ANNUAL REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 |
TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 |
Commission file number: |
(State or other jurisdiction of | (I.R.S. Employer | ||||||||||
incorporation or organization) | Identification No.) | ||||||||||
(Address of principal executive offices) | (Zip Code) |
Title of Each Class | Trading Symbol(s) | Name of Each Exchange on Which Registered | ||||||
þ | Accelerated filer | o | Non-accelerated filer | o | Smaller reporting company | Emerging growth company |
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 |
Page | ||||||||
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 |
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 |
(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 |
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 |
December 31, 2021 | ||||||||
(in millions) | (percentage) | |||||||
Reimbursable | $ | 6,760 | 36 | % | ||||
Lump-Sum and Guaranteed Maximum | 12,174 | 64 | % |
Number of Employees | |||||
Salaried Employees | 19,529 | ||||
Craft and Hourly Employees | 18,477 | ||||
TRS Agency | 2,576 | ||||
Total | 40,582 |
Region | % of Global Workforce | |||||||
North America | 36 | % | ||||||
Europe, Africa and Middle East | 21 | % | ||||||
Central and South America | 32 | % | ||||||
Asia Pacific (includes Australia) | 11 | % |
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 |
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 |
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 | — | $ | — | — |
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% |
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 |
(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 |
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) |
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 |
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 |
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 |
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 |
Exhibit | Description | |||||||
3.1 | ||||||||
3.2 | ||||||||
3.3 | ||||||||
3.4 | ||||||||
4.1 | ||||||||
4.2 | ||||||||
4.3 | ||||||||
4.4 | ||||||||
4.5 | ||||||||
4.6 | ||||||||
4.7 | ||||||||
10.1 | ||||||||
10.2 | ||||||||
10.3 |
Exhibit | Description | |||||||
10.4 | ||||||||
10.5 | ||||||||
10.6 | ||||||||
10.7 | ||||||||
10.8 | ||||||||
10.9 | ||||||||
10.10 | ||||||||
10.11 | ||||||||
10.12 | ||||||||
10.13 | ||||||||
10.14 | ||||||||
10.15 | ||||||||
10.16 | ||||||||
10.17 | ||||||||
10.18 | ||||||||
10.19 | ||||||||
10.20 | ||||||||
10.21 | ||||||||
10.22 | ||||||||
10.23 | ||||||||
10.24 |
Exhibit | Description | |||||||
10.25 | ||||||||
10.26 | ||||||||
10.27 | ||||||||
10.28 | ||||||||
10.29 | ||||||||
10.30 | ||||||||
10.31 | ||||||||
10.32 | ||||||||
10.33 | ||||||||
10.34 | ||||||||
10.35 | ||||||||
10.36 | ||||||||
10.37 | ||||||||
10.38 | ||||||||
10.39 | ||||||||
10.40 | ||||||||
10.41 | ||||||||
21.1 | ||||||||
23.1 | ||||||||
31.1 | ||||||||
31.2 | ||||||||
32.1 |
Exhibit | Description | |||||||
32.2 | ||||||||
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).* |
FLUOR CORPORATION | |||||
By: | /s/ JOSEPH L. BRENNAN | ||||
Joseph L. Brennan, Chief Financial Officer |
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 | ||||||||||||
TABLE OF CONTENTS | PAGE | |||||||
Report of Independent Registered Public Accounting Firm (PCAOB ID: | 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 |
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. |
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. |
Year Ended December 31, | |||||||||||||||||
(in thousands, except per share amounts) | 2021 | 2020 | 2019 | ||||||||||||||
Revenue | $ | $ | $ | ||||||||||||||
Cost of revenue | ( | ( | ( | ||||||||||||||
Gross profit (loss) | ( | ||||||||||||||||
G&A | ( | ( | ( | ||||||||||||||
Impairment, restructuring and other exit costs | ( | ( | ( | ||||||||||||||
Gain (loss) on pension settlement | ( | ( | |||||||||||||||
Foreign currency gain (loss) | ( | ( | ( | ||||||||||||||
Operating profit (loss) | ( | ( | |||||||||||||||
Interest expense | ( | ( | ( | ||||||||||||||
Interest income | |||||||||||||||||
Earnings (loss) from Cont Ops before taxes | ( | ( | |||||||||||||||
Income tax (expense) benefit | ( | ( | ( | ||||||||||||||
Net earnings (loss) from Cont Ops | ( | ( | ( | ||||||||||||||
Less: Net earnings (loss) from Cont Ops attributable to NCI | ( | ||||||||||||||||
Net earnings (loss) from Cont Ops attributable to Fluor | ( | ( | ( | ||||||||||||||
Net earnings (loss) from Disc Ops attributable to Fluor | ( | ( | ( | ||||||||||||||
Net earnings (loss) attributable to Fluor | $ | ( | $ | ( | $ | ( | |||||||||||
Less: Dividends on CPS | |||||||||||||||||
Net earnings (loss) available to Fluor common stockholders | $ | ( | $ | ( | $ | ( | |||||||||||
Basic EPS available to Fluor common stockholders | |||||||||||||||||
Net earnings (loss) from Cont Ops | $ | ( | $ | ( | $ | ( | |||||||||||
Net earnings (loss) from Disc Ops | ( | ( | ( | ||||||||||||||
Diluted EPS available to Fluor common stockholders | |||||||||||||||||
Net earnings (loss) from Cont Ops | $ | ( | $ | ( | $ | ( | |||||||||||
Net earnings (loss) from Disc Ops | ( | ( | ( | ||||||||||||||
Year Ended December 31, | |||||||||||||||||
(in thousands) | 2021 | 2020 | 2019 | ||||||||||||||
Net earnings (loss) from Cont Ops | ( | ( | ( | ||||||||||||||
Net earnings (loss) from Disc Ops | ( | ( | ( | ||||||||||||||
Net earnings (loss) | ( | ( | ( | ||||||||||||||
OCI, net of tax: | |||||||||||||||||
Foreign currency translation adjustment | ( | ( | |||||||||||||||
Ownership share of equity method investees' OCI | ( | ( | ( | ||||||||||||||
DB plan adjustments | ( | ||||||||||||||||
Unrealized gain (loss) on hedges | ( | ||||||||||||||||
Total OCI, net of tax | ( | ||||||||||||||||
Comprehensive income (loss) | ( | ( | ( | ||||||||||||||
Less: Comprehensive income (loss) attributable to NCI | ( | ||||||||||||||||
Comprehensive income (loss) attributable to Fluor | $ | ( | $ | ( | $ | ( |
(in thousands, except share and per share amounts) | December 31, 2021 | December 31, 2020 | |||||||||
ASSETS | |||||||||||
Current assets | |||||||||||
Cash and cash equivalents ($ | $ | $ | |||||||||
Marketable securities ($ | |||||||||||
Accounts receivable, net ($ | |||||||||||
Contract assets ($ | |||||||||||
Other current assets ($ | |||||||||||
Current assets held for sale | |||||||||||
Total current assets | |||||||||||
Noncurrent assets | |||||||||||
PP&E, net ($ | |||||||||||
Investments | |||||||||||
