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Table of Contents

 
UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
FORM 10-Q
      QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934
For the quarterly period ended June 30, 2020
Or
       TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934
For the transition period from          to          
Commission File Number:  1-16129
FLUOR CORPORATION
(Exact name of registrant as specified in its charter)
Delaware
 
33-0927079
(State or other jurisdiction of
 
(I.R.S. Employer
incorporation or organization)
 
Identification No.)
 
 
 
 
6700 Las Colinas Boulevard
 
 
Irving,
Texas
 
75039
(Address of principal executive offices)
 
(Zip Code)
469-398-7000
(Registrant’s telephone number, including area code)
Securities registered pursuant to Section 12(b) of the Act:
Title of each class
Trading Symbol(s)
Name of each exchange on which registered
Common Stock, $.01 par value per share
FLR
New York Stock Exchange
Preferred Stock Purchase Rights
FLR
New York Stock Exchange
Indicate by check mark whether the registrant (1) has filed all reports required to be filed by Section 13 or 15(d) of the Securities Exchange Act of 1934 during the preceding 12 months (or for such shorter period that the registrant was required to file such reports), and (2) has been subject to such filing requirements for the past 90 days.  Yes o  No ý
Indicate by check mark whether the registrant has submitted electronically, if any, every Interactive Data File required to be submitted pursuant to Rule 405 of Regulation S-T during the preceding 12 months (or for such shorter period that the registrant was required to submit such files).  Yes o  No ý
Indicate by check mark whether the registrant is a large accelerated filer, an accelerated filer, a non-accelerated filer, a smaller reporting company or an emerging growth company. See definitions of “large accelerated filer,” “accelerated filer,” “smaller reporting company” and “emerging growth company” in Rule 12b-2 of the Exchange Act. (Check one):
Large accelerated filer
Accelerated filer
Non-accelerated filer
Smaller reporting company
 
 
Emerging growth company
If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act. o
Indicate by check mark whether the registrant is a shell company (as defined in Rule 12b-2 of the Exchange Act).  Yes   No ý
As of October 30, 2020, 140,620,842 shares of the registrant’s common stock, $0.01 par value, were outstanding.
 


Table of Contents

FLUOR CORPORATION
FORM 10-Q
TABLE OF CONTENTS
PAGE
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 

1

Table of Contents

Glossary of Terms
The definitions and abbreviations set forth below apply to the indicated terms used throughout this filing.
Abbreviation/Term
Definition
2019 10-K
Annual Report on Form 10-K for the year ended December 31, 2019
2019 Period
Six months ended June 30, 2019
2019 Quarter
Three months ended June 30, 2019
2020 Period
Six months ended June 30, 2020
2020 Quarter
Three months ended June 30, 2020
AOCI
Accumulated other comprehensive income (loss)
ASC
Accounting Standards Codification
ASU
Accounting Standards Update
Cont Ops
Continuing operations
Corporate G&A
Corporate general and administrative expense
COVID-19
Coronavirus pandemic of 2020
Disc Ops
Discontinued operations
DOE
U.S. Department of Energy
EPC
Engineering, procurement and construction
EPS
Earnings per share
Exchange Act
Securities Exchange Act of 1934
GAAP
Accounting principles generally accepted in the United States
ICFR
Internal control over financial reporting
NCI
Noncontrolling interests
NM
Not meaningful
NuScale
NuScale Power, LLC
OCI
Other comprehensive income (loss)
Q1 2020 10-Q
Quarterly Report on Form 10-Q for the three months ended March 31, 2020
Q2 2020 10-Q
Quarterly Report on Form 10-Q for the three and six months ended June 30, 2020
RSU
Restricted stock units
RUPO
Remaining unsatisfied performance obligations
SEC
Securities and Exchange Commission
Stork
Stork Holding B.V. and subsidiaries; Acquired by Fluor in 2016
VDI
Value Driver Incentive
VIE
Variable interest entity


2

Table of Contents

PART I:  FINANCIAL INFORMATION
Item 1. Financial Statements
FLUOR CORPORATION
CONDENSED CONSOLIDATED STATEMENT OF OPERATIONS
UNAUDITED
 
Three Months Ended
June 30,
 
Six Months Ended
June 30,
(in thousands, except per share amounts)
2020
 
2019
 
2020
 
2019
Revenue
$
4,090,993

 
$
4,146,404

 
$
8,209,549

 
$
8,280,016

Cost of revenue
4,023,530

 
4,577,607

 
8,080,690

 
8,648,467

Other (income) and expenses
 
 
 
