(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 | ||||||
☒ | Accelerated filer | ☐ | |||||||||
Non-accelerated filer | ☐ | Smaller reporting company | |||||||||
Emerging growth company |
TABLE OF CONTENTS | PAGE | ||||||||||
Abbreviation/Term | Definition | ||||
2022 10-K | Annual Report on Form 10-K for the year ended December 31, 2022 | ||||
2022 Period | Nine months ended September 30, 2022 | ||||
2022 Quarter | Three months ended September 30, 2022 | ||||
2023 Period | Nine months ended September 30, 2023 | ||||
2023 Quarter | Three months ended September 30, 2023 | ||||
3ME | Three months ended | ||||
9ME | Nine months ended | ||||
AMECO | American Equipment Company, Inc. | ||||
AOCI | Accumulated other comprehensive income (loss) | ||||
APIC | Additional paid-in capital | ||||
ASC | Accounting Standards Codification | ||||
ASU | Accounting Standards Update | ||||
ATLS | Advanced technologies & life sciences | ||||
CFM | Customer-furnished materials | ||||
COVID | Coronavirus pandemic | ||||
CPS | Convertible preferred stock | ||||
CTA | Currency translation adjustment | ||||
DB plan | Defined benefit pension plan | ||||
DOE | U.S. Department of Energy | ||||
DOJ | U.S. Department of Justice | ||||
EPC | Engineering, procurement and construction | ||||
EPS | Earnings (loss) per share | ||||
Exchange Act | Securities Exchange Act of 1934 | ||||
Fluor | Fluor Corporation | ||||
G&A | General and administrative expense | ||||
GAAP | Accounting principles generally accepted in the United States | ||||
ICFR | Internal control over financial reporting | ||||
IT | Information technology | ||||
LNG | Liquefied natural gas | ||||
NCI | Noncontrolling interests | ||||
NM | Not meaningful | ||||
NuScale | NuScale Power, LLC | ||||
OCI | Other comprehensive income (loss) | ||||
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 | ||||
TSR | Total shareholder return | ||||
VIE | Variable interest entity |
3ME September 30, | 9ME September 30, | ||||||||||||||||||||||
(in millions, except per share amounts) | 2023 | 2022 | 2023 | 2022 | |||||||||||||||||||
Revenue | $ | $ | $ | $ | |||||||||||||||||||
Cost of revenue | ( | ( | ( | ( | |||||||||||||||||||
Gross profit (loss) | ( | ||||||||||||||||||||||
G&A | ( | ( | ( | ( | |||||||||||||||||||
Impairment | |||||||||||||||||||||||
Foreign currency gain (loss) | ( | ||||||||||||||||||||||
Operating profit (loss) | ( | ||||||||||||||||||||||
Interest expense | ( | ( | ( | ( | |||||||||||||||||||
Interest income | |||||||||||||||||||||||
Earnings before taxes | |||||||||||||||||||||||
Income tax expense | ( | ( | ( | ( | |||||||||||||||||||
Net earnings (loss) | ( | ||||||||||||||||||||||
Less: Net earnings (loss) attributable to NCI | ( | ( | ( | ( | |||||||||||||||||||
Net earnings attributable to Fluor | $ | $ | $ | $ | |||||||||||||||||||
Less: Dividends on CPS | |||||||||||||||||||||||
Less: Make-whole payment on conversion of CPS | |||||||||||||||||||||||
Net earnings available to Fluor common stockholders | $ | $ | $ | $ | |||||||||||||||||||
Basic EPS available to Fluor common stockholders | $ | $ | $ | $ | |||||||||||||||||||
Diluted EPS available to Fluor common stockholders |
3ME September 30, | 9ME September 30, | |||||||||||||||||||||||||
(in millions) | 2023 | 2022 | 2023 | 2022 | ||||||||||||||||||||||
Net earnings (loss) | $ | $ | ( | $ | $ | |||||||||||||||||||||
OCI, net of tax: | ||||||||||||||||||||||||||
Foreign currency translation adjustment | ( | ( | ( | |||||||||||||||||||||||
Ownership share of equity method investees’ OCI | ( | |||||||||||||||||||||||||
Other | ( | ( | ( | |||||||||||||||||||||||
Total OCI, net of tax | ( | ( | ( | |||||||||||||||||||||||
Comprehensive income (loss) | ( | |||||||||||||||||||||||||
Less: Comprehensive income (loss) attributable to NCI | ( | ( | ( | ( | ||||||||||||||||||||||
Comprehensive income (loss) attributable to Fluor | $ | $ | ( | $ | $ |
(in millions, except share and per share amounts) | September 30, 2023 | December 31, 2022 | ||||||||||||
ASSETS | ||||||||||||||
Current assets | ||||||||||||||
Cash and cash equivalents ($ | $ | $ | ||||||||||||
Marketable securities ($ | ||||||||||||||
Accounts receivable, net ($ | ||||||||||||||
Contract assets ($ | ||||||||||||||
Other current assets ($ | ||||||||||||||
Total current assets | ||||||||||||||
Noncurrent assets | ||||||||||||||
Marketable securities, noncurrent | ||||||||||||||
Property, plant and equipment, net ($ | ||||||||||||||
Investments | ||||||||||||||
Deferred taxes | ||||||||||||||
Deferred compensation trusts | ||||||||||||||
Goodwill | ||||||||||||||
Other assets ($ | ||||||||||||||
Total noncurrent assets | ||||||||||||||
Total assets | $ | $ | ||||||||||||
LIABILITIES AND EQUITY | ||||||||||||||
Current liabilities | ||||||||||||||
Accounts payable ($ | $ | $ | ||||||||||||
Short-term debt and current portion of long-term debt | ||||||||||||||
Contract liabilities ($ | ||||||||||||||
Accrued salaries, wages and benefits ($ | ||||||||||||||
Other accrued liabilities ($ | ||||||||||||||
Total current liabilities | ||||||||||||||
Long-term debt | ||||||||||||||
Deferred taxes | ||||||||||||||
Other noncurrent liabilities ($ | ||||||||||||||
Commitments and contingencies | ||||||||||||||
Equity | ||||||||||||||
Shareholders’ equity | ||||||||||||||
Preferred stock — authorized | ||||||||||||||
Common stock — authorized | ||||||||||||||
APIC | ||||||||||||||
AOCI | ( | ( | ||||||||||||
Retained earnings | ||||||||||||||
Total shareholders’ equity | ||||||||||||||
NCI | ||||||||||||||
Total equity | ||||||||||||||
Total liabilities and equity | $ | $ |
9ME September 30, | ||||||||||||||
(in millions) | 2023 | 2022 | ||||||||||||
OPERATING CASH FLOW | ||||||||||||||
Net earnings | $ | $ | ||||||||||||
Adjustments to reconcile net earnings to operating cash flow: | ||||||||||||||
Impairment | ( | |||||||||||||
Depreciation and amortization | ||||||||||||||
(Earnings) loss from equity method investments, net of distributions | ( | ( | ||||||||||||
(Gain) loss on sales of assets (including AMECO-South America in 2023) | ( | |||||||||||||
Stock-based compensation | ||||||||||||||
Deferred taxes | ( | ( | ||||||||||||
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 (including AMECO-South America in 2023) | ||||||||||||||
Investments in partnerships and joint ventures | ( | ( | ||||||||||||
Other | ||||||||||||||
Investing cash flow | ( | ( | ||||||||||||
FINANCING CASH FLOW | ||||||||||||||
Proceeds from issuance of 2029 Notes, net of issuance costs | ||||||||||||||
Capped call transactions related to 2029 Notes | ( | |||||||||||||
Purchases and retirement of debt | ( | ( | ||||||||||||
Proceeds from NuScale de-SPAC transaction | ||||||||||||||
Proceeds from sale of NuScale interest | ||||||||||||||
Dividends paid on CPS | ( | ( | ||||||||||||
Make-whole payment on conversion of CPS | ( | |||||||||||||
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 period | ||||||||||||||
Cash and cash equivalents at end of period | $ | $ | ||||||||||||
SUPPLEMENTAL INFORMATION: | ||||||||||||||
Cash paid for interest | $ | $ | ||||||||||||
Cash paid for income taxes (net of refunds) |
(in millions, except per share amounts) | Preferred Stock | Common Stock | APIC | AOCI | Retained Earnings | Total Shareholders' Equity | NCI | Total Equity | ||||||||||||||||||||||||
Shares | Amount | Shares | Amount | |||||||||||||||||||||||||||||
BALANCE AS OF JUNE 30, 2023 | $ | $ | $ | $ | ( | $ | $ | $ | $ | |||||||||||||||||||||||
Net earnings (loss) | — | — | — | — | — | — | ( | |||||||||||||||||||||||||
OCI | — | — | — | — | — | ( | — | ( | ( | |||||||||||||||||||||||
Dividends on CPS ($ | — | — | — | — | — | — | ( | ( | — | ( | ||||||||||||||||||||||
Conversion of CPS to common stock (including make-whole payment) | ( | — | — | — | ( | ( | — | ( | ||||||||||||||||||||||||
Capped call transactions related to 2029 Notes | — | — | — | — | ( | — | — | ( | — | ( | ||||||||||||||||||||||
Distributions to NCI, net of contributions | — | — | — | — | — | — | ( | ( | ||||||||||||||||||||||||
Stock-based plan activity | — | — | — | — | — | — | — | |||||||||||||||||||||||||
BALANCE AS OF SEPTEMBER 30, 2023 | $ | $ | $ | ( | $ | $ | $ | $ |
(in millions, except per share amounts) | Preferred Stock | Common Stock | APIC | AOCI | Retained Earnings | Total Shareholders' Equity | NCI | Total Equity | ||||||||||||||||||||||||
Shares | Amount | Shares | Amount | |||||||||||||||||||||||||||||
BALANCE AS OF DECEMBER 31, 2022 | $ | $ | $ | $ | ( | $ | $ | $ | $ | |||||||||||||||||||||||
Net earnings (loss) | — | — | — | — | — | — | ( | |||||||||||||||||||||||||
OCI | — | — | — | — | — | — | ||||||||||||||||||||||||||
Dividends on CPS ($ | — | — | — | — | — | — | ( | ( | — | ( | ||||||||||||||||||||||
Conversion of CPS to common stock (including make-whole payment) | ( | — | — | — | ( | ( | — | ( | ||||||||||||||||||||||||
Capped call transactions related to 2029 Notes | — | — | — | — | ( | — | — | ( | — | ( | ||||||||||||||||||||||
