FLUOR CORP, 10-K filed on 2/18/2025
Annual Report
v3.25.0.1
Cover page - USD ($)
$ in Billions
 12 Months Ended
Dec. 31, 2024
Jan. 31, 2025
Jun. 30, 2024
Cover [Abstract]      
Document Type 10-K    
Document Annual Report true    
Document Period End Date Dec. 31, 2024    
Current Fiscal Year End Date --12-31    
Document Transition Report false    
Entity File Number 1-16129    
Entity Registrant Name FLUOR CORPORATION    
Entity Incorporation, State or Country Code DE    
Entity Tax Identification Number 33-0927079    
Entity Address, Address Line One 6700 Las Colinas Boulevard    
Entity Address, City or Town Irving,    
Entity Address, State or Province TX    
Entity Address, Postal Zip Code 75039    
City Area Code 469    
Local Phone Number 398-7000    
Title of 12(b) Security Common Stock, $.01 par value per share    
Trading Symbol FLR    
Security Exchange Name NYSE    
Entity Well-known Seasoned Issuer Yes    
Entity Voluntary Filers No    
Entity Current Reporting Status Yes    
Entity Interactive Data Current Yes    
Entity Filer Category Large Accelerated Filer    
Entity Small Business false    
Entity Emerging Growth Company false    
ICFR Auditor Attestation Flag true    
Document Financial Statement Error Correction false    
Entity Shell Company false    
Entity Public Float     $ 7.4
Entity Common Stock, Shares Outstanding   168,786,393  
Documents Incorporated by Reference
DOCUMENTS INCORPORATED BY REFERENCE
Portions of the Proxy Statement for the 2025 Annual Meeting of Stockholders are incorporated by reference into Part III of this Form 10-K.
    