 
 
 
 
Corporate general and administrative expense
39,737

 
49,932

 
25,685

 
108,553

Impairment, restructuring and other exit costs
5,058

 
26,671

 
302,662

 
54,039

Interest expense
17,091

 
18,876

 
35,414

 
37,506

Interest income
(5,302
)
 
(14,816
)
 
(17,354
)
 
(27,709
)
Total cost and expenses
4,080,114

 
4,658,270

 
8,427,097

 
8,820,856

Earnings (loss) from Cont Ops before taxes
10,879

 
(511,866
)
 
(217,548
)
 
(540,840
)
Income tax expense (benefit)
31,085

 
(75,757
)
 
(35,747
)
 
(60,500
)
Net earnings (loss) from Cont Ops
(20,206
)
 
(436,109
)
 
(181,801
)
 
(480,340
)
Net earnings (loss) from Disc Ops
1,944

 
(16,591
)
 
(92,911
)
 
(17,405
)
Net earnings (loss)
(18,262
)
 
(452,700
)
 
(274,712
)
 
(497,745
)
 
 
 
 
 
 
 
 
Less: Net earnings (loss) attributable to NCI from Cont Ops 
6,728

 
(38,679
)
 
16,237

 
(14,820
)
Net earnings (loss) attributable to Fluor Corporation from Cont Ops
(26,934
)
 
(397,430
)
 
(198,038
)
 
(465,520
)
Net earnings (loss) attributable to Fluor Corporation from Disc Ops
1,944

 
(16,591
)
 
(92,911
)
 
(17,405
)
Net earnings (loss) attributable to Fluor Corporation
$
(24,990
)
 
$
(414,021
)
 
$
(290,949
)
 
$
(482,925
)
 
 
 
 
 
 
 
 
Basic earnings (loss) per share attributable to Fluor Corporation
 
 
 
 
 
 
 
Net earnings (loss) from Cont Ops
$
(0.19
)
 
$
(2.84
)
 
$
(1.41
)
 
$
(3.33
)
Net earnings (loss) from Disc Ops
0.01

 
(0.11
)
 
(0.66
)
 
(0.12
)
Net earnings (loss)
$
(0.18
)
 
$
(2.95
)
 
$
(2.07
)
 
$
(3.45
)
 
 
 
 
 
 
 
 
Diluted earnings (loss) per share attributable to Fluor Corporation
 
 
 
 
 
 
Net earnings (loss) from Cont Ops
$
(0.19
)
 
$
(2.84
)
 
$
(1.41
)
 
$
(3.33
)
Net earnings (loss) from Disc Ops
0.01

 
(0.11
)
 
(0.66
)
 
(0.12
)
Net earnings (loss)
$
(0.18
)
 
$
(2.95
)
 
$
(2.07
)
 
$
(3.45
)

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


3

Table of Contents

FLUOR CORPORATION
CONDENSED CONSOLIDATED STATEMENT OF COMPREHENSIVE INCOME (LOSS)
UNAUDITED
 
 
Three Months Ended
June 30,
 
Six Months Ended
June 30,
(in thousands)
 
2020
 
2019
 
2020
 
2019
Net earnings (loss)
 
$
(18,262
)
 
$
(452,700
)
 
$
(274,712
)
 
$
(497,745
)
OCI, net of tax:
 
 
 
 
 
 
 
 
Foreign currency translation adjustment
 
31,072

 
(14,536
)
 
(80,029
)
 
27,660

Ownership share of equity method investees’ OCI
 
(10,654
)
 
(2,465
)
 
(18,826
)
 
(4,787
)
Defined benefit plan adjustments
 
955

 
2,039

 
2,001

 
4,103

Unrealized gain (loss) on derivative contracts
 
1,765

 
2,238

 
(3,705
)
 
5,695

Total OCI, net of tax
 
23,138

 
(12,724
)
 
(100,559
)
 
32,671

Comprehensive income (loss)
 
4,876

 
(465,424
)
 
(375,271
)
 
(465,074
)
Less: Comprehensive income (loss) attributable to NCI
 
9,149

 
(38,957
)
 
14,441

 
(14,613
)
Comprehensive income (loss) attributable to Fluor Corporation
 
$
(4,273
)
 
$
(426,467
)
 
$
(389,712
)
 
$
(450,461
)
The accompanying notes are an integral part of these financial statements.

