract liabilities. Customer payments on service contracts are typically due within 30 to 90 days of billing, depending on the contract.

Variable consideration. The nature of our contracts gives rise to several types of variable consideration, including claims, unpriced change orders, award and incentive fees, liquidated damages and penalties. We consider variable consideration in the development of our project forecasts so that our forecasted revenue reflects the amount of consideration we expect to be probable of recovering without a significant reversal. We estimate the amount of revenue to be recognized on variable consideration using the expected value method (i.e., the sum of probability-weighted amounts) or the most likely amount method, whichever offers better prediction.

Warranties. We generally provide limited duration warranties for work performed under our contracts. Historically, warranty claims have not resulted in material costs incurred, and any estimated costs for warranties are included in the individual project cost estimates for purposes of accounting for long-term contracts.

Practical Expedients. If we have a right to consideration from a customer in an amount that corresponds directly with the value of our performance completed to date (a service contract in which we bill a fixed amount for each hour of service provided), we recognize revenue in the amount to which we have a right to invoice for services performed. We do not adjust the contract price for the effects of a significant financing component where, at contract inception, the period between service provision and customer payment will be one year or less. We exclude from the measurement of the transaction price all taxes assessed by governmental authorities that are collected by us from our customers (use taxes, value added taxes, some excise taxes). RUPO. RUPO represents a measure of the value of work to be performed on contracts awarded and in progress. Although RUPO reflects business that is considered to be firm, cancellations, deferrals or scope adjustments may occur. RUPO is adjusted to reflect any known project cancellations, revisions to project scope and cost, foreign currency exchange fluctuations and project deferrals, as appropriate. RUPO differs from backlog discussed elsewhere in the 2021 10-K. Backlog includes the amount of revenue we expect to recognize under ongoing operations and maintenance contracts for the remainder of the current year renewal period plus up to three additional years if renewal is considered to be probable, while RUPO includes only the amount of revenue we expect to recognize under ongoing operations and maintenance contracts with definite terms and substantive termination provisions.

Project Estimates

Project Estimates

    Due to the nature of our industry, there is significant complexity in our estimation of total expected revenue and cost, for which we must make significant judgments. Our contracts with our customers may contain award fees, incentive fees, liquidated damages or other provisions that can either increase or decrease the contract price to arrive at estimated revenue. These variable amounts generally are earned upon achievement of certain performance metrics, program milestones or cost targets and can be based upon customer discretion. We estimate variable consideration at the most likely amount to which we expect to be entitled. We include estimated amounts in the transaction price to the extent it is probable we will realize that amount. Our estimates of variable consideration and our determination of its inclusion in project revenue for accounting purposes are based on an assessment of our anticipated performance and other information that may be available to us.

    At a project level, we have specific practices and procedures to review our estimate of total revenue and cost. Each project team reviews the progress and execution of our performance obligations, which impact the project’s accounting outcome. As part of this process, the project team reviews information such as any outstanding key contract matters, progress towards completion and the related program schedule and identified risks and opportunities. The accuracy of our revenue and profit recognition in a given period depends on the accuracy of our project estimates, which can change from period to period due to a variety of factors including:

•Complexity in original design;

•Extent of changes from original design;

•Different site conditions than assumed in our bid;

•The productivity, availability and skill level of labor;

•Weather conditions when executing a project;

•The technical maturity of the technologies involved;

•Length of time to complete the project;

•Availability and cost of equipment and materials;

•Subcontractor and joint venture partner performance;

•Expected costs of warranties; and

•Our ability to recover for additional contract costs.

    We recognize changes in contract estimates on a cumulative catch-up basis in the period in which the changes are identified. Such changes in contract estimates can result in the recognition of revenue in a current period for performance obligations which were satisfied or partially satisfied in prior periods. Changes in contract estimates may also result in the reversal of previously recognized revenue if the current estimate adversely differs from the previous estimate. If we estimate that a project will have costs in excess of revenue, we recognize the total loss in the period it is identified.

Contract Assets and Liabilities

Contract Assets and Liabilities

    Contract assets represent revenue recognized in excess of amounts billed and include unbilled receivables (typically for cost reimbursable contracts) and contract work in progress (typically for fixed-price contracts). Unbilled receivables, which

represent an unconditional right to payment subject only to the passage of time, are recognized as accounts receivable when they are billed. Advances that are payments on account of contract assets are deducted from contract assets. We anticipate that substantially all incurred cost associated with contract assets as of December 31, 2021 will be billed and collected within one year. Contract liabilities represent amounts billed to clients in excess of revenue recognized to date.

Segment Reporting

Segment Reporting

Management evaluates segment performance based on segment profit. We incur cost and expenses and hold certain assets at the corporate level which relate to our business as a whole. Certain of these amounts have been charged to our business segments by various methods, largely on the basis of usage. Total assets not allocated to segments and held in "Corporate and other" primarily include cash, marketable securities, income-tax related assets, pension assets, deferred compensation trust assets and corporate property, plant and equipment.

Segment profit is an earnings measure that we utilize to evaluate and manage our business performance. Segment profit is calculated as revenue less cost of revenue and earnings attributable to NCI.

Variable Interest Entities

Variable Interest Entities

We assess our partnerships and joint ventures at inception to determine if any meet the qualifications of a VIE. We consider a partnership or joint venture a VIE if it has any of the following characteristics:

(a) the total equity investment is not sufficient to permit the entity to finance its activities without additional subordinated financial support,

(b) characteristics of a controlling financial interest are missing (either the ability to make decisions through voting or other rights, the obligation to absorb the expected losses of the entity or the right to receive the expected residual returns of the entity), or

(c) the voting rights of the equity holders are not proportional to their obligations to absorb the expected losses of the entity and/or their rights to receive the expected residual returns of the entity, and substantially all of the entity's activities either involve or are conducted on behalf of an investor that has disproportionately few voting rights.

Upon the occurrence of certain events, we reassess our initial determination of whether the partnership or joint venture is a VIE. The majority of our partnerships and joint ventures qualify as VIEs because the total equity investment is typically nominal and not sufficient to permit the entity to finance its activities without additional subordinated financial support.

We also perform a qualitative assessment of each identified VIE to determine if we are its primary beneficiary. We conclude that we are the primary beneficiary and consolidate the VIE if we have both:

(a) the power to direct the economically significant activities of the entity and

(b) the obligation to absorb losses of, or the right to receive benefits from, the entity that could potentially be significant to the VIE.

We consider the contractual agreements that define the ownership structure, distribution of profits and losses, risks, responsibilities, indebtedness, voting rights and board representation of the respective parties in determining if we are the primary beneficiary. We also consider all parties that have direct or implicit variable interests when determining whether we are the primary beneficiary. Management's assessment of whether we are the primary beneficiary of a VIE is continuously performed.

Cash and Cash Equivalents

Cash and Cash EquivalentsCash and cash equivalents include securities with maturities of three months or less at the date of purchase.

Marketable Securities

Marketable Securities

Marketable securities consist of time deposits placed with investment grade banks with original maturities greater than three months, which are typically held-to-maturity because we have the intent and ability to hold them until maturity. Held-to-maturity securities are carried at amortized cost. The cost of securities sold is determined by using the specific identification method. Marketable securities are assessed at least annually for other-than-temporary impairment.

Research and Development

Research and Development

We have a controlling interest in NuScale, a research and development operation associated with the licensing and commercialization of SMR technology. Since May 2014, NuScale has been receiving reimbursement from the DOE for certain qualified expenditures under cost-sharing award agreements that require NuScale to use the DOE funds to cover engineering costs associated with SMR design development and certification. Costs incurred by NuScale are expensed as incurred, net of qualifying DOE reimbursements, and reported in "Cost of revenue". The U.S. Nuclear Regulatory Commission approved NuScale's design certification application in August 2020. Aside from NuScale, we generally do not engage in significant research and development activities.

Property, Plant and Equipment

Property, Plant and EquipmentProperty, plant and equipment is recorded at cost. Leasehold improvements are amortized over the shorter of their economic lives or the lease terms. Depreciation is calculated using the straight-line method over the following ranges of estimated useful service lives, in years

Goodwill and Intangible Assets

Goodwill and Intangible Assets

Goodwill and intangible assets with indefinite lives are not amortized but are subject to at least annual impairment tests during the fourth quarter. For impairment testing, goodwill is allocated to the applicable reporting units based on the current reporting structure. We may elect to utilize a qualitative assessment to evaluate whether it is more likely than not that the fair value of each reporting unit is less than its carrying amount. If so, we perform a quantitative test, and if the carrying amount of a reporting unit exceeds its fair value, we recognize an impairment loss. Intangible assets with indefinite lives are impaired if their carrying value exceeds their fair value. In-process research and development associated with our investment in NuScale is considered indefinite lived until the related technology is available for commercial use.

Interim impairment testing of goodwill and intangible assets is performed if indicators of potential impairment exist. Such indicators may include the results of operations of certain businesses and geographies and the performance of the company stock price.

Intangible assets with finite lives are amortized on a straight-line basis over their useful lives.

Income Taxes

Income Taxes

Deferred tax assets and liabilities are recognized for the expected future tax consequences of events that have been recognized in our financial statements or tax filings. We evaluate the realizability of our deferred tax assets and record a valuation allowance to reduce deferred tax assets to amounts that are more likely than not to be realized. The factors used to assess the likelihood of realization are our forecast of future taxable income and available tax planning strategies that could be implemented to realize such assets. Failure to achieve forecasted taxable income could affect the ultimate realization of deferred tax assets and could adversely impact our future effective tax rate.

Income tax positions are recognized when they meet a more-likely-than-not recognition threshold. Previously recognized tax positions that no longer meet the more-likely-than-not threshold are derecognized upon such determination. We recognize potential interest and penalties related to unrecognized tax positions as a component of income tax expense.

Judgment is required in determining the provision for income taxes as we consider our worldwide taxable earnings and the impact of the continuing audit process conducted by various tax authorities. The final outcome of any audits could differ materially from amounts recognized by the company. We account for the GILTI effects in the period that is subject to such tax.

Derivatives and Hedging

Derivatives and Hedging

We may attempt to limit foreign currency exposure in most of our contracts by denominating contract revenue in the currencies in which cost is incurred. Certain financial exposure, which includes currency and commodity price risk associated with engineering and construction contracts, currency risk associated with monetary assets and liabilities denominated in nonfunctional currencies and risk associated with interest rate volatility, may subject us to earnings volatility. We may implement a hedging strategy utilizing derivatives instruments to mitigate such risk. All derivatives are recorded at fair value. The change in the fair value of the derivative is offset against the change in the fair value of the underlying asset or liability through earnings. To a lesser extent, we also utilize cash flow hedges. We formally document our hedge relationships at inception and subsequently assess hedge effectiveness qualitatively, unless the hedge relationship is no longer highly effective. For cash flow hedges, the change in fair value is recorded as a component of AOCI and is reclassified into earnings when the hedged item settles. In certain limited circumstances, foreign currency payment provisions could be deemed embedded derivatives. If an embedded foreign currency derivative is identified, the derivative is bifurcated from the host contract and the change in fair value is recognized through earnings. We maintain master netting arrangements with certain counterparties to facilitate the settlement of derivative instruments; however, we report the fair value of derivatives on a gross basis.

Concentrations of Credit Risk

Concentrations of Credit Risk

Accounts receivable and all contract work in progress are from clients in various industries and locations throughout the world. Most contracts require payments as the projects progress or, in certain cases, advance payments. We generally do not require collateral, but in most cases can place liens against the project assets or terminate the contract, if a material default occurs. We evaluate the counterparty credit risk as part of our project risk review process and in determining the appropriate level of reserves. We maintain reserves for potential credit losses and generally such losses have been minimal and within management's estimates.

We have cash and marketable securities on deposit with major banks throughout the world. Such deposits are placed with high quality institutions and the amounts invested in any single institution are limited to the extent possible in order to minimize concentration of counterparty credit risk.

Our counterparties for derivatives are large financial institutions selected based on profitability, strength of balance sheet, credit ratings and capacity for timely payment of financial commitments. There are no significant concentrations of credit risk with any individual counterparty related to our derivative contracts.

We monitor the credit quality of our counterparties and establish reserves for any significant credit risk losses.

Stock-Based Plans

Stock-Based Plans

Our stock plans provide for grants of nonqualified or incentive stock options, RSUs, restricted stock and performance-based award units, including VDI units. All grants of stock options and RSUs as well as performance-based units awarded to Section 16 officers in 2021, 2020 and 2019 can only be settled in company stock and are accounted for as equity awards.

All expense under stock-based awards is recognized based on the fair values of the awards. Stock option awards have grant exercise prices equal to the grant date market price of the company's stock. The fair value of grants of RSUs and restricted stock is determined using the closing price of our common stock on the date of grant but may be discounted for any significant post-vest holding periods. The grant date fair value of performance-based award units is determined by adjusting the closing price of the company's common stock on the date of grant for any post-vest holding period discounts and for the effect of market conditions, when applicable. Stock-based compensation expense is generally recognized over the required service period, or over a shorter period when employee retirement eligibility is a factor.

We also grant SGI awards and performance-based awards to non-Section 16 executives which are settled in cash. These awards are classified as liabilities and remeasured at fair value through expense at the end of each reporting period until the awards are settled.

Leases

Leases

We recognize right-of-use assets and lease liabilities for leases with terms greater than 12 months or leases that contain a purchase option that is reasonably certain to be exercised. Leases are classified as either finance or operating leases. This classification dictates whether lease expense is recognized based on an effective interest method or on a straight-line basis over the term of the lease.

Our right-of use assets and lease liabilities primarily relate to office facilities, equipment used in connection with long-term construction contracts and other personal property. Certain of our facility and equipment leases include one or more options to renew, with renewal terms that can extend the lease term up to 10 years. The exercise of lease renewal options is at our discretion. Renewal periods are included in the expected lease term if they are reasonably certain of being exercised by us. Certain leases also include options to purchase the leased property. None of our lease agreements contain material residual value guarantees or material restrictions or covenants.

Long-term leases (leases with terms greater than 12 months) are recorded as liabilities at the present value of the minimum lease payments not yet paid. We use our incremental borrowing rate to determine the present value of the lease when the rate implicit in the lease is not readily determinable. Certain lease contracts contain nonlease components such as maintenance, utilities, fuel and operator services. We recognize both the lease component and nonlease components as a single lease component for all of its right-of-use assets. From time to time, certain service or purchase contracts may contain an embedded lease.

Short-term leases (leases with an initial term of 12 months or less or leases that are cancelable by the lessee and lessor without significant penalties) are not capitalized but are expensed on a straight-line basis over the lease term. The majority of our short-term leases relate to equipment used on construction projects. We enter into these leases at periodic rental rates for an unspecified duration and typically have a termination for convenience provision.

Recent Accounting Pronouncements

Accounting Pronouncements Implemented During 2021

In the first quarter of 2021, we adopted ASU 2020-06, “Accounting for Convertible Instruments and Contracts in an Entity's Own Equity,” which simplifies accounting for convertible instruments and the application of the derivatives scope exception for contracts in our own equity. ASU 2020-06 eliminates two of the three models in the prior guidance that required separating embedded conversion features from convertible instruments and also eliminates some of the requirements for equity classification. ASU 2020-06 also addresses how convertible instruments are accounted for in the diluted EPS calculation. The adoption did not have any impact on our financial statements.

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Significant Accounting Policies (Tables)

12 Months Ended

Dec. 31, 2021

Accounting Policies [Abstract]

Schedule of property, plant and equipment and ranges of estimated useful service lives

Depreciation is calculated using the straight-line method over the following ranges of estimated useful service lives, in years:

	Estimated Useful Service Lives
Buildings	20 – 40
Building and leasehold improvements	6 – 20
Machinery and equipment	2 – 10
Furniture and fixtures	2 – 10

Property, plant and equipment is as follows:

	December 31,
(cost in thousands)	2021		2020
Land	$	41,425	$	42,854
Buildings	248,289		265,369
Building and leasehold improvements	137,039		150,613
Machinery and equipment	731,198		804,252
Furniture and fixtures	114,230		117,271
Assets under development	18,488		14,867
	1,290,669		1,395,226
Less accumulated depreciation	(904,080)		(931,399)
Net property, plant and equipment	$	386,589	$	463,827

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Earnings Per Share (Tables)

12 Months Ended

Dec. 31, 2021

Earnings Per Share [Abstract]

Schedule of calculations of basic and diluted EPS

Potentially dilutive securities include CPS, stock options, RSUs, restricted stock and performance-based award units. Diluted EPS reflects the assumed exercise or conversion of all dilutive securities using the if-converted and treasury stock methods. In computing diluted EPS, only securities that are actually dilutive are included.

	Year Ended December 31,
(in thousands, except per share amounts)	2021		2020		2019
Net earnings (loss) from Cont Ops attributable to Fluor	$	(181,736)	$	(79,079)	$	(1,282,642)
Less: Dividends on CPS	24,375		—		—
Net earnings (loss) from Cont Ops available to Fluor common stockholders	(206,111)		(79,079)		(1,282,642)
Net earnings (loss) from Disc Ops attributable to Fluor	(258,434)		(355,967)		(239,522)
Net earnings (loss) available to Fluor common stockholders	$	(464,545)	$	(435,046)	$	(1,522,164)
Weighted average common shares outstanding	141,275		140,511		140,061
Dilutive effect:
CPS	—		—		—
Stock options, RSUs, restricted stock and performance-based award units	—		—		—
Weighted average diluted shares outstanding	141,275		140,511		140,061
Basic EPS available to Fluor common stockholders:
Net earnings (loss) from Cont Ops	$	(1.46)	$	(0.56)	$	(9.16)
Net earnings (loss) from Disc Ops	(1.83)		(2.53)		(1.71)
Diluted EPS available to Fluor common stockholders:
Net earnings (loss) from Cont Ops	$	(1.46)	$	(0.56)	$	(9.16)
Net earnings (loss) from Disc Ops	(1.83)		(2.53)		(1.71)
Anti-dilutive securities not included in shares outstanding:
CPS	16,674		N/A		N/A
Stock options, RSUs, restricted stock and performance-based award units	1,899		709		593

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Operating Information by Segment and Geographic Area (Tables)

12 Months Ended

Dec. 31, 2021

Segment Reporting [Abstract]

Schedule of operating information by segment

	Year Ended December 31,
(in millions)	2021		2020		2019
Revenue
Energy Solutions	$	4,956	$	5,271	$	5,838
Urban Solutions	4,416		5,854		6,590
Mission Solutions	3,063		3,033		3,026
Total revenue	$	12,435	$	14,158	$	15,454
Intercompany revenue for our professional staffing business, excluded from revenue above	$	261	$	269	$	310
Segment profit (loss)
Energy Solutions	$	250	$	169	$	(97)
Urban Solutions	38		161		(50)
Mission Solutions	155		87		46
Other	(69)		(84)		(66)
Total segment profit	$	374	$	333	$	(167)
G&A	(216)		(202)		(140)
Impairment, restructuring and other exit costs	(44)		(108)		(318)
Gain (loss) on pension settlement	(198)		—		(138)
Foreign currency gain (loss)	(13)		(45)		(26)
Interest income (expense), net	(68)		(42)		(11)
Earnings (loss) from Cont Ops attributable to NCI	37		67		(39)
Earnings (loss) from Cont Ops before taxes	$	(128)	$	3	$	(839)
Depreciation (all but Corporate included in segment profit)
Energy Solutions	$	—	$	—	$	—
Urban Solutions	9		10		7
Mission Solutions	4		4		4
Other	2		2		2
Corporate	53		65		62
Total depreciation(1)	$	68	$	81	$	75
Capital expenditures
Energy Solutions	$	—	$	—	$	—
Urban Solutions	25		29		12
Mission Solutions	4		3		3
Other	2		4		1
Corporate	19		25		58
Total capital expenditures(2)	$	50	$	61	$	74
	December 31, 2021		December 31, 2020
Total assets
Energy Solutions	$	1,158	$	1,011
Urban Solutions	906		1,123
Mission Solutions	764		576
Other	38		37
Corporate	3,588		3,575
Disc Ops - Assets held for sale	826		988
Total assets	$	7,280	$	7,310
Goodwill
Energy Solutions	$	13	$	13
Urban Solutions	130		130
Mission Solutions	58		58
Other	6		6
Total goodwill	$	207	$	207

(1) Depreciation of $5 million, $22 million and $79 million during 2021, 2020 and 2019, respectively, is reported in Disc Ops and excluded from the table above.

(2) Capital expenditures of $28 million, $48 million and $102 million during 2021, 2020 and 2019, respectively, is reported in Disc Ops and excluded from the table above.