Distributions to NCI, net of contributions | — | — | — | — | — | — | — | — | ( | ( | ||||||||||||||||||||||
Other NCI transactions | — | — | — | — | — | — | ||||||||||||||||||||||||||
Stock-based plan activity | — | — | — | — | — | — | ||||||||||||||||||||||||||
BALANCE AS OF SEPTEMBER 30, 2023 | $ | $ | $ | ( | $ | $ | $ | $ |
(in millions, except per share amounts) | Preferred Stock | Common Stock | APIC | AOCI | Retained Earnings | Total Shareholders' Equity | NCI | Total Equity | ||||||||||||||||||||||||
Shares | Amount | Shares | Amount | |||||||||||||||||||||||||||||
BALANCE AS OF JUNE 30, 2022 | $ | $ | $ | $ | ( | $ | $ | $ | $ | |||||||||||||||||||||||
Net earnings (loss) | — | — | — | — | — | — | ( | ( | ||||||||||||||||||||||||
OCI | — | — | — | — | — | ( | — | ( | — | ( | ||||||||||||||||||||||
Dividends on CPS ($ | — | — | — | — | — | — | ( | ( | — | ( | ||||||||||||||||||||||
Distributions to NCI, net of capital contributions | — | — | — | — | — | — | — | — | ( | ( | ||||||||||||||||||||||
NuScale reverse recapitalization | — | — | — | — | — | — | ||||||||||||||||||||||||||
Other NCI transactions | — | — | — | — | — | — | — | — | ( | ( | ||||||||||||||||||||||
Stock-based plan activity | — | — | — | — | ( | — | — | ( | — | ( | ||||||||||||||||||||||
BALANCE AS OF SEPTEMBER 30, 2022 | $ | $ | $ | $ | ( | $ | $ | $ | $ |
(in millions, except per share amounts) | Preferred Stock | Common Stock | APIC | AOCI | Retained Earnings | Total Shareholders' Equity | NCI | Total Equity | ||||||||||||||||||||||||
Shares | Amount | Shares | Amount | |||||||||||||||||||||||||||||
BALANCE AS OF DECEMBER 31, 2021 | $ | $ | $ | $ | ( | $ | $ | $ | $ | |||||||||||||||||||||||
Net earnings (loss) | — | — | — | — | — | — | ( | |||||||||||||||||||||||||
OCI | — | — | — | — | — | ( | — | ( | — | ( | ||||||||||||||||||||||
Dividends on CPS ($ | — | — | — | — | — | — | ( | ( | — | ( | ||||||||||||||||||||||
Distributions to NCI, net of capital contributions | — | — | — | — | — | — | — | — | ( | ( | ||||||||||||||||||||||
NuScale reverse recapitalization | — | — | — | — | — | — | ||||||||||||||||||||||||||
Other NCI transactions | — | — | — | — | — | — | — | |||||||||||||||||||||||||
Stock-based plan activity | — | — | — | — | — | — | ||||||||||||||||||||||||||
BALANCE AS OF SEPTEMBER 30, 2022 | $ | $ | $ | $ | ( | $ | $ | $ | $ |
3ME September 30, | 9ME September 30, | |||||||||||||||||||||||||
(in millions, except per share amounts) | 2023 | 2022 | 2023 | 2022 | ||||||||||||||||||||||
Net earnings attributable to Fluor | $ | $ | $ | $ | ||||||||||||||||||||||
Less: Dividends on CPS | ||||||||||||||||||||||||||
Less: Make-whole payment on conversion of CPS | ||||||||||||||||||||||||||
Net earnings available to Fluor common stockholders | ||||||||||||||||||||||||||
Weighted average common shares outstanding | ||||||||||||||||||||||||||
Diluted effect: | ||||||||||||||||||||||||||
CPS | ||||||||||||||||||||||||||
Stock options, RSUs and performance-based award units | ||||||||||||||||||||||||||
Convertible debt (1) | ||||||||||||||||||||||||||
Weighted average diluted shares outstanding | ||||||||||||||||||||||||||
Basic EPS available to Fluor common stockholders | $ | $ | $ | $ | ||||||||||||||||||||||
Diluted EPS available to Fluor common stockholders | $ | $ | $ | $ | ||||||||||||||||||||||
Anti-dilutive securities not included in shares outstanding: | ||||||||||||||||||||||||||
CPS | ||||||||||||||||||||||||||
Stock options, RSUs and performance-based award units | ||||||||||||||||||||||||||
Stock delivered under capped call options (2) |
3ME September 30, | 9ME September 30, | |||||||||||||||||||||||||
(in millions) | 2023 | 2022 | 2023 | 2022 | ||||||||||||||||||||||
Revenue | ||||||||||||||||||||||||||
Energy Solutions | $ | $ | $ | $ | ||||||||||||||||||||||
Urban Solutions | ||||||||||||||||||||||||||
Mission Solutions | ||||||||||||||||||||||||||
Other | ||||||||||||||||||||||||||
Total revenue | $ | $ | $ | $ | ||||||||||||||||||||||
Segment profit (loss) | ||||||||||||||||||||||||||
Energy Solutions | $ | $ | $ | $ | ||||||||||||||||||||||
Urban Solutions | ( | ( | ||||||||||||||||||||||||
Mission Solutions | ||||||||||||||||||||||||||
Other | ( | ( | ( | ( | ||||||||||||||||||||||
Total segment profit | $ | $ | $ | $ | ||||||||||||||||||||||
G&A | ( | ( | ( | ( | ||||||||||||||||||||||
Impairment | ||||||||||||||||||||||||||
Foreign currency gain (loss) | ( | |||||||||||||||||||||||||
Interest income (expense), net | ||||||||||||||||||||||||||
Earnings (loss) attributable to NCI | ( | ( | ( | ( | ||||||||||||||||||||||
Earnings before taxes | $ | $ | $ | $ | ||||||||||||||||||||||
Intercompany revenue for our professional staffing business, excluded from revenue above | $ | $ | $ | $ |
3ME September 30, | 9ME September 30, | ||||||||||||||||||||||
(in millions) | 2023 | 2022 | 2023 | 2022 | |||||||||||||||||||
NuScale(1) | $ | ( | $ | ( | $ | ( | $ | ( | |||||||||||||||
Stork | |||||||||||||||||||||||
AMECO | ( | ||||||||||||||||||||||
Segment profit (loss) | $ | ( | $ | ( | $ | ( | $ | ( |
(in millions) | September 30, 2023 | December 31, 2022 | ||||||||||||
Energy Solutions | $ | $ | ||||||||||||
Urban Solutions | ||||||||||||||
Mission Solutions | ||||||||||||||
Other | ||||||||||||||
Corporate | ||||||||||||||
Total assets | $ | $ |
3ME September 30, | 9ME September 30, | |||||||||||||||||||||||||
(in millions) | 2023 | 2022 | 2023 | 2022 | ||||||||||||||||||||||
North America | $ | $ | $ | $ | ||||||||||||||||||||||
Asia Pacific (includes Australia) | ||||||||||||||||||||||||||
Europe | ||||||||||||||||||||||||||
Central and South America | ||||||||||||||||||||||||||
Middle East and Africa | ||||||||||||||||||||||||||
Total revenue | $ | $ | $ | $ |
3ME September 30 | 9ME September 30 | ||||||||||||||||||||||
(In millions) | 2023 | 2022 | 2023 | 2022 | |||||||||||||||||||
U.S statutory federal income tax expense | $ | $ | $ | $ | |||||||||||||||||||
Increase (decrease) in taxes resulting from: | |||||||||||||||||||||||
State and local income taxes, net of federal income tax effects | |||||||||||||||||||||||
Valuation allowance, net | |||||||||||||||||||||||
Foreign tax impacts | ( | ( | |||||||||||||||||||||
Noncontrolling interest | |||||||||||||||||||||||
Sale of AMECO South America | ( | ||||||||||||||||||||||
Other adjustments | |||||||||||||||||||||||
Total income tax expense | $ | $ | $ | $ |
(in millions) | September 30, 2023 | December 31, 2022 | ||||||
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 | $ | $ | ||||||
9ME September 30, | ||||||||
(in millions) | 2023 | 2022 | ||||||
Information about contract liabilities: | ||||||||
Revenue recognized that was included in contract liabilities as of January 1 | $ | $ |
(in millions) | September 30, 2023 | ||||
Within 1 year | $ | ||||
1 to 2 years | |||||
Thereafter | |||||
Total RUPO | $ |
(in millions) | September 30, 2023 | December 31, 2022 | |||||||||
Borrowings under credit facility | $ | $ | |||||||||
Current: | |||||||||||
2023 Notes | $ | $ | |||||||||
Other borrowings | |||||||||||
Total current | $ | $ | |||||||||
Long-term: | |||||||||||
Senior Notes | |||||||||||
2024 Notes | |||||||||||
Unamortized discount and deferred financing costs | ( | ||||||||||
2028 Notes | |||||||||||
Unamortized discount and deferred financing costs | ( | ( | |||||||||
2029 Notes | |||||||||||
Unamortized deferred financing costs | ( | ||||||||||
Other long-term borrowings | |||||||||||
Total long-term | $ | $ |
September 30, 2023 | December 31, 2022 | |||||||||||||||||||||||||||||||||||||||||||||||||
Fair Value Hierarchy | Fair Value Hierarchy | |||||||||||||||||||||||||||||||||||||||||||||||||
(in millions) | Total | Level 1 | Level 2 | Level 3 | Total | Level 1 | Level 2 | Level 3 | ||||||||||||||||||||||||||||||||||||||||||
Assets: | ||||||||||||||||||||||||||||||||||||||||||||||||||
Marketable securities, noncurrent(1) | $ | $ | — | $ | $ | — | $ | — | $ | — | $ | — | $ | — | ||||||||||||||||||||||||||||||||||||
Deferred compensation trusts(2) | — | — | — | — | ||||||||||||||||||||||||||||||||||||||||||||||
Derivative assets(3) | ||||||||||||||||||||||||||||||||||||||||||||||||||
Foreign currency | — | — | — | — | ||||||||||||||||||||||||||||||||||||||||||||||
Commodity | — | — | — | — | ||||||||||||||||||||||||||||||||||||||||||||||
Liabilities: | ||||||||||||||||||||||||||||||||||||||||||||||||||
SMR warrants (4) | $ | $ | $ | $ | — | $ | $ | $ | $ | — | ||||||||||||||||||||||||||||||||||||||||
Derivative liabilities(3) | ||||||||||||||||||||||||||||||||||||||||||||||||||
Foreign currency | — | — | — | — | ||||||||||||||||||||||||||||||||||||||||||||||
Commodity | — | — | — | — | ||||||||||||||||||||||||||||||||||||||||||||||
September 30, 2023 | December 31, 2022 | ||||||||||||||||||||||||||||
(in millions) | 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 | ||||||||||||||||||||||||||||
2029 Senior Notes(4) | Level 2 | ||||||||||||||||||||||||||||
