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Table of Contents
UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
FORM 10-Q
      QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934
For the quarterly period ended June 30, 2021
Or
       TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934
For the transition period from          to          
Commission File Number:  1-16129
FLUOR CORPORATION
(Exact name of registrant as specified in its charter)
Delaware 33-0927079
(State or other jurisdiction of (I.R.S. Employer
incorporation or organization) Identification No.)
6700 Las Colinas Boulevard  
Irving, Texas 75039
(Address of principal executive offices) (Zip Code)
469-398-7000
(Registrant’s telephone number, including area code)
Securities registered pursuant to Section 12(b) of the Act:
Title of each classTrading Symbol(s)Name of each exchange on which registered
Common Stock, $.01 par value per shareFLRNew York Stock Exchange
Indicate by check mark whether the registrant (1) has filed all reports required to be filed by Section 13 or 15(d) of the Securities Exchange Act of 1934 during the preceding 12 months (or for such shorter period that the registrant was required to file such reports), and (2) has been subject to such filing requirements for the past 90 days.  Yes ý  No o
Indicate by check mark whether the registrant has submitted electronically every Interactive Data File required to be submitted pursuant to Rule 405 of Regulation S-T during the preceding 12 months (or for such shorter period that the registrant was required to submit such files).  Yes ý  No o
Indicate by check mark whether the registrant is a large accelerated filer, an accelerated filer, a non-accelerated filer, a smaller reporting company or an emerging growth company. See definitions of “large accelerated filer,” “accelerated filer,” “smaller reporting company” and “emerging growth company” in Rule 12b-2 of the Exchange Act. (Check one):
Large accelerated filer Accelerated filer
Non-accelerated filerSmaller reporting company
 Emerging growth company
If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act. o
Indicate by check mark whether the registrant is a shell company (as defined in Rule 12b-2 of the Exchange Act).  Yes   No ý
As of July 30, 2021, 141,416,214 shares of the registrant’s common stock, $0.01 par value, were outstanding.



Table of Contents
FLUOR CORPORATION
FORM 10-Q
TABLE OF CONTENTSPAGE

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Table of Contents
Glossary of Terms
The definitions and abbreviations set forth below apply to the indicated terms used throughout this filing.
Abbreviation/TermDefinition
2020 10-KAnnual Report on Form 10-K for the year ended December 31, 2020
2020 PeriodSix months ended June 30, 2020
2020 QuarterThree months ended June 30, 2020
2021 PeriodSix months ended June 30, 2021
2021 QuarterThree months ended June 30, 2021
AOCIAccumulated other comprehensive income (loss)
ASCAccounting Standards Codification
ASUAccounting Standards Update
Cont OpsContinuing operations
G&AGeneral and administrative expense
COVID-19Coronavirus pandemic
DB planDefined benefit pension plan
Disc OpsDiscontinued operations
DOEU.S. Department of Energy
EPCEngineering, procurement and construction
EPSEarnings (loss) per share
Exchange ActSecurities Exchange Act of 1934
FluorFluor Corporation
GAAPAccounting principles generally accepted in the United States
ICFRInternal control over financial reporting
LNGLiquefied natural gas
NCINoncontrolling interests
NMNot meaningful
NuScaleNuScale Power, LLC
OCIOther comprehensive income (loss)
Q2 2021 10-QQuarterly Report on Form 10-Q for the three and six months ended June 30, 2021
RSURestricted stock units
RUPORemaining unsatisfied performance obligations
SECSecurities and Exchange Commission
StorkStork Holding B.V. and subsidiaries
SMRSmall modular reactor
VIEVariable interest entity

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Table of Contents
PART I:  FINANCIAL INFORMATION
Item 1. Financial Statements
FLUOR CORPORATION
CONDENSED CONSOLIDATED STATEMENT OF OPERATIONS
UNAUDITED

