Other Comprehensive Income (Loss) (Tables)

3 Months Ended

Mar. 31, 2019

Comprehensive Income (Loss), Net of Tax, Attributable to Parent [Abstract]

Schedule of tax effects of components of other comprehensive income (loss)

The tax effects of the components of other comprehensive income (loss) (“OCI”) for the three months ended March 31, 2019 and 2018 are as follows:

	Three Months Ended March 31, 2019									Three Months Ended March 31, 2018
(in thousands)	Before-Tax Amount			Tax Benefit (Expense)			Net-of-Tax Amount			Before-Tax Amount			Tax Benefit (Expense)			Net-of-Tax Amount
Other comprehensive income (loss):
Foreign currency translation adjustment	$	43,884		$	(2,014	)	$	41,870		$	26,918		$	(560	)	$	26,358
Ownership share of equity method investees’ other comprehensive income (loss)	(3,495		)	1,173			(2,322		)	6,259			(1,278		)	4,981
Defined benefit pension and postretirement plan adjustments	2,210			(146		)	2,064			1,517			(341		)	1,176
Unrealized gain (loss) on derivative contracts	4,634			(1,177		)	3,457			(4,530		)	928			(3,602		)
Unrealized gain on available-for-sale securities	—			—			—			1,134			(425		)	709
Total other comprehensive income	47,233			(2,164		)	45,069			31,298			(1,676		)	29,622
Less: Other comprehensive income attributable to noncontrolling interests	485			—			485			340			—			340
Other comprehensive income attributable to Fluor Corporation	$	46,748		$	(2,164	)	$	44,584		$	30,958		$	(1,676	)	$	29,282

Schedule of changes in accumulated other comprehensive income balances by component (after-tax)

The changes in accumulated other comprehensive income (“AOCI”) balances by component (after-tax) for the three months ended March 31, 2019 are as follows:

(in thousands)	Foreign Currency Translation			Ownership Share of Equity Method Investees’ Other Comprehensive Income (Loss)			Defined Benefit Pension and Postretirement Plans			Unrealized Gain (Loss) on Derivative Contracts			Accumulated Other Comprehensive Income (Loss), Net
Attributable to Fluor Corporation:
Balance as of December 31, 2018	$	(308,747	)	$	(23,672	)	$	(204,649	)	$	(5,410	)	$	(542,478	)
Other comprehensive income (loss) before reclassifications	41,385			(2,464		)	—			2,696			41,617
Amounts reclassified from AOCI	—			142			2,064			761			2,967
Net other comprehensive income (loss)	41,385			(2,322		)	2,064			3,457			44,584
Balance as of March 31, 2019	$	(267,362	)	$	(25,994	)	$	(202,585	)	$	(1,953	)	$	(497,894	)
Attributable to Noncontrolling Interests:
Balance as of December 31, 2018	$	(3,701	)	$	—		$	—		$	—		$	(3,701	)
Other comprehensive income before reclassifications	485			—			—			—			485
Amounts reclassified from AOCI	—			—			—			—			—
Net other comprehensive income	485			—			—			—			485
Balance as of March 31, 2019	$	(3,216	)	$	—		$	—		$	—		$	(3,216	)

The changes in AOCI balances by component (after-tax) for the three months ended March 31, 2018 are as follows:

(in thousands)	Foreign Currency Translation			Ownership Share of Equity Method Investees’ Other Comprehensive Income (Loss)			Defined Benefit Pension and Postretirement Plans			Unrealized Gain (Loss) on Derivative Contracts			Unrealized Gain (Loss) on Available-for- Sale Securities			Accumulated Other Comprehensive Income (Loss), Net
Attributable to Fluor Corporation:
Balance as of December 31, 2017	$	(211,177	)	$	(32,614	)	$	(152,058	)	$	(5,684	)	$	(709	)	$	(402,242	)
Other comprehensive income (loss) before reclassifications	26,018			4,476			—			(3,761		)	—			26,733
Amounts reclassified from AOCI	—			505			1,176			159			709			2,549
Net other comprehensive income (loss)	26,018			4,981			1,176			(3,602		)	709			29,282
Balance as of March 31, 2018	$	(185,159	)	$	(27,633	)	$	(150,882	)	$	(9,286	)	$	—		$	(372,960	)
Attributable to Noncontrolling Interests:
Balance as of December 31, 2017	$	(1,462	)	$	—		$	—		$	—		$	—		$	(1,462	)
Other comprehensive income before reclassifications	340			—			—			—			—			340
Amounts reclassified from AOCI	—			—			—			—			—			—
Net other comprehensive income	340			—			—			—			—			340
Balance as of March 31, 2018	$	(1,122	)	$	—		$	—		$	—		$	—		$	(1,122	)

Schedule of significant items reclassified out of AOCI and corresponding location and impact

The significant items reclassified out of AOCI and the corresponding location and impact on the Condensed Consolidated Statement of Earnings are as follows:

	Location in Condensed	Three Months Ended March 31,
(in thousands)	Consolidated Statement of Earnings	2019			2018
Component of AOCI:
Ownership share of equity method investees’ other comprehensive loss	Total cost of revenue	$	(189	)	$	(696	)
Income tax benefit	Income tax expense	47			191
Net of tax		$	(142	)	$	(505	)
Defined benefit pension plan adjustments	Corporate general and administrative expense	$	(2,210	)	$	(1,516	)
Income tax benefit	Income tax expense	146			340
Net of tax		$	(2,064	)	$	(1,176	)
Unrealized gain (loss) on derivative contracts:
Foreign currency contracts	Various accounts(1)	$	(845	)	$	214
Interest rate contracts	Interest expense	(420		)	(420		)
Income tax benefit	Income tax expense	504			47
Net of tax		$	(761	)	$	(159	)
Unrealized loss on available-for-sale securities	Corporate general and administrative expense	$	—		$	(1,134	)
Income tax benefit	Income tax expense	—			425
Net of tax		$	—		$	(709	)

_______________________________________________________________________________

(1) Gains and losses on foreign currency derivative contracts were reclassified to "Total cost of revenue" and "Corporate general and administrative expense."