Schedule of operating information by geographic area

Operating Information by Geographic Area

	Revenue by project location Year Ended December 31,						Total Assets As of December 31,
(in millions)	2021		2020		2019		2021		2020
North America	$	8,130	$	9,388	$	7,895	$	4,526	$	3,982
Asia Pacific (includes Australia)	1,264		1,324		1,695		617		562
Europe	1,458		1,791		2,869		1,081		1,404
Central and South America	1,252		1,126		2,021		612		813
Middle East and Africa	331		529		974		444		549
Total	$	12,435	$	14,158	$	15,454	$	7,280	$	7,310

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Impairment, Restructuring and Other Exit Costs (Tables)

12 Months Ended

Dec. 31, 2021

Restructuring and Related Activities [Abstract]

Schedule of Impairment Expense

Impairment expense, included in Cont Ops, for 2021, 2020 and 2019 is summarized as follows:

	Year Ended December 31,
(in thousands)	2021		2020		2019
Impairment expense:
Energy Solutions' equity method investments	$	27,934	$	86,096	$	256,769
Information technology assets	15,858		16,269		—
Total impairment expense	$	43,792	$	102,365	$	256,769

Impairment expense, included in Disc Ops, is summarized as follows:

	Year Ended December 31, 2021				Year Ended December 31, 2020				Year Ended December 31, 2019
(in thousands)	Stork		AMECO		Stork		AMECO		Stork		AMECO
Impairment expense:
Goodwill (1)	$	12,700	$	—	$	168,568	$	12,300	$	—	$	2,125
Intangible customer relationships (2)	—		—		26,671		—		33,657		—
Fair value adjustment and expected costs associated with sale (3)	180,500		53,085		—		133,400		—		—
Total impairment expense	$	193,200	$	53,085	$	195,239	$	145,700	$	33,657	$	2,125

(1) As part of our assessment of goodwill in 2020, the fair value of the reporting units was determined using an income based approach that utilized unobservable Level 3 inputs, including significant management assumptions such as expected awards, forecasted revenue and operating margins, weighted average cost of capital, working capital assumptions and general market trends and conditions.

(2) The customer relationships' valuation approach utilized unobservable Level 3 inputs including ranges of assumptions of long-term revenue growth from 2% to 5.5% with a weighted average of 2.4%, weighted average cost of capital of 12% and a customer attrition factor of 10%.

(3) The fair value of the Stork and AMECO assets were determined using a combination of observable level 2 inputs in 2021, including indicative offers and ongoing negotiations for the related assets, and an income based approach that utilized unobservable Level 3 inputs in 2020, including significant management assumptions such as expected awards, forecasted revenue and operating margins, weighted average cost of capital, working capital assumptions and general market trends and conditions.

Reconciliation of restructuring costs and liability

Information about our completed restructuring follows:

(in thousands)	Costs Incurred in 2020		Costs Incurred in 2019
Restructuring and other exit costs:
Severance	$	5,256	$	30,530
Asset impairments	—		29,485
Other exit costs	736		1,658
Total restructuring and other exit costs	$	5,992	$	61,673

A reconciliation of restructuring liabilities follow:

(in thousands)	Severance		Other Exit Costs		Total
Balance as of December 31, 2019	$	30,479	$	564	$	31,043
Restructuring charges accrued during the period	5,256		736		5,992
Cash payments / settlements during the period	(18,858)		(793)		(19,651)
Currency translation	(396)		(401)		(797)
Balance as of December 31, 2020	$	16,481	$	106	$	16,587
Cash payments / settlements during the period	$	(16,378)	$	(106)	$	(16,484)
Currency translation	(103)		—		(103)
Balance as of December 31, 2021	$	—	$	—	$	—

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Income Taxes (Tables)

12 Months Ended

Dec. 31, 2021

Income Tax Disclosure [Abstract]

Schedule of income tax expense (benefit) included in Consolidated Statement of Earnings from continuing operations

The income tax expense (benefit) components recognized in Cont Ops follow:

	Year Ended December 31,
(in thousands)	2021		2020		2019
Current:
Federal (a)	$	961	$	(121,411)	$	(36,591)
Foreign	40,823		133,810		159,876
State and local	(4,754)		5,343		4,295
Total current	37,030		17,742		127,580
Deferred:
Federal	—		17,451		325,351
Foreign	(20,541)		(19,337)		9,593
State and local	—		—		19,441
Total deferred	(20,541)		(1,886)		354,385
Total income tax expense	$	16,489	$	15,856	$	481,965

(a)    The CARES Act allows entities to carry back 2019 loss to prior periods of up to five years and claim refunds of federal taxes paid. The Company has filed the refund claim with the IRS and received a refund of $49 million in the third quarter of 2020 and expect a refund of $72 million in 2022.

Schedule of reconciliation of U.S. statutory federal income tax expense to income tax expense

A reconciliation of U.S. statutory federal income tax expense (benefit) to income tax expense (benefit) from Cont Ops follows:

	Year Ended December 31,
(in thousands)	2021		2020		2019
U.S. statutory federal tax expense (benefit)	$	(26,818)	$	734	$	(176,288)
Increase (decrease) in taxes resulting from:
State and local income taxes	12,777		(10,817)		(5,128)
U.S. tax on GILTI	—		3,835		21,433
NCI	(6,718)		(9,143)		13,209
Foreign tax differential, net	(23,315)		(10,386)		3,989
Valuation allowance, net	99,663		146,930		659,203
Other changes to uncertain tax positions	895		7,484		4,098
Stranded tax effects from AOCI	(51,782)		—		(35,619)
CARES Act benefit	2,188		(124,753)		—
Other, net	9,599		11,972		(2,932)
Total income tax expense	$	16,489	$	15,856	$	481,965

Schedule of tax effects of significant temporary differences giving rise to deferred tax assets and liabilities

The tax effects of significant temporary differences giving rise to deferred tax assets and liabilities are as follows:

	December 31,
(in thousands)	2021		2020
Deferred tax assets:
Accrued liabilities not currently deductible:
Employee compensation and benefits	$	138,034	$	104,305
Project and non-project reserves	67,861		71,999
Net operating loss carryforward	346,561		326,402
Tax basis of investment in excess of book basis	144,019		118,915
U.S. foreign tax credit carryforward	455,912		414,348
AOCI	26,982		62,681
Other	26,794		103,955
Total deferred tax assets	1,206,163		1,202,605
Valuation allowance	(1,114,574)		(1,080,752)
Deferred tax assets, net	$	91,589	$	121,853
Deferred tax liabilities:
Book basis of property and equipment in excess of tax basis	(31,197)		(43,475)
Dividend withholding on unremitted non-U.S. earnings	(55,080)		(57,859)
Other	(21,539)		(23,349)
Total deferred tax liabilities	(107,816)		(124,683)
Deferred tax assets, net of deferred tax liabilities	$	(16,227)	$	(2,830)

Summary of Tax Credit Carryforwards

As of December 31, 2021, tax credit carryforwards, principally federal, and tax loss carryforwards, principally federal, state, and foreign, were as follows:

(in thousands)	Federal FTC		Federal NOLs		State NOLs		Foreign NOLs
Expiration periods:
2022 - 2026	$	94,317	$	—	$	10,932	$	40,177
2027-2031	361,595		—		34,034		56,255
2032-2041	—		—		351,159		5,783
Indefinite	—		163,099		131,680		1,177,047

Schedule of reconciliation of beginning and ending amount of unrecognized tax benefits including interest and penalties

A summary of unrecognized tax benefits follows:

(in thousands)	2021		2020
Balance at beginning of year	$	48,413	$	42,394
Change in tax positions of prior years	—		8,166
Change in tax positions of current year	—		—
Reduction in tax positions for statute expirations	(514)		(1,510)
Reduction in tax positions for audit settlements	—		(637)
Balance at end of year	$	47,899	$	48,413

Schedule of U.S. and foreign earnings from continuing operations before taxes

U.S. and foreign earnings (loss) from Cont Ops before taxes are as follows:

	Year Ended December 31,
(in thousands)	2021		2020		2019
United States	$	(176,271)	$	(276,041)	$	(873,189)
Foreign	48,566		279,535		33,724
Total	$	(127,705)	$	3,494	$	(839,465)

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Supplemental Cash Flow Information (Tables)

12 Months Ended

Dec. 31, 2021

Supplemental Cash Flow Information [Abstract]

Consolidated statements of cash flows

The changes in assets and liabilities included in operating cash flow follow:

	Year Ended December 31,
(in thousands)	2021		2020		2019
(Increase) decrease in:
Accounts and notes receivable, net	$	5,393	$	138,388	$	210,419
Contract assets	(178,632)		280,360		207,467
Other current assets	(167,416)		3,893		(80,248)
Other assets	283,895		76,613		44,707
Increase (decrease) in:
Accounts payable	6,360		(343,113)		(46,873)
Contract liabilities	(175,812)		(53,580)		202,359
Accrued liabilities	108,896		(11,829)		29,880
Other liabilities	(79,336)		(59,684)		63,986
Increase (decrease) in cash due to changes in assets and liabilities	$	(196,652)	$	31,048	$	631,697
Cash paid during the year for:
Interest	$	90,299	$	65,641	$	71,938
Income taxes (net of refunds)	74,589		65,188		204,080

Our cash flow information for 2021, 2020 and 2019 included the following activities related to Disc Ops:

	Year Ended December 31,
(in thousands)	2021						2020						2019
	Stork		AMECO		Total		Stork		AMECO		Total		Stork		AMECO		Total
Impairment expense	$	193,200	$	53,085	$	246,285	$	195,239	$	145,700	$	340,939	$	64,335	$	32,428	$	96,763
Depreciation of fixed assets	5,417		—		5,417		21,849		—		21,849		24,203		54,568		78,771
Amortization of stock-based awards	—		—		—		—		56		56		—		123		123
Capital expenditures	(16,861)		(11,019)		(27,880)		(21,087)		(26,913)		(48,000)		(28,185)		(73,433)		(101,618)

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Partnerships and Joint Ventures (Tables)

12 Months Ended

Dec. 31, 2021

Equity Method Investments and Joint Ventures [Abstract]

Equity Method Investments

The following is a summary of aggregate, unaudited balance sheet data for unconsolidated entities where our investment is presented as a one-line equity method investment:

	December 31,
(in millions)	2021		2020
Current assets	$	10,154	$	8,129
Noncurrent assets	3,755		4,744
Current liabilities	7,860		6,301
Noncurrent liabilities	3,527		4,353

The following is a summary of aggregate, unaudited income statement data for unconsolidated entities where the equity method of accounting is used to recognize our share of net earnings or loss of investees:

(in millions)	2021		2020		2019
Revenue	$	1,585	$	1,196	$	1,211
Cost of revenue	1,000		1,094		1,112
Net earnings	52		54		43

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Revenue from Contract with Customer (Tables)

12 Months Ended

Dec. 31, 2021

Revenue from Contract with Customer [Abstract]

Contract Assets and Liabilities

The following summarizes information about our contract assets and liabilities:

	December 31,
(in millions)	2021		2020
Information about contract assets:
Contract assets
Unbilled receivables - reimbursable contracts	$	709	$	590
Contract work in progress - lump sum contracts	223		270
Contract assets	$	932	$	860
Advance billings deducted from contract assets	$	208	$	308
	Year Ended December 31,
	2021		2020
Information about contract liabilities:
Provision for anticipated losses on contracts included in contract liabilities	$	215	$	203
Revenue recognized that was included in contract liabilities as of January 1	848		751

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Remaining Unsatisfied Performance Obligations (Tables)

12 Months Ended

Dec. 31, 2021

Revenue from Contract with Customer [Abstract]

Schedule of remaining performance obligation

We estimate that our RUPO will be satisfied over the following periods:

(in millions)	December 31, 2021
Within 1 year	$	9,631
1 to 2 years	5,452
Thereafter	3,420
Total RUPO	$	18,503

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Debt and Letters of Credit (Tables)

12 Months Ended

Dec. 31, 2021

Debt Disclosure [Abstract]

Schedule of consolidated debt

Debt consisted of the following:

	December 31,
(in thousands)	2021		2020
Borrowings under credit facility	$	—	$	—
Current:
Other borrowings	$	911	$	4,890
Long-Term:
Senior Notes
2023 Notes	$	193,012	$	611,250
Unamortized discount on 2023 Notes	(49)		(283)
Unamortized deferred financing costs	(211)		(1,203)
2024 Notes	381,014		500,000
Unamortized discount on 2024 Notes	(1,214)		(2,130)
Unamortized deferred financing costs	(951)		(1,670)
2028 Notes	600,000		600,000
Unamortized discount on 2028 Notes	(854)		(981)
Unamortized deferred financing costs	(3,381)		(3,885)
Total long-term	$	1,167,366	$	1,701,098

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Fair Value Measurements (Tables)

12 Months Ended

Dec. 31, 2021

Fair Value Disclosures [Abstract]

Schedule of assets and liabilities measured at fair value on a recurring basis

The following table delineates assets and liabilities that are measured at fair value on a recurring basis:

	December 31, 2021								December 31, 2020
(in thousands)	Total		Level 1		Level 2		Level 3		Total		Level 1		Level 2		Level 3
Assets:
Deferred compensation trusts(1)	$	11,952	$	11,952	$	—	$	—	$	9,626	$	9,626	$	—	$	—
Derivative assets(2)
Foreign currency	15,308		—		15,308		—		22,667		—		22,667		—
Commodity	5,225		—		5,225		—		806		—		806		—
Liabilities:
Derivative liabilities(2)
Foreign currency	$	6,528	$	—	$	6,528	$	—	$	2,571	$	—	$	2,571	$	—
Commodity	232		—		232		—		5,059		—		5,059		—

(1)Consists of registered money market funds and an equity index fund. These investments, which are trading securities, represent the net asset value at the close of business of the period based on the last trade or official close of an active market or exchange.

(2)Foreign currency and commodity derivatives are estimated using pricing models with market-based inputs, which take into account the present value of estimated future cash flows.

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:

		December 31, 2021				December 31, 2020
(in thousands)	Fair Value Hierarchy	Carrying Value		Fair Value		Carrying Value		Fair Value
Assets:
Cash(1)	Level 1	$	1,295,437	$	1,295,437	$	1,180,024	$	1,180,024
Cash equivalents(2)	Level 2	913,945		913,945		1,018,757		1,018,757
Marketable securities, current(2)	Level 2	127,222		127,222		23,345		23,345
Notes receivable, including noncurrent portion(3)	Level 3	10,249		10,249		28,488		28,488
Liabilities:
2023 Senior Notes(4)	Level 2	$	192,752	$	195,957	$	609,764	$	578,554
2024 Senior Notes(4)	Level 2	378,849		399,177		496,200		494,045
2028 Senior Notes(4)	Level 2	595,765		629,754		595,134		599,220
Other borrowings(5)	Level 2	911		911		4,890		4,890

_______________________________________________________________________________

(1)Cash consists of bank deposits. Carrying amounts approximate fair value.

(2)The carrying amounts of these time deposits approximate fair value because of the short-term maturity of these instruments. Amortized cost is not materially different from the fair value.

(3)Notes receivable are carried at net realizable value which approximates fair value. Factors considered in determining the fair value include the credit worthiness of the borrower, current interest rates, the term of the note and any collateral pledged as security. Notes receivable are periodically assessed for impairment.

(4)The fair value of the Senior Notes was estimated based on 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.

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Property, Plant and Equipment (Tables)

12 Months Ended

Dec. 31, 2021

Property, Plant and Equipment [Abstract]

Schedule of property, plant and equipment

Depreciation is calculated using the straight-line method over the following ranges of estimated useful service lives, in years:

	Estimated Useful Service Lives
Buildings	20 – 40
Building and leasehold improvements	6 – 20
Machinery and equipment	2 – 10
Furniture and fixtures	2 – 10

Property, plant and equipment is as follows:

	December 31,
(cost in thousands)	2021		2020
Land	$	41,425	$	42,854
Buildings	248,289		265,369
Building and leasehold improvements	137,039		150,613
Machinery and equipment	731,198		804,252
Furniture and fixtures	114,230		117,271
Assets under development	18,488		14,867
	1,290,669		1,395,226
Less accumulated depreciation	(904,080)		(931,399)
Net property, plant and equipment	$	386,589	$	463,827

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Stock-Based Compensation (Tables)

12 Months Ended

Dec. 31, 2021

Share-based Payment Arrangement [Abstract]

Summary of restricted stock, restricted stock unit and stock option activity

The following table summarizes RSU, restricted stock and stock option activity:

	RSU or Restricted Stock		Stock Options
	Number	Weighted Average Grant Date Fair Value Per Share	Number	Weighted Average Exercise Price Per Share
Outstanding as of December 31, 2018	985,132	$53.78	4,589,385	$60.25
Granted	1,356,303	32.68	1,192,108	22.47
Forfeited or expired	(173,604)	39.57	(351,885)	60.56
Vested/exercised	(507,520)	47.72	(48,131)	30.46
Outstanding as of December 31, 2019	1,660,311	$39.88	5,381,477	$52.13
Granted	1,355,975	10.30	975,290	11.06
Forfeited or expired	(114,352)	33.74	(603,835)	59.46
Vested/exercised	(643,340)	42.23	—	—
Outstanding as of December 31, 2020	2,258,594	$21.76	5,752,932	$44.40
Granted	596,391	18.67	481,626	17.96
Forfeited or expired	(132,713)	18.78	(659,216)	58.37
Vested/exercised	(810,560)	30.83	(84,416)	8.81
Outstanding as of December 31, 2021	1,911,712	$17.16	5,490,926	$40.95
Options exercisable as of December 31, 2021			3,519,747	$54.31
Remaining unvested options outstanding and expected to vest			1,951,467	$17.09

During 2021, the following units were granted based upon the establishment of performance targets:

	Performance-based Award Units Granted in 2021	Weighted Average Grant Date Fair Value Per Share
2021 Performance Award Plan	204,623	$20.49
2020 Performance Award Plan	385,455	$19.98
2019 Performance Award Plan	116,844	$20.18

Schedule of fair value on grant date and significant assumptions used in Black-Scholes option-pricing model

The grant date fair value of options and other significant assumptions follow:

	2021		January 1 - November 30, 2020		December 31, 2020		January 1 - September 30, 2019		October 1 - December 31, 2019
Weighted average grant date fair value	$8.94		$4.59		$9.05		$7.99		$6.93
Expected life of options (in years)	4.5		4.6		7.2		5.6		5.4
Risk-free interest rate	0.7	%	0.4	%	0.5	%	2.6	%	1.7	%
Expected volatility	62	%	65	%	61	%	33	%	47	%
Expected annual dividend per share	$0.00		$0.00		$0.00		$0.84		$0.40

Summary of information related to options outstanding

Information related to options outstanding as of December 31, 2021 follows:

	Options Outstanding				Options Exercisable
Range of Exercise Prices	Number Outstanding	Weighted Average Remaining Contractual Life (In Years)	Weighted Average Exercise Price Per Share		Number Exercisable	Weighted Average Remaining Contractual Life (In Years)	Weighted Average Exercise Price Per Share
$8.81 - $29.50	2,413,093	8.4	$	17.64	456,853	8.0	$	21.34
$46.07 - $62.50	2,671,436	3.5	56.19		2,658,332	3.5	56.19
$70.76 - $79.19	406,407	2.1	79.19		404,562	2.1	79.19
	5,490,936	5.6	$	40.95	3,519,747	4.0	$	54.31

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Retirement Benefits (Tables)

12 Months Ended

Dec. 31, 2021

Retirement Benefits [Abstract]

Schedule of components of net periodic pension expense

Net periodic pension expense for our DB Plans included the following components:

	Year Ended December 31,
(in thousands)	2021		2020		2019
Service cost	$	17,490	$	18,129	$	15,750
Interest cost	7,333		9,899		19,617
Expected return on assets	(28,577)		(26,304)		(32,645)
Amortization of prior service credit	(856)		(903)		(886)
Recognized net actuarial loss	5,875		5,806		10,303
Curtailments	15		—		—
(Gain) loss on settlements	198,132		(406)		137,898
Net periodic pension expense(1)	$	199,412	$	6,221	$	150,037

(1) Net periodic pension expense of $1 million, $2 million and $2 million during 2021, 2020 and 2019, respectively, was reported as Disc Ops.