Three Months Ended
June 30,
Six Months Ended
June 30,
(in thousands, except per share amounts)2021202020212020
Revenue$3,236,407 $3,734,942 $6,174,933 $7,432,636 
Cost of revenue3,176,942 3,656,048 6,022,691 7,289,895 
Gross profit59,465 78,894 152,242 142,741 
General and administrative expense(31,474)(42,598)(97,068)(76,156)
Impairment, restructuring and other exit costs (3,824)(26,392)(106,189)
Foreign currency gain (loss)(30,386)798 (41,656)45,960 
Operating profit(2,395)33,270 (12,874)6,356 
Interest expense(15,217)(15,707)(35,941)(32,258)
Interest income4,409 5,294 8,057 17,218 
Earnings (loss) from Cont Ops before taxes(13,203)22,857 (40,758)(8,684)
Income tax expense (benefit)1,228 31,359 1,826 (30,922)
Net earnings (loss) from Cont Ops(14,431)(8,502)(42,584)22,238 
Less: Net earnings (loss) from Cont Ops attributable to NCI
(7,763)6,418 25,056 15,550 
Net earnings (loss) from Cont Ops attributable to Fluor(6,668)(14,920)(67,640)6,688 
Net earnings (loss) from Disc Ops attributable to Fluor (107,777)(10,070)(133,829)(297,637)
Net earnings (loss) attributable to Fluor$(114,445)$(24,990)$(201,469)$(290,949)
Less: Dividends on convertible preferred stock4,875  4,875  
Net earnings (loss) available to Fluor common stockholders$(119,320)$(24,990)$(206,344)$(290,949)
Basic EPS available to Fluor common stockholders
Net earnings (loss) from Cont Ops$(0.08)$(0.11)$(0.51)$0.05 
Net earnings (loss) from Disc Ops(0.76)(0.07)(0.95)(2.12)
Diluted EPS available to Fluor common stockholders
Net earnings (loss) from Cont Ops$(0.08)$(0.11)$(0.51)$0.05 
Net earnings (loss) from Disc Ops(0.76)(0.07)(0.95)(2.11)