Deferred taxes | |||||||||||
Deferred compensation trusts | |||||||||||
Goodwill | |||||||||||
Other assets ($ | |||||||||||
Noncurrent assets held for sale | |||||||||||
Total noncurrent assets | |||||||||||
Total assets | $ | $ | |||||||||
LIABILITIES AND EQUITY | |||||||||||
Current liabilities | |||||||||||
Accounts payable ($ | $ | $ | |||||||||
Short-term borrowings | |||||||||||
Contract liabilities ($ | |||||||||||
Accrued salaries, wages and benefits ($ | |||||||||||
Other accrued liabilities ($ | |||||||||||
Current liabilities related to assets held for sale | |||||||||||
Total current liabilities | |||||||||||
Long-term debt | |||||||||||
Deferred taxes | |||||||||||
Other noncurrent liabilities ($ | |||||||||||
Noncurrent liabilities related to assets held for sale | |||||||||||
Contingencies and commitments | |||||||||||
Equity | |||||||||||
Shareholders' equity | |||||||||||
Preferred stock — authorized | |||||||||||
Common stock — authorized | |||||||||||
Additional paid-in capital | |||||||||||
AOCI | ( | ( | |||||||||
Retained earnings | |||||||||||
Total shareholders' equity | |||||||||||
NCI | |||||||||||
Total equity | |||||||||||
Total liabilities and equity | $ | $ |
Year Ended December 31, | |||||||||||||||||
(in thousands) | 2021 | 2020 | 2019 | ||||||||||||||
OPERATING CASH FLOW | |||||||||||||||||
Net earnings (loss) | $ | ( | $ | ( | $ | ( | |||||||||||
Adjustments to reconcile net earnings (loss) to operating cash flow: | |||||||||||||||||
Impairment expense - Cont Ops | |||||||||||||||||
Impairment expense - Disc Ops | |||||||||||||||||
(Gain) loss on pension settlement | ( | ||||||||||||||||
Write-off of cumulative translation loss | |||||||||||||||||
Depreciation | |||||||||||||||||
Amortization of intangibles | |||||||||||||||||
(Earnings) loss from equity method investments, net of distributions | ( | ( | |||||||||||||||
(Gain) loss on sales of assets incl. AMECO-North America | ( | ( | |||||||||||||||
Loss on debt repurchases | |||||||||||||||||
Stock-based compensation | |||||||||||||||||
Deferred taxes | ( | ||||||||||||||||
Net contributions to employee pension plans | ( | ( | ( | ||||||||||||||
Changes in assets and liabilities | ( | ||||||||||||||||
Other | ( | ( | |||||||||||||||
Operating cash flow | |||||||||||||||||
INVESTING CASH FLOW | |||||||||||||||||
Purchases of marketable securities | ( | ( | ( | ||||||||||||||
Proceeds from sales and maturities of marketable securities | |||||||||||||||||
Capital expenditures | ( | ( | ( | ||||||||||||||
Proceeds from sales of assets incl. AMECO-North America | |||||||||||||||||
Investments in partnerships and joint ventures | ( | ( | ( | ||||||||||||||
Other | ( | ||||||||||||||||
Investing cash flow | ( | ( | |||||||||||||||
FINANCING CASH FLOW | |||||||||||||||||
Proceeds from issuance of CPS | |||||||||||||||||
Purchases and retirement of debt | ( | ||||||||||||||||
Debt extinguishment costs | ( | ||||||||||||||||
Dividends paid (on CPS in 2021 and common stock in 2020 and 2019) | ( | ( | ( | ||||||||||||||
Other borrowings (debt repayments) | ( | ||||||||||||||||
Distributions paid to NCI | ( | ( | ( | ||||||||||||||
Capital contributions by NCI | |||||||||||||||||
Other | ( | ( | |||||||||||||||
Financing cash flow | ( | ||||||||||||||||
Effect of exchange rate changes on cash | ( | ||||||||||||||||
Increase (decrease) in cash and cash equivalents | |||||||||||||||||
Cash and cash equivalents at beginning of year | |||||||||||||||||
Cash and cash equivalents at end of year | $ | $ | $ |
(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 | $ | $ | $ | ( | $ | $ | $ | $ | ||||||||||||||||||||||||
Net loss | — | — | — | — | — | — | ( | ( | ( | ( | ||||||||||||||||||||||
— | — | — | — | — | — | — | ||||||||||||||||||||||||||
— | — | — | — | — | — | — | ||||||||||||||||||||||||||
OCI | — | — | — | — | — | — | ( | |||||||||||||||||||||||||
Dividends ($ | — | — | — | — | — | ( | ( | — | ( | |||||||||||||||||||||||
Distributions to NCI | — | — | — | — | — | — | — | — | ( | ( | ||||||||||||||||||||||
Capital contributions by NCI | — | — | — | — | — | — | — | — | ||||||||||||||||||||||||
Other NCI transactions | — | — | — | — | — | — | ( | |||||||||||||||||||||||||
Stock-based plan activity | — | — | — | — | — | |||||||||||||||||||||||||||
BALANCE AS OF DECEMBER 31, 2019 | $ | $ | $ | ( | $ | $ | $ | $ | ||||||||||||||||||||||||
Net earnings (loss) | — | — | — | — | — | — | ( | ( | ( | |||||||||||||||||||||||
— | — | — | — | — | — | ( | ( | — | ( | |||||||||||||||||||||||
OCI | — | — | — | — | — | ( | — | ( | ( | |||||||||||||||||||||||
Dividends ($ | — | — | — | — | — | — | ( | ( | — | ( | ||||||||||||||||||||||
Distributions to NCI | — | — | — | — | — | — | — | — | ( | ( | ||||||||||||||||||||||
Capital contributions by NCI | — | — | — | — | — | — | — | — | ||||||||||||||||||||||||
Other NCI transactions | — | — | — | — | — | — | ( | ( | ||||||||||||||||||||||||
Stock-based plan activity | — | — | — | — | ||||||||||||||||||||||||||||
BALANCE AS OF DECEMBER 31, 2020 | $ | $ | $ | ( | $ | $ | $ | $ | ||||||||||||||||||||||||
Net earnings (loss) | — | — | — | — | — | — | ( | ( | ( | |||||||||||||||||||||||
OCI | — | — | — | — | — | — | ||||||||||||||||||||||||||
Issuance of CPS | — | — | — | — | — | |||||||||||||||||||||||||||
Dividends on CPS ($ | — | — | — | — | — | — | ( | ( | — | ( | ||||||||||||||||||||||
Distributions to NCI | — | — | — | — | — | — | — | — | ( | ( | ||||||||||||||||||||||
Capital contributions by NCI | — | — | — | — | — | — | — | — | ||||||||||||||||||||||||
Other NCI transactions | — | — | — | — | — | — | ( | ( | ||||||||||||||||||||||||
Stock-based plan activity | — | — | — | ( | — | |||||||||||||||||||||||||||
BALANCE AS OF DECEMBER 31, 2021 | $ | $ | $ | $ | ( | $ | $ | $ | $ |
Estimated Useful Service Lives | |||||
Buildings | |||||
Building and leasehold improvements | |||||
Machinery and equipment | |||||
Furniture and fixtures |
Year Ended December 31, | |||||||||||
(in thousands, except per share amounts) | 2021 | 2020 | 2019 | ||||||||
Net earnings (loss) from Cont Ops attributable to Fluor | $ | ( | $ | ( | $ | ( | |||||
Less: Dividends on CPS | |||||||||||
Net earnings (loss) from Cont Ops available to Fluor common stockholders | ( | ( | ( | ||||||||
Net earnings (loss) from Disc Ops attributable to Fluor | ( | ( | ( | ||||||||
Net earnings (loss) available to Fluor common stockholders | $ | ( | $ | ( | $ | ( | |||||
Weighted average common shares outstanding | |||||||||||
Dilutive effect: | |||||||||||
CPS | |||||||||||
