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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 September 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 ý  No o
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 ý  No o
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 November 30, 2020, 140,715,205 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
Nine months ended September 30, 2019
2019 Quarter
Three months ended September 30, 2019
2020 Period
Nine months ended September 30, 2020
2020 Quarter
Three months ended September 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
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
Q3 2020 10-Q
Quarterly Report on Form 10-Q for the three and nine months ended September 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
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
September 30,
 
Nine Months Ended
September 30,
(in thousands, except per share amounts)
2020
 
2019
 
2020
 
2019
Revenue
$
3,803,210

 
$
4,628,578

 
$
12,012,759

 
$
12,908,594

Cost of revenue
3,669,535

 
4,537,327

 
11,750,224

 
13,185,793

Other (income) and expenses
 
 
 
 
 
 
 
Corporate general and administrative expense
68,085

 
11,167

 
93,770

 
119,721

Impairment, restructuring and other exit costs

 
333,988

 
302,662

 
388,027

Interest expense
17,603

 
18,984

 
53,017

 
56,490

Interest income
(4,243
)
 
(14,088
)
 
(21,596
)
 
(41,797
)
Total cost and expenses
3,750,980

 
4,887,378

 
12,178,077

 
13,708,234

Earnings (loss) from Cont Ops before taxes
52,230

 
(258,800
)
 
(165,318
)
 
(799,640
)
Income tax expense (benefit)
28,804

 
495,307

 
(6,943
)
 
434,807

Net earnings (loss) from Cont Ops
23,426

 
(754,107
)
 
(158,375
)
 
(1,234,447
)
Net earnings (loss) from Disc Ops
214

 
23,453

 
(92,697
)
 
6,049

Net earnings (loss)
23,640

 
(730,654
)
 
(251,072
)
 
(1,228,398
)
 
 
 
 
 
 
 
 
Less: Net earnings (loss) attributable to NCI from Cont Ops
4,299

 
12,445

 
20,536

 
(2,374
)
Net earnings (loss) attributable to Fluor Corporation from Cont Ops
19,127

 
(766,552
)
 
(178,911
)
 
(1,232,073
)
Net earnings (loss) attributable to Fluor Corporation from Disc Ops
214

 
23,453

 
(92,697
)
 
6,049

Net earnings (loss) attributable to Fluor Corporation
$
19,341

 
$
(743,099
)
 
$
(271,608
)
 
$
(1,226,024
)
 
 
 
 
 
 
 
 
Basic earnings (loss) per share attributable to Fluor Corporation
 
 
 
 
 
 
 
Net earnings (loss) from Cont Ops
$
0.14

 
$
(5.47
)
 
$
(1.27
)
 
$
(8.80
)
Net earnings (loss) from Disc Ops

 
0.17

 
(0.66
)
 
0.04

Net earnings (loss)
$
0.14

 
$
(5.30
)
 
$
(1.93
)
 
$
(8.76
)
 
 
 
 
 
 
 
 
Diluted earnings (loss) per share attributable to Fluor Corporation
 
 
 
 
 
 
Net earnings (loss) from Cont Ops
$
0.14

 
$
(5.47
)
 
$
(1.27
)
 
$
(8.80
)
Net earnings (loss) from Disc Ops

 
0.17

 
(0.66
)
 
0.04

Net earnings (loss)
$
0.14

 
$
(5.30
)
 
$
(1.93
)
 
$
(8.76
)

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
September 30,
 
Nine Months Ended
September 30,
(in thousands)
 
2020
 
2019
 
2020
 
2019
Net earnings (loss)
 
$
23,640

 
$
(730,654
)
 
$
(251,072
)
 
$
(1,228,398
)
OCI, net of tax:
 
 
 
 
 
 
 
 
Foreign currency translation adjustment
 
4,201

 
(42,332
)
 
(75,828
)
 
(14,672
)
Ownership share of equity method investees’ OCI
 
(34
)
 
2,662

 
(18,860
)
 
(2,125
)
Defined benefit plan adjustments
 
1,070

 
1,990

 
3,071

 
6,093

Unrealized gain (loss) on derivative contracts
 
9,588

 
(6,294
)
 
5,883

 
(599
)
Total OCI, net of tax
 
14,825

 
(43,974
)
 
(85,734
)
 
(11,303
)
Comprehensive income (loss)
 
38,465

 
(774,628
)
 
(336,806
)
 