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

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FLUOR CORPORATION
CONDENSED CONSOLIDATED STATEMENT OF COMPREHENSIVE INCOME (LOSS)
UNAUDITED
Three Months Ended
June 30,
Six Months Ended
June 30,
(in thousands)2021202020212020
Net earnings (loss) from Cont Ops$(14,431)$(8,502)$(42,584)$22,238 
Net earnings (loss) from Disc Ops(107,479)(9,760)(133,238)(296,950)
Net earnings (loss)$(121,910)$(18,262)$(175,822)$(274,712)
OCI, net of tax:
Foreign currency translation adjustment(1,279)31,072 1,420 (80,029)
Ownership share of equity method investees’ OCI(75)(10,654)(2,139)(18,826)
DB plan adjustments1,191 955 2,842 2,001 
Unrealized gain (loss) on hedges575 1,765 (2,476)(3,705)
Total OCI, net of tax412 23,138 (353)(100,559)
Comprehensive income (loss)(121,498)4,876 (176,175)(375,271)
Less: Comprehensive income (loss) attributable to NCI(7,859)9,149 25,051 14,441 
Comprehensive income (loss) attributable to Fluor$(113,639)$(4,273)$(201,226)$(389,712)
The accompanying notes are an integral part of these financial statements.
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FLUOR CORPORATION
CONDENSED CONSOLIDATED BALANCE SHEET
UNAUDITED
(in thousands, except share and per share amounts)June 30,
2021
December 31,
2020
ASSETS   
Current assets  
Cash and cash equivalents ($635,983 and $654,852 related to VIEs)
$2,711,115 $2,198,781 
Marketable securities ($10,066 and $66 related to VIEs)
31,651 23,345 
Accounts receivable, net ($267,451 and $238,376 related to VIEs)
892,261 935,676 
Contract assets ($332,401 and $237,923 related to VIEs)
994,890 859,675 
Other current assets ($30,139 and $29,408 related to VIEs)
400,369 378,043 
Current assets held for sale895,873 638,489 
Total current assets5,926,159 5,034,009 
Noncurrent assets
Property, plant and equipment, net ($47,726 and $34,847 related to VIEs)
448,436 463,827 
Investments597,574 527,416 
Deferred taxes92,191 77,915 
Deferred compensation trusts326,562 350,427 
Goodwill206,987 207,369 
Other assets ($39,045 and $40,829 related to VIEs)
258,568 269,610 
Noncurrent assets held for sale 379,239 
Total noncurrent assets1,930,318 2,275,803 
Total assets$7,856,477 $7,309,812 
LIABILITIES AND EQUITY 
Current liabilities
Accounts payable ($289,049 and $328,940 related to VIEs)
$1,087,404 $1,115,625 
Short-term borrowings4,738 4,890 
Contract liabilities ($354,242 and $262,811 related to VIEs)
1,149,532 1,093,761 
Accrued salaries, wages and benefits ($29,064 and $28,381 related to VIEs)
515,407 578,827 
Other accrued liabilities ($20,190 and $36,646 related to VIEs)
405,175 376,451 
Current liabilities related to assets held for sale572,776 402,483 
Total current liabilities3,735,032 3,572,037 
Long-term debt1,678,740 1,701,098 
Deferred taxes91,908 80,745 
Other noncurrent liabilities ($7,780 and $9,164 related to VIEs)
579,403 593,765 
Noncurrent liabilities related to assets for sale 98,940 
Contingencies and commitments
Equity
Shareholders’ equity
Preferred stock — authorized 20,000,000 shares ($0.01 par value); issued and outstanding — 600,000 shares in 2021 and none issued in 2020
6  
Common stock — authorized 375,000,000 shares ($0.01 par value); issued and outstanding — 141,416,214 and 140,715,205 shares in 2021 and 2020, respectively
1,411 1,404 
Additional paid-in capital882,450 195,940 
AOCI(416,663)(416,906)
Retained earnings1,048,345 1,249,809 
Total shareholders’ equity1,515,549 1,030,247 
NCI255,845 232,980 
Total equity1,771,394 1,263,227 
Total liabilities and equity$7,856,477 $7,309,812 
The accompanying notes are an integral part of these financial statements.
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FLUOR CORPORATION
CONDENSED CONSOLIDATED STATEMENT OF CASH FLOWS
UNAUDITED
Six Months Ended
June 30,
(in thousands)20212020
OPERATING CASH FLOW  
Net earnings (loss)$(175,822)$(274,712)
Adjustments to reconcile net earnings (loss) to operating cash flow:
Impairment expense - Cont Ops26,392 102,365 
Impairment expense - Disc Ops121,476 295,239 
Depreciation42,240 54,540 
Amortization of intangibles555 2,381 
(Earnings) loss from equity method investments, net of distributions(1,990)1,216 
Loss on sale of AMECO-North America24,864  
(Gain) loss on sales of assets(16,610)8,205 
Stock-based compensation21,327 9,356 
Deferred taxes297 (17,424)
Net retirement plan accrual (contributions)(11,226)(7,234)
Changes in assets and liabilities(183,617)(116,775)
Other(1,764)6,931 
Operating cash flow(153,878)64,088 
INVESTING CASH FLOW
Purchases of marketable securities(31,432)(12,495)
Proceeds from the sales and maturities of marketable securities23,202 6,995 
Capital expenditures(46,275)(58,959)
Proceeds from sales of assets42,839 24,348 
Proceeds from sale of AMECO-North America71,085  
Investments in partnerships and joint ventures(59,829)(24,022)
Other375 4,534 
Investing cash flow(35)(59,599)
FINANCING CASH FLOW
Proceeds from issuance of preferred stock582,000  
Purchase and retirement of debt(4,572) 
Dividends paid (28,720)
Other borrowings (debt repayments)(5,922)20,567 
Distributions paid to NCI(18,177)(10,831)
Capital contributions by NCI106,019 39,520 
Taxes paid on vested restricted stock(4,353)(1,313)
Other 340 (1,435)
Financing cash flow655,335 17,788 
Effect of exchange rate changes on cash10,912 (49,883)
Increase (decrease) in cash and cash equivalents512,334 (27,606)
Cash and cash equivalents at beginning of period2,198,781 1,997,199 
Cash and cash equivalents at end of period$2,711,115 $1,969,593 