Entity Central Index Key 0001124198    
Amendment Flag false    
Document Fiscal Year Focus 2024    
Document Fiscal Period Focus FY    
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Audit Information
 12 Months Ended
Dec. 31, 2024
Audit Information [Abstract]  
Auditor firm ID 42
Auditor name Ernst & Young LLP
Auditor location Dallas, Texas
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CONSOLIDATED STATEMENT OF OPERATIONS - USD ($)
$ in Millions
 12 Months Ended
Dec. 31, 2024
Dec. 31, 2023
Dec. 31, 2022
Income Statement [Abstract]      
Revenue $ 16,315 $ 15,474 $ 13,744
Cost of revenue (15,741) (14,997) (13,389)
Gross profit 574 477 355
G&A (203) (232) (237)
Impairment 0 0 24
Gain on pension settlement 0 0 42
Foreign currency gain (loss) 92 (98) 25
Operating profit 463 147 209
Interest expense (46) (60) (59)
Interest income 196 228 94
Earnings before taxes 613 315 244
Income tax expense (including $376 million attributable to equity method earnings in 2024) (634) (236) (171)
Net earnings (loss) before equity method earnings (21) 79 73
Equity method earnings 2,105 0 0
Net earnings 2,084 79 73
Less: Net earnings (loss) attributable to NCI (61) (60) (72)
Net earnings attributable to Fluor 2,145 139 145
Less: Dividends on CPS 0 29 39
Less: Make-whole payment on conversion of CPS 0 27 0
Net earnings available to Fluor common stockholders, basic 2,145 83 106
Net earnings available to Fluor common stockholders, diluted $ 2,145 $ 83 $ 106
Basic EPS available to Fluor common stockholders (in dollars per share) $ 12.48 $ 0.55 $ 0.75
Diluted EPS available to Fluor common stockholders (in dollars per share) $ 12.30 $ 0.54 $ 0.73
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CONSOLIDATED STATEMENT OF OPERATIONS (Parenthetical)
$ in Millions
 12 Months Ended
Dec. 31, 2024
USD ($)
Income Statement [Abstract]  
Income tax expense attributable to equity method earnings $ 376
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CONSOLIDATED STATEMENT OF COMPREHENSIVE INCOME - USD ($)
$ in Millions
 12 Months Ended
Dec. 31, 2024
Dec. 31, 2023
Dec. 31, 2022
Statement of Comprehensive Income [Abstract]      
Net earnings (loss) $ 2,084 $ 79 $ 73
OCI, net of tax:      
Foreign currency translation adjustment (60) 99 (27)
Ownership share of equity method investees' OCI (13) (7) 31
Other (5) 2 (2)
Total OCI, net of tax (78) 94 2
Comprehensive income 2,006 173 75
Less: Comprehensive income (loss) attributable to NCI (57) (63) (47)
Comprehensive income attributable to Fluor $ 2,063 $ 236 $ 122
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CONSOLIDATED BALANCE SHEET - USD ($)
$ in Millions
Dec. 31, 2024
Dec. 31, 2023
Current assets    
Cash and cash equivalents ($333 and $491 related to VIEs) $ 2,829 $ 2,519
Marketable securities 130 69
Accounts receivable, net ($92 and $135 related to VIEs) 921 1,137
Contract assets ($130 and $171 related to VIEs) 1,138 991
Other current assets ($32 and $50 related to VIEs) 157 347
Total current assets 5,175 5,063
Noncurrent assets    
PP&E, net ($46 and $41 related to VIEs) 494 458
Investments 2,828 614
Deferred taxes 30 51
Deferred compensation trusts 221 241
Goodwill 199 206
Other assets ($17 and $127 related to VIEs) 196 340
Total noncurrent assets 3,968 1,910
Total assets 9,143 6,973
Current liabilities    
Accounts payable ($233 and $285 related to VIEs) 1,220 1,214
Contract liabilities ($278 and $276 related to VIEs) 684 639
Accrued salaries, wages and benefits ($18 and $25 related to VIEs) 640 653
Other accrued liabilities ($37 and $73 related to VIEs) 527 657
Total current liabilities 3,071 3,163
Long-term debt 1,104 1,158
Deferred taxes 468 70
Other noncurrent liabilities ($3 and $20 related to VIEs) 508 530
Contingencies and commitments
Shareholders' equity    
Common stock — authorized 375,000,000 shares ($0.01 par value); issued and outstanding — 169,228,759 and 170,405,512 shares in 2024 and 2023, respectively 2 2
APIC 1,174 1,228
AOCI (351) (269)
Retained earnings 3,124 979
Total shareholders' equity 3,949 1,940
NCI 43 112
Total equity 3,992 2,052
Total liabilities and equity $ 9,143 $ 6,973
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CONSOLIDATED BALANCE SHEET (Parenthetical) - USD ($)
$ in Millions
Dec. 31, 2024
Dec. 31, 2023
CURRENT ASSETS, VIEs    
Cash and cash equivalents $ 2,829 $ 2,519
Marketable securities, current 130 69
Accounts receivable, net 921 1,137
Contract assets 1,138 991
Other current assets 157 347
NONCURRENT ASSETS, VIEs    
Net property, plant and equipment 494 458
Other assets 196 340
CURRENT LIABILITIES, VIEs    
Trade accounts payable 1,220 1,214
Contract liabilities 684 639
Accrued salaries, wages and benefits 640 653
Other accrued liabilities $ 527 $ 657
Shareholders' equity    
Common stock shares authorized (in shares) 375,000,000 375,000,000
Common stock par value (in dollars per share) $ 0.01 $ 0.01
Common stock shares issued (in shares) 169,228,759 170,405,512
Common stock shares outstanding (in shares) 169,228,759 170,405,512
Variable Interest Entity, Primary Beneficiary    
CURRENT ASSETS, VIEs    
Cash and cash equivalents $ 333 $ 491
Accounts receivable, net 92 135
Contract assets 130 171
Other current assets 32 50
NONCURRENT ASSETS, VIEs    
Net property, plant and equipment 46 41
Other assets 17 127
CURRENT LIABILITIES, VIEs    
Trade accounts payable 233 285
Contract liabilities 278 276
Accrued salaries, wages and benefits 18 25
Other accrued liabilities 37 73
Other noncurrent liabilities $ 3 $ 20
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CONSOLIDATED STATEMENT OF CASH FLOWS - USD ($)
$ in Thousands
 12 Months Ended
Dec. 31, 2024
Dec. 31, 2023
Dec. 31, 2022
OPERATING CASH FLOW      
Net earnings $ 2,084,000 $ 79,000 $ 73,000
Adjustments to reconcile net earnings to operating cash flow:      
Equity method earnings (2,105,000) 0 0
Impairment 0 0 (24,000)
Gain on pension settlement 0 0 (42,000)
Depreciation and amortization 73,000 74,000 73,000
(Gain) loss on sales of assets (including Stork and AMECO) (14,000) 150,000 (35,000)
Stock-based compensation 31,000 48,000 19,000
Deferred taxes 418,000 (13,000) 17,000
Changes in assets and liabilities 347,000 (114,000) (46,000)
Other (6,000) (12,000) (4,000)
Operating cash flow 828,000 212,000 31,000
INVESTING CASH FLOW      
Purchases of marketable securities (205,000) (426,000) (428,000)
Proceeds from sales and maturities of marketable securities 145,000 285,000 364,000
Capital expenditures (164,000) (106,000) (75,000)
NuScale cash deconsolidated (131,000) 0 0
Proceeds from sales of assets (net of cash divested) 82,000 (5,000) 95,000
Investments in partnerships and joint ventures (93,000) (33,000) (53,000)
Return of capital from partnerships and joint ventures 34,000 8,000 19,000
Investing cash flow (333,000) (277,000) (78,000)
FINANCING CASH FLOW      
Repurchase of common stock (125,000) 0 0
Proceeds from issuance of 2029 Notes, net of issuance costs 0 560,000 0
Capped call transactions related to 2029 Notes 0 (73,000) 0
Purchases and retirement of debt (57,000) (249,000) (41,000)
Proceeds from NuScale de-SPAC transaction 0 0 341,000
Proceeds from sale of NuScale interest 80,000 0 107,000
Dividends paid on CPS 0 (29,000) (39,000)
Make-whole payment on conversion of CPS 0 (27,000) 0
Distributions paid to NCI (14,000) (53,000) (60,000)
Capital contributions by NCI 0 10,000 21,000
Other 0 (12,000) (14,000)
Financing cash flow (116,000) 127,000 315,000
Effect of exchange rate changes on cash (69,000) 18,000 (38,000)
Increase in cash and cash equivalents 310,000 80,000 230,000
Cash and cash equivalents at beginning of year 2,519,000 2,439,000 2,209,000
Cash and cash equivalents at end of year $ 2,829,000 $ 2,519,000 $ 2,439,000
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CONSOLIDATED STATEMENT OF CHANGES IN EQUITY - USD ($)
shares in Millions, $ in Millions
Total
Total Shareholders' Equity
Preferred Stock
Common Stock
APIC
AOCI
Retained Earnings
NCI
Beginning balance (in shares) at Dec. 31, 2021     1 141        
Beginning balance at Dec. 31, 2021 $ 1,567 $ 1,393 $ 0 $ 1 $ 967 $ (366) $ 791 $ 174
Increase (Decrease) in Shareholders' Equity                
Net earnings (loss) 73 145         145 (72)
OCI 2 1       1   1
Dividends on CPS (39) (39)         (39)  
Distributions by NCI, net of capital contributions (39)             (39)
NuScale reverse recapitalization 292 147     147     145
Sale of NuScale units to NCI 107 107     107      
Other NCI transactions 21 20     20     1
Stock-based plan activity (in shares)       1        
Stock-based plan activity 12 12   $ 0 13   (1)  
Ending balance (in shares) at Dec. 31, 2022     1 142        
Ending balance at Dec. 31, 2022 1,996 1,786 $ 0 $ 1 1,254 (365) 896 210
Increase (Decrease) in Shareholders' Equity                
Net earnings (loss) 79 139         139 (60)
OCI 94 96       96   (2)
Dividends on CPS (29) (29)         (29)  
Distributions by NCI, net of capital contributions (43)             (43)
Conversion of CPS to common stock (including make-whole payment) (in shares)     1 27        
Conversion of CPS to common stock (including make-whole payment) (26) (26)   $ 1     (27)  
Capped call transactions related to 2029 Notes (73) (73)     (73)      
Other NCI transactions 21 14     14     7
Stock-based plan activity (in shares)       1        
Stock-based plan activity 33 33     33      
Ending balance (in shares) at Dec. 31, 2023     0 170        
Ending balance at Dec. 31, 2023 2,052 1,940 $ 0 $ 2 1,228 (269) 979 112
Increase (Decrease) in Shareholders' Equity                
Net earnings (loss) 2,084 2,145         2,145 (61)
OCI (78) (82)       (82)   4
Distributions by NCI, net of capital contributions 29             29
Other NCI transactions 3 44     44     (41)
Stock-based plan activity (in shares)       1        
Stock-based plan activity 27 27     27      
Repurchase of common stock (in shares)       (2)        
Repurchase of common stock (125) (125)     (125)      
Ending balance (in shares) at Dec. 31, 2024     0 169        
Ending balance at Dec. 31, 2024 $ 3,992 $ 3,949 $ 0 $ 2 $ 1,174 $ (351) $ 3,124 $ 43
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CONSOLIDATED STATEMENT OF CHANGES IN EQUITY (Parenthetical) - $ / shares
 12 Months Ended
Dec. 31, 2023
Dec. 31, 2022
Statement of Stockholders' Equity [Abstract]    
Dividends on CPS (in dollars per share) $ 48.75 $ 65.00
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Description of Business
 12 Months Ended
Dec. 31, 2024
Organization, Consolidation and Presentation of Financial Statements [Abstract]  
Description of Business Description of Business
Fluor Corporation (“we”, “us”, “our” or “the company”) is a holding company that owns many subsidiaries and interests in joint ventures. Acting through these entities, we are one of the larger global professional services firms providing EPC, fabrication and modularization, and project management services. We provide these services to our clients in diverse industries worldwide including advanced technologies and manufacturing, chemicals, infrastructure, life sciences, LNG, mining and metals, nuclear project services, energy transition, and oil and gas production and fuels. We are also a service provider to the U.S. federal government and governments abroad.
We operate our business through 3 principal segments: Urban Solutions, Energy Solutions and Mission Solutions. We also have a smaller Other segment.
Urban Solutions provides EPC and project management services to the advanced technologies and manufacturing, life sciences, mining and metals, infrastructure industries and professional staffing services. This segment also includes our operations and maintenance business.
Energy Solutions provides EPC services for traditional oil and gas markets, including the production and fuels, chemicals, LNG and power markets. The segment serves these industries with comprehensive project life-cycle services, including expansion and modernization projects as well as in sustaining capital work. The segment also supports energy transition markets, including nuclear power and other low-carbon energy sources, asset decarbonization, carbon capture, renewable fuels, waste-to-energy, green chemicals and hydrogen.
Mission Solutions provides high-end technical solutions to the U.S. and other governments. These include, among others, the DOE, the Department of Defense, FEMA and intelligence agencies. The segment also provides services to commercial nuclear clients.
Our other operations include NuScale (prior to deconsolidation) and Stork. AMECO was fully divested in 2023 and we expect to complete the divestiture of Stork in 2025.
In the first quarter of 2024, we completed the sale of Stork's operations in continental Europe. During April 2024, we also entered into a definitive agreement to sell Stork's U.K. operations, which we completed in the first quarter of 2025. The sale did not meet the requirements for discontinued operations as of December 31, 2024 and will not have a material impact on the financial statements. In the third quarter of 2024, we decided to close our Stork operations in Trinidad and Tobago which required us to take a $7 million severance charge. After completing the wind down of the Trinidad and Tobago operations, Stork's divestiture will be complete.
NuScale has developed SMR technology that is NRC approved. Beginning in October 2024, based principally on their equity sales, we no longer met the criteria to consolidate NuScale. As a consequence, their results for all periods prior to October 2024 were consolidated, but we deconsolidated NuScale after that date and recognized a pre-tax gain of $1.6 billion in the fourth quarter of 2024, based on a stock price of $13.15 for our 126 million shares. We recognize the fair value of our investment in NuScale on a mark-to-market basis based upon the prevailing price of their stock on our balance sheet dates, which resulted in an additional pre-tax gain of $604 million for the fourth quarter of 2024. After its deconsolidation, NuScale is included in equity method earnings on our statements of operations.
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Significant Accounting Policies
 12 Months Ended
Dec. 31, 2024
Accounting Policies [Abstract]  
Significant Accounting Policies Significant Accounting Policies
Principles of Consolidation
The financial statements include the accounts of Fluor Corporation and its subsidiaries. All intercompany transactions of consolidated subsidiaries are eliminated. Certain amounts in 2023 and 2022 have been reclassified to conform to the 2024 presentation. Certain amounts in tables may not total or agree to the financial statements due to immaterial rounding differences. Management has evaluated all material events occurring subsequent to December 31, 2024 through the filing date of the 2024 10-K.
We frequently form joint ventures or partnerships with others primarily for the execution of single contracts or projects. If a joint venture or partnership is a VIE and we are the primary beneficiary, the joint venture or partnership is consolidated and our partners' interests are recognized as NCI. As is customary in our industry, for unconsolidated construction partnerships and joint ventures, we generally recognize our proportionate share of revenue, cost and profit and use the one-line equity method for the investment. In other instances, the cost and equity methods of accounting are used, depending on
our respective ownership interest and amount of influence we have over the entity, as well as other factors. At times, we also execute projects through collaborative arrangements for which we recognize our relative share of revenue and cost.
Equity Method Investment with Fair Value Option
We elected the fair value option of accounting for our investment in NuScale that would have otherwise been recorded under the equity method of accounting. We recognize the fair value of our investment in NuScale on a mark-to-market basis based upon the prevailing price of their stock on our balance sheet dates. The changes in the fair value of our investment in NuScale are recorded quarterly in the statement of operations.
Use of Estimates
The preparation of financial statements in accordance with GAAP requires management to make estimates and assumptions that affect reported amounts. These estimates are based on information available through the date of the issuance of the financial statements. Therefore, actual results could differ from those estimates.
Earnings Per Share
Potentially dilutive securities include convertible debt, performance-based award units, RSUs, stock options and, prior to their conversion in 2023, our CPS. Diluted EPS reflects the assumed exercise or conversion of all dilutive securities using the if-converted and treasury stock methods. In computing diluted EPS, only securities that are actually dilutive are included.
Foreign Currency Translation
Our reporting currency is the U.S. dollar. For our international subsidiaries, the functional currency is typically the currency of the primary economic environment in which each subsidiary operates. Translation gains and losses are recorded in OCI. Gains and losses from remeasuring foreign currency transactions into the functional currency are recognized in earnings.
Revenue Recognition
Engineering and construction contracts. We recognize engineering and construction contract revenue over time as we provide services to satisfy our performance obligations. We generally use the cost-to-cost percentage-of-completion measure of progress as it best depicts how control transfers to our clients. The cost-to-cost approach measures progress towards completion based on the ratio of cost incurred to date compared to total estimated contract cost. Engineering and construction contracts are generally accounted for as a single unit of account (a single performance obligation) and are not segmented between types of services on a single project. Cost of revenue includes an allocation of depreciation and amortization. Where applicable, CFM, labor and equipment as well as subcontractor materials, labor and equipment, are included in revenue and cost of revenue when we believe that we are acting as a principal rather than as an agent (i.e., we integrate the materials, labor and equipment into the deliverables promised to the customer). CFM are only included in revenue and cost when the contract includes construction activity and we have visibility into the amount the customer is paying for the materials or there is a reasonable basis for estimating the amount. If we lose visibility mid-project with respect to cost or receipt, we cease recognizing future CFM but do not de-recognize previous amounts of CFM. Changes to total estimated contract cost or losses, if any, are recognized in the period in which they are determined as assessed at the contract level. Pre-contract costs are expensed as incurred unless they are expected to be recovered from the client. Project mobilization costs are generally charged to project costs as incurred when they are an integrated part of the performance obligation being transferred to the client. Customer payments on engineering and construction contracts are typically due within 30 to 45 days of billing, depending on the contract.
Service Contracts. For the majority of our operations and maintenance contracts, revenue is recognized when services are performed and contractually billable. For all other service contracts, we recognize revenue over time using the cost-to-cost percentage-of-completion method. Service contracts that include multiple performance obligations are segmented between types of services. For contracts with multiple performance obligations, we allocate the transaction price to each performance obligation using an estimate of the stand-alone selling price of each distinct service in the contract. Customer payments on service contracts are typically due within 30 to 90 days of billing, depending on the contract.
Warranties. We generally provide limited duration warranties for work performed under our contracts. Historically, warranty claims have not resulted in material costs incurred, and any estimated costs for warranties are included in the individual project cost estimates for purposes of accounting for long-term contracts.
Practical Expedients. If we have a right to consideration from a customer in an amount that corresponds directly with the value of our performance completed to date (a service contract in which we bill a fixed amount for each hour of service provided), we recognize revenue in the amount to which we have a right to invoice for services performed. We do not adjust the contract price for the effects of a significant financing component where, at contract inception, the period between service provision and customer payment will be 1 year or less. We exclude from the measurement of the transaction price all taxes assessed by governmental authorities that are collected by us from our customers (use taxes, value added taxes, some excise taxes).
RUPO. RUPO represents a measure of the value of work to be performed on contracts awarded and in progress. Although RUPO reflects business that is considered to be firm, cancellations, deferrals or scope adjustments may occur. RUPO is adjusted to reflect any known project cancellations, revisions to project scope and cost, foreign currency exchange fluctuations and project deferrals, as appropriate. RUPO includes estimates of CFM in those instances where the criteria for recognition have been satisfied. For ongoing operations and maintenance contracts, RUPO includes only contracts with definite terms and substantive termination provisions.
Project Estimates
    Due to the nature of our industry, there is significant complexity in our estimation of total expected revenue and cost, for which we must make significant judgments. Our contracts with our customers may contain several types of variable consideration, including claims, unpriced change orders, award and incentive fees, liquidated damages and penalties or other provisions that can either increase or decrease the contract price to arrive at estimated revenue. Certain variable consideration, such as award and incentive fees, generally are earned upon achievement of certain performance metrics, program milestones or cost targets and can be based upon customer discretion. We estimate variable consideration at the most likely amount to which we expect to be entitled upon completion of a project. We include estimated amounts in the transaction price to the extent it is probable we will realize that amount. Our estimates of variable consideration and our determination of its inclusion in project revenue are based on an assessment of our anticipated performance and other information that may be available to us.

