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☒
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ANNUAL REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934
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☐
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TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934
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Commission file number:
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1-16129
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Delaware
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33-0927079
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(State or other jurisdiction of
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(I.R.S. Employer
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incorporation or organization)
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Identification No.)
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6700 Las Colinas Boulevard
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Irving,
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Texas
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75039
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(Address of principal executive offices)
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(Zip Code)
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Title of Each Class
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Trading Symbol(s)
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Name of Each Exchange on Which Registered
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Common Stock, $.01 par value per share
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FLR
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New York Stock Exchange
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Preferred Stock Purchase Rights
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FLR
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New York Stock Exchange
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Large accelerated filer
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þ
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Accelerated filer
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o
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Non-accelerated filer
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o
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Smaller reporting company
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☐
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Emerging growth company
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☐
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Page
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Abbreviation/Term
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Definition
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2019 10-K
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Annual Report on Form 10-K for the year ended December 31, 2019
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AOCI
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Accumulated other comprehensive income (loss)
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ASC
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Accounting Standards Codification
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ASU
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Accounting Standards Update
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Corporate G&A
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Corporate general and administrative expense
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DOE
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U.S. Department of Energy
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EPC
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Engineering, procurement and construction
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FFS
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Fluor Federal Solutions, LLC
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GAAP
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Accounting principles generally accepted in the United States
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ICFR
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Internal control over financial reporting
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NCI
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Noncontrolling interests
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NuScale
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NuScale Power, LLC
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OCI
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Other comprehensive income (loss)
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RSU
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Restricted stock units
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RUPO
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Remaining unsatisfied performance obligations
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SEC
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Securities and Exchange Commission
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Stork
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Stork Holding B.V. and subsidiaries; Acquired by Fluor in 2016
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VDI
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Value Driver Incentive
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VIE
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Variable interest entity
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•
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In engineering and design, we develop solutions to address our clients’ most complex problems. Our engineering services range from traditional engineering disciplines such as piping, mechanical, electrical, control systems, civil, structural and architectural to advanced engineering specialties including process engineering, chemical engineering, simulation, integrated automation processes and interactive 3-D modeling. Through our design solutions, we can provide clients with varied offerings which can include front-end engineering, conceptual design, estimating, feasibility studies, permitting, process simulation, technology and licensing evaluation, scope definition and siting. Our engineering and design solutions are intended to align each project’s function, scope, cost and schedule in concert with client objectives in order to optimize project success.
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•
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Our procurement organization offers procurement and supply chain solutions aimed at improving product quality and performance while also reducing project cost and schedule. Our clients can benefit from our global sourcing and supply expertise, global purchasing power, technical knowledge, processes, systems and experienced global resources. Our procurement activities include strategic sourcing, material management, contracts management, buying, expediting, supplier quality inspection and logistics.
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•
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In construction, we mobilize, execute, commission and demobilize projects on a self-perform or subcontracted basis. Generally, we are responsible for the completion of a project, often in difficult locations and under challenging circumstances. We are frequently designated as a program manager, and serve as such without regard to whether the client has facilities in multiple locations, complex phases in a single project location, or a large-scale investment in a facility.
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•
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We also provide a variety of fabrication and modularization services, including integrated engineering and modular fabrication and assembly, as well as modular construction and asset support services to clients around the globe from our joint venture yards. By operating our own fabrication yards in key regions of the world, our off-site fabrication solutions can help our clients achieve cost and schedule savings by reducing on-site craft needs and shifting work to inherently safer and more controlled work environments.
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•
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We offer operations, maintenance and asset integrity services intended to improve the performance and extend the life of our clients’ facilities. Diversified services include the delivery of total maintenance services, facility management, plant readiness, commissioning, start-up and maintenance technology, small capital projects, and turnaround and outage services, all on a global basis. Among other things, we can provide key management, staffing and management skills to clients on-site at their facilities. Our diversified services activities also include routine and outage/turnaround maintenance services, general maintenance and asset management, emissions reduction technologies and services, and restorative, repair, predictive and prevention services.
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•
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Project management is the primary responsibility of managing all aspects of the effort to deliver projects on schedule and within budget, and is critical on every project. We are often hired as the overall program manager on large complex projects where various contractors and subcontractors are involved and multiple activities need to be integrated to ensure the success of the overall project. Project management services include logistics, development of project execution plans, detailed schedules, cost forecasts, progress tracking and reporting, and
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As Restated
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||||
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December 31, 2019
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December 31, 2018
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||||
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(in millions)
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||||||
Energy & Chemicals
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$
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14,129
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$
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17,835
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Mining & Industrial
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5,384
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8,889
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Infrastructure & Power
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6,079
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6,344
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Diversified Services(1)
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2,542
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2,283
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Other
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244
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252
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Total Backlog(2)(3)(4)
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$
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28,378
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$
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35,603
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(1)
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With respect to our ongoing operations and maintenance and asset integrity contracts in the Diversified Services segment, backlog includes the amount of revenue we expect to recognize for the remainder of the current year renewal period plus up to three additional years if renewal is considered to be probable. The equipment and temporary staffing businesses in the Diversified Services segment do not report backlog or new awards.
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(2)
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Includes backlog of $1.7 billion and $978 million for projects in a loss position as of December 31, 2019 and 2018, respectively.
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(3)
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Total backlog excludes $3.6 billion and $4.4 billion of backlog as of December 31, 2019 and 2018, respectively, associated with the government business, which was considered discontinued operations as of December 31, 2019.
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(4)
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For projects related to proportionately consolidated joint ventures, we include only our percentage ownership of each joint venture's backlog.
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As Restated
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||||
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December 31, 2019
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December 31, 2018
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||||
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(in millions)
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||||||
United States
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$
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7,237
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$
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8,001
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Asia Pacific (including Australia)
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2,627
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2,710
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Europe, Africa and Middle East
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6,751
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8,724
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The Americas (excluding the United States)
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11,763
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16,168
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Total Backlog
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$
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28,378
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$
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35,603
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As Restated
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||||
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2019
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2018
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(in millions)
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||||||
Backlog at beginning of year
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$
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35,603
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$
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27,349
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New awards
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10,564
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23,542
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Adjustments and cancellations, net(1)
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(3,661
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)
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(310
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)
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Work performed
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(14,128
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)
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(14,978
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)
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Backlog at end of year
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$
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28,378
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$
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35,603
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(1)
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During 2019, we removed certain contracts associated with our joint venture in Mexico that were suspended during the second quarter of 2019. During 2018, adjustments and cancellations were partially offset by an increase in backlog as a result of the adoption of ASC 606.
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December 31, 2019
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||||
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(in millions)
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(percentage)
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|||
Reimbursable(1)
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$
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11,721
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41
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%
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Fixed-Price, Lump-Sum and Guaranteed Maximum
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16,657
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59
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%
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(1)
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Excludes $3.6 billion of backlog associated with the government business which consists almost entirely of reimbursable contracts. The government business was considered discontinued operations as of December 31, 2019.
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Number of
Employees
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Salaried Employees
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27,653
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Craft and Hourly Employees
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18,084
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TRS Agency
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4,445
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Total
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50,182
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Name
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Age
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Position with the Company(1)
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Alan L. Boeckmann
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72
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Executive Chairman
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Joseph L. Brennan
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53
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Executive Vice President and Chief Financial Officer
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Thomas P. D'Agostino
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61
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Group President, Government
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Taco de Haan
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52
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Group President, Diversified Services
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Stacy L. Dillow
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46
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Executive Vice President and Chief Human Resources Officer
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Mark E. Fields
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62
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Group President, Energy & Chemicals
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Garry W. Flowers
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68
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Executive Vice President, Construction, HSE & Risk
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Carlos M. Hernandez
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66
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Chief Executive Officer
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Rick Koumouris
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60
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Senior Advisor
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John C. Regan
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50
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Executive Vice President, Controller and Chief Accounting Officer
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John R. Reynolds
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63
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Executive Vice President, Chief Legal Officer and Secretary
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Terry W. Towle
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60
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Group President, Infrastructure & Power
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(1)
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All references are to positions held with Fluor Corporation. All officers serve in their respective capacities at the pleasure of the Board of Directors.
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Item 1A.
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Risk Factors
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•
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We have experienced, and may continue to experience, reductions in demand for certain of our services and the delay or abandonment of ongoing or anticipated projects due to our clients’, suppliers’ and other third parties’ diminished financial conditions or financial distress, as well as governmental budget constraints. These impacts are expected to continue or worsen if stay-at-home, social distancing, travel restrictions and other similar orders or restrictions remain in place for an extended period of time or are re-imposed after being lifted or eased.
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•
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Some clients have been, and may in the future be, unable to meet their payment obligations to us in a timely manner, including as a result of deteriorating financial condition or bankruptcy resulting from the COVID-19 pandemic and resulting economic impacts. Further, other third parties, such as suppliers, subcontractors, joint venture partners and other outside business partners, have experienced significant disruptions in their ability to satisfy their obligations with respect to us, or they may be unable to do so in the future altogether.
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•
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Many employers, including us, and governments continue to require all or a significant portion of employees to work from home or not go into their offices. While many of our employees can effectively perform their responsibilities while working remotely, some work may not be completed as efficiently as if it were performed on site. Additionally, we may be exposed to unexpected cybersecurity risks and additional information technology-related expenses as a result of these remote working requirements.
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•
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Illness, travel restrictions or other workforce disruptions have affected, and may continue to affect, our supply chain, our ability to timely and satisfactorily complete our clients’ projects, our ability to provide services to our clients or our other business processes.
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•
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We have furloughed certain employees and may need to further furlough or reduce the number of employees that we employ. We may experience difficulties associated with hiring additional employees or replacing employees, in particular with respect to roles that require security clearances or other special qualifications that may be limited or difficult to obtain.
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•
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In addition to existing travel restrictions implemented in response to the COVID-19 pandemic, jurisdictions may continue to close borders, impose prolonged quarantines and further restrict travel and business activity, which could materially impair our ability to support our operations and clients (both domestic and international), to source supplies through the global supply chain and to identify, pursue and capture new business opportunities, and which could continue to restrict the ability of our employees to access their workplaces. We also face the possibility of increased overhead or other expenses resulting from compliance with any future government orders or other measures enacted in response to the COVID-19 pandemic.
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•
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The COVID-19 pandemic has increased volatility and pricing in the capital markets, and that increased volatility is likely to continue. We might not be able to access further sources of liquidity on acceptable pricing or borrowing terms if at all. Any inability to obtain additional liquidity as and when needed, or to maintain compliance with the
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•
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We operate in many countries around the world, and certain of those countries’ governments may be unable to effectively mitigate the financial or other impacts of the COVID-19 pandemic on their economies and workforces and our operations therein.
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•
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Incorrect assumptions related to productivity, scheduling estimates or future economic conditions, including with respect to the impacts of inflation on lump-sum or fixed-price contracts;
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•
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Unanticipated technical problems, including design or engineering issues;
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•
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Inaccurate representations of site conditions and unanticipated changes in the project execution plan;
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•
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Project modifications creating unanticipated costs or delays and failure to properly manage project modifications;
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•
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Inability to achieve guaranteed performance or quality standards with regard to engineering, construction or project management obligations;
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•
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Insufficient or inadequate project execution tools and systems needed to record, track, forecast and control cost and schedule;
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•
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Reliance on historic cost and/or execution data that is not representative of current economic and/or execution conditions;
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•
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Failure to accurately estimate the cost of projects, including due to unforeseen increases in the cost of labor;
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•
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Unanticipated increases in the cost of raw materials, components or equipment, including due to the imposition of import tariffs;
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•
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Failure to properly make judgments in accordance with applicable professional standards, including engineering standards;
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•
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Failure to properly assess and update appropriate risk mitigation strategies and measures;
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•
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Difficulties related to the performance of our clients, partners, subcontractors, suppliers or other third parties;
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•
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Delays or productivity issues caused by weather; and
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•
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Changes in local laws or difficulties or delays in obtaining permits, rights of way or approvals.
|
•
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abrupt changes in government policies, laws, treaties (including those impacting trade), regulations or leadership;
|
•
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embargoes or other trade restrictions, including sanctions;
|
•
|
restrictions on currency movement;
|
•
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tax or tariff increases;
|
•
|
currency exchange rate fluctuations;
|
•
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changes in labor conditions and difficulties in staffing and managing international operations, including logistical and communication challenges;
|
•
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U.S. government trade or other policy changes in relation to the foreign countries in which we or our clients operate;
|
•
|
other social, political and economic instability, including recessions and other economic crises in other regions;
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•
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natural disasters and public health crises, including pandemics such as COVID-19;
|
•
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expropriation and nationalization of our assets in a foreign country;
|
•
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international hostilities; and
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•
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unrest, civil strife, acts of war, terrorism and insurrection.
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•
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recognition of contract revenue, costs, profits or losses in applying the principles of percentage-of-completion accounting;
|
•
|
recognition of revenues related to project incentives or awards we expect to receive;
|
•
|
recognition of recoveries under contract change orders or claims;
|
•
|
estimated amounts for expected project losses, warranty costs, contract close-out or other costs;
|
•
|
collectability of billed and unbilled accounts receivable and the need and amount of any allowance for doubtful accounts;
|
•
|
asset valuations;
|
•
|
income tax provisions and related valuation allowances;
|
•
|
determination of expense and potential liabilities under pension and other post-retirement benefit programs; and
|
•
|
accruals for other estimated liabilities, including litigation and insurance revenues/reserves.
|
•
|
increasing our vulnerability to general adverse economic and industry conditions;
|
•
|
requiring us to dedicate a substantial portion of our cash flow from operations to make debt service payments, thereby reducing the availability of cash flow to fund working capital, capital expenditures, acquisitions and investments and other general corporate purposes;
|
•
|
limiting our flexibility in planning for, or reacting to, challenges and opportunities, and changes in our businesses and the markets in which we operate;
|
•
|
limiting our ability to obtain additional financing to fund our working capital, capital expenditures, acquisitions and debt service requirements and other financing needs; and
|
•
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placing us at a competitive disadvantage to our competitors that have less debt.
|
•
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A delay in the integration or alignment of management teams, strategies, operations, products and services;
|
•
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Diversion of the attention of management as a result of the acquisition or investment;
|
•
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The consequences of a change in tax treatment, including the costs of integration/consolidation and compliance, and the possibility that the anticipated benefits of the acquisition/investment will not be realized;
|
•
|
Differences in corporate culture and management philosophies;
|
•
|
The ability to retain key personnel;
|
•
|
The challenges of integrating or aligning complex systems, technology, networks and other assets into or to be compatible with ours in a way that minimizes any adverse effects on the business; and
|
•
|
Potential unknown liabilities and unforeseen increased expenses or delays associated with the acquisition or investment, including the costs to integrate or consolidate beyond current estimates.
|
•
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reduced demand for our services;
|
•
|
lack of investor confidence;
|
•
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less favorable credit rating;
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•
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the inability to attract and retain qualified employees;
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•
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a loss or reduction in scope of current project contracts and fewer contract awards;
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•
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less favorable contract terms;
|
•
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increased litigation and costs; and
|
•
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heightened regulatory scrutiny.
|
•
|
stockholders may not act by written consent;
|
•
|
there are various restrictions on the ability of a stockholder to call a special meeting or to nominate a director for election; and
|
•
|
our Board of Directors can authorize the issuance of preferred shares.
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Item 1B.
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Unresolved Staff Comments
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|
|
Location
|
Interest
|
United States:
|
|
Greenville, South Carolina
|
Owned
|
Houston (Sugar Land), Texas
|
Leased
|
Irving, Texas (Corporate Headquarters)
|
Owned
|
Southern California (Aliso Viejo and Long Beach)
|
Leased
|
Canada:
|
|
Calgary, Alberta
|
Owned
|
Vancouver, British Columbia
|
Leased
|
Latin America:
|
|
Mexico City, Mexico
|
Leased
|
Santiago, Chile
|
Owned and Leased
|
Europe, Africa and Middle East:
|
|
Al Khobar, Saudi Arabia
|
Owned
|
Amsterdam, the Netherlands
|
Owned
|
Farnborough, England
|
Owned and Leased
|
Gliwice, Poland
|
Owned
|
Johannesburg, South Africa
|
Leased
|
Utrecht, the Netherlands
|
Leased
|
Asia/Asia Pacific:
|
|
Manila, the Philippines
|
Owned and Leased
|
New Delhi, India
|
Leased
|
Perth, Australia
|
Leased
|
Shanghai, China
|
Leased
|
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 Plans or
Programs(1)
|
|||||
October 1–October 31, 2019
|
—
|
|
|
$
|
—
|
|
|
—
|
|
|
10,513,093
|
|
November 1–November 30, 2019
|
—
|
|
|
—
|
|
|
—
|
|
|
10,513,093
|
|
|
December 1–December 31, 2019
|
—
|
|
|
—
|
|
|
—
|
|
|
10,513,093
|
|
|
Total
|
—
|
|
|
$
|
—
|
|
|
—
|
|
|
|
|
(1)
|
The share repurchase program was originally announced on November 3, 2011 for 12,000,000 shares and has been amended to increase the size of the program by an aggregate 34,000,000 shares, most recently in February 2016 with an increase of 10,000,000 shares. The company continues to repurchase shares from time to time in open market transactions or privately negotiated transactions, including through pre-arranged trading programs, at its discretion, subject to market conditions and other factors and at such time and in amounts that the company deems appropriate.
|
|
Year Ended December 31,
|
|||||||||||||||||
|
2014
|
2015
|
2016
|
2017
|
2018
|
2019
|
||||||||||||
Fluor Corporation
|
$
|
100.00
|
|
$
|
79.16
|
|
$
|
89.51
|
|
$
|
89.63
|
|
$
|
56.82
|
|
$
|
34.36
|
|
S&P MidCap 400 Index
|
$
|
100.00
|
|
$
|
97.82
|
|
$
|
118.10
|
|
$
|
137.26
|
|
$
|
122.03
|
|
$
|
153.77
|
|
S&P 500 Index
|
$
|
100.00
|
|
$
|
101.37
|
|
$
|
113.49
|
|
$
|
138.26
|
|
$
|
132.19
|
|
$
|
173.80
|
|
Dow Jones Heavy Construction Industry Group Index
|
$
|
100.00
|
|
$
|
88.48
|
|
$
|
109.10
|
|
$
|
115.00
|
|
$
|
84.97
|
|
$
|
114.10
|
|
|
Year Ended December 31,
|
||||||||||||||||
(in millions, except per share amounts)
|
2019
|
|
2018 (2)
|
2017 (2)
|
2016 (2)
|
|
2015
|
||||||||||
|
|
|
As Restated
|
|
|
||||||||||||
CONSOLIDATED OPERATING RESULTS
|
|
|
|
|
|
|
|
||||||||||
Revenue
|
$
|
14,348.0
|
|
|
$
|
15,172.5
|
|
$
|
14,806.5
|
|
$
|
14,638.1
|
|
|
$
|
15,233.4
|
|
Net earnings (loss) attributable to Fluor Corporation from continuing operations(1)
|
(1,676.2
|
)
|
|
9.2
|
|
(27.1
|
)
|
86.1
|
|
|
353.5
|
|
|||||
Basic earnings (loss) per share attributable to Fluor Corporation from continuing operations(1)
|
$
|
(11.97
|
)
|
|
$
|
0.07
|
|
$
|
(0.19
|
)
|
$
|
0.62
|
|
|
$
|
2.44
|
|
Diluted earnings (loss) per share attributable to Fluor Corporation from continuing operations(1)
|
$
|
(11.97
|
)
|
|
$
|
0.07
|
|
$
|
(0.19
|
)
|
$
|
0.61
|
|
|
$
|
2.41
|
|
Cash dividends per common share declared
|
$
|
0.73
|
|
|
$
|
0.84
|
|
$
|
0.84
|
|
$
|
0.84
|
|
|
$
|
0.84
|
|
|
|
|
|
|
|
|
|
||||||||||
CONSOLIDATED FINANCIAL POSITION
|
|
|
|
|
|
|
|
||||||||||
Total assets
|
$
|
7,966.7
|
|
|
$
|
8,882.6
|
|
$
|
9,359.5
|
|
$
|
9,249.8
|
|
|
$
|
7,625.4
|
|
Debt:
|
|
|
|
|
|
|
|
|
|||||||||
2016 Notes
|
557.2
|
|
|
569.4
|
|
597.7
|
|
523.6
|
|
|
—
|
|
|||||
2014 Notes
|
495.2
|
|
|
494.3
|
|
493.3
|
|
492.4
|
|
|
491.4
|
|
|||||
2018 Notes
|
594.5
|
|
|
593.9
|
|
—
|
|
—
|
|
|
—
|
|
|||||
3.375% Senior Notes
|
—
|
|
|
—
|
|
496.9
|
|
496.0
|
|
|
495.2
|
|
|||||
Revolving credit facilities
|
—
|
|
|
—
|
|
—
|
|
52.7
|
|
|
—
|
|
|||||
Other debt obligations
|
43.5
|
|
|
30.9
|
|
31.1
|
|
35.5
|
|
|
—
|
|
|||||
Common shares outstanding
|
140.2
|
|
|
139.7
|
|
139.9
|
|
139.3
|
|
|
139.0
|
|
|||||
|
|
|
|
|
|
|
|
||||||||||
OTHER DATA
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||
New awards
|
$
|
10,564.1
|
|
|
$
|
23,542.0
|
|
$
|
9,760.1
|
|
$
|
16,373.2
|
|
|
$
|
15,624.9
|
|
Backlog
|
28,377.9
|
|
|
35,603.5
|
|
27,349.3
|
|
33,090.2
|
|
|
36,374.2
|
|
|||||
Operating cash flow
|
219.0
|
|
|
162.2
|
|
602.0
|
|
705.9
|
|
|
849.1
|
|
(1)
|
See "Item 7. — Management's Discussion and Analysis of Financial Condition and Results of Operations" and Notes to Consolidated Financial Statements for additional information relating to significant items affecting the results of operations for 2017 - 2019.
|
(2)
|
The restatement adjustments in 2018, 2017 and 2016 primarily related to the Radford project. The impacts of the restatement on the 2018 financial statements and 2017 statement of operations are described in the Notes to Consolidated Financial Statements. Total assets in 2017 increased $32 million as a result of the restatement. Previously reported amounts in 2016 were impacted as follows: reduction of $13 million to revenue, reduction of $51 million to net earnings attributable to Fluor Corporation from continuing operations, reduction of $0.36 to diluted earnings per share attributable to Fluor Corporation from continuing operations, and an increase of $33 million to total assets.
|
•
|
During the first quarter of 2019, we approved and initiated a broad restructuring plan designed to optimize costs, improve operational efficiency and support long-term sustainable growth. These restructuring activities included the rationalization of resources, investments, real estate and overhead across various geographies.
|
•
|
During the second quarter of 2019, we met with a number of our clients, subcontractors and suppliers in an attempt to bring resolution to or get clarification on a variety of matters, including outstanding disputes and claims, pending change orders, schedule extensions, accounts receivable and other project close out items. The negotiations and agreements resulting from these meetings, as well as project developments during the second quarter, resulted in the recognition of significant charges across three segments, which are reflected in the results for 2019.
|
•
|
During the third quarter of 2019, management committed to a plan to sell substantially all of our government and AMECO equipment businesses, while retaining two fixed price projects (associated with the U.S. government) and a few small international components of AMECO. The operations of these businesses to be divested are presented as discontinued operations, net of tax, for all periods presented. During 2020, the company reversed its decision to sell the government business and will revert its results as a component of continuing operations for all periods to be presented beginning with the first quarter of 2020.
|
•
|
During the third quarter of 2019, management reviewed our business lines, markets and geographies and changed the composition of our reportable segments to align them with the manner in which the chief executive officer manages the business and allocates resources. The Mining, Industrial, Infrastructure & Power segment was separated into a Mining & Industrial segment and an Infrastructure & Power segment. The operations of NuScale, as well as two retained U.S. government projects, were combined into a newly created segment called Other. At December 31, 2019, we reported our operating results in the following five reportable segments:
|
◦
|
Energy & Chemicals
|
◦
|
Mining & Industrial
|
◦
|
Infrastructure & Power
|
◦
|
Diversified Services
|
◦
|
Other
|
(in millions)
|
|
|
|
|
As Restated
|
|||||||||||||
YEAR ENDED DECEMBER 31
|
|
2019
|
|
2018
|
|
2017
|
||||||||||||
Revenue
|
|
|
|
|
|
|
|
|
|
|||||||||
Energy & Chemicals
|
|
$
|
5,823.7
|
|
|
|
$
|
7,695.5
|
|
|
|
$
|
8,568.5
|
|
|
|||
Mining & Industrial
|
|
5,057.2
|
|
|
|
3,491.0
|
|
|
|
2,100.9
|
|
|
||||||
Infrastructure & Power
|
|
1,370.4
|
|
|
|
1,668.0
|
|
|
|
1,810.0
|
|
|
||||||
Diversified Services
|
|
2,040.1
|
|
|
|
2,257.2
|
|
|
|
2,295.4
|
|
|
||||||
Other
|
|
56.6
|
|
|
|
60.8
|
|
|
|
31.7
|
|
|
||||||
Revenue
|
|
$
|
14,348.0
|
|
|
|
$
|
15,172.5
|
|
|
|
$
|
14,806.5
|
|
|
|||
|
|
|
|
|
|
|
|
|
|
|||||||||
Segment profit (loss) $ and margin %
|
|
|
|
|
|
|
|
|
|
|||||||||
Energy & Chemicals
|
|
$
|
(95.0
|
)
|
(1.63
|
)%
|
|
$
|
334.5
|
|
4.35
|
%
|
|
$
|
428.2
|
|
5.00
|
%
|
Mining & Industrial
|
|
158.5
|
|
3.13
|
%
|
|
94.3
|
|
2.70
|
%
|
|
87.8
|
|
4.18
|
%
|
|||
Infrastructure & Power
|
|
(243.9
|
)
|
(17.80
|
)%
|
|
(30.1
|
)
|
(1.80
|
)%
|
|
(271.0
|
)
|
(14.97
|
)%
|
|||
Diversified Services
|
|
14.6
|
|
0.72
|
%
|
|
68.7
|
|
3.04
|
%
|
|
83.6
|
|
3.64
|
%
|
|||
Other
|
|
(220.1
|
)
|
NM
|
|
|
(144.7
|
)
|
NM
|
|
|
(115.4
|
)
|
NM
|
|
|||
Total segment profit (loss) $ and margin %(1)
|
|
$
|
(385.9
|
)
|
(2.69
|
)%
|
|
$
|
322.7
|
|
2.13
|
%
|
|
$
|
213.2
|
|
1.44
|
%
|
|
|
|
|
|
|
|
|
|
|
|||||||||
Corporate general and administrative expense
|
|
(159.1
|
)
|
|
|
(118.4
|
)
|
|
|
(183.7
|
)
|
|
||||||
Impairment, restructuring and other exit costs
|
|
(532.6
|
)
|
|
|
—
|
|
|
|
—
|
|
|
||||||
Loss on pension settlement
|
|
(137.9
|
)
|
|
|
(21.9
|
)
|
|
|
(0.2
|
)
|
|
||||||
Interest expense, net
|
|
(19.7
|
)
|
|
|
(41.0
|
)
|
|
|
(40.0
|
)
|
|
||||||
Earnings (loss) attributable to NCI from continuing operations
|
|
(41.5
|
)
|
|
|
46.6
|
|
|
|
64.5
|
|
|
||||||
Earnings (loss) from continuing operations before taxes
|
|
(1,276.7
|
)
|
|
|
188.0
|
|
|
|
53.8
|
|
|
||||||
Income tax expense (benefit)
|
|
(441.0
|
)
|
|
|
(132.3
|
)
|
|
|
(16.4
|
)
|
|
||||||
Net earnings (loss) from continuing operations
|
|
$
|
(1,717.7
|
)
|
|
|
$
|
55.7
|
|
|
|
$
|
37.4
|
|
|
|||
|
|
|
|
|
|
|
|
|
|
|||||||||
New awards
|
|
|
|
|
|
|
|
|
|
|||||||||
Energy & Chemicals
|
|
$
|
3,724.1
|
|
|
|
$
|
10,641.4
|
|
|
|
$
|
3,950.0
|
|
|
|||
Mining & Industrial
|
|
1,861.9
|
|
|
|
8,696.1
|
|
|
|
2,277.8
|
|
|
||||||
Infrastructure & Power
|
|
2,608.7
|
|
|
|
2,066.0
|
|
|
|
1,525.3
|
|
|
||||||
Diversified Services
|
|
2,217.2
|
|
|
|
2,138.5
|
|
|
|
2,007.0
|
|
|
||||||
Other
|
|
152.2
|
|
|
|
—
|
|
|
|
—
|
|
|
||||||
Total new awards
|
|
$
|
10,564.1
|
|
|
|
$
|
23,542.0
|
|
|
|
$
|
9,760.1
|
|
|
|||
|
|
|
|
|
|
|
|
|
|
|||||||||
Backlog
|
|
|
|
|
|
|
|
|
|
|||||||||
Energy & Chemicals
|
|
$
|
14,128.9
|
|
|
|
$
|
17,834.5
|
|
|
|
$
|
15,110.3
|
|
|
|||
Mining & Industrial
|
|
5,384.0
|
|
|
|
8,889.3
|
|
|
|
3,634.9
|
|
|
||||||
Infrastructure & Power
|
|
6,079.4
|
|
|
|
6,344.4
|
|
|
|
5,915.3
|
|
|
||||||
Diversified Services
|
|
2,541.6
|
|
|
|
2,282.9
|
|
|
|
2,451.0
|
|
|
||||||
Other
|
|
244.0
|
|
|
|
252.4
|
|
|
|
237.8
|
|
|
||||||
Total backlog
|
|
$
|
28,377.9
|
|
|
|
$
|
35,603.5
|
|
|
|
$
|
27,349.3
|
|
|
|||
|
|
|
|
|
|
|
|
|
|
|||||||||
New awards related to projects located outside of the U.S.
|
|
54%
|
|
|
80%
|
|
|
53%
|
|
|||||||||
Backlog related to projects located outside of the U.S.
|
|
74%
|
|
|
78%
|
|
|
63%
|
|
(1)
|
Total segment profit (loss) is a non-GAAP financial measure. We believe that total segment profit (loss) provides a meaningful perspective on our business results as it is the aggregation of individual segment profit (loss) measures that we use to evaluate and manage our business performance.
|
(in millions)
|
Recognized in 2019
|
|
Expected to be Incurred(1)
|
||||
Restructuring and other exit costs:
|
|
|
|
||||
Severance
|
$
|
63.9
|
|
|
$
|
70.0
|
|
Asset impairments
|
90.4
|
|
|
90.4
|
|
||
Entity liquidation costs (including the recognition of cumulative translation adjustments)
|
83.7
|
|
|
85.0
|
|
||
Other exit costs
|
2.0
|
|
|
5.0
|
|
||
Total restructuring and other exit costs
|
$
|
240.0
|
|
|
$
|
250.4
|
|
|
|
|
|
||||
Impairment losses on:
|
|
|
|
||||
Intangible customer relationships
|
$
|
33.7
|
|
|
|
||
Investments
|
256.8
|
|
|
|
|||
Goodwill
|
2.1
|
|
|
|
|||
Total impairments
|
$
|
292.6
|
|
|
|
||
|
|
|
|
||||
Impairment, restructuring and other exit costs
|
$
|
532.6
|
|
|
|
•
|
$260 million in charges resulting from late design changes, schedule-driven cost growth including liquidated damages, and subcontractor negotiations on a lump-sum, offshore project;
|
•
|
$87 million in charges resulting from schedule-driven cost growth and client and subcontractor negotiations on two lump-sum, downstream projects and scope reductions on a large upstream project;
|
•
|
$31 million in charges resulting from the resolution of certain close-out matters with a customer;
|
•
|
$26 million in charges resulting from the write-off of pre-contract costs due to the continued evaluation of the probability of receiving an award; and
|
•
|
$26 million of unrealized foreign currency losses associated with embedded foreign currency derivatives of our joint venture in Mexico, primarily due to the full suspension of certain client contracts in the second quarter of 2019.
|
•
|
$133 million in charges for estimated cost growth on a completed, lump-sum, downstream project;
|
•
|
$40 million in charges resulting from estimated cost growth on the offshore project mentioned above;
|
•
|
reduced volume of project execution activity for several downstream projects that were nearing completion in 2017; and
|
•
|
the favorable impact of the adoption of ASC 606.
|
•
|
$135 million, including the settlement of client disputes, as well as cost growth related to certain close-out matters, on three lump-sum, gas-fired power plant projects that were substantially complete as of December 31, 2019; and
|
•
|
$133 million resulting from late engineering changes and schedule-driven cost growth, as well as negotiations with clients and subcontractors on pending change orders, for several infrastructure projects.
|
•
|
$188 million in charges on one of the aforementioned power projects as a result of cost growth; and
|
•
|
$125 million gain associated with the sale of a joint venture interest in the United Kingdom.
|
(in millions)
|
|
|
|
As Restated
|
||||||||
YEAR ENDED DECEMBER 31
|
|
2019
|
|
2018
|
|
2017
|
||||||
Corporate G&A
|
|
|
|
|
|
|
||||||
Compensation
|
|
$
|
98.9
|
|
|
$
|
112.0
|
|
|
$
|
119.8
|
|
Professional fees
|
|
21.5
|
|
|
19.7
|
|
|
16.4
|
|
|||
Foreign currency (gains) losses
|
|
26.6
|
|
|
(33.4
|
)
|
|
20.4
|
|
|||
Other
|
|
12.1
|
|
|
20.1
|
|
|
27.1
|
|
|||
Corporate G&A
|
|
$
|
159.1
|
|
|
$
|
118.4
|
|
|
$
|
183.7
|
|
•
|
Impairment testing of investments as part of other than temporary impairment assessments when impairment indicators are present
|
|
|
|
As Restated
|
||||||||
|
Year Ended December 31,
|
||||||||||
(in thousands)
|
2019
|
|
2018
|
|
2017
|
||||||
OPERATING CASH FLOW
|
$
|
219,018
|
|
|
$
|
162,164
|
|
|
$
|
601,971
|
|
|
|
|
|
|
|
||||||
INVESTING CASH FLOW
|
|
|
|
|
|
||||||
Proceeds from sales and maturities (purchases) of marketable securities
|
207,374
|
|
|
57,591
|
|
|
(20,924
|
)
|
|||
Capital expenditures
|
(180,842
|
)
|
|
(210,998
|
)
|
|
(283,107
|
)
|
|||
Proceeds from sales of property, plant and equipment
|
65,977
|
|
|
81,038
|
|
|
96,102
|
|
|||
Proceeds from sale of joint venture interest
|
—
|
|
|
124,942
|
|
|
—
|
|
|||
Investments in partnerships and joint ventures
|
(52,305
|
)
|
|
(73,145
|
)
|
|
(273,117
|
)
|
|||
Other
|
40,268
|
|
|
21,955
|
|
|
(3,232
|
)
|
|||
Investing cash flow
|
80,472
|
|
|
1,383
|
|
|
(484,278
|
)
|
|||
|
|
|
|
|
|
||||||
FINANCING CASH FLOW
|
|
|
|
|
|
||||||
Repurchase of common stock
|
—
|
|
|
(50,022
|
)
|
|
—
|
|
|||
Dividends paid
|
(118,073
|
)
|
|
(118,734
|
)
|
|
(117,995
|
)
|
|||
Proceeds from issuance of Senior Notes
|
—
|
|
|
598,722
|
|
|
—
|
|
|||
Repayment of 3.375% Senior Notes
|
—
|
|
|
(503,285
|
)
|
|
—
|
|
|||
Repayment of borrowings under revolving line of credit
|
—
|
|
|
—
|
|
|
(53,455
|
)
|
|||
Distributions paid to NCI
|
(33,674
|
)
|
|
(63,523
|
)
|
|
(47,215
|
)
|
|||
Capital contributions by NCI
|
64,646
|
|
|
5,128
|
|
|
6,397
|
|
|||
Other
|
9,802
|
|
|
(8,777
|
)
|
|
(3,234
|
)
|
|||
Financing cash flow
|
(77,299
|
)
|
|
(140,491
|
)
|
|
(215,502
|
)
|
|||
|
|
|
|
|
|
||||||
Effect of exchange rate changes on cash
|
10,262
|
|
|
(62,385
|
)
|
|
51,448
|
|
|||
Increase (decrease) in cash and cash equivalents
|
232,453
|
|
|
(39,329
|
)
|
|
(46,361
|
)
|
|||
Cash and cash equivalents at beginning of year
|
1,764,746
|
|
|
1,804,075
|
|
|
1,850,436
|
|
|||
Cash and cash equivalents at end of year
|
$
|
1,997,199
|
|
|
$
|
1,764,746
|
|
|
$
|
1,804,075
|
|
•
|
Decreases in accounts receivable which resulted primarily from normal billing and collections for several projects in the Mining & Industrial segment as well as the LOGCAP IV program in Afghanistan, now included in discontinued operations.
|
•
|
Decreases in contract assets which resulted primarily from normal project execution activities for several projects in the Energy & Chemicals and Infrastructure & Power segments.
|
•
|
Increases in contract liabilities resulting from loss provisions and forecast adjustments for several projects in the Energy & Chemicals and Other segments.
|
•
|
Increases in contract assets which resulted primarily from normal project execution activities on a large mining project and several infrastructure projects, partially offset by decreases in contract assets on several Energy & Chemicals projects.
|
•
|
A decrease in contract liabilities in the Energy & Chemicals segment, which resulted primarily from normal project execution activities on several large projects.
|
•
|
An increase in accounts payable in the Mining & Industrial segment, which resulted from normal invoicing activities on a large mining project.
|
•
|
A decrease in other current assets, driven primarily by the receipt of income tax refunds in 2018.
|
•
|
A decrease in accounts receivable, primarily related to collections from an Energy & Chemicals joint venture project in the United States.
|
•
|
A decrease in contract assets in the Energy & Chemicals segment, which resulted primarily from normal project execution activities.
|
•
|
A decrease in accounts payable in the Energy & Chemicals segment, which resulted primarily from normal invoicing and payment activities.
|
|
|
Payments Due by Period
|
|||||||||||||
Contractual Obligations
|
Total
|
1 year or less
|
2–3 years
|
4–5 years
|
Over 5 years
|
||||||||||
(in millions)
|
|
|
|
|
|
||||||||||
Debt:
|
|
|
|
|
|
||||||||||
2016 Notes
|
$
|
557
|
|
$
|
—
|
|
$
|
—
|
|
$
|
557
|
|
$
|
—
|
|
2014 Notes
|
495
|
|
—
|
|
—
|
|
495
|
|
—
|
|
|||||
2018 Notes
|
595
|
|
—
|
|
—
|
|
—
|
|
595
|
|
|||||
Other borrowings
|
44
|
|
39
|
|
5
|
|
—
|
|
—
|
|
|||||
Interest on debt obligations(1)
|
344
|
|
55
|
|
106
|
|
88
|
|
95
|
|
|||||
Operating leases(2)
|
335
|
|
78
|
|
114
|
|
71
|
|
72
|
|
|||||
Finance leases
|
1
|
|
1
|
|
—
|
|
—
|
|
—
|
|
|||||
Uncertain tax positions
|
22
|
|
—
|
|
—
|
|
—
|
|
22
|
|
|||||
Joint venture contributions
|
103
|
|
26
|
|
21
|
|
56
|
|
—
|
|
|||||
Pension minimum funding(3)
|
49
|
|
10
|
|
20
|
|
19
|
|
—
|
|
|||||
Other post-employment benefits
|
8
|
|
1
|
|
3
|
|
2
|
|
2
|
|
|||||
Other compensation-related obligations(4)
|
415
|
|
80
|
|
138
|
|
112
|
|
85
|
|
|||||
Total
|
$
|
2,968
|
|
$
|
290
|
|
$
|
407
|
|
$
|
1,400
|
|
$
|
871
|
|
(1)
|
Interest is based on the borrowings that are presently outstanding and the timing of payments indicated in the above table.
|
(2)
|
Operating leases are primarily for engineering and project execution office facilities in various U.S and international locations, equipment used in connection with long-term construction contracts and other personal property. Some of the operating leases are included in our discontinued operations.
|
(3)
|
We generally provide funding to our international pension plans to at least the minimum required by applicable regulations. In determining the minimum required funding, we utilize current actuarial assumptions and exchange rates to forecast estimates of amounts that may be payable for up to five years in the future. In management's judgment, minimum funding estimates beyond a five-year time horizon cannot be reliably estimated. Where minimum funding as determined for each individual plan would not achieve a funded status to the level of accumulated benefit obligations, additional discretionary funding may be provided from available cash resources.
|
(4)
|
Principally deferred executive compensation.
|
Item 7A.
|
Quantitative and Qualitative Disclosures about Market Risk
|
Item 8.
|
Financial Statements and Supplementary Data
|
Item 9.
|
Changes in and Disagreements with Accountants on Accounting and Financial Disclosure
|
Item 9A.
|
Controls and Procedures
|
•
|
As of December 31, 2019, we determined there was a material weakness in FFS due to a failure to timely identify the out-of-period effects of adjustments related to the forecast, as well as adjustments related to the estimation of the amount of variable consideration, for the Radford project. These failures resulted in incorrect recognition of revenue and projected losses on the project in 2019 and prior. In periods prior to 2019, FFS also did not maintain effective controls over project cost forecasting, primarily driven by a failure to maintain a sufficient complement of project level personnel with appropriate levels of accounting and controls knowledge for the Radford project.
|
•
|
Former leaders of our Energy & Chemicals segment caused pressure to be applied on the individuals charged with accounting and finance responsibilities in a manner intended to present overly optimistic forecasts across certain Energy & Chemicals projects. This resulted in a material weakness in the Energy & Chemicals segment associated with its non-compliance with Fluor's policies and procedures designed to promote a commitment to ethical practices. Although the pressure did not result in inaccurate forecasts in all instances in which it was applied, in certain instances the pressure gave rise to an override of our project controls on a project and resulted in errors in our financial statements due to unsupported forecasted estimates.
|
•
|
Taken and taking personnel actions, including separations, with respect to personnel involved in projects associated with material weaknesses, including separations with relevant personnel involved in the issues associated with the matters creating the material weakness in our Energy & Chemicals segment;
|
•
|
Establishing additional monitoring procedures to help ensure that our policies and procedures are consistently followed at the project level, including developing plans for enhanced business line approvals and supporting documentation when projects operate outside certain parameters;
|
•
|
Implementing enhanced guidance on project forecasting principles including the assessment of variable consideration at the project level;
|
•
|
Deployment of new tools and templates to help standardize certain project-level documentation and reporting across projects and business units; and
|
•
|
Enhancing training on our required policies and procedures, including our code of conduct and our process for elevating concerns, and developing steps to promote increased awareness of such policies, procedures and relevant forecasting controls guidance.
|
Item 9B.
|
Other Information
|
Item 10.
|
Directors, Executive Officers and Corporate Governance
|
Item 11.
|
Executive Compensation
|
Item 12.
|
Security Ownership of Certain Beneficial Owners and Management and Related Stockholder Matters
|
Plan Category
|
(a)
Number of securities to be
issued upon exercise of
outstanding options,
warrants and rights
|
|
(b)
Weighted average
exercise price of
outstanding options,
warrants and rights
|
|
(c)
Number of securities available for
future issuance under equity
compensation plans (excluding
securities listed in column (a))
|
Equity compensation plans approved by stockholders(1)
|
7,900,533
|
|
$52.13 (2)
|
|
7,313,489
|
Equity compensation plans not approved by stockholders
|
—
|
|
—
|
|
—
|
Total
|
7,900,533
|
|
$52.13 (2)
|
|
7,313,489
|
(1)
|
Consists of (a) the Amended and Restated 2008 Executive Performance Incentive Plan, under which 4,155,754 shares are issuable upon exercise of outstanding options, 140,455 shares are issuable upon vesting of outstanding restricted stock units, 217,803 shares are issuable if specified performance target awards are met under outstanding VDI unit awards, and under which no shares remain for future issuance; (b) the 2017 Performance Incentive Plan, under which 1,225,723 shares are issuable upon exercise of outstanding options, 1,508,838 shares are issuable upon vesting of outstanding restricted stock units, 420,054 shares are issuable if specified performance target awards are met under outstanding VDI unit awards, but under which 7,313,489 shares remain available for issuance; (c) 40,389 vested restricted stock units deferred by non-associate directors participating in the 409A Director Deferred Compensation Program that are distributable in the form of shares; (d) 97,108 vested restricted stock units granted to non-associate directors that are subject to a post-vest holding period and for which shares have not been issued; and (e) 94,409 vested restricted stock units and VDI units deferred by executive officers under the 2008 Executive Performance Incentive Plan.
|
(2)
|
Weighted-average exercise price of outstanding options only.
|
Item 13.
|
Certain Relationships and Related Transactions, and Director Independence
|
Item 14.
|
Principal Accountant Fees and Services
|
Item 15.
|
Exhibits and Financial Statement Schedules
|
(a)
|
Documents filed as part of this 2019 10-K:
|
1.
|
Financial Statements:
|
2.
|
Financial Statement Schedules:
|
3.
|
Exhibits:
|
Exhibit
|
|
Description
|
3.1
|
|
|
3.2
|
|
|
3.3
|
|
|
4.1
|
|
|
4.2
|
|
|
4.3
|
|
|
4.4
|
|
|
4.5
|
|
|
4.6
|
|
|
4.7
|
|
|
4.8
|
|
|
4.9
|
|
|
10.1
|
|
Exhibit
|
|
Description
|
10.2
|
|
|
10.3
|
|
|
10.4
|
|
|
10.5
|
|
|
10.6
|
|
|
10.7
|
|
|
10.8
|
|
|
10.9
|
|
|
10.10
|
|
|
10.11
|
|
|
10.12
|
|
|
10.13
|
|
|
10.14
|
|
|
10.15
|
|
|
10.16
|
|
|
10.17
|
|
|
10.18
|
|
|
10.19
|
|
|
10.20
|
|
|
10.21
|
|
|
10.22
|
|
Exhibit
|
|
Description
|
10.23
|
|
|
10.24
|
|
|
10.25
|
|
|
10.26
|
|
|
10.27
|
|
|
10.28
|
|
|
10.29
|
|
|
10.30
|
|
|
10.31
|
|
|
10.32
|
|
|
10.33
|
|
|
10.34
|
|
|
10.35
|
|
|
10.36
|
|
|
10.37
|
|
|
10.38
|
|
Exhibit
|
|
Description
|
21.1
|
|
|
23.1
|
|
|
31.1
|
|
|
31.2
|
|
|
32.1
|
|
|
32.2
|
|
|
95
|
|
|
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 2019 10-K for the year ended December 31, 2019, formatted in Inline XBRL (included in the Exhibit 101 attachments).*
|
Item 16.
|
Form 10-K Summary
|
FLUOR CORPORATION
|
|
By:
|
/s/ JOSEPH L. BRENNAN
|
|
Joseph L. Brennan,
Chief Financial Officer
|
Signature
|
|
Title
|
|
Date
|
|
|
|
|
|
Principal Executive Officer and Director:
|
|
|
|
|
/s/ CARLOS M. HERNANDEZ
|
|
|
|
|
Carlos M. Hernandez
|
|
Chief Executive Officer
|
|
September 25, 2020
|
|
|
|
|
|
Principal Financial Officer:
|
|
|
|
|
/s/ JOSEPH L. BRENNAN
|
|
|
|
|
Joseph L. Brennan
|
|
Chief Financial Officer
|
|
September 25, 2020
|
|
|
|
|
|
Principal Accounting Officer:
|
|
|
|
|
/s/ JOHN C. REGAN
|
|
|
|
|
John C. Regan
|
|
Chief Accounting Officer
|
|
September 25, 2020
|
|
|
|
|
|
Other Directors:
|
|
|
|
|
/s/ ALAN L. BOECKMANN
|
|
|
|
|
Alan L. Boeckmann
|
|
Executive Chairman
|
|
September 25, 2020
|
|
|
|
|
|
/s/ PETER K. BARKER
|
|
|
|
|
Peter K. Barker
|
|
Director
|
|
September 25, 2020
|
|
|
|
|
|
/s/ ALAN M. BENNETT
|
|
|
|
|
Alan M. Bennett
|
|
Director
|
|
September 25, 2020
|
|
|
|
|
|
/s/ ROSEMARY T. BERKERY
|
|
|
|
|
Rosemary T. Berkery
|
|
Director
|
|
September 25, 2020
|
|
|
|
|
|
/s/ DAVID E. CONSTABLE
|
|
|
|
|
David E. Constable
|
|
Director
|
|
September 25, 2020
|
|
|
|
|
|
/s/ PETER J. FLUOR
|
|
|
|
|
Peter J. Fluor
|
|
Director
|
|
September 25, 2020
|
|
|
|
|
|
|
|
|
|
|
Signature
|
|
Title
|
|
Date
|
/s/ JAMES T. HACKETT
|
|
|
|
|
James T. Hackett
|
|
Director
|
|
September 25, 2020
|
|
|
|
|
|
/s/ THOMAS C. LEPPERT
|
|
|
|
|
Thomas C. Leppert
|
|
Director
|
|
September 25, 2020
|
|
|
|
|
|
/s/ DEBORAH D. MCWHINNEY
|
|
|
|
|
Deborah D. McWhinney
|
|
Director
|
|
September 25, 2020
|
|
|
|
|
|
/s/ ARMANDO J. OLIVERA
|
|
|
|
|
Armando J. Olivera
|
|
Director
|
|
September 25, 2020
|
|
|
|
|
|
/s/ MATTHEW K. ROSE
|
|
|
|
|
Matthew K. Rose
|
|
Director
|
|
September 25, 2020
|
|
|
|
|
|
|
|
|
TABLE OF CONTENTS
|
|
PAGE
|
Report of Independent Registered Public Accounting Firm
|
|
|
Consolidated Statement of Operations
|
|
|
Consolidated Statement of Comprehensive Income (Loss)
|
|
|
Consolidated Balance Sheet
|
|
|
Consolidated Statement of Cash Flows
|
|
|
Consolidated Statement of Changes in Equity
|
|
|
Notes to Consolidated Financial Statements
|
|
|
|
Estimation of the Fair Value of Goodwill/Intangibles/Investments
|
Description of the Matter
|
|
As more fully described in Note 7 to the consolidated financial statements, given the performance in certain businesses and geographies, the decline in the Company's stock price, and recent changes in pursuit criteria, the Company performed impairment tests of its goodwill, intangible assets and significant investments. As a result of the impairment tests, the Company recognized a $293 million impairment loss related to goodwill, certain intangible customer relationships and investments, which is the amount by which the carrying value exceeded the estimated fair value of these assets.