(1,239,701
)
Less: Comprehensive income (loss) attributable to NCI
 
3,804

 
10,696

 
18,245

 
(3,917
)
Comprehensive income (loss) attributable to Fluor Corporation
 
$
34,661

 
$
(785,324
)
 
$
(355,051
)
 
$
(1,235,784
)
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)
 
September 30,
2020
 
December 31,
2019
ASSETS 
 
 

 
 

Current assets
 
 

 
 

Cash and cash equivalents ($559,667 and $392,772 related to VIEs)
 
$
2,093,782

 
$
1,997,199

Marketable securities ($66 related to VIEs in both periods)
 
17,514

 
7,262

Accounts and notes receivable, net ($235,645 and $329,548 related to VIEs)
 
1,083,351

 
1,217,464

Contract assets ($330,343 and $294,116 related to VIEs)
 
1,132,976

 
1,238,173

Other current assets ($31,791 and $32,271 related to VIEs)
 
386,751

 
389,565

Current assets held for sale
 
296,025

 
517,100

Total current assets
 
5,010,399

 
5,366,763

 
 
 
 
 
Noncurrent assets
 
 
 
 
Property, plant and equipment, net ($41,404 and $29,492 related to VIEs)
 
563,624

 
594,826

Goodwill
 
326,892

 
508,415

Investments
 
558,690

 
600,814

Deferred taxes
 
69,008

 
62,688

Deferred compensation trusts
 
322,445

 
341,235

Other assets ($41,367 and $45,425 related to VIEs)
 
420,592

 
491,917

Total noncurrent assets
 
2,261,251

 
2,599,895

Total assets
 
$
7,271,650

 
$
7,966,658

 
 
 
 
 
LIABILITIES AND EQUITY 
 
 
 
 
Current liabilities
 
 
 
 
Accounts payable ($396,297 and $501,525 related to VIEs)
 
$
1,338,153

 
$
1,546,840

Short-term borrowings
 
42,450

 
38,728

Contract liabilities ($290,757 and $232,160 related to VIEs)
 
1,062,342

 
1,157,788

Accrued salaries, wages and benefits ($30,995 and $31,178 related to VIEs)
 
609,878

 
609,094

Other accrued liabilities ($72,773 and $21,088 related to VIEs)
 
454,206

 
470,350

Current liabilities related to assets held for sale
 
37,584

 
82,322

Total current liabilities
 
3,544,613

 
3,905,122

 
 
 
 
 
Long-term debt
 
1,677,162

 
1,651,739

Deferred taxes
 
70,363

 
83,295

Other noncurrent liabilities ($10,015 and $11,366 related to VIEs)
 
672,828

 
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 — 140,609,216 and 140,174,400 shares in 2020 and 2019, respectively
 
1,403

 
1,399

Additional paid-in capital
 
177,617

 
165,314

AOCI
 
(463,316
)
 
(379,873
)
Retained earnings
 
1,413,242

 
1,700,912

Total shareholders’ equity
 
1,128,946

 
1,487,752

NCI
 
177,738

 
96,340

Total equity
 
1,306,684

 
1,584,092

Total liabilities and equity
 
$
7,271,650

 
$
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
 
 
Nine Months Ended
September 30,
(in thousands)
 
2020
 
2019
OPERATING CASH FLOW
 
 

 
 

Net earnings (loss)
 
$
(251,072
)
 
$
(1,228,398
)
Adjustments to reconcile net earnings (loss) to operating cash flow:
 
 
 
 
Impairment expense - Cont Ops
 
297,604

 
347,411

Impairment expense - Disc Ops
 
100,000

 

Depreciation
 
76,619

 
129,014

Amortization of intangibles
 
2,673

 
13,032

(Earnings) loss from equity method investments, net of distributions
 
(2,005
)
 
6,510

Loss on sale of investment
 
10,780

 

(Gain) loss on sales of assets
 
(828
)
 
5,690

Amortization of stock-based awards
 
11,571

 
27,513

Deferred compensation trust
 
(4,810
)
 
(36,989
)
Deferred compensation obligation
 
3,136

 
34,827

Deferred taxes
 
(23,673
)
 
316,407

Net retirement plan accrual (contributions)
 
(8,507
)
 
(1,821
)
Changes in assets and liabilities
 
(62,230
)
 
443,663

Other
 
(5,018
)
 
10,039

Operating cash flow
 
144,240

 
66,898

 
 
 
 
 
INVESTING CASH FLOW
 
 
 
 
Purchases of marketable securities
 
(23,589
)
 