Stock options, RSUs, restricted stock and performance-based award units | |||||||||||
Weighted average diluted shares outstanding | |||||||||||
Basic EPS available to Fluor common stockholders: | |||||||||||
Net earnings (loss) from Cont Ops | $ | ( | $ | ( | $ | ( | |||||
Net earnings (loss) from Disc Ops | ( | ( | ( | ||||||||
Diluted EPS available to Fluor common stockholders: | |||||||||||
Net earnings (loss) from Cont Ops | $ | ( | $ | ( | $ | ( | |||||
Net earnings (loss) from Disc Ops | ( | ( | ( | ||||||||
Anti-dilutive securities not included in shares outstanding: | |||||||||||
CPS | N/A | N/A | |||||||||
Stock options, RSUs, restricted stock and performance-based award units |
Year Ended December 31, | |||||||||||||||||
(in millions) | 2021 | 2020 | 2019 | ||||||||||||||
Revenue | |||||||||||||||||
Energy Solutions | $ | $ | $ | ||||||||||||||
Urban Solutions | |||||||||||||||||
Mission Solutions | |||||||||||||||||
Total revenue | $ | $ | $ | ||||||||||||||
Intercompany revenue for our professional staffing business, excluded from revenue above | $ | $ | $ | ||||||||||||||
Segment profit (loss) | |||||||||||||||||
Energy Solutions | $ | $ | $ | ( | |||||||||||||
Urban Solutions | ( | ||||||||||||||||
Mission Solutions | |||||||||||||||||
Other | ( | ( | ( | ||||||||||||||
Total segment profit | $ | $ | $ | ( | |||||||||||||
G&A | ( | ( | ( | ||||||||||||||
Impairment, restructuring and other exit costs | ( | ( | ( | ||||||||||||||
Gain (loss) on pension settlement | ( | ( | |||||||||||||||
Foreign currency gain (loss) | ( | ( | ( | ||||||||||||||
Interest income (expense), net | ( | ( | ( | ||||||||||||||
Earnings (loss) from Cont Ops attributable to NCI | ( | ||||||||||||||||
Earnings (loss) from Cont Ops before taxes | $ | ( | $ | $ | ( | ||||||||||||
Depreciation (all but Corporate included in segment profit) | |||||||||||||||||
Energy Solutions | $ | $ | $ | ||||||||||||||
Urban Solutions | |||||||||||||||||
Mission Solutions | |||||||||||||||||
Other | |||||||||||||||||
Corporate | |||||||||||||||||
Total depreciation(1) | $ | $ | $ | ||||||||||||||
Capital expenditures | |||||||||||||||||
Energy Solutions | $ | $ | $ | ||||||||||||||
Urban Solutions | |||||||||||||||||
Mission Solutions | |||||||||||||||||
Other | |||||||||||||||||
Corporate | |||||||||||||||||
Total capital expenditures(2) | $ | $ | $ | ||||||||||||||
December 31, 2021 | December 31, 2020 | ||||||||||||||||
Total assets | |||||||||||||||||
Energy Solutions | $ | $ | |||||||||||||||
Urban Solutions | |||||||||||||||||
Mission Solutions | |||||||||||||||||
Other | |||||||||||||||||
Corporate | |||||||||||||||||
Disc Ops - Assets held for sale | |||||||||||||||||
Total assets | $ | $ | |||||||||||||||
Goodwill | |||||||||||||||||
Energy Solutions | $ | $ | |||||||||||||||
Urban Solutions | |||||||||||||||||
Mission Solutions | |||||||||||||||||
Other | |||||||||||||||||
Total goodwill | $ | $ |
Revenue by project location Year Ended December 31, | Total Assets As of December 31, | |||||||||||||||||||
(in millions) | 2021 | 2020 | 2019 | 2021 | 2020 | |||||||||||||||
North America | $ | $ | $ | $ | $ | |||||||||||||||
Asia Pacific (includes Australia) | ||||||||||||||||||||
Europe | ||||||||||||||||||||
Central and South America | ||||||||||||||||||||
Middle East and Africa | ||||||||||||||||||||
Total | $ | $ | $ | $ | $ |
Year Ended December 31, | |||||||||||||||||
(in thousands) | 2021 | 2020 | 2019 | ||||||||||||||
Impairment expense: | |||||||||||||||||
Energy Solutions' equity method investments | $ | $ | $ | ||||||||||||||
Information technology assets | |||||||||||||||||
Total impairment expense | $ | $ | $ |
(in thousands) | Costs Incurred in 2020 | Costs Incurred in 2019 | |||||||||
Restructuring and other exit costs: | |||||||||||
Severance | $ | $ | |||||||||
Asset impairments | |||||||||||
Other exit costs | |||||||||||
Total restructuring and other exit costs | $ | $ |
(in thousands) | Severance | Other Exit Costs | Total | ||||||||
Balance as of December 31, 2019 | $ | $ | $ | ||||||||
Restructuring charges accrued during the period | |||||||||||
Cash payments / settlements during the period | ( | ( | ( | ||||||||
Currency translation | ( | ( | ( | ||||||||
Balance as of December 31, 2020 | $ | $ | $ | ||||||||
Cash payments / settlements during the period | $ | ( | $ | ( | $ | ( | |||||
Currency translation | ( | ( | |||||||||
Balance as of December 31, 2021 | $ | $ | $ |
Year Ended December 31, | |||||||||||||||||
(in thousands) | 2021 | 2020 | 2019 | ||||||||||||||
Current: | |||||||||||||||||
Federal (a) | $ | $ | ( | $ | ( | ||||||||||||
Foreign | |||||||||||||||||
State and local | ( | ||||||||||||||||
Total current | |||||||||||||||||
Deferred: | |||||||||||||||||
Federal | |||||||||||||||||
Foreign | ( | ( | |||||||||||||||
State and local | |||||||||||||||||
Total deferred | ( | ( | |||||||||||||||
Total income tax expense | $ | $ | $ |
Year Ended December 31, | |||||||||||||||||
(in thousands) | 2021 | 2020 | 2019 | ||||||||||||||
U.S. statutory federal tax expense (benefit) | $ | ( | $ | $ | ( | ||||||||||||
Increase (decrease) in taxes resulting from: | |||||||||||||||||
State and local income taxes | ( | ( | |||||||||||||||
U.S. tax on GILTI | |||||||||||||||||
NCI | ( | ( | |||||||||||||||
Foreign tax differential, net | ( | ( | |||||||||||||||
Valuation allowance, net | |||||||||||||||||
Other changes to uncertain tax positions | |||||||||||||||||
Stranded tax effects from AOCI | ( | ( | |||||||||||||||
CARES Act benefit | ( | ||||||||||||||||
Other, net | ( | ||||||||||||||||
Total income tax expense | $ | $ | $ |
December 31, | |||||||||||
(in thousands) | 2021 | 2020 | |||||||||
Deferred tax assets: | |||||||||||
Accrued liabilities not currently deductible: | |||||||||||
Employee compensation and benefits | $ | $ | |||||||||
Project and non-project reserves | |||||||||||
Net operating loss carryforward | |||||||||||
Tax basis of investment in excess of book basis | |||||||||||
U.S. foreign tax credit carryforward | |||||||||||
AOCI | |||||||||||
Other | |||||||||||
Total deferred tax assets | |||||||||||
Valuation allowance | ( | ( | |||||||||
Deferred tax assets, net | $ | $ | |||||||||
Deferred tax liabilities: | |||||||||||
Book basis of property and equipment in excess of tax basis | ( | ( | |||||||||
Dividend withholding on unremitted non-U.S. earnings | ( | ( | |||||||||
Other | ( | ( | |||||||||
Total deferred tax liabilities | ( | ( | |||||||||
Deferred tax assets, net of deferred tax liabilities | $ | ( | $ | ( |