Other borrowings, including noncurrent portion(5) | Level 2 |
Performance-based Award Units Granted in 2023 | Weighted Average Grant Date Fair Value Per Share | |||||||
2023 Performance Award Plan | $ | |||||||
2022 Performance Award Plan | $ | |||||||
2021 Performance Award Plan | $ |
Location in Statement of Operations | 3ME September 30, | 9ME September 30, | ||||||||||||||||||||||||
(in millions) | 2023 | 2022 | 2023 | 2022 | ||||||||||||||||||||||
SGI awards | G&A | $ | $ | $ | $ | |||||||||||||||||||||
Performance-based awards for other executives | G&A |
Liabilities (in millions) | Location on Balance Sheet | September 30, 2023 | December 31, 2022 | |||||||||||
SGI awards | Accrued salaries, wages and benefits and other noncurrent liabilities | $ | $ | |||||||||||
Performance-based awards for other executives | Accrued salaries, wages and benefits and other noncurrent liabilities |
3ME September 30, 2023 | 3ME September 30, 2022 | |||||||||||||||||||||||||||||||||||||
(in millions) | 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 | $ | ( | $ | $ | ( | $ | ( | $ | $ | ( | ||||||||||||||||||||||||||||
Ownership share of equity method investees’ OCI | ( | |||||||||||||||||||||||||||||||||||||
Other | ( | ( | ( | ( | ||||||||||||||||||||||||||||||||||
Total OCI | ( | ( | ( | ( | ( | |||||||||||||||||||||||||||||||||
Less: OCI attributable to NCI | ||||||||||||||||||||||||||||||||||||||
OCI attributable to Fluor | $ | ( | $ | $ | ( | $ | ( | $ | ( | $ | ( |
9ME September 30, 2023 | 9ME September 30, 2022 | |||||||||||||||||||||||||||||||||||||
(in millions) | 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 | $ | $ | $ | $ | ( | $ | $ | ( | ||||||||||||||||||||||||||||||
Ownership share of equity method investees’ OCI | ( | ( | ( | |||||||||||||||||||||||||||||||||||
Other | ( | ( | ||||||||||||||||||||||||||||||||||||
Total OCI | ( | ( | ( | |||||||||||||||||||||||||||||||||||
Less: OCI attributable to NCI | ||||||||||||||||||||||||||||||||||||||
OCI attributable to Fluor | $ | $ | $ | $ | ( | $ | ( | $ | ( |
(in millions) | Foreign Currency Translation | Ownership Share of Equity Method Investees’ OCI | Other | AOCI, Net | |||||||||||||||||||
Attributable to Fluor: | |||||||||||||||||||||||
Balance as of June 30, 2023 | $ | ( | $ | ( | $ | ( | $ | ( | |||||||||||||||
OCI before reclassifications | ( | ( | |||||||||||||||||||||
Amounts reclassified from AOCI | ( | ( | |||||||||||||||||||||
Net OCI | ( | ( | ( | ||||||||||||||||||||
Balance as of September 30, 2023 | $ | ( | $ | ( | $ | ( | $ | ( | |||||||||||||||
0 | |||||||||||||||||||||||
Attributable to NCI: | 0 | ||||||||||||||||||||||
Balance as of June 30, 2023 | $ | ( | $ | $ | $ | ( | |||||||||||||||||
OCI before reclassifications | |||||||||||||||||||||||
Amounts reclassified from AOCI | |||||||||||||||||||||||
Net OCI | |||||||||||||||||||||||
Balance as of September 30, 2023 | $ | $ | $ | $ |
(in millions) | Foreign Currency Translation | Ownership Share of Equity Method Investees’ OCI | Other | AOCI, Net | |||||||||||||||||||
Attributable to Fluor: | |||||||||||||||||||||||
Balance as of December 31, 2022 | $ | ( | $ | ( | $ | ( | $ | ( | |||||||||||||||
OCI before reclassifications | ( | ||||||||||||||||||||||
Amounts reclassified from AOCI | |||||||||||||||||||||||
Net OCI | ( | ||||||||||||||||||||||
Balance as of September 30, 2023 | $ | ( | $ | ( | $ | ( | $ | ( | |||||||||||||||
0 | |||||||||||||||||||||||
Attributable to NCI: | 0 | ||||||||||||||||||||||
Balance as of December 31, 2022 | $ | ( | $ | $ | $ | ( | |||||||||||||||||
OCI before reclassifications | |||||||||||||||||||||||
Amounts reclassified from AOCI | |||||||||||||||||||||||
Net OCI | |||||||||||||||||||||||
Balance as of September 30, 2023 | $ | $ | $ | $ |
(in millions) | Foreign Currency Translation | Ownership Share of Equity Method Investees’ OCI | Other | AOCI, Net | |||||||||||||||||||
Attributable to Fluor: | |||||||||||||||||||||||
Balance as of June 30, 2022 | $ | ( | $ | ( | $ | ( | $ | ( | |||||||||||||||
OCI before reclassifications | ( | ( | ( | ||||||||||||||||||||
Amounts reclassified from AOCI | |||||||||||||||||||||||
Net OCI | ( | ( | ( | ||||||||||||||||||||
Balance as of September 30, 2022 | $ | ( | $ | ( | $ | ( | $ | ( | |||||||||||||||
0 | |||||||||||||||||||||||
Attributable to NCI: | 0 | ||||||||||||||||||||||
Balance as of June 30, 2022 | $ | ( | $ | $ | $ | ( | |||||||||||||||||
OCI before reclassifications | |||||||||||||||||||||||
Amounts reclassified from AOCI | |||||||||||||||||||||||
Net OCI | |||||||||||||||||||||||
Balance as of September 30, 2022 | $ | ( | $ | $ | $ | ( |
(in millions) | Foreign Currency Translation | Ownership Share of Equity Method Investees’ OCI | Other | AOCI, Net | |||||||||||||||||||
Attributable to Fluor: | |||||||||||||||||||||||
Balance as of December 31, 2021 | $ | ( | $ | ( | $ | ( | $ | ( | |||||||||||||||
OCI before reclassifications | ( | ( | ( | ||||||||||||||||||||
Amounts reclassified from AOCI | ( | ||||||||||||||||||||||
Net OCI | ( | ( | ( | ||||||||||||||||||||
Balance as of September 30, 2022 | $ | ( | $ | ( | $ | ( | $ | ( | |||||||||||||||
0 | |||||||||||||||||||||||
Attributable to NCI: | 0 | ||||||||||||||||||||||
Balance as of December 31, 2021 | $ | ( | $ | $ | $ | ( | |||||||||||||||||
OCI before reclassifications | |||||||||||||||||||||||
Amounts reclassified from AOCI | |||||||||||||||||||||||
Net other comprehensive income (loss) | |||||||||||||||||||||||
Balance as of September 30, 2022 | $ | ( | $ | $ | $ | ( |
Location in Statement of Operations | 3ME September 30, | 9ME September 30, | ||||||||||||||||||||||||||||||
(in millions) | 2023 | 2022 | 2023 | 2022 | ||||||||||||||||||||||||||||
Component of AOCI: | ||||||||||||||||||||||||||||||||
Ownership share of equity method investees’ OCI | Cost of revenue | $ | $ | $ | $ | ( | ||||||||||||||||||||||||||
Income tax benefit | Income tax expense (benefit) | |||||||||||||||||||||||||||||||
Net of tax | $ | $ | $ | $ | ( | |||||||||||||||||||||||||||
Unrealized gain (loss) on foreign currency contracts | Cost of revenue | $ | $ | $ | ( | $ | ||||||||||||||||||||||||||
Income tax benefit | Income tax expense (benefit) | |||||||||||||||||||||||||||||||
Net of tax | $ | $ | $ | ( | $ |
3ME September 30, | 9ME September 30, | ||||||||||||||||||||||||||||||||||
(in millions) | 2023 | 2022 | 2023 | 2022 | |||||||||||||||||||||||||||||||
Revenue | |||||||||||||||||||||||||||||||||||
Energy Solutions | $ | 1,553 | $ | 1,592 | $ | 4,886 | $ | 4,097 | |||||||||||||||||||||||||||
Urban Solutions | 1,431 | 1,084 | 3,842 | 3,279 | |||||||||||||||||||||||||||||||
Mission Solutions | 655 | 639 | 2,009 | 1,779 | |||||||||||||||||||||||||||||||
Other | 324 | 297 | 917 | 879 | |||||||||||||||||||||||||||||||
Total revenue | $ | 3,963 | $ | 3,612 | $ | 11,654 | $ | 10,034 | |||||||||||||||||||||||||||
Segment profit (loss) $ and margin % | |||||||||||||||||||||||||||||||||||
Energy Solutions | $ | 177 | 11.4% | $ | 59 | 3.7% | $ | 355 | 7.3% | $ | 177 | 4.3% | |||||||||||||||||||||||
Urban Solutions | 66 | 4.6% | (50) | (4.6)% | 121 | 3.1% | (21) | (0.6)% | |||||||||||||||||||||||||||
Mission Solutions | 38 | 5.8% | 29 | 4.5% | 84 | 4.2% | 115 | 6.5% | |||||||||||||||||||||||||||
Other | (5) | NM | (7) | NM | (108) | NM | (18) | NM | |||||||||||||||||||||||||||
Total segment profit $ and margin %(1) | $ | 276 | 7.0% | $ | 31 | 0.9% | $ | 452 | 3.9% | $ | 253 | 2.5% | |||||||||||||||||||||||
G&A | (56) | (30) | (177) | (146) | |||||||||||||||||||||||||||||||
Impairment | — | — | — | 63 | |||||||||||||||||||||||||||||||
Foreign currency gain (loss) | 23 | 34 | (62) | 51 | |||||||||||||||||||||||||||||||
Interest income (expense), net | 42 | 14 | 120 | 4 | |||||||||||||||||||||||||||||||
Earnings (loss) attributable to NCI | (25) | (46) | (42) | (31) | |||||||||||||||||||||||||||||||
Earnings before taxes | 260 | 3 | 291 | 194 | |||||||||||||||||||||||||||||||
Income tax expense | (79) | (27) | (172) | (89) | |||||||||||||||||||||||||||||||
Net earnings (loss) | $ | 181 | $ | (24) | $ | 119 | $ | 105 | |||||||||||||||||||||||||||
Less: Net earnings (loss) attributable to NCI | (25) | (46) | (42) | (31) | |||||||||||||||||||||||||||||||
Net earnings attributable to Fluor | $ | 206 | $ | 22 | $ | 161 | $ | 136 | |||||||||||||||||||||||||||
New awards | |||||||||||||||||||||||||||||||||||
Energy Solutions | $ | 3,252 | $ | 3,574 | $ | 4,718 | $ | 5,595 | |||||||||||||||||||||||||||
Urban Solutions | 1,033 | 933 | 5,090 | 3,549 | |||||||||||||||||||||||||||||||
Mission Solutions | 345 | 4,874 | 1,015 | 5,312 | |||||||||||||||||||||||||||||||
Other | 346 | 362 | 1,097 | 763 | |||||||||||||||||||||||||||||||
Total new awards | $ | 4,976 | $ | 9,743 | $ | 11,920 | $ | 15,219 | |||||||||||||||||||||||||||
New awards related to projects located outside of the U.S. | 65% | 48% | |||||||||||||||||||||||||||||||||
Backlog (in millions) | September 30, 2023 | December 31, 2022 | ||||||||||||
Energy Solutions | $ | 9,159 | $ | 9,134 | ||||||||||