(31,165
)
Proceeds from the sales and maturities of marketable securities
 
13,339

 
197,923

Capital expenditures
 
(80,786
)
 
(140,058
)
Proceeds from sales of property, plant and equipment
 
34,964

 
56,431

Proceeds from sales of businesses
 
19,885

 

Investments in partnerships and joint ventures
 
(25,252
)
 
(34,502
)
Return of capital from partnerships and joint ventures
 
433

 
11,733

Proceeds from company owned life insurance
 
4,574

 
12,245

Other
 
(317
)
 
2,071

Investing cash flow
 
(56,749
)
 
74,678

 
 
 
 
 
FINANCING CASH FLOW
 
 
 
 
Dividends paid
 
(28,720
)
 
(88,708
)
Other borrowings
 
13,527

 
21,206

Distributions paid to NCI
 
(19,288
)
 
(26,123
)
Capital contributions by NCI
 
82,109

 
10,581

Taxes paid on vested restricted stock
 
(1,313
)
 
(3,572
)
Stock options exercised
 

 
1,466

Other
 
(356
)
 
(1,990
)
Financing cash flow
 
45,959

 
(87,140
)
 
 
 
 
 
Effect of exchange rate changes on cash
 
(36,867
)
 
(14,078
)
Increase (decrease) in cash and cash equivalents
 
96,583

 
40,358

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

 
1,764,746

Cash and cash equivalents at end of period
 
$
2,093,782

 
$
1,805,104

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
JUNE 30, 2020
140,565

$
1,403

$
175,089

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

$
1,091,722

$
139,172

$
1,230,894

Net earnings (loss)




19,341

19,341

4,299

23,640

OCI



15,320


15,320

(495
)
14,825

Distributions to NCI






(8,457
)
(8,457
)
Capital contributions by NCI






42,589

42,589

Other NCI transactions


321



321

630

951

Stock-based plan activity
44


2,207


35

2,242


2,242

BALANCE AS OF
SEPTEMBER 30, 2020
140,609

$
1,403

$
177,617

$
(463,316
)
$
1,413,242

$
1,128,946

$
177,738

$
1,306,684


(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)




(271,608
)
(271,608
)
20,536

(251,072
)
Cumulative adjustment for the adoption of ASC 326




(1,977
)
(1,977
)

(1,977
)
OCI



(83,443
)

(83,443
)
(2,291
)
(85,734
)
Dividends ($0.10 per share)




(14,120
)
(14,120
)

(14,120
)
Distributions to NCI






(19,288
)
(19,288
)
Capital contributions by NCI






82,109

82,109

Other NCI transactions


2,057



2,057

332

2,389

Stock-based plan activity
435

4

10,246


35

10,285


10,285

BALANCE AS OF
SEPTEMBER 30, 2020
140,609

$
1,403

$
177,617

$
(463,316
)
$
1,413,242

$
1,128,946

$
177,738

$
1,306,684

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
JUNE 30, 2019
140,174

$
1,399

$
113,043

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

$
2,375,486

$
123,252

$
2,498,738

Net earnings (loss)




(743,099
)
(743,099
)
12,445

(730,654
)
OCI



(42,225
)

(42,225
)
(1,749
)
(43,974
)
Dividends ($0.21 per share)




(29,677
)
(29,677
)

(29,677
)
Distributions to NCI






(10,551
)
(10,551
)
Capital contributions by NCI






2,760

2,760

Other NCI transactions


1,105



1,105

(1,721
)
(616
)
Stock-based plan activity


(2,291
)


(2,291
)

(2,291
)
BALANCE AS OF
SEPTEMBER 30, 2019
140,174

$
1,399

$
111,857

$
(553,291
)
$
1,999,334

$
1,559,299

$
124,436

$
1,683,735


(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)




(1,226,024
)
(1,226,024
)
(2,374
)
(1,228,398
)
Cumulative adjustment for the adoption of ASC 842




20,544

20,544


20,544

OCI



(9,760
)

(9,760
)
(1,543
)
(11,303
)
Dividends ($0.63 per share)


218


(89,340
)
(89,122
)

(89,122
)
Distributions to NCI






(26,123
)
(26,123
)
Capital contributions by NCI






10,581

10,581

Other NCI transactions


4,188



4,188

(2,233
)
1,955

Stock-based plan activity
520

3

25,345



25,348


25,348

BALANCE AS OF
SEPTEMBER 30, 2019
140,174

$
1,399