    At a project level, we have specific practices and procedures to review our estimate of total revenue and cost. Each project team reviews the progress and execution of our performance obligations, which impact the project’s accounting outcome. As part of this process, the project team reviews information such as any outstanding key contract matters, progress towards completion and the related program schedule and identified risks and opportunities. The accuracy of our revenue and profit recognition in a given period depends on the accuracy of our project estimates, which can change from period to period due to a variety of factors including:

•Complexity in original design;
•Extent of changes from original design;
•Different site conditions than assumed in our bid;
•The productivity, availability and skill level of labor;
•Weather conditions when executing a project;
•The technical maturity of the technologies involved;
•Length of time to complete the project;
•Availability and cost of equipment and materials;
•Subcontractor and joint venture partner performance;
•Expected costs of warranties; and
•Our ability to recover for additional contract costs.

    We recognize changes in contract estimates on a cumulative catch-up basis in the period in which the changes are identified. Such changes in contract estimates can result in the recognition of revenue in a current period for performance obligations which were satisfied or partially satisfied in prior periods. Changes in contract estimates may also result in the reversal of previously recognized revenue if the current estimate adversely differs from the previous estimate. If we estimate that a project will have costs in excess of revenue, we recognize the total loss in the period it is identified.
Contract Assets and Liabilities
    Contract assets represent revenue recognized in excess of amounts billed and include unbilled receivables (typically for cost reimbursable contracts) and contract work in progress (typically for fixed-price contracts). Unbilled receivables, which
represent an unconditional right to payment subject only to the passage of time, are recognized as accounts receivable when they are billed. Advances that are payments on account of contract assets are deducted from contract assets. We anticipate that substantially all incurred cost associated with contract assets as of December 31, 2024 will be billed and collected within 1 year. Contract liabilities represent amounts billed to clients in excess of revenue recognized to date.
Segment Reporting
Our Chief Executive Officer is our CODM. Segment profit is an earnings measure that our CODM utilizes to assess segment performance and allocate resources. Segment profit is calculated as revenue less cost of revenue and earnings attributable to NCI.
We incur cost and expenses and hold certain assets at the corporate level which relate to our business as a whole. Certain of these amounts are allocated to our business segments by various methods, largely on the basis of estimated usage or on pro rata revenue. Total assets not allocated to segments and held in "Corporate and other" primarily include cash, marketable securities, income-tax related assets, deferred compensation trust assets and corporate property, plant and equipment.
Variable Interest Entities
We assess our partnerships and joint ventures at inception to determine if any meet the qualifications of a VIE. We consider a partnership or joint venture a VIE if it has any of the following characteristics:
(a) the total equity investment is not sufficient to permit the entity to finance its activities without additional subordinated financial support,
(b) characteristics of a controlling financial interest are missing (either the ability to make decisions through voting or other rights, the obligation to absorb the expected losses of the entity or the right to receive the expected residual returns of the entity), or
(c) the voting rights of the equity holders are not proportional to their obligations to absorb the expected losses of the entity and/or their rights to receive the expected residual returns of the entity, and substantially all of the entity's activities either involve or are conducted on behalf of an investor that has disproportionately few voting rights.

We regularly reassess our initial determination of whether the partnership or joint venture is a VIE. The majority of our partnerships and joint ventures qualify as VIEs because the total equity investment is typically nominal and not sufficient to permit the entity to finance its activities without additional subordinated financial support.

We also perform a qualitative assessment of each identified VIE to determine if we are its primary beneficiary. We conclude that we are the primary beneficiary and consolidate the VIE if we have both:

(a) the power to direct the economically significant activities of the entity and
(b) the obligation to absorb losses of, or the right to receive benefits from, the entity that could potentially be significant to the VIE.

We consider the contractual agreements that define the ownership structure, distribution of profits and losses, risks, responsibilities, indebtedness, voting rights and board representation of the respective parties in determining if we are the primary beneficiary. We also consider all parties that have direct or implicit variable interests when determining whether we are the primary beneficiary. Management's assessment of who is the primary beneficiary of a VIE is regularly undertaken.
Cash and Cash Equivalents
Cash and cash equivalents include securities with maturities of 3 months or less at the date of purchase.
Marketable Securities
Marketable securities consist of time deposits placed with investment grade banks with original maturities greater than 3 months, which are typically held-to-maturity because we have the intent and ability to hold them until maturity. Held-to-maturity securities are carried at amortized cost. The cost of securities sold is determined by using the specific identification method. Marketable securities are assessed at least annually for other-than-temporary impairment.
Research and Development
NuScale is a research and development operation associated with the licensing and commercialization of SMR technology. Costs incurred by NuScale are expensed as incurred, net of qualifying DOE reimbursements. Beginning in October 2024, we record our investment in NuScale as an equity method investment, but prior to that time we consolidated their research and development costs into our segment results. Aside from NuScale, we generally do not engage in significant research and development activities.
Property, Plant and Equipment
Property, plant and equipment is recorded at cost. Leasehold improvements are amortized over the shorter of their economic lives or the lease terms. Depreciation is calculated using the straight-line method over the following ranges of estimated useful service lives, in years:
Estimated Useful Service Lives
Buildings
20 – 40
Building and leasehold improvements
6 – 20
Machinery and equipment
2 – 10
Furniture and fixtures
2 – 10
Goodwill
Goodwill is not amortized but is subject to at-least-annual impairment tests during the fourth quarter. For impairment testing, goodwill is allocated to the applicable reporting units based on the current reporting structure. We may elect to utilize a qualitative assessment to evaluate whether it is more likely than not that the fair value of each reporting unit is less than its carrying amount. If so, we perform a quantitative test, and if the carrying amount of a reporting unit exceeds its fair value, we recognize an impairment loss. Interim impairment testing of goodwill is performed if indicators of potential impairment exist. Such indicators may include the results of operations of certain businesses and geographies and the performance of our stock price.
Income Taxes
Deferred tax assets and liabilities are recognized for the expected future tax consequences of events that have been recognized in our financial statements or tax filings. We evaluate the realizability of our deferred tax assets and record a valuation allowance to reduce deferred tax assets to amounts that are more likely than not to be realized. The factors used to assess the likelihood of realization are our forecast of future taxable income and available tax planning strategies that could be implemented to realize such assets. Failure to achieve forecasted taxable income could affect the ultimate realization of deferred tax assets and could adversely impact our future effective tax rate.