Auditing management’s assessment of impairment involved a high degree of subjectivity due to the significant estimation required in determining the fair value of investments, the reporting units for goodwill and intangibles. For the fair value of investments and the reporting units of goodwill, significant assumptions used in management’s assessments included revenue growth rates, expected cash outflows, terminal growth rates and discount rates. For the fair value of intangibles, significant assumptions used in management’s assessments included revenue growth rates, expected cash outflows, royalty rate, attrition rate and discount rates. The aforementioned assumptions are affected by expectations about future market or economic conditions that materially impact the fair value of the reporting units as well as investments and intangibles.
|
How We Addressed the Matter in Our Audit
|
|
We obtained an understanding, evaluated the design, and tested the operating effectiveness of controls over the Company's processes to determine the fair value of its investments, goodwill and intangibles. This included controls over management's review of the significant assumptions underlying the fair value determinations.
Our testing of the Company's measurements of fair value included, among other procedures, evaluating the significant assumptions and operating data used to estimate fair value. For example, we compared the significant assumptions used to estimate market participant cash flows to current industry and economic trends and historical performance, performed sensitivity analyses of the significant assumptions to evaluate the change in the fair value estimates that would result from changes in the assumptions and recalculated management's estimates. We also involved our valuation specialists to assist in our evaluation of key assumptions, which included the terminal growth rates, royalty rate, attrition rate, and the discount rates used in the fair value estimates.
|
|
|
Long-term revenue recognition on engineering and construction contracts
|
Description of the Matter
|
|
As described in Note 2 to the consolidated financial statements, the Company recognizes engineering and construction contract revenue over time, as performance obligations are satisfied, due to the continuous transfer of control to the customer, using the percentage-of-completion method of accounting, based primarily on contract cost incurred to date compared to total estimated contract cost. Revenue recognition under this method is judgmental, particularly on lump-sum contracts, as it requires the Company to prepare estimates of total contract revenue and total contract costs, including costs to complete in-process contracts.
Auditing the Company’s estimates of total contract revenue and costs used to recognize revenue on engineering and construction contracts involved significant auditor judgment, as it required the evaluation of subjective factors, such as assumptions related to project schedule and completion, forecasted labor, material and subcontract costs and variable consideration estimates related to incentive fees, unpriced changes orders and contractual disputes and claims. These assumptions involved significant management judgment, which affects the measurement of revenue recognized by the Company. Additionally, as described in Management’s Report on Internal Control Over Financial Reporting, the Company identified material weaknesses in their internal control over financial reporting associated with the project cost forecasting process within Fluor Federal Solutions and non-compliance with the Company’s policies and procedures within the Energy & Chemicals segment, which required changes to the nature and extent of effort in the performance of our procedures.
|
How We Addressed the Matter in Our Audit
|
|
We obtained an understanding, evaluated the design, and where appropriate, tested the operating effectiveness of controls over the estimation processes that affect revenue recognized on engineering and construction contracts. This included controls over management’s monitoring and review of project costs and variable consideration estimates, including the Company’s procedures to validate the completeness and accuracy of data used to determine the estimates.
To evaluate the Company’s contract estimates related to revenue recognized on engineering and construction contracts, our audit procedures included selecting a sample of projects and, among other procedures, we obtained and inspected the contract agreements, amendments and change orders to test the existence of customer arrangements and understand the scope and pricing of the related contracts; performed site-visits for certain contracts to observe progress; observed selected contract review meetings, inspected presentations prepared by management and interviewed contract team personnel to obtain an understanding of the status of operational performance and progress on the related contracts; evaluated the reasonableness of the Company’s estimated revenue and costs to complete by obtaining and analyzing supporting documentation of management’s estimates of variable consideration and contract costs, including external legal letters, supporting the Company’s legal basis related to certain contractual matters including contractual disputes; and compared contract profitability estimates in the current year to historical estimates and actual performance.
With the assistance of our forensic professionals, we gained an understanding of and evaluated the investigation performed by the Company. In response to the investigation findings and the material weaknesses in the Company’s internal controls, we (1) expanded the number of contracts tested using a mix of the procedures listed above, (2) reassessed our testing thresholds for certain audit procedures, and (3) performed testing to assess the conclusions reached by the Company as a result of the investigation, which included obtaining supporting documentation and expanding the number of individuals that we inquired of related to estimated revenue and costs to complete.
|
|
|
|
As Restated
|
||||||||
|
Year Ended December 31,
|
||||||||||
(in thousands, except per share amounts)
|
2019
|
|
2018
|
|
2017
|
||||||
Revenue
|
$
|
14,348,018
|
|
|
$
|
15,172,454
|
|
|
$
|
14,806,511
|
|
Cost of revenue
|
14,775,399
|
|
|
14,803,234
|
|
|
14,528,782
|
|
|||
Other (income) and expenses
|
|
|
|
|
|
||||||
Corporate general and administrative expense
|
159,089
|
|
|
118,428
|
|
|
183,697
|
|
|||
Impairment, restructuring and other exit costs
|
532,600
|
|
|
—
|
|
|
—
|
|
|||
Loss on pension settlement
|
137,898
|
|
|
21,900
|
|
|
184
|
|
|||
Interest expense
|
74,104
|
|
|
77,144
|
|
|
67,458
|
|
|||
Interest income
|
(54,372
|
)
|
|
(36,252
|
)
|
|
(27,419
|
)
|
|||
Total cost and expenses
|
15,624,718
|
|
|
14,984,454
|
|
|
14,752,702
|
|
|||
Earnings (loss) from continuing operations before taxes
|
(1,276,700
|
)
|
|
188,000
|
|
|
53,809
|
|
|||
Income tax expense (benefit)
|
440,982
|
|
|
132,250
|
|
|
16,356
|
|
|||
Net earnings (loss) from continuing operations
|
(1,717,682
|
)
|
|
55,750
|
|
|
37,453
|
|
|||
Net earnings from discontinued operations
|
164,558
|
|
|
177,103
|
|
|
189,311
|
|
|||
Net earnings (loss)
|
(1,553,124
|
)
|
|
232,853
|
|
|
226,764
|
|
|||
Less: Net earnings (loss) attributable to NCI from continuing operations
|
(41,450
|
)
|
|
46,556
|
|
|
64,533
|
|
|||
Net earnings (loss) attributable to Fluor Corporation from continuing operations
|
(1,676,232
|
)
|
|
9,194
|
|
|
(27,080
|
)
|
|||
Less: Net earnings attributable to NCI from discontinued operations
|
10,490
|
|
|
12,829
|
|
|
8,560
|
|
|||
Net earnings attributable to Fluor Corporation from discontinued operations
|
154,068
|
|
|
164,274
|
|
|
180,751
|
|
|||
Net earnings (loss) attributable to Fluor Corporation
|
$
|
(1,522,164
|
)
|
|
$
|
173,468
|
|
|
$
|
153,671
|
|
|
|
|
|
|
|
||||||
Amounts attributable to Fluor Corporation
|
|
|
|
|
|
||||||
Net earnings (loss) from continuing operations
|
$
|
(1,676,232
|
)
|
|
$
|
9,194
|
|
|
$
|
(27,080
|
)
|
Net earnings from discontinued operations
|
154,068
|
|
|
164,274
|
|
|
180,751
|
|
|||
Net earnings (loss)
|
$
|
(1,522,164
|
)
|
|
$
|
173,468
|
|
|
$
|
153,671
|
|
|
|
|
|
|
|
||||||
Basic earnings (loss) per share attributable to Fluor Corporation
|
|||||||||||
Net earnings (loss) from continuing operations
|
$
|
(11.97
|
)
|
|
$
|
0.07
|
|
|
$
|
(0.19
|
)
|
Net earnings from discontinued operations
|
1.10
|
|
|
1.17
|
|
|
1.29
|
|
|||
Net earnings (loss)
|
$
|
(10.87
|
)
|
|
$
|
1.24
|
|
|
$
|
1.10
|
|
|
|
|
|
|
|
||||||
Diluted earnings (loss) per share attributable to Fluor Corporation
|
|||||||||||
Net earnings (loss) from continuing operations
|
$
|
(11.97
|
)
|
|
$
|
0.07
|
|
|
$
|
(0.19
|
)
|
Net earnings from discontinued operations
|
1.10
|
|
|
1.16
|
|
|
1.28
|
|
|||
Net earnings (loss)
|
$
|
(10.87
|
)
|
|
$
|
1.23
|
|
|
$
|
1.09
|
|
|
|
|
As Restated
|
||||||||
|
Year Ended December 31,
|
||||||||||
(in thousands)
|
2019
|
|
2018
|
|
2017
|
||||||
Net earnings (loss)
|
$
|
(1,553,124
|
)
|
|
$
|
232,853
|
|
|
$
|
226,764
|
|
OCI, net of tax:
|
|
|
|
|
|
||||||
Foreign currency translation adjustment
|
65,500
|
|
|
(100,561
|
)
|
|
74,123
|
|
|||
Ownership share of equity method investees' OCI
|
(11,784
|
)
|
|
8,942
|
|
|
(701
|
)
|
|||
Defined benefit pension and postretirement plan adjustments
|
105,452
|
|
|
(52,591
|
)
|
|
15,609
|
|
|||
Unrealized gain (loss) on derivative contracts
|
3,140
|
|
|
274
|
|
|
4,743
|
|
|||
Unrealized gain (loss) on available-for-sale securities
|
—
|
|
|
709
|
|
|
(444
|
)
|
|||
Total OCI, net of tax
|
162,308
|
|
|
(143,227
|
)
|
|
93,330
|
|
|||
Comprehensive income (loss)
|
(1,390,816
|
)
|
|
89,626
|
|
|
320,094
|
|
|||
Less: Comprehensive income (loss) attributable to NCI
|
(32,310
|
)
|
|
57,145
|
|
|
72,297
|
|
|||
Comprehensive income (loss) attributable to Fluor Corporation
|
$
|
(1,358,506
|
)
|
|
$
|
32,481
|
|
|
$
|
247,797
|
|
|
|
As Restated
|
||||
(in thousands, except share and per share amounts)
|
December 31, 2019
|
December 31, 2018
|
||||
ASSETS
|
||||||
Current assets
|
|
|
||||
Cash and cash equivalents ($392,772 and $391,635 related to VIEs)
|
$
|
1,997,199
|
|
$
|
1,764,746
|
|
Marketable securities ($66 and $202,481 related to VIEs)
|
7,262
|
|
214,828
|
|
||
Accounts and notes receivable, net ($300,082 and $199,108 related to VIEs)
|
1,075,254
|
|
1,237,248
|
|
||
Contract assets ($247,800 and $281,713 related to VIEs)
|
882,030
|
|
1,007,469
|
|
||
Other current assets ($21,700 and $6,624 related to VIEs)
|
359,371
|
|
308,905
|
|
||
Current assets held for sale ($105,243 and $79,269 related to VIEs)
|
1,195,156
|
|
837,407
|
|
||
Total current assets
|
5,516,272
|
|
5,370,603
|
|
||
|
|
|
||||
Noncurrent assets
|
|
|
||||
Property, plant and equipment ($29,393 and $28,679 related to VIEs)
|
543,040
|
|
745,942
|
|
||
Goodwill
|
450,386
|
|
466,452
|
|
||
Investments
|
574,421
|
|
903,136
|
|
||
Deferred taxes
|
62,688
|
|
378,102
|
|
||
Deferred compensation trusts
|
341,235
|
|
328,814
|
|
||
Other assets ($45,178 and $26,447 related to VIEs)
|
478,616
|
|
312,907
|
|
||
Noncurrent assets held for sale ($12,931 related to VIEs in 2018)
|
—
|
|
376,599
|
|
||
Total noncurrent assets
|
2,450,386
|
|
3,511,952
|
|
||
Total assets
|
$
|
7,966,658
|
|
$
|
8,882,555
|
|
|
|
|
||||
LIABILITIES AND EQUITY
|
||||||
Current liabilities
|
|
|
||||
Accounts payable ($446,185 and $419,590 related to VIEs)
|
$
|
1,357,749
|
|
$
|
1,400,666
|
|
Short-term borrowings
|
38,727
|
|
26,887
|
|
||
Contract liabilities ($231,521 and $249,831 related to VIEs)
|
1,120,237
|
|
903,374
|
|
||
Accrued salaries, wages and benefits ($28,538 and $25,341 related to VIEs)
|
541,024
|
|
587,491
|
|
||
Other accrued liabilities ($20,855 and $49,968 related to VIEs)
|
452,586
|
|
361,995
|
|
||
Current liabilities related to assets held for sale ($72,851 and $79,872 related to VIEs)
|
421,738
|
|
378,815
|
|
||
Total current liabilities
|
3,932,061
|
|
3,659,228
|
|
||
|
|
|
||||
Long-term debt
|
1,651,739
|
|
1,661,565
|
|
||
Deferred taxes
|
83,295
|
|
—
|
|
||
Other noncurrent liabilities
|
715,471
|
|
564,011
|
|
||
Noncurrent liabilities related to assets held for sale
|
—
|
|
17,498
|
|
||
|
|
|
||||
Contingencies and commitments
|
|
|
|
|
||
|
|
|
||||
Equity
|
|
|
||||
Shareholders' equity
|
|
|
||||
Preferred stock — authorized 20,000,000 shares ($0.01 par value), none issued
|
—
|
|
—
|
|
||
Common stock — authorized 375,000,000 shares ($0.01 par value); issued and outstanding — 140,174,400 and 139,653,824 shares in 2019 and 2018, respectively
|
1,399
|
|
1,396
|
|
||
Additional paid-in capital
|
165,314
|
|
82,106
|
|
||
Accumulated OCI
|
(379,873
|
)
|
(543,531
|
)
|
||
Retained earnings
|
1,700,912
|
|
3,294,154
|
|
||
Total shareholders' equity
|
1,487,752
|
|
2,834,125
|
|
||
NCI
|
96,340
|
|
146,128
|
|
||
Total equity
|
1,584,092
|
|
2,980,253
|
|
||
Total liabilities and equity
|
$
|
7,966,658
|
|
$
|
8,882,555
|
|
|
|
|
As Restated
|
||||||||
|
Year Ended December 31,
|
||||||||||
(in thousands)
|
2019
|
|
2018
|
|
2017
|
||||||
OPERATING CASH FLOW
|
|
|
|
|
|
||||||
Net earnings (loss)
|
$
|
(1,553,124
|
)
|
|
$
|
232,853
|
|
|
$
|
226,764
|
|
Adjustments to reconcile net earnings (loss) to operating cash flow:
|
|
|
|
|
|
||||||
Loss on pension settlement
|
137,898
|
|
|
21,900
|
|
|
184
|
|
|||
Write-off of cumulative translation loss
|
83,665
|
|
|
—
|
|
|
—
|
|
|||
Depreciation
|
154,599
|
|
|
197,585
|
|
|
206,113
|
|
|||
Amortization of intangibles
|
15,882
|
|
|
19,071
|
|
|
19,156
|
|
|||
(Earnings) loss from equity method investments, net of distributions
|
9,348
|
|
|
980
|
|
|
2,849
|
|
|||
Gain on sale of joint venture interest
|
—
|
|
|
(124,942
|
)
|
|
—
|
|
|||
(Gain) loss on sales of property, plant and equipment
|
7,284
|
|
|
(22,132
|
)
|
|
(22,746
|
)
|
|||
Loss on impairment
|
383,017
|
|
|
—
|
|
|
—
|
|
|||
Amortization of stock-based awards
|
36,075
|
|
|
43,029
|
|
|
40,669
|
|
|||
Deferred compensation trust
|
(55,820
|
)
|
|
18,010
|
|
|
(49,539
|
)
|
|||
Deferred compensation obligation
|
54,490
|
|
|
(22,272
|
)
|
|
52,615
|
|
|||
Deferred taxes
|
320,633
|
|
|
60,709
|
|
|
100,144
|
|
|||
Net retirement plan accrual (contributions)
|
(2,325
|
)
|
|
(38,372
|
)
|
|
(9,030
|
)
|
|||
Changes in assets and liabilities
|
633,029
|
|
|
(227,732
|
)
|
|
25,948
|
|
|||
Other
|
(5,633
|
)
|
|
3,477
|
|
|
8,844
|
|
|||
Operating cash flow
|
219,018
|
|
|
162,164
|
|
|
601,971
|
|
|||
|
|
|
|
|
|
||||||
INVESTING CASH FLOW
|
|
|
|
|
|
||||||
Purchases of marketable securities
|
(31,165
|
)
|
|
(483,513
|
)
|
|
(237,360
|
)
|
|||
Proceeds from sales and maturities of marketable securities
|
238,539
|
|
|
541,104
|
|
|
216,436
|
|
|||
Capital expenditures
|
(180,842
|
)
|
|
(210,998
|
)
|
|
(283,107
|
)
|
|||
Proceeds from sales of property, plant and equipment
|
65,977
|
|
|
81,038
|
|
|
96,102
|
|
|||
Proceeds from sale of joint venture interest
|
—
|
|
|
124,942
|
|
|
—
|
|
|||
Investments in partnerships and joint ventures
|
(52,305
|
)
|
|
(73,145
|
)
|
|
(273,117
|
)
|
|||
Return of capital from partnerships and joint ventures
|
24,065
|
|
|
22,284
|
|
|
3,249
|
|
|||
Proceeds from company owned life insurance
|
16,414
|
|
|
1,040
|
|
|
359
|
|
|||
Other
|
(211
|
)
|
|
(1,369
|
)
|
|
(6,840
|
)
|
|||
Investing cash flow
|
80,472
|
|
|
1,383
|
|
|
(484,278
|
)
|
|||
|
|
|
|
|
|
||||||
FINANCING CASH FLOW
|
|
|
|
|
|
||||||
Repurchase of common stock
|
—
|
|
|
(50,022
|
)
|
|
—
|
|
|||
Dividends paid
|
(118,073
|
)
|
|
(118,734
|
)
|
|
(117,995
|
)
|
|||
Proceeds from issuance of Senior Notes
|
—
|
|
|
598,722
|
|
|
—
|
|
|||
Repayment of 3.375% Senior Notes
|
—
|
|
|
(503,285
|
)
|
|
—
|
|
|||
Repayment of borrowings under revolving line of credit
|
—
|
|
|
—
|
|
|
(53,455
|
)
|
|||
Debt issuance costs
|
—
|
|
|
(5,061
|
)
|
|
—
|
|
|||
Distributions paid to NCI
|
(33,674
|
)
|
|
(63,523
|
)
|
|
(47,215
|
)
|
|||
Capital contributions by NCI
|
64,646
|
|
|
5,128
|
|
|
6,397
|
|
|||
Taxes paid on vested restricted stock
|
(3,572
|
)
|
|
(5,686
|
)
|
|
(6,186
|
)
|
|||
Stock options exercised
|
1,466
|
|
|
7,258
|
|
|
9,380
|
|
|||
Other
|
11,908
|
|
|
(5,288
|
)
|
|
(6,428
|
)
|
|||
Financing cash flow
|
(77,299
|
)
|
|
(140,491
|
)
|
|
(215,502
|
)
|
|||
|
|
|
|
|
|
||||||
Effect of exchange rate changes on cash
|
10,262
|
|
|
(62,385
|
)
|
|
51,448
|
|
|||
Increase (decrease) in cash and cash equivalents
|
232,453
|
|
|
(39,329
|
)
|
|
(46,361
|
)
|
|||
Cash and cash equivalents at beginning of year
|
1,764,746
|
|
|
1,804,075
|
|
|
1,850,436
|
|
|||
Cash and cash equivalents at end of year
|
$
|
1,997,199
|
|
|
$
|
1,764,746
|
|
|
$
|
1,804,075
|
|
(in thousands, except per share amounts)
|
Common Stock
|
Additional Paid-In Capital
|
Accumulated OCI
|
Retained
Earnings
|
Total Shareholders' Equity
|
NCI
|
Total
Equity
|
||||||||||||||||
Shares
|
Amount
|
||||||||||||||||||||||
BALANCE AS OF DECEMBER 31, 2016 (As reported)
|
139,258
|
|
$
|
1,393
|
|
$
|
38,317
|
|
$
|
(496,669
|
)
|
$
|
3,582,150
|
|
$
|
3,125,191
|
|
$
|
117,640
|
|
$
|
3,242,831
|
|
Cumulative restatement adjustments
|
—
|
|
—
|
|
—
|
|
—
|
|
(51,031
|
)
|
(51,031
|
)
|
—
|
|
(51,031
|
)
|
|||||||
BALANCE AS OF DECEMBER 31, 2016 (As restated)
|
139,258
|
|
$
|
1,393
|
|
$
|
38,317
|
|
$
|
(496,669
|
)
|
$
|
3,531,119
|
|
$
|
3,074,160
|
|
$
|
117,640
|
|
$
|
3,191,800
|
|
Net earnings (As restated)
|
—
|
|
—
|
|
—
|
|
—
|
|
153,671
|
|
153,671
|
|
73,093
|
|
226,764
|
|
|||||||
Other comprehensive income (loss) (As restated)
|
—
|
|
—
|
|
—
|
|
94,126
|
|
—
|
|
94,126
|
|
(796
|
)
|
93,330
|
|
|||||||
Dividends ($0.84 per share)
|
—
|
|
—
|
|
374
|
|
—
|
|
(118,596
|
)
|
(118,222
|
)
|
—
|
|
(118,222
|
)
|
|||||||
Distributions to NCI
|
—
|
|
—
|
|
—
|
|
—
|
|
—
|
|
—
|
|
(47,215
|
)
|
(47,215
|
)
|
|||||||
Capital contributions by NCI
|
—
|
|
—
|
|
—
|
|
—
|
|
—
|
|
—
|
|
6,397
|
|
6,397
|
|
|||||||
Other NCI transactions
|
—
|
|
—
|
|
1,610
|
|
—
|
|
—
|
|
1,610
|
|
970
|
|
2,580
|
|
|||||||
Stock-based plan activity
|
660
|
|
6
|
|
47,921
|
|
—
|
|
—
|
|
47,927
|
|
—
|
|
47,927
|
|
|||||||
BALANCE AS OF DECEMBER 31, 2017 (As restated)
|
139,918
|
|
$
|
1,399
|
|
$
|
88,222
|
|
$
|
(402,543
|
)
|
$
|
3,566,194
|
|
$
|
3,253,272
|
|
$
|
150,089
|
|
$
|
3,403,361
|
|
Net earnings (As restated)
|
—
|
|
—
|
|
—
|
|
—
|
|
173,468
|
|
173,468
|
|
59,385
|
|
232,853
|
|
|||||||
Cumulative adjustment for the adoption of ASC 606 (As restated)
|
—
|
|
—
|
|
—
|
|
—
|
|
(326,639
|
)
|
(326,639
|
)
|
(963
|
)
|
(327,602
|
)
|
|||||||
Other comprehensive loss (As restated)
|
—
|
|
—
|
|
—
|
|
(140,988
|
)
|
—
|
|
(140,988
|
)
|
(2,239
|
)
|
(143,227
|
)
|
|||||||
Dividends ($0.84 per share)
|
—
|
|
—
|
|
153
|
|
—
|
|
(118,869
|
)
|
(118,716
|
)
|
—
|
|
(118,716
|
)
|
|||||||
Distributions to NCI
|
—
|
|
—
|
|
—
|
|
—
|
|
—
|
|
—
|
|
(63,523
|
)
|
(63,523
|
)
|
|||||||
Capital contributions by NCI
|
—
|
|
—
|
|
—
|
|
—
|
|
—
|
|
—
|
|
5,128
|
|
5,128
|
|
|||||||
Other NCI transactions
|
—
|
|
—
|
|
5,329
|
|
—
|
|
—
|
|
5,329
|
|
(1,749
|
)
|
3,580
|
|
|||||||
Stock-based plan activity
|
833
|
|
8
|
|
38,413
|
|
—
|
|
—
|
|
38,421
|
|
—
|
|
38,421
|
|
|||||||
Repurchase of common stock
|
(1,097
|
)
|
(11
|
)
|
(50,011
|
)
|
—
|
|
—
|
|
(50,022
|
)
|
—
|
|
(50,022
|
)
|
|||||||
BALANCE AS OF DECEMBER 31, 2018
(As restated)
|
139,654
|
|
$
|
1,396
|
|
$
|
82,106
|
|
$
|
(543,531
|
)
|
$
|
3,294,154
|
|
$
|
2,834,125
|
|
$
|
146,128
|
|
$
|
2,980,253
|
|
Net loss
|
—
|
|
—
|
|
—
|
|
—
|
|
(1,522,164
|
)
|
(1,522,164
|
)
|
(30,960
|
)
|
(1,553,124
|
)
|
|||||||
Cumulative adjustment for the adoption of ASC 842
|
—
|
|
—
|
|
—
|
|
—
|
|
20,544
|
|
20,544
|
|
—
|
|
20,544
|
|
|||||||
Cumulative adjustment for the adoption of ASC 606 for certain investments
|
—
|
|
—
|
|
—
|
|
—
|
|
11,934
|
|
11,934
|
|
—
|
|
11,934
|
|
|||||||
Other comprehensive income (loss)
|
—
|
|
—
|
|
—
|
|
163,658
|
|
—
|
|
163,658
|
|
(1,350
|
)
|
162,308
|
|
|||||||
Dividends ($0.73 per share)
|
—
|
|
—
|
|
304
|
|
—
|
|
(103,556
|
)
|
(103,252
|
)
|
—
|
|
(103,252
|
)
|
|||||||
Distributions to NCI
|
—
|
|
—
|
|
—
|
|
—
|
|
—
|
|
—
|
|
(33,674
|
)
|
(33,674
|
)
|
|||||||
Capital contributions by NCI
|
—
|
|
—
|
|
—
|
|
—
|
|
—
|
|
—
|
|
64,646
|
|
64,646
|
|
|||||||
Other NCI transactions
|
—
|
|
—
|
|
48,997
|
|
—
|
|
—
|
|
48,997
|
|
(48,450
|
)
|
547
|
|
|||||||
Stock-based plan activity
|
520
|
|
3
|
|
33,907
|
|
—
|
|
—
|
|
33,910
|
|
—
|
|
33,910
|
|
|||||||
BALANCE AS OF DECEMBER 31, 2019
|
140,174
|
|
$
|
1,399
|
|
$
|
165,314
|
|
$
|
(379,873
|
)
|
$
|
1,700,912
|
|
$
|
1,487,752
|
|
$
|
96,340
|
|
$
|
1,584,092
|
|
1.
|
Description of Business
|
•
|
Energy & Chemicals
|
•
|
Mining & Industrial
|
•
|
Infrastructure & Power
|
•
|
Diversified Services
|
•
|
Other
|
2.
|
Significant Accounting Policies
|
|
Estimated Useful Service Lives
|
|
|
Buildings
|
20 – 40
|
Building and leasehold improvements
|
6 – 20
|
Machinery and equipment
|
2 – 10
|
Furniture and fixtures
|
2 – 10
|
3.
|
Recent Accounting Pronouncements
|
4.
|
Restatement of Previously Issued Financial Statements
|
|
Year Ended December 31, 2018
|
||||||||||||||||||
|
|
|
Project - Related
|
|
|
|
|
||||||||||||
(in thousands, except per share amounts)
|
As Previously Reported
|
|
Radford Adjustments
|
|
Infrastructure Adjustments
|
|
Other Adjustments
|
|
As Restated
|
||||||||||
Revenue
|
$
|
15,234,914
|
|
|
$
|
(47,385
|
)
|
|
$
|
(14,099
|
)
|
|
$
|
(976
|
)
|
|
$
|
15,172,454
|
|
Cost of revenue
|
14,795,959
|
|
|
8,235
|
|
|
—
|
|
|
(960
|
)
|
|
14,803,234
|
|
|||||
Other (income) and expenses
|
|
|
|
|
|
|
|
|
|
||||||||||
Corporate general and administrative expense
|
118,432
|
|
|
—
|
|
|
—
|
|
|
(4
|
)
|
|
118,428
|
|
|||||
Impairment, restructuring and other exit costs
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|||||
Loss on pension settlement
|
21,900
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
21,900
|
|
|||||
Interest expense
|
77,144
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
77,144
|
|
|||||
Interest income
|
(36,252
|
)
|
|
—
|
|
|
—
|
|
|
—
|
|
|
(36,252
|
)
|
|||||
Total cost and expenses
|
14,977,183
|
|
|
8,235
|
|
|
—
|
|
|
(964
|
)
|
|
14,984,454
|
|
|||||
Earnings (loss) from continuing operations before taxes
|
257,731
|
|
|
(55,620
|
)
|
|
(14,099
|
)
|
|
(12
|
)
|
|
188,000
|
|
|||||
Income tax expense (benefit)
|
141,876
|
|
|
(12,792
|
)
|
|
(1,291
|
)
|
|
4,457
|
|
|
132,250
|
|
|||||
Net earnings (loss) from continuing operations
|
115,855
|
|
|
(42,828
|
)
|
|
(12,808
|
)
|
|
(4,469
|
)
|
|
55,750
|
|
|||||
Net earnings from discontinued operations
|
177,103
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
177,103
|
|
|||||
Net earnings (loss)
|
292,958
|
|
|
(42,828
|
)
|
|
(12,808
|
)
|
|
(4,469
|
)
|
|
232,853
|
|
|||||
Less: Net earnings (loss) attributable to NCI from continuing operations
|
55,297
|
|
|
—
|
|
|
(8,741
|
)
|
|
—
|
|
|
46,556
|
|
|||||
Net earnings (loss) attributable to Fluor Corporation from continuing operations
|
60,558
|
|
|
(42,828
|
)
|
|
(4,067
|
)
|
|
(4,469
|
)
|
|
9,194
|
|
|||||
Less: Net earnings attributable to NCI from discontinued operations
|
12,829
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
12,829
|
|
|||||
Net earnings attributable to Fluor Corporation from discontinued operations
|
164,274
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
164,274
|
|
|||||
Net earnings (loss) attributable to Fluor Corporation
|
$
|
224,832
|
|
|
$
|
(42,828
|
)
|
|
$
|
(4,067
|
)
|
|
$
|
(4,469
|
)
|
|
$
|
173,468
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||
Amounts attributable to Fluor Corporation
|
|
|
|
|
|
|
|
|
|||||||||||
Net earnings (loss) from continuing operations
|
$
|
60,558
|
|
|
$
|
(42,828
|
)
|
|
$
|
(4,067
|
)
|
|
$
|
(4,469
|
)
|
|
$
|
9,194
|
|
Net earnings from discontinued operations
|
164,274
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
164,274
|
|
|||||
Net earnings (loss)
|
$
|
224,832
|
|
|
$
|
(42,828
|
)
|
|
$
|
(4,067
|
)
|
|
$
|
(4,469
|
)
|
|
$
|
173,468
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||
Basic earnings (loss) per share attributable to Fluor Corporation
|
|
|
|||||||||||||||||
Net earnings (loss) from continuing operations
|
$
|
0.43
|
|
|
$
|
(0.30
|
)
|
|
$
|
(0.03
|
)
|
|
$
|
(0.03
|
)
|
|
$
|
0.07
|
|
Net earnings from discontinued operations
|
1.17
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
1.17
|
|
|||||
Net earnings (loss)
|
$
|
1.60
|
|
|
$
|
(0.30
|
)
|
|
$
|
(0.03
|
)
|
|
$
|
(0.03
|
)
|
|
$
|
1.24
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||
Diluted earnings (loss) per share attributable to Fluor Corporation
|
|
|
|||||||||||||||||
Net earnings (loss) from continuing operations
|
$
|
0.43
|
|
|
$
|
(0.30
|
)
|
|
$
|
(0.03
|
)
|
|
$
|
(0.03
|
)
|
|
$
|
0.07
|
|
Net earnings from discontinued operations
|
1.16
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
1.16
|
|
|||||
Net earnings (loss)
|
$
|
1.59
|
|
|
$
|
(0.30
|
)
|
|
$
|
(0.03
|
)
|
|
$
|
(0.03
|
)
|
|
$
|
1.23
|
|
|
Year Ended December 31, 2017
|
||||||||||||||
|
|
|
Project - Related
|
|
|
|
|
||||||||
(in thousands, except per share amounts)
|
As Previously Reported
|
|
Radford Adjustments
|
|
Other Adjustments
|
|
As Restated
|
||||||||
Revenue
|
$
|
14,824,808
|
|
|
$
|
(19,274
|
)
|
|
$
|
977
|
|
|
$
|
14,806,511
|
|
Cost of revenue
|
14,511,218
|
|
|
18,032
|
|
|
(468
|
)
|
|
14,528,782
|
|
||||
Other (income) and expenses
|
|
|
|
|
|
|
|
||||||||
Corporate general and administrative expense
|
181,706
|
|
|
—
|
|
|
1,991
|
|
|
183,697
|
|
||||
Impairment, restructuring and other exit costs
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
||||
Loss on pension settlement
|
184
|
|
|
—
|
|
|
—
|
|
|
184
|
|
||||
Interest expense
|
67,458
|
|
|
—
|
|
|
—
|
|
|
67,458
|
|
||||
Interest income
|
(27,419
|
)
|
|
—
|
|
|
—
|
|
|
(27,419
|
)
|
||||
Total cost and expenses
|
14,733,147
|
|
|
18,032
|
|
|
1,523
|
|
|
14,752,702
|
|
||||
Earnings (loss) from continuing operations before taxes
|
91,661
|
|
|
(37,306
|
)
|
|
(546
|
)
|
|
53,809
|
|
||||
Income tax expense (benefit)
|
16,503
|
|
|
1,107
|
|
|
(1,254
|
)
|
|
16,356
|
|
||||
Net earnings (loss) from continuing operations
|
75,158
|
|
|
(38,413
|
)
|
|
708
|
|
|
37,453
|
|
||||
Net earnings from discontinued operations
|
189,311
|
|
|
—
|
|
|
—
|
|
|
189,311
|
|
||||
Net earnings (loss)
|
264,469
|
|
|
(38,413
|
)
|
|
708
|
|
|
226,764
|
|
||||
Less: Net earnings (loss) attributable to NCI from continuing operations
|
64,533
|
|
|
—
|
|
|
—
|
|
|
64,533
|
|
||||
Net earnings (loss) attributable to Fluor Corporation from continuing operations
|
10,625
|
|
|
(38,413
|
)
|
|
708
|
|
|
(27,080
|
)
|
||||
Less: Net earnings attributable to NCI from discontinued operations
|
8,560
|
|
|
—
|
|
|
—
|
|
|
8,560
|
|
||||
Net earnings attributable to Fluor Corporation from discontinued operations
|
180,751
|
|
|
—
|
|
|
—
|
|
|
180,751
|
|
||||
Net earnings (loss) attributable to Fluor Corporation
|
$
|
191,376
|
|
|
$
|
(38,413
|
)
|
|
$
|
708
|
|
|
$
|
153,671
|
|
|
|
|
|
|
|
|
|
||||||||
Amounts attributable to Fluor Corporation
|
|
|
|
|
|
|
|
||||||||
Net earnings (loss) from continuing operations
|
$
|
10,625
|
|
|
$
|
(38,413
|
)
|
|
$
|
708
|
|
|
$
|
(27,080
|
)
|
Net earnings from discontinued operations
|
180,751
|
|
|
—
|
|
|
—
|
|
|
180,751
|
|
||||
Net earnings (loss)
|
$
|
191,376
|
|
|
$
|
(38,413
|
)
|
|
$
|
708
|
|
|
$
|
153,671
|
|
|
|
|
|
|
|
|
|
||||||||
Basic earnings (loss) per share attributable to Fluor Corporation
|
|
|
|||||||||||||
Net earnings (loss) from continuing operations
|
$
|
0.08
|
|
|
$
|
(0.28
|
)
|
|
$
|
0.01
|
|
|
$
|
(0.19
|
)
|
Net earnings from discontinued operations
|
1.29
|
|
|
—
|
|
|
—
|
|
|
1.29
|
|
||||
Net earnings (loss)
|
$
|
1.37
|
|
|
$
|
(0.28
|
)
|
|
$
|
0.01
|
|
|
$
|
1.10
|
|
|
|
|
|
|
|
|
|
||||||||
Diluted earnings (loss) per share attributable to Fluor Corporation
|
|
|
|||||||||||||
Net earnings (loss) from continuing operations
|
$
|
0.08
|
|
|
$
|
(0.28
|
)
|
|
$
|
0.01
|
|
|
$
|
(0.19
|
)
|
Net earnings from discontinued operations
|
1.28
|
|
|
—
|
|
|
—
|
|
|
1.28
|
|
||||
Net earnings (loss)
|
$
|
1.36
|
|
|
$
|
(0.28
|
)
|
|
$
|
0.01
|
|
|
$
|
1.09
|
|
|
As of December 31, 2018
|
||||||||||||||||||
|
|
|
Project - Related
|
|
|
|
|
||||||||||||
(in thousands, except share and per share amounts)
|
As Previously Reported
|
|
Radford Adjustments
|
|
Infrastructure Adjustments
|
|
Other Adjustments
|
|
As Restated
|
||||||||||
ASSETS
|
|||||||||||||||||||
Current assets
|
|
|
|
|
|
|
|
|
|
||||||||||
Cash and cash equivalents
|
$
|
1,764,746
|
|
|
$
|
—
|
|
|
$
|
—
|
|
|
$
|
—
|
|
|
$
|
1,764,746
|
|
Marketable securities
|
214,828
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
214,828
|
|
|||||
Accounts and notes receivable, net
|
1,235,851
|
|
|
—
|
|
|
—
|
|
|
1,397
|
|
|
1,237,248
|
|
|||||
Contract assets
|
1,079,157
|
|
|
(67,988
|
)
|
|
(14,099
|
)
|
|
10,399
|
|
|
1,007,469
|
|
|||||
Other current assets
|
308,905
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
308,905
|
|
|||||
Current assets held for sale
|
837,407
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
837,407
|
|
|||||
Total current assets
|
5,440,894
|
|
|
(67,988
|
)
|
|
(14,099
|
)
|
|
11,796
|
|
|
5,370,603
|
|
|||||
Noncurrent assets
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||
Property, plant and equipment, net
|
745,942
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
745,942
|
|
|||||
Goodwill
|
463,219
|
|
|
—
|
|
|
—
|
|
|
3,233
|
|
|
466,452
|
|
|||||
Investments
|
903,136
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
903,136
|
|
|||||
Deferred taxes
|
342,126
|
|
|
41,600
|
|
|
1,291
|
|
|
(6,915
|
)
|
|
378,102
|
|
|||||
Deferred compensation trusts
|
328,814
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
328,814
|
|
|||||
Other assets
|
312,907
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
312,907
|
|
|||||
Noncurrent assets held for sale
|
376,599
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
376,599
|
|
|||||
Total other assets
|
3,472,743
|
|
|
41,600
|
|
|
1,291
|
|
|
(3,682
|
)
|
|
3,511,952
|
|
|||||
TOTAL ASSETS
|
$
|
8,913,637
|
|
|
$
|
(26,388
|
)
|
|
$
|
(12,808
|
)
|
|
$
|
8,114
|
|
|
$
|
8,882,555
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||
LIABILITIES AND EQUITY
|
|||||||||||||||||||
Current liabilities
|
|
|
|
|
|
|
|
|
|
||||||||||
Trade accounts payable
|
$
|
1,400,666
|
|
|
$
|
—
|
|
|
$
|
—
|
|
|
$
|
—
|
|
|
$
|
1,400,666
|
|
Short-term borrowings
|
26,887
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
26,887
|
|
|||||
Contract liabilities
|
800,539
|
|
|
105,787
|
|
|
—
|
|
|
(2,952
|
)
|
|
903,374
|
|
|||||
Accrued salaries, wages and benefits
|
577,916
|
|
|
—
|
|
|
—
|
|
|
9,575
|
|
|
587,491
|
|
|||||
Other accrued liabilities
|
367,689
|
|
|
—
|
|
|
—
|
|
|
(5,694
|
)
|
|
361,995
|
|
|||||
Current liabilities held for sale
|
378,815
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
378,815
|
|
|||||
Total current liabilities
|
3,552,512
|
|
|
105,787
|
|
|
—
|
|
|
929
|
|
|
3,659,228
|
|
|||||
|
|
|
|
|
|
|
|
|
|
||||||||||
Long-term debt
|
1,661,565
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
1,661,565
|
|
|||||
Deferred taxes
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|||||
Other noncurrent liabilities
|
564,011
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
564,011
|
|
|||||
Noncurrent liabilities related to assets held for sale
|
17,498
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
17,498
|
|
|||||
|
|
|
|
|
|
|
|
|
|
||||||||||
Contingencies and commitments
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||
|
|
|
|
|
|
|
|
|
|
||||||||||
Equity
|
|
|
|
|
|
|
|
|
|
|
|
||||||||
Shareholders' equity
|
|
|
|
|
|
|
|
|
|
|
|
||||||||
Preferred stock
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|||||
Common stock
|
1,396
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
1,396
|
|
|||||
Additional paid-in capital
|
82,106
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
82,106
|
|
|||||
Accumulated OCI
|
(542,477
|
)
|
|
—
|
|
|
—
|
|
|
(1,054
|
)
|
|
(543,531
|
)
|
|||||
Retained earnings
|
3,422,157
|
|
|
(132,175
|
)
|
|
(4,067
|
)
|
|
8,239
|
|
|
3,294,154
|
|
|||||
Total shareholders' equity
|
2,963,182
|
|
|
(132,175
|
)
|
|
(4,067
|
)
|
|
7,185
|
|
|
2,834,125
|
|
|||||
NCI
|
154,869
|
|
|
—
|
|
|
(8,741
|
)
|
|
—
|
|
|
146,128
|
|
|||||
Total equity
|
3,118,051
|
|
|
(132,175
|
)
|
|
(12,808
|
)
|
|
7,185
|
|
|
2,980,253
|
|
|||||
Total liabilities and equity
|
$
|
8,913,637
|
|
|
$
|
(26,388
|
)
|
|
$
|
(12,808
|
)
|
|
$
|
8,114
|
|
|
$
|
8,882,555
|
|
|
Year Ended December 31, 2018
|
||||||||||||||||||
|
|
|
Project - Related
|
|
|
|
|
||||||||||||
(in thousands)
|
As Previously Reported
|
|
Radford Adjustments
|
|
Infrastructure Adjustments
|
|
Other Adjustments
|
|
As Restated
|
||||||||||
OPERATING CASH FLOW
|
|
|
|
|
|
|
|
|
|
||||||||||
Net earnings (loss)
|
$
|
292,958
|
|
|
$
|
(42,828
|
)
|
|
$
|
(12,808
|
)
|
|
$
|
(4,469
|
)
|
|
$
|
232,853
|
|
Adjustments to reconcile net earnings (loss) to operating cash flow:
|
|
|
|
|
|
|
|
|
|
||||||||||
Loss on pension settlement
|
21,900
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
21,900
|
|
|||||
Write-off of cumulative translation loss
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|||||
Depreciation
|
197,585
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
197,585
|
|
|||||
Amortization of intangibles
|
19,071
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
19,071
|
|
|||||
(Earnings) loss from equity method investments, net of distributions
|
980
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
980
|
|
|||||
Gain on sale of joint venture interest
|
(124,942
|
)
|
|
—
|
|
|
—
|
|
|
—
|
|
|
(124,942
|
)
|
|||||
(Gain) loss on sales of property, plant and equipment
|
(22,132
|
)
|
|
—
|
|
|
—
|
|
|
—
|
|
|
(22,132
|
)
|
|||||
Loss on impairment
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|||||
Amortization of stock-based awards
|
43,029
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
43,029
|
|
|||||
Deferred compensation trust
|
18,010
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
18,010
|
|
|||||
Deferred compensation obligation
|
(22,272
|
)
|
|
—
|
|
|
—
|
|
|
—
|
|
|
(22,272
|
)
|
|||||
Deferred taxes
|
70,594
|
|
|
(12,793
|
)
|
|
(1,291
|
)
|
|
4,199
|
|
|
60,709
|
|
|||||
Net retirement plan accrual (contributions)
|
(38,372
|
)
|
|
—
|
|
|
—
|
|
|
—
|
|
|
(38,372
|
)
|
|||||
Changes in assets and liabilities
|
(297,722
|
)
|
|
55,621
|
|
|
14,099
|
|
|
270
|
|
|
(227,732
|
)
|
|||||
Other
|
3,477
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
3,477
|
|
|||||
Operating cash flow
|
$
|
162,164
|
|
|
$
|
—
|
|
|
$
|
—
|
|
|
$
|
—
|
|
|
$
|
162,164
|
|
|
As of December 31, 2017
|
||||||||||||||
|
|
|
Project - Related
|
|
|
|
|
||||||||
(in thousands)
|
As Previously Reported
|
|
Radford Adjustments
|
|
Other Adjustments
|
|
As Restated
|
||||||||
OPERATING CASH FLOW
|
|
|
|
|
|
|
|
||||||||
Net earnings (loss)
|
$
|
264,469
|
|
|
$
|
(38,413
|
)
|
|
$
|
708
|
|
|
$
|
226,764
|
|
Adjustments to reconcile net earnings (loss) to operating cash flow:
|
|
|
|
|
|
|
|
||||||||
Loss on pension settlement
|
184
|
|
|
—
|
|
|
—
|
|
|
184
|
|
||||
Write-off of cumulative translation loss
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
||||
Depreciation
|
206,113
|
|
|
—
|
|
|
—
|
|
|
206,113
|
|
||||
Amortization of intangibles
|
19,156
|
|
|
—
|
|
|
—
|
|
|
19,156
|
|
||||
(Earnings) loss from equity method investments, net of distributions
|
2,849
|
|
|
—
|
|
|
—
|
|
|
2,849
|
|
||||
Gain on sale of joint venture interest
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
||||
(Gain) loss on sales of property, plant and equipment
|
(22,746
|
)
|
|
—
|
|
|
—
|
|
|
(22,746
|
)
|
||||
Loss on impairment
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
||||
Amortization of stock-based awards
|
40,669
|
|
|
—
|
|
|
—
|
|
|
40,669
|
|
||||
Deferred compensation trust
|
(49,539
|
)
|
|
—
|
|
|
—
|
|
|
(49,539
|
)
|
||||
Deferred compensation obligation
|
52,615
|
|
|
—
|
|
|
—
|
|
|
52,615
|
|
||||
Deferred taxes
|
100,286
|
|
|
1,107
|
|
|
(1,249
|
)
|
|
100,144
|
|
||||
Net retirement plan accrual (contributions)
|
(9,030
|
)
|
|
|
|
|
|
(9,030
|
)
|
||||||
Changes in assets and liabilities
|
(11,899
|
)
|
|
37,306
|
|
|
541
|
|
|
25,948
|
|
||||
Other
|
8,844
|
|
|
—
|
|
|
—
|
|
|
8,844
|
|
||||
Operating cash flow
|
$
|
601,971
|
|
|
$
|
—
|
|
|
$
|
—
|
|
|
$
|
601,971
|
|
5.
