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Other Comprehensive Income (Loss) - (Tables)

9 Months Ended

Sep. 30, 2021

The components of OCI follow:


	3ME September 30, 2021						3ME September 30, 2020
(in thousands)	Before-Tax Amount		Tax Benefit (Expense)		Net-of-Tax Amount		Before-Tax Amount		Tax Benefit (Expense)		Net-of-Tax Amount
OCI:
Foreign currency translation adjustments	$	(18,712)	$	—	$	(18,712)	$	4,201	$	—	$	4,201
Ownership share of equity method investees’ OCI	(936)		(2,037)		(2,973)		(1,287)		1,253		(34)
DB plan adjustments	1,172		(9)		1,163		1,070		—		1,070
Unrealized gain (loss) on hedges	(1,814)		(465)		(2,279)		11,328		(1,740)		9,588
Total OCI	(20,290)		(2,511)		(22,801)		15,312		(487)		14,825
Less: OCI attributable to NCI	2,355		—		2,355		(495)		—		(495)
OCI attributable to Fluor	$	(22,645)	$	(2,511)	$	(25,156)	$	15,807	$	(487)	$	15,320


	9ME September 30, 2021						9ME September 30, 2020
(in thousands)	Before-Tax Amount		Tax Benefit (Expense)		Net-of-Tax Amount		Before-Tax Amount		Tax Benefit (Expense)		Net-of-Tax Amount
OCI:
Foreign currency translation adjustments	$	(17,281)	$	(11)	$	(17,292)	$	(75,828)	$	—	$	(75,828)
Ownership share of equity method investees’ OCI	(4,222)		(890)		(5,112)		(18,707)		(153)		(18,860)
DB plan adjustments	3,573		432		4,005		3,071		—		3,071
Unrealized gain (loss) on hedges	(4,457)		(298)		(4,755)		6,751		(868)		5,883
Total OCI	(22,387)		(767)		(23,154)		(84,713)		(1,021)		(85,734)
Less: OCI attributable to NCI	1,759		—		1,759		(2,291)		—		(2,291)
OCI attributable to Fluor	$	(24,146)	$	(767)	$	(24,913)	$	(82,422)	$	(1,021)	$	(83,443)

The changes in AOCI balances follow:


(in thousands)	Foreign Currency Translation		Ownership Share of Equity Method Investees’ OCI		DB Plans		Unrealized Gain (Loss) on Hedges		AOCI, Net
Attributable to Fluor:
Balance as of June 30, 2021	$	(258,944)	$	(56,123)	$	(115,747)	$	14,151	$	(416,663)
OCI before reclassifications	(21,067)		(3,117)		(1)		1,530		(22,655)
Amounts reclassified from AOCI	—		144		1,164		(3,809)		(2,501)
Net OCI	(21,067)		(2,973)		1,163		(2,279)		(25,156)
Balance as of September 30, 2021	$	(280,011)	$	(59,096)	$	(114,584)	$	11,872	$	(441,819)

Attributable to NCI:
Balance as of June 30, 2021	$	(4,764)	$	—	$	—	$	—	$	(4,764)
OCI before reclassifications	2,355		—		—		—		2,355
Amounts reclassified from AOCI	—		—		—		—		—
Net OCI	2,355		—		—		—		2,355
Balance as of September 30, 2021	$	(2,409)	$	—	$	—	$	—	$	(2,409)


(in thousands)	Foreign Currency Translation		Ownership Share of Equity Method Investees’ OCI		DB Plans		Unrealized Gain (Loss) on Hedges		AOCI, Net
Attributable to Fluor:
Balance as of December 31, 2020	$	(260,960)	$	(53,984)	$	(118,589)	$	16,627	$	(416,906)
OCI before reclassifications	(19,051)		(5,540)		(1)		7,716		(16,876)
Amounts reclassified from AOCI	—		428		4,006		(12,471)		(8,037)
Net OCI	(19,051)		(5,112)		4,005		(4,755)		(24,913)
Balance as of September 30, 2021	$	(280,011)	$	(59,096)	$	(114,584)	$	11,872	$	(441,819)