(in thousands) | Federal FTC | Federal NOLs | State NOLs | Foreign NOLs | |||||||||||||||||||
Expiration periods: | |||||||||||||||||||||||
2022 - 2026 | $ | $ | $ | $ | |||||||||||||||||||
2027-2031 | |||||||||||||||||||||||
2032-2041 | |||||||||||||||||||||||
Indefinite |
(in thousands) | 2021 | 2020 | |||||||||
Balance at beginning of year | $ | $ | |||||||||
Change in tax positions of prior years | |||||||||||
Change in tax positions of current year | |||||||||||
Reduction in tax positions for statute expirations | ( | ( | |||||||||
Reduction in tax positions for audit settlements | ( | ||||||||||
Balance at end of year | $ | $ |
Year Ended December 31, | |||||||||||||||||
(in thousands) | 2021 | 2020 | 2019 | ||||||||||||||
United States | $ | ( | $ | ( | $ | ( | |||||||||||
Foreign | |||||||||||||||||
Total | $ | ( | $ | $ | ( |
Year Ended December 31, | |||||||||||
(in thousands) | 2021 | 2020 | 2019 | ||||||||
(Increase) decrease in: | |||||||||||
Accounts and notes receivable, net | $ | $ | $ | ||||||||
Contract assets | ( | ||||||||||
Other current assets | ( | ( | |||||||||
Other assets | |||||||||||
Increase (decrease) in: | |||||||||||
Accounts payable | ( | ( | |||||||||
Contract liabilities | ( | ( | |||||||||
Accrued liabilities | ( | ||||||||||
Other liabilities | ( | ( | |||||||||
Increase (decrease) in cash due to changes in assets and liabilities | $ | ( | $ | $ | |||||||
Cash paid during the year for: | |||||||||||
Interest | $ | $ | $ | ||||||||
Income taxes (net of refunds) |
December 31, | ||||||||
(in millions) | 2021 | 2020 | ||||||
Current assets | $ | $ | ||||||
Noncurrent assets | ||||||||
Current liabilities | ||||||||
Noncurrent liabilities |
(in millions) | 2021 | 2020 | 2019 | ||||||||
Revenue | $ | $ | $ | ||||||||
Cost of revenue | |||||||||||
Net earnings |
December 31, | |||||||||||
(in millions) | 2021 | 2020 | |||||||||
Information about contract assets: | |||||||||||
Contract assets | |||||||||||
Unbilled receivables - reimbursable contracts | $ | $ | |||||||||
Contract work in progress - lump sum contracts | |||||||||||
Contract assets | $ | $ | |||||||||
Advance billings deducted from contract assets | $ | $ | |||||||||
Year Ended December 31, | |||||||||||
2021 | 2020 | ||||||||||
Information about contract liabilities: | |||||||||||
Provision for anticipated losses on contracts included in contract liabilities | $ | $ | |||||||||
Revenue recognized that was included in contract liabilities as of January 1 |
(in millions) | December 31, 2021 | ||||
Within 1 year | $ | ||||
1 to 2 years | |||||
Thereafter | |||||
Total RUPO | $ |
December 31, | ||||||||
(in thousands) | 2021 | 2020 | ||||||
Borrowings under credit facility | $ | $ | ||||||
Current: | ||||||||
Other borrowings | $ | $ | ||||||
Long-Term: | ||||||||
Senior Notes | ||||||||
2023 Notes | $ | $ | ||||||
Unamortized discount on 2023 Notes | ( | ( | ||||||
Unamortized deferred financing costs | ( | ( | ||||||
2024 Notes | ||||||||
Unamortized discount on 2024 Notes | ( | ( | ||||||
Unamortized deferred financing costs | ( | ( | ||||||
2028 Notes | ||||||||
Unamortized discount on 2028 Notes | ( | ( | ||||||
Unamortized deferred financing costs | ( | ( | ||||||
Total long-term | $ | $ |
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) | $ | $ | $ | — | $ | — | $ | $ | $ | — | $ | — | |||||||||||||||||
Derivative assets(2) | |||||||||||||||||||||||||||||
Foreign currency | — | — | — | — | |||||||||||||||||||||||||
Commodity | — | — | — | — | |||||||||||||||||||||||||
Liabilities: | |||||||||||||||||||||||||||||
Derivative liabilities(2) | |||||||||||||||||||||||||||||
Foreign currency | $ | $ | — | $ | $ | — | $ | $ | — | $ | $ | — | |||||||||||||||||
Commodity | — | — | — | — |
December 31, 2021 | December 31, 2020 | |||||||||||||||||||
(in thousands) | Fair Value Hierarchy | Carrying Value | Fair Value | Carrying Value | Fair Value | |||||||||||||||
Assets: | ||||||||||||||||||||
Cash(1) | Level 1 | $ | $ | $ | $ | |||||||||||||||
Cash equivalents(2) | Level 2 | |||||||||||||||||||
Marketable securities, current(2) | Level 2 | |||||||||||||||||||
Notes receivable, including noncurrent portion(3) | Level 3 | |||||||||||||||||||
Liabilities: | ||||||||||||||||||||
2023 Senior Notes(4) | Level 2 | $ | $ | $ | $ | |||||||||||||||
2024 Senior Notes(4) | Level 2 | |||||||||||||||||||
2028 Senior Notes(4) | Level 2 | |||||||||||||||||||
Other borrowings(5) | Level 2 |
December 31, | |||||||||||
(cost in thousands) | 2021 | 2020 | |||||||||
Land | $ | $ | |||||||||
Buildings | |||||||||||
Building and leasehold improvements | |||||||||||
Machinery and equipment | |||||||||||
Furniture and fixtures | |||||||||||
Assets under development | |||||||||||
Less accumulated depreciation | ( | ( | |||||||||
Net property, plant and equipment | $ | $ |
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 | $ | $ | ||||||||||||
Granted | ||||||||||||||
Forfeited or expired | ( | ( | ||||||||||||
Vested/exercised | ( | ( | ||||||||||||
Outstanding as of December 31, 2019 | $ | $ | ||||||||||||
Granted | ||||||||||||||
Forfeited or expired | ( | ( | ||||||||||||
Vested/exercised | ( | |||||||||||||
Outstanding as of December 31, 2020 | $ | $ | ||||||||||||
Granted | ||||||||||||||
Forfeited or expired | ( | ( | ||||||||||||
Vested/exercised | ( | ( | ||||||||||||
Outstanding as of December 31, 2021 | $ | $ | ||||||||||||
Options exercisable as of December 31, 2021 | $ | |||||||||||||
Remaining unvested options outstanding and expected to vest | $ |
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 | $ | $ | $ | $ | $ | ||||||||||||
Expected life of options (in years) | |||||||||||||||||
Risk-free interest rate | % | % | % | % | % | ||||||||||||
Expected volatility | % | % | % | % | % | ||||||||||||
Expected annual dividend per share | $ | $ | $ | $ | $ |
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 | |||||||||||||||||
$ | $ | $ | |||||||||||||||||||||
$ | |||||||||||||||||||||||
$ | |||||||||||||||||||||||
$ | $ |
Performance-based Award Units Granted in 2021 | Weighted Average Grant Date Fair Value Per Share | |||||||
2021 Performance Award Plan | $ | |||||||
2020 Performance Award Plan | $ | |||||||
2019 Performance Award Plan | $ |
Year Ended December 31, | |||||||||||||||||
(in thousands) | 2021 | 2020 | 2019 | ||||||||||||||
Service cost | $ | $ | $ | ||||||||||||||
Interest cost | |||||||||||||||||
Expected return on assets | ( | ( | ( | ||||||||||||||
Amortization of prior service credit | ( | ( | ( | ||||||||||||||