|
Earnings Per Share
|
|
|
As Restated
|
|||||||
|
Year Ended December 31,
|
||||||||
(in thousands, except per share amounts)
|
2019
|
2018
|
2017
|
||||||
Amounts attributable to Fluor Corporation:
|
|
|
|
||||||
Net earnings (loss) from continuing operations
|
$
|
(1,676,232
|
)
|
$
|
9,194
|
|
$
|
(27,080
|
)
|
Net earnings from discontinued operations
|
154,068
|
|
164,274
|
|
180,751
|
|
|||
Net earnings (loss)
|
$
|
(1,522,164
|
)
|
$
|
173,468
|
|
$
|
153,671
|
|
|
|
|
|
||||||
Basic EPS attributable to Fluor Corporation:
|
|
|
|
||||||
Weighted average common shares outstanding
|
140,061
|
|
140,413
|
|
139,761
|
|
|||
|
|
|
|
||||||
Net earnings (loss) from continuing operations
|
$
|
(11.97
|
)
|
$
|
0.07
|
|
$
|
(0.19
|
)
|
Net earnings from discontinued operations
|
1.10
|
|
1.17
|
|
1.29
|
|
|||
Net earnings (loss)
|
$
|
(10.87
|
)
|
$
|
1.24
|
|
$
|
1.10
|
|
|
|
|
|
||||||
Diluted EPS attributable to Fluor Corporation:
|
|
|
|
||||||
Weighted average common shares outstanding
|
140,061
|
|
140,413
|
|
139,761
|
|
|||
Diluted effect:
|
|
|
|
||||||
Stock options, RSUs, restricted stock and VDI units (1)
|
—
|
|
859
|
|
1,132
|
|
|||
Weighted average diluted shares outstanding
|
140,061
|
|
141,272
|
|
140,893
|
|
|||
|
|
|
|
||||||
Net earnings (loss) from continuing operations
|
$
|
(11.97
|
)
|
$
|
0.07
|
|
$
|
(0.19
|
)
|
Net earnings from discontinued operations
|
1.10
|
|
1.16
|
|
1.28
|
|
|||
Net earnings (loss)
|
$
|
(10.87
|
)
|
$
|
1.23
|
|
$
|
1.09
|
|
|
|
|
|
||||||
Anti-dilutive securities not included above
|
5,032
|
|
4,183
|
|
4,706
|
|
(1)
|
Stock options, RSUs, restricted stock and VDI units of 593,000 were excluded from weighted average diluted shares outstanding for 2019, as the shares would be anti-dilutive.
|
|
|
|
As Restated
|
||||||||
|
Year Ended December 31,
|
||||||||||
(in millions)
|
2019
|
|
2018
|
|
2017(1)
|
||||||
Revenue
|
|
|
|
|
|
||||||
Energy & Chemicals
|
$
|
5,823.7
|
|
|
$
|
7,695.5
|
|
|
$
|
8,568.5
|
|
Mining & Industrial
|
5,057.2
|
|
|
3,491.0
|
|
|
2,100.9
|
|
|||
Infrastructure & Power
|
1,370.4
|
|
|
1,668.0
|
|
|
1,810.0
|
|
|||
Diversified Services
|
2,040.1
|
|
|
2,257.2
|
|
|
2,295.4
|
|
|||
Other
|
56.6
|
|
|
60.8
|
|
|
31.7
|
|
|||
Total revenue
|
$
|
14,348.0
|
|
|
$
|
15,172.5
|
|
|
$
|
14,806.5
|
|
Segment profit (loss)
|
|
|
|
|
|
||||||
Energy & Chemicals
|
$
|
(95.0
|
)
|
|
$
|
334.5
|
|
|
$
|
428.2
|
|
Mining & Industrial
|
158.5
|
|
|
94.3
|
|
|
87.8
|
|
|||
Infrastructure & Power
|
(243.9
|
)
|
|
(30.1
|
)
|
|
(271.0
|
)
|
|||
Diversified Services
|
14.6
|
|
|
68.7
|
|
|
83.6
|
|
|||
Other
|
(220.1
|
)
|
|
(144.7
|
)
|
|
(115.4
|
)
|
|||
Total segment profit
|
$
|
(385.9
|
)
|
|
$
|
322.7
|
|
|
$
|
213.2
|
|
Depreciation
|
|
|
|
|
|
||||||
Energy & Chemicals
|
$
|
—
|
|
|
$
|
—
|
|
|
$
|
—
|
|
Mining & Industrial
|
—
|
|
|
—
|
|
|
—
|
|
|||
Infrastructure & Power
|
7.3
|
|
|
6.7
|
|
|
1.4
|
|
|||
Diversified Services
|
34.5
|
|
|
52.1
|
|
|
57.0
|
|
|||
Other
|
2.8
|
|
|
3.2
|
|
|
3.5
|
|
|||
Corporate
|
61.7
|
|
|
59.8
|
|
|
61.0
|
|
|||
Total depreciation(2)
|
$
|
106.3
|
|
|
$
|
121.8
|
|
|
$
|
122.9
|
|
Capital expenditures
|
|
|
|
|
|
||||||
Energy & Chemicals
|
$
|
—
|
|
|
$
|
—
|
|
|
$
|
—
|
|
Mining & Industrial
|
—
|
|
|
—
|
|
|
—
|
|
|||
Infrastructure & Power
|
12.2
|
|
|
24.5
|
|
|
25.3
|
|
|||
Diversified Services
|
33.6
|
|
|
46.9
|
|
|
58.1
|
|
|||
Other
|
1.5
|
|
|
1.8
|
|
|
2.7
|
|
|||
Corporate
|
62.5
|
|
|
90.0
|
|
|
64.2
|
|
|||
Total capital expenditures(3)
|
$
|
109.8
|
|
|
$
|
163.2
|
|
|
$
|
150.3
|
|
Total assets
|
|
|
|
|
|
||||||
Energy & Chemicals
|
$
|
1,139.3
|
|
|
$
|
1,535.5
|
|
|
|
||
Mining & Industrial
|
594.9
|
|
|
694.8
|
|
|
|
||||
Infrastructure & Power
|
471.3
|
|
|
484.3
|
|
|
|
||||
Diversified Services
|
1,290.6
|
|
|
1,419.2
|
|
|
|
||||
Other
|
68.5
|
|
|
36.6
|
|
|
|
||||
Corporate
|
3,372.3
|
|
|
3,498.2
|
|
|
|
||||
Discontinued Operations - Assets held for sale
|
1,029.7
|
|
|
1,214.0
|
|
|
|
||||
Total assets
|
$
|
7,966.7
|
|
|
$
|
8,882.6
|
|
|
|
||
Goodwill
|
|
|
|
|
|
||||||
Energy & Chemicals
|
$
|
12.6
|
|
|
$
|
12.6
|
|
|
|
||
Mining & Industrial
|
8.2
|
|
|
8.4
|
|
|
|
||||
Infrastructure & Power
|
2.5
|
|
|
2.5
|
|
|
|
||||
Diversified Services
|
420.9
|
|
|
436.8
|
|
|
|
||||
Other
|
6.2
|
|
|
6.2
|
|
|
|
||||
Total Goodwill
|
$
|
450.4
|
|
|
$
|
466.5
|
|
|
|
Reconciliation of Total Segment Profit (Loss) to Earnings (Loss) from Continuing Operations Before Taxes
|
|
As Restated
|
|||||||
Year Ended December 31,
|
|||||||||
(in millions)
|
2019
|
2018
|
2017
|
||||||
Total segment profit (loss)
|
$
|
(385.9
|
)
|
$
|
322.7
|
|
$
|
213.2
|
|
Corporate general and administrative expense
|
(159.1
|
)
|
(118.4
|
)
|
(183.7
|
)
|
|||
Impairment, restructuring and other exit costs
|
(532.6
|
)
|
—
|
|
—
|
|
|||
Loss on pension settlement
|
(137.9
|
)
|
(21.9
|
)
|
(0.2
|
)
|
|||
Interest income (expense), net
|
(19.7
|
)
|
(41.0
|
)
|
(40.0
|
)
|
|||
Earnings (loss) attributable to NCI from continuing operations
|
(41.5
|
)
|
46.6
|
|
64.5
|
|
|||
Earnings (loss) from continuing operations before taxes
|
$
|
(1,276.7
|
)
|
$
|
188.0
|
|
$
|
53.8
|
|
|
|
As Restated
|
|
|
As Restated
|
|||||||||||
|
Revenue
Year Ended December 31,
|
|
Total Assets
As of December 31,
|
|||||||||||||
(in millions)
|
2019
|
2018
|
2017 (1)
|
|
2019
|
2018
|
||||||||||
United States
|
$
|
4,607.9
|
|
$
|
5,872.5
|
|
$
|
6,581.1
|
|
|
$
|
3,234.2
|
|
$
|
4,226.5
|
|
Canada
|
1,377.9
|
|
332.4
|
|
1,423.0
|
|
|
494.6
|
|
339.2
|
|
|||||
Asia Pacific (includes Australia)
|
1,765.2
|
|
1,530.4
|
|
981.3
|
|
|
533.7
|
|
550.0
|
|
|||||
Europe
|
3,206.4
|
|
4,585.6
|
|
4,082.8
|
|
|
1,906.9
|
|
2,181.4
|
|
|||||
Central and South America
|
2,554.2
|
|
1,568.7
|
|
835.3
|
|
|
1,233.6
|
|
1,018.9
|
|
|||||
Middle East and Africa
|
836.4
|
|
1,282.9
|
|
903.0
|
|
|
563.7
|
|
566.6
|
|
|||||
Total
|
$
|
14,348.0
|
|
$
|
15,172.5
|
|
$
|
14,806.5
|
|
|
$
|
7,966.7
|
|
$
|
8,882.6
|
|
(1)
|
2017 amounts have not been adjusted for the 2018 adoption of the new revenue accounting standard.
|
7.
|
Impairment, Restructuring and Other Exit Costs
|
(in millions)
|
Recognized in 2019
|
|
Expected to be Incurred(1)
|
||||
Restructuring and other exit costs:
|
|
|
|
||||
Severance
|
$
|
63.9
|
|
|
$
|
70.0
|
|
Asset impairments
|
90.4
|
|
|
90.4
|
|
||
Entity liquidation costs (including the recognition of cumulative translation adjustments)
|
83.7
|
|
|
85.0
|
|
||
Other exit costs
|
2.0
|
|
|
5.0
|
|
||
Total restructuring and other exit costs
|
$
|
240.0
|
|
|
$
|
250.4
|
|
|
|
|
|
||||
Impairment losses on:
|
|
|
|
||||
Intangible customer relationships
|
$
|
33.7
|
|
|
|
||
Investments
|
256.8
|
|
|
|
|||
Goodwill
|
2.1
|
|
|
|
|||
Total impairments
|
$
|
292.6
|
|
|
|
||
|
|
|
|
||||
Impairment, restructuring and other exit costs
|
$
|
532.6
|
|
|
|
(in thousands)
|
Severance
|
Lease Exit Costs
|
Other
|
Total
|
||||||||
Balance as of January 1, 2019
|
$
|
—
|
|
$
|
—
|
|
$
|
—
|
|
$
|
—
|
|
Restructuring charges accrued during the period
|
63,940
|
|
738
|
|
1,859
|
|
66,537
|
|
||||
Cash payments / settlements during the period
|
(17,340
|
)
|
(168
|
)
|
(1,793
|
)
|
(19,301
|
)
|
||||
Currency translation
|
(297
|
)
|
—
|
|
241
|
|
(56
|
)
|
||||
Balance as of December 31, 2019
|
$
|
46,303
|
|
$
|
570
|
|
$
|
307
|
|
$
|
47,180
|
|
8.
|
Income Taxes
|
|
|
|
As Restated
|
||||||||
|
Year Ended December 31,
|
||||||||||
(in thousands)
|
2019
|
|
2018
|
|
2017
|
||||||
Current:
|
|
|
|
|
|
||||||
Federal
|
$
|
(36,591
|
)
|
|
$
|
(70,045
|
)
|
|
$
|
(180,706
|
)
|
Foreign
|
160,966
|
|
|
113,988
|
|
|
143,499
|
|
|||
State and local
|
4,295
|
|
|
8,782
|
|
|
(5,739
|
)
|
|||
Total current
|
128,670
|
|
|
52,725
|
|
|
(42,946
|
)
|
|||
Deferred:
|
|
|
|
|
|
||||||
Federal
|
288,899
|
|
|
29,927
|
|
|
(23,016
|
)
|
|||
Foreign
|
9,593
|
|
|
55,208
|
|
|
75,980
|
|
|||
State and local
|
13,820
|
|
|
(5,610
|
)
|
|
6,338
|
|
|||
Total deferred
|
312,312
|
|
|
79,525
|
|
|
59,302
|
|
|||
Total income tax expense
|
$
|
440,982
|
|
|
$
|
132,250
|
|
|
$
|
16,356
|
|
|
|
|
As Restated
|
||||||||
|
Year Ended December 31,
|
||||||||||
(in thousands)
|
2019
|
|
2018
|
|
2017
|
||||||
U.S. statutory federal tax expense (benefit)
|
$
|
(268,107
|
)
|
|
$
|
39,480
|
|
|
$
|
18,833
|
|
Increase (decrease) in taxes resulting from:
|
|
|
|
|
|
||||||
State and local income taxes
|
(9,383
|
)
|
|
(14,982
|
)
|
|
(134
|
)
|
|||
Other permanent items, net
|
—
|
|
|
14,723
|
|
|
(1,235
|
)
|
|||
U.S. tax on global intangible low-taxed income
|
—
|
|
|
10,649
|
|
|
—
|
|
|||
Worthless stock
|
—
|
|
|
—
|
|
|
(15,175
|
)
|
|||
NCI
|
11,565
|
|
|
(4,506
|
)
|
|
(22,586
|
)
|
|||
Foreign tax differential, net
|
10,968
|
|
|
1,149
|
|
|
(2,178
|
)
|
|||
Valuation allowance, net
|
730,787
|
|
|
79,168
|
|
|
22,860
|
|
|||
Other changes to uncertain tax positions
|
4,098
|
|
|
7,753
|
|
|
4,696
|
|
|||
Stranded tax effects from AOCI
|
(35,619
|
)
|
|
—
|
|
|
—
|
|
|||
Impact of tax reform
|
—
|
|
|
(1,373
|
)
|
|
52,979
|
|
|||
International restructuring
|
—
|
|
|
—
|
|
|
(46,295
|
)
|
|||
Other, net
|
(3,327
|
)
|
|
189
|
|
|
4,591
|
|
|||
Total income tax expense
|
$
|
440,982
|
|
|
$
|
132,250
|
|
|
$
|
16,356
|
|
|
|
|
As Restated
|
||||
|
December 31,
|
||||||
(in thousands)
|
2019
|
|
2018
|
||||
Deferred tax assets:
|
|
|
|
||||
Accrued liabilities not currently deductible:
|
|
|
|
||||
Employee compensation and benefits
|
$
|
116,162
|
|
|
$
|
106,147
|
|
Project and non-project reserves
|
60,768
|
|
|
59,043
|
|
||
Revenue recognition
|
—
|
|
|
9,808
|
|
||
Net operating loss carryforward
|
357,803
|
|
|
190,591
|
|
||
Tax basis of investment in excess of book basis
|
88,255
|
|
|
—
|
|
||
U.S. foreign tax credit carryforward
|
226,845
|
|
|
189,193
|
|
||
Other comprehensive loss
|
67,258
|
|
|
82,726
|
|
||
Other
|
85,059
|
|
|
69,898
|
|
||
Total deferred tax assets
|
1,002,150
|
|
|
707,406
|
|
||
Valuation allowance for deferred tax assets
|
(910,336
|
)
|
|
(178,678
|
)
|
||
Deferred tax assets, net
|
$
|
91,814
|
|
|
$
|
528,728
|
|
Deferred tax liabilities:
|
|
|
|
||||
Revenue recognition
|
(1,787
|
)
|
|
—
|
|
||
Book basis of property, equipment and other capital costs in excess of tax basis
|
(29,846
|
)
|
|
(77,574
|
)
|
||
Book basis of investments in excess of tax basis
|
—
|
|
|
(10,835
|
)
|
||
Dividend withholding on unremitted non-U.S. earnings
|
(49,663
|
)
|
|
(39,687
|
)
|
||
Other
|
(31,125
|
)
|
|
(22,530
|
)
|
||
Total deferred tax liabilities
|
(112,421
|
)
|
|
(150,626
|
)
|
||
Deferred tax assets, net of deferred tax liabilities
|
$
|
(20,607
|
)
|
|
$
|
378,102
|
|
|
|
|
As Restated
|
||||
(in thousands)
|
2019
|
|
2018
|
||||
Balance at beginning of year
|
$
|
55,476
|
|
|
$
|
60,656
|
|
Change in tax positions of prior years
|
6,359
|
|
|
(4,297
|
)
|
||
Change in tax positions of current year
|
—
|
|
|
9,500
|
|
||
Reduction in tax positions for statute expirations
|
(16,894
|
)
|
|
(3,608
|
)
|
||
Reduction in tax positions for audit settlements
|
(2,547
|
)
|
|
(6,775
|
)
|
||
Balance at end of year
|
$
|
42,394
|
|
|
$
|
55,476
|
|
|
|
|
As Restated
|
||||||||
|
Year Ended December 31,
|
||||||||||
(in thousands)
|
2019
|
|
2018
|
|
2017
|
||||||
United States
|
$
|
(1,116,067
|
)
|
|
$
|
(361,754
|
)
|
|
$
|
(538,530
|
)
|
Foreign
|
(160,633
|
)
|
|
549,754
|
|
|
592,339
|
|
|||
Total
|
$
|
(1,276,700
|
)
|
|
$
|
188,000
|
|
|
$
|
53,809
|
|
9.
|
Supplemental Cash Flow Information
|
|
|
As Restated
|
|||||||
|
Year Ended December 31,
|
||||||||
(in thousands)
|
2019
|
2018
|
2017
|
||||||
(Increase) decrease in:
|
|
|
|
||||||
Accounts and notes receivable, net
|
$
|
210,419
|
|
$
|
(40,632
|
)
|
$
|
162,537
|
|
Contract assets
|
207,467
|
|
(83,774
|
)
|
140,556
|
|
|||
Other current assets
|
(80,248
|
)
|
168,021
|
|
(138,638
|
)
|
|||
Other assets
|
100,527
|
|
(25,424
|
)
|
(2,176
|
)
|
|||
Increase (decrease) in:
|
|
|
|
||||||
Accounts payable
|
(46,873
|
)
|
176,335
|
|
(137,441
|
)
|
|||
Contract liabilities
|
202,359
|
|
(307,844
|
)
|
95,383
|
|
|||
Accrued liabilities
|
29,880
|
|
(75,878
|
)
|
(63,285
|
)
|
|||
Other liabilities
|
9,498
|
|
(38,536
|
)
|
(30,988
|
)
|
|||
Increase (decrease) in cash due to changes in assets and liabilities
|
$
|
633,029
|
|
$
|
(227,732
|
)
|
$
|
25,948
|
|
Cash paid during the year for:
|
|
|
|
||||||
Interest
|
$
|
71,938
|
|
$
|
66,514
|
|
$
|
61,560
|
|
Income taxes (net of refunds)
|
204,080
|
|
(28,408
|
)
|
175,045
|
|
10.
|
Partnerships and Joint Ventures
|
|
December 31,
|
|||||
(in millions)
|
2019
|
2018
|
||||
Current assets
|
$
|
6,607
|
|
$
|
5,810
|
|
Noncurrent assets
|
3,044
|
|
2,360
|
|
||
Current liabilities
|
4,179
|
|
2,862
|
|
||
Noncurrent liabilities
|
3,374
|
|
3,283
|
|
(in millions)
|
2019
|
2018
|
2017
|
||||||
Revenue
|
$
|
1,093
|
|
$
|
1,317
|
|
$
|
744
|
|
Cost of revenue
|
1,011
|
|
1,207
|
|
677
|
|
|||
Net earnings
|
38
|
|
30
|
|
22
|
|
11.
|
Guarantees
|
12.
|
Contingencies and Commitments
|
13.
|
Contract Assets and Liabilities
|
|
|
As Restated
|
||||
|
December 31,
|
|||||
(in millions)
|
2019
|
2018
|
||||
Information about contract assets:
|
|
|
||||
Contract assets
|
|
|
||||
Unbilled receivables
|
$
|
505
|
|
$
|
559
|
|
Contract work in progress
|
377
|
|
448
|
|
||
Contract assets
|
$
|
882
|
|
$
|
1,007
|
|
|
|
|
||||
Advance billings deducted from contract assets
|
$
|
553
|
|
$
|
527
|
|
|
|
|
||||
Information about contract liabilities:
|
|
|
||||
Provision for anticipated losses on contracts included in contract liabilities
|
$
|
371
|
|
$
|
130
|
|
Revenue recognized during the year that was included in contract liabilities as of January 1
|
729
|
|
735
|
|
(in millions)
|
December 31, 2019
|
||
Within 1 year
|
$
|
11,245
|
|
1 to 2 years
|
6,538
|
|
|
Thereafter
|
6,013
|
|
|
Total remaining unsatisfied performance obligations(1)
|
$
|
23,796
|
|
15.
|
Debt and Letters of Credit
|
16.
|
Fair Value Measurements
|
•
|
Level 1 — quoted prices in active markets for identical assets and liabilities
|
•
|
Level 2 — inputs other than quoted prices in active markets for identical assets and liabilities that are observable, either directly or indirectly
|
•
|
Level 3 — unobservable inputs
|
|
December 31, 2019
|
|
December 31, 2018
|
||||||||||||||||||||||
(in thousands)
|
Total
|
Level 1
|
Level 2
|
Level 3
|
|
Total
|
Level 1
|
Level 2
|
Level 3
|
||||||||||||||||
Assets:
|
|
|
|
|
|
|
|
|
|
||||||||||||||||
Deferred compensation trusts(1)
|
$
|
7,719
|
|
$
|
7,719
|
|
$
|
—
|
|
$
|
—
|
|
|
$
|
26,690
|
|
$
|
26,690
|
|
$
|
—
|
|
$
|
—
|
|
Derivative assets(2)
|
|
|
|
|
|
|
|
|
|
||||||||||||||||
Foreign currency
|
7,167
|
|
—
|
|
7,167
|
|
—
|
|
|
17,346
|
|
—
|
|
17,346
|
|
—
|
|
||||||||
Commodity
|
46
|
|
—
|
|
46
|
|
—
|
|
|
—
|
|
—
|
|
—
|
|
—
|
|
||||||||
Liabilities:
|
|
|
|
|
|
|
|
|
|
||||||||||||||||
Derivative liabilities(2)
|
|
|
|
|
|
|
|
|
|
||||||||||||||||
Foreign currency
|
$
|
6,561
|
|
$
|
—
|
|
$
|
6,561
|
|
$
|
—
|
|
|
$
|
18,342
|
|
$
|
—
|
|
$
|
18,342
|
|
$
|
—
|
|
Commodity
|
1,247
|
|
—
|
|
1,247
|
|
—
|
|
|
—
|
|
—
|
|
—
|
|
—
|
|
(1)
|
Consists of registered money market funds and an equity index fund. These investments, which are trading securities, represent the net asset value as of the close of business at the end of the period based on the last trade or official close of an active market or exchange.
|
(2)
|
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.
|
|
|
December 31, 2019
|
|
December 31, 2018
|
||||||||||
(in thousands)
|
Fair Value Hierarchy
|
Carrying Value
|
Fair Value
|
|
Carrying Value
|
Fair Value
|
||||||||
Assets:
|
|
|
|
|
|
|
||||||||
Cash(1)
|
Level 1
|
$
|
1,014,138
|
|
$
|
1,014,138
|
|
|
$
|
1,091,868
|
|
$
|
1,091,868
|
|
Cash equivalents(2)
|
Level 2
|
983,061
|
|
983,061
|
|
|
672,878
|
|
672,878
|
|
||||
Marketable securities, current(3)
|
Level 2
|
7,262
|
|
7,262
|
|
|
214,828
|
|
214,828
|
|
||||
Notes receivable, including noncurrent portion(4)
|
Level 3
|
28,117
|
|
28,117
|
|
|
32,645
|
|
32,645
|
|
||||
Liabilities:
|
|
|
|
|
|
|
||||||||
2016 Senior Notes(5)
|
Level 2
|
$
|
557,185
|
|
$
|
562,399
|
|
|
$
|
569,372
|
|
$
|
589,864
|
|
2014 Senior Notes(5)
|
Level 2
|
495,240
|
|
510,145
|
|
|
494,280
|
|
484,790
|
|
||||
2018 Senior Notes(5)
|
Level 2
|
594,502
|
|
609,918
|
|
|
593,871
|
|
583,200
|
|
||||
Other borrowings, including noncurrent portion(6)
|
Level 2
|
43,539
|
|
43,539
|
|
|
30,929
|
|
30,929
|
|
(1)
|
Cash consists of bank deposits. Carrying amounts approximate fair value.
|
(2)
|
Cash equivalents consist of held-to-maturity time deposits with maturities of three months or less at the date of purchase. The carrying amounts of these time deposits approximate fair value because of the short-term maturity of these instruments.
|
(3)
|
Marketable securities, current consist of held-to-maturity time deposits with original maturities greater than three months that will mature within one year. The carrying amounts of these time deposits approximate fair value because of the short-term maturity of these instruments. Amortized cost is not materially different from the fair value.
|
(4)
|
Notes receivable are carried at net realizable value which approximates fair value. Factors considered by the company 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.
|
(5)
|
The fair value of the Senior Notes was estimated based on quoted market prices for similar issues.
|
(6)
|
Other borrowings primarily 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.
|
17.
|
Goodwill and Intangible Assets
|
|
December 31, 2019
|
|
December 31, 2018
|
Weighted
Average
Life
|
||||||||||||||||||||
(in thousands)
|
Gross Carrying Amount
|
|
Accumulated Amortization
|
|
Net Book Value
|
|
Gross Carrying Amount
|
|
Accumulated Amortization
|
|
Net Book Value
|
|||||||||||||
Customer relationships (finite-lived)
|
$
|
31,894
|
|
|
$
|
(451
|
)
|
|
$
|
31,443
|
|
|
$
|
134,432
|
|
|
$
|
(54,385
|
)
|
|
$
|
80,047
|
|
8
|
Trade names (finite-lived)
|
8,388
|
|
|
(3,460
|
)
|
|
4,928
|
|
|
8,580
|
|
|
(2,483
|
)
|
|
6,097
|
|
13
|
||||||
Trade names (indefinite-lived)
|
49,789
|
|
|
—
|
|
|
49,789
|
|
|
50,032
|
|
|
—
|
|
|
50,032
|
|
—
|
||||||
In-process research and development (indefinite-lived)
|
16,900
|
|
|
—
|
|
|
16,900
|
|
|
16,900
|
|
|
—
|
|
|
16,900
|
|
—
|
||||||
Other (finite-lived)
|
7,278
|
|
|
(4,654
|
)
|
|
2,624
|
|
|
10,442
|
|
|
(5,481
|
)
|
|
4,961
|
|
10
|
||||||
Total intangible assets(1)
|
$
|
114,249
|
|
|
$
|
(8,565
|
)
|
|
$
|
105,684
|
|
|
$
|
220,386
|
|
|
$
|
(62,349
|
)
|
|
$
|
158,037
|
|
|
(1)
|
The net book value of intangible assets classified as "Current assets held for sale" was $0.9 million and $1 million as of December 31, 2019 and 2018, respectively. These amounts were excluded from the table above. The gross carrying amount of intangible assets decreased in 2019 primarily due to the impairment loss discussed above as well as foreign currency translation losses. The aggregate amortization expense for intangible assets with finite lives is expected to be $10 million during 2020, $9 million during 2021, 2022 and 2023, and $2 million during 2024.
|
18.
|
Property, Plant and Equipment
|
|
December 31,
|
|||||
(cost in thousands)
|
2019
|
2018
|
||||
Land
|
$
|
47,388
|
|
$
|
79,551
|
|
Buildings
|
208,999
|
|
327,846
|
|
||
Building and leasehold improvements
|
122,402
|
|
162,611
|
|
||
Machinery and equipment
|
812,956
|
|
903,049
|
|
||
Furniture and fixtures
|
131,986
|
|
146,027
|
|
||
Construction in progress
|
62,686
|
|
52,789
|
|
||
|
1,386,417
|
|
1,671,873
|
|
||
Less accumulated depreciation
|
(843,377
|
)
|
(925,931
|
)
|
||
Net property, plant and equipment
|
$
|
543,040
|
|
$
|
745,942
|
|
19.
|
Stock-Based Plans
|
|
RSU or
Restricted Stock
|
Stock Options
|
||||
|
Number
|
Weighted
Average
Grant Date
Fair Value
Per Share
|
Number
|
Weighted
Average
Exercise Price
Per Share
|
||
Outstanding as of December 31, 2016
|
1,032,363
|
|
$54.19
|
4,481,381
|
|
$60.45
|
Granted
|
402,783
|
|
54.88
|
1,103,817
|
|
55.35
|
Forfeited or expired
|
(48,005
|
)
|
51.58
|
(285,434
|
)
|
63.07
|
Vested/exercised
|
(453,677
|
)
|
59.89
|
(229,808
|
)
|
40.82
|
Outstanding as of December 31, 2017
|
933,464
|
|
$51.85
|
5,069,956
|
|
$60.08
|
Granted
|
603,111
|
|
57.88
|
33,615
|
|
58.15
|
Forfeited or expired
|
(38,365
|
)
|
54.07
|
(352,624
|
)
|
64.64
|
Vested/exercised
|
(513,078
|
)
|
51.58
|
(161,562
|
)
|
44.92
|
Outstanding as of December 31, 2018
|
985,132
|
|
$53.78
|
4,589,385
|
|
$60.25
|
Granted
|
1,356,303
|
|
32.68
|
1,192,108
|
|
22.47
|
Forfeited or expired
|
(173,604
|
)
|
39.57
|
(351,885
|
)
|
60.56
|
Vested/exercised
|
(507,520
|
)
|
47.72
|
(48,131
|
)
|
30.46
|
Outstanding as of December 31, 2019
|
1,660,311
|
|
$39.88
|
5,381,477
|
|
$52.13
|
Options exercisable as of December 31, 2019
|
|
|
3,840,229
|
|
$61.03
|
|
Remaining unvested options outstanding and expected to vest
|
|
|
1,479,598
|
|
$29.96
|
|
January 1 - September 30, 2019
|
October 1 - December 31, 2019
|
2018
|
2017
|
||||
Weighted average grant date fair value
|
$7.99
|
$6.93
|
$14.87
|
$14.23
|
||||
Expected life of options (in years)
|
5.6
|
|
5.4
|
|
5.3
|
|
5.8
|
|
Risk-free interest rate
|
2.6
|
%
|
1.7
|
%
|
2.7
|
%
|
2.3
|
%
|
Expected volatility
|
33.3
|
%
|
46.6
|
%
|
28.2
|
%
|
27.8
|
%
|
Expected annual dividend per share
|
$0.84
|
$0.40
|
$0.84
|
$0.84
|
|
Options Outstanding
|
|
Options Exercisable
|
||||||||||
Range of Exercise Prices
|
Number
Outstanding
|
Weighted
Average
Remaining
Contractual
Life (In Years)
|
Weighted
Average
Exercise Price
Per Share
|
|
Number
Exercisable
|
Weighted
Average
Remaining
Contractual
Life (In Years)
|
Weighted
Average
Exercise Price
Per Share
|
||||||
$19.25 - $29.50
|
1,192,108
|
|
9.7
|
$
|
22.47
|
|
|
—
|
|
—
|
$
|
—
|
|
$42.75 - $62.50
|
3,354,168
|
|
5.2
|
56.47
|
|
|
3,005,028
|
|
5.0
|
56.58
|
|
||
$70.76 - $79.19
|
835,201
|
|
3.4
|
77.03
|
|
|
835,201
|
|
3.4
|
77.03
|
|
||
|
5,381,477
|
|
5.9
|
$
|
52.13
|
|
|
3,840,229
|
|
4.6
|
$
|
61.03
|
|
|
VDI Units Granted in 2019
|
Weighted
Average
Grant Date
Fair Value
Per Share
|
2019 VDI Plan
|
116,844
|
$39.72
|
2018 VDI Plan
|
68,866
|
$42.24
|
2017 VDI Plan
|
83,068
|
$35.18
|
20.
|
Retirement Plans
|
|
Year Ended December 31,
|
||||||||||
(in thousands)
|
2019
|
|
2018
|
|
2017
|
||||||
Service cost
|
$
|
15,750
|
|
|
$
|
17,999
|
|
|
$
|
18,780
|
|
Interest cost
|
19,617
|
|
|
21,820
|
|
|
22,525
|
|
|||
Expected return on assets
|
(32,645
|
)
|
|
(38,064
|
)
|
|
(40,272
|
)
|
|||
Amortization of prior service credit
|
(886
|
)
|
|
(935
|
)
|
|
(828
|
)
|
|||
Recognized net actuarial loss
|
10,303
|
|
|
8,368
|
|
|
7,890
|
|
|||
Loss on settlement
|
137,898
|
|
|
21,900
|
|
|
184
|
|
|||
Net periodic pension expense
|
$
|
150,037
|
|
|
$
|
31,088
|
|
|
$
|
8,279
|
|
|
December 31,
|
||
|
2019
|
2018
|
2017
|
For determining projected benefit obligation ("PBO") at year-end:
|
|
|
|
Discount rates
|
1.20-4.75%
|
1.80-7.25%
|
1.90-5.50%
|
Rates of increase in compensation levels
|
2.25-6.00%
|
2.25-7.00%
|
2.25-7.00%
|
For determining net periodic cost for the year:
|
|
|
|
Discount rates
|
1.80-7.25%
|
1.90-5.50%
|
1.90-5.00%
|
Rates of increase in compensation levels
|
2.25-7.00%
|
2.25-7.00%
|
2.25-7.00%
|
Expected long-term rates of return on assets
|
1.80-8.20%
|
1.90-7.00%
|
1.90-7.40%
|
|
|
December 31,
|
|||
|
2019 Target Allocation
|
2019
|
2018
|
||
Asset category:
|
|
|
|
||
Debt securities
|
50% - 60%
|
60
|
%
|
41
|
%
|
Equity securities
|
30% - 40%
|
31
|
%
|
16
|
%
|
Other
|
0% - 10%
|
9
|
%
|
43
|
%
|
Total
|
|
100
|
%
|
100
|
%
|
|
December 31, 2019
|
|
December 31, 2018
|
||||||||||||||||||||||
(in thousands)
|
Total
|
Level 1
|
Level 2
|
Level 3
|
|
Total
|
Level 1
|
Level 2
|
Level 3
|
||||||||||||||||
Assets:
|
|
|
|
|
|
|
|
|
|
||||||||||||||||
Equity securities:
|
|
|
|
|
|
|
|
|
|
||||||||||||||||
Common stock
|
$
|
5,346
|
|
$
|
5,346
|
|
$
|
—
|
|
$
|
—
|
|
|
$
|
4,390
|
|
$
|
4,390
|
|
$
|
—
|
|
$
|
—
|
|
CCTs
|
215,904
|
|
—
|
|
215,904
|
|
—
|
|
|
—
|
|
—
|
|
—
|
|
—
|
|
||||||||
Debt securities:
|
|
|
|
|
|
|
|
|
|
||||||||||||||||
Corporate bonds
|
493
|
|
—
|
|
493
|
|
—
|
|
|
475
|
|
—
|
|
475
|
|
—
|
|
||||||||
Government securities
|
12,962
|
|
—
|
|
12,962
|
|
—
|
|
|
9,709
|
|
—
|
|
9,709
|
|
—
|
|
||||||||
Repurchase agreements
|
—
|
|
—
|
|
—
|
|
—
|
|
|
835
|
|
—
|
|
835
|
|
—
|
|
||||||||
CCTs
|
412,416
|
|
|
412,416
|
|
|
|
—
|
|
—
|
|
—
|
|
—
|
|
||||||||||
Other:
|
|
|
|
|
|
|
|
|
|
||||||||||||||||
Guaranteed investment contracts
|
19,650
|
|
—
|
|
—
|
|
19,650
|
|
|
19,302
|
|
—
|
|
—
|
|
19,302
|
|
||||||||
Buy-in insurance policy
|
—
|
|
—
|
|
—
|
|
—
|
|
|
355,422
|
|
—
|
|
—
|
|
355,422
|
|
||||||||
CCTs
|
43,302
|
|
|
43,302
|
|
|
|
—
|
|
—
|
|
—
|
|
—
|
|
||||||||||
Plan assets measured at fair value, net
|
$
|
710,073
|
|
$
|
5,346
|
|
$
|
685,077
|
|
$
|
19,650
|
|
|
$
|
390,133
|
|
$
|
4,390
|
|
$
|
11,019
|
|
$
|
374,724
|
|
Plan assets measured at net asset value:
|
|
|
|
|
|
|
|
|
|
||||||||||||||||
CCTs — equity securities(1)
|
—
|
|
|
|
|
|
152,663
|
|
|
|
|
||||||||||||||
CCTs — debt securities(1)
|
—
|
|
|
|
|
|
386,212
|
|
|
|
|
||||||||||||||
CCTs — other(1)
|
—
|
|
|
|
|
|
32,563
|
|
|
|
|
||||||||||||||
Plan assets not measured at fair value, net
|
590
|
|
|
|
|
|
2,718
|
|
|
|
|
||||||||||||||
Total plan assets, net
|
$
|
710,663
|
|
|
|
|
|
$
|
964,289
|
|
|
|
|
(1)
|
In 2019, we adopted ASU 2018-09, "Codification Improvements," and concluded that the net asset value of the shares or units in the CCTs in the table above is the readily determinable fair value. The provisions of ASU 2018-09 related to CCTs are required to be applied prospectively. Therefore, amounts in 2018 have not been reclassified to conform to the new presentation.
|
(in thousands)
|
2019
|
2018
|
||||
Balance at beginning of year
|
$
|
374,724
|
|
$
|
21,030
|
|
Actual return on plan assets:
|
|
|
||||
Assets still held at reporting date
|
1,609
|
|
(23,246
|
)
|
||
Assets sold during the period
|
49,524
|
|
—
|
|
||
Purchases
|
187
|
|
381,906
|
|
||
Settlements
|
(406,394
|
)
|
(4,966
|
)
|
||
Balance at end of year
|
$
|
19,650
|
|
$
|
374,724
|
|
Year Ended December 31,
|
(in thousands)
|
|
|
2020
|
$
|
21,906
|
|
2021
|
30,630
|
|
|
2022
|
20,116
|
|
|
2023
|
20,381
|
|
|
2024
|
21,080
|
|
|
2025 — 2029
|
114,494
|
|
|
December 31,
|
|||||
(in thousands)
|
2019
|
2018
|
||||
Change in PBO:
|
|
|
||||
Benefit obligation at beginning of year
|
$
|
1,020,633
|
|
$
|
1,098,093
|
|
Service cost
|
15,750
|
|
17,999
|
|
||
Interest cost
|
19,617
|
|
21,820
|
|
||
Employee contributions
|
3,382
|
|
3,487
|
|
||
Currency translation
|
(2,794
|
)
|
(57,179
|
)
|
||
Actuarial (gain) loss
|
117,549
|
|
23,077
|
|
||
Benefits paid
|
(27,362
|
)
|
(27,051
|
)
|
||
Divestitures
|
(1,669
|
)
|
—
|
|
||
Settlements
|
(396,322
|
)
|
(59,613
|
)
|
||
PBO at end of year
|
748,784
|
|
1,020,633
|
|
||
Change in plan assets:
|
|
|
||||
Plan assets at beginning of year
|
964,289
|
|
1,086,206
|
|
||
Actual return on plan assets
|
153,033
|
|
(28,742
|
)
|
||
Company contributions
|
14,591
|
|
44,977
|
|
||
Employee contributions
|
3,382
|
|
3,487
|
|
||
Currency translation
|
(948
|
)
|
(54,975
|
)
|
||
Benefits paid
|
(27,362
|
)
|
(27,051
|
)
|
||
Settlements
|
(396,322
|
)
|
(59,613
|
)
|
||
Plan assets at end of year
|
710,663
|
|
964,289
|
|
||
Funded Status — (Under)/overfunded
|
$
|
(38,121
|
)
|
$
|
(56,344
|
)
|
Amounts recognized in the Consolidated Balance Sheet:
|
|
|
||||
Pension assets included in other assets
|
$
|
1,349
|
|
$
|
2,409
|
|
Pension liabilities included in other accrued liabilities
|
(2,041
|
)
|
(1,647
|
)
|
||
Pension liabilities included in noncurrent liabilities
|
(37,429
|
)
|
(57,106
|
)
|
||
AOCI (pre-tax)
|
$
|
130,619
|
|
$
|
280,707
|
|
Plans with PBO in excess of plan assets:
|
|
|
||||
PBO
|
$
|
78,961
|
|
$
|
665,211
|
|
Plan assets
|
39,491
|
|
606,458
|
|
||
Plans with accumulated benefit obligation in excess of plan assets:
|
|
|
||||
Accumulated benefit obligation
|
$
|
73,865
|
|
$
|
70,092
|
|
Plan assets
|
39,491
|
|
35,786
|
|
21.
|
Other Noncurrent Liabilities
|
22.
|
Leases
|
|
Year Ended
December 31, 2019
|
||||||
Lease Expense / (Sublease Income)
|
Continuing Operations
|
|
Discontinued Operations
|
||||
(in thousands)
|
|
|
|
||||
Operating lease cost
|
$
|
85,729
|
|
|
$
|
5,670
|
|
Finance lease cost
|
|
|
|
||||
Amortization of right-of-use assets
|
1,394
|
|
|
27
|
|
||
Interest on lease liabilities
|
65
|
|
|
2
|
|
||
Variable lease cost (1)
|
19,231
|
|
|
—
|
|
||
Short-term lease cost
|
112,392
|
|
|
51,153
|
|
||
Sublease income
|
(8,865
|
)
|
|
(25,872
|
)
|
||
Total lease expense
|
$
|
209,946
|
|
|
$
|
30,980
|
|
(1)
|
Primarily relates to rent escalation due to cost of living indexation and payments for property taxes, insurance or common area maintenance based on actual assessments.