Urban Solutions | 11,051 | 10,270 | ||||||||||||
Mission Solutions | 4,563 | 5,666 | ||||||||||||
Other | 1,231 | 979 | ||||||||||||
Total backlog | $ | 26,004 | $ | 26,049 | ||||||||||
Backlog related to projects located outside of the U.S. | 52% | 49% | ||||||||||||
Backlog related to reimbursable projects | 70% | 63% |
3ME September 30 | 9ME September 30 | ||||||||||||||||||||||
(In millions) | 2023 | 2022 | 2023 | 2022 | |||||||||||||||||||
U.S statutory federal income tax expense | $ | 55 | $ | 1 | $ | 61 | $ | 41 | |||||||||||||||
Increase (decrease) in taxes resulting from: | |||||||||||||||||||||||
State and local income taxes, net of federal income tax effects | 3 | 1 | 1 | 3 | |||||||||||||||||||
Valuation allowance, net | 18 | 15 | 94 | 50 | |||||||||||||||||||
Foreign tax impacts | (2) | — | 14 | (11) | |||||||||||||||||||
Noncontrolling interest | 5 | 10 | 9 | 6 | |||||||||||||||||||
Sale of AMECO South America | — | — | (10) | — | |||||||||||||||||||
Other adjustments | — | — | 3 | — | |||||||||||||||||||
Total income tax expense | $ | 79 | $ | 27 | $ | 172 | $ | 89 |
3ME September 30, | 9ME September 30, | |||||||||||||||||||||||||
(in millions) | 2023 | 2022 | 2023 | 2022 | ||||||||||||||||||||||
NuScale (1) | $ | (19) | $ | (15) | $ | (71) | $ | (44) | ||||||||||||||||||
Stork | 14 | 4 | 25 | 16 | ||||||||||||||||||||||
AMECO | — | 4 | (62) | 10 | ||||||||||||||||||||||
Segment profit (loss) | $ | (5) | $ | (7) | $ | (108) | $ | (18) | ||||||||||||||||||
(1) NuScale expenses included in the determination of segment profit were as follows: | ||||||||||||||||||||||||||
NuScale expenses | $ | (49) | $ | (47) | $ | (164) | $ | (110) | ||||||||||||||||||
Less: DOE Reimbursable expenses | 17 | 25 | 43 | 56 | ||||||||||||||||||||||
NuScale expenses, net | (32) | (22) | (121) | (54) | ||||||||||||||||||||||
Less: Attributable to NCI | 13 | 7 | 50 | 10 | ||||||||||||||||||||||
NuScale profit (loss) | $ | (19) | $ | (15) | $ | (71) | $ | (44) |
3ME September 30, | 9ME September 30, | ||||||||||||||||||||||
(in millions) | 2023 | 2022 | 2023 | 2022 | |||||||||||||||||||
G&A | |||||||||||||||||||||||
Compensation | $ | 45 | $ | 20 | $ | 123 | $ | 91 | |||||||||||||||
SEC investigation | 2 | 1 | 12 | 13 | |||||||||||||||||||
Reserve for legacy legal claims | — | — | 3 | 5 | |||||||||||||||||||
Facilities | 4 | 4 | 11 | 12 | |||||||||||||||||||
Exit costs | 2 | 1 | 9 | 5 | |||||||||||||||||||
Other | 3 | 4 | 19 | 20 | |||||||||||||||||||
G&A | $ | 56 | $ | 30 | $ | 177 | $ | 146 |
9ME September 30, | ||||||||||||||
(in millions) | 2023 | 2022 | ||||||||||||
OPERATING CASH FLOW | $ | (96) | $ | (15) | ||||||||||
INVESTING CASH FLOW | ||||||||||||||
Proceeds from sales and maturities (purchases) of marketable securities | 10 | (27) | ||||||||||||
Capital expenditures | (71) | (38) | ||||||||||||
Proceeds from sale of assets (including AMECO-South America in 2023) | 23 | 29 | ||||||||||||
Investments in partnerships and joint ventures | (13) | (47) | ||||||||||||
Other | 5 | 19 | ||||||||||||
Investing cash flow | (46) | (64) | ||||||||||||
FINANCING CASH FLOW | ||||||||||||||
Proceeds from issuance of 2029 Notes, net of issuance costs | 560 | — | ||||||||||||
Capped call transactions related to 2029 Notes | (73) | — | ||||||||||||
Proceeds from NuScale de-SPAC transaction | — | 341 | ||||||||||||
Proceeds from sale of NuScale interest | — | 107 | ||||||||||||
Purchases and retirement of debt | (249) | (23) | ||||||||||||
Dividends paid on CPS | (29) | (29) | ||||||||||||
Make-whole payment on conversion of CPS | (27) | — | ||||||||||||
Distributions to NCI (net of capital contributions) | (36) | (15) | ||||||||||||
Other | (15) | (3) | ||||||||||||
Financing cash flow | 131 | 378 | ||||||||||||
Effect of exchange rate changes on cash | (7) | (72) | ||||||||||||
Increase (decrease) in cash and cash equivalents | (18) | 227 | ||||||||||||
Cash and cash equivalents at beginning of period | 2,439 | 2,209 | ||||||||||||
Cash and cash equivalents at end of period | $ | 2,421 | $ | 2,436 | ||||||||||
Cash paid during the period for: | ||||||||||||||
Interest | $ | 46 | $ | 43 | ||||||||||
Income taxes (net of refunds) | 129 | 71 |
3ME September 30, | ||||||||||||||
(in millions) | 2023 | 2022 | ||||||||||||
Backlog, July 1 | $ | 25,483 | $ | 19,519 | ||||||||||
New awards | 4,976 | 9,743 | ||||||||||||
Adjustments and cancellations, net | (519) | (276) | ||||||||||||
Work performed | (3,936) | (3,563) | ||||||||||||
Backlog, September 30 | $ | 26,004 | $ | 25,423 |
9ME September 30, | ||||||||||||||
(in millions) | 2023 | 2022 | ||||||||||||
Backlog, January 1 | $ | 26,049 | $ | 20,800 | ||||||||||
New awards | 11,920 | 15,219 | ||||||||||||
Adjustments and cancellations, net | (404) | (711) | ||||||||||||
Work performed | (11,561) | (9,885) | ||||||||||||
Backlog, September 30 | $ | 26,004 | $ | 25,423 |
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 the Plans or Program (1) | ||||||||||||||||||||||
July 1 — July 31, 2023 | — | $ | — | — | 10,513,093 | |||||||||||||||||||||
August 1 — August 31, 2023 | — | — | — | 10,513,093 | ||||||||||||||||||||||
September 1 — September 30, 2023 | — | — | — | 10,513,093 | ||||||||||||||||||||||
Total | — | $ | — | — |
Exhibit | Description | |||||||
3.1 | ||||||||
3.2 | ||||||||
4.1 | ||||||||
4.2 | ||||||||
10.1 | Amendment No. 1 to the Third Amended and Restated Revolving Credit Agreement, dated as of August 7, 2023, by and among Fluor Corporation, the lenders party thereto from time to time, and BNP Paribas, as administrative agent (incorporated by reference to Exhibit 10.1 to the registrant's Current Report on Form 8-K (Commission file number 1-16129) filed on August 11, 2023). | |||||||
10.2 | ||||||||
31.1 | ||||||||
31.2 | ||||||||
32.1 | ||||||||
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 Q3 2023 10-Q for the three and nine months ended September 30, 2023, formatted in Inline XBRL (included in the Exhibit 101 attachments).* |
FLUOR CORPORATION | |||||||||||
Date: | November 2, 2023 | By: | /s/ Joseph L. Brennan | ||||||||
Joseph L. Brennan | |||||||||||
Chief Financial Officer | |||||||||||
Date: | November 2, 2023 | By: | /s/ John C. Regan | ||||||||
John C. Regan | |||||||||||
Chief Accounting Officer |
November 2, 2023 | By: | /s/ David E. Constable | ||||||
David E. Constable | ||||||||
Chief Executive Officer |
November 2, 2023 | By: | /s/ Joseph L. Brennan | ||||||
Joseph L. Brennan | ||||||||
Chief Financial Officer |
November 2, 2023 | By: | /s/ David E. Constable | ||||||
David E. Constable | ||||||||
Chief Executive Officer |
November 2, 2023 | By: | /s/ Joseph L. Brennan | ||||||
Joseph L. Brennan | ||||||||
Chief Financial Officer |
CONDENSED CONSOLIDATED STATEMENT OF COMPREHENSIVE INCOME (LOSS) - USD ($) $ in Millions |
3 Months Ended | 9 Months Ended | ||
---|---|---|---|---|
Sep. 30, 2023 |
Sep. 30, 2022 |
Sep. 30, 2023 |
Sep. 30, 2022 |
|
Statement of Comprehensive Income [Abstract] | ||||
Net earnings (loss) | $ 181 | $ (24) | $ 119 | $ 105 |
OCI, net of tax: | ||||
Foreign currency translation adjustment | (25) | (32) | 40 | (35) |
Ownership share of equity method investees’ OCI | 0 | 14 | (4) | 31 |
Other | (1) | (5) | 1 | (8) |
Total OCI, net of tax | (26) | (23) | 37 | (12) |
Comprehensive income (loss) | 155 | (47) | 156 | 93 |
Less: Comprehensive income (loss) attributable to NCI | (22) | (46) | (39) | (31) |
Comprehensive income (loss) attributable to Fluor | $ 177 | $ (1) | $ 195 | $ 124 |
CONDENSED CONSOLIDATED STATEMENT OF CHANGES IN EQUITY (Parenthetical) - $ / shares |
3 Months Ended | 9 Months Ended | ||
---|---|---|---|---|
Sep. 30, 2023 |
Sep. 30, 2022 |
Sep. 30, 2023 |
Sep. 30, 2022 |
|
Statement of Stockholders' Equity [Abstract] | ||||
Dividends on CPS (in dollars per share) | $ 16.25 | $ 16.25 | $ 48.75 | $ 48.75 |
Principles of Consolidation |
9 Months Ended |
---|---|
Sep. 30, 2023 | |
Organization, Consolidation and Presentation of Financial Statements [Abstract] | |
Principles of Consolidation | Principles of Consolidation These financial statements do not include footnotes and certain financial information presented annually under GAAP, and therefore, should be read in conjunction with our 2022 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. We believe 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 periods presented. All significant intercompany transactions of consolidated subsidiaries are eliminated. Certain amounts in tables may not total or agree back to the financial statements due to immaterial rounding differences. Management has evaluated all material events occurring subsequent to September 30, 2023 through the filing date of this Q3 2023 10-Q. Quarters are typically 13 weeks in length but, due to our December 31 year-end, 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 13-week interim reporting periods. For clarity of presentation, all periods are labeled as if the periods ended on March 31, June 30 and September 30.
