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Operating Information by Segment and Geographic Area
9 Months Ended
Sep. 30, 2021
Segment Reporting [Abstract]  
Operating Information by Segment and Geographic Area Operating Information by Segment and Geographic Area
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 as follows: Energy Solutions, Urban Solutions, Mission Solutions and Other. Segment operating information and assets for 2020 have been recast to conform to these changes.
Energy Solutions focuses on energy transition, chemicals, LNG, and traditional oil and gas opportunities. The segment is pursuing new opportunities emerging in the energy transition market including carbon capture, green chemicals, hydrogen, biofuels and other low carbon energy sources. The segment also continues to provide EPC services for the oil, gas and petrochemical industries.
Urban Solutions focuses on mining, metals, advanced technologies, manufacturing, life sciences, infrastructure and 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. Mission Solutions includes the Radford and Warren projects which were previously reported in the Other segment.
Other now includes only the operations of NuScale.
3ME
September 30,
9ME
September 30,
(in millions)2021202020212020
Revenue
Energy Solutions$1,365.4 $1,337.9 $3,675.4 $4,195.2 
Urban Solutions1,014.7 1,329.4 3,419.2 4,434.2 
Mission Solutions723.0 789.6 2,183.4 2,260.2 
Total revenue$3,103.1 $3,456.9 $9,278.0 $10,889.6 
Segment profit (loss)
Energy Solutions$72.5 $96.2 $183.9 $133.0 
Urban Solutions17.8 29.3 (20.8)119.2 
Mission Solutions27.9 24.5 116.5 66.3 
Other(8.2)(21.6)(42.4)(62.9)
Total segment profit (loss)$110.0 $128.4 $237.2 $255.6 
G&A(42.4)(36.7)(139.4)(112.9)
Impairment, restructuring and other exit costs— — (26.4)(106.2)
Foreign currency gain (loss)37.5 (29.8)(4.2)16.2 
Interest income (expense), net(31.4)(11.9)(59.3)(26.9)
Earnings (loss) from Cont Ops attributable to NCI(3.5)4.2 21.5 19.7 
Earnings (loss) from Cont Ops before taxes$70.2 $54.2 $29.4 $45.5 
Intercompany revenue for our professional staffing business, excluded from revenue above$60.4 $60.6 $198.9 $199.7 
The following describes material changes to estimates impacting segment results:
Energy Solutions. Segment profit for the 2021 Period included forecast revisions resulting from the negotiation of change orders, scope increases and cost improvements across numerous projects.
Urban Solutions. Segment profit for the 2021 Quarter and 2021 Period included forecast revisions for schedule delays and productivity on a light rail project. Segment profit for the 2021 Period also 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). We believe that these cost growth factors may be at least partially recoverable under the contract. However, we expect that it will require several quarters to analyze recoverability and negotiate with our client before recognizing incremental revenue for these factors.
Mission Solutions. Segment profit for the 2021 Period included forecast revisions for higher than anticipated performance-based fees and the release of COVID cost reserves.
Other. During the 2021 Period, NuScale received $193 million in capital contributions from outside investors. As of September 30, 2021, Fluor had an approximate 80% ownership in NuScale. Fluor and its advisors continue to engage with potential investors and capital providers to fund NuScale's path to commercialization.
NuScale expenses included in the determination of segment loss were as follows:
3ME
September 30,
9ME
September 30,
(in millions)2021202020212020
NuScale expenses$(42.9)$(43.3)$(122.6)$(119.2)
Less: DOE reimbursable expenses 18.1 20.4 49.9 53.8 
NuScale expenses, net(24.8)(22.9)(72.7)(65.4)
Less: Attributable to NCI 16.6 1.3 30.3 2.5 
Fluor segment loss$(8.2)$(21.6)$(42.4)$(62.9)
Total assets by segment are as follows:
(in millions)September 30,
2021
December 31,
2020
Energy Solutions$1,196.2 $1,010.9 
Urban Solutions1,110.4 1,122.5 
Mission Solutions629.0 575.8 
Other38.5 37.8 
Revenue by project location follows:
3ME
September 30,
9ME
September 30,
(in millions)2021202020212020
North America$2,023.6 $2,320.6 $6,058.9 $7,079.8 
Asia Pacific (includes Australia)255.3 329.5 1,001.4 980.9 
Europe417.7 491.3 1,052.3 1,594.4 
Central and South America337.4 190.9 904.8 823.7 
Middle East and Africa69.1 124.6 260.6 410.8 
Total revenue$3,103.1 $3,456.9 $9,278.0 $10,889.6