Schedule of assumptions for determining projected benefit obligation at year end and net periodic cost for year

	December 31,
	2021	2020	2019
For determining PBO at year-end:
Discount rates	1.20-4.75%	0.80-3.50%	1.20-4.75%
Rates of increase in compensation levels	2.25-5.00%	2.25-6.00%	2.25-6.00%
For determining net periodic cost for the year:
Discount rates	0.80-3.50%	1.20-4.75%	1.80-7.25%
Rates of increase in compensation levels	2.25-6.00%	2.25-6.00%	2.25-7.00%
Expected long-term rates of return on assets	0.80-5.70%	1.20-5.60%	1.80-8.20%

Schedule of target allocations and weighted average actual allocations of plan assets

The following table sets forth the target and actual allocations of plan assets:

		December 31,
	2021 Target Allocation	2021		2020
Asset category:
Debt securities	25% - 35%	28	%	63	%
Equity securities	10% - 20%	17	%	28	%
Other	50% - 60%	55	%	9	%
Total		100	%	100	%

Schedule of plan assets and liabilities of defined benefit pension plans, measured at fair value on a recurring basis

The following table delineates the fair value of the plan assets and liabilities of our DB Plans:

	December 31, 2021								December 31, 2020
(in thousands)	Total		Level 1		Level 2		Level 3		Total		Level 1		Level 2		Level 3
Assets:
Equity securities:
Common stock	$	4,798	$	4,798	$	—	$	—	$	5,252	$	5,252	$	—	$	—
CCTs	758		—		758		—		230,135		—		230,135		—
Debt securities:
Corporate bonds	45		—		45		—		532		—		532		—
Government securities	9,287		—		9,287		—		12,036		—		12,036		—
CCTs	—		—		—		—		507,691		—		507,691		—
Other:
Guaranteed investment contracts	17,931		—		—		17,931		20,588		—		—		20,588
CCTs	—		—		—		—		51,679		—		51,679		—
Plan assets measured at fair value, net	$	32,819	$	4,798	$	10,090	$	17,931	$	827,913	$	5,252	$	802,073	$	20,588
Plan assets not measured at fair value, net	55								1,507
Total plan assets, net	$	32,874							$	829,420

Reconciliation of beginning and ending balances of fair value measurements using significant unobservable inputs (Level 3)

The following table presents information about Level 3 fair value measurements:

(in thousands)	2021		2020
Balance at beginning of year	$	20,588	$	19,650
Actual return on plan assets:
Assets still held at reporting date	(1,565)		2,092
Assets sold during the period	—		—
Purchases	224		343
Settlements	(1,316)		(1,497)
Balance at end of year	$	17,931	$	20,588

Schedule of expected benefit payments for defined benefit pension plans

The following table presents expected future benefit payments related to our DB Plans:

Year Ended December 31,	(in thousands)
2022	$	4,383
2023	4,186
2024	4,141
2025	4,116
2026	3,987
2027 — 2031	25,810

Schedule of change in projected benefit obligation, plan assets and funded status

The following table sets forth the change in PBO, plan assets and funded status of the plans:

	December 31,
(in thousands)	2021		2020
Change in PBO:
Benefit obligation at beginning of year	$	869,835	$	748,784
Service cost	17,490		18,129
Interest cost	7,333		9,899
Employee contributions	2,643		2,860
Currency translation	(32,064)		72,178
Actuarial (gain)/loss (primarily due to plan experience in 2021 and assumption changes in 2020)	52,190		58,258
Benefits paid	(15,582)		(17,224)
Curtailments	(415)		(6,574)
Settlements	(798,679)		(16,475)
PBO at end of year	102,751		869,835
Change in plan assets:
Plan assets at beginning of year	829,420		710,663
Actual return on plan assets	30,326		55,819
Company contributions	12,886		24,752
Employee contributions	2,643		2,860
Currency translation	(28,140)		69,025
Benefits paid	(15,582)		(17,224)
Settlements	(798,679)		(16,475)
Plan assets at end of year	32,874		829,420
Funded status — (Under)/overfunded	$	(69,877)	$	(40,415)
Amounts recognized in the Consolidated Balance Sheet:
Pension assets included in other assets	$	—	$	—
Pension liabilities included in other accrued liabilities	—		—
Pension liabilities included in current liabilities related to assets held for sale	(22,248)		(25,617)
Pension liabilities included in noncurrent liabilities	(47,629)		(14,798)
AOCI (pre-tax)	$	3,042	$	161,534
Plans with PBO in excess of plan assets:
PBO	$	102,751	$	869,835
Plan assets	32,874		829,420
Plans with ABO in excess of plan assets:
ABO	$	40,374	$	45,757
Plan assets	17,931		20,588

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Leases (Tables)

12 Months Ended

Dec. 31, 2021

Leases, Operating [Abstract]

Components of lease expense

The following summarizes lease expense:

	Year Ended December 31, 2021				Year Ended December 31, 2020				Year Ended December 31, 2019
Lease Expense / (Sublease Income)	Cont Ops		Disc Ops		Cont Ops		Disc Ops		Cont Ops		Disc Ops
(in thousands)
Operating lease cost	$	48,738	$	27,463	$	55,889	$	28,842	$	61,306	$	30,093
Finance lease cost
Amortization of right-of-use assets	833		4,095		345		983		363		1,058
Interest on lease liabilities	13		432		15		124		34		34
Variable lease cost (1)	9,654		457		6,961		454		19,231		—
Short-term lease cost	69,381		67,077		50,750		66,311		70,815		92,729
Sublease income	(2,091)		(274)		(3,050)		(14,026)		(2,596)		(32,141)
Total lease expense	$	126,528	$	99,250	$	110,910	$	82,688	$	149,153	$	91,773

(1)Primarily relates to rent escalation due to cost of living indexation and payments for property taxes, insurance or common area maintenance based on actual assessments.

Information related to right-of use assets and lease liabilities

Information related to our right-of use assets and lease liabilities follows:

		December 31, 2021				December 31, 2020
Lease Assets / Liabilities	Balance Sheet Classification	Cont Ops		Disc Ops		Cont Ops		Disc Ops
(in thousands)
Right-of-use assets
Operating lease assets	Other assets	$	104,752	$	—	$	137,725	$	—
Operating lease assets	Current assets held for sale	—		73,822		—		79,843
Finance lease assets	Other assets	892		—		281		—
Finance lease assets	Current assets held for sale	—		20,115		—		9,188
Total right-of-use assets		$	105,644	$	93,937	$	138,006	$	89,031
Lease liabilities
Operating lease liabilities, current	Other accrued liabilities	$	35,136	$	—	$	42,232	$	—
Operating lease liabilities, noncurrent	Noncurrent liabilities	87,400		—		119,055		—
Operating lease liabilities	Current liabilities held for sale	—		74,648		—		80,103
Finance lease liabilities, current	Other accrued liabilities	693		—		8		—
Finance lease liabilities, noncurrent	Noncurrent liabilities	202		—		—		—
Finance lease liabilities	Current liabilities held for sale	—		17,876		—		8,433
Total lease liabilities		$	123,431	$	92,524	$	161,295	$	88,536

Supplemental information related to leases

Supplemental information related to our leases follows:

	Year Ended December 31, 2021						Year Ended December 31, 2020
	Cont Ops			Disc Ops			Cont Ops			Disc Ops
(in thousands)
Cash paid for amounts included in the measurement of lease liabilities:
Operating cash flows from operating leases	$	54,696		$	28,322		$	61,275		$	29,154
Operating cash flows from finance leases	13			432			15			124
Financing cash flows from finance leases	557			5,909			451			1,676
Right-of-use assets obtained in exchange for new operating lease liabilities	12,726			24,350			13,177			7,294
Right-of-use assets obtained in exchange for new finance lease liabilities	1,384			19,144			—			8,663
Weighted-average remaining lease term - operating leases	4.0 years			8.6 years			4.5 years			9.2 years
Weighted-average remaining lease term - finance leases	1.4 years			4.9 years			2.8 years			5.0 years
Weighted-average discount rate - operating leases	3.1		%	2.3		%	3.0		%	2.8		%
Weighted-average discount rate - finance leases	1.2		%	2.1		%	3.4		%	2.8		%

Remaining lease payments under operating leases

The remaining lease payments under our operating and finance leases follows:

	Cont Ops				Disc Ops
Year Ended December 31,	Operating  Leases		Finance  Leases		Operating  Leases		Finance  Leases
(in thousands)
2022	$	38,393	$	645	$	22,690	$	6,383
2023	33,745		259		13,731		5,157
2024	22,787		—		9,889		3,392
2025	18,582		—		6,202		3,036
2026	11,302		—		3,901		563
Thereafter	6,002		—		25,854		—
Total lease payments	$	130,811	$	904	$	82,267	$	18,531
Less: Interest	(8,275)		(9)		(7,619)		(655)
Present value of lease liabilities	$	122,536	$	895	$	74,648	$	17,876

Remaining lease payments under finance leases

The remaining lease payments under our operating and finance leases follows:

	Cont Ops				Disc Ops
Year Ended December 31,	Operating  Leases		Finance  Leases		Operating  Leases		Finance  Leases
(in thousands)
2022	$	38,393	$	645	$	22,690	$	6,383
2023	33,745		259		13,731		5,157
2024	22,787		—		9,889		3,392
2025	18,582		—		6,202		3,036
2026	11,302		—		3,901		563
Thereafter	6,002		—		25,854		—
Total lease payments	$	130,811	$	904	$	82,267	$	18,531
Less: Interest	(8,275)		(9)		(7,619)		(655)
Present value of lease liabilities	$	122,536	$	895	$	74,648	$	17,876

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Derivatives and Hedging (Tables)

12 Months Ended

Dec. 31, 2021

Derivative Instruments and Hedging Activities Disclosure [Abstract]

Schedule of fair values of derivatives designated as hedging instruments under ASC 815

The fair values of derivatives designated as hedging instruments follows:

	Asset Derivatives					Liability Derivatives
(in thousands)	Balance Sheet Location	December 31, 2021		December 31, 2020		Balance Sheet Location	December 31, 2021		December 31, 2020
Foreign currency contracts	Other current assets	$	6,947	$	20,004	Other accrued liabilities	$	19	$	4
Commodity contracts	Other current assets	—		—		Other accrued liabilities	—		—
Foreign currency contracts	Other assets	2,990		2,184		Noncurrent liabilities	26		25
Total		$	9,937	$	22,188		$	45	$	29

Schedule of derivative instrument gain (loss)

The after-tax amount of gain (loss) recognized in OCI and reclassified from AOCI into earnings associated with derivative instruments designated as cash flow hedges follows:

	After-Tax Amount of Gain (Loss) Recognized in OCI							After-Tax Amount of Gain (Loss) Reclassified from AOCI into Earnings
Cash Flow Hedges (in thousands)	2021		2020		2019		Location of Gain (Loss)	2021		2020		2019
Foreign currency contracts	$	10,752	$	19,608	$	1,043	Cost of revenue	$	20,212	$	2,382	$	(1,041)
Commodity contracts	—		(107)		460		Cost of revenue	—		(100)		453
Interest rate contracts	—		—		—		Interest expense	(114)		(1,678)		(1,049)
Total	$	10,752	$	19,501	$	1,503		$	20,098	$	604	$	(1,637)

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Other Comprehensive Income (Loss) (Tables)

12 Months Ended

Dec. 31, 2021

Stockholders' Equity Note [Abstract]

Schedule of tax effects of components of other comprehensive income (loss)

The components of OCI follow:

	Year Ended December 31,
	2021						2020						2019
(in thousands)	Before-Tax Amount		Tax (Expense) Benefit		Net-of-Tax Amount		Before-Tax Amount		Tax (Expense) Benefit		Net-of-Tax Amount		Before-Tax Amount		Tax (Expense) Benefit		Net-of-Tax Amount
OCI:
Foreign currency translation adjustments	$	(37,422)	$	(11)	$	(37,433)	$	(17,127)	$	—	$	(17,127)	$	101,096	$	(35,596)	$	65,500
Ownership share of equity method investees' OCI	545		(2,237)		(1,692)		(21,837)		3,309		(18,528)		(15,630)		3,846		(11,784)
DB plan adjustments	153,285		(52,313)		100,972		(19,392)		—		(19,392)		150,427		(44,975)		105,452
Unrealized gain (loss) on hedges	(11,068)		1,722		(9,346)		23,531		(4,634)		18,897		4,734		(1,594)		3,140
Total OCI	105,340		(52,839)		52,501		(34,825)		(1,325)		(36,150)		240,627		(78,319)		162,308
Less: OCI attributable to NCI	1,334		—		1,334		883		—		883		(1,350)		—		(1,350)
OCI attributable to Fluor Corporation	$	104,006	$	(52,839)	$	51,167	$	(35,708)	$	(1,325)	$	(37,033)	$	241,977	$	(78,319)	$	163,658

Schedule of changes in AOCI balances by component (after-tax)

The changes in AOCI balances follow:

(in thousands)	Foreign Currency Translation		Ownership Share of Equity Method Investees' OCI		DB Plans		Unrealized Gain (Loss) on Hedges		AOCI, Net
Attributable to Fluor Corporation:
Balance as of December 31, 2020	$	(260,960)	$	(53,984)	$	(118,589)	$	16,627	$	(416,906)
OCI before reclassifications	(38,767)		(2,259)		(50,482)		10,752		(80,756)
Amounts reclassified from AOCI	—		567		151,454		(20,098)		131,923
Net OCI	(38,767)		(1,692)		100,972		(9,346)		51,167
Balance as of December 31, 2021	$	(299,727)	$	(55,676)	$	(17,617)	$	7,281	$	(365,739)
Attributable to NCI:
Balance as of December 31, 2020	$	(4,168)	$	—	$	—	$	—	$	(4,168)
OCI before reclassifications	1,334		—		—		—		1,334
Amount reclassified from AOCI	—		—		—		—		—
Net OCI	1,334		—		—		—		1,334
Balance as of December 31, 2021	$	(2,834)	$	—	$	—	$	—	$	(2,834)

(in thousands)	Foreign Currency Translation		Ownership Share of Equity Method Investees' OCI		DB Plans		Unrealized Gain (Loss) on Hedges		AOCI, Net
Attributable to Fluor Corporation:
Balance as of December 31, 2019	$	(242,950)	$	(35,456)	$	(99,197)	$	(2,270)	$	(379,873)
OCI before reclassifications	(18,010)		(19,076)		(22,921)		19,501		(40,506)
Amounts reclassified from AOCI	—		548		3,529		(604)		3,473
Net OCI	(18,010)		(18,528)		(19,392)		18,897		(37,033)
Balance as of December 31, 2020	$	(260,960)	$	(53,984)	$	(118,589)	$	16,627	$	(416,906)
Attributable to NCI:
Balance as of December 31, 2019	$	(5,051)	$	—	$	—	$	—	$	(5,051)
OCI before reclassifications	883		—		—		—		883
Amount reclassified from AOCI	—		—		—		—		—
Net OCI	883		—		—		—		883
Balance as of December 31, 2020	$	(4,168)	$	—	$	—	$	—	$	(4,168)

(in thousands)	Foreign Currency Translation		Ownership Share of Equity Method Investees' OCI		DB Plans		Unrealized Gain (Loss) on Hedges		AOCI, Net
Attributable to Fluor Corporation:
Balance as of December 31, 2018	$	(309,800)	$	(23,672)	$	(204,649)	$	(5,410)	$	(543,531)
OCI before reclassifications	19,957		(12,304)		4,006		1,503		13,162
Amounts reclassified from AOCI	46,893		520		101,446		1,637		150,496
Net OCI	66,850		(11,784)		105,452		3,140		163,658
Balance as of December 31, 2019	$	(242,950)	$	(35,456)	$	(99,197)	$	(2,270)	$	(379,873)
Attributable to NCI:
Balance as of December 31, 2018	$	(3,701)	$	—	$	—	$	—	$	(3,701)
OCI before reclassifications	(1,350)		—		—		—		(1,350)
Amount reclassified from AOCI	—		—		—		—		—
Net OCI	(1,350)		—		—		—		(1,350)
Balance as of December 31, 2019	$	(5,051)	$	—	$	—	$	—	$	(5,051)

Schedule of significant items reclassified out of accumulated other comprehensive income (loss)

The reclassifications out of AOCI follow:

	Location in Consolidated  Statement of Operations	Year Ended December 31,
(in thousands)		2021		2020		2019
Component of AOCI:
Foreign currency translation adjustment	Impairment, restructuring & other exit costs	$	—	$	—	$	(84,286)
Income tax benefit	Income tax expense (benefit)	—		—		37,393
Net of tax		$	—	$	—	$	(46,893)
Ownership share of equity method investees' OCI	Cost of revenue	$	(756)	$	(730)	$	(695)
Income tax benefit	Income tax expense (benefit)	189		182		175
Net of tax		$	(567)	$	(548)	$	(520)
DB plan adjustments	Various accounts(1)	$	(202,733)	$	(3,529)	$	(146,579)
Income tax benefit	Income tax expense (benefit)	51,279		—		45,133
Net of tax		$	(151,454)	$	(3,529)	$	(101,446)
Unrealized gain (loss) on hedges:
Commodity and foreign currency contracts	Various accounts(2)	$	26,576	$	1,837	$	(1,370)
Interest rate contracts	Interest expense	(1,189)		(1,678)		(1,678)
Income tax benefit	Income tax expense (benefit)	(5,289)		445		1,411
Net of tax:		$	20,098	$	604	$	(1,637)

(1)DB plan adjustments were reclassified to "G&A" and "Loss on pension settlement".

(2)Gains and losses on commodity and foreign currency derivatives were reclassified to "Cost of revenue" and "G&A".

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Discontinued Operations (Tables)

12 Months Ended

Dec. 31, 2021

Discontinued Operations and Disposal Groups [Abstract]

Schedule of Impairment Expense

Impairment expense, included in Cont Ops, for 2021, 2020 and 2019 is summarized as follows:

	Year Ended December 31,
(in thousands)	2021		2020		2019
Impairment expense:
Energy Solutions' equity method investments	$	27,934	$	86,096	$	256,769
Information technology assets	15,858		16,269		—
Total impairment expense	$	43,792	$	102,365	$	256,769

Impairment expense, included in Disc Ops, is summarized as follows:

	Year Ended December 31, 2021				Year Ended December 31, 2020				Year Ended December 31, 2019
(in thousands)	Stork		AMECO		Stork		AMECO		Stork		AMECO
Impairment expense:
Goodwill (1)	$	12,700	$	—	$	168,568	$	12,300	$	—	$	2,125
Intangible customer relationships (2)	—		—		26,671		—		33,657		—
Fair value adjustment and expected costs associated with sale (3)	180,500		53,085		—		133,400		—		—
Total impairment expense	$	193,200	$	53,085	$	195,239	$	145,700	$	33,657	$	2,125

(1) As part of our assessment of goodwill in 2020, the fair value of the reporting units was determined using an income based approach that utilized unobservable Level 3 inputs, including significant management assumptions such as expected awards, forecasted revenue and operating margins, weighted average cost of capital, working capital assumptions and general market trends and conditions.

(2) The customer relationships' valuation approach utilized unobservable Level 3 inputs including ranges of assumptions of long-term revenue growth from 2% to 5.5% with a weighted average of 2.4%, weighted average cost of capital of 12% and a customer attrition factor of 10%.

(3) The fair value of the Stork and AMECO assets were determined using a combination of observable level 2 inputs in 2021, including indicative offers and ongoing negotiations for the related assets, and an income based approach that utilized unobservable Level 3 inputs in 2020, including significant management assumptions such as expected awards, forecasted revenue and operating margins, weighted average cost of capital, working capital assumptions and general market trends and conditions.