4

Table of Contents

FLUOR CORPORATION
CONDENSED CONSOLIDATED BALANCE SHEET
UNAUDITED
(in thousands, except share and per share amounts)
 
June 30,
2020
 
December 31,
2019
ASSETS 
 
 

 
 

Current assets
 
 

 
 

Cash and cash equivalents ($547,487 and $392,772 related to VIEs)
 
$
1,969,593

 
$
1,997,199

Marketable securities ($66 related to VIEs in both periods)
 
12,711

 
7,262

Accounts and notes receivable, net ($245,081 and $329,548 related to VIEs)
 
1,146,761

 
1,217,464

Contract assets ($266,485 and $294,116 related to VIEs)
 
1,069,507

 
1,238,173

Other current assets ($25,943 and $32,271 related to VIEs)
 
459,979

 
389,565

Current assets held for sale
 
368,835

 
517,100

Total current assets
 
5,027,386

 
5,366,763

 
 
 
 
 
Noncurrent assets
 
 
 
 
Property, plant and equipment, net ($35,004 and $29,492 related to VIEs)
 
568,606

 
594,826

Goodwill
 
322,652

 
508,415

Investments
 
528,251

 
600,814

Deferred taxes
 
68,225

 
62,688

Deferred compensation trusts
 
309,255

 
341,235

Other assets ($43,218 and $45,425 related to VIEs)
 
416,399

 
491,917

Total noncurrent assets
 
2,213,388

 
2,599,895

Total assets
 
$
7,240,774

 
$
7,966,658

 
 
 
 
 
LIABILITIES AND EQUITY 
 
 
 
 
Current liabilities
 
 
 
 
Accounts payable ($414,453 and $501,525 related to VIEs)
 
$
1,428,785

 
$
1,546,840

Short-term borrowings
 
53,102

 
38,728

Contract liabilities ($262,786 and $232,160 related to VIEs)
 
1,015,385

 
1,157,788

Accrued salaries, wages and benefits ($31,975 and $31,178 related to VIEs)
 
570,416

 
609,094

Other accrued liabilities ($65,598 and $21,088 related to VIEs)
 
475,113

 
470,350

Current liabilities related to assets held for sale
 
62,278

 
82,322

Total current liabilities
 
3,605,079

 
3,905,122

 
 
 
 
 
Long-term debt
 
1,654,831

 
1,651,739

Deferred taxes
 
74,787

 
83,295

Other noncurrent liabilities ($9,486 and $11,366 related to VIEs)
 
675,183

 
742,410

 
 
 
 
 
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 — 140,565,020 and 140,174,400 shares in 2020 and 2019, respectively
 
1,403

 
1,399

Additional paid-in capital
 
175,089

 
165,314

AOCI
 
(478,636
)
 
(379,873
)
Retained earnings
 
1,393,866

 
1,700,912

Total shareholders’ equity
 
1,091,722

 
1,487,752

NCI
 
139,172

 
96,340

Total equity
 
1,230,894

 
1,584,092

Total liabilities and equity
 
$
7,240,774

 
$
7,966,658

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

5

Table of Contents

FLUOR CORPORATION
CONDENSED CONSOLIDATED STATEMENT OF CASH FLOWS
UNAUDITED
 
 
Six Months Ended
June 30,
(in thousands)
 
2020
 
2019
OPERATING CASH FLOW
 
 

 
 

Net earnings (loss)
 
$
(274,712
)
 
$
(497,745
)
Adjustments to reconcile net earnings (loss) to operating cash flow:
 
 
 
 
Impairment expense - Cont Ops
 
297,604

 
39,115

Impairment expense - Disc Ops
 
100,000

 

Depreciation
 
54,540

 
87,871

Amortization of intangibles
 
2,381

 
9,043

(Earnings) loss from equity method investments, net of distributions
 
1,216

 
7,891

Loss on sale of investment
 
10,780

 

(Gain) loss on sales of property, plant and equipment
 
(2,575
)
 
(3,552
)
Amortization of stock-based awards
 
9,356

 
29,803

Deferred compensation trust
 
10,881

 
(34,412
)
Deferred compensation obligation
 
(12,486
)
 