Income tax positions are recognized when they meet a more-likely-than-not recognition threshold. Previously recognized tax positions that no longer meet the more-likely-than-not threshold are derecognized upon such determination. We recognize potential interest and penalties related to unrecognized tax positions as a component of income tax expense.
Judgment is required in determining the provision for income taxes as we consider our worldwide taxable earnings and the impact of the continuing audit process conducted by relevant tax authorities. The final outcome of any audits could differ materially from amounts recognized by us. We account for the GILTI effects in the period that is subject to such tax.
Embedded Derivatives
We attempt to limit foreign currency exposure in most of our contracts by denominating contract revenue in the currencies in which cost is incurred. In certain limited circumstances, foreign currency payment provisions could be deemed embedded derivatives. If an embedded foreign currency derivative is identified, the derivative is bifurcated from the host contract and the change in fair value is recognized through earnings.
Concentrations of Credit Risk
Accounts receivable and all contract work in progress are from clients in various industries and locations throughout the world. Most contracts require payments as the projects progress or, in certain cases, advance payments. We generally do not require collateral, but in most cases can place liens against the project assets or terminate the contract, if a material default occurs. We evaluate the counterparty credit risk as part of our bidding process, our project risk review process and in determining the appropriate level of reserves during project execution. We maintain reserves for potential credit losses and generally such losses have been minimal and within management's estimates.
We have cash and marketable securities on deposit with major banks throughout the world. Such deposits are placed with high quality institutions and the amounts invested in any single institution are limited to the extent possible in order to minimize concentration of counterparty credit risk.
Our counterparties for derivatives are large financial institutions selected based on profitability, strength of balance sheet, credit ratings and capacity for timely payment of financial commitments. There are no significant concentrations of credit risk with any individual counterparty related to our derivative contracts.
We monitor the credit quality of our counterparties and establish reserves for any significant credit risk losses.
Stock-Based Compensation
Generally, our annual grant of stock-based awards to employees are made on a broad basis in the first quarter and to our Board of Directors in the second quarter. Our stock plans provide for grants of performance-based award units, RSUs and nonqualified or incentive stock options. Grants of performance-based units awarded to Section 16 officers, RSUs and stock options can only be settled in company stock and are accounted for as equity awards.
All expense under stock-based awards is recognized based on the fair values of the awards. The grant date fair value of performance-based award units is determined by adjusting the closing price of our common stock on the date of grant for the effect of market conditions. The fair value of grants of RSUs is determined using the closing price of our common stock on the date of grant. Stock option awards have exercise prices equal to the grant date market price of our stock. Stock-based compensation expense is generally recognized over the required service period, or over a shorter period when the grantee is or becomes retirement eligible.
We also grant SGI awards and performance-based awards to non-Section 16 executives which are settled in cash. These awards are classified as liabilities and remeasured at fair value through expense at the end of each reporting period until the awards are settled.
Leases
We recognize right-of-use assets and lease liabilities for leases with terms greater than 12 months or leases that contain a purchase option that is reasonably certain to be exercised. Leases are classified as either finance or operating leases. This classification dictates whether lease expense is recognized based on an effective interest method or on a straight-line basis over the term of the lease.

Our right-of use assets and lease liabilities primarily relate to office facilities, equipment used in connection with long-term construction contracts and other personal property. Certain of our facility and equipment leases include one or more options to renew, with renewal terms that can extend the lease term up to 10 years. The exercise of lease renewal options is at our discretion. Renewal periods are included in the expected lease term if we are reasonably certain we will exercise them. Certain leases also include options to purchase the leased property. None of our lease agreements contain material residual value guarantees or material restrictions or covenants.

Long-term leases (leases with terms greater than 12 months) are recorded as liabilities at the present value of the minimum lease payments not yet paid. We use our incremental borrowing rate to determine the present value of the lease when the rate implicit in the lease is not readily determinable. Certain lease contracts contain nonlease components such as maintenance, utilities, fuel and operator services. We recognize both the lease component and nonlease components as a single lease component for all right-of-use assets.
Short-term leases (leases with an initial term of 12 months or less or leases that are cancelable by the lessee and lessor without significant penalties) are not capitalized but are expensed on a straight-line basis over the lease term. The majority of our short-term leases relate to equipment used on construction projects. We enter into these leases at periodic rental rates for an unspecified duration and typically have a termination-for-convenience provision.
v3.25.0.1
Recent Accounting Pronouncements
 12 Months Ended
Dec. 31, 2024
Accounting Policies [Abstract]  
Recent Accounting Pronouncements Recent Accounting Pronouncements
In 2024, we adopted ASU 2023-07, which addresses significant segment expenses and other items such as the title of our CODM. The adoption of this ASU did not have any impact on our consolidated results.
During 2023, the FASB issued ASU 2023-05, which requires certain joint ventures to apply a new basis of accounting upon formation by recognizing and initially measuring most of their assets and liabilities at fair value. The guidance does not apply to joint ventures that may be proportionately consolidated and those that are collaborative arrangements. ASU 2023-05 is effective for joint ventures formed on or after January 1, 2025. We do not expect this ASU will have a material impact on our financial statements.
During 2023, the FASB issued ASU 2023-09, which requires us to disclose income taxes paid, net of refunds, disaggregated by federal, state and foreign taxes and to provide more details in our rate reconciliation about items that meet a quantitative threshold. ASU 2023-09 is effective for annual reporting beginning in 2025. We are currently evaluating the impact this ASU will have on our financial statements, but do not expect it to have any impact to our consolidated results.
During 2024, the FASB issued ASU 2024-03 on the disaggregation of income statement expenses or "DISE." This ASU requires additional footnote disclosure of the details of certain income statement expense line items, without changing amounts reported on the consolidated income statement. ASU 2024-03 is first effective for our annual reporting for 2027 and for our quarterly reporting beginning in 2028. We do not expect this ASU to have any impact on our consolidated results.
In October 2024, the FASB issued a proposed ASU to make targeted improvements to the guidance on internal use software to address specific issues raised by stakeholders. The proposed ASU will require entities to use judgment in evaluating when to recognize software costs. A final ASU is expected to be issued in 2025.
v3.25.0.1
Earnings Per Share
 12 Months Ended
Dec. 31, 2024
Earnings Per Share [Abstract]  
Earnings Per Share Earnings Per Share
Year Ended December 31,
(in millions, except per share amounts)202420232022
Net earnings attributable to Fluor
$2,145 $139 $145 
Less: Dividends on CPS— 29 39 
Less: Make-whole payment on conversion of CPS
— 27 — 
Net earnings available to Fluor common stockholders
$2,145 $83 $106 
Weighted average common shares outstanding172 150 142 
Dilutive effect:
CPS— — — 
Performance-based award units, RSUs and stock options
2 3 3 
Convertible debt (1)
— — — 
Weighted average diluted shares outstanding174 153 145 
Basic EPS available to Fluor common stockholders
$12.48 $0.55 $0.75 
Diluted EPS available to Fluor common stockholders
$12.30 $0.54 $0.73 
Anti-dilutive securities not included in shares outstanding:
 CPS
— 20 27 
Performance-based award units, RSUs and stock options
1 2 3 
Stock delivered under capped call options (2)
— — — 
(1) Holders of our 2029 Notes may convert their notes at a conversion price of $45.37 per share when the stock price exceeds $58.98 for 20 of the last 30 days preceding quarter end. Upon conversion, we will repay the principal amount of the notes in cash and may elect to convey the conversion premium in cash, shares of our common stock or a combination of both. The conversion feature of our 2029 Notes has a dilutive impact on EPS when the average market price of our common stock exceeds the conversion price of $45.37 per share for the quarter. During 2024, the weighted average price of our common stock exceeded $45.37 resulting in the addition of 575,000 shares to diluted shares outstanding. During 2023, the weighted average price of our common stock was below the minimum conversion price.
(2) Diluted shares outstanding does not include the impact of the capped call options we entered into concurrently with the issuance of the 2029 Notes, as the effect is always anti-dilutive. If shares are delivered to us under the capped calls, those shares will offset the dilutive effect of the shares that we would issue upon conversion of the 2029 Notes.
v3.25.0.1
Operating Information by Segment and Geographic Area
 12 Months Ended
Dec. 31, 2024
Segment Reporting [Abstract]  
Operating Information by Segment and Geographic Area Operating Information by Segment and Geographic Area
Year Ended December 31,
(in millions)202420232022
Revenue
Urban Solutions$7,239 $5,262 $4,373 
Energy Solutions5,976 6,307 5,872 
Mission Solutions2,594 2,655 2,289 
Other506 1,250 1,210 
Total revenue$16,315 $15,474 $13,744 
Cost of revenue
Urban Solutions$(6,931)$(4,978)$(4,407)
Energy Solutions(5,715)(5,942)(5,573)
Mission Solutions(2,427)(2,525)(2,141)
Other(668)(1,552)(1,268)
Total cost of revenue
$(15,741)$(14,997)$(13,389)
Segment profit (loss)
Urban Solutions$304 $268 $17 
Energy Solutions256 381 301 
Mission Solutions153 116 136 
Other(78)(228)(27)
Total segment profit$635 $537 $427 
G&A(203)(232)(237)
Impairment— — 24 
Gain (loss) on pension settlement— — 42 
Foreign currency gain (loss)92 (98)25 
Interest income (expense), net150 168 35 
Earnings (loss) attributable to NCI(61)(60)(72)
Earnings before taxes$613 $315 $244 
Depreciation (all but Corporate included in segment profit)
Urban Solutions$27 $10 $9 
Energy Solutions24 — — 
Mission Solutions5 3 3 
Other8 19 18 
Corporate9 42 43 
Total depreciation$73 $74 $73 
Capital expenditures
Urban Solutions$21 $20 $14 
Energy Solutions— — — 
Mission Solutions3 4 4 
Other6 15 21 
Corporate134 67 36 
Total capital expenditures$164 $106 $75 
(in millions)December 31, 2024December 31, 2023
Total assets
Urban Solutions$1,472 $1,211 
Energy Solutions729 1,053 
Mission Solutions734 577 
Other2,338 509 
Corporate3,870 3,623 
Total assets$9,143 $6,973 
Goodwill
Urban Solutions$129 $129 
Energy Solutions13 13 
Mission Solutions58 58 
Other— 6 
Total goodwill$199 $206 
Urban Solutions. Segment profit increased in 2024 due to the ramp up of several recently awarded projects, partially offset by cost growth on an infrastructure project. Segment profit in 2024 included an agreement to the terms of a change order on a legacy infrastructure project compared to a $59 million (or $0.34 per share) charge for rework associated with subcontractor design errors and related schedule impacts on the same project during 2023. Further, segment profit in 2023 included the favorable settlement of a claim on an international bridge project.
Energy Solutions. The revenue of 2 customers each amounted to 10% of our consolidated revenue during 2023. The revenue of a single customer amounted to 14% of our consolidated revenue during 2022.
Segment profit declined in 2024 primarily due to the initial recognition of inflation-adjusted variable consideration on certain downstream projects during 2023. Segment profit in 2024 was also impacted by cost growth related to schedule delays and reduced productivity on a large project in the late stages of execution. We recognized a positive adjustment upon the negotiation of change orders on the same project in 2023. Further, cost growth on a construction-only subcontract executed by our joint venture in Mexico resulted in charges totaling $66 million (or $0.26 per share) during 2024. The decrease in segment profit during 2024 was partially offset by final negotiations and handover of a large upstream legacy project which was completed during the second quarter of 2024. We recorded $91 million (or $0.53 per share) for cost growth on the now-completed project during 2023. Segment profit in 2024 also included gains of $47 million on embedded foreign currency derivatives compared to a loss of $17 million in 2023.
Mission Solutions. Revenue from work performed for various agencies of the U.S. government amounted to 16%, 9% and 16% of our consolidated revenue during 2024, 2023 and 2022, respectively.
Segment profit and profit margin significantly improved during 2024 which reflected a $30 million (or $0.17 per share) charge for cost growth associated with schedule delays on a weapons facility project during 2023 that is now complete. The increase in segment profit and profit margin in 2024 was further driven by an increase in execution activities on a DOE contract partially offset by the cancellation of a project in 2023.
Other. Other includes the operations of NuScale prior to deconsolidation and the operations of the remaining Stork and AMECO business prior to their sale. Segment profit (loss) follows:
YEAR ENDED DECEMBER 31,
(in millions)202420232022
NuScale
$(100)$(106)$(73)
Stork23 (55)45 
AMECO(1)(67)1 
Segment profit (loss)(78)$(228)$(27)
Beginning in October 2024, based principally on their equity sales, we no longer met the criteria to consolidate NuScale. As a consequence, their results for all periods prior to October 2024 were consolidated, but we deconsolidated NuScale after that date and recognized a pre-tax gain of $1.6 billion in the fourth quarter of 2024, based on a stock price of $13.15 for our 126 million shares. We recognize the fair value of our investment in NuScale on a mark-to-market basis based upon the prevailing price of their stock on our balance sheet dates, which resulted in an additional pre-tax gain of $604 million for the fourth quarter of 2024. These fair value changes are not included in segment profit.
In December 2023, we sold the Stork business in Latin America, largely for the assumption of debt by the purchaser. We recognized a $93 million negative earnings impact on sale, including $31 million of cash transferred to the buyer and $33 million associated with foreign currency translation.
During March 2024, we completed the sale of Stork's operations in continental Europe for $67 million and recognized a gain on sale of $11 million including de-recognition of Stork's net assets and cumulative foreign currency translation.
During April 2024, we also entered into a definitive agreement to sell Stork's U.K. operations, which we completed in the first quarter of 2025. The sale did not meet the requirements for discontinued operations as of December 31, 2024 and will not have a material impact on the financial statements.
During December 2024, we completed the sale of Stork's operations in the Middle East. After completion of the wind down of immaterial operations in Trinidad and Tobago, expected in the first quarter of 2025, the Stork divestiture will be complete.
In March 2023, we sold our AMECO South America business, which included operations in Chile and Peru. This transaction marked the completion of the AMECO divestiture for total proceeds of $144 million, including $17 million in 2023. Previous AMECO divestitures included assets in Africa, the Caribbean, Mexico and North America. Upon the sale of AMECO South America in 2023, we recognized a negative earnings impact of $60 million, including $35 million associated with foreign currency translation.
Operating Information by Geographic Area
Revenue by project location
Year Ended December 31,		Total Assets
As of December 31,
(in millions)20242023202220242023
North America$11,089 $10,514 $8,819 $7,459 $5,034 
Asia Pacific (includes Australia)1,837 1,744 1,138 710 686 
Europe2,689 2,268 2,240 568 724 
Central and South America484 741 1,338 133 175 
Middle East and Africa216 207 209 273 354 
Total$16,315 $15,474 $13,744 $9,143 $6,973 
v3.25.0.1
Income Taxes
 12 Months Ended
Dec. 31, 2024
Income Tax Disclosure [Abstract]  
Income Taxes Income Taxes
The components of income tax expense (benefit) recognized in continuing operations are as follows:
 Year Ended December 31,
(in millions)202420232022
Current:
Federal
$(10)$(3)$1 
Foreign214 240 148 
State and local13 12 5 
Total current217 249 154 
Deferred:
Federal326 — — 
Foreign19 (13)17 
State and local72 — — 
Total deferred417 (13)17 
Total income tax expense$634 $236 $171 