Earnings from discontinued operations, net of tax

Disc Ops information follows:

	Year Ended December 31, 2021								Year Ended December 31, 2020								Year Ended December 31, 2019
(in thousands)	Stork		AMECO		Other		Total		Stork		AMECO		Other		Total		Stork		AMECO		Other		Total
Revenue	$	1,599,705	$	122,263	$	—	$	1,721,968	$	1,509,238	$	216,994	$	—	$	1,726,232	$	1,805,705	$	317,371	$	—	$	2,123,076
Cost of revenue	(1,559,327)		(124,948)		(9,106)		(1,693,381)		(1,514,374)		(195,024)		(13,198)		(1,722,596)		(1,794,266)		(354,782)		21,152		(2,127,896)
Gross profit	40,378		(2,685)		(9,106)		28,587		(5,136)		21,970		(13,198)		3,636		11,439		(37,411)		21,152		(4,820)
G&A	(4,351)		—		—		(4,351)		—		(234)		—		(234)		—		(239)		—		(239)
Impairment, restructuring and other exit costs	(193,200)		(53,085)		—		(246,285)		(196,503)		(146,430)		—		(342,933)		(92,906)		(121,252)		—		(214,158)
Loss on sale of AMECO	—		(26,670)		—		(26,670)		—		(1,390)		—		(1,390)		—		—		—		—
Foreign currency gain (loss)	(228)		(157)		—		(385)		(2,078)		55		—		(2,023)		(413)		(1,265)		—		(1,678)
Operating profit (loss)	(157,401)		(82,597)		(9,106)		(249,104)		(203,717)		(126,029)		(13,198)		(342,944)		(81,880)		(160,167)		21,152		(220,895)
Interest (expense) income, net	(4,995)		27		—		(4,968)		(4,633)		(159)		—		(4,792)		(7,365)		341		—		(7,024)
Earnings (loss) before taxes from Disc Ops	(162,396)		(82,570)		(9,106)		(254,072)		(208,350)		(126,188)		(13,198)		(347,736)		(89,245)		(159,826)		21,152		(227,919)
Income tax (expense) benefit	(3,480)		—		—		(3,480)		(2,736)		(3,957)		—		(6,693)		(3,265)		3,938		(4,447)		(3,774)
Net earnings (loss) from Disc Ops	$	(165,876)	$	(82,570)	$	(9,106)	$	(257,552)	$	(211,086)	$	(130,145)	$	(13,198)	$	(354,429)	$	(92,510)	$	(155,888)	$	16,705	$	(231,693)
Less: Net earnings (loss) from Disc Ops attributable to NCI	$	883	$	(1)	$	—	$	882	$	1,537	$	1	$	—	$	1,538	$	7,169	$	660	$	—	$	7,829
Net earnings (loss) from Disc Ops attributable to Fluor	$	(166,759)	$	(82,569)	$	(9,106)	$	(258,434)	$	(212,623)	$	(130,146)	$	(13,198)	$	(355,967)	$	(99,679)	$	(156,548)	$	16,705	$	(239,522)

Assets and liabilities held for sale

The following summarizes information related to assets and liabilities classified as held for sale:

	December 31, 2021							December 31, 2020
(in thousands)	Stork	AMECO	Other	Total from Disc Ops	Other Assets and Liabilities from Cont Ops		Total	Stork	AMECO	Other	Total from Disc Ops	Other Assets and Liabilities from Cont Ops		Total
Accounts and notes receivable, net	$237,808	$26,355	$5,176	$269,339	$	—	$269,339	$245,105	$42,797	$10,475	$298,377	$	—	$298,377
Contract assets	134,516	—	—	134,516	—		134,516	108,152	2,188	—	110,340	—		110,340
Other current assets	41,126	18,853	—	59,979	—		59,979	45,384	73,618	—	119,002	—		119,002
Current assets held for sale	413,450	45,208	5,176	463,834	—		463,834	398,641	118,603	10,475	527,719	—		527,719
Property, plant and equipment, net	98,425	—	—	98,425	22,000		120,425	97,258	67,380	—	164,638	24,538		189,176
Goodwill	113,816	—	—	113,816	—		113,816	141,889	—	—	141,889	—		141,889
Investments	3,339	—	—	3,339	7,028		10,367	4,649	—	—	4,649	5,064		9,713
Other assets	125,306	21,107	—	146,413	—		146,413	135,421	13,810	—	149,231	—		149,231
Noncurrent assets held for sale (1)	340,886	21,107	—	361,993	29,028		391,021	379,217	81,190	—	460,407	29,602		490,009
Total assets held for sale	$754,336	$66,315	$5,176	$825,827	$29,028		$854,855	$777,858	$199,793	$10,475	$988,126	$29,602		$1,017,728
Accounts payable	$114,683	$6,423	$507	$121,613	$	—	$121,613	$116,580	$17,388	$13	$133,981	$	—	$133,981
Short-term borrowings	16,975	—	—	16,975	—		16,975	20,525	—	—	20,525	—		20,525
Contract liabilities	54,421	10	—	54,431	—		54,431	46,997	782	—	47,779	—		47,779
Accrued salaries, wages and benefits	60,519	1,164	—	61,683	—		61,683	57,626	7,152	—	64,778	—		64,778
Other accrued liabilities	290,853	51,506	—	342,359	—		342,359	113,965	11,977	—	125,942	—		125,942
Current liabilities held for sale	537,451	59,103	507	597,061	—		597,061	355,693	37,299	13	393,005	—		393,005
Noncurrent liabilities held for sale(1)	87,793	11,809	—	99,602	—		99,602	98,940	9,478	—	108,418	—		108,418
Total liabilities held for sale	$625,244	$70,912	$507	$696,663	$	—	$696,663	$454,633	$46,777	$13	$501,423	$	—	$501,423

(1)    Noncurrent assets and liabilities held for sale were classified as current as we expect to complete the sale of Stork and the remaining AMECO operations early in 2022.

Consolidated statements of cash flows for the discontinued operations

The changes in assets and liabilities included in operating cash flow follow:

	Year Ended December 31,
(in thousands)	2021		2020		2019
(Increase) decrease in:
Accounts and notes receivable, net	$	5,393	$	138,388	$	210,419
Contract assets	(178,632)		280,360		207,467
Other current assets	(167,416)		3,893		(80,248)
Other assets	283,895		76,613		44,707
Increase (decrease) in:
Accounts payable	6,360		(343,113)		(46,873)
Contract liabilities	(175,812)		(53,580)		202,359
Accrued liabilities	108,896		(11,829)		29,880
Other liabilities	(79,336)		(59,684)		63,986
Increase (decrease) in cash due to changes in assets and liabilities	$	(196,652)	$	31,048	$	631,697
Cash paid during the year for:
Interest	$	90,299	$	65,641	$	71,938
Income taxes (net of refunds)	74,589		65,188		204,080

Our cash flow information for 2021, 2020 and 2019 included the following activities related to Disc Ops:

	Year Ended December 31,
(in thousands)	2021						2020						2019
	Stork		AMECO		Total		Stork		AMECO		Total		Stork		AMECO		Total
Impairment expense	$	193,200	$	53,085	$	246,285	$	195,239	$	145,700	$	340,939	$	64,335	$	32,428	$	96,763
Depreciation of fixed assets	5,417		—		5,417		21,849		—		21,849		24,203		54,568		78,771
Amortization of stock-based awards	—		—		—		—		56		56		—		123		123
Capital expenditures	(16,861)		(11,019)		(27,880)		(21,087)		(26,913)		(48,000)		(28,185)		(73,433)		(101,618)

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Quarterly Financial Data (Unaudited) (Tables)

12 Months Ended

Dec. 31, 2021

Quarterly Financial Information Disclosure [Abstract]

Summary of quarterly results of operations

(in millions, except per share amounts)	First Quarter		Second Quarter		Third Quarter		Fourth Quarter
Year ended December 31, 2021
Revenue	$	2,939	$	3,236	$	3,103	$	3,157
Cost of revenue	(2,846)		(3,177)		(2,997)		(3,003)
Earnings (loss) from Cont Ops before taxes	(28)		(13)		70		(157)
Net earnings (loss) from Cont Ops	(28)		(14)		43		(145)
Amounts attributable to Fluor Corporation:
Net earnings (loss) from Cont Ops	(61)		(6)		46		(161)
Net earnings (loss) from Disc Ops	(26)		(108)		(6)		(118)
Net earnings (loss)	$	(87)	$	(114)	$	40	$	(279)
Basic earnings (loss) per share attributable to Fluor Corporation:
Net earnings (loss) from Cont Ops	$	(0.43)	$	(0.08)	$	0.26	$	(1.21)
Net earnings (loss) from Disc Ops	(0.19)		(0.76)		(0.04)		(0.84)
Net earnings (loss)	$	(0.62)	$	(0.84)	$	0.22	$	(2.04)
Diluted earnings (loss) per share attributable to Fluor Corporation:
Net earnings (loss) from Cont Ops	$	(0.43)	$	(0.08)	$	0.26	$	(1.21)
Net earnings (loss) from Disc Ops	(0.19)		(0.76)		(0.04)		(0.84)
Net earnings (loss)	$	(0.62)	$	(0.84)	$	0.22	$	(2.04)
(in millions, except per share amounts)	First Quarter		Second Quarter		Third Quarter		Fourth Quarter
Year ended December 31, 2020
Revenue	$	3,698	$	3,735	$	3,457	$	3,268
Cost of revenue	(3,634)		(3,656)		(3,324)		(3,144)
Earnings (loss) from Cont Ops before taxes	(32)		23		54		(42)
Net earnings (loss) from Cont Ops	31		(8)		26		(61)
Amounts attributable to Fluor Corporation:
Net earnings (loss) from Cont Ops	22		(15)		21		(107)
Net earnings (loss) from Disc Ops	(288)		(10)		(2)		(56)
Net earnings (loss)	$	(266)	$	(25)	$	19	$	(163)
Basic earnings (loss) per share attributable to Fluor Corporation:
Net earnings (loss) from Cont Ops	$	0.15	$	(0.11)	$	0.15	$	(0.76)
Net earnings (loss) from Disc Ops	(2.05)		(0.07)		(0.01)		(0.40)
Net earnings (loss)	$	(1.90)	$	(0.18)	$	0.14	$	(1.16)
Diluted earnings (loss) per share attributable to Fluor Corporation:
Net earnings (loss) from Cont Ops	$	0.15	$	(0.11)	$	0.15	$	(0.76)
Net earnings (loss) from Disc Ops	(2.05)		(0.07)		(0.01)		(0.40)
Net earnings (loss)	$	(1.90)	$	(0.18)	$	0.14	$	(1.16)

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Description of Business (Details)	12 Months Ended
	Dec. 31, 2021 segment
Organization, Consolidation and Presentation of Financial Statements [Abstract]
Number of reportable segments	4

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Significant Accounting Policies - Revenue Recognition (Details)	12 Months Ended
	Dec. 31, 2021 yr
New Accounting Pronouncements or Change in Accounting Principle [Line Items]
RUPO maintenance contracts, number of additional years recognized	3
Contract assets, incurred costs, billing and collection, period	1 year
Minimum
New Accounting Pronouncements or Change in Accounting Principle [Line Items]
Customer payments on engineering and construction contracts, period until due	30 days
Maximum
New Accounting Pronouncements or Change in Accounting Principle [Line Items]
Customer payments on engineering and construction contracts, period until due	45 days

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Significant Accounting Policies - Schedule of Useful Lives (Details)	12 Months Ended
	Dec. 31, 2021
Minimum
Property plant and equipment
Operating lease, term of contract	12 months
Minimum | Buildings
Property plant and equipment
Useful life	20 years
Minimum | Building and leasehold improvements
Property plant and equipment
Useful life	6 years
Minimum | Machinery and equipment
Property plant and equipment
Useful life	2 years
Minimum | Furniture and fixtures
Property plant and equipment
Useful life	2 years
Maximum
Property plant and equipment
Operating lease, term of contract	10 years
Maximum | Buildings
Property plant and equipment
Useful life	40 years
Maximum | Building and leasehold improvements
Property plant and equipment
Useful life	20 years
Maximum | Machinery and equipment
Property plant and equipment
Useful life	10 years
Maximum | Furniture and fixtures
Property plant and equipment
Useful life	10 years

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Earnings Per Share (Details) - USD ($) $ / shares in Units, shares in Thousands, $ in Thousands	3 Months Ended								12 Months Ended
	Dec. 31, 2021	Sep. 30, 2021	Jun. 30, 2021	Mar. 31, 2021	Dec. 31, 2020	Sep. 30, 2020	Jun. 30, 2020	Mar. 31, 2020	Dec. 31, 2021	Dec. 31, 2020	Dec. 31, 2019
Net earnings (loss) from Cont Ops attributable to Fluor
Net earnings (loss) attributable to Fluor Corporation from Cont Ops	$ (161,000)	$ 46,000	$ (6,000)	$ (61,000)	$ (107,000)	$ 21,000	$ (15,000)	$ 22,000	$ (181,736)	$ (79,079)	$ (1,282,642)
Less: Dividends on CPS									24,375	0	0
Net earnings (loss) from Cont Ops available to Fluor common stockholders									(206,111)	(79,079)	(1,282,642)
Net earnings (loss) from Disc Ops attributable to Fluor	$ (118,000)	$ (6,000)	$ (108,000)	$ (26,000)	$ (56,000)	$ (2,000)	$ (10,000)	$ (288,000)	(258,434)	(355,967)	(239,522)
Net earnings (loss) available to Fluor common stockholders									$ (464,545)	$ (435,046)	$ (1,522,164)
Weighted average common shares outstanding (shares)									141,275	140,511	140,061
Diluted effect:
CPS (in shares)									0	0	0
Stock options, RSU's, restricted stock and performance-based award units (in shares)									0	0	0
Weighted average diluted shares outstanding (in shares)									141,275	140,511	140,061
Basic EPS available to Fluor common stockholders:
Net earnings (loss) from continuing operations (in dollars per share)	$ (1.21)	$ 0.26	$ (0.08)	$ (0.43)	$ (0.76)	$ 0.15	$ (0.11)	$ 0.15	$ (1.46)	$ (0.56)	$ (9.16)
Net earnings (loss) from Disc Ops (in dollars per share)	(0.84)	(0.04)	(0.76)	(0.19)	(0.40)	(0.01)	(0.07)	(2.05)	(1.83)	(2.53)	(1.71)
Diluted EPS available to Fluor common stockholders:
Net earnings (loss) from continuing operations (in dollars per share)	(1.21)	0.26	(0.08)	(0.43)	(0.76)	0.15	(0.11)	0.15	(1.46)	(0.56)	(9.16)
Net earnings from discontinued operations (in dollars per share)	$ (0.84)	$ (0.04)	$ (0.76)	$ (0.19)	$ (0.40)	$ (0.01)	$ (0.07)	$ (2.05)	$ (1.83)	$ (2.53)	$ (1.71)

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Earnings Per Share - Antidilutive Securities Excluded from Computation of EPS (Details) - shares shares in Thousands	12 Months Ended
	Dec. 31, 2021	Dec. 31, 2020	Dec. 31, 2019
CPS
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]
Anti-dilutive securities not included above (in shares)	16,674
All Others
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]
Anti-dilutive securities not included above (in shares)	1,899	709	593

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Operating Information by Segment and Geographic Area - External Revenue and Segment Profit (Loss) (Details) - USD ($) $ in Thousands	3 Months Ended								12 Months Ended
	Dec. 31, 2021	Sep. 30, 2021	Jun. 30, 2021	Mar. 31, 2021	Dec. 31, 2020	Sep. 30, 2020	Jun. 30, 2020	Mar. 31, 2020	Dec. 31, 2021	Dec. 31, 2020	Dec. 31, 2019
Segment reporting information
Revenue	$ 3,157,000	$ 3,103,000	$ 3,236,000	$ 2,939,000	$ 3,268,000	$ 3,457,000	$ 3,735,000	$ 3,698,000	$ 12,434,879	$ 14,157,929	$ 15,454,484
Segment profit (loss)									(59,730)	45,288	(828,335)
G&A									(216,451)	(201,522)	(139,819)
Impairment, restructuring & other exit costs									(43,792)	(108,357)	(318,442)
Gain (loss) on pension settlement									(198,000)	0	(138,000)
Foreign currency gain (loss)									(12,950)	(44,765)	(26,124)
Interest income (expense), net									(68,000)	(42,000)	(11,000)
Earnings (loss) from Cont Ops attributable to NCI									37,000	67,000	(39,000)
Earnings (loss) from Cont Ops before taxes	(157,000)	$ 70,000	$ (13,000)	$ (28,000)	(42,000)	$ 54,000	$ 23,000	$ (32,000)	(127,705)	3,494	(839,465)
Depreciation (all but Corporate included in segment profit)									73,200	102,451	154,599
Capital expenditures									75,073	113,442	180,842
Total assets	7,279,563				7,309,812				7,279,563	7,309,812
Goodwill	206,508				207,369				206,508	207,369
Cont Ops
Segment reporting information
Depreciation (all but Corporate included in segment profit)									68,000	81,000	75,000
Capital expenditures									50,000	61,000	74,000
Disc Ops - Assets held for sale	29,028				29,602				29,028	29,602
Disc Ops
Segment reporting information
Depreciation (all but Corporate included in segment profit)									5,417	21,849	78,771
Disc Ops - Assets held for sale	825,827				988,126				825,827	988,126
Reportable segments
Segment reporting information
Goodwill	207,000				207,000				207,000	207,000
Reportable segments | Cont Ops
Segment reporting information
Revenue									12,435,000	14,158,000	15,454,000
Segment profit (loss)									374,000	333,000	(167,000)
Intercompany revenue for our professional staffing business, excluded from revenue above | Cont Ops
Segment reporting information
Revenue									261,000	269,000	310,000
Energy Solutions | Reportable segments
Segment reporting information
Total assets	1,158,000				1,011,000				1,158,000	1,011,000
Goodwill	13,000				13,000				13,000	13,000
Energy Solutions | Reportable segments | Cont Ops
Segment reporting information
Revenue									4,956,000	5,271,000	5,838,000
Segment profit (loss)									250,000	169,000	(97,000)
Depreciation (all but Corporate included in segment profit)									0	0	0
Capital expenditures									0	0	0
Urban Solutions | Reportable segments
Segment reporting information
Total assets	906,000				1,123,000				906,000	1,123,000
Goodwill	130,000				130,000				130,000	130,000
Urban Solutions | Reportable segments | Cont Ops
Segment reporting information
Revenue									4,416,000	5,854,000	6,590,000
Segment profit (loss)									38,000	161,000	(50,000)
Depreciation (all but Corporate included in segment profit)									9,000	10,000	7,000
Capital expenditures									25,000	29,000	12,000
Mission Solutions | Reportable segments
Segment reporting information
Total assets	764,000				576,000				764,000	576,000
Goodwill	58,000				58,000				58,000	58,000
Mission Solutions | Reportable segments | Cont Ops
Segment reporting information
Revenue									3,063,000	3,033,000	3,026,000
Segment profit (loss)									155,000	87,000	46,000
Depreciation (all but Corporate included in segment profit)									4,000	4,000	4,000
Capital expenditures									4,000	3,000	3,000
Other | Reportable segments
Segment reporting information
Total assets	38,000				37,000				38,000	37,000
Goodwill	6,000				6,000				6,000	6,000
Other | Reportable segments | Cont Ops
Segment reporting information
Segment profit (loss)									(69,000)	(84,000)	(66,000)
Depreciation (all but Corporate included in segment profit)									2,000	2,000	2,000
Capital expenditures									2,000	4,000	1,000
Corporate | Reportable segments
Segment reporting information
Total assets	$ 3,588,000				$ 3,575,000				3,588,000	3,575,000
Corporate | Reportable segments | Cont Ops
Segment reporting information
Depreciation (all but Corporate included in segment profit)									53,000	65,000	62,000
Capital expenditures									19,000	25,000	58,000
Diversified Services Segment | Reportable segments | Cont Ops
Segment reporting information
Depreciation (all but Corporate included in segment profit)									5,000	22,000	79,000
Capital expenditures									$ 28,000	$ 48,000	$ 102,000

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Operating Information by Segment and Geographic Area - Narrative (Details) $ / shares in Units, $ in Thousands	12 Months Ended
	Dec. 31, 2021 USD ($) $ / shares	Dec. 31, 2020 USD ($) project $ / shares	Dec. 31, 2019 USD ($) project $ / shares
Segment Reporting Information [Line Items]
Charges from write-off of embedded foreign currency derivatives			$ 26,000
Charges from write-off of embedded foreign currency derivatives (in dollars per share) | $ / shares			$ 0.19
Capital contributions by NCI	$ 201,847	$ 110,051	$ 64,646
Energy Solutions
Segment Reporting Information [Line Items]
Recognition of reserves for expected credit losses		$ 60,000
Change in cost and schedule impacts			$ 87,000
Change in cost and schedule impacts (in dollars per share) | $ / shares			$ 0.62
Number of projects | project			2
Energy Solutions | Write-off of pre-contract costs
Segment Reporting Information [Line Items]
Charges from write-off of pre-contract costs			$ 26,000
Charges from write-off of pre-contract costs (in dollars per share) | $ / shares			$ 190,000
Energy Solutions | Close-out matters
Segment Reporting Information [Line Items]
Pre-tax charges associated with forecast revisions			$ 31,000
Pre-tax charges adversely affecting earnings before taxes (in dollars per share) | $ / shares			$ 0.22
Energy Solutions | North America | Forecast revisions for estimated cost Growth on an offshore project
Segment Reporting Information [Line Items]
Pre-tax charges associated with forecast revisions			$ 260,000
Pre-tax charges adversely affecting earnings before taxes (in dollars per share) | $ / shares			$ 1.85
Energy Solutions | Single customer | Consolidated revenue | Customer concentration
Segment Reporting Information [Line Items]
Concentration risk (as a percentage)	15.00%	13.00%	13.00%
Urban Solutions
Segment Reporting Information [Line Items]
Gains related to favorable dispute resolution			$ (31,000)
Gains related to favorable dispute resolution (in dollars per share) | $ / shares			$ 0.16
Mission Solutions
Segment Reporting Information [Line Items]
Number of projects | project		3
Mission Solutions | Settlement of client disputes as well as cost growth related to close-out matters
Segment Reporting Information [Line Items]
Effect of forecast revision on estimated project cost		$ 135,000
Effect of forecast revision on estimated project cost (in dollars per share) | $ / shares		$ 0.96
Mission Solutions | Late engineering changes
Segment Reporting Information [Line Items]
Effect of forecast revision on estimated project cost		$ 133,000
Effect of forecast revision on estimated project cost (in dollars per share) | $ / shares		$ 0.95
Other | Warren project
Segment Reporting Information [Line Items]
Effect of forecast revision on estimated project cost			$ 59,000
Effect of forecast revision on estimated project cost (in dollars per share) | $ / shares			$ 0.42
Other | Radford project
Segment Reporting Information [Line Items]
Effect of forecast revision on estimated project cost			$ 83,000
Effect of forecast revision on estimated project cost (in dollars per share) | $ / shares			$ 0.59
Other | JGC Holdings Corporation, GS Energy And IHI Corporation | Reportable segments | NuScale
Segment Reporting Information [Line Items]
Capital contributions by NCI	$ 193,000	$ 9,000	$ 49,000
Urban Solutions
Segment Reporting Information [Line Items]
Effect of forecast revision on estimated project cost	$ 138,000
Effect of forecast revision on estimated project cost (in dollars per share) | $ / shares	$ 0.72
Government Segment | Consolidated revenue | Customer concentration
Segment Reporting Information [Line Items]
Concentration risk (as a percentage)	24.00%	20.00%	17.00%