Recognized net actuarial loss | |||||||||||||||||
Curtailments | |||||||||||||||||
(Gain) loss on settlements | ( | ||||||||||||||||
Net periodic pension expense(1) | $ | $ | $ |
December 31, | |||||||||||
2021 | 2020 | 2019 | |||||||||
For determining PBO at year-end: | |||||||||||
Discount rates | |||||||||||
Rates of increase in compensation levels | |||||||||||
For determining net periodic cost for the year: | |||||||||||
Discount rates | |||||||||||
Rates of increase in compensation levels | |||||||||||
Expected long-term rates of return on assets |
December 31, | |||||||||||
2021 Target Allocation | 2021 | 2020 | |||||||||
Asset category: | |||||||||||
Debt securities | % | % | |||||||||
Equity securities | % | % | |||||||||
Other | % | % | |||||||||
Total | % | % |
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 | $ | $ | $ | — | $ | — | $ | $ | $ | — | $ | — | |||||||||||||||||
CCTs | — | — | — | — | |||||||||||||||||||||||||
Debt securities: | |||||||||||||||||||||||||||||
Corporate bonds | — | — | — | — | |||||||||||||||||||||||||
Government securities | — | — | — | — | |||||||||||||||||||||||||
CCTs | — | — | — | — | |||||||||||||||||||||||||
Other: | |||||||||||||||||||||||||||||
Guaranteed investment contracts | — | — | — | — | |||||||||||||||||||||||||
CCTs | — | — | — | — | |||||||||||||||||||||||||
Plan assets measured at fair value, net | $ | $ | $ | $ | $ | $ | $ | $ | |||||||||||||||||||||
Plan assets not measured at fair value, net | |||||||||||||||||||||||||||||
Total plan assets, net | $ | $ |
(in thousands) | 2021 | 2020 | ||||||
Balance at beginning of year | $ | $ | ||||||
Actual return on plan assets: | ||||||||
Assets still held at reporting date | ( | |||||||
Assets sold during the period | ||||||||
Purchases | ||||||||
Settlements | ( | ( | ||||||
Balance at end of year | $ | $ |
Year Ended December 31, | (in thousands) | ||||
2022 | $ | ||||
2023 | |||||
2024 | |||||
2025 | |||||
2026 | |||||
2027 — 2031 |
December 31, | ||||||||
(in thousands) | 2021 | 2020 | ||||||
Change in PBO: | ||||||||
Benefit obligation at beginning of year | $ | $ | ||||||
Service cost | ||||||||
Interest cost | ||||||||
Employee contributions | ||||||||
Currency translation | ( | |||||||
Actuarial (gain)/loss (primarily due to plan experience in 2021 and assumption changes in 2020) | ||||||||
Benefits paid | ( | ( | ||||||
Curtailments | ( | ( | ||||||
Settlements | ( | ( | ||||||
PBO at end of year | ||||||||
Change in plan assets: | ||||||||
Plan assets at beginning of year | ||||||||
Actual return on plan assets | ||||||||
Company contributions | ||||||||
Employee contributions | ||||||||
Currency translation | ( | |||||||
Benefits paid | ( | ( | ||||||
Settlements | ( | ( | ||||||
Plan assets at end of year | ||||||||
Funded status — (Under)/overfunded | $ | ( | $ | ( | ||||
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 | ( | ( | ||||||
Pension liabilities included in noncurrent liabilities | ( | ( | ||||||
AOCI (pre-tax) | $ | $ | ||||||
Plans with PBO in excess of plan assets: | ||||||||
PBO | $ | $ | ||||||
Plan assets | ||||||||
Plans with ABO in excess of plan assets: | ||||||||
ABO | $ | $ | ||||||
Plan assets |
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 | $ | $ | $ | $ | $ | $ | |||||||||||||||||||||||||||||
Finance lease cost | |||||||||||||||||||||||||||||||||||
Amortization of right-of-use assets | |||||||||||||||||||||||||||||||||||
Interest on lease liabilities | |||||||||||||||||||||||||||||||||||
Variable lease cost (1) | |||||||||||||||||||||||||||||||||||
Short-term lease cost | |||||||||||||||||||||||||||||||||||
Sublease income | ( | ( | ( | ( | ( | ( | |||||||||||||||||||||||||||||
Total lease expense | $ | $ | $ | $ | $ | $ |
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 | $ | $ | $ | $ | ||||||||||||||||||||||
Operating lease assets | Current assets held for sale | |||||||||||||||||||||||||
Finance lease assets | ||||||||||||||||||||||||||
Finance lease assets | Current assets held for sale | |||||||||||||||||||||||||
Total right-of-use assets | $ | $ | $ | $ | ||||||||||||||||||||||
Lease liabilities | ||||||||||||||||||||||||||
Operating lease liabilities, current | $ | $ | $ | $ | ||||||||||||||||||||||
Operating lease liabilities, noncurrent | ||||||||||||||||||||||||||
Operating lease liabilities | ||||||||||||||||||||||||||
Finance lease liabilities, current | ||||||||||||||||||||||||||
Finance lease liabilities, noncurrent | ||||||||||||||||||||||||||
Finance lease liabilities | ||||||||||||||||||||||||||
Total lease liabilities | $ | $ | $ | $ |
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 | $ | $ | $ | $ | |||||||||||||
Operating cash flows from finance leases | |||||||||||||||||
Financing cash flows from finance leases | |||||||||||||||||
Right-of-use assets obtained in exchange for new operating lease liabilities | |||||||||||||||||
Right-of-use assets obtained in exchange for new finance lease liabilities | |||||||||||||||||
Weighted-average remaining lease term - operating leases | |||||||||||||||||
Weighted-average remaining lease term - finance leases | |||||||||||||||||
Weighted-average discount rate - operating leases | % | % | % | % | |||||||||||||
Weighted-average discount rate - finance leases | % | % | % | % |
Cont Ops | Disc Ops | ||||||||||||||||||||||
Year Ended December 31, | Operating Leases | Finance Leases | Operating Leases | Finance Leases | |||||||||||||||||||
(in thousands) | |||||||||||||||||||||||
2022 | $ | $ | $ | $ | |||||||||||||||||||
2023 | |||||||||||||||||||||||
2024 | |||||||||||||||||||||||
2025 | |||||||||||||||||||||||
2026 | |||||||||||||||||||||||
Thereafter | |||||||||||||||||||||||
Total lease payments | $ | $ | $ | $ | |||||||||||||||||||
Less: Interest | ( | ( | ( | ( | |||||||||||||||||||
Present value of lease liabilities | $ | $ | $ | $ |
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 | $ | $ | Other accrued liabilities | $ | $ | |||||||||||||||||
Commodity contracts | Other current assets | Other accrued liabilities | |||||||||||||||||||||
Foreign currency contracts | Other assets | Noncurrent liabilities | |||||||||||||||||||||
Total | $ | $ | $ | $ |
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 | $ | $ | $ | Cost of revenue | $ | $ | $ | ( | ||||||||||||||||||
Commodity contracts | ( | Cost of revenue | ( | |||||||||||||||||||||||
Interest rate contracts | Interest expense | ( | ( | ( | ||||||||||||||||||||||
Total | $ | $ | $ | $ | $ | $ | ( |