36,593

Deferred taxes
 
(17,424
)
 
(127,665
)
Net retirement plan accrual (contributions)
 
(7,234
)
 
(1,827
)
Changes in assets and liabilities
 
(115,170
)
 
541,543

Other
 
6,931

 
4,777

Operating cash flow
 
64,088

 
91,435

 
 
 
 
 
INVESTING CASH FLOW
 
 
 
 
Purchases of marketable securities
 
(12,495
)
 
(23,409
)
Proceeds from the sales and maturities of marketable securities
 
6,995

 
164,964

Capital expenditures
 
(58,959
)
 
(100,840
)
Proceeds from sales of property, plant and equipment
 
24,348

 
25,179

Investments in partnerships and joint ventures
 
(24,022
)
 
(27,056
)
Other
 
4,534

 
5,164

Investing cash flow
 
(59,599
)
 
44,002

 
 
 
 
 
FINANCING CASH FLOW
 
 
 
 
Dividends paid
 
(28,720
)
 
(59,324
)
Other borrowings
 
20,567

 
12,637

Distributions paid to NCI
 
(10,831
)
 
(15,572
)
Capital contributions by NCI
 
39,520

 
7,821

Taxes paid on vested restricted stock
 
(1,313
)
 
(3,572
)
Other
 
(1,435
)
 
201

Financing cash flow
 
17,788

 
(57,809
)
 
 
 
 
 
Effect of exchange rate changes on cash
 
(49,883
)
 
14,911

Increase (decrease) in cash and cash equivalents
 
(27,606
)
 
92,539

Cash and cash equivalents at beginning of period
 
1,997,199

 
1,764,746

Cash and cash equivalents at end of period
 
$
1,969,593

 
$
1,857,285


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

6

Table of Contents

FLUOR CORPORATION
CONDENSED CONSOLIDATED STATEMENT OF CHANGES IN EQUITY
(in thousands, except per share amounts)
Common Stock
Additional Paid-In Capital
AOCI
Retained
Earnings
Total Shareholders' Equity
NCI
Total
Equity
Shares
Amount
BALANCE AS OF MARCH 31, 2020
140,533

$
1,403

$
170,750

$
(499,353
)
$
1,418,845

$
1,091,645

$
118,520

$
1,210,165

Net earnings (loss)




(24,990
)
(24,990
)
6,728

(18,262
)
OCI



20,717


20,717

2,421

23,138

Distributions to NCI






(8,080
)
(8,080
)
Capital contributions by NCI






19,552

19,552

Other NCI transactions


1,064



1,064

31

1,095

Stock-based plan activity
32


3,275


11

3,286


3,286

BALANCE AS OF JUNE 30, 2020
140,565

$
1,403

$
175,089

$
(478,636
)
$
1,393,866

$
1,091,722

$
139,172

$
1,230,894


(in thousands, except per share amounts)
Common Stock
Additional Paid-In Capital
AOCI
Retained
Earnings
Total Shareholders' Equity
NCI
Total
Equity
Shares
Amount
BALANCE AS OF
DECEMBER 31, 2019
140,174

$
1,399

$
165,314

$
(379,873
)
$
1,700,912

$
1,487,752

$
96,340

$
1,584,092

Net earnings (loss)




(290,949
)
(290,949
)
16,237

(274,712
)
Cumulative adjustment for the adoption of ASC 326




(1,977
)
(1,977
)

(1,977
)
OCI



(98,763
)

(98,763
)
(1,796
)
(100,559
)
Dividends ($0.10 per share)




(14,120
)
(14,120
)

(14,120
)
Distributions to NCI






(10,831
)
(10,831
)
Capital contributions by NCI






39,520

39,520

Other NCI transactions


1,736



1,736

(298
)
1,438

Stock-based plan activity
391

4

8,039



8,043


8,043

BALANCE AS OF JUNE 30, 2020
140,565

$
1,403

$
175,089

$
(478,636
)
$
1,393,866

$
1,091,722

$
139,172

$
1,230,894


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




7

Table of Contents

FLUOR CORPORATION
CONDENSED CONSOLIDATED STATEMENT OF CHANGES IN EQUITY (Continued)
(in thousands, except per share amounts)
Common Stock
Additional Paid-In Capital
AOCI
Retained
Earnings
Total Shareholders' Equity
NCI
Total
Equity
Shares
Amount
BALANCE AS OF MARCH 31, 2019
140,109