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Operating Information by Segment and Geographic Area - External Revenue and Total Assets by Geographic Area (Details) - USD ($) $ in Thousands	3 Months Ended								12 Months Ended
	Dec. 31, 2021	Sep. 30, 2021	Jun. 30, 2021	Mar. 31, 2021	Dec. 31, 2020	Sep. 30, 2020	Jun. 30, 2020	Mar. 31, 2020	Dec. 31, 2021	Dec. 31, 2020	Dec. 31, 2019
Revenues from External Customers and Long-Lived Assets [Line Items]
Revenue	$ 3,157,000	$ 3,103,000	$ 3,236,000	$ 2,939,000	$ 3,268,000	$ 3,457,000	$ 3,735,000	$ 3,698,000	$ 12,434,879	$ 14,157,929	$ 15,454,484
Total assets	7,279,563				7,309,812				7,279,563	7,309,812
North America
Revenues from External Customers and Long-Lived Assets [Line Items]
Revenue									8,130,000	9,388,000	7,895,000
Total assets	4,526,000				3,982,000				4,526,000	3,982,000
Asia Pacific (includes Australia)
Revenues from External Customers and Long-Lived Assets [Line Items]
Revenue									1,264,000	1,324,000	1,695,000
Total assets	617,000				562,000				617,000	562,000
Europe
Revenues from External Customers and Long-Lived Assets [Line Items]
Revenue									1,458,000	1,791,000	2,869,000
Total assets	1,081,000				1,404,000				1,081,000	1,404,000
Central and South America
Revenues from External Customers and Long-Lived Assets [Line Items]
Revenue									1,252,000	1,126,000	2,021,000
Total assets	612,000				813,000				612,000	813,000
Middle East and Africa
Revenues from External Customers and Long-Lived Assets [Line Items]
Revenue									331,000	529,000	$ 974,000
Total assets	$ 444,000				$ 549,000				$ 444,000	$ 549,000

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Impairment, Restructuring and Other Exit Costs - Schedule of Impairment (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2021	Dec. 31, 2020	Dec. 31, 2019
Restructuring [Line Items]
Total impairment expense	$ 43,792	$ 102,365	$ 256,769
Information technology assets
Restructuring [Line Items]
Information technology assets	15,858	16,269	0
Energy & Chemicals
Restructuring [Line Items]
Energy Solutions' equity method investments	$ 27,934	$ 86,096	$ 256,769

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Impairment, Restructuring and Other Exit Costs - Restructuring Costs (Details) - USD ($) $ in Thousands	3 Months Ended	12 Months Ended
	Mar. 31, 2020	Dec. 31, 2020	Dec. 31, 2019
Restructuring and other exit costs:
Severance		$ 5,256	$ 30,530
Asset impairments	$ 103,000	0	29,485
Other exit costs		736	1,658
Total restructuring and other exit costs		$ 5,992	$ 61,673

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Impairment, Restructuring and Other Exit Costs - Restructuring Liability (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2021	Dec. 31, 2020	Dec. 31, 2019
Restructuring Reserve
Restructuring charges accrued during the period	$ 43,792	$ 108,357	$ 318,442
Total
Restructuring Reserve
Beginning balance	16,587	31,043
Restructuring charges accrued during the period		5,992
Cash payments / settlements during the period	(16,484)	(19,651)
Currency translation	(103)	(797)
Ending balance	0	16,587	31,043
Severance
Restructuring Reserve
Beginning balance	16,481	30,479
Restructuring charges accrued during the period		5,256
Cash payments / settlements during the period	(16,378)	(18,858)
Currency translation	(103)	(396)
Ending balance	0	16,481	30,479
Other Exit Costs
Restructuring Reserve
Beginning balance	106	564
Restructuring charges accrued during the period		736
Cash payments / settlements during the period	(106)	(793)
Currency translation	0	(401)
Ending balance	$ 0	$ 106	$ 564

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Income Taxes - Narrative (Details) - USD ($) $ in Thousands	3 Months Ended	12 Months Ended
	Dec. 31, 2021	Dec. 31, 2021	Dec. 31, 2020
Income Tax Contingency [Line Items]
Deferred tax liabilities which have not been recorded with respect to unremitted earnings that are considered indefinitely reinvested	$ 31,000	$ 31,000
U.S. foreign tax credits	455,912	455,912	$ 414,348
Unrecognized tax benefits that, if recognized, would have favorably impacted effective tax rates	30,000	30,000
Accrued interest and penalties	13,000	13,000	11,000
Federal
Income Tax Contingency [Line Items]
Charge to tax expense to record valuation allowance		10,000	142,000
Netherlands and Belgium
Income Tax Contingency [Line Items]
Charge to tax expense to record valuation allowance			$ 28,000
Netherlands and Belgium | Foreign
Income Tax Contingency [Line Items]
Charge to tax expense to record valuation allowance		$ 42,000
Netherlands | Foreign
Income Tax Contingency [Line Items]
Charge to tax expense to record valuation allowance	$ 18,000

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Income Taxes - Income Tax Expense (Benefit) (Details) - USD ($) $ in Thousands	3 Months Ended	12 Months Ended
	Sep. 30, 2020	Dec. 31, 2021	Dec. 31, 2020	Dec. 31, 2019
Current:
Federal		$ 961	$ (121,411)	$ (36,591)
Foreign		40,823	133,810	159,876
State and local		(4,754)	5,343	4,295
Total current		37,030	17,742	127,580
Deferred:
Federal		0	17,451	325,351
Foreign		(20,541)	(19,337)	9,593
State and local		0	0	19,441
Total deferred		(20,541)	(1,886)	354,385
Total income tax expense		16,489	$ 15,856	$ 481,965
Proceeds from income tax refunds	$ 49,000
Expected refund in next fiscal year		$ 72,000

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Income Taxes - U.S. Statutory Federal Reconciliation (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2021	Dec. 31, 2020	Dec. 31, 2019
Income Tax Disclosure [Abstract]
U.S. statutory federal tax expense (benefit)	$ (26,818)	$ 734	$ (176,288)
Increase (decrease) in taxes resulting from:
State and local income taxes	12,777	(10,817)	(5,128)
U.S. tax on GILTI	0	3,835	21,433
NCI	(6,718)	(9,143)	13,209
Foreign tax differential, net	(23,315)	(10,386)	3,989
Valuation allowance, net	99,663	146,930	659,203
Other changes to uncertain tax positions	895	7,484	4,098
Stranded tax effects from AOCI	(51,782)	0	(35,619)
CARES Act benefit	2,188	(124,753)	0
Other, net	9,599	11,972	(2,932)
Total income tax expense	$ 16,489	$ 15,856	$ 481,965

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Income Taxes - Deferred Tax Assets and Liabilities (Details) - USD ($) $ in Thousands	Dec. 31, 2021	Dec. 31, 2020
Accrued liabilities not currently deductible:
Employee compensation and benefits	$ 138,034	$ 104,305
Project and non-project reserves	67,861	71,999
Net operating loss carryforward	346,561	326,402
Tax basis of investment in excess of book basis	144,019	118,915
U.S. foreign tax credit carryforward	455,912	414,348
AOCI	26,982	62,681
Other	26,794	103,955
Total deferred tax assets	1,206,163	1,202,605
Valuation allowance	(1,114,574)	(1,080,752)
Deferred tax assets, net	91,589	121,853
Deferred tax liabilities:
Book basis of property and equipment in excess of tax basis	(31,197)	(43,475)
Dividend withholding on unremitted non-U.S. earnings	(55,080)	(57,859)
Other	(21,539)	(23,349)
Total deferred tax liabilities	(107,816)	(124,683)
Deferred tax assets, net of deferred tax liabilities	$ (16,227)	$ (2,830)

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Income Taxes - Tax Credit Carryforward (Details) $ in Thousands	Dec. 31, 2021 USD ($)
Federal | 2022 - 2026
Tax Credit Carryforward [Line Items]
Tax credit carryforward, amount	$ 94,317
Net operating loss carryforwards related to various jurisdictions	0
Federal | 2027-2031
Tax Credit Carryforward [Line Items]
Tax credit carryforward, amount	361,595
Net operating loss carryforwards related to various jurisdictions	0
Federal | 2032-2041
Tax Credit Carryforward [Line Items]
Tax credit carryforward, amount	0
Net operating loss carryforwards related to various jurisdictions	0
Federal | Indefinite
Tax Credit Carryforward [Line Items]
Tax credit carryforward, amount	0
Net operating loss carryforwards related to various jurisdictions	163,099
State | 2022 - 2026
Tax Credit Carryforward [Line Items]
Net operating loss carryforwards related to various jurisdictions	10,932
State | 2027-2031
Tax Credit Carryforward [Line Items]
Net operating loss carryforwards related to various jurisdictions	34,034
State | 2032-2041
Tax Credit Carryforward [Line Items]
Net operating loss carryforwards related to various jurisdictions	351,159
State | Indefinite
Tax Credit Carryforward [Line Items]
Net operating loss carryforwards related to various jurisdictions	131,680
Foreign | 2022 - 2026
Tax Credit Carryforward [Line Items]
Net operating loss carryforwards related to various jurisdictions	40,177
Foreign | 2027-2031
Tax Credit Carryforward [Line Items]
Net operating loss carryforwards related to various jurisdictions	56,255
Foreign | 2032-2041
Tax Credit Carryforward [Line Items]
Net operating loss carryforwards related to various jurisdictions	5,783
Foreign | Indefinite
Tax Credit Carryforward [Line Items]
Net operating loss carryforwards related to various jurisdictions	$ 1,177,047

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Income Taxes - Unrecognized Tax Benefits (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2021	Dec. 31, 2020
Reconciliation of Unrecognized Tax Benefits, Excluding Amounts Pertaining to Examined Tax Returns
Balance at beginning of year	$ 48,413	$ 42,394
Change in tax positions of prior years	0	8,166
Change in tax positions of current year	0	0
Reduction in tax positions for statute expirations	(514)	(1,510)
Reduction in tax positions for audit settlements	0	(637)
Balance at end of year	$ 47,899	$ 48,413

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Income Taxes - U.S. and Foreign Earnings from Continuing Operations before Taxes (Details) - USD ($) $ in Thousands	3 Months Ended								12 Months Ended
	Dec. 31, 2021	Sep. 30, 2021	Jun. 30, 2021	Mar. 31, 2021	Dec. 31, 2020	Sep. 30, 2020	Jun. 30, 2020	Mar. 31, 2020	Dec. 31, 2021	Dec. 31, 2020	Dec. 31, 2019
Income Tax Disclosure [Abstract]
United States									$ (176,271)	$ (276,041)	$ (873,189)
Foreign									48,566	279,535	33,724
Earnings (loss) from Cont Ops before taxes	$ (157,000)	$ 70,000	$ (13,000)	$ (28,000)	$ (42,000)	$ 54,000	$ 23,000	$ (32,000)	$ (127,705)	$ 3,494	$ (839,465)

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Supplemental Cash Flow Information (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2021	Dec. 31, 2020	Dec. 31, 2019
(Increase) decrease in:
Accounts and notes receivable, net	$ 5,393	$ 138,388	$ 210,419
Contract assets	(178,632)	280,360	207,467
Other current assets	(167,416)	3,893	(80,248)
Other assets	283,895	76,613	44,707
Increase (decrease) in:
Accounts payable	6,360	(343,113)	(46,873)
Contract liabilities	(175,812)	(53,580)	202,359
Accrued liabilities	108,896	(11,829)	29,880
Other liabilities	(79,336)	(59,684)	63,986
Increase (decrease) in cash due to changes in assets and liabilities	(196,652)	31,048	631,697
Cash paid during the year for:
Interest	90,299	65,641	71,938
Income taxes (net of refunds)	$ 74,589	$ 65,188	$ 204,080

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Partnerships and Joint Ventures - Narrative (Details) $ in Thousands	3 Months Ended	12 Months Ended
	Mar. 31, 2020 USD ($)	Dec. 31, 2021 USD ($) investment	Dec. 31, 2020 USD ($)	Dec. 31, 2019 USD ($)
Variable interest entity information
Asset impairments	$ 103,000		$ 0	$ 29,485
Number of joint ventures divested | investment		3
Cooec Fluor Heavy Industries Co. Limited
Variable interest entity information
Future funding commitments		$ 26,000
Cooec Fluor Heavy Industries Co. Limited
Variable interest entity information
Asset impairments		$ 28,000	86,000	$ 257,000
Ownership interest (as a percent)		49.00%
Sacyr Fluor | Discontinued Operations, Disposed of by Sale | Urban Solutions
Variable interest entity information
Ownership interest (as a percent)		10.00%
Gain (loss) on sale of investments		$ 20,000
Sacyr Fluor | Discontinued Operations, Disposed of by Sale | Energy Solutions
Variable interest entity information
Ownership interest (as a percent)		50.00%
Gain (loss) on sale of investments		$ (11,000)
Infrastructure Joint Venture | Discontinued Operations, Disposed of by Sale
Variable interest entity information
Gain (loss) on sale of investments		8,000
Variable Interest Entity, Not Primary Beneficiary | Accounts and notes receivable, net
Variable interest entity information
Receivables related to work performed for unconsolidated partnerships and joint ventures		204,000	$ 207,000
Variable Interest Entity, Not Primary Beneficiary | Accrued Liabilities
Variable interest entity information
Investments in loss position, included in other accrued liabilities		$ 240,000
Fluor Corporation | Majority | Partnership
Variable interest entity information
Entity's interest in partnership or joint venture (percent)		50.00%

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Partnerships and Joint Ventures - Summary of Aggregate Financial Information (Details) - USD ($) $ in Thousands	3 Months Ended								12 Months Ended
	Dec. 31, 2021	Sep. 30, 2021	Jun. 30, 2021	Mar. 31, 2021	Dec. 31, 2020	Sep. 30, 2020	Jun. 30, 2020	Mar. 31, 2020	Dec. 31, 2021	Dec. 31, 2020	Dec. 31, 2019
Schedule of Equity Method Investments [Line Items]
Current assets	$ 5,562,642				$ 5,034,009				$ 5,562,642	$ 5,034,009
Noncurrent assets	1,716,921				2,275,803				1,716,921	2,275,803
Current liabilities	3,904,060				3,572,037				3,904,060	3,572,037
Revenue	3,157,000	$ 3,103,000	$ 3,236,000	$ 2,939,000	3,268,000	$ 3,457,000	$ 3,735,000	$ 3,698,000	12,434,879	14,157,929	$ 15,454,484
Cost of revenue	3,003,000	2,997,000	3,177,000	2,846,000	3,144,000	3,324,000	3,656,000	3,634,000	12,023,284	13,758,403	15,660,536
Net earnings	(279,000)	$ 40,000	$ (114,000)	$ (87,000)	(163,000)	$ 19,000	$ (25,000)	$ (266,000)	(440,170)	(435,046)	(1,522,164)
Equity Method Investment, Nonconsolidated Investee or Group of Investees
Schedule of Equity Method Investments [Line Items]
Current assets	10,154,000				8,129,000				10,154,000	8,129,000
Noncurrent assets	3,755,000				4,744,000				3,755,000	4,744,000
Current liabilities	7,860,000				6,301,000				7,860,000	6,301,000
Noncurrent liabilities	$ 3,527,000				$ 4,353,000				3,527,000	4,353,000
Revenue									1,585,000	1,196,000	1,211,000
Cost of revenue									1,000,000	1,094,000	1,112,000
Net earnings									$ 52,000	$ 54,000	$ 43,000

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Partnerships and Joint Ventures - Variable Interest Entities (Details) - Variable Interest Entity, Not Primary Beneficiary - USD ($) $ in Millions	Dec. 31, 2021	Dec. 31, 2020
Variable interest entity information
Net assets	$ 30	$ 174
Future funding commitment
Variable interest entity information
Future funding commitments	$ 57

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Guarantees (Details) - USD ($)	Dec. 31, 2021	Dec. 31, 2020
Guarantor Obligations [Line Items]
Performance guarantee liabilities	$ 0	$ 0
Performance guarantees
Guarantor Obligations [Line Items]
Maximum payments required under performance guarantees	$ 15,000,000,000

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Contingencies and Commitments (Details) $ in Millions, $ in Millions			1 Months Ended
	Aug. 23, 2019 USD ($)	Dec. 13, 2016 AUD ($)	Sep. 30, 2018 action	Dec. 31, 2021 USD ($)	Dec. 31, 2020 USD ($)	May 26, 2020 claim	Aug. 31, 2019 USD ($)	Aug. 12, 2016 USD ($)
Loss Contingencies [Line Items]
Number of derivative actions filed | action			11
Claim revenue for costs				$ 215	$ 216
Fluor T E C H I N T | Barrick
Loss Contingencies [Line Items]
Letters of credit outstanding, amount							$ 36
Fluor T E C H I N T | Barrick | Parent Company
Loss Contingencies [Line Items]
Letters of credit outstanding, amount							24
Fluor T E C H I N T | Barrick | Partnership Interest
Loss Contingencies [Line Items]
Letters of credit outstanding, amount							$ 12
Pending litigation
Loss Contingencies [Line Items]
Number of pending matters | claim						1
Damages sought		$ 1,470
Pending litigation | Sadara Chemical Company
Loss Contingencies [Line Items]
Damages sought	$ 100
Estimate of possible loss	$ 574
Pending litigation | Fluor T E C H I N T
Loss Contingencies [Line Items]
Estimate of possible loss				$ 364				$ 250

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Contract Assets and Liabilities (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2021	Dec. 31, 2020
Revenue from Contract with Customer [Abstract]
Contract assets	$ 709,000	$ 590,000
Contract work in progress	223,000	270,000
Contract assets ($199,676 and $237,923 related to VIEs)	931,685	859,675
Advances that are payments on account of contract assets	208,000	308,000
Provision for Loss on Contracts	215,000	203,000
Revenue recognized	$ 848,000	$ 751,000

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Remaining Unsatisfied Performance Obligations - Schedule of Remaining Performance Obligation (Details) $ in Millions	Dec. 31, 2021 USD ($)
Revenue from Contract with Customer [Abstract]
Remaining unsatisfied performance obligation (RUPO)	$ 18,503
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Start Date [Axis]: 2022-01-01
Revenue from Contract with Customer [Abstract]
Remaining unsatisfied performance obligation (RUPO)	$ 9,631
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction [Line Items]
Expected timing of satisfaction, period	1 year
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Start Date [Axis]: 2023-01-01
Revenue from Contract with Customer [Abstract]
Remaining unsatisfied performance obligation (RUPO)	$ 5,452
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction [Line Items]
Expected timing of satisfaction, period	1 year
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Start Date [Axis]: 2024-01-01
Revenue from Contract with Customer [Abstract]
Remaining unsatisfied performance obligation (RUPO)	$ 3,420
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction [Line Items]
Expected timing of satisfaction, period

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Debt and Letters of Credit - Schedule of Debt (Details) - USD ($) $ in Thousands	Dec. 31, 2021	Dec. 31, 2020
Current:
Other borrowings	$ 911	$ 4,890
Long-term:
Borrowings under credit facility	0	0
Long-term debt	1,167,366	1,701,098
Total long-term	1,167,366	1,701,098
2023 Notes
Long-term:
Long-term debt	193,012	611,250
Unamortized discount	(49)	(283)
Unamortized deferred financing costs	(211)	(1,203)
2024 Notes
Long-term:
Long-term debt	381,014	500,000
Unamortized discount	(1,214)	(2,130)
Unamortized deferred financing costs	(951)	(1,670)
2028 Notes
Long-term:
Long-term debt	600,000	600,000
Unamortized discount	(854)	(981)
Unamortized deferred financing costs	$ (3,381)	$ (3,885)