|
Recent Accounting Pronouncements |
9 Months Ended |
---|---|
Sep. 30, 2023 | |
Accounting Standards Update and Change in Accounting Principle [Abstract] | |
Recent Accounting Pronouncements | Recent Accounting Pronouncements We did not implement any new accounting pronouncements during the 2023 Period. However, we are evaluating the impact of the future disclosures that may arise under recent SEC and other promulgators' recently finalized rules and outstanding proposals, some of which will require new disclosures beginning with our next 10-K filing. In the 2023 Period, the SEC approved listing standards proposed by the New York Stock Exchange that require listed companies to recover or “clawback” incentive-based compensation erroneously received by current and former executive officers in the event of a restatement to previously issued financial information. We are required to amend our clawback policy by December 2023, but do not expect the adoption will have any impact on our financial statements. In the 2023 Quarter, the Financial Accounting Standards Board issued ASU 2023-05, which requires certain joint ventures to apply a new basis of accounting upon formation by recognizing and initially measuring most of their assets and liabilities at fair value. The guidance does not apply to joint ventures that may be proportionately consolidated and those that are collaborative arrangements. ASU 2023-05 is effective for joint venture with a formation date on or after January 1, 2025. We do not expect this ASU will have a material impact on our financial statements.
|
Earnings Per Share |
9 Months Ended | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
Sep. 30, 2023 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Earnings Per Share [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Earnings Per Share | Earnings Per Share Potentially dilutive securities include CPS, convertible debt, stock options, RSUs 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.
(1) Holders of our 2029 Notes may convert their notes at a conversion price of $45.37 per share when the stock price exceeds $58.98 for 20 of the last 30 days preceding quarter end. Upon conversion, we will repay the principal amount of the notes in cash and may elect to convey the conversion premium in cash, shares of our common stock or a combination of both. The conversion feature of our 2029 Notes will have a dilutive impact on EPS when the average market price of our common stock exceeds the conversion price of $45.37 per share for the quarter. During the 2023 Quarter, the weighted average price per share of our common stock was less than the minimum conversion price. (2) Diluted shares outstanding does not include the impact of the capped call options we entered into concurrently with the issuance of the 2029 Notes, as the effect is always anti-dilutive. If shares are delivered to us under the capped calls, those shares will offset the dilutive effect of the shares that we would issue upon conversion of the 2029 Notes.
|
Operating Information by Segment and Geographic Area |
9 Months Ended | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
Sep. 30, 2023 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Segment Reporting [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Operating Information by Segment and Geographic Area | Operating Information by Segment and Geographic Area We have decided to retain Stork's North American operations, which largely consists of our operations and maintenance business owned by Fluor prior to our acquisition of Stork. Beginning in 2023, this business line, which was previously a part of the "Other" segment, was renamed Plant & Facility Services, and is included in our Urban Solutions segment for all periods presented.
Energy Solutions. Segment profit for the 2023 Quarter and 2023 Period significantly improved. Both periods benefitted from the initial recognition of cost recovery entitlements on several fixed price projects. Segment profit for the 2023 Quarter also included a gain of $24 million on embedded foreign currency derivatives compared to a loss of $5 million in the 2022 Quarter. Segment profit for the 2023 Period included the ramp up of execution activities on our refinery projects in Mexico as well as the effects of favorable foreign currency remeasurement. Despite the overall increase in segment profit, the 2023 Period included charges of $58 million (or $0.34 per share) for cost growth on a large upstream legacy project. Urban Solutions. Segment profit for the 2023 Quarter and 2023 Period significantly improved. Segment profit in the 2023 Quarter includes an incentive fee award on a large mining project that is nearing completion as well as a favorable arbitration outcome on a separate mining project whereas segment profit in the 2022 Quarter included charges related to cost growth and schedule delays on three legacy infrastructure projects. Segment profit in the 2023 Period included a $59 million (or $0.34 per share) charge for rework associated with subcontractor design errors, related schedule impacts and system integration testing timelines on the LAX Automated People Mover project. Segment profit for the 2022 Period included an $86 million (or $0.50 per share) charge for additional rework and schedule delays on a highway project, a $54 million (or $0.23 per share) charge for cost growth and delay mitigation costs on an international bridge project and a $35 million (or $$0.20 per share) charge for subcontractor cost escalation and productivity estimates on the LAX Automated People Mover project. Mission Solutions. Segment profit improved in the 2023 Quarter driven by execution for FEMA hurricane support. Additionally, the 2022 Quarter included an incremental charge for cost growth on a weapons facility project. Segment profit in the 2023 Period included a $30 million (or $0.17 per share) charge for cost growth resulting from additional schedule delays on the weapons facility project. We are conducting our due diligence to recover cost growth that has resulted from directed and constructive changes from the client on the project. Other. Segment profit (loss) for NuScale, Stork and AMECO follows:
(1) As of September 30, 2023, we had an approximate 55% ownership in NuScale. In March 2023, we sold our AMECO South America business, which included operations in Chile and Peru. This transaction marked the completion of the AMECO divestiture for total proceeds of $144 million, including $17 million during the 2023 Period. Previous AMECO divestitures included assets in Africa, the Caribbean, Mexico and North America. Upon the sale of AMECO South America in the 2023 Period, we recognized a $60 million negative earnings impact, including $35 million associated with foreign currency translation. Total assets by segment are as follows:
Revenue by project location follows:
|
Impairment |
9 Months Ended |
---|---|
Sep. 30, 2023 | |
Restructuring and Related Activities [Abstract] | |
Impairment | ImpairmentWe did not recognize any material impairment expense during the 2023 Period. During the 2022 Period, we reversed $63 million in impairment originally recognized in 2021 when our Stork and AMECO businesses were classified as held for sale, due primarily to remeasurement under held and used impairment criteria, for which CTA balances are excluded from carrying value. |
Income Taxes |
9 Months Ended | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
Sep. 30, 2023 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Income Tax Disclosure [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Income Taxes | Income Taxes The effective tax rate on earnings was 30.4% for the 2023 Quarter and 59.1% for the 2023 Period compared to 939.2% for the 2022 Quarter and 46.0% for the 2022 Period. A reconciliation of U.S. statutory federal income tax expense to income tax expense follows:
|
Partnerships and Joint Ventures |
9 Months Ended |
---|---|
Sep. 30, 2023 | |
Equity Method Investments and Joint Ventures [Abstract] | |
Partnerships and Joint Ventures | Partnerships and Joint Ventures Many of our partnership and joint venture agreements provide for capital calls to fund operations, as necessary. Investments in a loss position of $342 million and $312 million were included in other accrued liabilities as of September 30, 2023 and December 31, 2022, respectively, and consisted primarily of provision for anticipated losses on two legacy infrastructure projects. Accounts receivable related to work performed for unconsolidated partnerships and joint ventures included in “Accounts receivable, net” was $173 million and $185 million as of September 30, 2023 and December 31, 2022, respectively. Variable Interest Entities The aggregate carrying value of unconsolidated VIEs (classified under both "Investments” and “Other accrued liabilities”) was a net asset of $14 million and $46 million as of September 30, 2023 and December 31, 2022, respectively. Some of our VIEs have debt; however, such debt is typically non-recourse in nature. 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 September 30, 2023 for the unconsolidated VIEs were $57 million. 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.