|
|
|
December 31, 2019
|
||||||
Lease Assets / Liabilities
|
Balance Sheet Classification
|
Continuing Operations
|
|
Discontinued Operations
|
||||
(in thousands)
|
|
|
|
|
||||
Right-of-use assets
|
|
|
|
|
||||
Operating lease assets
|
Other assets
|
$
|
246,865
|
|
|
$
|
—
|
|
Operating lease assets
|
Current assets held for sale
|
13,123
|
|
|
15,563
|
|
||
Finance lease assets
|
Other assets
|
937
|
|
|
—
|
|
||
Finance lease assets
|
Current assets held for sale
|
—
|
|
|
181
|
|
||
Total right-of-use assets
|
|
$
|
260,925
|
|
|
$
|
15,744
|
|
Lease liabilities
|
|
|
|
|
||||
Operating lease liabilities, current
|
Other accrued liabilities
|
$
|
61,334
|
|
|
$
|
—
|
|
Operating lease liabilities, noncurrent
|
Noncurrent liabilities
|
209,947
|
|
|
—
|
|
||
Operating lease liabilities
|
Current liabilities held for sale
|
13,123
|
|
|
17,111
|
|
||
Finance lease liabilities, current
|
Other accrued liabilities
|
906
|
|
|
—
|
|
||
Finance lease liabilities, noncurrent
|
Noncurrent liabilities
|
8
|
|
|
—
|
|
||
Finance lease liabilities
|
Current liabilities held for sale
|
—
|
|
|
191
|
|
||
Total lease liabilities
|
|
$
|
285,318
|
|
|
$
|
17,302
|
|
|
Year Ended
December 31, 2019 |
|||||
|
Continuing Operations
|
Discontinued Operations
|
||||
(in thousands)
|
|
|
||||
Cash paid for amounts included in the measurement of lease liabilities:
|
|
|
||||
Operating cash flows from operating leases
|
$
|
86,552
|
|
$
|
5,543
|
|
Operating cash flows from finance leases
|
65
|
|
3
|
|
||
Financing cash flows from finance leases
|
1,547
|
|
25
|
|
||
Right-of-use assets obtained in exchange for new operating lease liabilities
|
91,098
|
|
6,432
|
|
||
Right-of-use assets obtained in exchange for new finance lease liabilities
|
—
|
|
222
|
|
||
Weighted-average remaining lease term - operating leases
|
6.6 years
|
|
3.9 years
|
|
||
Weighted-average remaining lease term - finance leases
|
2.2 years
|
|
3.5 years
|
|
||
Weighted-average discount rate - operating leases
|
3.33
|
%
|
3.45
|
%
|
||
Weighted-average discount rate - finance leases
|
3.38
|
%
|
2.64
|
%
|
|
Continuing Operations
|
|
Discontinued Operations
|
||||||||||||
Year Ended December 31,
|
Operating
Leases |
|
Finance
Leases |
|
Operating
Leases |
|
Finance
Leases |
||||||||
(in thousands)
|
|
|
|
|
|
|
|
||||||||
2020
|
$
|
71,567
|
|
|
$
|
594
|
|
|
$
|
5,969
|
|
|
$
|
63
|
|
2021
|
59,714
|
|
|
194
|
|
|
3,913
|
|
|
55
|
|
||||
2022
|
47,122
|
|
|
86
|
|
|
3,409
|
|
|
55
|
|
||||
2023
|
36,188
|
|
|
79
|
|
|
3,219
|
|
|
27
|
|
||||
2024
|
29,936
|
|
|
—
|
|
|
1,416
|
|
|
—
|
|
||||
Thereafter
|
72,194
|
|
|
—
|
|
|
485
|
|
|
—
|
|
||||
Total lease payments
|
$
|
316,721
|
|
|
$
|
953
|
|
|
$
|
18,411
|
|
|
$
|
200
|
|
Less: Interest
|
(32,416
|
)
|
|
(39
|
)
|
|
(1,195
|
)
|
|
(9
|
)
|
||||
Present value of lease liabilities
|
$
|
284,305
|
|
|
$
|
914
|
|
|
$
|
17,216
|
|
|
$
|
191
|
|
23.
|
Derivatives and Hedging
|
|
Asset Derivatives
|
|
Liability Derivatives
|
||||||||||||
(in thousands)
|
Balance Sheet
Location
|
December 31, 2019
|
December 31, 2018
|
|
Balance Sheet
Location
|
December 31, 2019
|
December 31, 2018
|
||||||||
Foreign currency contracts
|
Other current assets
|
$
|
2,871
|
|
$
|
12,861
|
|
|
Other accrued liabilities
|
$
|
1,585
|
|
$
|
16,582
|
|
Commodity contracts
|
Other current assets
|
10
|
|
—
|
|
|
Other accrued liabilities
|
—
|
|
—
|
|
||||
Foreign currency contracts
|
Other assets
|
3,757
|
|
2,669
|
|
|
Noncurrent liabilities
|
4,747
|
|
1,698
|
|
||||
Total
|
|
$
|
6,638
|
|
$
|
15,530
|
|
|
|
$
|
6,332
|
|
$
|
18,280
|
|
|
After-Tax Amount of Gain
(Loss) Recognized in OCI
|
|
|
After-Tax Amount of Gain
(Loss) Reclassified from
AOCI into Earnings
|
||||||||||||||||
Cash Flow Hedges (in thousands)
|
2019
|
2018
|
2017
|
|
Location of Gain (Loss)
|
2019
|
2018
|
2017
|
||||||||||||
Foreign currency contracts
|
$
|
1,043
|
|
$
|
(5,207
|
)
|
$
|
5,455
|
|
|
Cost of revenue
|
$
|
(1,041
|
)
|
$
|
(4,432
|
)
|
$
|
1,805
|
|
Commodity contracts
|
460
|
|
—
|
|
44
|
|
|
Cost of revenue
|
453
|
|
—
|
|
52
|
|
||||||
Interest rate contracts
|
—
|
|
—
|
|
—
|
|
|
Interest expense
|
(1,049
|
)
|
(1,049
|
)
|
(1,049
|
)
|
||||||
Total
|
$
|
1,503
|
|
$
|
(5,207
|
)
|
$
|
5,499
|
|
|
|
$
|
(1,637
|
)
|
$
|
(5,481
|
)
|
$
|
808
|
|
24.
|
Other Comprehensive Income (Loss)
|
|
|
|
|
|
As Restated
|
||||||||||||||||||||||||
|
Year Ended December 31,
|
||||||||||||||||||||||||||||
|
2019
|
|
2018
|
|
2017
|
||||||||||||||||||||||||
(in thousands)
|
Before-Tax
Amount
|
Tax
(Expense)
Benefit
|
Net-of-Tax
Amount
|
|
Before-Tax
Amount
|
Tax
(Expense)
Benefit
|
Net-of-Tax
Amount
|
|
Before-Tax
Amount
|
Tax
(Expense)
Benefit
|
Net-of-Tax
Amount
|
||||||||||||||||||
OCI:
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||||||||
Foreign currency translation adjustments
|
$
|
101,096
|
|
$
|
(35,596
|
)
|
$
|
65,500
|
|
|
$
|
(116,775
|
)
|
$
|
16,214
|
|
$
|
(100,561
|
)
|
|
$
|
109,990
|
|
$
|
(35,867
|
)
|
$
|
74,123
|
|
Ownership share of equity method investees' OCI
|
(15,630
|
)
|
3,846
|
|
(11,784
|
)
|
|
12,118
|
|
(3,176
|
)
|
8,942
|
|
|
(1,163
|
)
|
462
|
|
(701
|
)
|
|||||||||
Defined benefit pension and postretirement plan adjustments
|
150,427
|
|
(44,975
|
)
|
105,452
|
|
|
(59,920
|
)
|
7,329
|
|
(52,591
|
)
|
|
22,052
|
|
(6,443
|
)
|
15,609
|
|
|||||||||
Unrealized gain (loss) on derivative contracts
|
4,734
|
|
(1,594
|
)
|
3,140
|
|
|
1,490
|
|
(1,216
|
)
|
274
|
|
|
7,593
|
|
(2,850
|
)
|
4,743
|
|
|||||||||
Unrealized gain (loss) on available-for-sale securities
|
—
|
|
—
|
|
—
|
|
|
1,134
|
|
(425
|
)
|
709
|
|
|
(711
|
)
|
267
|
|
(444
|
)
|
|||||||||
Total OCI
|
240,627
|
|
(78,319
|
)
|
162,308
|
|
|
(161,953
|
)
|
18,726
|
|
(143,227
|
)
|
|
137,761
|
|
(44,431
|
)
|
93,330
|
|
|||||||||
Less: OCI attributable to NCI
|
(1,350
|
)
|
—
|
|
(1,350
|
)
|
|
(2,239
|
)
|
—
|
|
(2,239
|
)
|
|
(796
|
)
|
—
|
|
(796
|
)
|
|||||||||
OCI attributable to Fluor Corporation
|
$
|
241,977
|
|
$
|
(78,319
|
)
|
$
|
163,658
|
|
|
$
|
(159,714
|
)
|
$
|
18,726
|
|
$
|
(140,988
|
)
|
|
$
|
138,557
|
|
$
|
(44,431
|
)
|
$
|
94,126
|
|
(in thousands)
|
Foreign
Currency
Translation
|
Ownership
Share of
Equity Method
Investees' OCI
|
Defined
Benefit
Pension and
Postretirement
Plans
|
Unrealized
Gain (Loss)
on Derivative
Contracts
|
Unrealized
Gain (Loss)
on Available-
for-Sale
Securities
|
Accumulated
OCI, Net
|
||||||||||||
Attributable to Fluor Corporation:
|
|
|
|
|
|
|
||||||||||||
Balance as of December 31, 2018 (As restated)
|
$
|
(309,800
|
)
|
$
|
(23,672
|
)
|
$
|
(204,649
|
)
|
$
|
(5,410
|
)
|
$
|
—
|
|
$
|
(543,531
|
)
|
OCI before reclassifications
|
19,957
|
|
(12,304
|
)
|
4,006
|
|
1,503
|
|
—
|
|
13,162
|
|
||||||
Amounts reclassified from AOCI
|
46,893
|
|
520
|
|
101,446
|
|
1,637
|
|
—
|
|
150,496
|
|
||||||
Net OCI
|
66,850
|
|
(11,784
|
)
|
105,452
|
|
3,140
|
|
—
|
|
163,658
|
|
||||||
Balance as of December 31, 2019
|
$
|
(242,950
|
)
|
$
|
(35,456
|
)
|
$
|
(99,197
|
)
|
$
|
(2,270
|
)
|
$
|
—
|
|
$
|
(379,873
|
)
|
Attributable to NCI:
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||
Balance as of December 31, 2018
|
$
|
(3,701
|
)
|
$
|
—
|
|
$
|
—
|
|
$
|
—
|
|
$
|
—
|
|
$
|
(3,701
|
)
|
OCI before reclassifications
|
(1,350
|
)
|
—
|
|
—
|
|
—
|
|
—
|
|
(1,350
|
)
|
||||||
Amount reclassified from AOCI
|
—
|
|
—
|
|
—
|
|
—
|
|
—
|
|
—
|
|
||||||
Net OCI
|
(1,350
|
)
|
—
|
|
—
|
|
—
|
|
—
|
|
(1,350
|
)
|
||||||
Balance as of December 31, 2019
|
$
|
(5,051
|
)
|
$
|
—
|
|
$
|
—
|
|
$
|
—
|
|
$
|
—
|
|
$
|
(5,051
|
)
|
|
As Restated
|
|
|
|
|
As Restated
|
||||||||||||
(in thousands)
|
Foreign
Currency
Translation
|
Ownership
Share of
Equity Method
Investees' OCI
|
Defined
Benefit
Pension and
Postretirement
Plans
|
Unrealized
Gain (Loss)
on Derivative
Contracts
|
Unrealized
Gain (Loss)
on Available-
for-Sale
Securities
|
Accumulated
OCI, Net
|
||||||||||||
Attributable to Fluor Corporation:
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||
Balance as of December 31, 2017
|
$
|
(211,478
|
)
|
$
|
(32,614
|
)
|
$
|
(152,058
|
)
|
$
|
(5,684
|
)
|
$
|
(709
|
)
|
$
|
(402,543
|
)
|
OCI before reclassifications
|
(98,322
|
)
|
7,986
|
|
(77,209
|
)
|
(5,207
|
)
|
—
|
|
(172,752
|
)
|
||||||
Amounts reclassified from AOCI
|
—
|
|
956
|
|
24,618
|
|
5,481
|
|
709
|
|
31,764
|
|
||||||
Net OCI
|
(98,322
|
)
|
8,942
|
|
(52,591
|
)
|
274
|
|
709
|
|
(140,988
|
)
|
||||||
Balance as of December 31, 2018
|
$
|
(309,800
|
)
|
$
|
(23,672
|
)
|
$
|
(204,649
|
)
|
$
|
(5,410
|
)
|
$
|
—
|
|
$
|
(543,531
|
)
|
Attributable to NCI:
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||
Balance as of December 31, 2017
|
$
|
(1,462
|
)
|
$
|
—
|
|
$
|
—
|
|
$
|
—
|
|
$
|
—
|
|
$
|
(1,462
|
)
|
OCI before reclassifications
|
(2,239
|
)
|
—
|
|
—
|
|
—
|
|
—
|
|
(2,239
|
)
|
||||||
Amount reclassified from AOCI
|
—
|
|
—
|
|
—
|
|
—
|
|
—
|
|
—
|
|
||||||
Net OCI
|
(2,239
|
)
|
—
|
|
—
|
|
—
|
|
—
|
|
(2,239
|
)
|
||||||
Balance as of December 31, 2018
|
$
|
(3,701
|
)
|
$
|
—
|
|
$
|
—
|
|
$
|
—
|
|
$
|
—
|
|
$
|
(3,701
|
)
|
|
As Restated
|
|
|
|
|
As Restated
|
||||||||||||
(in thousands)
|
Foreign
Currency
Translation
|
Ownership
Share of
Equity Method
Investees' OCI
|
Defined
Benefit
Pension and
Postretirement
Plans
|
Unrealized
Gain (Loss)
on Derivative
Contracts
|
Unrealized
Gain (Loss)
on Available-
for-Sale
Securities
|
Accumulated
OCI, Net
|
||||||||||||
Attributable to Fluor Corporation:
|
|
|
|
|
|
|
||||||||||||
Balance as of December 31, 2016
|
$
|
(286,449
|
)
|
$
|
(31,913
|
)
|
$
|
(167,667
|
)
|
$
|
(10,375
|
)
|
$
|
(265
|
)
|
$
|
(496,669
|
)
|
OCI before reclassifications
|
74,971
|
|
(2,001
|
)
|
11,456
|
|
5,499
|
|
(497
|
)
|
89,428
|
|
||||||
Amounts reclassified from AOCI
|
—
|
|
1,300
|
|
4,153
|
|
(808
|
)
|
53
|
|
4,698
|
|
||||||
Net OCI
|
74,971
|
|
(701
|
)
|
15,609
|
|
4,691
|
|
(444
|
)
|
94,126
|
|
||||||
Balance as of December 31, 2017
|
$
|
(211,478
|
)
|
$
|
(32,614
|
)
|
$
|
(152,058
|
)
|
$
|
(5,684
|
)
|
$
|
(709
|
)
|
$
|
(402,543
|
)
|
Attributable to NCI:
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||
Balance as of December 31, 2016
|
$
|
(614
|
)
|
$
|
—
|
|
$
|
—
|
|
$
|
(52
|
)
|
$
|
—
|
|
$
|
(666
|
)
|
OCI before reclassifications
|
(848
|
)
|
—
|
|
—
|
|
13
|
|
—
|
|
(835
|
)
|
||||||
Amount reclassified from AOCI
|
—
|
|
—
|
|
—
|
|
39
|
|
|
|
39
|
|
||||||
Net OCI
|
(848
|
)
|
—
|
|
—
|
|
52
|
|
—
|
|
(796
|
)
|
||||||
Balance as of December 31, 2017
|
$
|
(1,462
|
)
|
$
|
—
|
|
$
|
—
|
|
$
|
—
|
|
$
|
—
|
|
$
|
(1,462
|
)
|
|
Location in Consolidated Statement of Operations
|
Year Ended December 31,
|
||||||||
(in thousands)
|
2019
|
2018
|
2017
|
|||||||
Component of AOCI:
|
|
|
|
|
||||||
Foreign currency translation adjustment
|
Impairment, restructuring & other exit costs
|
$
|
(84,286
|
)
|
$
|
—
|
|
$
|
—
|
|
Income tax benefit
|
Income tax expense
|
37,393
|
|
—
|
|
—
|
|
|||
Net of tax
|
|
$
|
(46,893
|
)
|
$
|
—
|
|
$
|
—
|
|
|
|
|
|
|
||||||
Ownership share of equity method investees' OCI
|
Cost of revenue
|
$
|
(695
|
)
|
$
|
(1,297
|
)
|
$
|
(1,713
|
)
|
Income tax benefit
|
Income tax expense
|
175
|
|
341
|
|
413
|
|
|||
Net of tax
|
|
$
|
(520
|
)
|
$
|
(956
|
)
|
$
|
(1,300
|
)
|
|
|
|
|
|
||||||
Defined benefit pension plan adjustments
|
Various accounts(1)
|
$
|
(146,579
|
)
|
$
|
(28,730
|
)
|
$
|
(6,638
|
)
|
Income tax benefit
|
Income tax expense
|
45,133
|
|
4,112
|
|
2,485
|
|
|||
Net of tax
|
|
$
|
(101,446
|
)
|
$
|
(24,618
|
)
|
$
|
(4,153
|
)
|
|
|
|
|
|
||||||
Unrealized gain (loss) on derivative contracts:
|
|
|
|
|
|
|
|
|||
Commodity and foreign currency contracts
|
Various accounts(2)
|
$
|
(1,370
|
)
|
$
|
(6,540
|
)
|
$
|
2,956
|
|
Interest rate contracts
|
Interest expense
|
(1,678
|
)
|
(1,678
|
)
|
(1,678
|
)
|
|||
Income tax benefit (expense)
|
Income tax expense
|
1,411
|
|
2,737
|
|
(509
|
)
|
|||
Net of tax:
|
|
(1,637
|
)
|
(5,481
|
)
|
769
|
|
|||
Less: NCI
|
Net earnings attributable to NCI
|
—
|
|
—
|
|
(39
|
)
|
|||
Net of tax and NCI
|
|
$
|
(1,637
|
)
|
$
|
(5,481
|
)
|
$
|
808
|
|
|
|
|
|
|
||||||
Unrealized loss on available-for-sale securities
|
Corporate G&A
|
$
|
—
|
|
$
|
(1,134
|
)
|
$
|
(85
|
)
|
Income tax benefit
|
Income tax expense
|
—
|
|
425
|
|
32
|
|
|||
Net of tax
|
|
$
|
—
|
|
$
|
(709
|
)
|
$
|
(53
|
)
|
(1)
|
Defined benefit pension plan adjustments were reclassified to "Corporate G&A" and "Loss on pension settlement".
|
(2)
|
Gains and losses on commodity and foreign currency derivative contracts were reclassified to "Cost of revenue" and "Corporate G&A".
|
|
Year Ended December 31, 2019
|
|
Year Ended December 31, 2018
|
|
Year Ended December 31, 2017
|
||||||||||||||||||||||||||||||||||||||||||
(in thousands)
|
Govern-
ment |
|
AMECO
|
|
Other
|
|
Total
|
|
Govern-
ment |
|
AMECO
|
|
Other
|
|
Total
|
|
Govern-
ment |
|
AMECO
|
|
Other
|
|
Total
|
||||||||||||||||||||||||
Revenue
|
$
|
2,969,266
|
|
|
$
|
260,276
|
|
|
$
|
—
|
|
|
$
|
3,229,542
|
|
|
$
|
3,678,555
|
|
|
$
|
253,130
|
|
|
$
|
—
|
|
|
$
|
3,931,685
|
|
|
$
|
4,447,453
|
|
|
$
|
248,709
|
|
|
$
|
—
|
|
|
$
|
4,696,162
|
|
Cost of revenue
|
2,761,018
|
|
|
277,420
|
|
|
—
|
|
|
3,038,438
|
|
|
3,477,419
|
|
|
222,139
|
|
|
—
|
|
|
3,699,558
|
|
|
4,194,822
|
|
|
199,857
|
|
|
—
|
|
|
4,394,679
|
|
||||||||||||
Corporate general and administrative expense
|
4,279
|
|
|
239
|
|
|
(21,152
|
)
|
|
(16,634
|
)
|
|
3,711
|
|
|
282
|
|
|
4,792
|
|
|
8,785
|
|
|
4,475
|
|
|
221
|
|
|
2,184
|
|
|
6,880
|
|
||||||||||||
Interest expense (income), net
|
(1,236
|
)
|
|
(341
|
)
|
|
—
|
|
|
(1,577
|
)
|
|
(325
|
)
|
|
(354
|
)
|
|
—
|
|
|
(679
|
)
|
|
(148
|
)
|
|
(30
|
)
|
|
—
|
|
|
(178
|
)
|
||||||||||||
Total cost and expenses
|
2,764,061
|
|
|
277,318
|
|
|
(21,152
|
)
|
|
3,020,227
|
|
|
3,480,805
|
|
|
222,067
|
|
|
4,792
|
|
|
3,707,664
|
|
|
4,199,149
|
|
|
200,048
|
|
|
2,184
|
|
|
4,401,381
|
|
||||||||||||
Earnings (loss) before taxes from discontinued operations
|
205,205
|
|
|
(17,042
|
)
|
|
21,152
|
|
|
209,315
|
|
|
197,750
|
|
|
31,063
|
|
|
(4,792
|
)
|
|
224,021
|
|
|
248,304
|
|
|
48,661
|
|
|
(2,184
|
)
|
|
294,781
|
|
||||||||||||
Income tax expense (benefit)
|
44,248
|
|
|
(3,938
|
)
|
|
4,447
|
|
|
44,757
|
|
|
41,081
|
|
|
6,901
|
|
|
(1,064
|
)
|
|
46,918
|
|
|
88,342
|
|
|
17,933
|
|
|
(805
|
)
|
|
105,470
|
|
||||||||||||
Net earnings (loss) from discontinued operations
|
160,957
|
|
|
(13,104
|
)
|
|
16,705
|
|
|
164,558
|
|
|
156,669
|
|
|
24,162
|
|
|
(3,728
|
)
|
|
177,103
|
|
|
159,962
|
|
|
30,728
|
|
|
(1,379
|
)
|
|
189,311
|
|
||||||||||||
Less: Net earnings (loss) attributable to NCI from discontinued operations
|
10,492
|
|
|
(2
|
)
|
|
—
|
|
|
10,490
|
|
|
12,829
|
|
|
—
|
|
|
—
|
|
|
12,829
|
|
|
8,564
|
|
|
(4
|
)
|
|
—
|
|
|
8,560
|
|
||||||||||||
Net earnings (loss) attributable to Fluor Corporation from discontinued operations
|
$
|
150,465
|
|
|
$
|
(13,102
|
)
|
|
$
|
16,705
|
|
|
$
|
154,068
|
|
|
$
|
143,840
|
|
|
$
|
24,162
|
|
|
$
|
(3,728
|
)
|
|
$
|
164,274
|
|
|
$
|
151,398
|
|
|
$
|
30,732
|
|
|
$
|
(1,379
|
)
|
|
$
|
180,751
|
|
|
December 31, 2019
|
|
December 31, 2018
|
||||||||||||||||
(in thousands)
|
Government
|
AMECO
|
Other
|
Total from Discontinued Operations
|
Other Assets and Liabilities from Continuing Operations (2)
|
Total
|
|
Government
|
AMECO
|
Total from Discontinued Operations
|
|||||||||
Accounts and notes receivable, net
|
$142,210
|
$69,126
|
$15,925
|
$227,261
|
$17,513
|
$244,774
|
|
$202,837
|
$95,652
|
$298,489
|
|||||||||
Contract assets
|
356,143
|
|
3,497
|
|
—
|
|
359,640
|
|
3,779
|
|
363,419
|
|
|
463,538
|
|
2,285
|
|
465,823
|
|
Other current assets
|
30,194
|
|
54,116
|
|
—
|
|
84,310
|
|
8,112
|
|
92,422
|
|
|
15,077
|
|
58,018
|
|
73,095
|
|
Current assets held for sale
|
528,547
|
|
126,739
|
|
15,925
|
|
671,211
|
|
29,404
|
|
700,615
|
|
|
681,452
|
|
155,955
|
|
837,407
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||
Property, plant and equipment, net
|
9,816
|
|
232,792
|
|
—
|
|
242,608
|
|
106,762
|
|
349,370
|
|
|
10,714
|
|
257,077
|
|
267,791
|
|
Goodwill
|
58,029
|
|
12,338
|
|
—
|
|
70,367
|
|
9,295
|
|
79,662
|
|
|
58,029
|
|
12,338
|
|
70,367
|
|
Investments
|
26,393
|
|
—
|
|
—
|
|
26,393
|
|
7,293
|
|
33,686
|
|
|
35,354
|
|
—
|
|
35,354
|
|
Other assets
|
13,301
|
|
5,868
|
|
—
|
|
19,169
|
|
12,654
|
|
31,823
|
|
|
2,021
|
|
1,066
|
|
3,087
|
|
Noncurrent assets held for sale (1)
|
107,539
|
|
250,998
|
|
—
|
|
358,537
|
|
136,004
|
|
494,541
|
|
|
106,118
|
|
270,481
|
|
376,599
|
|
Total assets held for sale
|
$636,086
|
$377,737
|
$15,925
|
$1,029,748
|
$165,408
|
$1,195,156
|
|
$787,570
|
$426,436
|
$1,214,006
|
|||||||||
|
|
|
|
|
|
|
|
|
|
|
|||||||||
Trade accounts payable
|
$189,091
|
$24,692
|
—
|
|
$213,783
|
$6,702
|
$220,485
|
|
$217,617
|
$20,608
|
$238,225
|
||||||||
Contract liabilities
|
37,551
|
|
4,466
|
|
—
|
|
42,017
|
|
25
|
|
42,042
|
|
|
51,129
|
|
4,280
|
|
55,409
|
|
Accrued salaries, wages and benefits
|
68,070
|
|
8,913
|
|
—
|
|
76,983
|
|
919
|
|
77,902
|
|
|
64,387
|
|
7,182
|
|
71,569
|
|
Other accrued liabilities
|
17,765
|
|
9,451
|
|
—
|
|
27,216
|
|
11,562
|
|
38,778
|
|
|
10,473
|
|
3,139
|
|
13,612
|
|
Current liabilities held for sale
|
312,477
|
|
47,522
|
|
—
|
|
359,999
|
|
19,208
|
|
379,207
|
|
|
343,606
|
|
35,209
|
|
378,815
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||
Noncurrent liabilities held for sale(1)
|
26,939
|
|
4,272
|
|
—
|
|
31,211
|
|
11,320
|
|
42,531
|
|
|
16,113
|
|
1,385
|
|
17,498
|
|
Total liabilities held for sale
|
$339,416
|
$51,794
|
—
|
|
$391,210
|
$30,528
|
$421,738
|
|
$359,719
|
$36,594
|
$396,313
|
(1)
|
Noncurrent assets and liabilities held for sale as of December 31, 2019 were classified as current on the Consolidated Balance Sheet as we expected to complete the sale of both the government and AMECO businesses within one year.
|
(2)
|
Other assets and liabilities held for sale from continuing operations were not recast as of December 31, 2018 because the balances were not significant.
|
|
|
Year Ended
December 31, 2019 |
|
Year Ended
December 31, 2018 |
|
Year Ended
December 31, 2017 |
||||||||||||||||||||||||||||||
(in thousands)
|
|
Government
|
|
AMECO
|
|
Total
|
|
Government
|
|
AMECO
|
|
Total
|
|
Government
|
|
AMECO
|
|
Total
|
||||||||||||||||||
Depreciation of fixed assets
|
|
$
|
3,962
|
|
|
$
|
44,295
|
|
|
$
|
48,257
|
|
|
$
|
3,625
|
|
|
$
|
72,137
|
|
|
$
|
75,762
|
|
|
$
|
2,624
|
|
|
$
|
80,571
|
|
|
$
|
83,195
|
|
Amortization of stock-based awards
|
|
2,313
|
|
|
123
|
|
|
2,436
|
|
|
1,810
|
|
|
103
|
|
|
1,913
|
|
|
2,537
|
|
|
126
|
|
|
2,663
|
|
|||||||||
Capital expenditures
|
|
(2,978
|
)
|
|
(68,048
|
)
|
|
(71,026
|
)
|
|
(6,927
|
)
|
|
(40,856
|
)
|
|
(47,783
|
)
|
|
(3,880
|
)
|
|
(128,949
|
)
|
|
(132,829
|
)
|
26.
|
Quarterly Financial Data (Unaudited)
|
|
As Restated
|
|
|||||||||||||
(in millions, except per share amounts)
|
First Quarter
|
|
Second Quarter
|
|
Third Quarter
|
|
Fourth Quarter
|
||||||||
Year ended December 31, 2019
|
|
|
|
|
|
|
|
||||||||
Revenue
|
$
|
3,377.5
|
|
|
$
|
3,424.5
|
|
|
$
|
3,910.4
|
|
|
$
|
3,635.6
|
|
Cost of revenue
|
3,356.5
|
|
|
3,884.4
|
|
|
3,843.8
|
|
|
3,690.7
|
|
||||
Earnings (loss) from continuing operations before taxes
|
(68.6
|
)
|
|
(540.1
|
)
|
|
(282.7
|
)
|
|
(385.3
|
)
|
||||
Net earnings (loss) from continuing operations
|
(74.9
|
)
|
|
(457.9
|
)
|
|
(772.5
|
)
|
|
(412.5
|
)
|
||||
Amounts attributable to Fluor Corporation:
|
|
|
|
|
|
|
|
||||||||
Net earnings (loss) from continuing operations
|
(95.4
|
)
|
|
(416.9
|
)
|
|
(782.7
|
)
|
|
(381.3
|
)
|
||||
Net earnings from discontinued operations
|
26.5
|
|
|
2.9
|
|
|
39.6
|
|
|
85.1
|
|
||||
Net earnings (loss)
|
$
|
(68.9
|
)
|
|
$
|
(414.0
|
)
|
|
$
|
(743.1
|
)
|
|
$
|
(296.2
|
)
|
Basic earnings (loss) per share attributable to Fluor Corporation:
|
|
|
|
|
|
|
|
||||||||
Net earnings (loss) from continuing operations
|
$
|
(0.68
|
)
|
|
$
|
(2.97
|
)
|
|
$
|
(5.58
|
)
|
|
$
|
(2.72
|
)
|
Net earnings from discontinued operations
|
0.19
|
|
|
0.02
|
|
|
0.28
|
|
|
0.61
|
|
||||
Net earnings (loss)
|
$
|
(0.49
|
)
|
|
$
|
(2.95
|
)
|
|
$
|
(5.30
|
)
|
|
$
|
(2.11
|
)
|
Diluted earnings (loss) per share attributable to Fluor Corporation:
|
|
|
|
|
|
|
|
||||||||
Net earnings (loss) from continuing operations
|
$
|
(0.68
|
)
|
|
$
|
(2.97
|
)
|
|
$
|
(5.58
|
)
|
|
$
|
(2.72
|
)
|
Net earnings from discontinued operations
|
0.19
|
|
|
0.02
|
|
|
0.28
|
|
|
0.61
|
|
||||
Net earnings (loss)
|
$
|
(0.49
|
)
|
|
$
|
(2.95
|
)
|
|
$
|
(5.30
|
)
|
|
$
|
(2.11
|
)
|
|
|
|
|
|
|
|
|
||||||||
|
As Restated
|
||||||||||||||
(in millions, except per share amounts)
|
First Quarter
|
|
Second Quarter
|
|
Third Quarter
|
|
Fourth Quarter
|
||||||||
Year ended December 31, 2018
|
|
|
|
|
|
|
|
||||||||
Revenue
|
$
|
3,445.5
|
|
|
$
|
3,939.3
|
|
|
$
|
3,841.2
|
|
|
$
|
3,946.5
|
|
Cost of revenue
|
3,483.3
|
|
|
3,843.3
|
|
|
3,653.4
|
|
|
3,823.2
|
|
||||
Earnings (loss) from continuing operations before taxes
|
(106.7
|
)
|
|
72.5
|
|
|
112.1
|
|
|
110.1
|
|
||||
Net earnings (loss) from continuing operations
|
(87.7
|
)
|
|
55.0
|
|
|
84.6
|
|
|
3.9
|
|
||||
Amounts attributable to Fluor Corporation:
|
|
|
|
|
|
|
|
||||||||
Net earnings (loss) from continuing operations
|
(90.9
|
)
|
|
45.9
|
|
|
65.3
|
|
|
(11.1
|
)
|
||||
Net earnings from discontinued operations
|
64.6
|
|
|
31.5
|
|
|
8.8
|
|
|
59.4
|
|
||||
Net earnings (loss)
|
$
|
(26.3
|
)
|
|
$
|
77.4
|
|
|
$
|
74.1
|
|
|
$
|
48.2
|
|
Basic earnings (loss) per share attributable to Fluor Corporation:
|
|
|
|
|
|
|
|
||||||||
Net earnings (loss) from continuing operations
|
$
|
(0.65
|
)
|
|
$
|
0.33
|
|
|
$
|
0.46
|
|
|
$
|
(0.08
|
)
|
Net earnings from discontinued operations
|
0.46
|
|
|
0.22
|
|
|
0.07
|
|
|
0.42
|
|
||||
Net earnings (loss)
|
$
|
(0.19
|
)
|
|
$
|
0.55
|
|
|
$
|
0.53
|
|
|
$
|
0.34
|
|
Diluted earnings (loss) per share attributable to Fluor Corporation:
|
|
|
|
|
|
|
|
||||||||
Net earnings (loss) from continuing operations
|
$
|
(0.65
|
)
|
|
$
|
0.33
|
|
|
$
|
0.46
|
|
|
$
|
(0.08
|
)
|
Net earnings from discontinued operations
|
0.46
|
|
|
0.22
|
|
|
0.06
|
|
|
0.42
|
|
||||
Net earnings (loss)
|
$
|
(0.19
|
)
|
|
$
|
0.55
|
|
|
$
|
0.52
|
|
|
$
|
0.34
|
|
•
|
Charges totaling $31 million from the resolution of certain close-out matters with a customer during the first quarter of 2019.
|
•
|
Charges totaling $61 million, $179 million and $20 million from late design changes, schedule-driven cost growth including liquidated damages, and subcontractor negotiations on a lump-sum, offshore project during the first, second and fourth quarters of 2019, respectively.
|
•
|
Charges totaling $26 million and $109 million, including the settlement of client disputes, as well as cost growth related to certain close-out matters, on three lump-sum, gas-fired power plant projects during the first and second quarters of 2019, respectively.
|
•
|
Charges totaling $26 million from the write-off of pre-contract costs during the second quarter of 2019.
|
•
|
Charges totaling $87 million from schedule-driven cost growth and client and subcontractor negotiations on two lump-sum, downstream projects and scope reductions on a large upstream project during the second quarter of 2019.
|
•
|
Charges totaling $55 million and $78 million from late engineering changes and schedule-driven cost growth, as well as negotiations with clients and subcontractors on pending change orders, for several infrastructure projects during the second and fourth quarters of 2019, respectively.
|
•
|
Charges totaling $4 million, $57 million and $21 million for late engineering changes and cost growth related to the Radford project during the first, second and third quarters of 2019, respectively.
|
•
|
Gains of $13 million and $18 million resulting from the favorable resolution of a longstanding customer dispute during the second and third quarters of 2019, respectively.
|
•
|
Charges totaling $59 million for cost growth on the Warren project during the third quarter of 2019.
|
•
|
Charges totaling $546 million and $185 million related to establishing a valuation allowance against deferred tax assets during the third and fourth quarters of 2019, respectively.
|
•
|
Impairment, restructuring and other exit costs totaling $27 million, $27 million, $334 million and $145 million during the first, second, third and fourth quarters of 2019, respectively.
|
•
|
Loss on pension settlement of $138 million during the fourth quarter of 2019.
|
•
|
Gain of $89 million related to the settlement agreement with Westinghouse during the fourth quarter of 2019.
|
•
|
Charges totaling $125 million, $16 million, $35 million and $12 million for estimated cost growth at a lump-sum, gas-fired power plant project during the first, second, third and fourth quarters of 2018, respectively.
|
•
|
Charges totaling $11 million, $10 million, $11 million and $23 million for late engineering changes and cost growth related to the Radford project during the first, second, third and fourth quarters of 2018, respectively.
|
•
|
Charges totaling $67 million, $46 million and $20 million for estimated cost and schedule impacts on a lump-sum, downstream project during the second, third and fourth quarters of 2018, respectively.
|
•
|
Charges totaling $20 million and $20 million for estimated cost growth on a lump-sum, offshore project during the second and fourth quarters of 2018, respectively.
|
•
|
A gain of $125 million from the sale of a joint venture interest in the United Kingdom during the third quarter of 2018.