Attributable to NCI:
Balance as of December 31, 2020	$	(4,168)	$	—	$	—	$	—	$	(4,168)
OCI before reclassifications	1,759		—		—		—		1,759
Amounts reclassified from AOCI	—		—		—		—		—
Net OCI	1,759		—		—		—		1,759
Balance as of September 30, 2021	$	(2,409)	$	—	$	—	$	—	$	(2,409)


(in thousands)	Foreign Currency Translation		Ownership Share of Equity Method Investees’ OCI		DB Plans		Unrealized Gain (Loss) on Hedges		AOCI, Net
Attributable to Fluor:
Balance as of June 30, 2020	$	(321,183)	$	(54,282)	$	(97,196)	$	(5,975)	$	(478,636)
OCI before reclassifications	4,696		(171)		—		10,112		14,637
Amounts reclassified from AOCI	—		137		1,070		(524)		683
Net OCI	4,696		(34)		1,070		9,588		15,320
Balance as of September 30, 2020	$	(316,487)	$	(54,316)	$	(96,126)	$	3,613	$	(463,316)

Attributable to NCI:
Balance as of June 30, 2020	$	(6,847)	$	—	$	—	$	—	$	(6,847)
OCI before reclassifications	(495)		—		—		—		(495)
Amounts reclassified from AOCI	—		—		—		—		—
Net OCI	(495)		—		—		—		(495)
Balance as of September 30, 2020	$	(7,342)	$	—	$	—	$	—	$	(7,342)


(in thousands)	Foreign Currency Translation		Ownership Share of Equity Method Investees’ OCI		DB Plans		Unrealized Gain (Loss) on Hedges		AOCI, Net
Attributable to Fluor Corporation:
Balance as of December 31, 2019	$	(242,950)	$	(35,456)	$	(99,197)	$	(2,270)	$	(379,873)
OCI before reclassifications	(73,537)		(19,270)		—		6,007		(86,800)
Amounts reclassified from AOCI	—		410		3,071		(124)		3,357
Net OCI	(73,537)		(18,860)		3,071		5,883		(83,443)
Balance as of September 30, 2020	$	(316,487)	$	(54,316)	$	(96,126)	$	3,613	$	(463,316)

Attributable to NCI:
Balance as of December 31, 2019	$	(5,051)	$	—	$	—	$	—	$	(5,051)
OCI before reclassifications	(2,291)		—		—		—		(2,291)
Amounts reclassified from AOCI	—		—		—		—		—
Net other comprehensive income (loss)	(2,291)		—		—		—		(2,291)
Balance as of September 30, 2020	$	(7,342)	$	—	$	—	$	—	$	(7,342)

Information about reclassifications out of AOCI follows:


		3ME September 30,				9ME September 30,
(in thousands)	Location in Statement of Operations	2021		2020		2021		2020
Component of AOCI:

Ownership share of equity method investees’ OCI	Cost of revenue	$	(192)	$	(183)	$	(571)	$	(547)
Income tax benefit	Income tax expense (benefit)	48		46		143		137
Net of tax		$	(144)	$	(137)	$	(428)	$	(410)

DB plan adjustments	G&A	$	(1,172)	$	(1,070)	$	(3,573)	$	(3,071)
Income tax benefit	Income tax expense (benefit)	8		—		(433)		—
Net of tax		$	(1,164)	$	(1,070)	$	(4,006)	$	(3,071)

Unrealized gain (loss) on derivative contracts:
Commodity and foreign currency contracts	Various accounts(1)	$	4,140	$	943	$	15,962	$	1,346
Interest rate contracts	Interest expense	(349)		(419)		(1,189)		(1,258)
Income tax benefit	Income tax expense (benefit)	18		—		(2,302)		36
Net of tax		$	3,809	$	524	$	12,471	$	124

(1)Gains and losses on commodity and foreign currency derivative contracts were reclassified to "Cost of revenue" and "G&A"