|
Guarantees |
9 Months Ended |
---|---|
Sep. 30, 2023 | |
Guarantees [Abstract] | |
Guarantees | GuaranteesThe 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 $16 billion as of September 30, 2023. 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. The performance guarantee obligation was not material as of September 30, 2023 and December 31, 2022. |
Commitments and Contingencies |
9 Months Ended |
---|---|
Sep. 30, 2023 | |
Commitments and Contingencies Disclosure [Abstract] | |
Commitments and Contingencies | Commitments and Contingencies We and certain of our subsidiaries are subject to litigation, claims and other commitments and contingencies, including matters arising in the ordinary course of business, of which the asserted value may be significant. We record accruals in the financial statements for contingencies when we determine that an unfavorable outcome is probable and the amount of the loss can be reasonably estimated. While there is at least a reasonable possibility that a loss may be incurred in any of the matters identified below, including a loss in excess of amounts accrued, management is unable to estimate the possible loss or range of loss or has determined such amounts to be immaterial. At present, except as set forth below, we 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. However, legal proceedings and regulatory and governmental matters are subject to inherent uncertainties, and unfavorable rulings or other events could occur. Unfavorable outcomes could involve substantial monetary damages, fines, penalties and other expenditures. An unfavorable outcome might result in a material adverse impact on our business, results of operations or financial position. We might also enter into an agreement to settle one or more such matters if we determine such settlement is in the best interests of our stakeholders, and any such settlement could include substantial payments. The following disclosures for commitments and contingencies have been updated since the matter was presented in the 2022 10-K. 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 (the “Court”) against Fluor Australia, asserting various causes of action and seeking damages and/or a refund of contract proceeds paid of AUD $1.47 billion. Santos has joined Fluor to the matter on the basis of a parent company guarantee issued for the project. In March 2023, a panel of three referees appointed by the Court (the "Panel”) issued a draft, non-binding report setting forth recommendations to the Court regarding liability and damages in the lawsuit. After consideration of further submissions by the parties, the Panel finalized its report on July 14, 2023. The Panel’s report has no legal effect unless it is adopted by the Court through an adoption hearing, and the Court can accept or reject, in whole or in part, the Panel’s recommendations. In the final report, the Panel recommended judgment for Fluor on one of Santos’s damages claims that Santos contends has an approximate value of AUD $700 million, and recommended judgment for Santos on other claims that the Panel valued at AUD $790 million. While the project contract contains a liability cap of approximately AUD $236 million, the Panel found that the liability cap did not apply to Santos’s claims. Fluor has made an application to have the Court set aside the reference to the Panel and the Panel’s recommendations on several procedural and substantive grounds, including in relation to apparent bias of the referees, a failure to comply with the order which established the reference to the Panel and a lack of procedural fairness. In July 2023, the Court held oral argument on that application. We do not expect a decision until after the Court holds an adoption hearing, which is scheduled for February 2024. At any adoption hearing, Fluor will contend that the Court should not adopt the Panel’s recommendation based on numerous grounds, including the Panel’s failure to apply the project’s liability cap. 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 asserted various counterclaims for damages and/or a refund of contract proceeds paid totaling $574 million against Fluor Limited and Fluor Arabia Limited. In August 2023, the arbitration panel issued an award on the majority of our invoice claims and on a small portion of Sadara's claims. Based on our current assessment of the award, we recorded a charge of $14 million in the 2023 Quarter to reflect the expected net settlement with Sadara for all non-interest claims. Additionally, after October 2023, we expect to collect and recognize as income $3 million associated with interest arising from the arbitration award. Both Fluor and Sadara have requested clarifications regarding the arbitration award, which also may result in adjustments in future quarters. 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 was named as a nominal defendant in the actions. These derivative actions purported to assert claims on behalf of Fluor and made substantially the same factual allegations as the securities class action matter which was resolved in 2022, as previously disclosed in our 2022 10-K, and sought various forms of monetary and injunctive relief. These actions were 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. In April 2023, the parties reached an agreement for a global settlement of these matters. The settlement received final court approval in September 2023. All matters have now been dismissed. In February 2020, we announced that the SEC was conducting an investigation and 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. 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. In May 2023, the DOJ advised that it had closed its investigation and does not intend to bring charges. In September 2023, we entered into a settlement agreement with the SEC resolving the investigation and agreed to pay a civil penalty of $15 million. We had previously established reserves sufficient to fund the settlement. Therefore, the settlement did not have a material impact on our results during the 2023 Quarter. 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 exchanged detailed statements of claim and counterclaim pursuant to which Barrick's claim against Fluor/TECHINT totaled $364 million net of amounts acknowledged to be due to Fluor/TECHINT. In September 2023, the arbitration panel issued an award generally in favor of Fluor/TECHINT. In October 2023, Fluor/TECHINT and Barrick entered into an agreement to effect the arbitration award and release all claims among the parties. We recognized a gain of $12 million in the 2023 Quarter associated with the non-interest component and expect to recognize an additional $11 million on the interest component in the fourth quarter of 2023. Fluor Enterprises Inc., our wholly-owned subsidiary, (“Fluor”) in conjunction with a partner, Balfour Beatty Infrastructure, Inc., (“Balfour”) formed a joint venture known as Prairie Link Constructors JV (“PLC”) and, through it, contracted with the North Texas Tollway Authority (“NTTA”) to provide design and build services in relation to the extension of the NTTA’s President George Bush Turnpike highway (“Project”). PLC completed the Project in 2012. In October 2022, the NTTA served PLC, Fluor and Balfour with a petition, filed at Dallas County Court, demanding damages of an unquantified amount under various claims relating to alleged breaches of contract and or negligence in relation to retaining walls along the Project. In its initial disclosures as part of the litigation, the NTTA stated that its damages are expected to exceed $100 million and that damages will be calculated by experts and provided in the normal course of the litigation. In September 2023, the NTTA provided an expert report that included calculations of damages, consisting of costs to repair sixty-five retaining walls, estimated at $227 million. We have answered the petition and asserted claims for, among other things, indemnity from subcontractors.
|
Contract Assets and Liabilities |
9 Months Ended | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
Sep. 30, 2023 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Revenue from Contract with Customer [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Contract Assets and Liabilities | Contract Assets and Liabilities The following summarizes information about our contract assets and liabilities:
We estimate that our RUPO will be satisfied over the following periods:
|
Remaining Unsatisfied Performance Obligations |
9 Months Ended | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
Sep. 30, 2023 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Revenue from Contract with Customer [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Remaining Unsatisfied Performance Obligations | Contract Assets and Liabilities The following summarizes information about our contract assets and liabilities:
We estimate that our RUPO will be satisfied over the following periods:
|
Debt and Letters of Credit |
9 Months Ended | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
Sep. 30, 2023 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Debt Disclosure [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Debt and Letters of Credit | Debt and Letters of Credit Debt consisted of the following:
Credit Facility As of September 30, 2023, letters of credit totaling $422 million were outstanding under our $1.8 billion credit facility, which matures in February 2026 and was amended in August 2023 to permit the issuance of the 2029 Notes. This credit facility contains customary financial covenants, including a debt-to-capitalization ratio that cannot exceed 0.60 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 $1.5 billion, all as defined in the amended credit facility, which may be reduced to $1.0 billion upon the repayment of debt. The credit facility also contains provisions that will require us to provide collateral to secure the facility should we be downgraded to BB by S&P and Ba2 by Moody's, such collateral consisting broadly of 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 September 30, 2023, we had not made any borrowings under our credit facility and maintained a borrowing capacity of $797 million. Uncommitted Lines of Credit As of September 30, 2023, letters of credit totaling $920 million were outstanding under uncommitted lines of credit. Issuance of 2029 Notes In August 2023, we issued $575 million of 1.125% Convertible Senior Notes (the “2029 Notes”) due August 15, 2029 and received net proceeds of $560 million. Interest on the 2029 Notes is payable semi-annually on February 15 and August 15, beginning on February 15, 2024. The conversion rate for the 2029 Notes is 22.0420 shares of common stock per $1,000 principal amount of notes, which is equivalent to an initial conversion price of $45.37 per share. Holders may convert their 2029 Notes any time before May 2029 under the following conditions: •if the last reported price of our common stock for at least 20 trading days (whether or not consecutive) during a period of 30 consecutive trading days ending on, and including, the last trading day of the immediately preceding calendar quarter is greater than or equal to $58.98 on each applicable trading day; •during the five-business day period after any five-consecutive trading day period in which the trading price of the 2029 Notes was less than 98% of the product of the last reported stock price and the conversion rate; •if we call any or all of the 2029 Notes for redemption; or •upon the occurrence of specified events as described in the applicable indenture. In addition, holders may convert their 2029 Notes any time beginning on May 15, 2029 and prior to maturity without regard to the foregoing circumstances. Upon any conversion, we will repay the principal amount of the notes in cash and may elect to convey the conversion premium in any combination of cash and shares of our common stock. Certain events could cause the conversion rate to increase, including a make-whole fundamental change or redemption, but in no event will the conversion rate for a single note exceed 29.2056 shares of our common stock, other than for customary adjustments described in the applicable indenture. After August 2026, we may elect to redeem up to all of the outstanding 2029 Notes if our common stock has a prevailing per share closing price in excess of $58.98. In such election, all principal would be settled in cash and could result in a make-whole premium if the holders also elect to convert. We may elect to pay any make-whole premium in any combination of cash and shares of our common stock. Capped Call Transactions In connection with the 2029 Notes offering, we entered into capped call transactions with certain banks. The strike price of the capped call options corresponds to the conversion price of the 2029 Notes of $45.37 per share. The capped call options are expected to offset potential dilution to our common stock upon conversion of any 2029 Notes and/or offset any cash payments we are required to make for any conversion premium if our stock price is greater than $45.37. The upper limit of the capped calls is $68.48 per share. If our stock price exceeds $68.48, there would be unmitigated dilution and/or no offset of any cash payments attributable to the amount by which our stock exceeds the cap price. We will not be required to make any cash payments to option counterparties upon the exercise of capped call options, but we will be entitled to receive from them shares of our common stock or an amount of cash based on the amount by which the market price of our common stock exceeds the strike price of the capped calls. The capped call transactions are not part of the terms of the 2029 Notes and are accounted for as separate transactions. As the capped call options are indexed to our own stock, they are recorded in shareholders’ equity and are not accounted for as derivatives. The cost of the capped call transactions was $73 million which was recorded as a reduction to APIC, and will not be subject to periodic remeasurement. Redemption of 2024 and 2023 Notes In August 2023, we completed a tender offer in which we repurchased $115 million of outstanding 2024 Notes, excluding accrued interest, for consideration of $975.03 per $1,000 principal amount of the notes. The earnings effect of the tender offer was immaterial. In January 2023, we redeemed the remaining €129 million of outstanding 2023 Notes for $140 million with no earnings impact.
|
Convertible Preferred Stock |
9 Months Ended |
---|---|
Sep. 30, 2023 | |
Equity [Abstract] | |
Convertible Preferred Stock | Convertible Preferred Stock In September 2023, we exercised our mandatory conversion rights on our CPS in which all of the outstanding shares of CPS converted to 44.9585 shares of our common stock, plus a cash payment of $45.23 per CPS for a make-whole premium. The total make-whole premium amounted to $27 million. Third quarter CPS dividends of $10 million were paid in August 2023. Upon conversion, all dividends on the CPS have ceased. We have no obligation for accumulated but unpaid dividends since the last record date.
|
Fair Value Measurements |
9 Months Ended | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
Sep. 30, 2023 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Fair Value Disclosures [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Fair Value Measurements | Fair Value Measurements The following table delineates assets and liabilities that are measured at fair value on a recurring basis:
_________________________________________________________ (1) Consists of investments in U.S. Treasury notes with maturities greater than one year that 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. (2) 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. (3) 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. (4) The SMR warrant liabilities are comprised of public and private placement warrants redeemable by SMR under certain conditions, both measured using the price of the public warrants. The private placement warrants are not publicly traded and have been classified as Level 2 measurements while the public warrants are classified as Level 1. We have measured assets and liabilities held for sale 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) Cash equivalents and marketable securities, current primarily consists of time deposits. Carrying amounts 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 the 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.