|
|
For the Three Months Ended March 31, 2019
|
||||||||||||||||||||||
|
|
|
Project - Related
|
|
|
|
|
||||||||||||||||
(in thousands, except per share amounts)
|
As Previously Reported
|
|
Radford Adjustments
|
|
Infrastructure Adjustments
|
|
Energy & Chemicals Adjustments
|
|
Other Adjustments
|
|
As Restated
|
||||||||||||
Revenue
|
$
|
3,374,853
|
|
|
$
|
(9,472
|
)
|
|
$
|
14,099
|
|
|
$
|
(1,976
|
)
|
|
$
|
—
|
|
|
$
|
3,377,504
|
|
Cost of revenue
|
3,356,379
|
|
|
(5,139
|
)
|
|
—
|
|
|
5,224
|
|
|
—
|
|
|
3,356,464
|
|
||||||
Other (income) and expenses
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
|
|||||||
Corporate general and administrative expense
|
56,383
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
56,383
|
|
||||||
Impairment, restructuring and other exit costs
|
27,368
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
27,368
|
|
||||||
Loss on pension settlement
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
||||||
Interest expense
|
18,629
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
18,629
|
|
||||||
Interest income
|
(12,722
|
)
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
(12,722
|
)
|
||||||
Total cost and expenses
|
3,446,037
|
|
|
(5,139
|
)
|
|
—
|
|
|
5,224
|
|
|
—
|
|
|
3,446,122
|
|
||||||
Earnings (loss) from continuing operations before taxes
|
(71,184
|
)
|
|
(4,333
|
)
|
|
14,099
|
|
|
(7,200
|
)
|
|
—
|
|
|
(68,618
|
)
|
||||||
Income tax expense (benefit)
|
1,967
|
|
|
(997
|
)
|
|
1,291
|
|
|
(1,246
|
)
|
|
5,255
|
|
|
6,270
|
|
||||||
Net earnings (loss) from continuing operations
|
(73,151
|
)
|
|
(3,336
|
)
|
|
12,808
|
|
|
(5,954
|
)
|
|
(5,255
|
)
|
|
(74,888
|
)
|
||||||
Net earnings from discontinued operations
|
29,843
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
29,843
|
|
||||||
Net earnings (loss)
|
(43,308
|
)
|
|
(3,336
|
)
|
|
12,808
|
|
|
(5,954
|
)
|
|
(5,255
|
)
|
|
(45,045
|
)
|
||||||
Less: Net earnings (loss) attributable to NCI from continuing operations
|
11,788
|
|
|
—
|
|
|
8,741
|
|
|
—
|
|
|
—
|
|
|
20,529
|
|
||||||
Net earnings (loss) attributable to Fluor Corporation from continuing operations
|
(84,939
|
)
|
|
(3,336
|
)
|
|
4,067
|
|
|
(5,954
|
)
|
|
(5,255
|
)
|
|
(95,417
|
)
|
||||||
Less: Net earnings attributable to NCI from discontinued operations
|
3,330
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
3,330
|
|
||||||
Net earnings attributable to Fluor Corporation from discontinued operations
|
26,513
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
26,513
|
|
||||||
Net earnings (loss) attributable to Fluor Corporation
|
$
|
(58,426
|
)
|
|
$
|
(3,336
|
)
|
|
$
|
4,067
|
|
|
$
|
(5,954
|
)
|
|
$
|
(5,255
|
)
|
|
$
|
(68,904
|
)
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||
Amounts attributable to Fluor Corporation
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||
Net earnings (loss) from continuing operations
|
$
|
(84,939
|
)
|
|
$
|
(3,336
|
)
|
|
$
|
4,067
|
|
|
$
|
(5,954
|
)
|
|
$
|
(5,255
|
)
|
|
$
|
(95,417
|
)
|
Net earnings from discontinued operations
|
26,513
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
26,513
|
|
||||||
Net earnings (loss)
|
$
|
(58,426
|
)
|
|
$
|
(3,336
|
)
|
|
$
|
4,067
|
|
|
$
|
(5,954
|
)
|
|
$
|
(5,255
|
)
|
|
$
|
(68,904
|
)
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||
Basic earnings (loss) per share attributable to Fluor Corporation
|
|
|
|||||||||||||||||||||
Net earnings (loss) from continuing operations
|
$
|
(0.61
|
)
|
|
$
|
(0.02
|
)
|
|
$
|
0.03
|
|
|
$
|
(0.04
|
)
|
|
$
|
(0.04
|
)
|
|
$
|
(0.68
|
)
|
Net earnings from discontinued operations
|
0.19
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
0.19
|
|
||||||
Net earnings (loss)
|
$
|
(0.42
|
)
|
|
$
|
(0.02
|
)
|
|
$
|
0.03
|
|
|
$
|
(0.04
|
)
|
|
$
|
(0.04
|
)
|
|
$
|
(0.49
|
)
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||
Diluted earnings (loss) per share attributable to Fluor Corporation
|
|
|
|||||||||||||||||||||
Net earnings (loss) from continuing operations
|
$
|
(0.61
|
)
|
|
$
|
(0.02
|
)
|
|
$
|
0.03
|
|
|
$
|
(0.04
|
)
|
|
$
|
(0.04
|
)
|
|
$
|
(0.68
|
)
|
Net earnings from discontinued operations
|
0.19
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
0.19
|
|
||||||
Net earnings (loss)
|
$
|
(0.42
|
)
|
|
$
|
(0.02
|
)
|
|
$
|
0.03
|
|
|
$
|
(0.04
|
)
|
|
$
|
(0.04
|
)
|
|
$
|
(0.49
|
)
|
|
For the Three Months Ended June 30, 2019
|
||||||||||||||
|
|
|
Project - Related
|
|
|
||||||||||
(in thousands, except per share amounts)
|
As Previously Reported
|
|
Radford Adjustments
|
|
Energy & Chemicals Adjustments
|
|
As Restated
|
||||||||
Revenue
|
$
|
3,309,640
|
|
|
$
|
112,872
|
|
|
$
|
1,976
|
|
|
$
|
3,424,488
|
|
Cost of revenue
|
3,951,823
|
|
|
(62,236
|
)
|
|
(5,224
|
)
|
|
3,884,363
|
|
||||
Other (income) and expenses
|
|
|
|
|
|
|
|
||||||||
Corporate general and administrative expense
|
48,681
|
|
|
—
|
|
|
—
|
|
|
48,681
|
|
||||
Impairment, restructuring and other exit costs
|
26,671
|
|
|
—
|
|
|
—
|
|
|
26,671
|
|
||||
Loss on pension settlement
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
||||
Interest expense
|
18,876
|
|
|
—
|
|
|
—
|
|
|
18,876
|
|
||||
Interest income
|
(14,009
|
)
|
|
—
|
|
|
—
|
|
|
(14,009
|
)
|
||||
Total cost and expenses
|
4,032,042
|
|
|
(62,236
|
)
|
|
(5,224
|
)
|
|
3,964,582
|
|
||||
Earnings (loss) from continuing operations before taxes
|
(722,402
|
)
|
|
175,108
|
|
|
7,200
|
|
|
(540,094
|
)
|
||||
Income tax expense (benefit)
|
(123,755
|
)
|
|
40,275
|
|
|
1,246
|
|
|
(82,234
|
)
|
||||
Net earnings (loss) from continuing operations
|
(598,647
|
)
|
|
134,833
|
|
|
5,954
|
|
|
(457,860
|
)
|
||||
Net earnings from discontinued operations
|
5,161
|
|
|
—
|
|
|
—
|
|
|
5,161
|
|
||||
Net earnings (loss)
|
(593,486
|
)
|
|
134,833
|
|
|
5,954
|
|
|
(452,699
|
)
|
||||
Less: Net earnings (loss) attributable to NCI from continuing operations
|
(40,966
|
)
|
|
—
|
|
|
—
|
|
|
(40,966
|
)
|
||||
Net earnings (loss) attributable to Fluor Corporation from continuing operations
|
(557,681
|
)
|
|
134,833
|
|
|
5,954
|
|
|
(416,894
|
)
|
||||
Less: Net earnings attributable to NCI from discontinued operations
|
2,288
|
|
|
—
|
|
|
—
|
|
|
2,288
|
|
||||
Net earnings attributable to Fluor Corporation from discontinued operations
|
2,873
|
|
|
—
|
|
|
—
|
|
|
2,873
|
|
||||
Net earnings (loss) attributable to Fluor Corporation
|
$
|
(554,808
|
)
|
|
$
|
134,833
|
|
|
$
|
5,954
|
|
|
$
|
(414,021
|
)
|
|
|
|
|
|
|
|
|
||||||||
Amounts attributable to Fluor Corporation
|
|
|
|
|
|
|
|
||||||||
Net earnings (loss) from continuing operations
|
$
|
(557,681
|
)
|
|
$
|
134,833
|
|
|
$
|
5,954
|
|
|
$
|
(416,894
|
)
|
Net earnings from discontinued operations
|
2,873
|
|
|
—
|
|
|
—
|
|
|
2,873
|
|
||||
Net earnings (loss)
|
$
|
(554,808
|
)
|
|
$
|
134,833
|
|
|
$
|
5,954
|
|
|
$
|
(414,021
|
)
|
|
|
|
|
|
|
|
|
||||||||
Basic earnings (loss) per share attributable to Fluor Corporation
|
|
|
|||||||||||||
Net earnings (loss) from continuing operations
|
$
|
(3.98
|
)
|
|
$
|
0.97
|
|
|
$
|
0.04
|
|
|
$
|
(2.97
|
)
|
Net earnings from discontinued operations
|
0.02
|
|
|
—
|
|
|
—
|
|
|
0.02
|
|
||||
Net earnings (loss)
|
$
|
(3.96
|
)
|
|
$
|
0.97
|
|
|
$
|
0.04
|
|
|
$
|
(2.95
|
)
|
|
|
|
|
|
|
|
|
||||||||
Diluted earnings (loss) per share attributable to Fluor Corporation
|
|
|
|||||||||||||
Net earnings (loss) from continuing operations
|
$
|
(3.98
|
)
|
|
$
|
0.97
|
|
|
$
|
0.04
|
|
|
$
|
(2.97
|
)
|
Net earnings from discontinued operations
|
0.02
|
|
|
—
|
|
|
—
|
|
|
0.02
|
|
||||
Net earnings (loss)
|
$
|
(3.96
|
)
|
|
$
|
0.97
|
|
|
$
|
0.04
|
|
|
$
|
(2.95
|
)
|
|
For the Three Months Ended September 30, 2019
|
||||||||||||||
|
|
|
Project - Related
|
|
|
|
|
||||||||
(in thousands, except per share amounts)
|
As Previously Reported
|
|
Radford Adjustments
|
|
Other Adjustments
|
|
As Restated
|
||||||||
Revenue
|
$
|
3,937,707
|
|
|
$
|
(27,282
|
)
|
|
$
|
—
|
|
|
$
|
3,910,425
|
|
Cost of revenue
|
3,869,606
|
|
|
(26,366
|
)
|
|
554
|
|
|
3,843,794
|
|
||||
Other (income) and expenses
|
|
|
|
|
|
|
|
||||||||
Corporate general and administrative expense
|
10,362
|
|
|
—
|
|
|
(15
|
)
|
|
10,347
|
|
||||
Impairment, restructuring and other exit costs
|
333,988
|
|
|
—
|
|
|
—
|
|
|
333,988
|
|
||||
Loss on pension settlement
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
||||
Interest expense
|
18,984
|
|
|
—
|
|
|
—
|
|
|
18,984
|
|
||||
Interest income
|
(13,965
|
)
|
|
—
|
|
|
—
|
|
|
(13,965
|
)
|
||||
Total cost and expenses
|
4,218,975
|
|
|
(26,366
|
)
|
|
539
|
|
|
4,193,148
|
|
||||
Earnings (loss) from continuing operations before taxes
|
(281,268
|
)
|
|
(916
|
)
|
|
(539
|
)
|
|
(282,723
|
)
|
||||
Income tax expense (benefit)
|
490,077
|
|
|
(211
|
)
|
|
(130
|
)
|
|
489,736
|
|
||||
Net earnings (loss) from continuing operations
|
(771,345
|
)
|
|
(705
|
)
|
|
(409
|
)
|
|
(772,459
|
)
|
||||
Net earnings from discontinued operations
|
41,806
|
|
|
—
|
|
|
—
|
|
|
41,806
|
|
||||
Net earnings (loss)
|
(729,539
|
)
|
|
(705
|
)
|
|
(409
|
)
|
|
(730,653
|
)
|
||||
Less: Net earnings (loss) attributable to NCI from continuing operations
|
10,260
|
|
|
—
|
|
|
—
|
|
|
10,260
|
|
||||
Net earnings (loss) attributable to Fluor Corporation from continuing operations
|
(781,605
|
)
|
|
(705
|
)
|
|
(409
|
)
|
|
(782,719
|
)
|
||||
Less: Net earnings attributable to NCI from discontinued operations
|
2,185
|
|
|
—
|
|
|
—
|
|
|
2,185
|
|
||||
Net earnings attributable to Fluor Corporation from discontinued operations
|
39,621
|
|
|
—
|
|
|
—
|
|
|
39,621
|
|
||||
Net earnings (loss) attributable to Fluor Corporation
|
$
|
(741,984
|
)
|
|
$
|
(705
|
)
|
|
$
|
(409
|
)
|
|
$
|
(743,098
|
)
|
|
|
|
|
|
|
|
|
||||||||
Amounts attributable to Fluor Corporation
|
|
|
|
|
|
|
|
||||||||
Net earnings (loss) from continuing operations
|
$
|
(781,605
|
)
|
|
$
|
(705
|
)
|
|
$
|
(409
|
)
|
|
$
|
(782,719
|
)
|
Net earnings from discontinued operations
|
39,621
|
|
|
—
|
|
|
—
|
|
|
39,621
|
|
||||
Net earnings (loss)
|
$
|
(741,984
|
)
|
|
$
|
(705
|
)
|
|
$
|
(409
|
)
|
|
$
|
(743,098
|
)
|
|
|
|
|
|
|
|
|
||||||||
Basic earnings (loss) per share attributable to Fluor Corporation
|
|
|
|||||||||||||
Net earnings (loss) from continuing operations
|
$
|
(5.57
|
)
|
|
$
|
(0.01
|
)
|
|
$
|
—
|
|
|
$
|
(5.58
|
)
|
Net earnings from discontinued operations
|
0.28
|
|
|
—
|
|
|
—
|
|
|
0.28
|
|
||||
Net earnings (loss)
|
$
|
(5.29
|
)
|
|
$
|
(0.01
|
)
|
|
$
|
—
|
|
|
$
|
(5.30
|
)
|
|
|
|
|
|
|
|
|
||||||||
Diluted earnings (loss) per share attributable to Fluor Corporation
|
|
|
|||||||||||||
Net earnings (loss) from continuing operations
|
$
|
(5.57
|
)
|
|
$
|
(0.01
|
)
|
|
$
|
—
|
|
|
$
|
(5.58
|
)
|
Net earnings from discontinued operations
|
0.28
|
|
|
—
|
|
|
—
|
|
|
0.28
|
|
||||
Net earnings (loss)
|
$
|
(5.29
|
)
|
|
$
|
(0.01
|
)
|
|
$
|
—
|
|
|
$
|
(5.30
|
)
|
|
For the Three Months Ended March 31, 2018
|
||||||||||
|
|
|
Project - Related
|
|
|
||||||
(in thousands, except per share amounts)
|
As Previously Reported
|
|
Radford Adjustments
|
|
As Restated
|
||||||
Revenue
|
$
|
3,455,599
|
|
|
$
|
(10,107
|
)
|
|
$
|
3,445,492
|
|
Cost of revenue
|
3,482,164
|
|
|
1,185
|
|
|
3,483,349
|
|
|||
Other (income) and expenses
|
|
|
|
|
|
||||||
Corporate general and administrative expense
|
59,041
|
|
|
—
|
|
|
59,041
|
|
|||
Impairment, restructuring and other exit costs
|
—
|
|
|
—
|
|
|
—
|
|
|||
Loss on pension settlement
|
—
|
|
|
—
|
|
|
—
|
|
|||
Interest expense
|
17,111
|
|
|
—
|
|
|
17,111
|
|
|||
Interest income
|
(7,347
|
)
|
|
—
|
|
|
(7,347
|
)
|
|||
Total cost and expenses
|
3,550,969
|
|
|
1,185
|
|
|
3,552,154
|
|
|||
Earnings (loss) from continuing operations before taxes
|
(95,370
|
)
|
|
(11,292
|
)
|
|
(106,662
|
)
|
|||
Income tax expense (benefit)
|
(16,325
|
)
|
|
(2,597
|
)
|
|
(18,922
|
)
|
|||
Net earnings (loss) from continuing operations
|
(79,045
|
)
|
|
(8,695
|
)
|
|
(87,740
|
)
|
|||
Net earnings from discontinued operations
|
66,984
|
|
|
—
|
|
|
66,984
|
|
|||
Net earnings (loss)
|
(12,061
|
)
|
|
(8,695
|
)
|
|
(20,756
|
)
|
|||
Less: Net earnings (loss) attributable to NCI from continuing operations
|
3,167
|
|
|
—
|
|
|
3,167
|
|
|||
Net earnings (loss) attributable to Fluor Corporation from continuing operations
|
(82,212
|
)
|
|
(8,695
|
)
|
|
(90,907
|
)
|
|||
Less: Net earnings attributable to NCI from discontinued operations
|
2,362
|
|
|
—
|
|
|
2,362
|
|
|||
Net earnings attributable to Fluor Corporation from discontinued operations
|
64,622
|
|
|
—
|
|
|
64,622
|
|
|||
Net earnings (loss) attributable to Fluor Corporation
|
$
|
(17,590
|
)
|
|
$
|
(8,695
|
)
|
|
$
|
(26,285
|
)
|
|
|
|
|
|
|
||||||
Amounts attributable to Fluor Corporation
|
|
|
|
|
|
||||||
Net earnings (loss) from continuing operations
|
$
|
(82,212
|
)
|
|
$
|
(8,695
|
)
|
|
$
|
(90,907
|
)
|
Net earnings from discontinued operations
|
64,622
|
|
|
—
|
|
|
64,622
|
|
|||
Net earnings (loss)
|
$
|
(17,590
|
)
|
|
$
|
(8,695
|
)
|
|
$
|
(26,285
|
)
|
|
|
|
|
|
|
||||||
Basic earnings (loss) per share attributable to Fluor Corporation
|
|
|
|||||||||
Net earnings (loss) from continuing operations
|
$
|
(0.59
|
)
|
|
$
|
(0.06
|
)
|
|
$
|
(0.65
|
)
|
Net earnings from discontinued operations
|
0.46
|
|
|
—
|
|
|
0.46
|
|
|||
Net earnings (loss)
|
$
|
(0.13
|
)
|
|
$
|
(0.06
|
)
|
|
$
|
(0.19
|
)
|
|
|
|
|
|
|
||||||
Diluted earnings (loss) per share attributable to Fluor Corporation
|
|
|
|||||||||
Net earnings (loss) from continuing operations
|
$
|
(0.59
|
)
|
|
$
|
(0.06
|
)
|
|
$
|
(0.65
|
)
|
Net earnings from discontinued operations
|
0.46
|
|
|
—
|
|
|
0.46
|
|
|||
Net earnings (loss)
|
$
|
(0.13
|
)
|
|
$
|
(0.06
|
)
|
|
$
|
(0.19
|
)
|
|
For the Three Months Ended June 30, 2018
|
||||||||||||||||||||||
|
|
|
Project - Related
|
|
|
|
|
||||||||||||||||
(in thousands, except per share amounts)
|
As Previously Reported
|
|
Radford Adjustments
|
|
Infrastructure Adjustments
|
|
Energy & Chemicals Adjustments
|
|
Other Adjustments
|
|
As Restated
|
||||||||||||
Revenue
|
$
|
3,970,471
|
|
|
$
|
(9,447
|
)
|
|
$
|
(11,328
|
)
|
|
$
|
(2,136
|
)
|
|
$
|
(8,282
|
)
|
|
$
|
3,939,278
|
|
Cost of revenue
|
3,822,639
|
|
|
252
|
|
|
—
|
|
|
18,492
|
|
|
1,918
|
|
|
3,843,301
|
|
||||||
Other (income) and expenses
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||
Corporate general and administrative expense
|
12,734
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
12,734
|
|
||||||
Impairment, restructuring and other exit costs
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
||||||
Loss on pension settlement
|
1,893
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
1,893
|
|
||||||
Interest expense
|
16,783
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
16,783
|
|
||||||
Interest income
|
(7,925
|
)
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
(7,925
|
)
|
||||||
Total cost and expenses
|
3,846,124
|
|
|
252
|
|
|
—
|
|
|
18,492
|
|
|
1,918
|
|
|
3,866,786
|
|
||||||
Earnings (loss) from continuing operations before taxes
|
124,347
|
|
|
(9,699
|
)
|
|
(11,328
|
)
|
|
(20,628
|
)
|
|
(10,200
|
)
|
|
72,492
|
|
||||||
Income tax expense (benefit)
|
26,876
|
|
|
(2,231
|
)
|
|
(1,249
|
)
|
|
(3,569
|
)
|
|
(2,297
|
)
|
|
17,530
|
|
||||||
Net earnings (loss) from continuing operations
|
97,471
|
|
|
(7,468
|
)
|
|
(10,079
|
)
|
|
(17,059
|
)
|
|
(7,903
|
)
|
|
54,962
|
|
||||||
Net earnings from discontinued operations
|
33,692
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
33,692
|
|
||||||
Net earnings (loss)
|
131,163
|
|
|
(7,468
|
)
|
|
(10,079
|
)
|
|
(17,059
|
)
|
|
(7,903
|
)
|
|
88,654
|
|
||||||
Less: Net earnings (loss) attributable to NCI from continuing operations
|
14,163
|
|
|
—
|
|
|
(5,098
|
)
|
|
—
|
|
|
—
|
|
|
9,065
|
|
||||||
Net earnings (loss) attributable to Fluor Corporation from continuing operations
|
83,308
|
|
|
(7,468
|
)
|
|
(4,981
|
)
|
|
(17,059
|
)
|
|
(7,903
|
)
|
|
45,897
|
|
||||||
Less: Net earnings attributable to NCI from discontinued operations
|
2,169
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
2,169
|
|
||||||
Net earnings attributable to Fluor Corporation from discontinued operations
|
31,523
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
31,523
|
|
||||||
Net earnings (loss) attributable to Fluor Corporation
|
$
|
114,831
|
|
|
$
|
(7,468
|
)
|
|
$
|
(4,981
|
)
|
|
$
|
(17,059
|
)
|
|
$
|
(7,903
|
)
|
|
$
|
77,420
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||
Amounts attributable to Fluor Corporation
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||
Net earnings (loss) from continuing operations
|
$
|
83,308
|
|
|
$
|
(7,468
|
)
|
|
$
|
(4,981
|
)
|
|
$
|
(17,059
|
)
|
|
$
|
(7,903
|
)
|
|
$
|
45,897
|
|
Net earnings from discontinued operations
|
31,523
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
31,523
|
|
||||||
Net earnings (loss)
|
$
|
114,831
|
|
|
$
|
(7,468
|
)
|
|
$
|
(4,981
|
)
|
|
$
|
(17,059
|
)
|
|
$
|
(7,903
|
)
|
|
$
|
77,420
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||
Basic earnings (loss) per share attributable to Fluor Corporation
|
|
|
|||||||||||||||||||||
Net earnings (loss) from continuing operations
|
$
|
0.60
|
|
|
$
|
(0.05
|
)
|
|
$
|
(0.04
|
)
|
|
$
|
(0.13
|
)
|
|
$
|
(0.05
|
)
|
|
$
|
0.33
|
|
Net earnings from discontinued operations
|
0.22
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
0.22
|
|
||||||
Net earnings (loss)
|
$
|
0.82
|
|
|
$
|
(0.05
|
)
|
|
$
|
(0.04
|
)
|
|
$
|
(0.13
|
)
|
|
$
|
(0.05
|
)
|
|
$
|
0.55
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||
Diluted earnings (loss) per share attributable to Fluor Corporation
|
|
|
|||||||||||||||||||||
Net earnings (loss) from continuing operations
|
$
|
0.59
|
|
|
$
|
(0.05
|
)
|
|
$
|
(0.04
|
)
|
|
$
|
(0.12
|
)
|
|
$
|
(0.05
|
)
|
|
$
|
0.33
|
|
Net earnings from discontinued operations
|
0.22
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
0.22
|
|
||||||
Net earnings (loss)
|
$
|
0.81
|
|
|
$
|
(0.05
|
)
|
|
$
|
(0.04
|
)
|
|
$
|
(0.12
|
)
|
|
$
|
(0.05
|
)
|
|
$
|
0.55
|
|
|
For the Three Months Ended December 31, 2018
|
||||||||||||||||||||||
|
|
|
Project - Related
|
|
|
|
|
||||||||||||||||
(in thousands, except per share amounts)
|
As Previously Reported
|
|
Radford Adjustments
|
|
Infrastructure Adjustments
|
|
Energy & Chemicals Adjustments
|
|
Other Adjustments
|
|
As Restated
|
||||||||||||
Revenue
|
$
|
3,966,611
|
|
|
$
|
(16,009
|
)
|
|
$
|
(14,099
|
)
|
|
$
|
2,658
|
|
|
$
|
7,305
|
|
|
$
|
3,946,466
|
|
Cost of revenue
|
3,836,204
|
|
|
7,166
|
|
|
—
|
|
|
(17,263
|
)
|
|
(2,879
|
)
|
|
3,823,228
|
|
||||||
Other (income) and expenses
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||
Corporate general and administrative expense
|
4,241
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
(4
|
)
|
|
4,237
|
|
||||||
Impairment, restructuring and other exit costs
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
||||||
Loss on pension settlement
|
1,366
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
1,366
|
|
||||||
Interest expense
|
19,013
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
19,013
|
|
||||||
Interest income
|
(11,476
|
)
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
(11,476
|
)
|
||||||
Total cost and expenses
|
3,849,348
|
|
|
7,166
|
|
|
—
|
|
|
(17,263
|
)
|
|
(2,883
|
)
|
|
3,836,368
|
|
||||||
Earnings (loss) from continuing operations before taxes
|
117,263
|
|
|
(23,175
|
)
|
|
(14,099
|
)
|
|
19,921
|
|
|
10,188
|
|
|
110,098
|
|
||||||
Income tax expense (benefit)
|
102,616
|
|
|
(5,330
|
)
|
|
(1,291
|
)
|
|
3,446
|
|
|
6,753
|
|
|
106,194
|
|
||||||
Net earnings (loss) from continuing operations
|
14,647
|
|
|
(17,845
|
)
|
|
(12,808
|
)
|
|
16,475
|
|
|
3,435
|
|
|
3,904
|
|
||||||
Net earnings from discontinued operations
|
63,184
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
63,184
|
|
||||||
Net earnings (loss)
|
77,831
|
|
|
(17,845
|
)
|
|
(12,808
|
)
|
|
16,475
|
|
|
3,435
|
|
|
67,088
|
|
||||||
Less: Net earnings (loss) attributable to NCI from continuing operations
|
23,768
|
|
|
—
|
|
|
(8,741
|
)
|
|
—
|
|
|
—
|
|
|
15,027
|
|
||||||
Net earnings (loss) attributable to Fluor Corporation from continuing operations
|
(9,121
|
)
|
|
(17,845
|
)
|
|
(4,067
|
)
|
|
16,475
|
|
|
3,435
|
|
|
(11,123
|
)
|
||||||
Less: Net earnings attributable to NCI from discontinued operations
|
3,817
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
3,817
|
|
||||||
Net earnings attributable to Fluor Corporation from discontinued operations
|
59,367
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
59,367
|
|
||||||
Net earnings (loss) attributable to Fluor Corporation
|
$
|
50,246
|
|
|
$
|
(17,845
|
)
|
|
$
|
(4,067
|
)
|
|
$
|
16,475
|
|
|
$
|
3,435
|
|
|
$
|
48,244
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||
Amounts attributable to Fluor Corporation
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||
Net earnings (loss) from continuing operations
|
$
|
(9,121
|
)
|
|
$
|
(17,845
|
)
|
|
$
|
(4,067
|
)
|
|
$
|
16,475
|
|
|
$
|
3,435
|
|
|
$
|
(11,123
|
)
|
Net earnings from discontinued operations
|
59,367
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
59,367
|
|
||||||
Net earnings (loss)
|
$
|
50,246
|
|
|
$
|
(17,845
|
)
|
|
$
|
(4,067
|
)
|
|
$
|
16,475
|
|
|
$
|
3,435
|
|
|
$
|
48,244
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||
Basic earnings (loss) per share attributable to Fluor Corporation
|
|
|
|||||||||||||||||||||
Net earnings (loss) from continuing operations
|
$
|
(0.06
|
)
|
|
$
|
(0.13
|
)
|
|
$
|
(0.03
|
)
|
|
$
|
0.12
|
|
|
$
|
0.02
|
|
|
$
|
(0.08
|
)
|
Net earnings from discontinued operations
|
0.42
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
0.42
|
|
||||||
Net earnings (loss)
|
$
|
0.36
|
|
|
$
|
(0.13
|
)
|
|
$
|
(0.03
|
)
|
|
$
|
0.12
|
|
|
$
|
0.02
|
|
|
$
|
0.34
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||
Diluted earnings (loss) per share attributable to Fluor Corporation
|
|
|
|||||||||||||||||||||
Net earnings (loss) from continuing operations
|
$
|
(0.06
|
)
|
|
$
|
(0.13
|
)
|
|
$
|
(0.03
|
)
|
|
$
|
0.12
|
|
|
$
|
0.02
|
|
|
$
|
(0.08
|
)
|
Net earnings from discontinued operations
|
0.42
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
0.42
|
|
||||||
Net earnings (loss)
|
$
|
0.36
|
|
|
$
|
(0.13
|
)
|
|
$
|
(0.03
|
)
|
|
$
|
0.12
|
|
|
$
|
0.02
|
|
|
$
|
0.34
|
|
|
As of March 31, 2019
|
||||||||||||||||||
|
|
|
Project - Related
|
|
|
|
|
||||||||||||
(in thousands, except share and per share amounts)
|
As Previously Reported
|
|
Radford Adjustments
|
|
Energy & Chemicals Adjustments
|
|
Other Adjustments
|
|
As Restated
|
||||||||||
ASSETS
|
|||||||||||||||||||
Current assets
|
|
|
|
|
|
|
|
|
|
||||||||||
Cash and cash equivalents
|
$
|
1,805,777
|
|
|
$
|
—
|
|
|
$
|
—
|
|
|
$
|
—
|
|
|
$
|
1,805,777
|
|
Marketable securities
|
98,733
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
98,733
|
|
|||||
Accounts and notes receivable, net
|
1,176,709
|
|
|
—
|
|
|
—
|
|
|
1,397
|
|
|
1,178,106
|
|
|||||
Contract assets
|
1,137,953
|
|
|
(66,396
|
)
|
|
—
|
|
|
10,640
|
|
|
1,082,197
|
|
|||||
Other current assets
|
291,303
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
291,303
|
|
|||||
Current assets held for sale
|
732,134
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
732,134
|
|
|||||
Total current assets
|
5,242,609
|
|
|
(66,396
|
)
|
|
—
|
|
|
12,037
|
|
|
5,188,250
|
|
|||||
Noncurrent assets
|
|
|
|
|
|
|
|
|
|
||||||||||
Property, plant and equipment, net
|
717,738
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
717,738
|
|
|||||
Goodwill
|
464,684
|
|
|
—
|
|
|
—
|
|
|
3,233
|
|
|
467,917
|
|
|||||
Investments
|
903,108
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
903,108
|
|
|||||
Deferred taxes
|
363,873
|
|
|
42,596
|
|
|
1,230
|
|
|
(12,225
|
)
|
|
395,474
|
|
|||||
Deferred compensation trusts
|
354,961
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
354,961
|
|
|||||
Other assets
|
603,740
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
603,740
|
|
|||||
Noncurrent assets held for sale
|
391,002
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
391,002
|
|
|||||
Total other assets
|
3,799,106
|
|
|
42,596
|
|
|
1,230
|
|
|
(8,992
|
)
|
|
3,833,940
|
|
|||||
TOTAL ASSETS
|
$
|
9,041,715
|
|
|
$
|
(23,800
|
)
|
|
$
|
1,230
|
|
|
$
|
3,045
|
|
|
$
|
9,022,190
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||
LIABILITIES AND EQUITY
|
|||||||||||||||||||
Current liabilities
|
|
|
|
|
|
|
|
|
|
||||||||||
Trade accounts payable
|
$
|
1,317,785
|
|
|
$
|
—
|
|
|
$
|
—
|
|
|
$
|
—
|
|
|
$
|
1,317,785
|
|
Short-term borrowings
|
35,155
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
35,155
|
|
|||||
Contract liabilities
|
819,043
|
|
|
111,713
|
|
|
7,112
|
|
|
(3,020
|
)
|
|
934,848
|
|
|||||
Accrued salaries, wages and benefits
|
590,081
|
|
|
—
|
|
|
—
|
|
|
9,575
|
|
|
599,656
|
|
|||||
Other accrued liabilities
|
402,445
|
|
|
—
|
|
|
—
|
|
|
(5,694
|
)
|
|
396,751
|
|
|||||
Current liabilities held for sale
|
363,382
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
363,382
|
|
|||||
Total current liabilities
|
3,527,891
|
|
|
111,713
|
|
|
7,112
|
|
|
861
|
|
|
3,647,577
|
|
|||||
|
|
|
|
|
|
|
|
|
|
||||||||||
Long-term debt
|
1,650,927
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
1,650,927
|
|
|||||
Deferred taxes
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|||||
Other noncurrent liabilities
|
719,588
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
719,588
|
|
|||||
Noncurrent liabilities related to assets held for sale
|
27,382
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
27,382
|
|
|||||
|
|
|
|
|
|
|
|
|
|
||||||||||
Contingencies and commitments
|
|
|
|
|
|
|
|
|
|
||||||||||
|
|
|
|
|
|
|
|
|
|
||||||||||
Equity
|
|
|
|
|
|
|
|
|
|
||||||||||
Shareholders' equity
|
|
|
|
|
|
|
|
|
|
||||||||||
Preferred stock
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|||||
Common stock
|
1,399
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
1,399
|
|
|||||
Additional paid-in capital
|
94,456
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
94,456
|
|
|||||
Accumulated OCI
|
(497,892
|
)
|
|
—
|
|
|
72
|
|
|
(801
|
)
|
|
(498,621
|
)
|
|||||
Retained earnings
|
3,354,352
|
|
|
(135,513
|
)
|
|
(5,954
|
)
|
|
2,985
|
|
|
3,215,870
|
|
|||||
Total shareholders' equity
|
2,952,315
|
|
|
(135,513
|
)
|
|
(5,882
|
)
|
|
2,184
|
|
|
2,813,104
|
|
|||||
NCI
|
163,612
|
|
|
|
|
|
|
|
|
163,612
|
|
||||||||
Total equity
|
3,115,927
|
|
|
(135,513
|
)
|
|
(5,882
|
)
|
|
2,184
|
|
|
2,976,716
|
|
|||||
Total liabilities and equity
|
$
|
9,041,715
|
|
|
$
|
(23,800
|
)
|
|
$
|
1,230
|
|
|
$
|
3,045
|
|
|
$
|
9,022,190
|
|
|
As of June 30, 2019
|
||||||||||||||
|
|
|
Project - Related
|
|
|
|
|
||||||||
(in thousands, except share and per share amounts)
|
As Previously Reported
|
|
Radford Adjustments
|
|
Other Adjustments
|
|
As Restated
|
||||||||
ASSETS
|
|||||||||||||||
Current assets
|
|
|
|
|
|
|
|
||||||||
Cash and cash equivalents
|
$
|
1,857,285
|
|
|
$
|
—
|
|
|
$
|
—
|
|
|
$
|
1,857,285
|
|
Marketable securities
|
73,098
|
|
|
—
|
|
|
—
|
|
|
73,098
|
|
||||
Accounts and notes receivable, net
|
1,245,165
|
|
|
—
|
|
|
1,397
|
|
|
1,246,562
|
|
||||
Contract assets
|
820,323
|
|
|
(1
|
)
|
|
10,396
|
|
|
830,718
|
|
||||
Other current assets
|
364,904
|
|
|
—
|
|
|
—
|
|
|
364,904
|
|
||||
Current assets held for sale
|
796,777
|
|
|
—
|
|
|
—
|
|
|
796,777
|
|
||||
Total current assets
|
5,157,552
|
|
|
(1
|
)
|
|
11,793
|
|
|
5,169,344
|
|
||||
Noncurrent assets
|
|
|
|
|
|
|
|
||||||||
Property, plant and equipment, net
|
677,011
|
|
|
—
|
|
|
—
|
|
|
677,011
|
|
||||
Goodwill
|
464,034
|
|
|
—
|
|
|
3,233
|
|
|
467,267
|
|
||||
Investments
|
850,317
|
|
|
—
|
|
|
—
|
|
|
850,317
|
|
||||
Deferred taxes
|
513,306
|
|
|
2,321
|
|
|
(12,168
|
)
|
|
503,459
|
|
||||
Deferred compensation trusts
|
356,727
|
|
|
—
|
|
|
—
|
|
|
356,727
|
|
||||
Other assets
|
604,897
|
|
|
—
|
|
|
—
|
|
|
604,897
|
|
||||
Noncurrent assets held for sale
|
350,030
|
|
|
—
|
|
|
—
|
|
|
350,030
|
|
||||
Total other assets
|
3,816,322
|
|
|
2,321
|
|
|
(8,935
|
)
|
|
3,809,708
|
|
||||
TOTAL ASSETS
|
$
|
8,973,874
|
|
|
$
|
2,320
|
|
|
$
|
2,858
|
|
|
$
|
8,979,052
|
|
|
|
|
|
|
|
|
|
||||||||
LIABILITIES AND EQUITY
|
|||||||||||||||
Current liabilities
|
|
|
|
|
|
|
|
||||||||
Trade accounts payable
|
$
|
1,317,013
|
|
|
$
|
—
|
|
|
$
|
—
|
|
|
$
|
1,317,013
|
|
Short-term borrowings
|
40,810
|
|
|
—
|
|
|
—
|
|
|
40,810
|
|
||||
Contract liabilities
|
1,363,414
|
|
|
3,000
|
|
|
(2,951
|
)
|
|
1,363,463
|
|
||||
Accrued salaries, wages and benefits
|
540,852
|
|
|
—
|
|
|
9,575
|
|
|
550,427
|
|
||||
Other accrued liabilities
|
410,469
|
|
|
—
|
|
|
(5,694
|
)
|
|
404,775
|
|
||||
Current liabilities held for sale
|
385,136
|
|
|
—
|
|
|
—
|
|
|
385,136
|
|
||||
Total current liabilities
|
4,057,694
|
|
|
3,000
|
|
|
930
|
|
|
4,061,624
|
|
||||
|
|
|
|
|
|
|
|
||||||||
Long-term debt
|
1,657,246
|
|
|
—
|
|
|
—
|
|
|
1,657,246
|
|
||||
Deferred taxes
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
||||
Other noncurrent liabilities
|
733,433
|
|
|
—
|
|
|
—
|
|
|
733,433
|
|
||||
Noncurrent liabilities related to assets held for sale
|
28,011
|
|
|
—
|
|
|
—
|
|
|
28,011
|
|
||||
|
|
|
|
|
|
|
|
||||||||
Contingencies and commitments
|
|
|
|
|
|
|
|
||||||||
|
|
|
|
|
|
|
|
||||||||
Equity
|
|
|
|
|
|
|
|
||||||||
Shareholders' equity
|
|
|
|
|
|
|
|
||||||||
Preferred stock
|
—
|
|
|
—
|
|
|
|
|
—
|
|
|||||
Common stock
|
1,399
|
|
|
—
|
|
|
|
|
1,399
|
|
|||||
Additional paid-in capital
|
113,043
|
|
|
—
|
|
|
|
|
113,043
|
|
|||||
Accumulated OCI
|
(510,009
|
)
|
|
—
|
|
|
(1,057
|
)
|
|
(511,066
|
)
|
||||
Retained earnings
|
2,769,805
|
|
|
(680
|
)
|
|
2,985
|
|
|
2,772,110
|
|
||||
Total shareholders' equity
|
2,374,238
|
|
|
(680
|
)
|
|
1,928
|
|
|
2,375,486
|
|
||||
NCIs
|
123,252
|
|
|
—
|
|
|
—
|
|
|
123,252
|
|
||||
Total equity
|
2,497,490
|
|
|
(680
|
)
|
|
1,928
|
|
|
2,498,738
|
|
||||
Total liabilities and equity
|
$
|
8,973,874
|
|
|
$
|
2,320
|
|
|
$
|
2,858
|
|
|
$
|
8,979,052
|
|
|
As of September 30, 2019
|
||||||||||||||
|
|
|
Project - Related
|
|
|
|
|
||||||||
(in thousands, except share and per share amounts)
|
As Previously Reported
|
|
Radford Adjustments
|
|
Other Adjustments
|
|
As Restated
|
||||||||
ASSETS
|
|||||||||||||||
Current assets
|
|
|
|
|
|
|
|
||||||||
Cash and cash equivalents
|
$
|
1,805,104
|
|
|
$
|
—
|
|
|
$
|
—
|
|
|
$
|
1,805,104
|
|
Marketable securities
|
47,873
|
|
|
—
|
|
|
—
|
|
|
47,873
|
|
||||
Accounts and notes receivable, net
|
1,045,749
|
|
|
—
|
|
|
1,397
|
|
|
1,047,146
|
|
||||
Contract assets
|
930,554
|
|
|
(1
|
)
|
|
10,082
|
|
|
940,635
|
|
||||
Other current assets
|
345,653
|
|
|
—
|
|
|
—
|
|
|
345,653
|
|
||||
Current assets held for sale
|
1,147,955
|
|
|
—
|
|
|
—
|
|
|
1,147,955
|
|
||||
Total current assets
|
5,322,888
|
|
|
(1
|
)
|
|
11,479
|
|
|
5,334,366
|
|
||||
Noncurrent assets
|
|
|
|
|
|
|
|
||||||||
Property, plant and equipment, net
|
571,214
|
|
|
—
|
|
|
—
|
|
|
571,214
|
|
||||
Goodwill
|
439,576
|
|
|
—
|
|
|
3,233
|
|
|
442,809
|
|
||||
Investments
|
626,043
|
|
|
—
|
|
|
—
|
|
|
626,043
|
|
||||
Deferred taxes
|
70,538
|
|
|
2,532
|
|
|
(11,967
|
)
|
|
61,103
|
|
||||
Deferred compensation trusts
|
359,304
|
|
|
—
|
|
|
—
|
|
|
359,304
|
|
||||
Other assets
|
494,144
|
|
|
—
|
|
|
—
|
|
|
494,144
|
|
||||
Noncurrent assets held for sale
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
||||
Total other assets
|
2,560,819
|
|
|
2,532
|
|
|
(8,734
|
)
|
|
2,554,617
|
|
||||
TOTAL ASSETS
|
$
|
7,883,707
|
|
|
$
|
2,531
|
|
|
$
|
2,745
|
|
|
$
|
7,888,983
|
|
|
|
|
|
|
|
|
|
||||||||
LIABILITIES AND EQUITY
|
|||||||||||||||
Current liabilities
|
|
|
|
|
|
|
|
||||||||
Trade accounts payable
|
$
|
1,298,054
|
|
|
$
|
—
|
|
|
$
|
—
|
|
|
$
|
1,298,054
|
|
Short-term borrowings
|
45,240
|
|
|
—
|
|
|
—
|
|
|
45,240
|
|
||||
Contract liabilities
|
1,095,889
|
|
|
3,916
|
|
|
(2,862
|
)
|
|
1,096,943
|
|
||||
Accrued salaries, wages and benefits
|
579,592
|
|
|
—
|
|
|
9,575
|
|
|
589,167
|
|
||||
Other accrued liabilities
|
419,351
|
|
|
—
|
|
|
(5,155
|
)
|
|
414,196
|
|
||||
Current liabilities held for sale
|
412,243
|
|
|
—
|
|
|
—
|
|
|
412,243
|
|
||||
Total current liabilities
|
3,850,369
|
|
|
3,916
|
|
|
1,558
|
|
|
3,855,843
|
|
||||
|
|
|
|
|
|
|
|
||||||||
Long-term debt
|
1,636,905
|
|
|
—
|
|
|
—
|
|
|
1,636,905
|
|
||||
Deferred taxes
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
||||
Other noncurrent liabilities
|
712,500
|
|
|
—
|
|
|
—
|
|
|
712,500
|
|
||||
Noncurrent liabilities related to assets held for sale
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
||||
|
|
|
|
|
|
|
|
||||||||
Contingencies and commitments
|
|
|
|
|
|
|
|
||||||||
|
|
|
|
|
|
|
|
||||||||
Equity
|
|
|
|
|
|
|
|
||||||||
Shareholders' equity
|
|
|
|
|
|
|
|
||||||||
Preferred stock
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
||||
Common stock
|
1,399
|
|
|
—
|
|
|
—
|
|
|
1,399
|
|
||||
Additional paid-in capital
|
111,857
|
|
|
—
|
|
|
—
|
|
|
111,857
|
|
||||
Accumulated OCI
|
(551,903
|
)
|
|
—
|
|
|
(1,388
|
)
|
|
(553,291
|
)
|
||||
Retained earnings
|
1,998,144
|
|
|
(1,385
|
)
|
|
2,575
|
|
|
1,999,334
|
|
||||
Total shareholders' equity
|
1,559,497
|
|
|
(1,385
|
)
|
|
1,187
|
|
|
1,559,299
|
|
||||
NCIs
|
124,436
|
|
|
—
|
|
|
—
|
|
|
124,436
|
|
||||
Total equity
|
1,683,933
|
|
|
(1,385
|
)
|
|
1,187
|
|
|
1,683,735
|
|
||||
Total liabilities and equity
|
$
|
7,883,707
|
|
|
$
|
2,531
|
|
|
$
|
2,745
|
|
|
$
|
7,888,983
|
|
|
As of March 31, 2018
|
||||||||||||||
|
|
|
Project - Related
|
|
|
|
|
||||||||
(in thousands, except share and per share amounts)
|
As Previously Reported
|
|
Radford Adjustments
|
|
Other Adjustments
|
|
As Restated
|
||||||||
ASSETS
|
|||||||||||||||
Current assets
|
|
|
|
|
|
|
|
||||||||
Cash and cash equivalents
|
$
|
1,685,954
|
|
|
$
|
—
|
|
|
$
|
—
|
|
|
$
|
1,685,954
|
|
Marketable securities
|
142,503
|
|
|
—
|
|
|
—
|
|
|
142,503
|
|
||||
Accounts and notes receivable, net
|
1,256,586
|
|
|
—
|
|
|
1,550
|
|
|
1,258,136
|
|
||||
Contract assets
|
902,634
|
|
|
—
|
|
|
11,493
|
|
|
914,127
|
|
||||
Other current assets
|
499,137
|
|
|
—
|
|
|
—
|
|
|
499,137
|
|
||||
Current assets held for sale
|
1,207,948
|
|
|
—
|
|
|
—
|
|
|
1,207,948
|
|
||||
Total current assets
|
5,694,762
|
|
|
—
|
|
|
13,043
|
|
|
5,707,805
|
|
||||
Noncurrent assets
|
|
|
|
|
|
|
|
||||||||
Property, plant and equipment, net
|
776,467
|
|
|
—
|
|
|
—
|
|
|
776,467
|
|
||||
Goodwill
|
510,932
|
|
|
—
|
|
|
3,587
|
|
|
514,519
|
|
||||
Investments
|
876,401
|
|
|
—
|
|
|
(2,041
|
)
|
|
874,360
|
|
||||
Deferred taxes
|
435,675
|
|
|
31,404
|
|
|
(2,715
|
)
|
|
464,364
|
|
||||
Deferred compensation trusts
|
345,799
|
|
|
—
|
|
|
—
|
|
|
345,799
|
|
||||
Other assets
|
367,515
|
|
|
—
|
|
|
—
|
|
|
367,515
|
|
||||
Noncurrent assets held for sale
|
417,675
|
|
|
—
|
|
|
—
|
|
|
417,675
|
|
||||
Total other assets
|
3,730,464
|
|
|
31,404
|
|
|
(1,169
|
)
|
|
3,760,699
|
|
||||
TOTAL ASSETS
|
$
|
9,425,226
|
|
|
$
|
31,404
|
|
|
$
|
11,874
|
|
|
$
|
9,468,504
|
|
|
|
|
|
|
|
|
|
||||||||
LIABILITIES AND EQUITY
|
|||||||||||||||
Current liabilities
|
|
|
|
|
|
|
|
||||||||
Trade accounts payable
|
$
|
1,189,964
|
|
|
$
|
—
|
|
|
$
|
—
|
|
|
$
|
1,189,964
|
|
Short-term borrowings
|
28,808
|
|
|
—
|
|
|
—
|
|
|
28,808
|
|
||||
Contract liabilities
|
1,152,626
|
|
|
129,446
|
|
|
(5,993
|
)
|
|
1,276,079
|
|
||||
Accrued salaries, wages and benefits
|
652,201
|
|
|
—
|
|
|
10,491
|
|
|
662,692
|
|
||||
Other accrued liabilities
|
389,141
|
|
|
—
|
|
|
(5,033
|
)
|
|
384,108
|
|
||||
Current liabilities held for sale
|
665,567
|
|
|
—
|
|
|
—
|
|
|
665,567
|
|
||||
Total current liabilities
|
4,078,307
|
|
|
129,446
|
|
|
(535
|
)
|
|
4,207,218
|
|
||||
|
|
|
|
|
|
|
|
||||||||
Long-term debt
|
1,607,653
|
|
|
—
|
|
|
—
|
|
|
1,607,653
|
|
||||
Deferred taxes
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
||||
Other noncurrent liabilities
|
594,429
|
|
|
—
|
|
|
—
|
|
|
594,429
|
|
||||
Noncurrent liabilities related to assets held for sale
|
15,531
|
|
|
—
|
|
|
—
|
|
|
15,531
|
|
||||
|
|
|
|
|
|
|
|
||||||||
Contingencies and commitments
|
|
|
|
|
|
|
|
||||||||
|
|
|
|
|
|
|
|
||||||||
Equity
|
|
|
|
|
|
|
|
||||||||
Shareholders' equity
|
|
|
|
|
|
|
|
||||||||
Preferred stock
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
||||
Common stock
|
1,406
|
|
|
—
|
|
|
—
|
|
|
1,406
|
|
||||
Additional paid-in capital
|
99,028
|
|
|
—
|
|
|
—
|
|
|
99,028
|
|
||||
Accumulated OCI
|
(372,961
|
)
|
|
—
|
|
|
(300
|
)
|
|
(373,261
|
)
|
||||
Retained earnings
|
3,268,837
|
|
|
(98,042
|
)
|
|
12,709
|
|
|
3,183,504
|
|
||||
Total shareholders' equity
|
2,996,310
|
|
|
(98,042
|
)
|
|
12,409
|
|
|
2,910,677
|
|
||||
NCIs
|
132,996
|
|
|
—
|
|
|
—
|
|
|
132,996
|
|
||||
Total equity
|
3,129,306
|
|
|
(98,042
|
)
|
|
12,409
|
|
|
3,043,673
|
|
||||
Total liabilities and equity
|
$
|
9,425,226
|
|
|
$
|
31,404
|
|
|
$
|
11,874
|
|
|
$
|
9,468,504
|
|
|
As of June 30, 2018
|
||||||||||||||||||||||
|
|
|
Project - Related
|
|
|
|
|
||||||||||||||||
(in thousands, except share and per share amounts)
|
As Previously Reported
|
|
Radford Adjustments
|
|
Infrastructure Adjustments
|
|
Energy & Chemicals Adjustments
|
|
Other Adjustments
|
|
As Restated
|
||||||||||||
ASSETS
|
|||||||||||||||||||||||
Current assets
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||
Cash and cash equivalents
|
$
|
1,681,960
|
|
|
$
|
—
|
|
|
$
|
—
|
|
|
$
|
—
|
|
|
$
|
—
|
|
|
$
|
1,681,960
|
|
Marketable securities
|
101,124
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
101,124
|
|
||||||
Accounts and notes receivable, net
|
1,233,034
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
1,550
|
|
|
1,234,584
|
|
||||||
Contract assets
|
898,248
|
|
|
(9,683
|
)
|
|
—
|
|
|
—
|
|
|
10,805
|
|
|
899,370
|
|
||||||
Other current assets
|
458,427
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
458,427
|
|
||||||
Current assets held for sale
|
1,083,043
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
1,083,043
|
|
||||||
Total current assets
|
5,455,836
|
|
|
(9,683
|
)
|
|
—
|
|
|
—
|
|
|
12,355
|
|
|
5,458,508
|
|
||||||
Noncurrent assets
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||
Property, plant and equipment, net
|
753,885
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
753,885
|
|
||||||
Goodwill
|
487,942
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
3,587
|
|
|
491,529
|
|
||||||
Investments
|
873,293
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
(9,541
|
)
|
|
863,752
|
|
||||||
Deferred taxes
|
426,669
|
|
|
33,635
|
|
|
1,249
|
|
|
3,533
|
|
|
(254
|
)
|
|
464,832
|
|
||||||
Deferred compensation trusts
|
349,651
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
349,651
|
|
||||||
Other assets
|
366,373
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
366,373
|
|
||||||
Noncurrent assets held for sale
|
405,567
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
405,567
|
|
||||||
Total other assets
|
3,663,380
|
|
|
33,635
|
|
|
1,249
|
|
|
3,533
|
|
|
(6,208
|
)
|
|
3,695,589
|
|
||||||
TOTAL ASSETS
|
$
|
9,119,216
|
|
|
$
|
23,952
|
|
|
$
|
1,249
|
|
|
$
|
3,533
|
|
|
$
|
6,147
|
|
|
$
|
9,154,097
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||
LIABILITIES AND EQUITY
|
|||||||||||||||||||||||
Current liabilities
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||
Trade accounts payable
|
$
|
1,388,113
|
|
|
$
|
—
|
|
|
$
|
—
|
|
|
$
|
—
|
|
|
$
|
—
|
|
|
$
|
1,388,113
|
|
Short-term borrowings
|
80,561
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
80,561
|
|
||||||
Contract liabilities
|
902,856
|
|
|
129,463
|
|
|
11,328
|
|
|
20,419
|
|
|
(3,067
|
)
|
|
1,060,999
|
|
||||||
Accrued salaries, wages and benefits
|
553,449
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
10,491
|
|
|
563,940
|
|
||||||
Other accrued liabilities
|
385,583
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
(5,033
|
)
|
|
380,550
|
|
||||||
Current liabilities held for sale
|
441,085
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
441,085
|
|
||||||
Total current liabilities
|
3,751,647
|
|
|
129,463
|
|
|
11,328
|
|
|
20,419
|
|
|
2,391
|
|
|
3,915,248
|
|
||||||
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||
Long-term debt
|
1,575,370
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
1,575,370
|
|
||||||
Deferred taxes
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
||||||
Other noncurrent liabilities
|
590,645
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
590,645
|
|
||||||
Noncurrent liabilities related to assets held for sale
|
16,714
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
16,714
|
|
||||||
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||
Contingencies and commitments
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||
Equity
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||
Shareholders' equity
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||
Preferred stock
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
||||||
Common stock
|
1,406
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
1,406
|
|
||||||
Additional paid-in capital
|
111,368
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
111,368
|
|
||||||
Accumulated OCI
|
(422,595
|
)
|
|
—
|
|
|
—
|
|
|
173
|
|
|
(1,050
|
)
|
|
(423,472
|
)
|
||||||
Retained earnings
|
3,353,175
|
|
|
(105,511
|
)
|
|
(4,981
|
)
|
|
(17,059
|
)
|
|
4,806
|
|
|
3,230,430
|
|
||||||
Total shareholders' equity
|
3,043,354
|
|
|
(105,511
|
)
|
|
(4,981
|
)
|
|
(16,886
|
)
|
|
3,756
|
|
|
2,919,732
|
|
||||||
NCIs
|
141,486
|
|
|
—
|
|
|
(5,098
|
)
|
|
—
|
|
|
—
|
|
|
136,388
|
|
||||||
Total equity
|
3,184,840
|
|
|
(105,511
|
)
|
|
(10,079
|
)
|
|
(16,886
|
)
|
|
3,756
|
|
|
3,056,120
|
|
||||||
Total liabilities and equity
|
$
|
9,119,216
|
|
|
$
|
23,952
|
|
|
$
|
1,249
|
|
|
$
|
3,533
|
|
|
$
|
6,147
|
|
|
$
|
9,154,097
|
|
|
As of September 30, 2018
|
||||||||||||||||||
|
|
|
Project - Related
|
|
|
|
|
||||||||||||
(in thousands, except share and per share amounts)
|
As Previously Reported
|
|
Radford Adjustments
|
|
Energy & Chemicals Adjustments
|
|
Other Adjustments
|
|
As Restated
|
||||||||||
ASSETS
|
|||||||||||||||||||
Current assets
|
|
|
|
|
|
|
|
|
|
||||||||||
Cash and cash equivalents
|
$
|
1,679,796
|
|
|
$
|
—
|
|
|
$
|
—
|
|
|
$
|
—
|
|
|
$
|
1,679,796
|
|
Marketable securities
|
243,048
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
243,048
|
|
|||||
Accounts and notes receivable, net
|
1,403,503
|
|
|
—
|
|
|
—
|
|
|
1,550
|
|
|
1,405,053
|
|
|||||
Contract assets
|
938,963
|
|
|
(33,832
|
)
|
|
—
|
|
|
10,680
|
|
|
915,811
|
|
|||||
Other current assets
|
403,751
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
403,751
|
|
|||||
Current assets held for sale
|
915,100
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
915,100
|
|
|||||
Total current assets
|
5,584,161
|
|
|
(33,832
|
)
|
|
—
|
|
|
12,230
|
|
|
5,562,559
|
|
|||||
Noncurrent assets
|
|
|
|
|
|
|
|
|
|
||||||||||
Property, plant and equipment, net
|
748,494
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
748,494
|
|
|||||
Goodwill
|
482,928
|
|
|
—
|
|
|
—
|
|
|
3,587
|
|
|
486,515
|
|
|||||
Investments
|
827,943
|
|
|
—
|
|
|
—
|
|
|
(9,541
|
)
|
|
818,402
|
|
|||||
Deferred taxes
|
425,312
|
|
|
36,269
|
|
|
3,462
|
|
|
(225
|
)
|
|
464,818
|
|
|||||
Deferred compensation trusts
|
361,740
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
361,740
|
|
|||||
Other assets
|
331,591
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
331,591
|
|
|||||
Noncurrent assets held for sale
|
385,807
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
385,807
|
|
|||||
Total other assets
|
3,563,815
|
|
|
36,269
|
|
|
3,462
|
|
|
(6,179
|
)
|
|
3,597,367
|
|
|||||
TOTAL ASSETS
|
$
|
9,147,976
|
|
|
$
|
2,437
|
|
|
$
|
3,462
|
|
|
$
|
6,051
|
|
|
$
|
9,159,926
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||
LIABILITIES AND EQUITY
|
|||||||||||||||||||
Current liabilities
|
|
|
|
|
|
|
|
|
|
||||||||||
Trade accounts payable
|
$
|
1,365,169
|
|
|
$
|
—
|
|
|
$
|
—
|
|
|
$
|
—
|
|
|
$
|
1,365,169
|
|
Short-term borrowings
|
56,945
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
56,945
|
|
|||||
Contract liabilities
|
839,928
|
|
|
116,768
|
|
|
20,013
|
|
|
(3,032
|
)
|
|
973,677
|
|
|||||
Accrued salaries, wages and benefits
|
604,535
|
|
|
—
|
|
|
—
|
|
|
10,491
|
|
|
615,026
|
|
|||||
Other accrued liabilities
|
391,540
|
|
|
—
|
|
|
—
|
|
|
(5,033
|
)
|
|
386,507
|
|
|||||
Current liabilities held for sale
|
403,986
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
403,986
|
|
|||||
Total current liabilities
|
3,662,103
|
|
|
116,768
|
|
|
20,013
|
|
|
2,426
|
|
|
3,801,310
|
|
|||||
|
|
|
|
|
|
|
|
|
|
||||||||||
Long-term debt
|
1,667,359
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
1,667,359
|
|
|||||
Deferred taxes
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|||||
Other noncurrent liabilities
|
600,074
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
600,074
|
|
|||||
Noncurrent liabilities related to assets held for sale
|
18,512
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
18,512
|
|
|||||
|
|
|
|
|
|
|
|
|
|
||||||||||
Contingencies and commitments
|
|
|
|
|
|
|
|
|
|
||||||||||