A reconciliation of U.S. statutory federal tax expense to total income tax expense follows:
 Year Ended December 31,
(in millions)202420232022
U.S. statutory federal tax expense (includes equity method earnings)
$571 $66 $51 
Increase (decrease) in taxes resulting from:
State and local income taxes66 6 — 
Goodwill Impairment— — 10 
Sale of foreign subsidiaries
— (10)— 
NCI13 13 15 
Foreign tax differential, net53 48 (106)
Valuation allowance, net(97)122 194 
Other, net28 (9)7 
Total income tax expense$634 $236 $171 
Deferred taxes reflect the tax effects of differences between the amounts recorded as assets and liabilities for financial reporting purposes and the amounts recognized for income tax purposes. The tax effects of significant temporary differences giving rise to deferred tax assets and liabilities are as follows:
 December 31,
(in millions)20242023
Deferred tax assets:
Accrued liabilities not currently deductible:
Employee compensation and benefits$98 $105 
Project and non-project reserves50 20 
Revenue recognition
44 51 
Net operating loss carryforward362 399 
Tax basis of investment in excess of book basis, net135 156 
U.S. foreign tax credit carryforward663 611 
AOCI29 42 
Other92 64 
Total deferred tax assets1,473 1,448 
Valuation allowance(1,241)(1,340)
Deferred tax assets, net$232 $108 
Deferred tax liabilities:
Book basis of property and equipment in excess of tax basis(52)(19)
Book basis of investments in excess of tax basis(546)(33)
Dividend withholding on unremitted foreign earnings
(59)(60)
Other(13)(15)
Total deferred tax liabilities(670)(127)
Deferred tax liabilities, net of deferred tax assets
$(438)$(19)

As of December 31, 2024, we are indefinitely reinvested only with respect to unremitted earnings required to meet our working capital and long-term investment needs in the foreign jurisdictions where we operate. Beyond those limits, we expect current earnings to be available for distribution. Deferred tax liabilities of approximately $26 million have not been recorded with respect to unremitted earnings that are considered indefinitely reinvested, primarily associated with foreign withholding and income taxes that would be due upon remittance. We have no intention of initiating any actions that would lead to taxation of the earnings deemed indefinitely reinvested.

As of December 31, 2024, tax credit carryforwards and tax loss carryforwards are as follows:

(in millions)Federal FTCState NOLsForeign NOLs
Expiration periods:
2025-2029
$266 $4 $28 
2030-2034
317 117 65 
2035-2044
79 218 2 
Indefinite— 324 1,207 

During 2024 and 2023, we were in a 3-year cumulative loss on a jurisdictional basis in the Netherlands and the U.K. Such cumulative loss constitutes significant negative evidence (with regards to future taxable income) for assessing likelihood of realization. We also considered positive evidence but concluded it did not outweigh this significant negative evidence of a 3-year cumulative loss. Accordingly, we recognized non-cash charges to tax benefit of $44 million and tax expense of $30 million against certain net foreign deferred tax assets during 2024 and 2023, respectively. In 2024, the U.S. is no longer in a cumulative loss position and we recognized a $2.2 billion deferred gain from the NuScale deconsolidation and
remeasurement. For income tax purposes, we recognized $531 million U.S. net deferred tax liability. Accordingly, $153 million of the valuation allowances were released since we determined certain deferred tax assets can be realized by reduction of taxes payable on taxable income when the deferred NuScale gain will be recognized. However, we maintained the valuation allowance on U.S. federal foreign tax credits, capital loss carryforwards, and certain state net operating loss carryforwards due to our assessment indicating these assets likely will not be realized. In 2023, the U.S. was in a cumulative loss position and we recognized a non-cash charge of $92 million to record a valuation allowance against net U.S. deferred tax assets.

In the normal course of business, we are subject to examination by taxing authorities worldwide, including such major jurisdictions as Australia, Canada, Chile, the Netherlands, the United Kingdom, and the United States. Although we believe our reserves for our tax positions are reasonable, the outcome of tax audits could be materially different, both favorably and unfavorably. With a few exceptions, we are no longer subject to U.S. federal, state and local, or foreign income tax examinations for years before 2012.

A summary of unrecognized tax benefits follows:
(in millions)20242023
Balance at beginning of year$52 $49 
Change in tax positions of prior years15 3 
Change in tax positions of current year— — 
Reduction in tax positions for statute expirations(1)— 
Reduction in tax positions for audit settlements(33)— 
Balance at end of year$33 $52 

If recognized, the total amount of unrecognized tax benefits as of December 31, 2024 and 2023, would favorably impact the effective tax rates by $15 million and $36 million, respectively. We had $22 million and $20 million of accrued interest and penalties as of December 31, 2024 and 2023, respectively. We do not anticipate any significant changes to the unrecognized tax benefits within the next twelve months.