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Debt and Letters of Credit - Narrative (Details)	1 Months Ended				12 Months Ended
	Feb. 22, 2022 USD ($)	Aug. 31, 2018 USD ($)	Mar. 31, 2016 EUR (€)	Nov. 30, 2014 USD ($)	Dec. 31, 2021 USD ($)	Dec. 31, 2021 EUR (€)	Sep. 30, 2021 USD ($)	Dec. 31, 2020 USD ($)
Debt Instrument [Line Items]
Borrowings under credit facility					$ 0			$ 0
2028 Notes
Debt Instrument [Line Items]
Debt instrument, face amount		$ 600,000,000
Interest rate		4.25%
Proceeds from issuance of notes, net of underwriting discounts		$ 595,000,000
2028 Notes | Prior to June 15, 2028
Debt Instrument [Line Items]
Redemption price (as a percent)					100.00%
2023 Notes
Debt Instrument [Line Items]
Debt instrument, face amount | €			€ 500,000,000
Interest rate			1.75%
Proceeds from issuance of notes, net of underwriting discounts | €			€ 497,000,000
2023 Notes | Minimum | Prior to December 21, 2022
Debt Instrument [Line Items]
Redemption price (as a percent)					100.00%
2024 Notes
Debt Instrument [Line Items]
Debt instrument, face amount				$ 500,000,000
Interest rate				3.50%
Proceeds from issuance of notes, net of underwriting discounts				$ 491,000,000
2024 Notes | Minimum | Prior to September 15, 2024
Debt Instrument [Line Items]
Redemption price (as a percent)					100.00%
Senior Notes Due 2018, 2016 and 2014
Debt Instrument [Line Items]
Redemption price (as a percent)					101.00%
Senior Notes 1.750%, Due 2023
Debt Instrument [Line Items]
Debt instrument, face amount							$ 375,000,000
Senior Notes 3.50 Percent, Due 2024
Debt Instrument [Line Items]
Debt instrument, face amount							$ 108,000,000
Senior Notes 1.750 Percent, Due 2023 and Senior Notes 3.50 Percent, Due 2024
Debt Instrument [Line Items]
Repayments of debt					$ 26,000,000
Senior Notes 1.750 Percent, Due 2023 and Senior Notes 3.50 Percent, Due 2024 | Corporate general and administrative expense
Debt Instrument [Line Items]
Gain (loss) on extinguishment of debt					20,000,000
Lines of credit | Committed lines of credit
Debt Instrument [Line Items]
Letters of credit outstanding					429,000,000
Remaining borrowing capacity of credit facility					779,000,000
Lines of credit | Committed lines of credit | Revolving Loan and Letter of Credit Facility | Subsequent Event
Debt Instrument [Line Items]
Maximum borrowing capacity	$ 1,800,000,000
Lines of credit | Committed lines of credit | Revolving Loan and Letter of Credit Facility | Minimum
Debt Instrument [Line Items]
Credit facility					$ 1,650,000,000
Debt-to-capitalization ratio (cannot exceed)					65.00%
Lines of credit | Committed lines of credit | Revolving Loan and Letter of Credit Facility | Minimum | Subsequent Event
Debt Instrument [Line Items]
Debt-to-capitalization ratio (cannot exceed)	60.00%
Lines of credit | Uncommitted Credit Line
Debt Instrument [Line Items]
Credit facility					$ 896,000,000
Borrowings under credit facility					0
Subsidiaries | Lines of credit | Committed lines of credit | Revolving Loan and Letter of Credit Facility
Debt Instrument [Line Items]
Covenant, minimum liquidity after repayments of debt					1,250,000,000
Subsidiaries | Lines of credit | Committed lines of credit | Revolving Loan and Letter of Credit Facility | Maximum
Debt Instrument [Line Items]
Cap on aggregate amount of debt (greater of)					$ 750,000,000	€ 750,000,000

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Preferred Stock (Details) $ / shares in Units, $ in Millions	1 Months Ended
	Jan. 31, 2022 USD ($)	Oct. 31, 2021 USD ($)	Aug. 31, 2021 USD ($)	May 31, 2021 shares	Dec. 31, 2021 director $ / shares shares	Dec. 31, 2020 shares
Class of Stock [Line Items]
Preferred stock dividends paid | $		$ 10	$ 9
Preferred stock, liquidation preference per share (in dollars per share) | $ / shares					$ 1,000
Preferred stock, convertible, conversion rate (in shares)					44.9585
Number of additional elections to board of directors | director					2
Preferred stock, authorized shares (in shares) | shares				200,000	20,000,000	20,000,000
Subsequent Event
Class of Stock [Line Items]
Preferred stock dividends declared amount | $	$ 10
Convertible Preferred Stock
Class of Stock [Line Items]
Preferred stock, dividend rate				6.50%
Convertible Preferred Stock | Private Placement
Class of Stock [Line Items]
Number of shares of Series A, cumulative convertible preferred stock | shares				600,000

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Fair Value Measurements - Recurring Basis (Details) - Fair value, recurring basis - USD ($) $ in Thousands	Dec. 31, 2021	Dec. 31, 2020
Fair value of assets and liabilities measured on recurring basis
Deferred compensation trusts	$ 11,952	$ 9,626
Foreign currency
Fair value of assets and liabilities measured on recurring basis
Derivative assets	15,308	22,667
Derivative liabilities	6,528	2,571
Commodity
Fair value of assets and liabilities measured on recurring basis
Derivative assets	5,225	806
Derivative liabilities	232	5,059
Level 1
Fair value of assets and liabilities measured on recurring basis
Deferred compensation trusts	11,952	9,626
Level 2 | Foreign currency
Fair value of assets and liabilities measured on recurring basis
Derivative assets	15,308	22,667
Derivative liabilities	6,528	2,571
Level 2 | Commodity
Fair value of assets and liabilities measured on recurring basis
Derivative assets	5,225	806
Derivative liabilities	$ 232	$ 5,059

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Fair Value Measurements - Financial Instruments Not Required to be Measured at Fair Value (Details) - USD ($) $ in Thousands	Dec. 31, 2021	Dec. 31, 2020
Carrying Value | Level 2
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Marketable securities, current	$ 127,222	$ 23,345
Carrying Value | Level 2 | 2023 Notes
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Debt	192,752	609,764
Carrying Value | Level 2 | 2024 Notes
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Debt	378,849	496,200
Carrying Value | Level 2 | 2028 Notes
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Debt	595,765	595,134
Carrying Value | Level 2 | Other borrowings, including noncurrent portion
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Debt	911	4,890
Carrying Value | Level 3
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Notes receivable, including noncurrent portion	10,249	28,488
Carrying Value | Cash | Level 1
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Cash and cash equivalents	1,295,437	1,180,024
Carrying Value | Cash equivalents | Level 2
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Cash and cash equivalents	913,945	1,018,757
Fair Value | Level 2
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Marketable securities, current	127,222	23,345
Fair Value | Level 2 | 2023 Notes
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Debt	195,957	578,554
Fair Value | Level 2 | 2024 Notes
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Debt	399,177	494,045
Fair Value | Level 2 | 2028 Notes
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Debt	629,754	599,220
Fair Value | Level 2 | Other borrowings, including noncurrent portion
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Debt	911	4,890
Fair Value | Level 3
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Notes receivable, including noncurrent portion	10,249	28,488
Fair Value | Cash | Level 1
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Cash and cash equivalents	1,295,437	1,180,024
Fair Value | Cash equivalents | Level 2
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Cash and cash equivalents	$ 913,945	$ 1,018,757

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Property, Plant and Equipment (Details) - USD ($) $ in Thousands	Dec. 31, 2021	Dec. 31, 2020
Property plant and equipment
Gross property, plant and equipment	$ 1,290,669	$ 1,395,226
Less accumulated depreciation	(904,080)	(931,399)
Net property, plant and equipment	386,589	463,827
Land
Property plant and equipment
Gross property, plant and equipment	41,425	42,854
Buildings
Property plant and equipment
Gross property, plant and equipment	248,289	265,369
Building and leasehold improvements
Property plant and equipment
Gross property, plant and equipment	137,039	150,613
Machinery and equipment
Property plant and equipment
Gross property, plant and equipment	731,198	804,252
Furniture and fixtures
Property plant and equipment
Gross property, plant and equipment	114,230	117,271
Assets under development
Property plant and equipment
Gross property, plant and equipment	$ 18,488	$ 14,867

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Stock-Based Compensation - Narrative (Details) - USD ($) $ / shares in Units, $ in Millions	12 Months Ended
	Dec. 31, 2021	Dec. 31, 2020	Dec. 31, 2019
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Recorded compensation cost for stock based payment arrangements, net of tax	$ 27.0	$ 22.0	$ 36.0
Options outstanding, aggregate intrinsic value (in shares)	19.0
Options exercisable, aggregate intrinsic value	$ 3.0
RSU or Restricted Stock
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Vesting period	3 years
Performance-based Award Units Granted in 2021 (in shares)	596,391	1,355,975	1,356,303
Weighted Average Grant Date Fair Value Per Share (in dollars per share)	$ 18.67	$ 10.30	$ 32.68
Restricted shares
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Fair value of restricted stock units and shares vested	$ 14.0	$ 5.0	$ 14.0
Balance of unamortized expense	$ 6.0
Weighted average period of recognition of unamortized expense	2 years
Stock options
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Vesting period	3 years
Balance of unamortized expense	$ 3.0
Weighted average period of recognition of unamortized expense	1 year
Expiration term	10 years
Aggregate intrinsic value of stock options exercised	$ 0.8	$ 0.0	0.3
Blend of historical and implied volatility (ratio)	50.00%	50.00%
Performance-based awards
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Vesting period	3 years
Balance of unamortized expense	$ 7.0	$ 16.0
Unamortized compensation expense	2.0
SGI Awards
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Balance of unamortized expense	73.0	29.0
Corporate general and administrative expense | Performance-based awards
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Fully vested awards that were settled in cash	7.0	3.0	8.0
Corporate general and administrative expense | SGI Awards
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Fully vested awards that were settled in cash	$ 67.0	$ 25.0	$ 6.0
Executives | RSU or Restricted Stock
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Vesting period	5 years
Grants in the period (in shares)	1
Executives | Stock options
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Vesting period	5 years
Executives | Performance-based awards
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Performance-based Award Units Granted in 2021 (in shares)	613,868	1,156,365	350,532
Maximum | Performance-based awards
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Weighted average period of recognition of unamortized expense	1 year

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Stock-Based Compensation - Restricted Stock, Restricted Stock Unit and Stock Option Activity, Terms and Significant Assumptions for Options (Details) - $ / shares	12 Months Ended
	Dec. 31, 2021	Dec. 31, 2020	Dec. 31, 2019
RSU or Restricted Stock
Restricted Stock Units or Restricted Stock, Number
Beginning balance (in shares)	2,258,594	1,660,311	985,132
Granted (in shares)	596,391	1,355,975	1,356,303
Expired or canceled (in shares)	(132,713)	(114,352)	(173,604)
Vested/exercised (in shares)	(810,560)	(643,340)	(507,520)
Ending balance (in shares)	1,911,712	2,258,594	1,660,311
Restricted Stock Units or Restricted Stock, Weighted Average Grant Date Fair Value Per Share
Beginning balance (in dollars per share)	$ 21.76	$ 39.88	$ 53.78
Granted (in dollars per share)	18.67	10.30	32.68
Expired or canceled (in dollars per share)	18.78	33.74	39.57
Vested/exercised (in dollars per share)	30.83	42.23	47.72
Ending balance (in dollars per share)	$ 17.16	$ 21.76	$ 39.88
Stock Options
Stock Options, Number
Beginning balance (in shares)	5,752,932	5,381,477	4,589,385
Granted (in shares)	481,626	975,290	1,192,108
Expired or canceled (in shares)	(659,216)	(603,835)	(351,885)
Vested/exercised (in shares)	(84,416)	0	(48,131)
Ending balance (in shares)	5,490,926	5,752,932	5,381,477
Options exercisable (in shares)	3,519,747
Remaining unvested options outstanding and expected to vest (in shares)	1,951,467
Stock Options, Weighted Average Exercise Price Per Share
Beginning balance (in dollars per share)	$ 44.40	$ 52.13	$ 60.25
Granted (in dollars per share)	17.96	11.06	22.47
Expired or canceled (in dollars per share)	58.37	59.46	60.56
Vested/exercised (in dollars per share)	8.81	0	30.46
Ending balance (in dollars per share)	40.95	$ 44.40	$ 52.13
Options exercisable (in dollars per share)	54.31
Remaining unvested options outstanding and expected to vest (in dollars per share)	$ 17.09

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Stock-Based Compensation - Fair Value of Options on Grant Date (Details) - Stock Options - $ / shares	1 Months Ended		3 Months Ended	9 Months Ended	11 Months Ended
	Dec. 31, 2021	Dec. 31, 2020	Dec. 31, 2019	Sep. 30, 2019	Nov. 30, 2020
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Weighted average grant date fair value (in dollars per share)	$ 8.94	$ 9.05	$ 6.93	$ 7.99	$ 4.59
Expected life of options	4 years 6 months	7 years 2 months 12 days	5 years 4 months 24 days	5 years 7 months 6 days	4 years 7 months 6 days
Risk-free interest rate	0.70%	0.50%	1.70%	2.60%	0.40%
Expected volatility (as a percent)	62.00%	61.00%	47.00%	33.00%	65.00%
Expected annual dividend per share (in dollars per share)	$ 0.00	$ 0.00	$ 0.40	$ 0.84	$ 0.00

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Stock-Based Compensation - Range of Exercise Prices and Intrinsic Value Related to Options Outstanding (Details)	12 Months Ended
	Dec. 31, 2021 $ / shares shares
Share-based Compensation, Shares Authorized under Stock Option Plans, Exercise Price Range
Options Outstanding, Number Outstanding (in shares) | shares	5,490,936
Options Outstanding, Weighted Average Remaining Contractual Life	5 years 7 months 6 days
Options Outstanding, Weighted Average Exercise Price Per Share (in dollars per share)	$ 40.95
Options Exercisable, Number Exercisable (in shares) | shares	3,519,747
Options Exercisable, Weighted Average Remaining Contractual Life	4 years
Options Exercisable, Weighted Average Exercise Price Per Share (In dollars per share)	$ 54.31
$8.81 - $29.50
Share-based Compensation, Shares Authorized under Stock Option Plans, Exercise Price Range
Range of Exercise Prices, low end of range (in dollars per share)	8.81
Range of Exercise Prices, high end of range (in dollars per share)	$ 29.50
Options Outstanding, Number Outstanding (in shares) | shares	2,413,093
Options Outstanding, Weighted Average Remaining Contractual Life	8 years 4 months 24 days
Options Outstanding, Weighted Average Exercise Price Per Share (in dollars per share)	$ 17.64
Options Exercisable, Number Exercisable (in shares) | shares	456,853
Options Exercisable, Weighted Average Remaining Contractual Life	8 years
Options Exercisable, Weighted Average Exercise Price Per Share (In dollars per share)	$ 21.34
$46.07 - $62.50
Share-based Compensation, Shares Authorized under Stock Option Plans, Exercise Price Range
Range of Exercise Prices, low end of range (in dollars per share)	46.07
Range of Exercise Prices, high end of range (in dollars per share)	$ 62.50
Options Outstanding, Number Outstanding (in shares) | shares	2,671,436
Options Outstanding, Weighted Average Remaining Contractual Life	3 years 6 months
Options Outstanding, Weighted Average Exercise Price Per Share (in dollars per share)	$ 56.19
Options Exercisable, Number Exercisable (in shares) | shares	2,658,332
Options Exercisable, Weighted Average Remaining Contractual Life	3 years 6 months
Options Exercisable, Weighted Average Exercise Price Per Share (In dollars per share)	$ 56.19
$70.76 - $79.19
Share-based Compensation, Shares Authorized under Stock Option Plans, Exercise Price Range
Range of Exercise Prices, low end of range (in dollars per share)	70.76
Range of Exercise Prices, high end of range (in dollars per share)	$ 79.19
Options Outstanding, Number Outstanding (in shares) | shares	406,407
Options Outstanding, Weighted Average Remaining Contractual Life	2 years 1 month 6 days
Options Outstanding, Weighted Average Exercise Price Per Share (in dollars per share)	$ 79.19
Options Exercisable, Number Exercisable (in shares) | shares	404,562
Options Exercisable, Weighted Average Remaining Contractual Life	2 years 1 month 6 days
Options Exercisable, Weighted Average Exercise Price Per Share (In dollars per share)	$ 79.19

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Stock-Based Compensation - VDI Units Granted (Details)	12 Months Ended
	Dec. 31, 2021 $ / shares shares
2021 Performance Award Plan
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Performance-based Award Units Granted in 2021 (in shares) | shares	204,623
Weighted Average Grant Date Fair Value Per Share (in dollars per share) | $ / shares	$ 20.49
2020 Performance Award Plan
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Performance-based Award Units Granted in 2021 (in shares) | shares	385,455
Weighted Average Grant Date Fair Value Per Share (in dollars per share) | $ / shares	$ 19.98
2019 Performance Award Plan
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Performance-based Award Units Granted in 2021 (in shares) | shares	116,844
Weighted Average Grant Date Fair Value Per Share (in dollars per share) | $ / shares	$ 20.18

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Retirement Plans - Defined Contribution Retirement Plans (Details) - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2021	Dec. 31, 2020	Dec. 31, 2019
Retirement Benefits [Abstract]
Expense associated with contributions to defined benefit contribution retirement plans	$ 128	$ 130	$ 115

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Retirement Plans - Net Periodic Pension Expense for Defined Benefit Pension Plans (Details) - Defined Benefit Pension Plans - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2021	Dec. 31, 2020	Dec. 31, 2019
Defined Benefit Plan Disclosure [Line Items]
Service cost	$ 17,490	$ 18,129	$ 15,750
Interest cost	7,333	9,899	19,617
Expected return on assets	(28,577)	(26,304)	(32,645)
Amortization of prior service credit	(856)	(903)	(886)
Recognized net actuarial loss	5,875	5,806	10,303
Curtailments	15	0	0
(Gain) loss on settlements	198,132	(406)	137,898
Net periodic pension expense	199,412	6,221	150,037
Disc Ops
Defined Benefit Plan Disclosure [Line Items]
Net periodic pension expense	$ 1,000	$ 2,000	$ 2,000

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Retirement Plans - Assumptions for Determining Projected Benefit Obligation and Net Periodic Cost of Defined Benefit Pension Plans (Details) - Defined Benefit Pension Plans - USD ($)	12 Months Ended
	Dec. 31, 2021	Dec. 31, 2020	Dec. 31, 2019
For determining net periodic cost for the year:
Increase in plan liability, if discount rate were reduced by 25 basis points	$ 5,000,000
Minimum
For determining PBO at year-end:
Discount rate	120.00%	80.00%	120.00%
Rate of increase in compensation levels	225.00%	225.00%	225.00%
For determining net periodic cost for the year:
Discount rate	80.00%	120.00%	180.00%
Rate of increase in compensation levels	225.00%	225.00%	225.00%
Expected long-term rate of return on assets	80.00%	120.00%	180.00%
Maximum
For determining PBO at year-end:
Discount rate	4.75%	3.50%	4.75%
Rate of increase in compensation levels	5.00%	6.00%	6.00%
For determining net periodic cost for the year:
Discount rate	3.50%	4.75%	7.25%
Rate of increase in compensation levels	6.00%	6.00%	7.00%
Expected long-term rate of return on assets	5.70%	5.60%	8.20%
Expected contributions in next fiscal year	$ 13,000,000

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Retirement Plans - Target and Weighted Average Actual Allocations and Benefit Pension Plans (Details)	Dec. 31, 2021	Dec. 31, 2020
Defined Benefit Plan Disclosure [Line Items]
Actual allocation (as percent)	100.00%	100.00%
Debt securities
Defined Benefit Plan Disclosure [Line Items]
Actual allocation (as percent)	28.00%	63.00%
Equity securities
Defined Benefit Plan Disclosure [Line Items]
Actual allocation (as percent)	17.00%	28.00%
Other
Defined Benefit Plan Disclosure [Line Items]
Actual allocation (as percent)	55.00%	9.00%
Defined Benefit Pension Plans | Minimum | Debt securities
Defined Benefit Plan Disclosure [Line Items]
Target allocation (as a percent)	25.00%
Defined Benefit Pension Plans | Minimum | Equity securities
Defined Benefit Plan Disclosure [Line Items]
Target allocation (as a percent)	10.00%
Defined Benefit Pension Plans | Minimum | Other
Defined Benefit Plan Disclosure [Line Items]
Target allocation (as a percent)	50.00%
Defined Benefit Pension Plans | Maximum | Debt securities
Defined Benefit Plan Disclosure [Line Items]
Target allocation (as a percent)	35.00%
Defined Benefit Pension Plans | Maximum | Equity securities
Defined Benefit Plan Disclosure [Line Items]
Target allocation (as a percent)	20.00%
Defined Benefit Pension Plans | Maximum | Other
Defined Benefit Plan Disclosure [Line Items]
Target allocation (as a percent)	60.00%