|
|
|
|
|
|
|
|
|
|
||||||||||
Equity
|
|
|
|
|
|
|
|
|
|
||||||||||
Shareholders' equity
|
|
|
|
|
|
|
|
|
|
||||||||||
Preferred stock
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|||||
Common stock
|
1,407
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
1,407
|
|
|||||
Additional paid-in capital
|
122,267
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
122,267
|
|
|||||
Accumulated OCI
|
(482,178
|
)
|
|
—
|
|
|
(76
|
)
|
|
(1,181
|
)
|
|
(483,435
|
)
|
|||||
Retained earnings
|
3,401,528
|
|
|
(114,331
|
)
|
|
(16,475
|
)
|
|
4,806
|
|
|
3,275,528
|
|
|||||
Total shareholders' equity
|
3,043,024
|
|
|
(114,331
|
)
|
|
(16,551
|
)
|
|
3,625
|
|
|
2,915,767
|
|
|||||
NCIs
|
156,904
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
156,904
|
|
|||||
Total equity
|
3,199,928
|
|
|
(114,331
|
)
|
|
(16,551
|
)
|
|
3,625
|
|
|
3,072,671
|
|
|||||
Total liabilities and equity
|
$
|
9,147,976
|
|
|
$
|
2,437
|
|
|
$
|
3,462
|
|
|
$
|
6,051
|
|
|
$
|
9,159,926
|
|
|
For the Three Months Ended March 31, 2019
|
||||||||||||||||||||||
|
|
|
Project - Related
|
|
|
|
|
||||||||||||||||
(in thousands)
|
As Previously Reported
|
|
Radford Adjustments
|
|
Infrastructure Adjustments
|
|
Energy & Chemicals Adjustments
|
|
Other Adjustments
|
|
As Restated
|
||||||||||||
OPERATING CASH FLOW
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||
Net earnings (loss)
|
$
|
(43,308
|
)
|
|
$
|
(3,336
|
)
|
|
$
|
12,808
|
|
|
$
|
(5,954
|
)
|
|
$
|
(5,255
|
)
|
|
$
|
(45,045
|
)
|
Adjustments to reconcile net earnings (loss) to operating cash flow:
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||
Depreciation
|
45,264
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
45,264
|
|
||||||
Amortization of intangibles
|
4,567
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
4,567
|
|
||||||
(Earnings) loss from equity method investments, net of distributions
|
2,115
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
2,115
|
|
||||||
(Gain) loss on sales of property, plant and equipment
|
(1,858
|
)
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
(1,858
|
)
|
||||||
Amortization of stock-based awards
|
13,242
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
13,242
|
|
||||||
Deferred compensation trust
|
(26,145
|
)
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
(26,145
|
)
|
||||||
Deferred compensation obligation
|
28,584
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
28,584
|
|
||||||
Deferred taxes
|
(25,549
|
)
|
|
(997
|
)
|
|
1,291
|
|
|
(1,230
|
)
|
|
5,311
|
|
|
(21,174
|
)
|
||||||
Net retirement plan accrual (contributions)
|
(3,577
|
)
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
(3,577
|
)
|
||||||
Changes in assets and liabilities
|
(13,928
|
)
|
|
4,333
|
|
|
(14,099
|
)
|
|
7,184
|
|
|
(56
|
)
|
|
(16,566
|
)
|
||||||
Other
|
3,117
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
3,117
|
|
||||||
Operating cash flow
|
$
|
(17,476
|
)
|
|
$
|
—
|
|
|
$
|
—
|
|
|
$
|
—
|
|
|
$
|
—
|
|
|
$
|
(17,476
|
)
|
|
For the Six Months Ended June 30, 2019
|
||||||||||||||||||
|
|
|
Project - Related
|
|
|
|
|
||||||||||||
(in thousands)
|
As Previously Reported
|
|
Radford Adjustments
|
|
Infrastructure Adjustments
|
|
Other Adjustments
|
|
As Restated
|
||||||||||
OPERATING CASH FLOW
|
|
|
|
|
|
|
|
|
|
||||||||||
Net earnings (loss)
|
$
|
(636,794
|
)
|
|
$
|
131,497
|
|
|
$
|
12,808
|
|
|
$
|
(5,255
|
)
|
|
$
|
(497,744
|
)
|
Adjustments to reconcile net earnings (loss) to operating cash flow:
|
|
|
|
|
|
|
|
|
|
||||||||||
Depreciation
|
87,871
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
87,871
|
|
|||||
Amortization of intangibles
|
9,043
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
9,043
|
|
|||||
(Earnings) loss from equity method investments, net of distributions
|
7,891
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
7,891
|
|
|||||
(Gain) loss on sales of property, plant and equipment
|
(3,552
|
)
|
|
—
|
|
|
—
|
|
|
—
|
|
|
(3,552
|
)
|
|||||
Loss on impairment
|
39,115
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
39,115
|
|
|||||
Amortization of stock-based awards
|
29,803
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
29,803
|
|
|||||
Deferred compensation trust
|
(34,412
|
)
|
|
—
|
|
|
—
|
|
|
—
|
|
|
(34,412
|
)
|
|||||
Deferred compensation obligation
|
36,593
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
36,593
|
|
|||||
Deferred taxes
|
(173,488
|
)
|
|
39,278
|
|
|
1,291
|
|
|
5,255
|
|
|
(127,664
|
)
|
|||||
Net retirement plan accrual (contributions)
|
(1,827
|
)
|
|
—
|
|
|
—
|
|
|
—
|
|
|
(1,827
|
)
|
|||||
Changes in assets and liabilities
|
726,415
|
|
|
(170,775
|
)
|
|
(14,099
|
)
|
|
—
|
|
|
541,541
|
|
|||||
Other
|
4,777
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
4,777
|
|
|||||
Operating cash flow
|
$
|
91,435
|
|
|
$
|
—
|
|
|
$
|
—
|
|
|
$
|
—
|
|
|
$
|
91,435
|
|
|
For the Nine Months Ended September 30, 2019
|
||||||||||||||||||
|
|
|
Project - Related
|
|
|
|
|
||||||||||||
(in thousands)
|
As Previously Reported
|
|
Radford Adjustments
|
|
Infrastructure Adjustments
|
|
Other Adjustments
|
|
As Restated
|
||||||||||
OPERATING CASH FLOW
|
|
|
|
|
|
|
|
|
|
||||||||||
Net earnings (loss)
|
$
|
(1,366,333
|
)
|
|
$
|
130,792
|
|
|
$
|
12,808
|
|
|
$
|
(5,664
|
)
|
|
$
|
(1,228,397
|
)
|
Adjustments to reconcile net earnings (loss) to operating cash flow:
|
|
|
|
|
|
|
|
|
|
||||||||||
Depreciation
|
129,014
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
129,014
|
|
|||||
Amortization of intangibles
|
13,032
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
13,032
|
|
|||||
(Earnings) loss from equity method investments, net of distributions
|
6,510
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
6,510
|
|
|||||
(Gain) loss on sales of property, plant and equipment
|
5,690
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
5,690
|
|
|||||
Loss on impairment
|
347,411
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
347,411
|
|
|||||
Amortization of stock-based awards
|
27,513
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
27,513
|
|
|||||
Deferred compensation trust
|
(36,989
|
)
|
|
—
|
|
|
—
|
|
|
—
|
|
|
(36,989
|
)
|
|||||
Deferred compensation obligation
|
34,827
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
34,827
|
|
|||||
Deferred taxes
|
270,996
|
|
|
39,068
|
|
|
1,291
|
|
|
5,052
|
|
|
316,407
|
|
|||||
Net retirement plan accrual (contributions)
|
(1,821
|
)
|
|
—
|
|
|
—
|
|
|
—
|
|
|
(1,821
|
)
|
|||||
Changes in assets and liabilities
|
627,009
|
|
|
(169,860
|
)
|
|
(14,099
|
)
|
|
612
|
|
|
443,662
|
|
|||||
Other
|
10,039
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
10,039
|
|
|||||
Operating cash flow
|
$
|
66,898
|
|
|
$
|
—
|
|
|
$
|
—
|
|
|
$
|
—
|
|
|
$
|
66,898
|
|
|
For the Three Months Ended March 31, 2018
|
||||||||||
|
|
|
Project - Related
|
|
|
||||||
(in thousands)
|
As Previously Reported
|
|
Radford Adjustments
|
|
As Restated
|
||||||
OPERATING CASH FLOW
|
|
|
|
|
|
||||||
Net earnings (loss)
|
$
|
(12,061
|
)
|
|
$
|
(8,695
|
)
|
|
$
|
(20,756
|
)
|
Adjustments to reconcile net earnings (loss) to operating cash flow:
|
|
|
|
|
|
||||||
Depreciation
|
51,907
|
|
|
—
|
|
|
51,907
|
|
|||
Amortization of intangibles
|
4,747
|
|
|
—
|
|
|
4,747
|
|
|||
(Earnings) loss from equity method investments, net of distributions
|
1,854
|
|
|
—
|
|
|
1,854
|
|
|||
(Gain) loss on sales of property, plant and equipment
|
(2,153
|
)
|
|
—
|
|
|
(2,153
|
)
|
|||
Amortization of stock-based awards
|
13,917
|
|
|
—
|
|
|
13,917
|
|
|||
Deferred compensation trust
|
1,025
|
|
|
—
|
|
|
1,025
|
|
|||
Deferred compensation obligation
|
930
|
|
|
—
|
|
|
930
|
|
|||
Deferred taxes
|
(37,920
|
)
|
|
(2,597
|
)
|
|
(40,517
|
)
|
|||
Net retirement plan accrual (contributions)
|
(5,235
|
)
|
|
—
|
|
|
(5,235
|
)
|
|||
Changes in assets and liabilities
|
(151,051
|
)
|
|
11,292
|
|
|
(139,759
|
)
|
|||
Other
|
(1,962
|
)
|
|
|
|
(1,962
|
)
|
||||
Operating cash flow
|
$
|
(136,002
|
)
|
|
$
|
—
|
|
|
$
|
(136,002
|
)
|
|
For the Six Months Ended June 30, 2018
|
||||||||||||||||||||||
|
|
|
Project - Related
|
|
|
|
|
||||||||||||||||
(in thousands)
|
As Previously Reported
|
|
Radford Adjustments
|
|
Infrastructure Adjustments
|
|
Energy & Chemicals Adjustments
|
|
Other Adjustments
|
|
As Restated
|
||||||||||||
OPERATING CASH FLOW
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||
Net earnings (loss)
|
$
|
119,103
|
|
|
$
|
(16,163
|
)
|
|
$
|
(10,079
|
)
|
|
$
|
(17,059
|
)
|
|
$
|
(7,903
|
)
|
|
$
|
67,899
|
|
Adjustments to reconcile net earnings (loss) to operating cash flow:
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||
Depreciation
|
102,503
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
102,503
|
|
||||||
Amortization of intangibles
|
9,403
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
9,403
|
|
||||||
(Earnings) loss from equity method investments, net of distributions
|
1,919
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
1,919
|
|
||||||
(Gain) loss on sales of property, plant and equipment
|
(7,347
|
)
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
(7,347
|
)
|
||||||
Loss on impairment
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
||||||
Amortization of stock-based awards
|
23,990
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
23,990
|
|
||||||
Deferred compensation trust
|
(2,826
|
)
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
(2,826
|
)
|
||||||
Deferred compensation obligation
|
3,145
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
3,145
|
|
||||||
Deferred taxes
|
15,619
|
|
|
(4,828
|
)
|
|
(1,249
|
)
|
|
(3,533
|
)
|
|
(2,461
|
)
|
|
3,548
|
|
||||||
Net retirement plan accrual (contributions)
|
(3,056
|
)
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
(3,056
|
)
|
||||||
Changes in assets and liabilities
|
(394,362
|
)
|
|
20,991
|
|
|
11,328
|
|
|
20,592
|
|
|
10,364
|
|
|
(331,087
|
)
|
||||||
Other
|
(691
|
)
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
(691
|
)
|
||||||
Operating cash flow
|
$
|
(132,600
|
)
|
|
$
|
—
|
|
|
$
|
—
|
|
|
$
|
—
|
|
|
$
|
—
|
|
|
$
|
(132,600
|
)
|
|
For the Nine Months Ended September 30, 2018
|
||||||||||||||||||
|
|
|
Project - Related
|
|
|
|
|
||||||||||||
(in thousands)
|
As Previously Reported
|
|
Radford Adjustments
|
|
Energy & Chemicals Adjustments
|
|
Other Adjustments
|
|
As Restated
|
||||||||||
OPERATING CASH FLOW
|
|
|
|
|
|
|
|
|
|
||||||||||
Net earnings (loss)
|
$
|
215,128
|
|
|
$
|
(24,983
|
)
|
|
$
|
(16,475
|
)
|
|
$
|
(7,903
|
)
|
|
$
|
165,767
|
|
Adjustments to reconcile net earnings (loss) to operating cash flow:
|
|
|
|
|
|
|
|
|
|
||||||||||
Depreciation
|
150,592
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
150,592
|
|
|||||
Amortization of intangibles
|
14,327
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
14,327
|
|
|||||
(Earnings) loss from equity method investments, net of distributions
|
506
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
506
|
|
|||||
Gain on sale of joint venture interest
|
(124,942
|
)
|
|
—
|
|
|
—
|
|
|
—
|
|
|
(124,942
|
)
|
|||||
(Gain) loss on sales of property, plant and equipment
|
(15,595
|
)
|
|
—
|
|
|
—
|
|
|
—
|
|
|
(15,595
|
)
|
|||||
Amortization of stock-based awards
|
34,735
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
34,735
|
|
|||||
Deferred compensation trust
|
(14,915
|
)
|
|
—
|
|
|
—
|
|
|
—
|
|
|
(14,915
|
)
|
|||||
Deferred compensation obligation
|
19,320
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
19,320
|
|
|||||
Deferred taxes
|
30,969
|
|
|
(7,461
|
)
|
|
(3,462
|
)
|
|
(2,490
|
)
|
|
17,556
|
|
|||||
Net retirement plan accrual (contributions)
|
(16,552
|
)
|
|
—
|
|
|
—
|
|
|
—
|
|
|
(16,552
|
)
|
|||||
Changes in assets and liabilities
|
(305,467
|
)
|
|
32,444
|
|
|
19,937
|
|
|
10,393
|
|
|
(242,693
|
)
|
|||||
Other
|
609
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
609
|
|
|||||
Operating cash flow
|
$
|
(11,285
|
)
|
|
$
|
—
|
|
|
$
|
—
|
|
|
$
|
—
|
|
|
$
|
(11,285
|
)
|
27.
|
Subsequent Events
|
•
|
the prohibition on stockholders acting by written consent;
|
•
|
the limitations on the ability of our stockholders to call a special meeting, although, holders of at least 25% of our outstanding shares of common stock have the right to call a special meeting of stockholders, subject to certain limitations and procedures;
|
•
|
requirements for advance notice for raising business or making nominations at stockholder meetings; and
|
•
|
the ability of our board of directors to amend the Bylaws, increase the size of our board and to fill vacancies on our board.
|
/s/ Carlos M. Hernandez
|
Carlos M. Hernandez
|
/s/ Alan L. Boeckmann
|
12/2/2019
|
Alan L. Boeckmann
|
Date
|
Retention Agreement:
|
The entire award (less applicable withholding) will be earned and payable if you remain continuously employed through November 14, 2022.
|
/s/ Alan L. Boeckmann
|
Alan L. Boeckmann
|
Executive Chairman
|
Fluor Corporation
|
/s/ Carlos M. Hernandez
|
12/13/19
|
Carlos M. Hernandez
|
Date
|
1.
|
Payments and Other Consideration. The Company agrees to make the payments and accommodations and other consideration as set forth below in Paragraphs 1a, 1b, 1c, 1e, and 1g expressly conditioned on: (i) Employee providing non-executive services to the Company as requested, including making himself reasonably available for any future assistance related to any Litigation as defined in Paragraph 18 (“Services”); (ii) Employee signing and delivering to the Company this Agreement within 21 calendar days of the date of the Agreement and not subsequently revoking the Agreement within the time period set forth in Paragraph 4; (iii) Employee signing and delivering to the Company a Supplemental Release and Waiver of Claims in the form attached as Exhibit 1 to this Agreement (“Supplemental Release”) and not subsequently revoking it within the time period set forth therein; and (iv) Employee signing and delivering to the Company the Long Term Incentives Vesting/Forfeiture Agreement (“LTI Vesting/Forfeiture Agreement”) in the form attached as Exhibit 2 to this Agreement. Employee understands that the Company will deduct from any payments specified herein federal withholding taxes and other deductions the Company is required by law to make from wages and other payments to employees. Employee further understands that the payments and benefits and the retirement treatment to long term incentives set forth in this Paragraph 1 are all the Employee is entitled to receive from the Company under this Agreement except for those amounts described in Paragraph 6 to which Employee may be entitled.
|
a.
|
The Parties agree that Employee will continue his active employment in a non-executive and non-officer status at his normal base salary during the Transition Period, with Employee retiring effective March 1, 2020 (the “Retirement Date”), provided that Employee does not accept employment outside of Fluor, complies with all obligations under this Agreement, and complies with Fluor’s Code of Business Conduct & Ethics and other Company policies. During the Transition Period Employee shall provide
|
(i)
|
TERMINATION OF EMPLOYMENT. Employee’s employment under this Agreement shall be terminated before the Retirement Date under the circumstances indicated below and with the following results:
|
b.
|
Employee will receive a total payment of Four Hundred Sixty Three Thousand Six Hundred Ninety Two Dollars ($463,692) (the “Separation Payment”) which is equal to thirty-two weeks of Employee’s normal base salary as of the date of this Agreement. The Separation Payment shall be made upon the later of: (i) Employee’s last day of employment; or (ii) within two weeks after the effective date of the Supplemental Release, attached as Exhibit 1 to this Agreement.
|
c.
|
Employee will be eligible to receive a prorated bonus under the Fluor Corp. 2017 Performance Incentive Plan for the time period covering January 1, 2019 to October 11, 2019 provided Employee complies with the notice obligations set forth in Paragraph 1a(i)(a). Such prorated bonus shall be in an amount to be determined by the Board of Directors of Fluor or under the Board’s delegated authority by the Organization and Compensation Committee of the Board (the “Committee”). Employee’s bonus will be based on (i) Employee’s target annual bonus percentage, and (ii) actual achievement of the performance measures, both as set by the Committee at its February 2019 meeting, assuming a performance rating of 1.0 for the strategic portion of the annual incentive. Any bonus will be paid to the Employee when paid to other employees in the ordinary course in 2020, or two weeks after the effective date of the Supplemental Release, whichever is later. The Parties agree that the Employee shall not be eligible for any future bonus payments.
|
d.
|
The benefits and payments in Paragraph 1a above are intended to include any and all payments and benefits to which Employee may be entitled to receive under the Company’s Executive Severance Policy and are not intended to be in addition to, or duplicative of, the Company’s Executive Severance Policy. Employee understands and agrees that he will receive no further wages, salary, termination pay, severance pay, separation pay, vacation pay, bonuses, commissions, expenses, allowances, incentive payments, perquisites, or other similar payments, remuneration or benefits from the
|
e.
|
For the purpose of Employee’s stock and cash incentives, and subject to the terms and conditions set forth in the applicable incentive plans and agreements, Employee’s separation of employment will be treated as being in connection with retirement, effective on either the Retirement Date or on the date Employee is terminated under Paragraph 1a(i) of this Agreement (“Termination Date”), provided that this Agreement, the Supplemental Release, and the LTI Vesting/Forfeiture Agreement are all executed by Employee and become effective, with the following results:
|
(i)
|
Restricted Stock Units (“RSUs”), Non-Qualified Stock Options (“Stock Options”), and Value Driver Incentive (“VDI”) Awards granted to Employee at least one year prior to either the Retirement Date or the Termination Date shall continue to vest and continue to be payable in accordance with their terms on the dates set out in the awards notwithstanding such termination. RSU and VDI awards granted to Employee in 2019 shall be forfeited and shall not continue to vest if Employee does not remain employed with the Company through the February 26, 2020.
|
(ii)
|
For the 2017 Stock Option grant, Employee shall have the original 10-year term of the option to exercise. For all other outstanding options grants, Employee shall have three years to exercise vested stock options following his Retirement Date or Termination Date (but in no case beyond the original 10-year term of the option).
|
f.
|
All accrued unused TOWP will be included in Employee’s final pay, and paid out on the next regular pay date following his separation of employment from the Company.
|
g.
|
Employee will receive a total payment of Seventy Five Thousand Dollars ($75,000) (the “Relocation Payment”) to cover the costs associated with Employee moving his household goods, furnishings, and personal effects back to his home state. The Relocation Payment shall be made within two weeks of the Effective Date of this Agreement, as defined in Paragraph 4.
|
2.
|
No Obligation to Make Payment under Normal Policies. Employee agrees that the payments, benefits, and accommodations described in Paragraph 1a, 1b, 1c, 1e and 1g above are more than the Company would otherwise be required to pay and/or provide under its normal policies and procedures. Additionally, Employee understands and agrees that he is not entitled to the consideration referenced in Paragraphs 1a, 1b, 1c, 1e and 1g unless and until this Agreement, the Supplemental Release attached as Exhibit 1, and the LTI Vesting/Forfeiture Agreement attached as Exhibit 2 all become effective and Employee complies with all obligations and conditions set forth in this Agreement. Employee agrees that upon the receipt of his final paycheck and his accrued, unused TOWP, he will have been paid in full for any/all compensation he claims to be owed by the Company, including, but not limited to, salary, wages, commissions, bonuses, or any other compensation, and disavows any right or claim to any additional
|
3.
|
Complete Release. Subject to Paragraph 8 in this Agreement, Employee agrees to release the Company, and its current and former parent companies, subsidiaries, affiliated companies, related companies and joint ventures and each of their respective current and former officers, directors, board members, shareholders, affiliates and controlling person(s) (if any), employees, attorneys, representatives, predecessors, successors, assigns, divisions, co-employers, vendors, contractors and all other persons acting by, through, under, or in concert with any of them (collectively “Releasees”) from any and all claims, charges, complaints, lawsuits, liabilities, obligations, promises, agreements, damages, actions, causes of action, rights, demands, costs, losses, debts and expenses, injuries and grievances of any and every kind. Said release includes, but is not limited to, a full release of any and all claims for punitive damages, attorneys’ fees, injunctive relief, declaratory relief, equitable relief, loss of wages, loss of other employment, back pay, front pay, notice pay, severance pay, liquidated damages, compensatory damages, personal injury, emotional distress, mental anguish, libel, slander, defamation, vacation pay, sick pay, pension contributions or benefits, medical or health benefits, short or long term disability benefits, and any other employee benefits; and any and all claims and demands of any other kind and nature whatsoever, foreseen, unforeseen, or unforeseeable, now known or which may hereafter be discovered relating to his employment with and/or the cessation of his employment with the Company, or to any event, act or omission that has occurred as of the date this Agreement is executed, and includes, but is not limited to, to the fullest extent allowed by law, all liability arising from:
|
•
|
Title VII of the Civil Rights Acts of 1964;
|
•
|
the Americans with Disabilities Act of 1990;
|
•
|
the Family and Medical Leave Act;
|
•
|
Genetic Information Nondiscrimination Act of 2008
|
•
|
the Fair Labor Standards Act;
|
•
|
Sections 1981 through 1988 of Title 42 of the United States Code;
|
•
|
the Age Discrimination in Employment Act of 1967;
|
•
|
the Older Workers Benefit and Protection Act of 1990;
|
•
|
the Uniformed Services Employment and Reemployment Act of 1994;
|
•
|
the Employee Retirement Income Security Act of 1974;
|
•
|
the Health Insurance Portability and Accountability Act;
|
•
|
the Occupational and Safety Health Act of 1970;
|
•
|
the Worker Adjustment and Retraining Notification Act;
|
•
|
the Equal Pay Act;
|
•
|
Executive Orders 11246 and 11141;
|
•
|
the Rehabilitation Act of 1973;
|
•
|
any and all local, municipal, state, or federal statutes, regulations or ordinances;
|
•
|
any and all claims arising under state or federal common law;
|
•
|
any and all claims arising under any other law;
|
•
|
any claims for attorneys’ fees or costs.
|
4.
|
Waiver of ADEA Claims. The release set forth above includes a waiver of rights and claims which Employee may have arising under the Age Discrimination in Employment Act of 1967 (Title 29, United States Code, Section 621, et seq.) (“ADEA”). In compliance with the Older Workers Benefit and Protection Act of 1990:
|
a.
|
Employee is advised to consult with an attorney before accepting this Agreement and waiving his rights and claims under the ADEA. Employee understands that by signing this release, he waives his rights and/or claims under the ADEA.
|
b.
|
Review period. Employee acknowledges that he has been given a period of up to twenty-one (21) days to review and consider this Agreement and to consult with an attorney, accountant and/or other advisors before signing and that the actual time he has taken for such purposes was adequate for all appropriate consultations. Any changes in this Agreement, whether material or immaterial, do not restart the running of the 21-day period.
|
c.
|
Revocation period. Employee understands that he has a period of seven (7) days, commencing with the day after the date of his signature on this Agreement, to revoke this agreement. To revoke, Employee must provide written notice to Chief Human Resources Officer, Stacy Dillow, 6700 Las Colinas Blvd. (W1H), Irving, TX 75039. Such written notice must be received no later than 11:59 pm (CST) on the seventh day after Employee signs this Agreement.
|
d.
|
This Retirement and Release Agreement will not be effective or enforceable until Employee has returned the fully executed Agreement and the seven day revocation period has expired (“Effective Date”). If Employee revokes this Agreement, it shall not be effective or enforceable. Further, if this Agreement is revoked, Employee shall not be entitled to receive the payments and accommodations described in Paragraph 1, other than the payment provided for in Paragraph 1f, and any outstanding stock based awards shall be governed by the terms of the applicable award agreements.
|
5.
|
Additional Facts. Employee agrees and acknowledges that he may hereafter discover facts different from, or in addition to, those he now believes to be true with respect to any or all of the claims or demands herein released. Nevertheless, the Company and Employee agree that the release set forth above shall be and will remain effective in all respects, notwithstanding the discovery of such different or additional facts.
|
6.
|
Release Inapplicable to Certain Benefits. This release does not include a release of Employee's right, if any, to the following, which shall continue to be governed by and subject to the terms and conditions set out in the applicable plans, programs, and agreements:
|
a.
|
Retirement benefits under the terms of Company's standard retirement plans and programs;
|
b.
|
Compensation that Employee has already deferred under the Fluor 409A Executive Deferred Compensation Program.
|
7.
|
No Pending Claims/Lawsuits. Employee represents that he has no pending complaints, actions, charges, or claims of any nature (on his own behalf or in conjunction with any other person or entity) against the Releasees based on, or related to, any events or actions that occurred prior to the execution of this Agreement, and that Employee is not currently aware of facts that would support any such claim. Employee further represents that he has no knowledge of any unreported conduct by or on behalf of the Company that in his view is or may be inconsistent with applicable law, regulation, or Company standards of conduct and compliance.
|
8.
|
Protected Rights. Notwithstanding what is stated in Paragraphs 7, 12, 13, 14, 15, 16 and 23, or any other provision in the Agreement, nothing in this Agreement or in the Exhibits thereto prohibits or restricts Employee from either filing charges/complaints/inquiries with any federal, state or local governmental agency or participating in a proceeding before any governmental agency responsible for the enforcement of any local, state, or federal law. However, Employee understands and agrees that, except as set forth in the following subparagraph, he will not be entitled to any financial recovery or non-monetary relief from any judgment, decision, or award upon any claim released by him regardless of who filed or initiated any such complaint, charge, or proceeding.
|
9.
|
Non-Admission of Wrongdoing. By making this Agreement, neither the Company nor the Employee admits that they have done anything wrong.
|
10.
|
Non-Release of Future Claims. This Agreement does not waive or release any rights or claims that Employee may have under the Age Discrimination in Employment Act, Title VII of the Civil Rights Act of 1964 or the Americans with Disabilities Act which arise after the date the Employee signs this Agreement. In addition, the Company and Employee acknowledge and agree that the release set forth in this Agreement does not include any claims Employee may have against the Company for its failure to comply with or breach of any provision in this Agreement.
|
11.
|
Other Officer / Director Positions. Employee agrees to resign immediately (whether or not requested by the Company) from any officer or director positions or trusteeships Employee holds with the Company, its parent companies and their respective subsidiaries, joint ventures, or related entities and agrees to execute such documents as may be necessary to give effect to his resignation.
|
12.
|
Return of Company Property. Employee agrees to return and deliver to the Company on or before the Retirement Date all Company property, including but not limited to, any and all mobile devices (iPhone, iPad, etc.), any and all hard copy and/or electronic documents, records, notebooks, reports, blueprints, manuals, etc. downloaded by him or provided to him by the Company, and all documents, materials of a secret, confidential, proprietary, or attorney-client privilege nature relating to the Company’s business and which are in his possession or under his control, and to maintain the confidentiality of such materials thereafter. Employee understands and agrees that his failure to comply with the provisions of this Paragraph 12 shall constitute a breach of this Agreement. Employee understands and agrees that the Company will assert all rights and remedies under the law, and in equity, that it may be entitled to as result of any breach of this Agreement.
|
13.
|
Consequences of Employee Breach of Promises. If Employee files a lawsuit based on legal claims that he has released, or otherwise breaches this Agreement, Employee understands and agrees that the Company will be entitled to assert all rights and remedies, in law and in equity, that it may be entitled to as a result of any breach of this Agreement.
|
14.
|
Confidential Information. Employee understands and agrees that in the course of Employee's employment with the Company, Employee has acquired confidential information and trade secrets concerning the Company's operations such as, but not limited to, the Company’s existing and prospective customers, suppliers, sales process, information pertaining to its customers and suppliers, the Company’s future plans and its methods of doing business. Employee understands and agrees it would be extremely damaging to the Company if Employee disclosed such information to a competitor or made it available to any other company.
|
15.
|
Non-Disparagement. Employee agrees that he will not take any action or make or cause to be made any false or defamatory statements, written or oral, that disparage, are inimical to, are critical of, or damage the reputation of, or that otherwise work in any way to the detriment of, or which disrupts or impairs the Company’s normal operations, or that may be potentially embarrassing to the Company or any of its past or present affiliates, subsidiaries, agents, officers, directors, shareholders, employees, representatives or agents. This paragraph is intended to apply to any false or defamatory statements that may be harmful to professional reputation or personal reputation or character. The term “statements” is intended to extend to all forms of communications, including but not limited to verbal, written, e-mails, chat rooms, instant messaging, and all other forms of electronic communication. Further, if a prospective employer of Employee contacts the Company’s employment verification representative or service, such person or service will verify dates of employment and last position held, and will only disclose or verify any additional information that Employee authorizes, in writing, the Company to provide.
|
16.
|
Authorized Disclosures. Nothing in Paragraphs 12, 13, 14, 15, 16, and 23 shall prevent Employee or the Company from responding truthfully and accurately to any inquiry or request for information when required by court order, a government investigation or otherwise by compulsion of law. Except to the extent a disclosure without notice to the Company is permitted under the circumstances described in Paragraph 8 above, if any
|
17.
|
Section 409A.
|
a.
|
It is the intention of the Parties that, to the fullest extent permitted by applicable law, payment of all benefits pursuant to Paragraph 1 of this Agreement shall be exempt from Section 409A of the Internal Revenue Code, as amended (the “Code”) and the regulations promulgated thereunder (“Section 409A) due to (i) the involuntary termination exception as set forth in Section 1.409A-1(b)((9)(iii) of the final regulations issued under Section 409A or such other exemption as may apply; (ii) the “short-term deferral” rule set forth in Section 1.409A-1(b)(4) of the final regulations issued under Section 409A; or (iii) such other exemption as may apply.
|
b.
|
Notwithstanding the foregoing, to the extent any payments under this Agreement are subject to (and not exempt from) Section 409A, it is intended that such payments will comply with Section 409A as amounts payable on the earlier of a “fixed schedule” in accordance with Section 1.409A-3(i)(1)(i) of the final regulations issued under Section 409A, or a “separation from service” as set forth in Section 1.409A-1(h) of the final regulations issued under Section 409A, such that no portion of the payments will be subject to the additional tax imposed under Section 409A, and any ambiguities herein will be interpreted to so comply.
|
c.
|
Each payment and benefit payable under this Agreement is intended to constitute separate payments for purposes of Section 1.409A-2(b)(2) of the final regulations issued under Section 409A.
|
d.
|
This Paragraph 17 is intended to comply with the requirements of Section 409A of the Code so that none of the payments and benefits to be provided hereunder will be subject to either (1) the six (6) month delay which may otherwise be required with respect to payments of deferred compensation to “specified Executives” as defined in Section 409A, and (b) any additional tax imposed under Section 409A, and any ambiguities herein will be interpreted to so comply. The Company and Employee agree to work
|
18.
|
Assistance in Disputes/Litigation. Employee agrees to make himself reasonably available for any future assistance related to any inquiry, investigation, claim, litigation, or dispute (collectively “Litigation”) involving the Company, its subsidiaries, joint ventures, or related entities as may be requested by the Company. Among other things, with reasonable advance notice, Employee will meet with the Company’s representatives and attorneys at mutually convenient times and locations to prepare for such Litigation and will appear and participate in providing evidence (written or oral testimony) in any pending or future Litigation. If Employee is called as a witness by the Company to give testimony in any legal matter, Employee understands that Employee is to answer proper questions truthfully. For Employee’s involvement and assistance with Company’s requests after March 2021, when Company seeks assistance from Employee for any purpose, including calling Employee as a witness to give testimony in any future Litigation, the Company agrees to pay Employee’s reasonable out-of-pocket expenses, and to the extent permitted by law, regulation or applicable rules of Court, lost earnings incurred directly as a result of such assistance calculated at a rate of $362 (USD) per hour less required deductions. Any compensation is not, and shall not be, in any way contingent upon the content of Employee’s testimony in the course of any Litigation matter nor shall the compensation in any way be contingent on the outcome or disposition of any such matter.
|
19.
|
Modifications of Agreement. This Agreement can only be modified in writing and signed by both the Employee and an authorized representative of the Company.
|
20.
|
Interpretation of Agreement. This Agreement will be interpreted in accordance with the plain meanings of its terms and not strictly for or against either of the Parties. The Parties agree that any ambiguities will not be construed solely against the drafting party.
|
21.
|
Applicable Law. This Agreement shall be governed by and construed and enforced under Texas law, excluding the provisions thereof which refer to the laws of another jurisdiction. The Parties irrevocably agree to submit to the jurisdiction and venue of the state or federal courts in Dallas County, Texas, and appropriate appellate courts therefrom, in any action or proceeding brought with respect to or in connection with this Agreement.
|
22.
|
Severability. If any provision or part of this Agreement is held or determined to be invalid or unenforceable for any reason, each such provision or part shall be severed from the remaining provisions of the Agreement or the Agreement shall be read and interpreted as if it did not contain such provision or part. The validity and enforceability of remaining provisions shall not be affected by any such invalid or unenforceable part or provision; however, if Employee seeks to invalidate any portion of the release in Paragraph 3 or in the Supplemental Release, and any such portion of the release is held to be unenforceable, RELEASEES may seek modification or severance of such portion or may terminate the Agreement or consider the Agreement null and void.
|
23.
|
Entire Agreement. This Agreement along with Exhibits 1 and 2, and the governing long term incentive plans and awards, which are incorporated by reference as if fully set forth herein, is the entire Agreement between Employee and the Company and supersedes any and all prior negotiations, agreements, and/or understandings between the Parties pertaining to the subject matter hereof, whether written or oral. It may not be amended or modified except by a writing signed by Employee and an authorized representative of the Company. However, this Agreement is not intended to eliminate or modify any indemnification protections and advancement of expenses, if any, Employee has under applicable law and/or pursuant to the terms of any prior Agreements with the Company, or eliminate or change the terms and conditions of any confidentiality agreement Employee may have signed at the time of hire or during his employment with the Company; provided, however, that Employee may make disclosures as expressly set forth in Paragraph 8 of this Agreement. Further, neither the Company nor anyone acting on its behalf has made any promises or representations to Employee other than those expressly stated in this Agreement.
|
10/24/2019
|
|
|
/s/ Bruce Stanski
|
DATE SIGNED
|
|
|
BRUCE STANSKI - SIGNATURE
|
|
|
|
|
|
|
|
Fluor Enterprises, Inc.
|
|
|
|
|
10/24/2019
|
|
By:
|
/s/ John Reynolds
|
DATE SIGNED
|
|
|
Chief Legal Officer
|
|
|
|
|
•
|
any and all local, municipal, state, or federal statutes, regulations or ordinances;
|
Signature:
|
|
|
Date:
|
|
|
Bruce Stanski
|
|
|
|
|
|
|
|
|
1.
|
Consideration. In exchange for the promises below, the Company agrees to vest certain unvested non-qualified stock options, restricted stock, and value driver incentives (“Long Term Incentives”) of Employee in connection with retirement, as provided for in the applicable plan documents and agreements, if such Long Term Incentives were granted to Employee at least one year prior to either the Retirement Date or the Termination Date. For clarity, the Long Term Incentives granted in 2019 shall be forfeited and shall not continue to vest if Employee’s employment with the Company ends before February 26, 2020.
|
2.
|
Vesting Requirement/Conditions. For the consideration provided in paragraph 1 above, Employee agrees that he will not engage in any detrimental activity as provided for in paragraphs 3 and 4 below.
|
3.
|
Detrimental Activity. Employee agrees that for a period of twelve months following his Termination Date or Retirement Date, Employee will not, directly or indirectly, accept or become engaged in any capacity (whether as an employee, partner, consultant, agent or other arrangement) with any other company engaged in or about to become engaged in business that directly competes with the Company and/or its affiliates, including Fluor Corporation (a “Competitive Business”). This restriction applies to Employee working for a Competitive Business within a 50 mile radius of a Company office or project (existing or scheduled to start within 3 months of Employee’s Separation Date). Such activity will be considered to be detrimental to the Company and/or its affiliates. A Competitive Business includes any engineering and/or construction company headquartered or having a physical presence in any county, province, or parish in which the Company or its affiliates conduct business operations that are substantially similar to and/or competitive with, the Company’s or an affiliate’s business
|
4.
|
Confidential / Trade Secrets / Company Proprietary Information. Employee further understands and agrees that in the course of Employee's employment with the Company, Employee has acquired confidential and Company proprietary information and trade secrets concerning the Company's operations, its future plans and its methods of doing business. Employee understands and agrees it would be extremely damaging and detrimental to the Company if Employee disclosed such information to a competitor, made it available to any company, or used such information to compete with the Company or its affiliates in any way. Employee therefore acknowledges and agrees that he will not use or disclose such information to another company unless authorized in writing by the Company’s Chief Human Resources Officer. Employee further understands and agrees that such information has been divulged to him in confidence and in consideration of the promises made in this LTI Vesting/Forfeiture Agreement, and that the Company provided Employee with access to such information during his employment.
|
5.
|
Authority to Reform. Employee acknowledges and agrees that the forfeiture of unvested Long Term Incentives for voluntarily engaging in Detrimental Activity, and the geographic and time restrictions set forth herein, are reasonable and are no greater than required to adequately protect the Company’s legitimate business interests. However, if at the time of enforcement of this LTI Vesting/Forfeiture Agreement, a court shall refuse to enforce this LTI Vesting/Forfeiture Agreement, whether because the time limit is too long or because the restrictions are more extensive than is necessary to protect the business and goodwill of the Company, the Parties understand and agree and direct that the court modify the restrictions to cover the maximum period, scope, and geographic area permitted by law.
|
6.
|
Remedies. In the event Employee breaches or threatens to breach this LTI Vesting/ Forfeiture Agreement by participating in Detrimental Activity or using or disclosing confidential/trade secrets/Company propriety information as set out in paragraphs 3 and 4 herein (for example and without limitation, Employee becomes employed or otherwise engaged by an entity that competes with the Company or an affiliate or solicits Company employees as provided above), Employee will forfeit any further vesting of any Long Term Incentive awards and may be required to repay the value of the vested awards to the Company to the extent that any vesting occurred in reliance on Employee’s promises as provided above. In addition and supplementary to other rights and remedies existing in its favor, the Company may apply to any court of law or equity
|
7.
|
Governing Law and Venue. This LTI Vesting/Forfeiture Agreement shall in all respects be construed according to the laws of the State of Texas without regard to its conflict of law principles. With respect to any claim or dispute related to or arising under this Agreement, the Parties hereby consent to the exclusive jurisdiction, forum and venue of the state and federal courts located in Dallas County, Texas and appropriate appellate courts therefrom.
|
8.
|
Entire Agreement. This LTI Vesting/Forfeiture Agreement, in conjunction with the Retirement and Release Agreement, the Supplemental Release, and the Long Term Incentives governing plans and awards, contains the entire agreement of the Parties with respect to the subject matter and supersedes any and all prior understandings, agreements or correspondence between the Parties. This LTI Vesting/Forfeiture Agreement may not be waived or released by the Company unless in writing signed by the Chief Human Resources Officer. No course of conduct or failure or delay in enforcing the provisions of this LTI Vesting/Forfeiture Agreement shall be construed as a waiver of such provisions or affect the validity, binding effect or enforceability of this LTI Vesting/Forfeiture Agreement or any provision hereof.
|
|
|
|
EMPLOYEE
|
|
|
|
|
10/24/2019
|
|
|
/s/ Bruce Stanski
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DATE SIGNED
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BRUCE STANSKI - SIGNATURE
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Fluor Enterprises, Inc.