U.S. and foreign earnings (loss) before taxes are as follows:

 Year Ended December 31,
(in millions)202420232022
United States$1,589 $185 $(465)
Foreign1,129 130 709 
Total$2,718 $315 $244 
v3.25.0.1
Supplemental Cash Flow Information
 12 Months Ended
Dec. 31, 2024
Supplemental Cash Flow Information [Abstract]  
Supplemental Cash Flow Information Supplemental Cash Flow Information
The changes in assets and liabilities included in operating cash flow follow:
Year Ended December 31,
(in millions)202420232022
(Increase) decrease in:
Accounts and notes receivable, net$90 $(87)$22 
Contract assets(227)(72)133 
Other current assets159 (12)192 
Other assets40 (111)159 
Increase (decrease) in:
Accounts payable76 218 (175)
Contract liabilities109 (120)(135)
Accrued liabilities31 79 (155)
Other liabilities69 (9)(87)
Increase (decrease) in cash due to changes in assets and liabilities$347 $(114)$(46)
Cash paid during the year for:
Interest$42 $53 $54 
Income taxes (net of refunds)13 169 99 
Noncash investing and financing activities:
Marketable securities transferred to trustee to discharge the 2024 Notes
$— $262 $— 
Debt assumed by buyer of Stork Latin America
— 19 — 
v3.25.0.1
Partnerships and Joint Ventures
 12 Months Ended
Dec. 31, 2024
Equity Method Investments and Joint Ventures [Abstract]  
Partnerships and Joint Ventures Partnerships and Joint Ventures
Many of our partnership and joint venture agreements provide for capital calls to fund operations, as necessary. Investments in a loss position of $292 million and $307 million were included in other accrued liabilities as of December 31, 2024 and 2023, respectively, and consisted primarily of provision for anticipated losses on 2 legacy infrastructure projects. Accounts receivable related to work performed for unconsolidated partnerships and joint ventures included in "Accounts and notes receivable, net" were $175 million and $174 million as of December 31, 2024 and 2023, respectively.
Variable Interest Entities
The aggregate carrying value of unconsolidated VIEs (classified under both "Investments" and "Other accrued liabilities") was a net asset of $2.4 billion and $91 million as of December 31, 2024 and 2023, respectively. Some of our VIEs have debt; however, such debt is typically non-recourse to us. Our maximum exposure to loss as a result of our investments in unconsolidated VIEs is typically limited to the aggregate of the carrying value of the investment and future funding necessary to satisfy the contractual obligations of the VIE. Future funding commitments as of December 31, 2024 for the unconsolidated VIEs were $48 million.
We are required to consolidate certain VIEs. Assets and liabilities associated with the operations of our consolidated VIEs are presented on our balance sheet. The assets of a VIE are restricted for use only for the particular VIE and are not available for our general operations. We have agreements with certain VIEs to provide financial or performance assurances to clients, as discussed elsewhere.
v3.25.0.1
Guarantees
 12 Months Ended
Dec. 31, 2024
Guarantees [Abstract]  
Guarantees Guarantees
In the ordinary course of business, we enter into various agreements providing performance assurances and guarantees to our clients on behalf of certain unconsolidated and consolidated partnerships, joint ventures and other jointly executed contracts. These agreements are entered into primarily to support project execution commitments. Performance guarantees have various expiration dates ranging from mechanical completion to a period extending beyond contract completion. The maximum potential amount of future payments that we could be required to make under outstanding performance guarantees, which represents the remaining cost of work to be performed, was estimated to be $16 billion as of December 31, 2024. For cost reimbursable contracts, amounts that may become payable pursuant to guarantee provisions are normally recoverable from the client for work performed. For lump-sum contracts, the performance guarantee amount is the cost to complete the contracted work, less amounts remaining to be billed to the client under the contract. Remaining billable amounts could be greater or less than the cost to complete. In those cases where costs exceed the remaining amounts payable under the contract, we may have recourse to third parties, such as owners, partners, subcontractors or vendors for claims. The performance guarantees obligation was not material as of December 31, 2024 and 2023.
In certain limited circumstances, financial guarantees are entered into with financial institutions and other credit grantors and generally obligate us to make payment in the event of a default by the borrower. These arrangements generally require the borrower to pledge collateral to support the fulfillment of the borrower's obligation.
v3.25.0.1
Contingencies and Commitments
 12 Months Ended
Dec. 31, 2024
Commitments and Contingencies Disclosure [Abstract]  
Contingencies and Commitments Contingencies and Commitments
We and certain of our subsidiaries are subject to litigation, claims and other commitments and contingencies, including matters arising in the ordinary course of business, of which the asserted value may be significant. We record accruals in the financial statements for contingencies when we determine that an unfavorable outcome is probable and the amount of the loss can be reasonably estimated. While there is at least a reasonable possibility that a loss may be incurred in any of the matters identified below, including a loss in excess of amounts accrued, management is unable to estimate the possible loss or range of loss or has determined such amounts to be immaterial. At present, except as set forth below, we do not expect that the ultimate resolution of any open matters will have a material adverse effect on our financial position or results of operations. However, legal proceedings and regulatory and governmental matters are subject to inherent uncertainties, and unfavorable rulings or other events could occur. Unfavorable outcomes could involve substantial monetary damages, fines, penalties and other expenditures. An unfavorable outcome might result in a material adverse impact on our business, results of operations or financial position. We might also enter into an agreement to settle one or more such matters if we determine such settlement is in the best interests of our stakeholders, and any such settlement could include substantial payments.
Fluor Australia Ltd., our wholly-owned subsidiary (“Fluor Australia”), completed a cost reimbursable engineering, procurement and construction management services project for Santos Ltd. (“Santos”) involving a large network of natural gas gathering and processing facilities in Queensland, Australia. On December 13, 2016, Santos filed an action in Queensland Supreme Court (the “Court”) against Fluor Australia, asserting various causes of action and seeking damages and/or a refund of contract proceeds paid of AUD $1.47 billion. Santos has joined Fluor to the matter on the basis of a parent company guarantee issued for the project. In March 2023, a panel of 3 referees appointed by the Court (the "Panel”) issued a draft, non-binding report setting forth recommendations to the Court regarding liability and damages in the lawsuit. After consideration of further submissions by the parties, the Panel finalized its report on July 14, 2023. The Panel’s report has no legal effect unless it is adopted by the Court through an adoption hearing, and the Court can accept or reject, in whole or in part, the Panel’s recommendations. In the final report, the Panel recommended judgment for Fluor on one of Santos’s damages claims that Santos contends has an approximate value of AUD $700 million, and recommended judgment for Santos on other claims that the Panel valued at approximately AUD $790 million excluding interest and costs. While the project contract contains a liability cap of approximately AUD $236 million, the Panel found that the liability cap did not apply to Santos’s claims. Fluor has made an application to have the Court set aside the reference to the Panel and the Panel’s recommendations on several procedural and substantive grounds, including in relation to apparent bias of the referees, a failure to comply with the order which established the reference to the Panel and a lack of procedural fairness. In July 2023, the Court held oral argument on that application and reserved its decision. Pursuant to an application by Santos to adopt the Panel’s report, the Court then held an adoption hearing in February and March 2024 at which Fluor contended that the Court should not adopt the Panel’s recommendation based on numerous grounds, including the Panel’s failure to apply the project’s liability cap. The Court also reserved its decision at the close of the adoption hearing. We await the Court’s decisions on Fluor’s application to set aside the reference and Santos’s application to adopt the Panel’s report.
Fluor Enterprises Inc., our wholly-owned subsidiary, (“Fluor”) in conjunction with a partner, Balfour Beatty Infrastructure, Inc., (“Balfour”) formed a joint venture known as Prairie Link Constructors JV (“PLC”) and, through it, contracted with the North Texas Tollway Authority (“NTTA”) to provide design and build services for an extension of the NTTA’s President George Bush Turnpike highway (“Project”), which was completed in 2012. In October 2022, the NTTA served PLC, Fluor and Balfour with a petition, filed at Dallas County Court, demanding damages of an unquantified amount under various claims relating to alleged breaches of contract in relation to retaining walls along the Project. In November 2024, the jury issued a $280 million verdict in favor of NTTA. The NTTA has moved to enter the verdict as a judgment which could include pre-judgment interest for a currently indeterminable amount. PLC has opposed the NTTA’s motion and the court has not yet issued a decision on that motion. The Company believes that the jury verdict does not accurately reflect the evidence at trial and is evaluating all options to set aside or reduce the verdict and, if necessary, appeal any final judgment if and when the court enters a judgment. The designs in question were performed by subcontractors to PLC, and these subcontractors owe contractual duties to defend and indemnify PLC from liability arising from their work. Fluor believes that the subcontractors breached those duties, and Fluor and its joint venture partner are vigorously pursuing these rights against them. Separately, the Company believes that it is entitled to coverage for its ultimate share of any residual liability for this matter under its professional liability insurance, subject to self-insured retention and other customary policy terms. The applicable accounting standards require the jury verdict to be measured independently from the expected and entitled recoveries, which resulted in the recognition of a charge of $116 million within equity method earnings during the fourth quarter of 2024 but without any offsetting recovery for the indemnity duties owed to PLC by the subcontractors.
v3.25.0.1
Contract Assets and Liabilities
 12 Months Ended
Dec. 31, 2024
Revenue from Contract with Customer [Abstract]  
Contract Assets and Liabilities Contract Assets and Liabilities
The following summarizes information about our contract assets and liabilities:
December 31,
(in millions)20242023
Information about contract assets:
Contract assets
Unbilled receivables - reimbursable contracts$1,050 $854 
Contract work in progress - lump sum contracts88 137 
Contract assets$1,138 $991 
Year Ended December 31,
20242023
Information about contract liabilities:
Revenue recognized that was included in contract liabilities as of January 1$511 $616 
We periodically evaluate our project forecasts and the amounts recognized with respect to our claims and unapproved change orders. We include estimated amounts for claims and unapproved change orders in project revenue to the extent it is probable we will realize those amounts. As of December 31, 2024 and 2023, we had recorded $773 million and $531 million, respectively, of revenue associated with claims and unapproved change orders for costs incurred to date. Additional costs, which will increase this balance over time, are expected to be incurred in future periods. We had up to $23 million and $24 million of back charges that may be disputed as of December 31, 2024 and 2023.
Remaining Unsatisfied Performance Obligations
We estimate that our RUPO will be satisfied over the following periods:
(in millions)December 31, 2024
Within 1 year$15,917 
1 to 2 years7,111 
Thereafter3,256 
Total RUPO$26,284 
v3.25.0.1
Remaining Unsatisfied Performance Obligations
 12 Months Ended
Dec. 31, 2024
Revenue from Contract with Customer [Abstract]  
Remaining Unsatisfied Performance Obligations Contract Assets and Liabilities
The following summarizes information about our contract assets and liabilities:
December 31,
(in millions)20242023
Information about contract assets:
Contract assets
Unbilled receivables - reimbursable contracts$1,050 $854 
Contract work in progress - lump sum contracts88 137 
Contract assets$1,138 $991 
Year Ended December 31,
20242023
Information about contract liabilities:
Revenue recognized that was included in contract liabilities as of January 1$511 $616 
We periodically evaluate our project forecasts and the amounts recognized with respect to our claims and unapproved change orders. We include estimated amounts for claims and unapproved change orders in project revenue to the extent it is probable we will realize those amounts. As of December 31, 2024 and 2023, we had recorded $773 million and $531 million, respectively, of revenue associated with claims and unapproved change orders for costs incurred to date. Additional costs, which will increase this balance over time, are expected to be incurred in future periods. We had up to $23 million and $24 million of back charges that may be disputed as of December 31, 2024 and 2023.
Remaining Unsatisfied Performance Obligations
We estimate that our RUPO will be satisfied over the following periods:
(in millions)December 31, 2024
Within 1 year$15,917 
1 to 2 years7,111 
Thereafter3,256 
Total RUPO$26,284 
v3.25.0.1
Debt and Letters of Credit
 12 Months Ended
Dec. 31, 2024
Debt Disclosure [Abstract]  
Debt and Letters of Credit Debt and Letters of Credit
Debt consisted of the following:
 December 31,
(in millions)20242023
Borrowings under credit facility$— $— 
Senior Notes
2028 Notes (4.250% Senior Notes)
$543 $600 
Unamortized discount and deferred financing costs(2)(3)
2029 Notes (1.125% Convertible Senior Notes)
575 575 
Unamortized deferred financing costs(12)(14)
Total debt
$1,104 $1,158 
Credit Facility
As of December 31, 2024, letters of credit totaling $483 million were outstanding under our $1.8 billion credit facility, which was amended in February 2025 to increase the facility to $2.2 billion and extend the maturity to February 2028. The prior and amended credit facility contains customary financial covenants, including a debt-to-capitalization ratio that cannot exceed 0.60 to 1.00, a limitation on the aggregate amount of debt of the greater of $750 million or €750 million for our subsidiaries, and a minimum liquidity threshold of $1.2 billion, all as defined in the amended credit facility, which may be reduced to $1.0 billion upon the repayment of debt. The credit facility also contains provisions that will require us to provide collateral to secure the facility should we be downgraded to BB by S&P and Ba2 by Moody's, such collateral consisting broadly of our U.S. assets. Borrowings under the facility, which may be denominated in USD, EUR, or GBP, bear interest at a base rate, plus an applicable borrowing margin. As of December 31, 2024, we had not made any borrowings under our credit line and maintained a borrowing capacity of $834 million.
Uncommitted Lines of Credit
As of December 31, 2024, letters of credit totaling $944 million were outstanding under uncommitted lines of credit.
2029 Notes
In August 2023, we issued $575 million of 1.125% Convertible Senior Notes (the “2029 Notes”) due August 15, 2029 and received net proceeds of $560 million. Interest on the 2029 Notes is payable semi-annually on February 15 and August 15, beginning on February 15, 2024. The conversion rate for the 2029 Notes is 22.0420 shares of common stock per $1,000 principal amount of notes, which is equivalent to an initial conversion price of $45.37 per share. Holders may convert their 2029 Notes any time before May 2029 under the following conditions:

•if the last reported price of our common stock for at least 20 trading days (whether or not consecutive) during a period of 30 consecutive trading days ending on, and including, the last trading day of the immediately preceding calendar quarter is greater than or equal to $58.98 on each applicable trading day;
•during the 5-business day period after any 5-consecutive trading day period in which the trading price of the 2029 Notes was less than 98% of the product of the last reported stock price and the conversion rate;
•if we call any or all of the 2029 Notes for redemption; or
•upon the occurrence of specified events as described in the applicable indenture.

In addition, holders may convert their 2029 Notes any time beginning in May 2029 and prior to maturity without regard to the foregoing circumstances. Upon any conversion, we will repay the principal amount of the notes in cash and may elect to convey the conversion premium in any combination of cash and shares of our common stock. Certain events could cause the conversion rate to increase, including a make-whole fundamental change or redemption, but in no event will the conversion rate for a single note exceed 29.2056 shares of our common stock, other than for customary adjustments described in the applicable indenture.

After August 2026, we may elect to redeem up to all of the outstanding 2029 Notes if our common stock has a prevailing per share closing price in excess of $58.98. In such election, all principal would be settled in cash and could result in a make-whole premium if the holders also elect to convert. We may elect to pay any make-whole premium in any combination of cash and shares of our common stock.
Capped Call Transactions
In connection with the 2029 Notes offering, we entered into capped call transactions with certain banks. The capped call transactions are not part of the terms of the 2029 Notes and are accounted for as separate transactions. As the capped call options are indexed to our own stock, they are recorded in shareholders’ equity and are not accounted for as derivatives. The cost of the capped call transactions was $73 million which was recorded as a permanent reduction to APIC, and will not be subject to periodic remeasurement. The strike price of the capped call options corresponds to the conversion price of the 2029 Notes of $45.37 per share. The capped call options are expected to offset potential dilution to our common stock upon conversion of any 2029 Notes and/or offset any cash payments we are required to make for any conversion premium if our stock price is greater than $45.37. The upper limit of the capped calls is $68.48 per share. If our stock price exceeds $68.48, there would be unmitigated dilution and/or no offset of any cash payments attributable to the amount by which our stock exceeds the cap price. We will not be required to make any cash payments to option counterparties upon the exercise of capped call options, but we will be entitled to receive from them shares of our common stock or an amount of cash based on the amount by which the market price of our common stock exceeds the strike price of the capped calls.
2028 Notes
In August 2018, we issued $600 million of 4.250% Senior Notes due in September 2028 ("2028 Notes") and received proceeds of $595 million. Interest on the 2028 Notes is payable semi-annually in March and September. Prior to June 2028, we may redeem the 2028 Notes at a redemption price equal to 100% of the principal amount, plus a “make whole” premium described in the indenture. After June 2028, the 2028 Notes can be redeemed at par plus accrued interest. A change of control (as defined by the terms of the indenture) could require us to repay them at 101% of the principal amount, plus accrued interest. We are permitted to incur additional indebtedness if we are in compliance with certain restrictive covenants, including restrictions on liens and restrictions on sale and leaseback transactions. During 2024, we redeemed $57 million of aggregate outstanding 2028 Notes, with an immaterial earnings impact.
v3.25.0.1
Convertible Preferred Stock
 12 Months Ended
Dec. 31, 2024
Equity [Abstract]  
Convertible Preferred Stock Convertible Preferred Stock
In September 2023, we exercised our mandatory conversion rights on our CPS in which all of the outstanding shares of CPS converted to 44.9585 shares of our common stock, plus a cash payment of $45.23 per CPS for a make-whole premium. The total make-whole premium amounted to $27 million. Upon conversion, all dividends on the CPS ceased.
v3.25.0.1
Fair Value Measurements
 12 Months Ended
Dec. 31, 2024
Fair Value Disclosures [Abstract]  
Fair Value Measurements Fair Value Measurements
The fair value hierarchy prioritizes the use of inputs used in valuation techniques into the following three levels:
•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
We perform procedures to verify the reasonableness of pricing information received from third parties for significant assets and liabilities classified as Level 2. The following table delineates assets and liabilities that are measured at fair value on a recurring basis:
 December 31, 2024December 31, 2023
 Fair Value HierarchyFair Value Hierarchy
(in millions)TotalLevel 1Level 2Level 3TotalLevel 1Level 2Level 3
Assets:
Investment in NuScale
$2,266 $2,266 $— $— $— $— $— $— 
Trading securities(1)
18 18 — — 12 12 — — 
Derivative assets(2)
Foreign currency — — — — 6 — 6 — 
Commodity — — — — 1 — 1 — 
Liabilities:
SMR warrants(3)
$— $— $— $— $12 $6 $6 $— 
Derivative liabilities(2)
Foreign currency 1 — 1 — 3 — 3 — 
Commodity 1 — 1 — 1 — 1 — 