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 | $ | ( | $ | ( | $ | ( | $ | ( | $ | $ | ( | $ | $ | ( | $ | ||||||||||||||||||||
Ownership share of equity method investees' OCI | ( | ( | ( | ( | ( | ( | |||||||||||||||||||||||||||||
DB plan adjustments | ( | ( | ( | ( | |||||||||||||||||||||||||||||||
Unrealized gain (loss) on hedges | ( | ( | ( | ( | |||||||||||||||||||||||||||||||
Total OCI | ( | ( | ( | ( | ( | ||||||||||||||||||||||||||||||
Less: OCI attributable to NCI | ( | ( | |||||||||||||||||||||||||||||||||
OCI attributable to Fluor Corporation | $ | $ | ( | $ | $ | ( | $ | ( | $ | ( | $ | $ | ( | $ |
(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 | $ | ( | $ | ( | $ | ( | $ | $ | ( | ||||||||
OCI before reclassifications | ( | ( | ( | ( | |||||||||||||
Amounts reclassified from AOCI | ( | ||||||||||||||||
Net OCI | ( | ( | ( | ||||||||||||||
Balance as of December 31, 2021 | $ | ( | $ | ( | $ | ( | $ | $ | ( | ||||||||
Attributable to NCI: | |||||||||||||||||
Balance as of December 31, 2020 | $ | ( | $ | $ | $ | $ | ( | ||||||||||
OCI before reclassifications | |||||||||||||||||
Amount reclassified from AOCI | |||||||||||||||||
Net OCI | |||||||||||||||||
Balance as of December 31, 2021 | $ | ( | $ | $ | $ | $ | ( |
(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 | $ | ( | $ | ( | $ | ( | $ | ( | $ | ( | |||||||
OCI before reclassifications | ( | ( | ( | ( | |||||||||||||
Amounts reclassified from AOCI | ( | ||||||||||||||||
Net OCI | ( | ( | ( | ( | |||||||||||||
Balance as of December 31, 2020 | $ | ( | $ | ( | $ | ( | $ | $ | ( | ||||||||
Attributable to NCI: | |||||||||||||||||
Balance as of December 31, 2019 | $ | ( | $ | $ | $ | $ | ( | ||||||||||
OCI before reclassifications | |||||||||||||||||
Amount reclassified from AOCI | |||||||||||||||||
Net OCI | |||||||||||||||||
Balance as of December 31, 2020 | $ | ( | $ | $ | $ | $ | ( |
(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 | $ | ( | $ | ( | $ | ( | $ | ( | $ | ( | |||||||
OCI before reclassifications | ( | ||||||||||||||||
Amounts reclassified from AOCI | |||||||||||||||||
Net OCI | ( | ||||||||||||||||
Balance as of December 31, 2019 | $ | ( | $ | ( | $ | ( | $ | ( | $ | ( | |||||||
Attributable to NCI: | |||||||||||||||||
Balance as of December 31, 2018 | $ | ( | $ | $ | $ | $ | ( | ||||||||||
OCI before reclassifications | ( | ( | |||||||||||||||
Amount reclassified from AOCI | |||||||||||||||||
Net OCI | ( | ( | |||||||||||||||
Balance as of December 31, 2019 | $ | ( | $ | $ | $ | $ | ( |
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 | $ | $ | $ | ( | |||||||||
Income tax benefit | Income tax expense (benefit) | |||||||||||||
Net of tax | $ | $ | $ | ( | ||||||||||
Ownership share of equity method investees' OCI | Cost of revenue | $ | ( | $ | ( | $ | ( | |||||||
Income tax benefit | Income tax expense (benefit) | |||||||||||||
Net of tax | $ | ( | $ | ( | $ | ( | ||||||||
DB plan adjustments | Various accounts(1) | $ | ( | $ | ( | $ | ( | |||||||
Income tax benefit | Income tax expense (benefit) | |||||||||||||
Net of tax | $ | ( | $ | ( | $ | ( | ||||||||
Unrealized gain (loss) on hedges: | ||||||||||||||
Commodity and foreign currency contracts | Various accounts(2) | $ | $ | $ | ( | |||||||||
Interest rate contracts | Interest expense | ( | ( | ( | ||||||||||
Income tax benefit | Income tax expense (benefit) | ( | ||||||||||||
Net of tax: | $ | $ | $ | ( | ||||||||||
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) | $ | $ | $ | $ | $ | $ | ||||||||||||||||||||
Intangible customer relationships (2) | ||||||||||||||||||||||||||
Fair value adjustment and expected costs associated with sale (3) | ||||||||||||||||||||||||||
Total impairment expense | $ | $ | $ | $ | $ | $ |
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 | $ | $ | $ | $ | $ | $ | $ | $ | $ | $ | $ | $ | ||||||||||||||||||||||||||||||||
Cost of revenue | ( | ( | ( | ( | ( | ( | ( | ( | ( | ( | ( | |||||||||||||||||||||||||||||||||
Gross profit | ( | ( | ( | ( | ( | ( | ||||||||||||||||||||||||||||||||||||||
G&A | ( | ( | ( | ( | ( | ( | ||||||||||||||||||||||||||||||||||||||
Impairment, restructuring and other exit costs | ( | ( | ( | ( | ( | ( | ( | ( | ( | |||||||||||||||||||||||||||||||||||
Loss on sale of AMECO | ( | ( | ( | ( | ||||||||||||||||||||||||||||||||||||||||
Foreign currency gain (loss) | ( | ( | ( | ( | ( | ( | ( | ( | ||||||||||||||||||||||||||||||||||||
Operating profit (loss) | ( | ( | ( | ( | ( | ( | ( | ( | ( | ( | ( | |||||||||||||||||||||||||||||||||
Interest (expense) income, net | ( | ( | ( | ( | ( | ( | ( | |||||||||||||||||||||||||||||||||||||
Earnings (loss) before taxes from Disc Ops | ( | ( | ( | ( | ( | ( | ( | ( | ( | ( | ( | |||||||||||||||||||||||||||||||||
Income tax (expense) benefit | ( | ( | ( | ( | ( | ( | ( | ( | ||||||||||||||||||||||||||||||||||||
Net earnings (loss) from Disc Ops | $ | ( | $ | ( | $ | ( | $ | ( | $ | ( | $ | ( | $ | ( | $ | ( | $ | ( | $ | ( | $ | $ | ( | |||||||||||||||||||||
Less: Net earnings (loss) from Disc Ops attributable to NCI | $ | $ | ( | $ | $ | $ | $ | $ | $ | $ | $ | $ | $ | |||||||||||||||||||||||||||||||
Net earnings (loss) from Disc Ops attributable to Fluor | $ | ( | $ | ( | $ | ( | $ | ( | $ | ( | $ | ( | $ | ( | $ | ( | $ | ( | $ | ( | $ | $ | ( |
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 | $ | $ | $ | $ | $ | $ | $ | $ | $ | $ | $ | $ | |||||||||||||||||||||||||||||
Contract assets | |||||||||||||||||||||||||||||||||||||||||
Other current assets | |||||||||||||||||||||||||||||||||||||||||
Current assets held for sale | |||||||||||||||||||||||||||||||||||||||||
Property, plant and equipment, net | |||||||||||||||||||||||||||||||||||||||||
Goodwill | |||||||||||||||||||||||||||||||||||||||||
Investments | |||||||||||||||||||||||||||||||||||||||||
Other assets | |||||||||||||||||||||||||||||||||||||||||
Noncurrent assets held for sale (1) | |||||||||||||||||||||||||||||||||||||||||
Total assets held for sale | $ | $ | $ | $ | $ | $ | $ | $ | $ | $ | $ | $ | |||||||||||||||||||||||||||||
Accounts payable | $ | $ | $ | $ | $ | $ | $ | $ | $ | $ | $ | $ | |||||||||||||||||||||||||||||
Short-term borrowings | |||||||||||||||||||||||||||||||||||||||||
Contract liabilities | |||||||||||||||||||||||||||||||||||||||||
Accrued salaries, wages and benefits | |||||||||||||||||||||||||||||||||||||||||
Other accrued liabilities | |||||||||||||||||||||||||||||||||||||||||
Current liabilities held for sale | |||||||||||||||||||||||||||||||||||||||||
Noncurrent liabilities held for sale(1) | |||||||||||||||||||||||||||||||||||||||||