$
1,399

$
94,456

$
(498,621
)
$
3,215,871

$
2,813,105

$
163,612

$
2,976,717

Net earnings (loss)




(414,021
)
(414,021
)
(38,679
)
(452,700
)
OCI



(12,445
)

(12,445
)
(279
)
(12,724
)
Dividends ($0.21 per share)




(29,740
)
(29,740
)

(29,740
)
Distributions to NCI






(5,420
)
(5,420
)
Capital contributions by NCI






3,054

3,054

Other NCI transactions


2,048



2,048

964

3,012

Stock-based plan activity
65


16,539



16,539


16,539

BALANCE AS OF JUNE 30, 2019
140,174

$
1,399

$
113,043

$
(511,066
)
$
2,772,110

$
2,375,486

$
123,252

$
2,498,738


(in thousands, except per share amounts)
Common Stock
Additional Paid-In Capital
AOCI
Retained
Earnings
Total Shareholders' Equity
NCI
Total
Equity
Shares
Amount
BALANCE AS OF
DECEMBER 31, 2018
139,654

$
1,396

$
82,106

$
(543,531
)
$
3,294,154

$
2,834,125

$
146,128

$
2,980,253

Net earnings (loss)




(482,925
)
(482,925
)
(14,820
)
(497,745
)
Cumulative adjustment for the adoption of ASC 842




20,544

20,544


20,544

OCI



32,465


32,465

206

32,671

Dividends ($0.42 per share)


218


(59,663
)
(59,445
)

(59,445
)
Distributions to NCI






(15,572
)
(15,572
)
Capital contributions by NCI






7,821

7,821

Other NCI transactions


3,083



3,083

(511
)
2,572

Stock-based plan activity
520

3

27,636



27,639


27,639

BALANCE AS OF JUNE 30, 2019
140,174

$
1,399

$
113,043

$
(511,066
)
$
2,772,110

$
2,375,486

$
123,252

$
2,498,738


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

8

Table of Contents

FLUOR CORPORATION
NOTES TO FINANCIAL STATEMENTS
UNAUDITED


1. Principles of Consolidation

The financial statements do not include footnotes and certain financial information normally presented annually under GAAP, and therefore, should be read in conjunction with our 2019 10-K. Accounting measurements at interim dates inherently involve greater reliance on estimates than at year end. Although such estimates are based on management’s most recent assessment of the underlying facts and circumstances utilizing the most current information available including considerations for the potential impacts of COVID-19, our reported results of operations may not necessarily be indicative of results that we expect for the full year.

The financial statements included herein are unaudited; however, they contain all adjustments of a normal recurring nature which, in the opinion of management, are necessary to present fairly our financial position and our results of operations and cash flows as of and for the interim periods presented. All significant intercompany transactions of consolidated subsidiaries are eliminated. Certain amounts in 2019 have been reclassified to conform to the 2020 presentation, which includes the segregation of Disc Ops and assets and liabilities held for sale. Segment operating information for 2019 has been recast to reflect the current composition of our reportable segments. Management has evaluated all material events occurring subsequent to June 30, 2020 through the filing date of the Q2 2020 10-Q.
In the first quarter of 2020, we decided to retain our government business, which had been included in Disc Ops since the third quarter of 2019. As a result, the government business is no longer reported as a discontinued operation for any period presented. Our plan to sell the AMECO equipment business remains unchanged and it remains reported as a discontinued operation. We expect to complete the sale of the AMECO equipment business within the first half of 2021. The assets and liabilities of the AMECO business are classified as held for sale for all periods presented.
2. Recent Accounting Pronouncements
Accounting Pronouncements Implemented During the First Half of 2020

On January 1, 2020, we adopted ASC Topic 326, “Financial Instruments - Credit Losses,” which replaces the incurred loss impairment methodology with a methodology that reflects expected credit losses and requires consideration of a broader range of reasonable and supportable information to estimate credit losses. The new guidance requires financial assets measured at amortized cost to be presented at the net amount expected to be collected. We adopted ASC 326 using the modified retrospective method, and accordingly, the new guidance was applied to financial assets measured at amortized cost (primarily accounts receivable and contract assets) that existed as of January 1, 2020 (the date of initial application). As a result, we recorded additional reserves for credit losses of $2 million and a cumulative effect adjustment to decrease retained earnings by