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Retirement Plans - Fair Value Measurements and Expected Benefit Payments for Defined Benefit Pension Plans (Details) - Defined Benefit Pension Plans - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2021	Dec. 31, 2020	Dec. 31, 2019
Defined Benefit Plan Disclosure [Line Items]
Total plan assets, net	$ 32,874	$ 829,420	$ 710,663
Expected benefit payments for defined benefit pension plans
2022	4,383
2023	4,186
2024	4,141
2025	4,116
2026	3,987
2027 — 2031	25,810
Plan assets measured at fair value, net
Defined Benefit Plan Disclosure [Line Items]
Total plan assets, net	32,819	827,913
Plan assets measured at fair value, net | Common Stock
Defined Benefit Plan Disclosure [Line Items]
Total plan assets, net	4,798	5,252
Plan assets measured at fair value, net | Common or collective trusts - Equity Securities
Defined Benefit Plan Disclosure [Line Items]
Total plan assets, net	758	230,135
Plan assets measured at fair value, net | Corporate bonds
Defined Benefit Plan Disclosure [Line Items]
Total plan assets, net	45	532
Plan assets measured at fair value, net | Government securities
Defined Benefit Plan Disclosure [Line Items]
Total plan assets, net	9,287	12,036
Plan assets measured at fair value, net | Common or collective trusts - Debt securities
Defined Benefit Plan Disclosure [Line Items]
Total plan assets, net	0	507,691
Plan assets measured at fair value, net | Guaranteed investment contracts
Defined Benefit Plan Disclosure [Line Items]
Total plan assets, net	17,931	20,588
Plan assets measured at fair value, net | Common or collective trusts - Other
Defined Benefit Plan Disclosure [Line Items]
Total plan assets, net	0	51,679
Plan assets not measured at fair value, net
Defined Benefit Plan Disclosure [Line Items]
Total plan assets, net	55	1,507
Level 1 | Plan assets measured at fair value, net
Defined Benefit Plan Disclosure [Line Items]
Total plan assets, net	4,798	5,252
Level 1 | Plan assets measured at fair value, net | Common Stock
Defined Benefit Plan Disclosure [Line Items]
Total plan assets, net	4,798	5,252
Level 2 | Plan assets measured at fair value, net
Defined Benefit Plan Disclosure [Line Items]
Total plan assets, net	10,090	802,073
Level 2 | Plan assets measured at fair value, net | Common or collective trusts - Equity Securities
Defined Benefit Plan Disclosure [Line Items]
Total plan assets, net	758	230,135
Level 2 | Plan assets measured at fair value, net | Corporate bonds
Defined Benefit Plan Disclosure [Line Items]
Total plan assets, net	45	532
Level 2 | Plan assets measured at fair value, net | Government securities
Defined Benefit Plan Disclosure [Line Items]
Total plan assets, net	9,287	12,036
Level 2 | Plan assets measured at fair value, net | Common or collective trusts - Debt securities
Defined Benefit Plan Disclosure [Line Items]
Total plan assets, net	0	507,691
Level 2 | Plan assets measured at fair value, net | Common or collective trusts - Other
Defined Benefit Plan Disclosure [Line Items]
Total plan assets, net	0	51,679
Level 3
Reconciliation of the beginning and ending balances of the fair value measurements using significant unobservable inputs (Level 3):
Balance at beginning of year	20,588	19,650
Actual return on plan assets: Assets still held at reporting date	(1,565)	2,092
Actual return on plan assets: Assets sold during the period	0	0
Purchases	224	343
Settlements	(1,316)	(1,497)
Balance at end of year	17,931	20,588
Level 3 | Plan assets measured at fair value, net
Defined Benefit Plan Disclosure [Line Items]
Total plan assets, net	17,931	20,588
Level 3 | Plan assets measured at fair value, net | Guaranteed investment contracts
Defined Benefit Plan Disclosure [Line Items]
Total plan assets, net	$ 17,931	$ 20,588

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Retirement Plans - Change in Projected Benefit Obligation and Plan Assets and Funded Status of Defined Benefit Pension Plans (Details) - USD ($) $ in Thousands	3 Months Ended	12 Months Ended
	Dec. 31, 2021	Dec. 31, 2021	Dec. 31, 2020	Dec. 31, 2019
Change in plan assets:
Settlements	$ (198,000)
Amounts recognized in the Consolidated Balance Sheet:
Pension assets included in other assets	0	$ 0	$ 0
Pension liabilities included in other accrued liabilities	0	0	0
Pension liabilities included in current liabilities related to assets held for sale	(22,248)	(22,248)	(25,617)
Pension liabilities included in noncurrent liabilities	(47,629)	(47,629)	(14,798)
AOCI (pre-tax)	3,042	3,042	161,534
Projected benefit obligations	102,751	102,751	869,835
Fair value of plan assets	32,874	32,874	829,420
Plan with ABO in excess of plan assets: ABO	40,374	40,374	45,757
Plan with ABO in excess of plan assets: Plan assets	17,931	17,931	20,588
Defined Benefit Pension Plans
Defined Benefit Plan, Change in Benefit Obligation [Roll Forward]
Benefit obligation at beginning of year		869,835	748,784
Service cost		17,490	18,129	$ 15,750
Interest cost		7,333	9,899	19,617
Employee contributions		2,643	2,860
Currency translation		(32,064)	72,178
Actuarial (gain)/loss (primarily due to plan experience in 2021 and assumption changes in 2020)		52,190	58,258
Benefits paid		(15,582)	(17,224)
Curtailments		(415)	(6,574)
Settlements		(798,679)	(16,475)
PBO at end of year	102,751	102,751	869,835	748,784
Change in plan assets:
Plan assets at beginning of year		829,420	710,663
Actual return on plan assets		30,326	55,819
Company contributions		12,886	24,752
Employee contributions		2,643	2,860
Currency translation		(28,140)	69,025
Benefits paid		(15,582)	(17,224)
Settlements		(798,679)	(16,475)
Plan assets at end of year	32,874	32,874	829,420	$ 710,663
Funded status — (Under)/overfunded	(69,877)	(69,877)	(40,415)
Amounts recognized in the Consolidated Balance Sheet:
The total accumulated benefit obligation	$ 55,000	$ 55,000	$ 793,000

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Retirement Plans - Multiemployer Pension Plans (Details) - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2021	Dec. 31, 2020	Dec. 31, 2019
Retirement Benefits [Abstract]
Multiemployer pension plan contributions for employees covered under various collective bargaining agreements	$ 44	$ 38	$ 32

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Other Noncurrent Liabilities (Details) - USD ($) $ in Thousands	Dec. 31, 2021	Dec. 31, 2020
Other Noncurrent Liabilities [Line Items]
Deferred compensation trusts	$ 330,110	$ 350,427
Noncurrent liabilities
Other Noncurrent Liabilities [Line Items]
Deferred compensation and retirement obligations	324,000	329,000
Insurance liabilities	$ 58,000	$ 70,000

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Leases - Components of Lease Expense (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2021	Dec. 31, 2020	Dec. 31, 2019
Cont Ops
Lessee, Lease, Description [Line Items]
Operating lease cost	$ 48,738	$ 55,889	$ 61,306
Finance lease cost, Amortization of right-of-use assets	833	345	363
Finance lease cost, Interest on lease liabilities	13	15	34
Variable lease cost	9,654	6,961	19,231
Short-term lease cost	69,381	50,750	70,815
Sublease income	(2,091)	(3,050)	(2,596)
Total lease expense	126,528	110,910	149,153
Disc Ops
Lessee, Lease, Description [Line Items]
Operating lease cost	27,463	28,842	30,093
Finance lease cost, Amortization of right-of-use assets	4,095	983	1,058
Finance lease cost, Interest on lease liabilities	432	124	34
Variable lease cost	457	454	0
Short-term lease cost	67,077	66,311	92,729
Sublease income	(274)	(14,026)	(32,141)
Total lease expense	$ 99,250	$ 82,688	$ 91,773

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Leases - Information Related to Right-of-Use Assets and Lease Liabilities (Details) - USD ($) $ in Thousands	Dec. 31, 2021	Dec. 31, 2020
Lessee, Lease, Description [Line Items]
Operating Lease, Right-of-Use Asset, Statement of Financial Position [Extensible List]	Current assets	Current assets
Finance Lease, Right-of-Use Asset, Statement of Financial Position [Extensible List]	Current assets	Current assets
Operating Lease, Liability, Current, Statement of Financial Position [Extensible List]	Other accrued liabilities	Other accrued liabilities
Operating Lease, Liability, Noncurrent, Statement of Financial Position [Extensible List]	Long-term debt	Long-term debt
Operating Lease, Liability, Statement of Financial Position [Extensible List]	Current liabilities related to assets held for sale	Current liabilities related to assets held for sale
Finance Lease, Liability, Current, Statement of Financial Position [Extensible List]	Other accrued liabilities	Other accrued liabilities
Finance Lease, Liability, Noncurrent, Statement of Financial Position [Extensible List]	Long-term debt	Long-term debt
Finance Lease, Liability, Statement of Financial Position [Extensible List]	Current liabilities related to assets held for sale	Current liabilities related to assets held for sale
Cont Ops
Lessee, Lease, Description [Line Items]
Total right-of-use assets	$ 105,644	$ 138,006
Operating lease liabilities	122,536
Finance lease liabilities	895
Total lease liabilities	123,431	161,295
Cont Ops | Other assets
Lessee, Lease, Description [Line Items]
Operating lease assets	104,752	137,725
Finance lease assets	892	281
Cont Ops | Current assets held for sale
Lessee, Lease, Description [Line Items]
Operating lease assets	0	0
Finance lease assets	0	0
Cont Ops | Other accrued liabilities
Lessee, Lease, Description [Line Items]
Operating lease liabilities, current	35,136	42,232
Finance lease liabilities, current	693	8
Cont Ops | Noncurrent liabilities
Lessee, Lease, Description [Line Items]
Operating lease liabilities, noncurrent	87,400	119,055
Finance lease liabilities, noncurrent	202	0
Cont Ops | Current liabilities held for sale
Lessee, Lease, Description [Line Items]
Operating lease liabilities	0	0
Finance lease liabilities	0	0
Disc Ops
Lessee, Lease, Description [Line Items]
Total right-of-use assets	93,937	89,031
Operating lease liabilities	74,648
Finance lease liabilities	17,876
Total lease liabilities	92,524	88,536
Disc Ops | Other assets
Lessee, Lease, Description [Line Items]
Operating lease assets	0	0
Finance lease assets	0	0
Disc Ops | Current assets held for sale
Lessee, Lease, Description [Line Items]
Operating lease assets	73,822	79,843
Finance lease assets	20,115	9,188
Disc Ops | Other accrued liabilities
Lessee, Lease, Description [Line Items]
Operating lease liabilities, current	0	0
Finance lease liabilities, current	0	0
Disc Ops | Noncurrent liabilities
Lessee, Lease, Description [Line Items]
Operating lease liabilities, noncurrent	0	0
Finance lease liabilities, noncurrent	0	0
Disc Ops | Current liabilities held for sale
Lessee, Lease, Description [Line Items]
Operating lease liabilities	74,648	80,103
Finance lease liabilities	$ 17,876	$ 8,433

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Leases - Supplemental Information Related to Leases (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2021	Dec. 31, 2020
Cont Ops
Lessee, Lease, Description [Line Items]
Operating cash flows from operating leases	$ 54,696	$ 61,275
Operating cash flows from finance leases	13	15
Financing cash flows from finance leases	557	451
Right-of-use assets obtained in exchange for new operating lease liabilities	12,726	13,177
Right-of-use assets obtained in exchange for new finance lease liabilities	$ 1,384	$ 0
Weighted-average remaining lease term - operating leases	4 years	4 years 6 months
Weighted-average remaining lease term - finance leases	1 year 4 months 24 days	2 years 9 months 18 days
Weighted-average discount rate - operating leases	3.10%	3.00%
Weighted-average discount rate - finance leases	1.20%	3.40%
Disc Ops
Lessee, Lease, Description [Line Items]
Operating cash flows from operating leases	$ 28,322	$ 29,154
Operating cash flows from finance leases	432	124
Financing cash flows from finance leases	5,909	1,676
Right-of-use assets obtained in exchange for new operating lease liabilities	24,350	7,294
Right-of-use assets obtained in exchange for new finance lease liabilities	$ 19,144	$ 8,663
Weighted-average remaining lease term - operating leases	8 years 7 months 6 days	9 years 2 months 12 days
Weighted-average remaining lease term - finance leases	4 years 10 months 24 days	5 years
Weighted-average discount rate - operating leases	2.30%	2.80%
Weighted-average discount rate - finance leases	2.10%	2.80%

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Leases - Remaining Lease Payments (Details) $ in Thousands	Dec. 31, 2021 USD ($)
Cont Ops
Operating Leases
2022	$ 38,393
2023	33,745
2024	22,787
2025	18,582
2026	11,302
Thereafter	6,002
Total lease payments	130,811
Less: Interest	(8,275)
Present value of lease liabilities	122,536
Finance Leases
2022	645
2023	259
2024	0
2025	0
2026	0
Thereafter	0
Total lease payments	904
Less: Interest	(9)
Present value of lease liabilities	895
Disc Ops
Operating Leases
2022	22,690
2023	13,731
2024	9,889
2025	6,202
2026	3,901
Thereafter	25,854
Total lease payments	82,267
Less: Interest	(7,619)
Present value of lease liabilities	74,648
Finance Leases
2022	6,383
2023	5,157
2024	3,392
2025	3,036
2026	563
Thereafter	0
Total lease payments	18,531
Less: Interest	(655)
Present value of lease liabilities	$ 17,876

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Derivatives and Hedging - Narrative (Details) $ in Millions	Dec. 31, 2021 USD ($)
Designated as Hedging Instrument | Foreign currency
Derivative [Line Items]
Gross notional amounts	$ 240
Not Designated as Hedging Instrument | Foreign currency
Derivative [Line Items]
Gross notional amounts	259
Not Designated as Hedging Instrument | Commodity
Derivative [Line Items]
Gross notional amounts	$ 32

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Derivatives and Hedging - Notional Amounts and Fair Values (Details) - Designated as Hedging Instrument - USD ($) $ in Thousands	Dec. 31, 2021	Dec. 31, 2020
Derivatives, Fair Value
Asset Derivatives	$ 9,937	$ 22,188
Liability Derivatives	45	29
Foreign currency | Other current assets
Derivatives, Fair Value
Asset Derivatives	6,947	20,004
Foreign currency | Other assets
Derivatives, Fair Value
Asset Derivatives	2,990	2,184
Foreign currency | Other accrued liabilities
Derivatives, Fair Value
Liability Derivatives	19	4
Foreign currency | Noncurrent liabilities
Derivatives, Fair Value
Liability Derivatives	26	25
Commodity | Other current assets
Derivatives, Fair Value
Asset Derivatives	0	0
Commodity | Other accrued liabilities
Derivatives, Fair Value
Liability Derivatives	$ 0	$ 0

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Derivatives and Hedging - Gains (Losses) Associated with Cash Flow Hedges (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2021	Dec. 31, 2020	Dec. 31, 2019
Derivative Instruments, Gain (Loss)
After-Tax Amount of Gain (Loss) Recognized in OCI	$ 10,752	$ 19,501	$ 1,503
After-Tax Amount of Gain (Loss) Reclassified from AOCI into Earnings	20,098	604	(1,637)
Foreign currency
Derivative Instruments, Gain (Loss)
After-Tax Amount of Gain (Loss) Recognized in OCI	10,752	19,608	1,043
Foreign currency | Total cost of revenue
Derivative Instruments, Gain (Loss)
After-Tax Amount of Gain (Loss) Reclassified from AOCI into Earnings	20,212	2,382	(1,041)
Commodity
Derivative Instruments, Gain (Loss)
After-Tax Amount of Gain (Loss) Recognized in OCI	0	(107)	460
Commodity | Total cost of revenue
Derivative Instruments, Gain (Loss)
After-Tax Amount of Gain (Loss) Reclassified from AOCI into Earnings	0	(100)	453
Interest rate contracts
Derivative Instruments, Gain (Loss)
After-Tax Amount of Gain (Loss) Recognized in OCI	0	0	0
Interest rate contracts | Interest expense
Derivative Instruments, Gain (Loss)
After-Tax Amount of Gain (Loss) Reclassified from AOCI into Earnings	$ (114)	$ (1,678)	$ (1,049)

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Other Comprehensive Income (Loss) - Tax Effects of Components of Other Comprehensive Income (Loss) (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2021	Dec. 31, 2020	Dec. 31, 2019
Tax effects of the components of other comprehensive income (loss)
Before-Tax Amount	$ 105,340	$ (34,825)	$ 240,627
Tax (Expense) Benefit	(52,839)	(1,325)	(78,319)
Total OCI, net of tax	52,501	(36,150)	162,308
Foreign currency translation adjustments
Tax effects of the components of other comprehensive income (loss)
Before-Tax Amount	(37,422)	(17,127)	101,096
Tax (Expense) Benefit	(11)	0	(35,596)
Total OCI, net of tax	(37,433)	(17,127)	65,500
Ownership share of equity method investees' OCI
Tax effects of the components of other comprehensive income (loss)
Before-Tax Amount	545	(21,837)	(15,630)
Tax (Expense) Benefit	(2,237)	3,309	3,846
Total OCI, net of tax	(1,692)	(18,528)	(11,784)
DB plan adjustments
Tax effects of the components of other comprehensive income (loss)
Before-Tax Amount	153,285	(19,392)	150,427
Tax (Expense) Benefit	(52,313)	0	(44,975)
Total OCI, net of tax	100,972	(19,392)	105,452
Unrealized gain (loss) on hedges
Tax effects of the components of other comprehensive income (loss)
Before-Tax Amount	(11,068)	23,531	4,734
Tax (Expense) Benefit	1,722	(4,634)	(1,594)
Total OCI, net of tax	(9,346)	18,897	3,140
Less: OCI attributable to NCI
Tax effects of the components of other comprehensive income (loss)
Before-Tax Amount	1,334	883	(1,350)
Tax (Expense) Benefit	0	0	0
Total OCI, net of tax	1,334	883	(1,350)
OCI attributable to Fluor Corporation
Tax effects of the components of other comprehensive income (loss)
Before-Tax Amount	104,006	(35,708)	241,977
Tax (Expense) Benefit	(52,839)	(1,325)	(78,319)
Total OCI, net of tax	$ 51,167	$ (37,033)	$ 163,658

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Other Comprehensive Income (Loss) - Changes in AOCI Balances by Component (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2021	Dec. 31, 2020	Dec. 31, 2019
AOCI Including Portion Attributable to Noncontrolling Interest, Net of Tax
Beginning balance	$ 1,263,227	$ 1,584,092	$ 2,980,253
Total OCI, net of tax	52,501	(36,150)	162,308
Ending balance	1,566,681	1,263,227	1,584,092
Other comprehensive income (loss) attributable to Fluor Corporation
AOCI Including Portion Attributable to Noncontrolling Interest, Net of Tax
Beginning balance	(416,906)	(379,873)	(543,531)
OCI before reclassifications	(80,756)	(40,506)	13,162
Amounts reclassified from AOCI	131,923	3,473	150,496
Total OCI, net of tax	51,167	(37,033)	163,658
Ending balance	(365,739)	(416,906)	(379,873)
Foreign Currency Translation
AOCI Including Portion Attributable to Noncontrolling Interest, Net of Tax
Beginning balance	(260,960)	(242,950)	(309,800)
OCI before reclassifications	(38,767)	(18,010)	19,957
Amounts reclassified from AOCI	0	0	46,893
Total OCI, net of tax	(38,767)	(18,010)	66,850
Ending balance	(299,727)	(260,960)	(242,950)
Ownership Share of Equity Method Investees' OCI
AOCI Including Portion Attributable to Noncontrolling Interest, Net of Tax
Beginning balance	(53,984)	(35,456)	(23,672)
OCI before reclassifications	(2,259)	(19,076)	(12,304)
Amounts reclassified from AOCI	567	548	520
Total OCI, net of tax	(1,692)	(18,528)	(11,784)
Ending balance	(55,676)	(53,984)	(35,456)
DB Plans
AOCI Including Portion Attributable to Noncontrolling Interest, Net of Tax
Beginning balance	(118,589)	(99,197)	(204,649)
OCI before reclassifications	(50,482)	(22,921)	4,006
Amounts reclassified from AOCI	151,454	3,529	101,446
Total OCI, net of tax	100,972	(19,392)	105,452
Ending balance	(17,617)	(118,589)	(99,197)
Unrealized Gain (Loss) on Hedges
AOCI Including Portion Attributable to Noncontrolling Interest, Net of Tax
Beginning balance	16,627	(2,270)	(5,410)
OCI before reclassifications	10,752	19,501	1,503
Amounts reclassified from AOCI	(20,098)	(604)	1,637
Total OCI, net of tax	(9,346)	18,897	3,140
Ending balance	7,281	16,627	(2,270)
Less: OCI attributable to NCI
AOCI Including Portion Attributable to Noncontrolling Interest, Net of Tax
Beginning balance	(4,168)	(5,051)	(3,701)
OCI before reclassifications	1,334	883	(1,350)
Amounts reclassified from AOCI	0	0	0
Total OCI, net of tax	1,334	883	(1,350)
Ending balance	(2,834)	(4,168)	(5,051)
Foreign Currency Translation
AOCI Including Portion Attributable to Noncontrolling Interest, Net of Tax
Beginning balance	(4,168)	(5,051)	(3,701)
OCI before reclassifications	1,334	883	(1,350)
Amounts reclassified from AOCI	0	0	0
Total OCI, net of tax	1,334	883	(1,350)
Ending balance	(2,834)	(4,168)	(5,051)
Ownership Share of Equity Method Investees' OCI
AOCI Including Portion Attributable to Noncontrolling Interest, Net of Tax
Beginning balance	0	0	0
OCI before reclassifications	0	0	0
Amounts reclassified from AOCI	0	0	0
Total OCI, net of tax	0	0	0
Ending balance	0	0	0
DB Plans
AOCI Including Portion Attributable to Noncontrolling Interest, Net of Tax
Beginning balance	0	0	0
OCI before reclassifications	0	0	0
Amounts reclassified from AOCI	0	0	0
Total OCI, net of tax	0	0	0
Ending balance	0	0	0
Unrealized Gain (Loss) on Hedges
AOCI Including Portion Attributable to Noncontrolling Interest, Net of Tax
Beginning balance	0	0	0
OCI before reclassifications	0	0	0
Amounts reclassified from AOCI	0	0	0
Total OCI, net of tax	0	0	0
Ending balance	$ 0	$ 0	$ 0