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10/24/2019
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By:
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/s/ John Reynolds
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DATE SIGNED
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Chief Legal Officer
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Annual Retainer:
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$
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125,000
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Annual Committee Chair Retainer:
|
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||
Audit Committee Chair:
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$
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20,000
|
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Commercial Strategies and Operational Risk Committee Chair:
|
$
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15,000
|
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Governance Committee Chair:
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$
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15,000
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Organization and Compensation Committee Chair:
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$
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15,000
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Lead Independent Director Retainer:
|
$
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35,000
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Non-Committee Chair Member of the Executive Committee:
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$
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10,000
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FLUOR CORPORATION SUBSIDIARIES(1)
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|||||||||||||||||||||||||||||||||||||||||||||
[Note: Roman numerals below denote the level of the subsidiary. For example “I” represents a first tier subsidiary of Fluor Corporation; “II” represents a second tier subsidiary, etc.]
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|||||||||||||||||||||||||||||||||||||||||||||
Subsidiary Name
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Percent Holding
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Organized Under
Laws of
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||||||||||||||||||||||||||||||||||||||||||
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|||||||||||||||||||||||||||||||||||||||||||||
I
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American Equipment Company, Inc.
|
100.0000
|
South Carolina
|
||||||||||||||||||||||||||||||||||||||||||
II
|
AMECO COLOMBIA S.A.S.
|
|
|
100.0000
|
Colombia
|
||||||||||||||||||||||||||||||||||||||||
II
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AMECO PANAMA S.A.
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100.0000
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Panama
|
||||||||||||||||||||||||||||||||||||||||||
II
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AMECO Services Inc.
|
|
|
100.0000
|
Delaware
|
||||||||||||||||||||||||||||||||||||||||
II
|
Ameco Services, S. de R.L. de C.V.
|
|
|
75.6016
|
Mexico
|
||||||||||||||||||||||||||||||||||||||||
II
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American Construction Equipment Company, Inc.
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100.0000
|
California
|
||||||||||||||||||||||||||||||||||||||||||
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III
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AMECO Holdings, Inc.
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100.0000
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California
|
|||||||||||||||||||||||||||||||||||||||
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IV
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AMECO Caribbean, Inc.
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100.0000
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California
|
|||||||||||||||||||||||||||||||||||||||
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V
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Ameco Inc.
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100.0000
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Saint Lucia
|
|||||||||||||||||||||||||||||||||||||||
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IV
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Ameco Equipment Services, Inc.
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100.0000
|
Mauritius
|
|||||||||||||||||||||||||||||||||||||||||
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V
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Servitrade – Servicos, Investimento y Trading Limitada
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99.0000
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Mozambique
|
|||||||||||||||||||||||||||||||||||||||||
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IV
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AMECO Project Services, Inc.
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100.0000
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Philippines
|
|||||||||||||||||||||||||||||||||||||||||
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IV
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Ameco Pty. Ltd.
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10.0000
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Australia
|
|||||||||||||||||||||||||||||||||||||||||
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V
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Ameco Services, S. de R.L. de C.V.
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3.0992
|
Mexico
|
|||||||||||||||||||||||||||||||||||||||||
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IV
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Maquinaria Ameco Guatemala, Limitada
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80.0000
|
Guatemala
|
|||||||||||||||||||||||||||||||||||||||||
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IV
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Servitrade – Servicos, Investimentos y Trading Limitada
|
1.0000
|
Mozambique
|
|||||||||||||||||||||||||||||||||||||||||
|
III
|
Ameco Services S. de R.L. de C.V.
|
|
|
24.2992
|
Mexico
|
|||||||||||||||||||||||||||||||||||||||
II
|
Palmetto Seed Capital Ltd. Partnership
|
|
|
7.3529
|
South Carolina
|
||||||||||||||||||||||||||||||||||||||||
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|
|
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|
|||||||||||||||||||||||||||||||||||||||
I
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Fluor Constructors International. Inc.
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100.0000
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California
|
||||||||||||||||||||||||||||||||||||||||
II
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Fluor Constructors Canada Ltd.
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100.0000
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New Brunswick
|
||||||||||||||||||||||||||||||||||||||||
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III
|
SSLP/FCCL JV
|
|
|
50.0000
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Canada (JV)
|
|||||||||||||||||||||||||||||||||||||||
II
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Fluor Management and Technical Services, Inc.
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100.0000
|
California
|
||||||||||||||||||||||||||||||||||||||||||
II
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Servicios de Construccion del Pacifico, Inc.
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|
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100.0000
|
Delaware
|
||||||||||||||||||||||||||||||||||||||||
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||||||||||||||||||||||||||||||||||||||||
I
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Fluor Enterprises, Inc.
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100.0000
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California
|
||||||||||||||||||||||||||||||||||||||||
II
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202 Maintenance Services, LLC
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50.0000
|
Delaware
|
||||||||||||||||||||||||||||||||||||||||
II
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American Bridge/Fluor Enterprises Inc. A Joint Venture
|
50.0000
|
California (JV)
|
||||||||||||||||||||||||||||||||||||||||||
II
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Bellefonte Construction Services LLC
|
|
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65.0000
|
Delaware
|
||||||||||||||||||||||||||||||||||||||||
II
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BNA Constructors USA JV
|
|
|
40.0000
|
Michigan
|
||||||||||||||||||||||||||||||||||||||||
II
|
Brady-Fluor, LLC
|
|
|
49.0000
|
Delaware
|
||||||||||||||||||||||||||||||||||||||||
II
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California Community Connectors, LLC
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45.0000
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Delaware
|
||||||||||||||||||||||||||||||||||||||||
II
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Cavendish Fluor Partnership Limited
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35.0000
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England
|
||||||||||||||||||||||||||||||||||||||||
II
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Cascadia Monorail Company LLC
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100.0000
|
Delaware
|
||||||||||||||||||||||||||||||||||||||||
II
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Cibolo Creek Infrastructure Joint Venture
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55.0000
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Texas (JV)
|
||||||||||||||||||||||||||||||||||||||||
II
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Colorado River Constructors JV
|
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|
50.0000
|
Texas (JV)
|
||||||||||||||||||||||||||||||||||||||||
II
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Connect 202 Partners, LLC
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38.0000
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Delaware
|
||||||||||||||||||||||||||||||||||||||||
II
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ConOps Industrial Ltd.
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100.0000
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New Brunswick
|
||||||||||||||||||||||||||||||||||||||||
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III
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684033 N.B. Ltd.
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100.0000
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New Brunswick
|
|||||||||||||||||||||||||||||||||||||||
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III
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ConOps Construction Ltd.
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100.0000
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New Brunswick
|
|||||||||||||||||||||||||||||||||||||||
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III
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Pro-V/ConOps JV
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50.0000
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Canada (JV)
|
|||||||||||||||||||||||||||||||||||||||
II
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Contingent Mission Sustainment, Inc.
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|
|
100.0000
|
Delaware
|
II
|
Daniel International Corporation
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|
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100.0000
|
South Carolina
|
||||||||||||||||||||||||||||||||||||||||
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III
|
Fluor Daniel Engineering, Inc.
|
|
|
100.0000
|
Ohio
|
|||||||||||||||||||||||||||||||||||||||
|
III
|
Fluor Management Company L.P.
|
|
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46.0676
|
Delaware
|
|||||||||||||||||||||||||||||||||||||||
II
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DAX Industries, Inc.
|
|
|
5.0000
|
Texas
|
||||||||||||||||||||||||||||||||||||||||
II
|
Dean / Fluor, LLC
|
|
|
50.0000
|
Delaware
|
||||||||||||||||||||||||||||||||||||||||
II
|
Denver Transit Constructors, LLC
|
|
|
40.0000
|
Delaware
|
||||||||||||||||||||||||||||||||||||||||
II
|
Denver Transit Holdings, LLC
|
|
|
10.0000
|
Delaware
|
||||||||||||||||||||||||||||||||||||||||
|
III
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Denver Transit Partners, LLC
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|
|
100.0000
|
Delaware
|
|||||||||||||||||||||||||||||||||||||||
II
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Denver Transit Operators, LLC
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|
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33.3333
|
Delaware
|
||||||||||||||||||||||||||||||||||||||||
II
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Denver Transit Systems, LLC
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50.0000
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Delaware
|
||||||||||||||||||||||||||||||||||||||||
II
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Duke/Fluor Daniel
|
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49.9999
|
North Carolina
|
||||||||||||||||||||||||||||||||||||||||
II
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Efdee Connecticut Architects, Inc.
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100.0000
|
Connecticut
|
||||||||||||||||||||||||||||||||||||||||
|
III
|
Industrial Services France SAS
|
|
|
100.0000
|
France
|
|||||||||||||||||||||||||||||||||||||||
II
|
Efdee Engineering Professional Corporation
|
|
|
100.0000
|
North Carolina
|
||||||||||||||||||||||||||||||||||||||||
II
|
Efdee Mississippi Architects, A Professional Corporation
|
100.0000
|
Mississippi
|
||||||||||||||||||||||||||||||||||||||||||
II
|
Efdee New York Engineers & Architects P.C.
|
100.0000
|
New York
|
||||||||||||||||||||||||||||||||||||||||||
II
|
Encee Architecture Services, P.C.
|
|
|
100.0000
|
North Carolina
|
||||||||||||||||||||||||||||||||||||||||
II
|
ESSI, LLC
|
|
|
33.3333
|
Delaware
|
||||||||||||||||||||||||||||||||||||||||
II
|
Evergreen Equipment and Personnel Leasing, Inc.
|
100.0000
|
Rhode Island
|
||||||||||||||||||||||||||||||||||||||||||
II
|
FCI/Fluor/Parsons, a Joint Venture
|
|
|
30.0000
|
California (JV)
|
||||||||||||||||||||||||||||||||||||||||
II
|
FD Architects & Engineers Corporation
|
|
|
100.0000
|
New Jersey
|
||||||||||||||||||||||||||||||||||||||||
II
|
FDEE Consulting, Inc.
|
|
|
100.0000
|
California
|
||||||||||||||||||||||||||||||||||||||||
II
|
FDHM, Inc.
|
|
|
100.0000
|
California
|
||||||||||||||||||||||||||||||||||||||||
II
|
FHdB, LLC
|
|
|
99.0000
|
Texas
|
||||||||||||||||||||||||||||||||||||||||
|
III
|
Fluor Brasil Servicos de Engenharia Ltda
|
99.9990
|
Brazil
|
|||||||||||||||||||||||||||||||||||||||||
II
|
Fluor (Nigeria) Limited
|
|
|
100.0000
|
Nigeria
|
||||||||||||||||||||||||||||||||||||||||
II
|
Fluor A&E Services, Inc.
|
|
|
100.0000
|
California
|
||||||||||||||||||||||||||||||||||||||||
II
|
Fluor Alaska, Inc.
|
|
|
100.0000
|
Alaska
|
||||||||||||||||||||||||||||||||||||||||
II
|
Fluor Americas, Inc.
|
|
|
100.0000
|
California
|
||||||||||||||||||||||||||||||||||||||||
II
|
Fluor Australia Pty Ltd.
|
|
|
100.0000
|
Australia
|
||||||||||||||||||||||||||||||||||||||||
|
III
|
Giovenco Industries (AUST) Pty Limited
|
100.0000
|
Australia
|
|||||||||||||||||||||||||||||||||||||||||
|
IV
|
Giovenco Industrial Services Pty Ltd.
|
|
100.0000
|
Australia
|
||||||||||||||||||||||||||||||||||||||||
|
IV
|
Giovenco/Insulations International JV Pty Ltd.
|
100.0000
|
Australia (JV)
|
|||||||||||||||||||||||||||||||||||||||||
|
IV
|
Giovenco/Insulations International JV Unit Trust
|
100.0000
|
Australia (JV)
|
|||||||||||||||||||||||||||||||||||||||||
|
IV
|
MGJV Pty Ltd.
|
|
30.0000
|
Australia (JV)
|
||||||||||||||||||||||||||||||||||||||||
|
III
|
Gladstone Pressure Welders Pty Ltd.
|
|
|
100.0000
|
Australia
|
|||||||||||||||||||||||||||||||||||||||
|
III
|
Fluor Construction Services Pty Ltd.
|
|
|
100.0000
|
Australia
|
|||||||||||||||||||||||||||||||||||||||
|
III
|
Fluor Global Services Australia Pty Ltd.
|
100.0000
|
Australia
|
|||||||||||||||||||||||||||||||||||||||||
|
III
|
Fluor Power Services Pty Ltd.
|
|
|
100.0000
|
Australia
|
|||||||||||||||||||||||||||||||||||||||
|
III
|
Fluor Rail Services Pty Ltd.
|
|
|
100.0000
|
Australia
|
|||||||||||||||||||||||||||||||||||||||
|
III
|
Fluor-SKM Iron Ore Joint Venture
|
|
|
55.0000
|
Australia (JV)
|
|||||||||||||||||||||||||||||||||||||||
|
III
|
Karratha Engineering Services Pty Ltd.
|
100.0000
|
Australia
|
|||||||||||||||||||||||||||||||||||||||||
|
III
|
PT Signet Indonesia
|
|
|
10.0000
|
Indonesia
|
|||||||||||||||||||||||||||||||||||||||
|
III
|
Signet Holdings Pty Ltd.
|
|
|
100.0000
|
Australia
|
|||||||||||||||||||||||||||||||||||||||
|
IV
|
PT Signet Indonesia
|
|
90.0000
|
Indonesia
|
||||||||||||||||||||||||||||||||||||||||
|
IV
|
Signet Engineering Pty Ltd.
|
|
100.0000
|
Australia
|
||||||||||||||||||||||||||||||||||||||||
|
III
|
Stork Technical Services Holding Australia Pty Ltd.
|
100.0000
|
Australia
|
|||||||||||||||||||||||||||||||||||||||||
|
IV
|
Giovenco Industries (AUST) Trust
|
|
100.0000
|
Australia
|
||||||||||||||||||||||||||||||||||||||||
|
IV
|
Stork Technical Services Australia Pty Ltd.
|
50.0000
|
Australia
|
|||||||||||||||||||||||||||||||||||||||||
|
V
|
Stork GOAL JV Pty Ltd.
|
|
50.0000
|
Australia
|
|
III
|
TRS Staffing Solutions (Australia) Pty Ltd.
|
|
100.0000
|
Australia
|
||||||||||||||||||||||||||||||||||||||||
II
|
Fluor BC Ltd.
|
|
|
100.0000
|
New Brunswick
|
||||||||||||||||||||||||||||||||||||||||
|
III
|
JGC Fluor Kitimat LNG Project JV
|
|
50.0000
|
Alberta (JV)
|
||||||||||||||||||||||||||||||||||||||||
II
|
Fluor Boke, Inc.
|
|
|
100.0000
|
Delaware
|
||||||||||||||||||||||||||||||||||||||||
II
|
Fluor BNA O&M USA LLC
|
|
|
100.0000
|
Delaware
|
||||||||||||||||||||||||||||||||||||||||
|
III
|
BNA O&M USA General Partnership
|
|
40.0000
|
Delaware
|
||||||||||||||||||||||||||||||||||||||||
II
|
Fluor Brasil, Ltda.
|
|
|
99.9997
|
Brazil
|
||||||||||||||||||||||||||||||||||||||||
|
III
|
Fluor Engenharia e Projetos S.A.
|
|
99.9900
|
Brazil
|
||||||||||||||||||||||||||||||||||||||||
II
|
Fluor Brasil Servicos de Engenharia Ltda
|
|
|
0.0010
|
Brazil
|
||||||||||||||||||||||||||||||||||||||||
II
|
Fluor Canada Ltd.
|
|
|
100.0000
|
New Brunswick
|
||||||||||||||||||||||||||||||||||||||||
|
III
|
B.C. Mining Joint Venture
|
|
50.0000
|
Canada (JV)
|
||||||||||||||||||||||||||||||||||||||||
|
III
|
BNA Constructors Canada GP
|
|
40.0000
|
Canada
|
||||||||||||||||||||||||||||||||||||||||
|
III
|
Fluor BNA Holdco Inc.
|
|
100.0000
|
New Brunswick
|
||||||||||||||||||||||||||||||||||||||||
|
IV
|
Fluor BNA GP Inc.
|
|
100.0000
|
New Brunswick
|
||||||||||||||||||||||||||||||||||||||||
|
V
|
Bridging North America Holding Corporation
|
|
40.0000
|
Canada
|
||||||||||||||||||||||||||||||||||||||||
|
III
|
Fluor BNA O&M GP Inc.
|
|
100.0000
|
New Brunswick
|
||||||||||||||||||||||||||||||||||||||||
|
IV
|
BNA O&M General Partnership
|
|
40.0000
|
Canada
|
||||||||||||||||||||||||||||||||||||||||
|
III
|
Fluor Daniel International Services Inc.
|
|
10.0000
|
Barbados
|
||||||||||||||||||||||||||||||||||||||||
|
III
|
Fluor Engineering Solutions Ltd.
|
|
100.0000
|
New Brunswick
|
||||||||||||||||||||||||||||||||||||||||
|
III
|
Fluor WEP Holdings Inc.
|
|
100.0000
|
New Brunswick
|
||||||||||||||||||||||||||||||||||||||||
|
IV
|
Windsor Essex Mobility Group GP
|
|
33.3333
|
Canada
|
||||||||||||||||||||||||||||||||||||||||
|
III
|
JGC Fluor BC LNG Joint Venture
|
|
60.0000
|
Canada (JV)
|
||||||||||||||||||||||||||||||||||||||||
|
III
|
Parkway Infrastructure Constructors
|
|
33.3333
|
Canada
|
||||||||||||||||||||||||||||||||||||||||
|
III
|
TRS Staffing Solutions (Canada) Inc.
|
|
100.0000
|
Canada
|
||||||||||||||||||||||||||||||||||||||||
|
III
|
Wright Engineers Limitada Peru
|
|
35.0000
|
Peru
|
||||||||||||||||||||||||||||||||||||||||
|
III
|
Wright Engineers (Chile) Limitada
|
|
100.0000
|
Chile
|
||||||||||||||||||||||||||||||||||||||||
II
|
Fluor Cebu, Inc.
|
|
|
100.0000
|
Philippines
|
||||||||||||||||||||||||||||||||||||||||
II
|
Fluor Chile, Inc.
|
|
|
100.0000
|
California
|
||||||||||||||||||||||||||||||||||||||||
|
III
|
Ameco Chile S.A.
|
|
0.0450
|
Chile
|
||||||||||||||||||||||||||||||||||||||||
|
III
|
Fluor Chile Ingenieria y Construccion S.A.
|
|
99.0000
|
Chile
|
||||||||||||||||||||||||||||||||||||||||
|
IV
|
CEJV Ingenieria y Construccion Limitada
|
50.0000
|
Chile (JV)
|
|||||||||||||||||||||||||||||||||||||||||
|
IV
|
Fluor Techint SRL Construccion y Servicios Limitada
|
50.0000
|
Chile
|
|||||||||||||||||||||||||||||||||||||||||
|
III
|
Ingenieria y Construccion Fluor Daniel Chile Limitada
|
99.1000
|
Chile
|
|||||||||||||||||||||||||||||||||||||||||
II
|
Fluor Colombia Limited
|
|
|
100.0000
|
Delaware
|
||||||||||||||||||||||||||||||||||||||||
II
|
Fluor ConOps Limited
|
|
|
100.0000
|
Guernsey
|
||||||||||||||||||||||||||||||||||||||||
II
|
Fluor Daniel (Japan) Inc.
|
|
|
100.0000
|
Japan
|
||||||||||||||||||||||||||||||||||||||||
II
|
Fluor Daniel (Malaysia) Sdn. Bhd.
|
|
|
100.0000
|
Malaysia
|
||||||||||||||||||||||||||||||||||||||||
|
III
|
Technip-Fluor JV
|
|
49.0000
|
Malaysia (JV)
|
||||||||||||||||||||||||||||||||||||||||
II
|
Fluor Daniel Caribbean, Inc.
|
|
|
100.0000
|
Delaware
|
||||||||||||||||||||||||||||||||||||||||
|
III
|
Fluor Craft Services, Inc.
|
|
100.0000
|
South Carolina
|
||||||||||||||||||||||||||||||||||||||||
|
III
|
Fluor Daniel International (Malaysia) Sdn. Bhd.
|
100.0000
|
Malaysia
|
|||||||||||||||||||||||||||||||||||||||||
|
III
|
Fluor Daniel Maintenance Services, Inc.
|
|
100.0000
|
Delaware
|
||||||||||||||||||||||||||||||||||||||||
|
III
|
Fluor Daniel Services Corporation
|
|
100.0000
|
Delaware
|
||||||||||||||||||||||||||||||||||||||||
|
III
|
Fluor Facility & Plant Services, Inc.
|
|
100.0000
|
South Carolina
|
||||||||||||||||||||||||||||||||||||||||
II
|
Fluor Daniel China, Inc.
|
|
|
100.0000
|
California
|
||||||||||||||||||||||||||||||||||||||||
II
|
Fluor Daniel China Services, Inc.
|
|
|
100.0000
|
California
|
||||||||||||||||||||||||||||||||||||||||
II
|
Fluor Daniel Coal Services International, Inc.
|
100.0000
|
Delaware
|
||||||||||||||||||||||||||||||||||||||||||
|
III
|
Duke/Fluor Daniel International
|
|
49.9999
|
Nevada
|
||||||||||||||||||||||||||||||||||||||||
|
IV
|
Duke/Fluor Daniel Caribbean, S.E.
|
|
99.0000
|
Puerto Rico
|
||||||||||||||||||||||||||||||||||||||||
|
III
|
Duke/Fluor Daniel LLC
|
|
49.9999
|
Nevada
|
II
|
Fluor Daniel Construction Company
|
|
|
100.0000
|
California
|
||||||||||||||||||||||||||||||||||||||||
II
|
Fluor Daniel Development Corporation
|
|
|
100.0000
|
California
|
||||||||||||||||||||||||||||||||||||||||
|
III
|
Crown Energy Company
|
|
100.0000
|
New Jersey
|
||||||||||||||||||||||||||||||||||||||||
|
III
|
FBT Services, Inc.
|
|
100.0000
|
California
|
||||||||||||||||||||||||||||||||||||||||
|
III
|
Fluor Daniel Modesto, Inc.
|
|
100.0000
|
California
|
||||||||||||||||||||||||||||||||||||||||
|
IV
|
Fluor Services LLC
|
|
99.0000
|
Oman
|
||||||||||||||||||||||||||||||||||||||||
|
IV
|
Wilmore/Fluor Modesto LLC
|
|
50.0000
|
California
|
||||||||||||||||||||||||||||||||||||||||
II
|
Fluor Daniel Eastern, Inc.
|
|
|
100.0000
|
California
|
||||||||||||||||||||||||||||||||||||||||
|
III
|
Fluor Kazakhstan LLC
|
|
100.0000
|
California
|
||||||||||||||||||||||||||||||||||||||||
|
III
|
P.T. Fluor Daniel Indonesia
|
|
80.0000
|
Indonesia
|
||||||||||||||||||||||||||||||||||||||||
|
IV
|
PT. MITRA BERSAMA ENGINEERING
|
99.0000
|
Indonesia
|
|||||||||||||||||||||||||||||||||||||||||
|
V
|
PT Singgar Mulia
|
|
25.0000
|
Indonesia
|
||||||||||||||||||||||||||||||||||||||||
II
|
Fluor Daniel Engineers & Constructors, Inc.
|
|
|
100.0000
|
Delaware
|
||||||||||||||||||||||||||||||||||||||||
|
III
|
Fluor (China) Engineering and Construction Co. Ltd.
|
100.0000
|
P.R.C.
|
|||||||||||||||||||||||||||||||||||||||||
II
|
Fluor Daniel Engineers & Constructors, Ltd.
|
|
|
100.0000
|
California
|
||||||||||||||||||||||||||||||||||||||||
|
III
|
CGF Projects Ghana Limited
|
|
51.0000
|
Ghana
|
||||||||||||||||||||||||||||||||||||||||
|
III
|
Technip-Fluor JV (owned by FDE&CL Singapore branch)
|
49.0000
|
Singapore (JV)
|
|||||||||||||||||||||||||||||||||||||||||
II
|
Fluor Daniel Engineers & Consultants Ltd.
|
|
|
100.0000
|
Mauritius
|
||||||||||||||||||||||||||||||||||||||||
|
III
|
JGC – Fluor Mocambique, Lda
|
|
50.0000
|
Mozambique
|
||||||||||||||||||||||||||||||||||||||||
|
III
|
Fluor Daniel India Private Limited
|
|
80.0000
|
India
|
||||||||||||||||||||||||||||||||||||||||
|
III
|
Fluor Mocambique, Limitada
|
|
99.0000
|
Mozambique
|
||||||||||||||||||||||||||||||||||||||||
II
|
Fluor Daniel Espana, S.A.
|
|
|
100.0000
|
California
|
||||||||||||||||||||||||||||||||||||||||
|
III
|
Fluor Arabia Limited
|
|
50.0000
|
Saudi Arabia
|
||||||||||||||||||||||||||||||||||||||||
|
IV
|
WorleyParsons Arabia Limited Fluor Arabia Limited Joint Venture
|
50.0000
|
Saudi Arabia (JV)
|
|||||||||||||||||||||||||||||||||||||||||
II
|
Fluor Daniel Eurasia, Inc.
|
|
|
100.0000
|
California
|
||||||||||||||||||||||||||||||||||||||||
|
III
|
Sakhalin Neftegas Technology
|
|
50.0000
|
Russia
|
||||||||||||||||||||||||||||||||||||||||
II
|
Fluor Engenharia e Projetos Ltda
|
|
|
0.0010
|
Brazil
|
||||||||||||||||||||||||||||||||||||||||
II
|
Fluor Europe B.V.
|
|
|
100.0000
|
Netherlands
|
||||||||||||||||||||||||||||||||||||||||
|
III
|
AG&P Fluor Joint Venture Company, Inc.
|
|
50.0000
|
Philippines (JV)
|
||||||||||||||||||||||||||||||||||||||||
|
III
|
Fluor B.V.
|
|
100.0000
|
Netherlands
|
||||||||||||||||||||||||||||||||||||||||
|
IV
|
Fluor Consultants B.V.
|
|
100.0000
|
Netherlands
|
||||||||||||||||||||||||||||||||||||||||
|
IV
|
Fluor Infrastructure B.V.
|
|
100.0000
|
Netherlands
|
||||||||||||||||||||||||||||||||||||||||
|
V
|
Fluor A27/A1 B.V.
|
|
100.0000
|
Netherlands
|
||||||||||||||||||||||||||||||||||||||||
|
|
VI
|
3Angle EPCM V.O.F.
|
100.0000
|
Netherlands
|
||||||||||||||||||||||||||||||||||||||||
|
V
|
3Angle B.V.
|
|
33.3333
|
Netherlands
|
||||||||||||||||||||||||||||||||||||||||
|
V
|
Infraspeed Holdings B.V.
|
|
3.4800
|
Netherlands
|
||||||||||||||||||||||||||||||||||||||||
|
V
|
Poort van Den Bosch B.V.
|
|
10.0000
|
Netherlands
|
||||||||||||||||||||||||||||||||||||||||
|
V
|
Poort van Den Bosch V.O.F.
|
|
10.0000
|
Netherlands
|
||||||||||||||||||||||||||||||||||||||||
|
V
|
IXAS Zuid-Oost B.V.
|
|
25.0000
|
Netherlands
|
||||||||||||||||||||||||||||||||||||||||
|
V
|
IXAS Gaasperdammerweg B.V.
|
|
33.3333
|
Netherlands
|
||||||||||||||||||||||||||||||||||||||||
|
V
|
ZuidPlus V.O.F.
|
|
42.5000
|
Netherlands
|
||||||||||||||||||||||||||||||||||||||||
|
IV
|
Stork Holding B.V.
|
|
100.0000
|
Netherlands
|
||||||||||||||||||||||||||||||||||||||||
|
V
|
Stork B.V.
|
|
100.0000
|
Netherlands
|
||||||||||||||||||||||||||||||||||||||||
|
|
VI
|
Koninklijke Machinefabriek Stork B.V.
|
100.0000
|
Netherlands
|
||||||||||||||||||||||||||||||||||||||||
|
|
VI
|
SFS 007.298.633 Pty Limited
|
100.0000
|
Australia
|
||||||||||||||||||||||||||||||||||||||||
|
|
VI
|
Stork Technical Services HOLDCO B.V.
|
100.0000
|
Netherlands
|
||||||||||||||||||||||||||||||||||||||||
|
VII
|
Stork Technical Services Holding B.V
|
100.0000
|
Netherlands
|
|||||||||||||||||||||||||||||||||||||||||
|
VIII
|
Cooperheat Franchising B.V.
|
100.0000
|
Netherlands
|
|
IX
|
Cooperheat Saudi Arabia Company Limited
|
75.0000
|
Saudi Arabia
|
|||||||||||||||||||||||||||||||||||||||||
|
IX
|
Stork Technical Services New Zealand Limited
|
100.0000
|
New Zealand
|
|||||||||||||||||||||||||||||||||||||||||
|
VIII
|
Corrosion Inspection & Integrity Services Sdn. Bhd.
|
100.0000
|
Malaysia
|
|||||||||||||||||||||||||||||||||||||||||
|
VIII
|
EQIN B.V.
|
100.0000
|
Netherlands
|
|||||||||||||||||||||||||||||||||||||||||
|
IX
|
EQIN Industrial B.V.
|
100.0000
|
Netherlands
|
|||||||||||||||||||||||||||||||||||||||||
|
IX
|
EQIN N.V.
|
99.9750
|
Belgium
|
|||||||||||||||||||||||||||||||||||||||||
|
VIII
|
Stork Assets Management Technology B.V.
|
100.0000
|
Netherlands
|
|||||||||||||||||||||||||||||||||||||||||
|
VIII
|
Stork Caspian LLC
|
49.0000
|
Azerbaijan
|
|||||||||||||||||||||||||||||||||||||||||
|
VIII
|
Stork Gear & Services B.V.
|
100.0000
|
Netherlands
|
|||||||||||||||||||||||||||||||||||||||||
|
IX
|
Stork Gear & Services Asia Pte. Ltd.
|
100.0000
|
Singapore
|
|||||||||||||||||||||||||||||||||||||||||
|
VIII
|
Stork Mechanical Works and Maintenance Co. K.S.C.C.
|
17.0000
|
Kuwait
|
|||||||||||||||||||||||||||||||||||||||||
|
VIII
|
Stork German Holding GmbH
|
100.0000
|
Germany
|
|||||||||||||||||||||||||||||||||||||||||
|
IX
|
Stork Getriebe & Services GmbH
|
100.0000
|
Germany
|
|||||||||||||||||||||||||||||||||||||||||
|
IX
|
Stork Technical Services GmbH
|
100.0000
|
Germany
|
|||||||||||||||||||||||||||||||||||||||||
|
VIII
|
Stork Intellectual Property B.V.
|
100.0000
|
Netherlands
|
|||||||||||||||||||||||||||||||||||||||||
|
VIII
|
Stork International B.V.
|
100.0000
|
Netherlands
|
|||||||||||||||||||||||||||||||||||||||||
|
IX
|
EQIN N.V.
|
0.0250
|
Belgium
|
|||||||||||||||||||||||||||||||||||||||||
|
IX
|
Rash Inversiones 2007 S.L.
|
100.0000
|
Spain
|
|||||||||||||||||||||||||||||||||||||||||
|
X
|
Mecanicos Asociados S.A.S.
|
100.0000
|
Colombia
|
|||||||||||||||||||||||||||||||||||||||||
|
XI
|
TABARCA
|
64.0000
|
Colombia (JV)
|
|||||||||||||||||||||||||||||||||||||||||
|
XI
|
Consorcio Generation P135 MASA-VEPICA
|
50.0000
|
Colombia
|
|||||||||||||||||||||||||||||||||||||||||
|
XI
|
Consorcio KGM JV
|
41.0000
|
Colombia (JV)
|
|||||||||||||||||||||||||||||||||||||||||
|
XI
|
Consorcio MASARTEC POWER JV
|
50.0000
|
Colombia (JV)
|
|||||||||||||||||||||||||||||||||||||||||
|
XI
|
Consorcio Turnaround Alliance JV
|
30.0000
|
Colombia (JV)
|
|||||||||||||||||||||||||||||||||||||||||
|
XI
|
Consorcio Stork Y Masa JV
|
30.0000
|
Colombia (JV)
|
|||||||||||||||||||||||||||||||||||||||||
|
XI
|
Pipeline Maintenance Alliance JV
|
70.0000
|
Colombia (JV)
|
|||||||||||||||||||||||||||||||||||||||||
|
XI
|
Consorcio Grupo Stork
|
80.0000
|
Colombia
|
|||||||||||||||||||||||||||||||||||||||||
|
XI
|
Stork Peru S.A.S.
|
99.9999
|
Peru
|
|||||||||||||||||||||||||||||||||||||||||
|
XII
|
Consorsio MSC JV
|
80.0000
|
Peru (JV)
|
|||||||||||||||||||||||||||||||||||||||||
|
XII
|
Consorsio Stork-TMI
|
50.0000
|
Peru
|
|
IX
|
Stork Mechanical Works and Maintenance Co. K.S.C.C.
|
32.0000
|
Kuwait
|
|||||||||||||||||||||||||||||||||||||||||
|
IX
|
Stork Technical Services Belgium N.V.
|
0.0001
|
Belgium
|
|||||||||||||||||||||||||||||||||||||||||
|
IX
|
Stork Technical Services Sadaf LLC
|
99.9000
|
Azerbaijan
|
|||||||||||||||||||||||||||||||||||||||||
|
IX
|
Wescon (B) Sdn. Bhd.
|
98.9800
|
Brunei
|
|||||||||||||||||||||||||||||||||||||||||
|
VIII
|
Stork Peru S.A.C.
|
0.0001
|
Peru
|
|||||||||||||||||||||||||||||||||||||||||
|
VIII
|
Stork Power Services & Technology Beijing Limited
|
100.0000
|
China
|
|||||||||||||||||||||||||||||||||||||||||
|
VIII
|
Stork Power Services B.V.
|
100.0000
|
Netherlands
|
|||||||||||||||||||||||||||||||||||||||||
|
IX
|
Stork Integrated Solutions B.V.
|
100.0000
|
Netherlands
|
|||||||||||||||||||||||||||||||||||||||||
|
IX
|
Stork Power Services OOO
|
99.0000
|
Russia
|
|||||||||||||||||||||||||||||||||||||||||
|
IX
|
Stork Power Services USA Holding Inc.
|
100.0000
|
Delaware
|
|||||||||||||||||||||||||||||||||||||||||
|
X
|
Stork H&E Turbo Blading Inc.
|
100.0000
|
New York
|
|||||||||||||||||||||||||||||||||||||||||
|
X
|
Stork Technical Services USA Inc.
|
100.0000
|
Delaware
|
|||||||||||||||||||||||||||||||||||||||||
|
VIII
|
Stork Technical Services (STS) Ltd.
|
100.0000
|
United Kingdom
|
|||||||||||||||||||||||||||||||||||||||||
|
IX
|
Cooperheat GmbH
|
100.0000
|
Germany
|
|||||||||||||||||||||||||||||||||||||||||
|
X
|
Thermoprozess Cooperheat GmbH
|
48.0000
|
Germany
|
|||||||||||||||||||||||||||||||||||||||||
|
VIII
|
Stork Technical Services Beheer B.V.
|
100.0000
|
Netherlands
|
|||||||||||||||||||||||||||||||||||||||||
|
VIII
|
Stork Technical Services Belgium N.V.
|
99.9999
|
Belgium
|
|||||||||||||||||||||||||||||||||||||||||
|
VIII
|
Stork Technical Services Malaysia Sdn. Bhd.
|
100.0000
|
Malaysia
|
|||||||||||||||||||||||||||||||||||||||||
|
VIII
|
Stork Nederland B.V.
|
100.0000
|
Netherlands
|
|||||||||||||||||||||||||||||||||||||||||
|
IX
|
AJS V.O.F.
|
37.5000
|
Netherlands
|
|||||||||||||||||||||||||||||||||||||||||
|
IX
|
DSC Maintenance V.O.F.
|
50.0000
|
Netherlands
|
|||||||||||||||||||||||||||||||||||||||||
|
IX
|
GLT-Plus V.O.F.
|
25.0000
|
Netherlands
|
|||||||||||||||||||||||||||||||||||||||||
|
IX
|
N2ES V.O.F.
|
50.0000
|
Netherlands
|
|||||||||||||||||||||||||||||||||||||||||
|
IX
|
Istimewa Electrotechniek B.V.
|
100.0000
|
Netherlands
|
|||||||||||||||||||||||||||||||||||||||||
|
X
|
Bouwcombinatie Sluizen 4-5-6 V.O.F.
|
33.3333
|
Netherlands
|
|||||||||||||||||||||||||||||||||||||||||
|
X
|
Infra Combinatie Zuid-West
|
25.0000
|
Netherlands
|
|||||||||||||||||||||||||||||||||||||||||
|
X
|
Mourik Istimewa Combinatie V.O.F.
|
50.0000
|
Netherlands
|
|||||||||||||||||||||||||||||||||||||||||
|
IX
|
S-M V.O.F.
|
50.0000
|
Netherlands
|
|||||||||||||||||||||||||||||||||||||||||
|
VIII
|
Stork Technical Services Sadaf LLC
|
0.1000
|
Azerbaijan
|
|||||||||||||||||||||||||||||||||||||||||
|
VIII
|
Stork Technical Services Saudi Arabia Co.
|
55.0000
|
Saudi Arabia
|
|||||||||||||||||||||||||||||||||||||||||
|
VIII
|
Stork Technical Services UK Limited
|
100.0000
|
United Kingdom
|
|||||||||||||||||||||||||||||||||||||||||
|
VIII
|
Stork Thermeq B.V.
|
100.0000
|
Netherlands
|
|||||||||||||||||||||||||||||||||||||||||
|
IX
|
Stork Power Services OOO
|
1.0000
|
Russia
|
|||||||||||||||||||||||||||||||||||||||||
|
VIII
|
Stork TS Holdings Limited
|
0.0002
|
United Kingdom
|
|
VIII
|
Stork Turbo Blading B.V.
|
100.0000
|
Netherlands
|
|||||||||||||||||||||||||||||||||||||||||
|
VIII
|
Stork Turbo Service B.V.
|
100.0000
|
Netherlands
|
|||||||||||||||||||||||||||||||||||||||||
|
IX
|
Stork Oryx Turbo Machinery Services LLC
|
49.0000
|
Qatar
|
|||||||||||||||||||||||||||||||||||||||||
|
VIII
|
Wescon International B.V.
|
100.0000
|
Netherlands
|
|||||||||||||||||||||||||||||||||||||||||
|
VII
|
Stork TS Holdings Limited
|
99.9998
|
United Kingdom
|
|||||||||||||||||||||||||||||||||||||||||
|
VIII
|
Stork TS UK Limited
|
100.0000
|
United Kingdom
|
|||||||||||||||||||||||||||||||||||||||||
|
IX
|
AAR 2007 Limited
|
100.0000
|
United Kingdom
|
|||||||||||||||||||||||||||||||||||||||||
|
X
|
Stork Technical Services (Holdings) Limited
|
50.0000
|
United Kingdom
|
|||||||||||||||||||||||||||||||||||||||||
|
XI
|
Stork Technical Services (RBG) Limited
|
100.0000
|
United Kingdom
|
|||||||||||||||||||||||||||||||||||||||||
|
XII
|
RBG Kazakhstan LLP
|
100.0000
|
Kazakhstan
|
|||||||||||||||||||||||||||||||||||||||||
|
XII
|
Stork Cooperheat Bahrain S.P.C.
|
100.0000
|
Bahrain
|
|||||||||||||||||||||||||||||||||||||||||
|
XII
|
Stork International Limited
|
100.0000
|
United Kingdom
|
|||||||||||||||||||||||||||||||||||||||||
|
XII
|
Stork Technical Services International Limited
|
100.0000
|
United Kingdom
|
|||||||||||||||||||||||||||||||||||||||||
|
XIII
|
Elgin RBG (Pty) Limited
|
50.0000
|
Namibia
|
|||||||||||||||||||||||||||||||||||||||||
|
XIII
|
Stork Technical Services International South Africa
|
100.0000
|
South Africa
|
|||||||||||||||||||||||||||||||||||||||||
|
XIII
|
Stork Technical Services Trinidad and Tobago Ltd
|
8.9700
|
Trinidad
|
|||||||||||||||||||||||||||||||||||||||||
|
XII
|
Stork Technical Services Trinidad and Tobago Ltd
|
91.0300
|
Trinidad
|
|||||||||||||||||||||||||||||||||||||||||
|
XIII
|
Stork Elecon Ltd
|
100.0000
|
Trinidad
|
|
IX
|
Stork Technical Services (Holdings) Limited
|
50.0000
|
United Kingdom
|
|||||||||||||||||||||||||||||||||||||||||
|
VI
|
Wescon (B) Sdn. Bhd.
|
0.0200
|
Brunei
|
|||||||||||||||||||||||||||||||||||||||||
|
IV
|
TRS Staffing Solutions B.V.
|
|
100.0000
|
Netherlands
|
||||||||||||||||||||||||||||||||||||||||
|
IV
|
Fluor Kuwait KSC
|
|
49.0000
|
Kuwait
|
||||||||||||||||||||||||||||||||||||||||
|
III
|
Fluor Daniel E&C LLC
|
|
100.0000
|
Russia
|
||||||||||||||||||||||||||||||||||||||||
|
III
|
Fluor Engineering N.V.
|
|
100.0000
|
Belgium
|
||||||||||||||||||||||||||||||||||||||||
|
III
|
Fluor Finance International B.V./S.a.r.l.
|
|
100.0000
|
Netherlands
|
||||||||||||||||||||||||||||||||||||||||
|
III
|
Fluor Island ehf.
|
|
100.0000
|
Iceland
|
||||||||||||||||||||||||||||||||||||||||
|
III
|
Fluor S.A.
|
|
100.0000
|
Poland
|
||||||||||||||||||||||||||||||||||||||||
|
III
|
Fluor Spain Holding S.L.
|
|
4.0000
|
Spain
|
||||||||||||||||||||||||||||||||||||||||
|
IV
|
Fluor Plant Engineering, S.A.
|
|
100.0000
|
Spain
|
||||||||||||||||||||||||||||||||||||||||
|
IV
|
Technical Resource Solutions, S.L.
|
|
100.0000
|
Spain
|
||||||||||||||||||||||||||||||||||||||||
|
III
|
TRS Consultants JLT
|
|
100.0000
|
Dubai (Free Zone)
|
||||||||||||||||||||||||||||||||||||||||
|
IV
|
TRS Staffing Solutions Mozambique, Limitada
|
99.0000
|
Mozambique
|
|||||||||||||||||||||||||||||||||||||||||
II
|
Fluor Daniel Global Limited
|
|
|
100.0000
|
Guernsey
|
||||||||||||||||||||||||||||||||||||||||
|
III
|
Fluor Daniel Global Services Limited
|
|
100.0000
|
Guernsey
|
||||||||||||||||||||||||||||||||||||||||
II
|
Fluor Daniel Holdings, Inc.
|
|
|
100.0000
|
California
|
||||||||||||||||||||||||||||||||||||||||
|
III
|
Fluor Central Asia LLP
|
|
99.0000
|
Kazakhstan
|
||||||||||||||||||||||||||||||||||||||||
|
III
|
Fluor Daniels Holdings (Botswana) (Pty) Limited
|
100.0000
|
Botswana
|
|||||||||||||||||||||||||||||||||||||||||
|
III
|
Fluor Daniel Holdings Canada Inc.
|
|
100.0000
|
New Brunswick
|
||||||||||||||||||||||||||||||||||||||||
|
IV
|
Supreme Modular Fabrication Inc.
|
|
50.0000
|
New Brunswick
|
||||||||||||||||||||||||||||||||||||||||
|
III
|
Fluor Investments LLC
|
|
100.0000
|
Delaware
|
||||||||||||||||||||||||||||||||||||||||
|
III
|
Fluor Mocambique, Limitada
|
|
1.0000
|
Mozambique
|
||||||||||||||||||||||||||||||||||||||||
|
III
|
Fluor Services LLC
|
|
1.0000
|
Oman
|
||||||||||||||||||||||||||||||||||||||||
|
III
|
Fluor Uganda Engineering and Construction Limited
|
100.0000
|
Uganda
|
|||||||||||||||||||||||||||||||||||||||||
|
III
|
Fluor-Habboush International Limited
|
|
50.0000
|
Bermuda
|
||||||||||||||||||||||||||||||||||||||||
|
III
|
FWPJV Limited
|
|
50.0000
|
England (JV)
|
||||||||||||||||||||||||||||||||||||||||
|
IV
|
KPJV Limited
|
|
60.0000
|
England (JV)
|
||||||||||||||||||||||||||||||||||||||||
|
III
|
Najmat Al-Sabah for General Services Limited Liability Company, Private Company
|
100.0000
|
Iraq
|
|||||||||||||||||||||||||||||||||||||||||
|
III
|
Qatar National Facility Services
|
|
49.0000
|
Qatar
|
||||||||||||||||||||||||||||||||||||||||
II
|
Fluor Daniel Illinois, Inc.
|
|
|
100.0000
|
Delaware
|
||||||||||||||||||||||||||||||||||||||||
|
III
|
D/FD Operating Services LLC
|
|
49.9999
|
Delaware
|
||||||||||||||||||||||||||||||||||||||||
|
III
|
Duke/Fluor Daniel
|
|
49.9999
|
North Carolina
|
||||||||||||||||||||||||||||||||||||||||
II
|
Fluor Daniel India, Inc.
|
|
|
100.0000
|
California
|
||||||||||||||||||||||||||||||||||||||||
II
|
Fluor Daniel International Services Inc.
|
|
|
90.0000
|
Barbados
|
||||||||||||||||||||||||||||||||||||||||
II
|
Fluor Daniel Latin America, Inc.
|
|
|
100.0000
|
California
|
||||||||||||||||||||||||||||||||||||||||
|
III
|
Grupo Empresarial Alvica, S.A.
|
|
80.0000
|
Venezuela
|
||||||||||||||||||||||||||||||||||||||||
|
IV
|
Grupo Alvica SCS
|
|
0.1000
|
Venezuela
|
||||||||||||||||||||||||||||||||||||||||
|
III
|
Servicios Cuyuni, E.T.T., C.A.
|
|
80.0000
|
Venezuela
|
||||||||||||||||||||||||||||||||||||||||
II
|
Fluor Daniel Mexico S.A.
|
|
|
100.0000
|
California
|
||||||||||||||||||||||||||||||||||||||||
|
III
|
ICA Fluor Daniel, S. de R.L. de C.V.
|
|
49.0000
|
Mexico
|
||||||||||||||||||||||||||||||||||||||||
|
IV
|
ICA Fluor Servicios Gerenciales, S.A. de C.V.
|
98.0000
|
Mexico
|
|||||||||||||||||||||||||||||||||||||||||
|
V
|
ICA Fluor Operaciones, S.A. de C.V.