Total liabilities held for sale | $ | $ | $ | $ | $ | $ | $ | $ | $ | $ | $ | $ |
Year Ended December 31, | ||||||||||||||||||||||||||||||||||||||
(in thousands) | 2021 | 2020 | 2019 | |||||||||||||||||||||||||||||||||||
Stork | AMECO | Total | Stork | AMECO | Total | Stork | AMECO | Total | ||||||||||||||||||||||||||||||
Impairment expense | $ | $ | $ | $ | $ | $ | $ | $ | $ | |||||||||||||||||||||||||||||
Depreciation of fixed assets | ||||||||||||||||||||||||||||||||||||||
Amortization of stock-based awards | ||||||||||||||||||||||||||||||||||||||
Capital expenditures | ( | ( | ( | ( | ( | ( | ( | ( | ( |
(in millions, except per share amounts) | First Quarter | Second Quarter | Third Quarter | Fourth Quarter | |||||||||||||||||||
Year ended December 31, 2021 | |||||||||||||||||||||||
Revenue | $ | $ | $ | $ | |||||||||||||||||||
Cost of revenue | ( | ( | ( | ( | |||||||||||||||||||
Earnings (loss) from Cont Ops before taxes | ( | ( | ( | ||||||||||||||||||||
Net earnings (loss) from Cont Ops | ( | ( | ( | ||||||||||||||||||||
Amounts attributable to Fluor Corporation: | |||||||||||||||||||||||
Net earnings (loss) from Cont Ops | ( | ( | ( | ||||||||||||||||||||
Net earnings (loss) from Disc Ops | ( | ( | ( | ( | |||||||||||||||||||
Net earnings (loss) | $ | ( | $ | ( | $ | $ | ( | ||||||||||||||||
Basic earnings (loss) per share attributable to Fluor Corporation: | |||||||||||||||||||||||
Net earnings (loss) from Cont Ops | $ | ( | $ | ( | $ | $ | ( | ||||||||||||||||
Net earnings (loss) from Disc Ops | ( | ( | ( | ( | |||||||||||||||||||
Net earnings (loss) | $ | ( | $ | ( | $ | $ | ( | ||||||||||||||||
Diluted earnings (loss) per share attributable to Fluor Corporation: | |||||||||||||||||||||||
Net earnings (loss) from Cont Ops | $ | ( | $ | ( | $ | $ | ( | ||||||||||||||||
Net earnings (loss) from Disc Ops | ( | ( | ( | ( | |||||||||||||||||||
Net earnings (loss) | $ | ( | $ | ( | $ | $ | ( | ||||||||||||||||
(in millions, except per share amounts) | First Quarter | Second Quarter | Third Quarter | Fourth Quarter | |||||||||||||||||||
Year ended December 31, 2020 | |||||||||||||||||||||||
Revenue | $ | $ | $ | $ | |||||||||||||||||||
Cost of revenue | ( | ( | ( | ( | |||||||||||||||||||
Earnings (loss) from Cont Ops before taxes | ( | ( | |||||||||||||||||||||
Net earnings (loss) from Cont Ops | ( | ( | |||||||||||||||||||||
Amounts attributable to Fluor Corporation: | |||||||||||||||||||||||
Net earnings (loss) from Cont Ops | ( | ( | |||||||||||||||||||||
Net earnings (loss) from Disc Ops | ( | ( | ( | ( | |||||||||||||||||||
Net earnings (loss) | $ | ( | $ | ( | $ | $ | ( | ||||||||||||||||
Basic earnings (loss) per share attributable to Fluor Corporation: | |||||||||||||||||||||||
Net earnings (loss) from Cont Ops | $ | $ | ( | $ | $ | ( | |||||||||||||||||
Net earnings (loss) from Disc Ops | ( | ( | ( | ( | |||||||||||||||||||
Net earnings (loss) | $ | ( | $ | ( | $ | $ | ( | ||||||||||||||||
Diluted earnings (loss) per share attributable to Fluor Corporation: | |||||||||||||||||||||||
Net earnings (loss) from Cont Ops | $ | $ | ( | $ | $ | ( | |||||||||||||||||
Net earnings (loss) from Disc Ops | ( | ( | ( | ( | |||||||||||||||||||
Net earnings (loss) | $ | ( | $ | ( | $ | $ | ( |
• | 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. |
Ranking of the Company against the Peer Companies | Adjustment | ||||
Top third | Increase 30% | ||||
Middle third | No change | ||||
Bottom third | Decrease 30% |
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 |
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 |
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 |
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 |
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) |
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) |
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 |
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 |
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 |
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 |
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 |
Subsidiary Name | Percent Holding | Organized Under Laws of |
XIII | Elgin RBG (Pty) Limited | 50.0000 | Namibia |
Subsidiary Name | Percent Holding | Organized Under Laws of |
XIII | Stork Technical Services International South Africa | 100.0000 | South Africa |
Subsidiary Name | Percent Holding | Organized Under Laws of |
XIII | Stork Technical Services Trinidad and Tobago Ltd | 8.9700 | Trinidad & Tobago |
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 |
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 |
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 |
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 |
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 |
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 |
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) |
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 |
By: | /s/ David E. Constable | ||||
David E. Constable | |||||
Chief Executive Officer |
By: | /s/ Joseph L. Brennan | ||||
Joseph L. Brennan | |||||
Chief Financial Officer |
By: | /s/ David E. Constable | ||||
David E. Constable | |||||
Chief Executive Officer |
By: | /s/ Joseph L. Brennan | ||||
Joseph L. Brennan | |||||
Chief Financial Officer |
Audit Information |
12 Months Ended |
---|---|
Dec. 31, 2021 | |
Audit Information [Abstract] | |
Auditor Firm ID | 42 |
Auditor Name | Ernst & Young LLP |
Auditor Location | Dallas, Texas |
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) |
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) |
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 |
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 |
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 |
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 |
CONSOLIDATED STATEMENT OF CHANGES IN EQUITY (Parenthetical) - $ / shares |
12 Months Ended | |||
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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 |
Description of Business |
12 Months Ended |
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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 | |||||||||||||||||||||||||||||||||||||||
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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:
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 |
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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 [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.