The accompanying notes are an integral part of these financial statements.
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Table of Contents
FLUOR CORPORATION
CONDENSED CONSOLIDATED STATEMENT OF CHANGES IN EQUITY
UNAUDITED
(in thousands, except per share amounts)Preferred StockCommon StockAdditional Paid-In CapitalAOCIRetained
Earnings
Total Shareholders' EquityNCITotal
Equity
SharesAmountSharesAmount
BALANCE AS OF MARCH 31, 2021 $ 141,340 $1,410 $236,923 $(417,469)$1,162,790 $983,654 $261,003 $1,244,657 
Net earnings (loss)— — — — — — (114,445)(114,445)(7,465)(121,910)
OCI— — — — — 806 — 806 (394)412 
Issuance of convertible preferred stock600 6 — — 581,994 — — 582,000 — 582,000 
Distributions to NCI— — — — — — — — (9,759)(9,759)
Capital contributions by NCI— — — — — — — — 63,931 63,931 
Other NCI transactions— — — — 52,716 — — 52,716 (51,471)1,245 
Stock-based plan activity— — 76 1 10,817 — — 10,818 — 10,818 
BALANCE AS OF JUNE 30, 2021600 $6 141,416 $1,411 $882,450 $(416,663)$1,048,345 $1,515,549 $255,845 $1,771,394 

(in thousands, except per share amounts)Preferred StockCommon StockAdditional Paid-In CapitalAOCIRetained
Earnings
Total Shareholders' EquityNCITotal
Equity
SharesAmountSharesAmount
BALANCE AS OF
DECEMBER 31, 2020
 $ 140,715 $1,404 $195,940 $(416,906)$1,249,809 $1,030,247 $232,980 $1,263,227 
Net earnings (loss)— — — — — — (201,469)(201,469)25,647 (175,822)
OCI— — — — — 243 — 243 (596)(353)
Issuance of convertible preferred stock600 6 — — 581,994 — — 582,000 — 582,000 
Distributions to NCI— — — — — — — — (18,177)(18,177)
Capital contributions by NCI— — — — — — — — 106,032 106,032 
Other NCI transactions— — — — 87,059 — — 87,059 (90,041)(2,982)
Stock-based plan activity— — 701 7 17,457 — 5 17,469 — 17,469 
BALANCE AS OF JUNE 30, 2021600 $6 141,416 $1,411 $882,450 $(416,663)$1,048,345 $1,515,549 $255,845 $1,771,394 

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









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Table of Contents
FLUOR CORPORATION
CONDENSED CONSOLIDATED STATEMENT OF CHANGES IN EQUITY (Continued)
UNAUDITED
(in thousands, except per share amounts)Common StockAdditional Paid-In CapitalAOCIRetained
Earnings
Total Shareholders' EquityNCITotal
Equity
SharesAmount
BALANCE AS OF MARCH 31, 2020140,533 $1,403 $170,750 $(499,353)$1,418,845 $1,091,645 $118,520 $1,210,165 
Net earnings (loss)— — — — (24,990)(24,990)6,728 (18,262)
OCI— — — 20,717 — 20,717 2,421 23,138 
Distributions to NCI— — — — — — (8,080)(8,080)
Capital contributions by NCI— — — — — — 19,552 19,552 
Other NCI transactions— — 1,064 — — 1,064 31 1,095 
Stock-based plan activity32 — 3,275 — 11 3,286 — 3,286 
BALANCE AS OF JUNE 30, 2020140,565 $1,403 $175,089 $(478,636)$1,393,866 $1,091,722 $139,172 $1,230,894 