|
0.0019
|
Mexico
|
|
|
VI
|
ICA Stork, S. de C.V.
|
20.0000
|
Mexico
|
||||||||||||||||||||||||||||||||||||||||
|
V
|
ICA Fluor Petroquimica S.A. de C.V.
|
99.9886
|
Mexico
|
|||||||||||||||||||||||||||||||||||||||||
|
|
VI
|
Desarrolladora De Etileno, S. de R.L. de C.V.
|
20.0000
|
Mexico
|
||||||||||||||||||||||||||||||||||||||||
|
|
VI
|
Etileno XXI Contractors SAPI
|
20.0000
|
Mexico
|
||||||||||||||||||||||||||||||||||||||||
|
|
VI
|
Etileno XXI Services B.V.
|
20.0000
|
Netherlands
|
||||||||||||||||||||||||||||||||||||||||
|
|
VI
|
ICA Stork S. de R.L. de C.V.
|
80.0000
|
Mexico
|
||||||||||||||||||||||||||||||||||||||||
|
IV
|
ICA Fluor Servicios Operativos S.A. de C.V.
|
90.0000
|
Mexico
|
|||||||||||||||||||||||||||||||||||||||||
|
IV
|
IF Proyectos, S.A.
|
|
100.0000
|
Panama
|
||||||||||||||||||||||||||||||||||||||||
|
IV
|
IFD Servicios de Ingenieria S.A. de C.V.
|
|
99.9669
|
Mexico
|
||||||||||||||||||||||||||||||||||||||||
|
V
|
ICA Fluor Servicios Gerenciales S.A. de C.V.
|
1.9993
|
Mexico
|
|||||||||||||||||||||||||||||||||||||||||
|
|
VI
|
ICA Fluor Operaciones S.A. de C.V.
|
0.0019
|
Mexico
|
||||||||||||||||||||||||||||||||||||||||
|
V
|
ICA Fluor Servicios Operativos S.A. de C.V.
|
10.0000
|
Mexico
|
|||||||||||||||||||||||||||||||||||||||||
|
IV
|
Industrial Del Hierro S.A. de C.V.
|
|
99.9999
|
Mexico
|
||||||||||||||||||||||||||||||||||||||||
|
V
|
ICA Fluor Petroquimica S.A. de C.V.
|
0.0114
|
Mexico
|
|||||||||||||||||||||||||||||||||||||||||
|
III
|
IFD Servicios de Ingenieria S.A. de C.V.
|
|
0.0166
|
Mexico
|
||||||||||||||||||||||||||||||||||||||||
|
IV
|
ICA Fluor Servicios Gerenciales S.A. de C.V.
|
0.0007
|
Mexico
|
|||||||||||||||||||||||||||||||||||||||||
|
V
|
ICA Fluor Operaciones S.A. de C.V.
|
|
0.0001
|
Mexico
|
||||||||||||||||||||||||||||||||||||||||
|
IV
|
Industrial Del Hierro S.A. de C.V.
|
0.0001
|
Mexico
|
|||||||||||||||||||||||||||||||||||||||||
|
III
|
TRS Staffing Solutions, S. de R.L. de C.V.
|
|
0.2000
|
Mexico
|
||||||||||||||||||||||||||||||||||||||||
|
III
|
TRS International Group, S. de R.L. de C.V.
|
|
0.9540
|
Mexico
|
||||||||||||||||||||||||||||||||||||||||
II
|
Fluor Daniel Mining & Metals, Ltd.
|
|
|
100.0000
|
California
|
||||||||||||||||||||||||||||||||||||||||
|
III
|
Ameco Chile S.A.
|
|
99.9550
|
Chile
|
||||||||||||||||||||||||||||||||||||||||
|
III
|
Empresa Constructora Fluor Salfa SGO Limitada
|
50.0000
|
Chile
|
|||||||||||||||||||||||||||||||||||||||||
|
III
|
Fluor Chile Ingenieria y Construccion S.A.
|
|
1.0000
|
Chile
|
||||||||||||||||||||||||||||||||||||||||
|
IV
|
CEJV Ingenieria y Construccion Limitada
|
50.0000
|
Chile (JV)
|
|||||||||||||||||||||||||||||||||||||||||
|
III
|
Ingenieria y Construccion Fluor Daniel Chile Limitada
|
0.9000
|
Chile
|
|||||||||||||||||||||||||||||||||||||||||
II
|
Fluor Daniel Overseas, Inc.
|
|
|
100.0000
|
California
|
||||||||||||||||||||||||||||||||||||||||
|
III
|
PFD International LLC
|
|
50.0000
|
Delaware
|
||||||||||||||||||||||||||||||||||||||||
II
|
Fluor Daniel P.R.C., Ltd.
|
|
|
100.0000
|
California
|
||||||||||||||||||||||||||||||||||||||||
II
|
Fluor Daniel Pacific, Inc.
|
|
|
100.0000
|
California
|
||||||||||||||||||||||||||||||||||||||||
|
III
|
Fluor Daniel-AMEC Philippines, Inc.
|
|
50.0000
|
Philippines
|
||||||||||||||||||||||||||||||||||||||||
II
|
Fluor Daniel Pulp & Paper, Inc.
|
|
|
100.0000
|
California
|
||||||||||||||||||||||||||||||||||||||||
II
|
Fluor Daniel South America Limited
|
|
|
100.0000
|
California
|
||||||||||||||||||||||||||||||||||||||||
|
III
|
AMECO Peru S.R. L.
|
|
99.9500
|
Peru
|
||||||||||||||||||||||||||||||||||||||||
II
|
Fluor Daniel Technical Services, Inc.
|
|
|
100.0000
|
Texas
|
||||||||||||||||||||||||||||||||||||||||
II
|
Fluor Daniel Venture Group, Inc.
|
|
|
100.0000
|
California
|
||||||||||||||||||||||||||||||||||||||||
|
III
|
Fluor Daniel Asia, Inc.
|
|
100.0000
|
California
|
||||||||||||||||||||||||||||||||||||||||
|
IV
|
Duke/Fluor Daniel International Services
|
|
49.9999
|
Nevada
|
||||||||||||||||||||||||||||||||||||||||
|
V
|
Duke/Fluor Daniel Caribbean, S.E.
|
|
0.5000
|
Puerto Rico
|
||||||||||||||||||||||||||||||||||||||||
|
V
|
Duke/Fluor Daniel International Services (Trinidad) Limited
|
100.0000
|
Trinidad
|
|||||||||||||||||||||||||||||||||||||||||
|
IV
|
P.T. Fluor Daniel Indonesia
|
|
20.0000
|
Indonesia
|
||||||||||||||||||||||||||||||||||||||||
|
V
|
Fluor Aker Solutions Indonesia JV
|
|
50.0000
|
Indonesia (JV)
|
||||||||||||||||||||||||||||||||||||||||
|
V
|
P.T. MITRA BERSAMA ENGINEERING
|
99.0000
|
Indonesia
|
|||||||||||||||||||||||||||||||||||||||||
|
|
VI
|
PT Singgar Mulia
|
25.0000
|
Indonesia
|
||||||||||||||||||||||||||||||||||||||||
|
IV
|
P.T. Nusantara Power Services
|
|
70.0000
|
Indonesia
|
||||||||||||||||||||||||||||||||||||||||
|
III
|
Soli-Flo LLC
|
|
25.0000
|
Delaware
|
||||||||||||||||||||||||||||||||||||||||
|
IV
|
Soli-Flo, Inc.
|
|
100.0000
|
California
|
||||||||||||||||||||||||||||||||||||||||
|
V
|
Soli-Flo Material Transfer, L.P.
|
|
1.0000
|
California
|
||||||||||||||||||||||||||||||||||||||||
|
V
|
Soli-Flo Partners, L.P.
|
1.0000
|
California
|
|
III
|
Soli-Flo Material Transfer, L.P.
|
|
24.7500
|
California
|
||||||||||||||||||||||||||||||||||||||||
|
III
|
Soli-Flo Partners, L.P.
|
|
24.7500
|
California
|
||||||||||||||||||||||||||||||||||||||||
|
III
|
Springfield Resource Recovery, Inc.
|
|
100.0000
|
Massachusetts
|
||||||||||||||||||||||||||||||||||||||||
|
IV
|
Springfield Resource Recovery Limited Partnership
|
|
10.0000
|
Massachusetts
|
||||||||||||||||||||||||||||||||||||||||
|
III
|
Springfield Resource Recovery Limited Partnership
|
|
90.0000
|
Massachusetts
|
||||||||||||||||||||||||||||||||||||||||
II
|
Fluor Daniel, a Professional Architectural Corporation
|
|
|
100.0000
|
Louisiana
|
||||||||||||||||||||||||||||||||||||||||
II
|
Fluor Daniel, Inc. – Philippines
|
|
|
100.0000
|
Philippines
|
||||||||||||||||||||||||||||||||||||||||
II
|
Fluor Engineering Corporation
|
|
|
100.0000
|
Michigan
|
||||||||||||||||||||||||||||||||||||||||
II
|
Fluor Enterprises Group, Inc.
|
|
|
100.0000
|
Delaware
|
||||||||||||||||||||||||||||||||||||||||
II
|
Fluor Federal Global Projects, Inc.
|
|
|
100.0000
|
Delaware
|
||||||||||||||||||||||||||||||||||||||||
II
|
Fluor Federal Services NWS, Inc.
|
|
|
100.0000
|
Washington
|
||||||||||||||||||||||||||||||||||||||||
II
|
Fluor Federal Services, Inc.
|
|
|
100.0000
|
Washington
|
||||||||||||||||||||||||||||||||||||||||
|
III
|
Fluor Energy Technology Services, LLC
|
|
100.0000
|
Delaware
|
||||||||||||||||||||||||||||||||||||||||
|
III
|
Fluor Federal, Inc.
|
|
100.0000
|
Washington
|
||||||||||||||||||||||||||||||||||||||||
|
III
|
Fluor Federal Petroleum Operations, LLC
|
|
100.0000
|
Delaware
|
||||||||||||||||||||||||||||||||||||||||
|
III
|
Fluor Idaho, LLC
|
|
100.0000
|
Delaware
|
||||||||||||||||||||||||||||||||||||||||
|
III
|
Fluor Marine Propulsion, LLC
|
|
100.0000
|
Delaware
|
||||||||||||||||||||||||||||||||||||||||
|
III
|
Fluor-B&W Oak Ridge LLC
|
|
64.5000
|
Tennessee
|
||||||||||||||||||||||||||||||||||||||||
|
III
|
Fluor-BWXT Portsmouth LLC
|
|
51.0000
|
Ohio
|
||||||||||||||||||||||||||||||||||||||||
|
III
|
Fluor/Westinghouse Liquid Waste Services, LLC
|
|
67.0000
|
Delaware
|
||||||||||||||||||||||||||||||||||||||||
|
III
|
Mid-America Conversion Services, LLC
|
|
25.0000
|
Delaware
|
||||||||||||||||||||||||||||||||||||||||
|
III
|
Savannah River Nuclear Solutions, LLC
|
|
48.0000
|
South Carolina
|
||||||||||||||||||||||||||||||||||||||||
II
|
Fluor Federal Services, LLC
|
|
|
100.0000
|
Delaware
|
||||||||||||||||||||||||||||||||||||||||
II
|
Fluor Federal Solutions, LLC
|
|
|
100.0000
|
South Carolina
|
||||||||||||||||||||||||||||||||||||||||
|
III
|
Fluor-CDM Space Services, LLC
|
|
100.0000
|
South Carolina
|
||||||||||||||||||||||||||||||||||||||||
|
III
|
J. Crowder Corp.
|
|
100.0000
|
Virginia
|
||||||||||||||||||||||||||||||||||||||||
|
III
|
KMK-DJI JV
|
|
49.0000
|
New Hampshire (JV)
|
||||||||||||||||||||||||||||||||||||||||
|
III
|
PRI/DJI, A Reconstruction JV
|
|
49.0000
|
Mississippi (JV)
|
||||||||||||||||||||||||||||||||||||||||
|
III
|
Rock Island Integrated Services
|
|
51.0000
|
Illinois
|
||||||||||||||||||||||||||||||||||||||||
II
|
Fluor Fernald, Inc.
|
|
|
100.0000
|
California
|
||||||||||||||||||||||||||||||||||||||||
|
III
|
Fluor Environmental Resources Management Services, Inc.
|
|
100.0000
|
Delaware
|
||||||||||||||||||||||||||||||||||||||||
II
|
Fluor Finance U.S., Inc.
|
|
|
100.0000
|
Texas
|
||||||||||||||||||||||||||||||||||||||||
II
|
Fluor Flatiron Balfour Beatty Dragados DBJV
|
|
|
30.0000
|
California (JV)
|
||||||||||||||||||||||||||||||||||||||||
II
|
Fluor GmbH
|
|
|
100.0000
|
Germany
|
||||||||||||||||||||||||||||||||||||||||
|
III
|
Arbeitsgemeinschaft BAB A S Ausbau Augsburg - München
|
25.0000
|
Germany
|
|||||||||||||||||||||||||||||||||||||||||
II
|
Fluor Government Group International, Inc.
|
|
|
100.0000
|
Delaware
|
||||||||||||||||||||||||||||||||||||||||
|
III
|
Canadian National Energy Alliance Ltd.
|
|
20.0000
|
Canada
|
||||||||||||||||||||||||||||||||||||||||
|
III
|
Fluor Intercontinental Arabian Peninsula LLC
|
|
1.0000
|
Brazil
|
||||||||||||||||||||||||||||||||||||||||
II
|
Fluor Guinea, Inc.
|
|
|
100.0000
|
Texas
|
||||||||||||||||||||||||||||||||||||||||
II
|
Fluor Hanford, Inc.
|
|
|
100.0000
|
Washington
|
||||||||||||||||||||||||||||||||||||||||
II
|
Fluor HDR Global Design Consultants, LLC
|
|
|
50.0000
|
Delaware
|
||||||||||||||||||||||||||||||||||||||||
II
|
Fluor Heavy Civil, LLC
|
|
|
100.0000
|
Delaware
|
||||||||||||||||||||||||||||||||||||||||
II
|
Fluor Industrial Services Canada Inc.
|
|
|
100.0000
|
New Brunswick
|
||||||||||||||||||||||||||||||||||||||||
|
III
|
Fluor Driver Inc.
|
|
50.0000
|
Alberta
|
||||||||||||||||||||||||||||||||||||||||
II
|
Fluor Industrial Services, Inc.
|
|
|
100.0000
|
Delaware
|
||||||||||||||||||||||||||||||||||||||||
II
|
Fluor Intercontinental, Inc.
|
|
|
100.0000
|
California
|
||||||||||||||||||||||||||||||||||||||||
|
III
|
Dominican Republic Combined Cycle, LLC
|
|
49.0000
|
Delaware
|
||||||||||||||||||||||||||||||||||||||||
|
III
|
Federal Maintenance Logistics Solutions, LLC
|
|
50.0000
|
Delaware
|
||||||||||||||||||||||||||||||||||||||||
|
III
|
FIID LLC
|
|
100.0000
|
Djibouti
|
|
III
|
Fluor AMEC II, LLC
|
|
55.0000
|
Delaware
|
||||||||||||||||||||||||||||||||||||||||
|
III
|
Fluor Daniel Brasil, Ltda.
|
|
0.0003
|
Brazil
|
||||||||||||||||||||||||||||||||||||||||
|
III
|
Fluor Daniel Nigeria Limited
|
|
60.0000
|
Nigeria
|
||||||||||||||||||||||||||||||||||||||||
|
III
|
Fluor Government Group – Canada, Inc.
|
|
100.0000
|
New Brunswick
|
||||||||||||||||||||||||||||||||||||||||
|
IV
|
ATCO – Fluor Support Solutions Ltd.
|
|
49.0000
|
Alberta
|
||||||||||||||||||||||||||||||||||||||||
|
IV
|
Canadian National Energy Alliance Ltd.
|
|
20.0000
|
Canada
|
||||||||||||||||||||||||||||||||||||||||
|
III
|
Fluor Intercontinental Arabian Peninsula LLC
|
|
99.0000
|
Brazil
|
||||||||||||||||||||||||||||||||||||||||
|
III
|
Fluor Intercontinental Germany GmbH
|
|
100.0000
|
Germany
|
||||||||||||||||||||||||||||||||||||||||
|
III
|
Fluor Intercontinental Solutions, LLC
|
|
100.0000
|
Delaware
|
||||||||||||||||||||||||||||||||||||||||
|
III
|
FLUOR M Ltd.
|
|
100.0000
|
Macedonia
|
||||||||||||||||||||||||||||||||||||||||
|
III
|
Greenville Technical Services Inc.
|
|
100.0000
|
Delaware
|
||||||||||||||||||||||||||||||||||||||||
|
III
|
Grupo Alvica SCS
|
|
79.9200
|
Venezuela
|
||||||||||||||||||||||||||||||||||||||||
|
III
|
NWKC LLC
|
|
50.0000
|
Delaware
|
||||||||||||||||||||||||||||||||||||||||
II
|
Fluor International Holdings B.V.
|
|
|
100.0000
|
Netherlands
|
||||||||||||||||||||||||||||||||||||||||
|
III
|
Fluor Services B.V.
|
|
100.0000
|
Netherlands
|
||||||||||||||||||||||||||||||||||||||||
|
IV
|
Fluor Project Services B.V.
|
|
100.0000
|
Netherlands
|
||||||||||||||||||||||||||||||||||||||||
II
|
Fluor International Limited
|
|
|
100.0000
|
England
|
||||||||||||||||||||||||||||||||||||||||
|
III
|
COOEC-Fluor Heavy Industries Co., Ltd.
|
|
49.0000
|
China
|
||||||||||||||||||||||||||||||||||||||||
|
III
|
Fluor Caspian Services Limited
|
|
100.0000
|
England
|
||||||||||||||||||||||||||||||||||||||||
|
III
|
Fluor Industrial Services Limited
|
|
100.0000
|
England
|
||||||||||||||||||||||||||||||||||||||||
|
IV
|
CSP EG S.L.
|
|
65.0000
|
Equatorial Guinea
|
||||||||||||||||||||||||||||||||||||||||
|
IV
|
Energy Resourcing Limited
|
|
100.0000
|
Scotland
|
||||||||||||||||||||||||||||||||||||||||
|
III
|
Fluor Limited
|
|
100.0000
|
England
|
||||||||||||||||||||||||||||||||||||||||
|
IV
|
Fluor Pension Trustee Limited
|
|
100.0000
|
England
|
||||||||||||||||||||||||||||||||||||||||
|
IV
|
FDH JV
|
|
33.3333
|
Kuwait (JV)
|
||||||||||||||||||||||||||||||||||||||||
|
IV
|
FDH JV KNPC AZRP/ZOR
|
|
45.0000
|
Kuwait (JV)
|
||||||||||||||||||||||||||||||||||||||||
|
IV
|
FPMM XXK (FPMM, LLC)
|
|
100.0000
|
Mongolia
|
||||||||||||||||||||||||||||||||||||||||
|
V
|
Mongolian National Facility Services (MNFS) LLC
|
|
49.0000
|
Mongolia
|
||||||||||||||||||||||||||||||||||||||||
|
III
|
Fluor Ocean Services Limited
|
|
100.0000
|
England
|
||||||||||||||||||||||||||||||||||||||||
|
III
|
Fluor Projects Limited
|
|
100.0000
|
England
|
||||||||||||||||||||||||||||||||||||||||
|
III
|
Genesys Telecommunications Holdings Limited
|
|
45.0000
|
England
|
||||||||||||||||||||||||||||||||||||||||
|
IV
|
Genesys Telecommunications Limited
|
|
100.0000
|
England
|
||||||||||||||||||||||||||||||||||||||||
|
III
|
Kazakh Projects Joint Venture Limited
|
|
50.0000
|
England (JV)
|
||||||||||||||||||||||||||||||||||||||||
|
III
|
KDPC Limited
|
|
50.0000
|
England
|
||||||||||||||||||||||||||||||||||||||||
|
III
|
PFD (UK) Limited
|
|
50.0000
|
England
|
||||||||||||||||||||||||||||||||||||||||
|
III
|
TRS Staffing Solutions Limited
|
|
100.0000
|
England
|
||||||||||||||||||||||||||||||||||||||||
II
|
Fluor International, Inc.
|
|
|
100.0000
|
California
|
||||||||||||||||||||||||||||||||||||||||
|
III
|
Fluor Mideast Limited
|
|
100.0000
|
California
|
||||||||||||||||||||||||||||||||||||||||
|
III
|
Iraq Construction Ltd.
|
|
100.0000
|
British Virgin Islands
|
||||||||||||||||||||||||||||||||||||||||
|
IV
|
Iraq Water General Contracting Company L.L.C.
|
|
100.0000
|
Iraq
|
||||||||||||||||||||||||||||||||||||||||
II
|
Fluor Ireland Limited
|
|
|
100.0000
|
Ireland
|
||||||||||||||||||||||||||||||||||||||||
|
III
|
TRS Staffing Solutions Limited
|
|
100.0000
|
Ireland
|
||||||||||||||||||||||||||||||||||||||||
II
|
Fluor Kazakhstan Inc.
|
|
|
100.0000
|
Texas
|
||||||||||||||||||||||||||||||||||||||||
II
|
Fluor Maintenance Services, Inc.
|
|
|
100.0000
|
California
|
||||||||||||||||||||||||||||||||||||||||
II
|
Fluor Mediterranean, Inc.
|
|
|
100.0000
|
California
|
||||||||||||||||||||||||||||||||||||||||
II
|
Fluor Mideast Limited
|
|
|
100.0000
|
Bermuda
|
||||||||||||||||||||||||||||||||||||||||
II
|
Fluor Mining and Metals France, Inc.
|
|
|
100.0000
|
Delaware
|
||||||||||||||||||||||||||||||||||||||||
II
|
Fluor NE, Inc.
|
|
|
100.0000
|
Arizona
|
|
III
|
ADP Marshall Contractors, Inc.
|
|
100.0000
|
Delaware
|
||||||||||||||||||||||||||||||||||||||||
|
III
|
ADP/FD of Nevada, Inc.
|
|
100.0000
|
Nevada
|
||||||||||||||||||||||||||||||||||||||||
|
III
|
M&W/Marshall, a Joint Venture
|
|
50.0000
|
Oregon (JV)
|
||||||||||||||||||||||||||||||||||||||||
II
|
Fluor Nuclear Services, Inc.
|
|
|
100.0000
|
Ohio
|
||||||||||||||||||||||||||||||||||||||||
II
|
Fluor Oak Ridge, LLC
|
|
|
100.0000
|
Delaware
|
||||||||||||||||||||||||||||||||||||||||
II
|
Fluor Projects, Inc.
|
|
|
100.0000
|
Texas
|
||||||||||||||||||||||||||||||||||||||||
II
|
Fluor Real Estate Services, Inc.
|
|
|
100.0000
|
Delaware
|
||||||||||||||||||||||||||||||||||||||||
II
|
Fluor Rovuma, Inc.
|
|
|
100.0000
|
Delaware
|
||||||||||||||||||||||||||||||||||||||||
II
|
Fluor Scaffolding, Inc.
|
|
|
100.0000
|
Delaware
|
||||||||||||||||||||||||||||||||||||||||
II
|
Fluor Services International, Inc.
|
|
|
100.0000
|
Nevada
|
||||||||||||||||||||||||||||||||||||||||
II
|
Fluor Spain Holding S.L.
|
|
|
96.0000
|
Spain
|
||||||||||||||||||||||||||||||||||||||||
|
III
|
Fluor Plant Engineering, S.A.
|
|
100.0000
|
Spain
|
||||||||||||||||||||||||||||||||||||||||
|
III
|
Technical Resource Solutions, S.L.
|
|
100.0000
|
Spain
|
||||||||||||||||||||||||||||||||||||||||
II
|
Fluor SPN, Inc.
|
|
|
100.0000
|
Delaware
|
||||||||||||||||||||||||||||||||||||||||
II
|
Fluor Supply Chain Solutions LLC
|
|
|
100.0000
|
Delaware
|
||||||||||||||||||||||||||||||||||||||||
II
|
Fluor Supply Chain Solutions B.V.
|
|
|
100.0000
|
Netherlands
|
||||||||||||||||||||||||||||||||||||||||
|
III
|
Acqyre B.V.
|
|
100.0000
|
Netherlands
|
||||||||||||||||||||||||||||||||||||||||
|
III
|
Fluor Supply Chain Solutions Singapore Pte. Ltd.
|
|
100.0000
|
Singapore
|
||||||||||||||||||||||||||||||||||||||||
|
III
|
IT Development Centre B.V.
|
|
100.0000
|
Netherlands
|
||||||||||||||||||||||||||||||||||||||||
II
|
Fluor Transworld Services, Inc.
|
|
|
100.0000
|
California
|
||||||||||||||||||||||||||||||||||||||||
II
|
Fluor/Technip Integrated JV
|
|
|
50.0000
|
Texas (JV)
|
||||||||||||||||||||||||||||||||||||||||
II
|
Fluor Technologies Corporation
|
|
|
100.0000
|
Delaware
|
||||||||||||||||||||||||||||||||||||||||
II
|
Fluor Texas, Inc.
|
|
|
100.0000
|
Texas
|
||||||||||||||||||||||||||||||||||||||||
|
III
|
KazakhNefteGasServis LLP
|
|
50.0000
|
Kazakhstan
|
||||||||||||||||||||||||||||||||||||||||
II
|
Fluor US Services, Inc.
|
|
|
100.0000
|
Delaware
|
||||||||||||||||||||||||||||||||||||||||
II
|
Fluor Virginia, Inc.
|
|
|
100.0000
|
Delaware
|
||||||||||||||||||||||||||||||||||||||||
II
|
Fluor-Brady, LLC
|
|
|
50.0000
|
Delaware
|
||||||||||||||||||||||||||||||||||||||||
II
|
Fluor-Lane 95, LLC
|
|
|
65.0000
|
Delaware
|
||||||||||||||||||||||||||||||||||||||||
II
|
Fluor-Lane South Carolina, LLC
|
|
|
50.0000
|
Delaware
|
||||||||||||||||||||||||||||||||||||||||
II
|
Fluor-Lane, LLC
|
|
|
65.0000
|
Delaware
|
||||||||||||||||||||||||||||||||||||||||
II
|
Fluor-United Asheville, LLC
|
|
|
60.0000
|
Delaware
|
||||||||||||||||||||||||||||||||||||||||
II
|
FM Operating Services, LLC
|
|
|
50.0000
|
Delaware
|
||||||||||||||||||||||||||||||||||||||||
II
|
FMC Holding Company LLC
|
|
|
100.0000
|
Delaware
|
||||||||||||||||||||||||||||||||||||||||
|
III
|
Fluor Management Company L.P.
|
|
20.5277
|
Delaware
|
||||||||||||||||||||||||||||||||||||||||
II
|
Fru-Con/Fluor Daniel Joint Venture
|
|
|
50.0000
|
Missouri (JV)
|
||||||||||||||||||||||||||||||||||||||||
II
|
Global Project Execution, Inc.
|
|
|
100.0000
|
Delaware
|
||||||||||||||||||||||||||||||||||||||||
II
|
GLX Constructors, an unincorporated joint venture
|
|
|
25.0000
|
Massachusetts (JV)
|
||||||||||||||||||||||||||||||||||||||||
II
|
Goar, Allison & Associates, LLC
|
|
|
100.0000
|
Texas
|
||||||||||||||||||||||||||||||||||||||||
II
|
Indo-Mauritian Affiliates Limited
|
|
|
100.0000
|
Mauritius
|
||||||||||||||||||||||||||||||||||||||||
|
III
|
Fluor Daniel India Private Limited
|
|
20.0000
|
India
|
||||||||||||||||||||||||||||||||||||||||
II
|
Infrastructure Civil Equipment, LLC
|
|
|
100.0000
|
Delaware
|
||||||||||||||||||||||||||||||||||||||||
II
|
Integrated Solutions France, Inc.
|
|
|
100.0000
|
Delaware
|
||||||||||||||||||||||||||||||||||||||||
II
|
Integrated Solutions Services, Inc.
|
|
|
100.0000
|
California
|
||||||||||||||||||||||||||||||||||||||||
II
|
JGC/FEI Joint Venture
|
|
|
50.0000
|
Texas (JV)
|
||||||||||||||||||||||||||||||||||||||||
II
|
JGC/Fluor JV
|
|
|
50.0000
|
Texas (JV)
|
||||||||||||||||||||||||||||||||||||||||
II
|
Lone Star Infrastructure, LLC
|
|
|
45.0000
|
Delaware
|
||||||||||||||||||||||||||||||||||||||||
II
|
Lone Star Infrastructure, Joint Venture
|
|
|
45.0000
|
Texas (JV)
|
||||||||||||||||||||||||||||||||||||||||
II
|
Louisiana Operations and Maintenance Services LLC
|
|
|
100.0000
|
Louisiana
|
||||||||||||||||||||||||||||||||||||||||
II
|
Middle East Fluor
|
|
|
100.0000
|
California
|
II
|
NuScale Holdings Corp.
|
|
|
76.1875
|
Oregon
|
||||||||||||||||||||||||||||||||||||||||
II
|
NuScale Power, LLC
|
|
|
97.7978
|
Oregon
|
||||||||||||||||||||||||||||||||||||||||
II
|
Oregon Bridge Delivery Partners Joint Venture
|
|
|
50.0000
|
Oregon (JV)
|
||||||||||||||||||||||||||||||||||||||||
II
|
Pegasus Link Constructors
|
|
|
55.0000
|
Texas
|
||||||||||||||||||||||||||||||||||||||||
II
|
Pegasus Link Constructors - LBJ East Project
|
|
|
55.00
|
Texas (JV)
|
||||||||||||||||||||||||||||||||||||||||
II
|
Pegasus Link Constructors, LLC
|
|
|
55.0000
|
Delaware
|
||||||||||||||||||||||||||||||||||||||||
II
|
PESIL Inc.
|
|
|
100.0000
|
Illinois
|
||||||||||||||||||||||||||||||||||||||||
II
|
PESNC Inc.
|
|
|
100.0000
|
North Carolina
|
||||||||||||||||||||||||||||||||||||||||
II
|
Phoenix Constructors, Joint Venture
|
|
|
32.5000
|
New York (JV)
|
||||||||||||||||||||||||||||||||||||||||
II
|
Plant Engineering Services LLC
|
|
|
100.0000
|
Delaware
|
||||||||||||||||||||||||||||||||||||||||
II
|
Plant Performance Services International LLC
|
|
|
100.0000
|
Delaware
|
||||||||||||||||||||||||||||||||||||||||
|
III
|
Plant Performance Services Caribbean Limited
|
|
100.0000
|
Trinidad & Tobago
|
||||||||||||||||||||||||||||||||||||||||
II
|
Plant Performance Services International, Ltd.
|
|
|
100.0000
|
Bermuda
|
||||||||||||||||||||||||||||||||||||||||
|
III
|
Fluor International Nigeria Limited
|
|
60.0000
|
Nigeria
|
||||||||||||||||||||||||||||||||||||||||
II
|
Prairie Link Constructors JV
|
|
|
60.0000
|
Texas (JV)
|
||||||||||||||||||||||||||||||||||||||||
II
|
Prairie Link Constructors, LLC
|
|
|
55.0000
|
Delaware
|
||||||||||||||||||||||||||||||||||||||||
II
|
Provo River Constructors
|
|
|
42.5000
|
Utah
|
||||||||||||||||||||||||||||||||||||||||
II
|
Purple Line Transit Constructors, LLC
|
|
|
50.0000
|
Delaware
|
||||||||||||||||||||||||||||||||||||||||
II
|
Purple Line Transit Operations, LLC
|
|
|
50.0000
|
Delaware
|
||||||||||||||||||||||||||||||||||||||||
II
|
Purple Line Transit Partners, LLC
|
|
|
15.0000
|
Delaware
|
||||||||||||||||||||||||||||||||||||||||
II
|
Sacyr Fluor, S.A.
|
|
|
50.0000
|
Spain
|
||||||||||||||||||||||||||||||||||||||||
|
III
|
Industrial Services SR Peru, S.A.C.
|
|
99.9999
|
Peru
|
||||||||||||||||||||||||||||||||||||||||
|
III
|
Sacyr Fluor Bolivia, S.R.L.
|
|
98.8000
|
Bolivia
|
||||||||||||||||||||||||||||||||||||||||
|
III
|
Sacyr Fluor Colombia S.A.S.
|
|
100.0000
|
Colombia
|
||||||||||||||||||||||||||||||||||||||||
|
III
|
Sacyr Fluor Participaciones, S.L.
|
|
100.0000
|
Spain
|
||||||||||||||||||||||||||||||||||||||||
|
IV
|
Industrial Services SF Peru, S.A.C.
|
|
0.0001
|
Peru
|
||||||||||||||||||||||||||||||||||||||||
|
IV
|
Sacyr Fluor Bolivia, S.R.L.
|
|
0.2000
|
Bolivia
|
||||||||||||||||||||||||||||||||||||||||
II
|
Saddleback Constructors
|
|
|
27.0000
|
Delaware
|
||||||||||||||||||||||||||||||||||||||||
II
|
Servicios Mineria, Inc.
|
|
|
100.0000
|
Delaware
|
||||||||||||||||||||||||||||||||||||||||
II
|
Soli-Flo LLC
|
|
|
25.0000
|
Delaware
|
||||||||||||||||||||||||||||||||||||||||
|
III
|
Soli-Flo, Inc.
|
|
100.0000
|
Delaware
|
||||||||||||||||||||||||||||||||||||||||
|
IV
|
Soli-Flo Material Transfer, L.P.
|
|
1.0000
|
California
|
||||||||||||||||||||||||||||||||||||||||
|
IV
|
Soli0Flo Partners, L.P.
|
|
1.0000
|
California
|
||||||||||||||||||||||||||||||||||||||||
II
|
Soli-Flo Material Transfer, L.P.
|
|
|
24.7500
|
California
|
||||||||||||||||||||||||||||||||||||||||
II
|
Soli-Flo Partners, L.P.
|
|
|
24.7500
|
California
|
||||||||||||||||||||||||||||||||||||||||
II
|
Strategic Organizational Systems Enterprises, Inc.
|
|
|
100.0000
|
California
|
||||||||||||||||||||||||||||||||||||||||
|
III
|
Strategic Organizational Systems Environmental Engineering Division, Inc.
|
100.0000
|
Texas
|
|||||||||||||||||||||||||||||||||||||||||
II
|
Support Services International, LLC
|
|
|
100.0000
|
South Carolina
|
||||||||||||||||||||||||||||||||||||||||
II
|
Tappan Zee Constructors, LLC
|
|
|
30.0000
|
Delaware
|
||||||||||||||||||||||||||||||||||||||||
II
|
TDF Inc.
|
|
|
100.0000
|
California
|
||||||||||||||||||||||||||||||||||||||||
|
III
|
Fluor Daniel Engineers SA (PTY) Limited
|
|
100.0000
|
Liechtenstein
|
||||||||||||||||||||||||||||||||||||||||
|
IV
|
Trans-Africa Projects (Pty) Ltd.
|
|
50.0000
|
South Africa
|
||||||||||||||||||||||||||||||||||||||||
|
IV
|
Trans-Africa Projects Ltd.
|
|
50.0000
|
Mauritius
|
||||||||||||||||||||||||||||||||||||||||
|
III
|
Fluor S.A. (Pty) Limited
|
|
100.0000
|
Liechtenstein
|
||||||||||||||||||||||||||||||||||||||||
|
IV
|
Fluor Global Plant Services (Proprietary) Ltd.
|
|
100.0000
|
South Africa
|
||||||||||||||||||||||||||||||||||||||||
|
IV
|
Fluor South Africa (Pty) Limited
|
|
90.0000
|
South Africa
|
||||||||||||||||||||||||||||||||||||||||
|
|
V
|
FLAG Joint Venture
|
46.8000
|
South Africa (JV)
|
||||||||||||||||||||||||||||||||||||||||
|
V
|
TRS Staffing Solutions (Pty) Ltd.
|
100.0000
|
South Africa
|
|
IV
|
Fluor-Igoda Projects (Proprietary) Limited
|
|
70.0000
|
South Africa
|
||||||||||||||||||||||||||||||||||||||||
|
IV
|
TRS Staffing Solutions SA (Pty) Ltd.
|
|
100.0000
|
British Virgin Islands
|
||||||||||||||||||||||||||||||||||||||||
II
|
Trans Florida Express, LLC
|
|
|
100.0000
|
Delaware
|
||||||||||||||||||||||||||||||||||||||||
II
|
Venezco, Inc.
|
|
|
100.0000
|
California
|
||||||||||||||||||||||||||||||||||||||||
II
|
Virta Inc.
|
|
|
100.0000
|
Delaware
|
||||||||||||||||||||||||||||||||||||||||
II
|
Walsh-Fluor Design-Build Team
|
|
|
40.0000
|
Illinois
|
||||||||||||||||||||||||||||||||||||||||
II
|
Williams Brothers Engineering Company
|
|
|
100.0000
|
Delaware
|
||||||||||||||||||||||||||||||||||||||||
|
III
|
Fluor Argentina, Inc.
|
|
100.0000
|
Delaware
|
||||||||||||||||||||||||||||||||||||||||
|
IV
|
Fluor Argentina Inc. Sucursal Argentina – TECHINT Compania Tecnica Internacional S.A.C.I-Union
|
50.0000
|
Argentina
|
|||||||||||||||||||||||||||||||||||||||||
|
III
|
TRS Labour Hire Solutions Pty. Ltd.
|
|
100.0000
|
Australia
|
||||||||||||||||||||||||||||||||||||||||
|
III
|
Williams Brothers Engineering Limited
|
|
100.0000
|
England
|
||||||||||||||||||||||||||||||||||||||||
|
III
|
Williams Brothers Process Services, Inc.
|
|
100.0000
|
Delaware
|
||||||||||||||||||||||||||||||||||||||||
II
|
WODECO Nigeria Limited
|
|
|
60.0000
|
Nigeria
|
||||||||||||||||||||||||||||||||||||||||
|
|
|
|
|
|
||||||||||||||||||||||||||||||||||||||||
I
|
Fluor Holding Company LLC
|
|
|
100.0000
|
Delaware
|
||||||||||||||||||||||||||||||||||||||||
II
|
Compania Minera San Jose Del Peru S.A.
|
|
|
99.0000
|
Peru
|
||||||||||||||||||||||||||||||||||||||||
II
|
Fluor Management Company L.P.
|
|
|
33.4047
|
Delaware
|
||||||||||||||||||||||||||||||||||||||||
II
|
Mineral Resource Development Corporation
|
|
|
100.0000
|
Delaware
|
||||||||||||||||||||||||||||||||||||||||
|
III
|
Compania Minera San Jose Del Peru S.A.
|
|
1.0000
|
Peru
|
||||||||||||||||||||||||||||||||||||||||
|
III
|
St. Joe Participacoes
|
|
0.0125
|
Brazil
|
||||||||||||||||||||||||||||||||||||||||
II
|
St. Joe Participacoes Ltda
|
|
|
99.9875
|
Brazil
|
||||||||||||||||||||||||||||||||||||||||
|
|
|
|
|
|||||||||||||||||||||||||||||||||||||||||
I
|
TRS Staffing Solutions, Inc.
|
|
|
100.0000
|
South Carolina
|
||||||||||||||||||||||||||||||||||||||||
II
|
TRS Craft Services, Inc.
|
|
|
100.0000
|
Delaware
|
||||||||||||||||||||||||||||||||||||||||
II
|
TRS Far East Sdn. Bhd.
|
|
|
100.0000
|
Malaysia
|
||||||||||||||||||||||||||||||||||||||||
|
III
|
Agensi Pekerjaan TRS Malaysia SDN. BHD.
|
|
51.0000
|
Malaysia
|
||||||||||||||||||||||||||||||||||||||||
II
|
TRS International Group, S. de R.L. de C.V.
|
|
|
99.0460
|
Mexico
|
||||||||||||||||||||||||||||||||||||||||
II
|
TRS International Payroll Co.
|
|
|
100.0000
|
Texas
|
||||||||||||||||||||||||||||||||||||||||
|
III
|
TRS Staffing Solutions India Private Limited
|
|
0.1000
|
India
|
||||||||||||||||||||||||||||||||||||||||
II
|
TRS SA Holdings Company (Pty) Ltd.
|
|
|
100.0000
|
South Africa
|
||||||||||||||||||||||||||||||||||||||||
|
III
|
TRS Search and Selection (Pty) Ltd.
|
|
100.0000
|
South Africa
|
||||||||||||||||||||||||||||||||||||||||
II
|
TRS Staffing Solutions (Pty) Ltd.
|
|
|
100.0000
|
Botswana
|
||||||||||||||||||||||||||||||||||||||||
II
|
TRS Staffing Solutions India Private Limited
|
|
|
99.9000
|
India
|
||||||||||||||||||||||||||||||||||||||||
II
|
TRS Staffing Solutions Malaysia Sdn. Bhd.
|
|
|
49.0000
|
Malaysia
|
||||||||||||||||||||||||||||||||||||||||
II
|
TRS Staffing Solutions Mozambique, Limitada
|
|
|
1.0000
|
Mozambique
|
||||||||||||||||||||||||||||||||||||||||
II
|
TRS Staffing Solutions, S. de R.L. de C.V.
|
|
|
99.8000
|
Mexico
|
||||||||||||||||||||||||||||||||||||||||
|
__________________________
|
|
|
|
|||||||||||||||||||||||||||||||||||||||||
|
(1) Does not include certain subsidiaries which if considered in the aggregate as a single subsidiary would not constitute a significant subsidiary
|
1)
|
Registration Statement (Form S-8 No. 333-52992) pertaining to the Fluor Corporation 2000 Executive Performance Incentive Plan and the Fluor Corporation 2000 Restricted Stock Plan for Non-Employee Directors,
|
2)
|
Registration Statement (Form S-8 No. 333-63868) pertaining to the Fluor Daniel Craft Employees 401(k) Retirement Plan,
|
3)
|
Registration Statement (Form S-8 No. 333-63870) pertaining to the Fluor Corporation Salaried Employees' Savings Investment Plan,
|
4)
|
Registration Statement (Form S-8 No. 333-63872) pertaining to the TRS 401(k) Retirement Plan,
|
5)
|
Registration Statement (Form S-8 No. 333-63858) pertaining to the AMECO and Subsidiaries Salaried Employees 401(k) Retirement Plan,
|
6)
|
Registration Statement (Form S-8 No. 333-63860) pertaining to the DMIS, Inc. Nissan Maintenance Project Retirement & Savings Plan,
|
7)
|
Registration Statement (Form S-8 No. 333-63862) pertaining to the Fluor Corporation Employees' Performance Plan,
|
8)
|
Registration Statement (Form S-8 No. 333-63864) pertaining to the TRS Salaried Employees' 401(k) Retirement Plan,
|
9)
|
Registration Statement (Form S-8 No. 333-67000) pertaining to the 2001 Key Employee Performance Incentive Plan,
|
10)
|
Registration Statement (Form S-8 No. 333-84790) pertaining to the Fluor Executive Deferred Compensation Program,
|
11)
|
Registration Statement (Form S-8 No. 333-105308) pertaining to the Fluor Corporation 2003 Executive Performance Incentive Plan,
|
12)
|
Registration Statement (Form S-8 No. 333-105309) pertaining to the Fluor Corporation Deferred Directors' Fees Program,
|
13)
|
Registration Statement (Form S-8 No. 333-120374) pertaining to the TRS 401(k) Retirement Plan,
|
14)
|
Registration Statement (Form S-8 No. 333-120372) pertaining to the Fluor Corporation Salaried Employees' Savings Investment Plan,
|
15)
|
Registration Statement (Form S-8 No. 333-115080) pertaining to the Fluor Corporation 2000 Restricted Stock Plan for Non-Employee Directors,
|
16)
|
Registration Statement (Form S-8 No. 333-148269) pertaining to the Fluor 409A Executive Deferred Compensation Program,
|
17)
|
Registration Statement (Form S-8 No. 333-148270) pertaining to the Fluor Corporation 409A Deferred Directors' Fees Program,
|
18)
|
Registration Statement (Form S-8 No. 333-148278) pertaining to the Fluor Executive Deferred Compensation Program,
|
19)
|
Registration Statement (Form S-8 No. 333-150549) pertaining to the TRS 401(k) Retirement Plan,
|
20)
|
Registration Statement (Form S-8 No. 333-150550) pertaining to the Fluor Corporation Employees' Savings Investment Plan,
|
21)
|
Registration Statement (Form S-8 No. 333-150857) pertaining to the Fluor Corporation 2008 Executive Performance Incentive Plan,
|
22)
|
Registration Statement (Form S-8 No. 333-168411) pertaining to the Fluor Corporation Employees' Savings Investment Plan,
|
23)
|
Registration Statement (Form S-8 No. 333-188379) pertaining to the Fluor Corporation Amended and Restated 2008 Executive Performance Incentive Plan,
|
24)
|
Registration Statement (Form S-8 No. 333-195613) pertaining to the Fluor Corporation 2014 Restricted Stock Plan for Non-Employee Directors,
|
25)
|
Registration Statement (Form S-8 No. 333-217653) pertaining to the Fluor Corporation 2017 Performance Incentive Plan,
|
26)
|
Registration Statement (Form S-8 No. 333-226546) pertaining to the Fluor Corporation 409A Executive Deferred Compensation Program, and
|
27)
|
Registration Statement (Form S-3 No. 333-226545) and related Prospectus of Fluor Corporation pertaining to the registration of its debt securities, common stock, preferred stock, and warrants,
|
By:
|
/s/ Carlos M. Hernandez
|
|
Carlos M. Hernandez
|
|
Chief Executive Officer
|
By:
|
/s/ Joseph L. Brennan
|
|
Joseph L. Brennan
|
|
Executive Vice President and Chief Financial Officer
|
•
|
the Report fully complies with the requirements of Section 13(a) or 15(d) of the Securities Exchange Act of 1934, as amended; and
|
•
|
the information contained in the Report fairly presents, in all material respects, the financial condition and results of operations of the Company.
|
By:
|
/s/ Carlos M. Hernandez
|
|
Carlos M. Hernandez
|
|
Chief Executive Officer
|
•
|
the Report fully complies with the requirements of Section 13(a) or 15(d) of the Securities Exchange Act of 1934, as amended; and
|
•
|
the information contained in the Report fairly presents, in all material respects, the financial condition and results of operations of the Company.
|
By:
|
/s/ Joseph L. Brennan
|
|
Joseph L. Brennan
|
|
Executive Vice President and Chief Financial Officer
|