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Operating Information by Segment and Geographic Area |
12 Months Ended | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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Segment Reporting [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Operating Information by Segment and Geographic Area | Operating Information by Segment and Geographic Area
(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
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Impairment, Restructuring and Other Exit Costs |
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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:
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:
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:
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Income Taxes |
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Income Tax Disclosure [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Income Taxes | Income Taxes The income tax expense (benefit) components recognized in Cont Ops follow:
(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:
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:
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:
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:
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:
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Supplemental Cash Flow Information |
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Supplemental Cash Flow Information | Supplemental Cash Flow InformationThe changes in assets and liabilities included in operating cash flow follow:
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Partnerships and Joint Ventures |
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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:
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:
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 |
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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 |
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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 |
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Contract Assets and Liabilities | Contract Assets and LiabilitiesThe following summarizes information about our contract assets and liabilities:
We estimate that our RUPO will be satisfied over the following periods:
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Remaining Unsatisfied Performance Obligations |
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Remaining Unsatisfied Performance Obligations | Contract Assets and LiabilitiesThe following summarizes information about our contract assets and liabilities:
We estimate that our RUPO will be satisfied over the following periods:
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Debt and Letters of Credit |
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Debt and Letters of Credit | Debt and Letters of Credit Debt consisted of the following:
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 |
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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 |
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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:
(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:
_______________________________________________________________________________ (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 |
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Property, Plant and Equipment [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Property, Plant and Equipment | Property, Plant and EquipmentProperty, plant and equipment is as follows:
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Stock-Based Compensation |
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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:
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:
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:
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:
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 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:
(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.
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:
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:
The following table presents information about Level 3 fair value measurements:
The following table presents expected future benefit payments related to our DB Plans:
The following table sets forth the change in PBO, plan assets and funded status of the plans:
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 |
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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. |
Leases |
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Leases, Operating [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Leases | Leases The following summarizes lease expense:
(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:
Supplemental information related to our leases follows:
The remaining lease payments under our operating and finance leases follows:
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Leases | Leases The following summarizes lease expense:
(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:
Supplemental information related to our leases follows:
The remaining lease payments under our operating and finance leases follows:
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Derivatives and Hedging |
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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:
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:
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.
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Other Comprehensive Income (Loss) |
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Stockholders' Equity Note [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Other Comprehensive Income (Loss) | Other Comprehensive Income (Loss) The components of OCI follow:
The changes in AOCI balances follow:
The reclassifications out of AOCI follow:
(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 |
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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:
(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:
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:
(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:
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Quarterly Financial Data (Unaudited) |
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Quarterly Financial Data (Unaudited) | Quarterly Financial Data (Unaudited)
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 |
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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.
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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.
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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.
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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.
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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.
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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.
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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.
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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.
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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.
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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.
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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.
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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.
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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.
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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.
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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.
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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.
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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) |
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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:
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Earnings Per Share (Tables) |
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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.
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Operating Information by Segment and Geographic Area (Tables) |
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Segment Reporting [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Schedule of operating information by segment |
(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.
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Schedule of operating information by geographic area | Operating Information by Geographic Area
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Impairment, Restructuring and Other Exit Costs (Tables) |
12 Months Ended | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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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:
Impairment expense, included in Disc Ops, is summarized as follows:
(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.
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Reconciliation of restructuring costs and liability | Information about our completed restructuring follows:
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Income Taxes (Tables) |
12 Months Ended | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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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:
(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.
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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:
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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:
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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:
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Schedule of reconciliation of beginning and ending amount of unrecognized tax benefits including interest and penalties | A summary of unrecognized tax benefits follows:
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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:
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Supplemental Cash Flow Information (Tables) |
12 Months Ended | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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Supplemental Cash Flow Information [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Consolidated statements of cash flows | The changes in assets and liabilities included in operating cash flow follow:
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Partnerships and Joint Ventures (Tables) |
12 Months Ended | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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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:
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:
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Revenue from Contract with Customer (Tables) |
12 Months Ended | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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Dec. 31, 2021 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Revenue from Contract with Customer [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Contract Assets and Liabilities | The following summarizes information about our contract assets and liabilities:
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Remaining Unsatisfied Performance Obligations (Tables) |
12 Months Ended | ||||||||||||||||||||||||||||||||||||
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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:
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Debt and Letters of Credit (Tables) |
12 Months Ended | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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Dec. 31, 2021 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Debt Disclosure [Abstract] | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Schedule of consolidated debt | Debt consisted of the following:
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Fair Value Measurements (Tables) |
12 Months Ended | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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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:
(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.
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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:
_______________________________________________________________________________ (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 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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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:
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Stock-Based Compensation (Tables) |
12 Months Ended | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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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:
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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:
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Summary of information related to options outstanding | Information related to options outstanding as of December 31, 2021 follows:
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Retirement Benefits (Tables) |
12 Months Ended | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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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:
(1) Net periodic pension expense of $1 million, $2 million and $2 million during 2021, 2020 and 2019, respectively, was reported as Disc Ops.
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Schedule of assumptions for determining projected benefit obligation at year end and net periodic cost for year |
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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:
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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:
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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:
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Schedule of expected benefit payments for defined benefit pension plans | The following table presents expected future benefit payments related to our DB Plans:
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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:
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Leases (Tables) |
12 Months Ended | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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Dec. 31, 2021 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Leases, Operating [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Components of lease expense | The following summarizes lease expense:
(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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Information related to right-of use assets and lease liabilities | Information related to our right-of use assets and lease liabilities follows:
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Supplemental information related to leases | Supplemental information related to our leases follows:
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Remaining lease payments under operating leases | The remaining lease payments under our operating and finance leases follows:
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Remaining lease payments under finance leases | The remaining lease payments under our operating and finance leases follows:
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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:
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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:
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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:
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Schedule of changes in AOCI balances by component (after-tax) | The changes in AOCI balances follow:
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Schedule of significant items reclassified out of accumulated other comprehensive income (loss) | The reclassifications out of AOCI follow:
(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 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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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:
Impairment expense, included in Disc Ops, is summarized as follows:
(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.
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||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Earnings from discontinued operations, net of tax | Disc Ops information follows:
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Assets and liabilities held for sale | The following summarizes information related to assets and liabilities classified as held for sale:
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Consolidated statements of cash flows for the discontinued operations | The changes in assets and liabilities included in operating cash flow follow:
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Quarterly Financial Data (Unaudited) (Tables) |
12 Months Ended | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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Dec. 31, 2021 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Quarterly Financial Information Disclosure [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Summary of quarterly results of operations |
|
Description of Business (Details) |
12 Months Ended |
---|---|
Dec. 31, 2021
segment
| |
Organization, Consolidation and Presentation of Financial Statements [Abstract] | |
Number of reportable segments | 4 |
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 |
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 |
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) |
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 |
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 |
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% |
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 |
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 |
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 |
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 |
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 |
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 |
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 |
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) |
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 |
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 |
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) |
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 |
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% |
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 |
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 |
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 |
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 |
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 |
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 |
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) |
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 |
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 |
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 |
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 |
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 |
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 |
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 |
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 |
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 |
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 |
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 |
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 |
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 |
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% |
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 |
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 |
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 |
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 |
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 |
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 |
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% |
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 |
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 |
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 |
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) |
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 |
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 |
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) |
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 |
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 |
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 |
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 |
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) |
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) |
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 |
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