|
Stock-Based Compensation |
9 Months Ended | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
Sep. 30, 2023 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Share-Based Payment Arrangement [Abstract] | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Stock-Based Compensation | Stock-Based Compensation Equity Awards Our executive and director stock-based compensation plans are described more fully in the 2022 10-K. In the 2023 and 2022 Periods, RSUs totaling 432,654 and 415,356, respectively, were granted to executives and directors at a weighted-average grant date fair value of $34.88 and $22.36 per share, respectively, and generally vest over three years, except that RSUs granted to directors in 2023 and 2022 vested upon grant. Stock options for the purchase of 178,434 and 250,656 shares at a weighted-average exercise price of $35.76 and $21.90 per share were awarded to executives during the 2023 and 2022 Periods, respectively. The options granted in 2023 and 2022 generally vest over three years and expire ten years after the grant date. Performance-based award units totaling 274,755 were awarded to certain senior executives and all of Section 16 officers during the 2023 Period and performance-based award units totaling 426,957 were awarded to Section 16 officers during the 2022 Period. These awards generally cliff vest after three years and contain annual performance conditions for each of the three years of the vesting period. Under GAAP, performance-based elements of such 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. For awards granted under the 2023 performance plan, 80% of the award is earned based on achievement of earnings before taxes targets over three one-year periods and 20% of the award is earned based on our three-year cumulative TSR relative to companies in the S&P 500 on the date of the award. For the majority of awards, generally only one-third of the units awarded in any given year are deemed to be granted each year of the three-year vesting periods. During 2023, the following units were granted based upon the establishment of performance targets:
For awards granted under the 2023, 2022 and 2021 performance award plans, the number of units are adjusted during the vesting period to reflect actual and forecasted achievement of the specified performance targets, as defined in the award agreements. Liability Awards SGI awards and performance-based awards for other executives vest and become payable at a rate of one-third of the total award each year.
|
Other Comprehensive Income (Loss) |
9 Months Ended | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
Sep. 30, 2023 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Comprehensive Income (Loss), Net of Tax, Attributable to Parent [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:
|
Pay vs Performance Disclosure - USD ($) $ in Millions |
3 Months Ended | 9 Months Ended | ||
---|---|---|---|---|
Sep. 30, 2023 |
Sep. 30, 2022 |
Sep. 30, 2023 |
Sep. 30, 2022 |
|
Pay vs Performance Disclosure | ||||
Net earnings attributable to Fluor | $ 206 | $ 22 | $ 161 | $ 136 |
Insider Trading Arrangements |
3 Months Ended |
---|---|
Sep. 30, 2023 | |
Trading Arrangements, by Individual | |
Rule 10b5-1 Arrangement Adopted | false |
Non-Rule 10b5-1 Arrangement Adopted | false |
Rule 10b5-1 Arrangement Terminated | false |
Non-Rule 10b5-1 Arrangement Terminated | false |
Recent Accounting Pronouncements (Policies) |
9 Months Ended |
---|---|
Sep. 30, 2023 | |
Accounting Standards Update and Change in Accounting Principle [Abstract] | |
Recent Accounting Pronouncements | Recent Accounting Pronouncements We did not implement any new accounting pronouncements during the 2023 Period. However, we are evaluating the impact of the future disclosures that may arise under recent SEC and other promulgators' recently finalized rules and outstanding proposals, some of which will require new disclosures beginning with our next 10-K filing. In the 2023 Period, the SEC approved listing standards proposed by the New York Stock Exchange that require listed companies to recover or “clawback” incentive-based compensation erroneously received by current and former executive officers in the event of a restatement to previously issued financial information. We are required to amend our clawback policy by December 2023, but do not expect the adoption will have any impact on our financial statements. In the 2023 Quarter, the Financial Accounting Standards Board issued ASU 2023-05, which requires certain joint ventures to apply a new basis of accounting upon formation by recognizing and initially measuring most of their assets and liabilities at fair value. The guidance does not apply to joint ventures that may be proportionately consolidated and those that are collaborative arrangements. ASU 2023-05 is effective for joint venture with a formation date on or after January 1, 2025. We do not expect this ASU will have a material impact on our financial statements.
|
Earnings Per Share (Tables) |
9 Months Ended | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
Sep. 30, 2023 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Earnings Per Share [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Schedule of Calculations of Basic and Diluted EPS |
(1) Holders of our 2029 Notes may convert their notes at a conversion price of $45.37 per share when the stock price exceeds $58.98 for 20 of the last 30 days preceding quarter end. Upon conversion, we will repay the principal amount of the notes in cash and may elect to convey the conversion premium in cash, shares of our common stock or a combination of both. The conversion feature of our 2029 Notes will have a dilutive impact on EPS when the average market price of our common stock exceeds the conversion price of $45.37 per share for the quarter. During the 2023 Quarter, the weighted average price per share of our common stock was less than the minimum conversion price. (2) Diluted shares outstanding does not include the impact of the capped call options we entered into concurrently with the issuance of the 2029 Notes, as the effect is always anti-dilutive. If shares are delivered to us under the capped calls, those shares will offset the dilutive effect of the shares that we would issue upon conversion of the 2029 Notes.
|
Operating Information by Segment and Geographic Area (Tables) |
9 Months Ended | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
Sep. 30, 2023 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Segment Reporting [Abstract] | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Schedule of Operating Information and Assets by Reportable Segment |
Other. Segment profit (loss) for NuScale, Stork and AMECO follows:
(1) As of September 30, 2023, we had an approximate 55% ownership in NuScale. Total assets by segment are as follows:
|
|||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Schedule of Operating Information by Geographic Area | Revenue by project location follows:
|
Income Taxes (Tables) |
9 Months Ended | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
Sep. 30, 2023 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Income Tax Disclosure [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Schedule of Effective Income Tax Rate | A reconciliation of U.S. statutory federal income tax expense to income tax expense follows:
|
Contract Assets and Liabilities (Tables) |
9 Months Ended | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
Sep. 30, 2023 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Revenue from Contract with Customer [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Schedule of Contract Assets and Liabilities | The following summarizes information about our contract assets and liabilities:
|
Remaining Unsatisfied Performance Obligations (Tables) |
9 Months Ended | ||||||||||||||||||||||||||||||||||||
---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
Sep. 30, 2023 | |||||||||||||||||||||||||||||||||||||
Revenue from Contract with Customer [Abstract] | |||||||||||||||||||||||||||||||||||||
Schedule of Remaining Performance Obligation | We estimate that our RUPO will be satisfied over the following periods:
|
Debt and Letters of Credit (Tables) |
9 Months Ended | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
Sep. 30, 2023 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Debt Disclosure [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Schedule of Debt | Debt consisted of the following:
|
Fair Value Measurements (Tables) |
9 Months Ended | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
Sep. 30, 2023 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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 investments in U.S. Treasury notes with maturities greater than one year that 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. (2) 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. (3) 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. (4) The SMR warrant liabilities are comprised of public and private placement warrants redeemable by SMR under certain conditions, both measured using the price of the public warrants. The private placement warrants are not publicly traded and have been classified as Level 2 measurements while the public warrants are classified as Level 1.
|
||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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) Cash equivalents and marketable securities, current primarily consists of time deposits. Carrying amounts 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 the 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.
|
Stock-Based Compensation (Tables) |
9 Months Ended | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
Sep. 30, 2023 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Share-Based Payment Arrangement [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Schedule of Share-based Payment Arrangement Activity | During 2023, the following units were granted based upon the establishment of performance targets:
|
||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Schedule of Disclosure of Compensation Arrangements by Share-based Payment Award |
|
Other Comprehensive Income (Loss) (Tables) |
9 Months Ended | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