(in thousands, except per share amounts)Common StockAdditional Paid-In CapitalAOCIRetained
Earnings
Total Shareholders' EquityNCITotal
Equity
SharesAmount
BALANCE AS OF
DECEMBER 31, 2019
140,174 $1,399 $165,314 $(379,873)$1,700,912 $1,487,752 $96,340 $1,584,092 
Net earnings (loss)— — — — (290,949)(290,949)16,237 (274,712)
Cumulative adjustment for the adoption of ASC 326— — — — (1,977)(1,977)— (1,977)
OCI— — — (98,763)— (98,763)(1,796)(100,559)
Dividends ($0.10 per share)
— — — — (14,120)(14,120)— (14,120)
Distributions to NCI— — — — — — (10,831)(10,831)
Capital contributions by NCI— — — — — — 39,520 39,520 
Other NCI transactions— — 1,736 — — 1,736 (298)1,438 
Stock-based plan activity391 4 8,039 — — 8,043 — 8,043 
BALANCE AS OF JUNE 30, 2020140,565 $1,403 $175,089 $(478,636)$1,393,866 $1,091,722 $139,172 $1,230,894 

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

FLUOR CORPORATION
NOTES TO FINANCIAL STATEMENTS
UNAUDITED

1. Principles of Consolidation

These financial statements do not include footnotes and certain financial information normally presented annually under GAAP, and therefore, should be read in conjunction with our 2020 10-K. Accounting measurements at interim dates inherently involve greater reliance on estimates than at year-end. Although such estimates are based on management’s most recent assessment of the underlying facts and circumstances utilizing the most current information available, our reported results of operations may not necessarily be indicative of results that we expect for the full year.

The financial statements included herein are unaudited. In management's opinion, they contain all adjustments of a normal recurring nature which are necessary to present fairly our financial position and our operating results as of and for the interim periods presented. All significant intercompany transactions of consolidated subsidiaries are eliminated. Certain amounts in 2020 have been reclassified to conform to the 2021 presentation, which includes the segregation of Disc Ops and assets and liabilities held for sale. Segment operating information for 2020 has been recast to reflect changes in the composition of our reportable segments during 2021. 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 June 30, 2021 through the filing date of this Q2 2021 10-Q.
Quarters are typically 13 weeks in length but, due to our annual period ending on December 31, the number of weeks in a reporting period may vary slightly during the year and for comparable prior year periods. We report our quarterly results of operations based on periods ending on the Sunday nearest March 31, June 30 and September 30, allowing for a 13-week quarter. For clarity of presentation, all periods are presented as if the periods ended on March 31, June 30 and September 30.
In the first quarter of 2021, we committed to a plan to sell our Stork business. This plan and our plan to sell the remaining AMECO equipment business remains unchanged. Therefore, both Stork and AMECO are reported as Disc Ops. We expect to complete the sale of Stork and the remaining AMECO operations near the end of this year or early in 2022. The assets and liabilities of the Stork and AMECO businesses are classified as held for sale for all periods presented.
2. Recent Accounting Pronouncements
Accounting pronouncements that were implemented by us during the 2021 Period

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 current guidance that require 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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FLUOR CORPORATION
NOTES TO FINANCIAL STATEMENTS
UNAUDITED
3. Earnings Per Share
Potentially dilutive securities include convertible preferred stock, 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.
(in thousands, except per share amounts)Three Months Ended
June 30,
Six Months Ended
June 30,
2021202020212020
Net earnings (loss) from Cont Ops attributable to Fluor$(6,668)$(14,920)$(67,640)$6,688 
Less: Dividends on convertible preferred stock4,875  4,875  
Net earnings (loss) from Cont Ops available to Fluor common stockholders(11,543)(14,920)(72,515)6,688 
Net earnings (loss) from Disc Ops attributable to Fluor(107,777)(10,070)(133,829)(297,637)
Net earnings (loss) available to Fluor common stockholders$(119,320)$(24,990)$(206,344)$(290,949)
Weighted average common shares outstanding141,374 140,536 141,137 140,399 
Diluted effect:
Convertible preferred stock(1)
  
Stock options, RSUs, restricted stock and performance-based award units(1)
411
Weighted average diluted shares outstanding141,374140,536141,137140,810
Basic EPS available to Fluor common stockholders:
Net earnings (loss) from Cont Ops$(0.08)$(0.11)$(0.51)$0.05 
Net earnings (loss) from Disc Ops(0.76)(0.07)(0.95)(2.12)
Diluted EPS available to Fluor common stockholders:
Net earnings (loss) from Cont Ops$(