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Other Comprehensive Income (Loss) - Significant Items Reclassified Out of AOCI (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2021	Dec. 31, 2020	Dec. 31, 2019
Reclassifications out of accumulated other comprehensive income (loss)
Impairment, restructuring & other exit costs	$ (43,792)	$ (108,357)	$ (318,442)
Interest expense	(84,481)	(65,370)	(64,886)
Corporate G&A	(216,451)	(201,522)	(139,819)
Income tax benefit	(16,489)	(15,856)	(481,965)
Net earnings (loss)	(401,746)	(366,791)	(1,553,122)
Net earnings attributable to NCI	37,000	67,000	(39,000)
Reclassified out of AOCI | Foreign currency translation adjustment
Reclassifications out of accumulated other comprehensive income (loss)
Impairment, restructuring & other exit costs	0	0	(84,286)
Income tax benefit	0	0	37,393
Net earnings (loss)	0	0	(46,893)
Reclassified out of AOCI | Ownership share of equity method investees' OCI
Reclassifications out of accumulated other comprehensive income (loss)
Cost of revenue	(756)	(730)	(695)
Income tax benefit	189	182	175
Net earnings (loss)	(567)	(548)	(520)
Reclassified out of AOCI | DB plan adjustments
Reclassifications out of accumulated other comprehensive income (loss)
Income tax benefit	51,279	0	45,133
Net earnings (loss)	(151,454)	(3,529)	(101,446)
Other General and Administrative Expense	(202,733)	(3,529)	(146,579)
Reclassified out of AOCI | Unrealized Gain (Loss) on Hedges
Reclassifications out of accumulated other comprehensive income (loss)
Income tax benefit	(5,289)	445	1,411
Net earnings (loss)	20,098	604	(1,637)
Reclassified out of AOCI | Unrealized Gain (Loss) on Hedges | Commodity and foreign currency contracts
Reclassifications out of accumulated other comprehensive income (loss)
Cost of revenue	26,576	1,837	(1,370)
Reclassified out of AOCI | Unrealized Gain (Loss) on Hedges | Interest rate contracts
Reclassifications out of accumulated other comprehensive income (loss)
Interest expense	$ (1,189)	$ (1,678)	$ (1,678)

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Discontinued Operations - Narrative (Details) - USD ($) $ in Thousands	1 Months Ended		12 Months Ended
	May 31, 2021	Aug. 31, 2020	Dec. 31, 2021	Dec. 31, 2020	Dec. 31, 2019
Level 3 | Customer relationships | Measurement Input, Weighted Average Long-term Revenue Growth Rate
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]
Measurement input			2.40%
Level 3 | Customer relationships | Measurement Input, Weighted Average Cost of Capital
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]
Measurement input			12.00%
Level 3 | Customer relationships | Measurement Input, Customer Attrition Factor
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]
Measurement input			10.00%
Minimum | Level 3 | Customer relationships | Measurement Input, Long-term Revenue Growth Rate
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]
Measurement input			2.00%
Maximum | Level 3 | Customer relationships | Measurement Input, Long-term Revenue Growth Rate
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]
Measurement input			5.50%
Disc Ops
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]
Loss on sale of AMECO			$ (26,670)	$ (1,390)	$ 0
AMECO | Disc Ops
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]
Proceeds from sale of AMECO	$ 71,000
Loss on sale of AMECO	$ (27,000)		$ (26,670)	$ (1,390)	$ 0
Consideration		$ 18,000
Loss on disposal		$ 1,000

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Discontinued Operations - Schedule of Impairment Expense (Details) - USD ($) $ in Thousands	3 Months Ended		12 Months Ended
	Dec. 31, 2020	Mar. 31, 2020	Dec. 31, 2021	Dec. 31, 2020	Dec. 31, 2019
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]
Impairment of assets held for sale (including Disc Ops)	$ 46,000	$ 295,000	$ 246,285	$ 340,939	$ 96,763
Disc Ops
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]
Impairment of assets held for sale (including Disc Ops)			246,285	340,939
Disc Ops | Stork Holding B.V.
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]
Impairment of assets held for sale (including Disc Ops)			193,200	195,239	33,657
Disc Ops | AMECO
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]
Impairment of assets held for sale (including Disc Ops)			53,085	145,700	2,125
Disc Ops | Goodwill | Stork Holding B.V.
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]
Impairment of assets held for sale (including Disc Ops)			12,700	168,568	0
Disc Ops | Goodwill | AMECO
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]
Impairment of assets held for sale (including Disc Ops)			0	12,300	2,125
Disc Ops | Intangible customer relationships | Stork Holding B.V.
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]
Impairment of assets held for sale (including Disc Ops)			0	26,671	33,657
Disc Ops | Intangible customer relationships | AMECO
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]
Impairment of assets held for sale (including Disc Ops)			0	0	0
Disc Ops | Fair value adjustment and expected costs associated with sale | Stork Holding B.V.
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]
Impairment of assets held for sale (including Disc Ops)			180,500	0	0
Disc Ops | Fair value adjustment and expected costs associated with sale | AMECO
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]
Impairment of assets held for sale (including Disc Ops)			$ 53,085	$ 133,400	$ 0

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Discontinued Operations - Earnings From Discontinued Operations (Details) - USD ($) $ in Thousands	1 Months Ended	3 Months Ended								12 Months Ended
	May 31, 2021	Dec. 31, 2021	Sep. 30, 2021	Jun. 30, 2021	Mar. 31, 2021	Dec. 31, 2020	Sep. 30, 2020	Jun. 30, 2020	Mar. 31, 2020	Dec. 31, 2021	Dec. 31, 2020	Dec. 31, 2019
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]
Net earnings (loss) from Disc Ops										$ (257,552)	$ (354,429)	$ (231,692)
Net earnings (loss) from Disc Ops attributable to Fluor		$ (118,000)	$ (6,000)	$ (108,000)	$ (26,000)	$ (56,000)	$ (2,000)	$ (10,000)	$ (288,000)	(258,434)	(355,967)	(239,522)
Disc Ops
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]
Revenue										1,721,968	1,726,232	2,123,076
Cost of revenue										(1,693,381)	(1,722,596)	(2,127,896)
Gross profit										28,587	3,636	(4,820)
G&A										(4,351)	(234)	(239)
Impairment, restructuring and other exit costs										(246,285)	(342,933)	(214,158)
Loss on sale of AMECO										(26,670)	(1,390)	0
Foreign currency gain (loss)										(385)	(2,023)	(1,678)
Operating profit (loss)										(249,104)	(342,944)	(220,895)
Interest (expense) income, net										(4,968)	(4,792)	(7,024)
Earnings (loss) before taxes from Disc Ops										(254,072)	(347,736)	(227,919)
Income tax (expense) benefit										(3,480)	(6,693)	(3,774)
Net earnings (loss) from Disc Ops										(257,552)	(354,429)	(231,693)
Less: Net earnings (loss) from Disc Ops attributable to NCI										882	1,538	7,829
Net earnings (loss) from Disc Ops attributable to Fluor										(258,434)	(355,967)	(239,522)
Disc Ops | Stork Holding B.V.
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]
Revenue										1,599,705	1,509,238	1,805,705
Cost of revenue										(1,559,327)	(1,514,374)	(1,794,266)
Gross profit										40,378	(5,136)	11,439
G&A										(4,351)	0	0
Impairment, restructuring and other exit costs										(193,200)	(196,503)	(92,906)
Loss on sale of AMECO										0	0	0
Foreign currency gain (loss)										(228)	(2,078)	(413)
Operating profit (loss)										(157,401)	(203,717)	(81,880)
Interest (expense) income, net										(4,995)	(4,633)	(7,365)
Earnings (loss) before taxes from Disc Ops										(162,396)	(208,350)	(89,245)
Income tax (expense) benefit										(3,480)	(2,736)	(3,265)
Net earnings (loss) from Disc Ops										(165,876)	(211,086)	(92,510)
Less: Net earnings (loss) from Disc Ops attributable to NCI										883	1,537	7,169
Net earnings (loss) from Disc Ops attributable to Fluor										(166,759)	(212,623)	(99,679)
Disc Ops | AMECO
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]
Revenue										122,263	216,994	317,371
Cost of revenue										(124,948)	(195,024)	(354,782)
Gross profit										(2,685)	21,970	(37,411)
G&A										0	(234)	(239)
Impairment, restructuring and other exit costs										(53,085)	(146,430)	(121,252)
Loss on sale of AMECO	$ (27,000)									(26,670)	(1,390)	0
Foreign currency gain (loss)										(157)	55	(1,265)
Operating profit (loss)										(82,597)	(126,029)	(160,167)
Interest (expense) income, net										27	(159)	341
Earnings (loss) before taxes from Disc Ops										(82,570)	(126,188)	(159,826)
Income tax (expense) benefit										0	(3,957)	3,938
Net earnings (loss) from Disc Ops										(82,570)	(130,145)	(155,888)
Less: Net earnings (loss) from Disc Ops attributable to NCI										(1)	1	660
Net earnings (loss) from Disc Ops attributable to Fluor										(82,569)	(130,146)	(156,548)
Disc Ops | Other
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]
Revenue										0	0	0
Cost of revenue										(9,106)	(13,198)	21,152
Gross profit										(9,106)	(13,198)	21,152
G&A										0	0	0
Impairment, restructuring and other exit costs										0	0	0
Loss on sale of AMECO										0	0	0
Foreign currency gain (loss)										0	0	0
Operating profit (loss)										(9,106)	(13,198)	21,152
Interest (expense) income, net										0	0	0
Earnings (loss) before taxes from Disc Ops										(9,106)	(13,198)	21,152
Income tax (expense) benefit										0	0	(4,447)
Net earnings (loss) from Disc Ops										(9,106)	(13,198)	16,705
Less: Net earnings (loss) from Disc Ops attributable to NCI										0	0	0
Net earnings (loss) from Disc Ops attributable to Fluor										$ (9,106)	$ (13,198)	$ 16,705

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Discontinued Operations - Assets and Liabilities Held for Sale (Details) - USD ($) $ in Thousands	Dec. 31, 2021	Dec. 31, 2020
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]
Contract assets	$ 931,685	$ 859,675
Current assets held for sale	854,855	638,489
Noncurrent assets held for sale	0	379,239
Current liabilities related to assets held for sale	696,663	402,483
Noncurrent liabilities related to assets held for sale	0	98,940
Total
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]
Accounts and notes receivable, net	269,339	298,377
Contract assets	134,516	110,340
Other current assets	59,979	119,002
Current assets held for sale	463,834	527,719
Property, plant and equipment, net	120,425	189,176
Goodwill	113,816	141,889
Investments	10,367	9,713
Other assets	146,413	149,231
Noncurrent assets held for sale	391,021	490,009
Total assets held for sale	854,855	1,017,728
Accounts payable	121,613	133,981
Short-term borrowings	16,975	20,525
Contract liabilities	54,431	47,779
Accrued salaries, wages and benefits	61,683	64,778
Current liabilities related to assets held for sale	342,359	125,942
Current liabilities held for sale	597,061	393,005
Noncurrent liabilities related to assets held for sale	99,602	108,418
Total liabilities held for sale	696,663	501,423
Total from Disc Ops
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]
Accounts and notes receivable, net	269,339	298,377
Contract assets	134,516	110,340
Other current assets	59,979	119,002
Current assets held for sale	463,834	527,719
Property, plant and equipment, net	98,425	164,638
Goodwill	113,816	141,889
Investments	3,339	4,649
Other assets	146,413	149,231
Noncurrent assets held for sale	361,993	460,407
Total assets held for sale	825,827	988,126
Accounts payable	121,613	133,981
Short-term borrowings	16,975	20,525
Contract liabilities	54,431	47,779
Accrued salaries, wages and benefits	61,683	64,778
Current liabilities related to assets held for sale	342,359	125,942
Current liabilities held for sale	597,061	393,005
Noncurrent liabilities related to assets held for sale	99,602	108,418
Total liabilities held for sale	696,663	501,423
Total from Disc Ops | Stork Holding B.V.
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]
Accounts and notes receivable, net	237,808	245,105
Contract assets	134,516	108,152
Other current assets	41,126	45,384
Current assets held for sale	413,450	398,641
Property, plant and equipment, net	98,425	97,258
Goodwill	113,816	141,889
Investments	3,339	4,649
Other assets	125,306	135,421
Noncurrent assets held for sale	340,886	379,217
Total assets held for sale	754,336	777,858
Accounts payable	114,683	116,580
Short-term borrowings	16,975	20,525
Contract liabilities	54,421	46,997
Accrued salaries, wages and benefits	60,519	57,626
Current liabilities related to assets held for sale	290,853	113,965
Current liabilities held for sale	537,451	355,693
Noncurrent liabilities related to assets held for sale	87,793	98,940
Total liabilities held for sale	625,244	454,633
Total from Disc Ops | AMECO
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]
Accounts and notes receivable, net	26,355	42,797
Contract assets	0	2,188
Other current assets	18,853	73,618
Current assets held for sale	45,208	118,603
Property, plant and equipment, net	0	67,380
Goodwill	0	0
Investments	0	0
Other assets	21,107	13,810
Noncurrent assets held for sale	21,107	81,190
Total assets held for sale	66,315	199,793
Accounts payable	6,423	17,388
Short-term borrowings	0	0
Contract liabilities	10	782
Accrued salaries, wages and benefits	1,164	7,152
Current liabilities related to assets held for sale	51,506	11,977
Current liabilities held for sale	59,103	37,299
Noncurrent liabilities related to assets held for sale	11,809	9,478
Total liabilities held for sale	70,912	46,777
Total from Disc Ops | Other
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]
Accounts and notes receivable, net	5,176	10,475
Contract assets	0	0
Other current assets	0	0
Current assets held for sale	5,176	10,475
Property, plant and equipment, net	0	0
Goodwill	0	0
Investments	0	0
Other assets	0	0
Noncurrent assets held for sale	0	0
Total assets held for sale	5,176	10,475
Accounts payable	507	13
Short-term borrowings	0	0
Contract liabilities	0	0
Accrued salaries, wages and benefits	0	0
Current liabilities related to assets held for sale	0	0
Current liabilities held for sale	507	13
Noncurrent liabilities related to assets held for sale	0	0
Total liabilities held for sale	507	13
Other Assets and Liabilities from Continuing Operations
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]
Accounts and notes receivable, net	0	0
Contract assets	0	0
Other current assets	0	0
Current assets held for sale	0	0
Property, plant and equipment, net	22,000	24,538
Goodwill	0	0
Investments	7,028	5,064
Other assets	0	0
Noncurrent assets held for sale	29,028	29,602
Total assets held for sale	29,028	29,602
Accounts payable	0	0
Short-term borrowings	0	0
Contract liabilities	0	0
Accrued salaries, wages and benefits	0	0
Current liabilities related to assets held for sale	0	0
Current liabilities held for sale	0	0
Noncurrent liabilities related to assets held for sale	0	0
Total liabilities held for sale	$ 0	$ 0

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Discontinued Operations - Consolidated Statements of Cash Flows for the Discontinued Operations (Details) - USD ($) $ in Thousands	3 Months Ended		12 Months Ended
	Dec. 31, 2020	Mar. 31, 2020	Dec. 31, 2021	Dec. 31, 2020	Dec. 31, 2019
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]
Impairment expense	$ 46,000	$ 295,000	$ 246,285	$ 340,939	$ 96,763
Impairment expense			43,792	102,365	256,769
Depreciation of fixed assets			73,200	102,451	154,599
Disc Ops
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]
Impairment expense			246,285	340,939
Impairment expense					96,763
Depreciation of fixed assets			5,417	21,849	78,771
Amortization of stock-based awards			0	56	123
Capital expenditures			(27,880)	(48,000)	(101,618)
Disc Ops | Stork Holding B.V.
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]
Impairment expense			193,200	195,239	33,657
Impairment expense					64,335
Depreciation of fixed assets			5,417	21,849	24,203
Amortization of stock-based awards			0	0	0
Capital expenditures			(16,861)	(21,087)	(28,185)
Disc Ops | AMECO
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]
Impairment expense			53,085	145,700	2,125
Impairment expense					32,428
Depreciation of fixed assets			0	0	54,568
Amortization of stock-based awards			0	56	123
Capital expenditures			$ (11,019)	$ (26,913)	$ (73,433)

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Quarterly Financial Data (Unaudited) - Summary of Quarterly Results of Operations (Details) - USD ($) $ / shares in Units, $ in Thousands	3 Months Ended								12 Months Ended
	Dec. 31, 2021	Sep. 30, 2021	Jun. 30, 2021	Mar. 31, 2021	Dec. 31, 2020	Sep. 30, 2020	Jun. 30, 2020	Mar. 31, 2020	Dec. 31, 2021	Dec. 31, 2020	Dec. 31, 2019
Quarterly Financial Information Disclosure [Abstract]
Revenue	$ 3,157,000	$ 3,103,000	$ 3,236,000	$ 2,939,000	$ 3,268,000	$ 3,457,000	$ 3,735,000	$ 3,698,000	$ 12,434,879	$ 14,157,929	$ 15,454,484
Cost of revenue	(3,003,000)	(2,997,000)	(3,177,000)	(2,846,000)	(3,144,000)	(3,324,000)	(3,656,000)	(3,634,000)	(12,023,284)	(13,758,403)	(15,660,536)
Earnings (loss) from Cont Ops before taxes	(157,000)	70,000	(13,000)	(28,000)	(42,000)	54,000	23,000	(32,000)	(127,705)	3,494	(839,465)
Net earnings (loss) from Cont Ops	(145,000)	43,000	(14,000)	(28,000)	(61,000)	26,000	(8,000)	31,000	(144,194)	(12,362)	(1,321,430)
Net earnings (loss) from Cont Ops attributable to Fluor
Net earnings (loss) from Cont Ops	(161,000)	46,000	(6,000)	(61,000)	(107,000)	21,000	(15,000)	22,000	(181,736)	(79,079)	(1,282,642)
Income (Loss) from Discontinued Operations, Net of Tax, Attributable to Parent	(118,000)	(6,000)	(108,000)	(26,000)	(56,000)	(2,000)	(10,000)	(288,000)	(258,434)	(355,967)	(239,522)
Net earnings	$ (279,000)	$ 40,000	$ (114,000)	$ (87,000)	$ (163,000)	$ 19,000	$ (25,000)	$ (266,000)	$ (440,170)	$ (435,046)	$ (1,522,164)
Basic EPS available to Fluor common stockholders:
Net earnings (loss) from continuing operations (in dollars per share)	$ (1.21)	$ 0.26	$ (0.08)	$ (0.43)	$ (0.76)	$ 0.15	$ (0.11)	$ 0.15	$ (1.46)	$ (0.56)	$ (9.16)
Net earnings from discontinued operations (in dollars per share)	(0.84)	(0.04)	(0.76)	(0.19)	(0.40)	(0.01)	(0.07)	(2.05)	(1.83)	(2.53)	(1.71)
Net earnings (loss) (in dollars per share)	(2.04)	0.22	(0.84)	(0.62)	(1.16)	0.14	(0.18)	(1.90)
Diluted earnings (loss) per share attributable to Fluor Corporation:
Net earnings (loss) from continuing operations (in dollars per share)	(1.21)	0.26	(0.08)	(0.43)	(0.76)	0.15	(0.11)	0.15	(1.46)	(0.56)	(9.16)
Net earnings from discontinued operations (in dollars per share)	(0.84)	(0.04)	(0.76)	(0.19)	(0.40)	(0.01)	(0.07)	(2.05)	$ (1.83)	$ (2.53)	$ (1.71)
Net earnings (loss) (in dollars per share)	$ (2.04)	$ 0.22	$ (0.84)	$ (0.62)	$ (1.16)	$ 0.14	$ (0.18)	$ (1.90)

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Quarterly Financial Data (Unaudited) - Narrative (Details) - USD ($) $ in Thousands	3 Months Ended				12 Months Ended
	Dec. 31, 2021	Jun. 30, 2021	Dec. 31, 2020	Mar. 31, 2020	Dec. 31, 2021	Dec. 31, 2020	Dec. 31, 2019
Quarterly Data
Procurement and subcontractor cost growth, delays and disruption costs		$ 138,000
Loss on pension settlement	$ 198,000
Asset impairments				$ 103,000		$ 0	$ 29,485
Charges from project positions due to Covid-19 related schedule delays and associated cost growth				50,000
Impairment expense			$ 46,000	295,000	$ 246,285	$ 340,939	$ 96,763
Energy Solutions
Quarterly Data
Charges for current expected credit losses				$ 55,000