Sep. 30, 2023 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Comprehensive Income (Loss), Net of Tax, Attributable to Parent [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Schedule of Tax Effects of Components of Other Comprehensive Income (Loss) | The components of OCI follow:
|
||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Schedule of Changes in Accumulated Other Comprehensive Income Balances by Component (After-Tax) | The changes in AOCI balances follow:
|
||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Schedule of Significant Items Reclassified Out of AOCI And Corresponding Location And Impact | The reclassifications out of AOCI follow:
|
Earnings Per Share - Antidilutive Securities Excluded from Computation of EPS (Details) - shares shares in Millions |
3 Months Ended | 9 Months Ended | ||
---|---|---|---|---|
Sep. 30, 2023 |
Sep. 30, 2022 |
Sep. 30, 2023 |
Sep. 30, 2022 |
|
CPS | ||||
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items] | ||||
Anti-dilutive securities not included above (in shares) | 26 | 27 | 27 | 27 |
Stock options, RSUs and performance-based award units | ||||
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items] | ||||
Anti-dilutive securities not included above (in shares) | 2 | 3 | 2 | 3 |
Stock delivered under capped call options | ||||
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items] | ||||
Anti-dilutive securities not included above (in shares) | 0 | 0 | 0 | 0 |
Operating Information by Segment and Geographic Area - Total Assets (Details) - USD ($) $ in Millions |
Sep. 30, 2023 |
Dec. 31, 2022 |
---|---|---|
Segment Reporting Information [Line Items] | ||
Total assets | $ 7,163 | $ 6,827 |
Reportable Segments | Energy Solutions | ||
Segment Reporting Information [Line Items] | ||
Total assets | 1,259 | 967 |
Reportable Segments | Urban Solutions | ||
Segment Reporting Information [Line Items] | ||
Total assets | 1,191 | 1,170 |
Reportable Segments | Mission Solutions | ||
Segment Reporting Information [Line Items] | ||
Total assets | 537 | 485 |
Reportable Segments | Other | ||
Segment Reporting Information [Line Items] | ||
Total assets | 593 | 583 |
Corporate | ||
Segment Reporting Information [Line Items] | ||
Total assets | $ 3,583 | $ 3,622 |
Operating Information by Segment and Geographic Area - External Revenue and Total Assets by Geographic Area (Details) - USD ($) $ in Millions |
3 Months Ended | 9 Months Ended | ||
---|---|---|---|---|
Sep. 30, 2023 |
Sep. 30, 2022 |
Sep. 30, 2023 |
Sep. 30, 2022 |
|
Revenues from External Customers and Long-Lived Assets [Line Items] | ||||
Total revenue | $ 3,963 | $ 3,612 | $ 11,654 | $ 10,034 |
North America | ||||
Revenues from External Customers and Long-Lived Assets [Line Items] | ||||
Total revenue | 2,609 | 2,317 | 8,022 | 6,326 |
Asia Pacific (includes Australia) | ||||
Revenues from External Customers and Long-Lived Assets [Line Items] | ||||
Total revenue | 442 | 351 | 1,203 | 803 |
Europe | ||||
Revenues from External Customers and Long-Lived Assets [Line Items] | ||||
Total revenue | 640 | 559 | 1,682 | 1,704 |
Central and South America | ||||
Revenues from External Customers and Long-Lived Assets [Line Items] | ||||
Total revenue | 201 | 327 | 599 | 1,034 |
Middle East and Africa | ||||
Revenues from External Customers and Long-Lived Assets [Line Items] | ||||
Total revenue | $ 71 | $ 58 | $ 148 | $ 167 |
Impairment - Narrative (Details) $ in Millions |
9 Months Ended |
---|---|
Sep. 30, 2022
USD ($)
| |
Stork and AMECO | Energy Solutions | |
Restructuring [Line Items] | |
Assets, fair value adjustment | $ (63) |
Income Taxes - Narrative (Details) |
3 Months Ended | 9 Months Ended | ||
---|---|---|---|---|
Sep. 30, 2023 |
Sep. 30, 2022 |
Sep. 30, 2023 |
Sep. 30, 2022 |
|
Income Tax Disclosure [Abstract] | ||||
Effective tax rate, continuing operations (as a percent) | 30.40% | 939.20% | 59.10% | 46.00% |
Income Taxes - Income Tax Expense (Benefit) Reconciliation (Details) - USD ($) $ in Millions |
3 Months Ended | 9 Months Ended | ||
---|---|---|---|---|
Sep. 30, 2023 |
Sep. 30, 2022 |
Sep. 30, 2023 |
Sep. 30, 2022 |
|
Income Tax Disclosure [Abstract] | ||||
U.S statutory federal income tax expense | $ 55 | $ 1 | $ 61 | $ 41 |
Increase (decrease) in taxes resulting from: | ||||
State and local income taxes, net of federal income tax effects | 3 | 1 | 1 | 3 |
Valuation allowance, net | 18 | 15 | 94 | 50 |
Foreign tax impacts | (2) | 0 | 14 | (11) |
Noncontrolling interest | 5 | 10 | 9 | 6 |
Sale of AMECO South America | 0 | 0 | (10) | 0 |
Other adjustments | 0 | 0 | 3 | 0 |
Total income tax expense | $ 79 | $ 27 | $ 172 | $ 89 |
Guarantees (Details) - USD ($) |
Sep. 30, 2023 |
Dec. 31, 2022 |
---|---|---|
Guarantees | ||
Performance guarantee obligation not material | $ 0 | $ 0 |
Performance Guarantee | ||
Guarantees | ||
Estimated performance guarantees outstanding | $ 16,000,000,000 |
Contract Assets and Liabilities (Details) - USD ($) $ in Millions |
9 Months Ended | ||
---|---|---|---|
Sep. 30, 2023 |
Sep. 30, 2022 |
Dec. 31, 2022 |
|
Contract assets | |||
Unbilled receivables - reimbursable contracts | $ 908 | $ 738 | |
Contract work in progress - lump-sum contracts | 155 | 177 | |
Contract assets | 1,063 | 915 | |
Advance billings deducted from contract assets | 211 | 220 | |
Information about contract liabilities: | |||
Revenue recognized that was included in contract liabilities as of January 1 | 566 | $ 812 | |
Claim revenue for costs | 648 | 498 | |
Construction contract cost, subcontractor | $ 20 | $ 0 |
Debt and Letters of Credit - Schedule of Debt (Details) - USD ($) $ in Millions |
Sep. 30, 2023 |
Dec. 31, 2022 |
---|---|---|
Current: | ||
Short-term debt and current portion of long-term debt | $ 18 | $ 152 |
Long-term: | ||
Borrowings under credit facility | 0 | 0 |
Long-term debt | 1,425 | 978 |
Other long-term borrowings | 2 | 2 |
Total long-term | 1,425 | 978 |
2023 Notes | ||
Current: | ||
Short-term debt and current portion of long-term debt | 0 | 138 |
Other borrowings | ||
Current: | ||
Short-term debt and current portion of long-term debt | 18 | 14 |
2024 Notes | ||
Long-term: | ||
Long-term debt | 266 | 381 |
Unamortized discount and deferred financing costs | 0 | (1) |
2028 Notes | ||
Long-term: | ||
Long-term debt | 600 | 600 |
Unamortized discount and deferred financing costs | (3) | (4) |
2029 Notes | ||
Long-term: | ||
Long-term debt | 575 | 0 |
Unamortized discount and deferred financing costs | $ (15) | $ 0 |
Convertible Preferred Stock (Details) $ / shares in Units, $ in Millions |
1 Months Ended | |
---|---|---|
Aug. 31, 2023
USD ($)
|
Sep. 30, 2023
USD ($)
$ / shares
|
|
Class of Stock [Line Items] | ||
Preferred stock, convertible, conversion rate (in shares) | 44.9585 | |
Preferred stock, liquidation preference per share (in dollars per share) | $ / shares | $ 45.23 | |
Preferred stock dividends paid | $ 10 | |
CPS | ||
Class of Stock [Line Items] | ||
Preferred stock, estimated make-whole payment estimate | $ 27 |
Stock-Based Compensation - Schedule of Performance-Based Awards Granted (Details) |
9 Months Ended |
---|---|
Sep. 30, 2023
$ / shares
shares
| |
2023 Performance Award Plan | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |
Performance-based Award Units Granted (in shares) | shares | 91,585 |
Weighted Average Grant Date Fair Value Per Share (in dollars per share) | $ / shares | $ 39.00 |
2022 Performance Award Plan | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |
Performance-based Award Units Granted (in shares) | shares | 142,319 |
Weighted Average Grant Date Fair Value Per Share (in dollars per share) | $ / shares | $ 35.87 |
2021 Performance Award Plan | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |
Performance-based Award Units Granted (in shares) | shares | 204,622 |
Weighted Average Grant Date Fair Value Per Share (in dollars per share) | $ / shares | $ 46.84 |
Stock-Based Compensation - Compensation Expense (Details) - Executives - USD ($) $ in Millions |
3 Months Ended | 9 Months Ended | |||
---|---|---|---|---|---|
Sep. 30, 2023 |
Sep. 30, 2022 |
Sep. 30, 2023 |
Sep. 30, 2022 |
Dec. 31, 2022 |
|
SGI awards | |||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||||
Liabilities associated with SGI awards | $ 48 | $ 48 | $ 92 | ||
SGI awards | General and Administrative Expense | |||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||||
Share-based compensation expense | 14 | $ 10 | 24 | $ 20 | |
Performance-based awards for other executives | |||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||||
Liabilities associated with SGI awards | 25 | 25 | $ 15 | ||
Performance-based awards for other executives | General and Administrative Expense | |||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||||
Share-based compensation expense | $ 5 | $ 2 | $ 17 | $ 14 |
&E;E6G7(03+%C_0H_:9C@XZMCN-.>O8$-^834(;
MT@V,,1W9F*.1T."*O=KW>$ZVMQLFJ(JSQ]='8I6IP12/#*H J&N.LQ X:')
M%@*-O1:^1SX/N_MLIIA>EA1BS_HE0X(S;)7"&"PFT3> 0@C4-X J$FAO%H$A(J* 01#%UV2Q [&R0#RUEA5[8@10574W2P>=W9X09#Z;Q#P'0%WN#M!#N5'8<7T3*LM:+J-
MW&CA5'74"*ZHR2ESJ_'7 NGL]',CM;!%O8;KNG,QV6KQ!'.Y1MM;$/42/DFU
MUJ+9%#G,T/,P^B(6I33CLXE%",1HDN_$773B^!OB,KA1M=T8N*J7 &BL
M/?L5HMI34T1C-%V*69:@]4!=QMLJ1(S*FM;L IO5GT >+=5G/M6XWXH(TC&B_(+I"^%X%1'
M2+"G(0\)NQ"[@Z:K4@64'A.#:AJ8@]4[WB-,UXIP$0;(7P1/I+2 B
MD@+P!8B)%J&K/M[VZQAU1E9#,+TC2,\\Y4G,J4B> #-&]!/MJ8^U/%3#IAH-
M[8;X^4=HOA':O<@P]'U:#?A\Y=$(#6KP-#9#3P]O<(0W,&:'N_N[4Q/$H,L$
MT9&S"N?AD?/0."4+*@H&RM\NP"["Z:2(7)&FB9U0
:M&0]80T%Q#G-PXZK1"Z,I;E;2L
M$*"Y0CBK>53X*M=NKM)3T!CY5D,A"F4) ,TEP/GMH\)A]3VCCE5C@YIRLQ1[
M:!;[
C5&IXU"%)S41M6CBB:TDI.E/V_4>ML[(;6@E(2F'R"R'/]M*
M0JK@J5]_-#9-BUUJ(C)KXEF-)*3JG:ML24WON4%T'"F)SBFMYSB)WW6G!6CA
MKESK(.4;E6JCY(Y^Z=MO^N%=5#O/8
MN& '
M ! ( & 'AL+W=O
R15 V87-R
M)0'J\Y;'GKS:#/>>M5NW1YB<6AF.!*F/_9KC=]8$U+2&LD4VIT- 0THB9-M5
ML7:BO>_?M]LC-H]VM!F)!2@P)]-9'E ;&LH60=F$SG7GX5,&<9LCN0P4-ZOM)W30IF:
MQ>5WR3_
;_&';_ E!+ P04 " "/D6)7
MCWI44]P0 #-+ &0 'AL+W=O
2D^2/-(P0>6E??&GHI2EVP)_"5.
MHC?B;R**%OC^\8?S633[:>#^^T;WE))AW\6Z0'VUTI
/=9+C/E
MCBY&'J?0VE%<2;P)$B>O2#P3'TWAUT[\5"0JV=\_ KH&XJ2&>#,Y*/!!;89B
M.CX6D_%D>D#>M%%YRO*FWU;Y3KLX,Z2U$_^Z7CIO$27_[M,YB)SUBZ3,.7<;
M&:O+ 5+#*?ND!E<_?!QM #/4P,_53=T0//2\.IO4$L#!!0 ( (^1
M8E=AP0#FA@, *8( 9 >&PO=V]R:W-H965T
+\L7/3QPR?T 741EXH<12EZ22/!
M;XX>/$=Q+$5OP/#H]KXKH%ORY;I!V86GH@O.F2[8Z)FF8L.1EX8D5/C/]/Z]
M-G]/[S_1^'=A.*HQ<=['Y,G1"CYFZUO4LV^08SD]57_T[@NR!7?KK+M[N;NC
MHO%SK?O_N_4:RUX5W[U