(1)Consists of registered money market funds and an equity index fund held in deferred compensation trusts. These investments represent the net asset value at the close of business of the period based on the last trade or official close of an active market or exchange.
(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.
(3)The SMR warrant liabilities in 2023 are comprised of public and private placement warrants redeemable by SMR under certain conditions, both measured using the price of the public warrants. The private placement warrants are not publicly traded and are classified as Level 2 measurements while the public warrants are classified as Level 1.
The following summarizes information about financial instruments that are not required to be measured at fair value:
December 31, 2024December 31, 2023
(in millions)Fair Value HierarchyCarrying ValueFair ValueCarrying ValueFair Value
Assets:
Cash(1)
Level 1$1,613 $1,613 $1,357 $1,357 
Cash equivalents(2)
Level 21,216 1,216 1,162 1,162 
Marketable securities(2)
Level 2130 130 69 69 
Notes receivable, including noncurrent portion(3)
Level 39 9 9 9 
Liabilities:
2028 Senior Notes(4)
Level 2$541 $517 $597 $573 
2029 Senior Notes(4)
Level 2563 725 561 626 
_______________________________________________________________________________
(1)Cash consists of bank deposits. Carrying amounts approximate fair value.
(2)Cash equivalents and marketable securities primarily consist of time deposits. Carrying amounts approximate fair value because of the short-term maturity of these instruments. Amortized cost is not materially different from the fair value.
(3)Notes receivable are carried at net realizable value which approximates fair value. Factors considered in determining the fair value include the credit worthiness of the borrower, current interest rates, the term of the note and any collateral pledged as security. Notes receivable are periodically assessed for impairment.
(4)The fair value of the Senior Notes was estimated based on quoted market prices and Level 2 inputs.
v3.25.0.1
Stock-Based Compensation
 12 Months Ended
Dec. 31, 2024
Share-Based Payment Arrangement [Abstract]  
Stock-Based Compensation Stock-Based Compensation
Equity Awards
Stock-based compensation expense for equity awards totaled $31 million, $48 million and $19 million during 2024, 2023 and 2022, respectively, with no associated tax benefits. This stock-based compensation primarily related to performance-based award units awarded to our Section 16 officers and also included the amortization of RSU and stock option awards that were not significant.
Performance-based award units totaling 272,844, 274,755 and 426,957 were awarded to Section 16 officers on the day of award during 2024, 2023 and 2022, respectively. These awards generally cliff vest after 3 years and contain annual performance conditions for each of the 3 years of the vesting period. Under GAAP, performance-based elements of such awards are not deemed granted until the performance targets have been established. The performance targets for each year are generally established in the first quarter.
For awards granted under the 2024 and 2023 performance plans, 80% of the award is earned based on achievement of earnings before tax targets over three 1-year periods and 20% of the award is earned based on our 3-year cumulative TSR relative to companies in the S&P 500 on the date of the award. Awards granted under the 2022 performance plan are earned based on achievement of EPS and return on invested capital goals over three 1-year periods, and earned or modified based on our 3-year cumulative TSR relative to companies in the S&P 500 on the date of the award. The performance component of the 2024 and 2023 awards is deemed granted when targets are set while the TSR component of these awards is deemed granted upon issuance. During the first quarter of 2024, the following units were granted based upon the establishment of performance targets:
Performance-based Award Units Granted in 2024
Weighted
Average
Grant Date
Fair Value
Per Share
2024 Performance Award Plan
127,332$41.46
2023 Performance Award Plan73,271$42.09
2022 Performance Award Plan113,856$42.09
For awards granted under the 2024, 2023 and 2022 performance award plans, the number of units are adjusted at the end of each performance period based on attainment of certain performance targets and on market conditions, pursuant to the terms of the award agreements. As of December 31, 2024, there were 218,783 shares associated with performance awards that had been awarded to employees, but which are not deemed granted due to the underlying performance targets having not yet been established.
Liability Awards
We grant SGI awards in the form of stock units, determined by dividing the target amount by the closing price of our common stock at the grant date. Each stock unit represents the right to receive cash equal to the value of 1 share of our common stock upon vesting. SGI awards granted to executives vest and become payable at a rate of 1/3 of the total award each year. Performance-based awards were awarded to non-Section 16 executives and will be settled in cash.
Location in Statement of OperationsDecember 31,
Compensation Expense (in millions)202420232022
SGI awardsG&A$30 $34 $54 
Performance-based awards for non-Section 16 executivesG&A14 21 14 
Liabilities (in millions)Location on Balance SheetDecember 31, 2024December 31, 2023
SGI awardsAccrued salaries, wages and benefits and
Other noncurrent liabilities 		$51 $58 
Performance-based awards for non-Section 16 executives
Accrued salaries, wages and benefits and
Other noncurrent liabilities		30 29 
v3.25.0.1
Retirement Plans
 12 Months Ended
Dec. 31, 2024
Retirement Benefits [Abstract]  
Retirement Plans Retirement Plans
DC Plans
Domestic and international DC plans are available to eligible salaried and craft employees. Company contributions to DC plans are based on an employee's eligible compensation and participation rate. We recognized expense of $145 million, $143 million and $129 million in 2024, 2023 and 2022, respectively.
DB Plans
We have no material DB plans. During 2022, we recognized a $42 million gain on pension settlement upon the completion of compensation and other items associated with our largest DB plan, which provided retirement benefits to certain employees in the Netherlands, which was terminated in December 2021.
Multiemployer Pension Plans
We participate in multiemployer pension plans for unionized construction and maintenance craft employees. Company contributions are based on the hours worked by employees covered under various collective bargaining agreements and totaled $56 million, $75 million and $51 million during 2024, 2023 and 2022, respectively. Upon withdrawal from a multiemployer plan, we may have an obligation to make additional contributions for our share of any unfunded benefit obligation, but only if we do not meet the requirements of any applicable exemptions. The preceding information does not include amounts related to benefit plans applicable to employees associated with certain contracts with the U.S. Department of Energy because we are not responsible for the current or future funding of these plans.
v3.25.0.1
Other Noncurrent Liabilities
 12 Months Ended
Dec. 31, 2024
Other Liabilities, Noncurrent [Abstract]  
Other Noncurrent Liabilities Other Noncurrent Liabilities
We have deferred compensation plans and other retirement arrangements for executives which generally provide for payments upon retirement, death or termination of employment. As of December 31, 2024 and 2023, the obligations related to these plans totaled $251 million and $256 million, respectively, within noncurrent liabilities. To fund these obligations, we have established non-qualified trusts, which are included in noncurrent assets. These trusts hold life insurance policies and marketable securities. These trusts were valued at $221 million and $241 million as of December 31, 2024 and 2023, respectively. Periodic changes in the value of these trust investments, most of which are unrealized, are recognized in earnings, and serve to mitigate changes to the obligations which are also reflected in earnings.
We maintain appropriate levels of insurance for business risks, including workers compensation and general liability. Insurance coverages contain various retention amounts for which we provide accruals based on the aggregate of the liability for reported claims and an actuarially determined estimated liability for claims incurred but not reported. As of December 31, 2024 and 2023, insurance liabilities of $68 million and $76 million, respectively, were included in noncurrent liabilities.
v3.25.0.1
Pay vs Performance Disclosure - USD ($)
$ in Millions
 12 Months Ended
Dec. 31, 2024
Dec. 31, 2023
Dec. 31, 2022
Pay vs Performance Disclosure      
Net Income (Loss) $ 2,145 $ 139 $ 145
v3.25.0.1
Insider Trading Arrangements
 3 Months Ended 12 Months Ended
Dec. 31, 2024
shares
Dec. 31, 2024
shares
Trading Arrangements, by Individual    
Non-Rule 10b5-1 Arrangement Adopted false  
Rule 10b5-1 Arrangement Terminated false  
Non-Rule 10b5-1 Arrangement Terminated false  
David E. Constable [Member]    
Trading Arrangements, by Individual    
Material Terms of Trading Arrangement   On November 16, 2024, David E. Constable, Chairman and Chief Executive Officer, adopted a 10b5-1 trading arrangement providing for the sale of up to 190,600 shares of common stock, subject to certain conditions, which will terminate on December 31, 2025.
Name David E. Constable  
Title Chairman and Chief Executive Officer  
Rule 10b5-1 Arrangement Adopted true  
Adoption Date November 16, 2024  
Expiration Date December 31, 2025  
Arrangement Duration 410 days  
Aggregate Available 190,600 190,600
Alvin C. Collins IIl [Member]    
Trading Arrangements, by Individual    
Material Terms of Trading Arrangement   On December 5, 2024, Alvin C. Collins III, Group President, Corporate Development and Sustainability, adopted a 10b5-1 trading arrangement providing for the sale of up to 18,920 shares of common stock and the exercise of up to 2,988 stock options (including the sale of the underlying shares of common stock), subject to certain conditions, which will terminate on January 23, 2026.
Name Alvin C. Collins III  
Title Group President  
Rule 10b5-1 Arrangement Adopted true  
Adoption Date December 5, 2024  
Expiration Date January 23, 2026  
Arrangement Duration 414 days  
Aggregate Available 18,920 18,920
Stacy L. Dillow [Member]    
Trading Arrangements, by Individual    
Material Terms of Trading Arrangement   On December 9, 2024, Stacy L. Dillow, Executive Vice President and Chief Human Resources Officer, adopted a 10b5-1 trading arrangement providing for the sale of up to 30,030 shares of common stock, subject to certain conditions, which will terminate on January 23, 2026.
Name Stacy L. Dillow  
Title Executive Vice President and Chief Human Resources Officer  
Rule 10b5-1 Arrangement Adopted true  
Adoption Date December 9, 2024  
Expiration Date January 23, 2026  
Arrangement Duration 410 days  
Aggregate Available 30,030 30,030
v3.25.0.1
Insider Trading Policies and Procedures
 12 Months Ended
Dec. 31, 2024
Insider Trading Policies and Procedures [Line Items]  
Insider Trading Policies and Procedures Adopted true
Insider Trading Policies and Procedures Not Adopted
Insider Trading Policy
We have adopted an insider trading policy governing the purchase, sale, and/or other dispositions of our securities by our directors, officers, employees and contractors that we believe is reasonably designed to promote compliance with insider trading laws, rules and regulations, and applicable exchange listing standards. We also comply with all applicable laws (including appropriate approvals by the Board of Directors or appropriate committee if required) when engaging in transactions in our own securities. A copy of our insider trading policy is filed as Exhibit 19.1 to this 2024 10-K.
v3.25.0.1
Cybersecurity Risk Management and Strategy Disclosure
 12 Months Ended
Dec. 31, 2024
Cybersecurity Risk Management, Strategy, and Governance [Line Items]  
Cybersecurity Risk Management Processes for Assessing, Identifying, and Managing Threats [Text Block]
Risk Management and Strategy
We maintain a cybersecurity program designed to assess, identify and manage risks from cybersecurity threats that may result in adverse effects on the confidentiality, integrity and availability of our information systems. Dedicated security, privacy, information governance and compliance professionals administer the program with oversight by our senior management team.
We have integrated cybersecurity risk into our broader enterprise risk management framework. Our cyber risk program leverages internationally recognized standards as appropriate. We use a combination of technology controls, human oversight and processes to actively monitor and protect our network and systems. All employees participate in a number of information security training programs. Employees receive training on how to spot and report cyber risks and events through our global cybersecurity awareness program. In addition, we hold cybersecurity risk insurance.
We engage outside experts to evaluate and review our cybersecurity programs. These external reviews include regular audits, threat assessments, vulnerability scans, simulated attacks and other advice regarding information security practices. We regularly conduct incident response exercises with key stakeholders.
To manage risks associated with third-party service providers, we typically require new vendors with access to our computing environment or access to confidential or sensitive data to undergo a risk assessment from our information security team. We conduct periodic reviews of these vendors to evaluate compliance with our cybersecurity policies. We strive to ensure that our contracts with such vendors require them to maintain security controls in line with industry best practices, applicable laws and our policies. We rely on vendors to notify us in a timely manner of material cybersecurity incidents, by virtue of the documents governing their relationship with us or applicable law.
Cybersecurity Risk Management Processes Integrated [Flag] true
Cybersecurity Risk Management Processes Integrated [Text Block] We have integrated cybersecurity risk into our broader enterprise risk management framework. Our cyber risk program leverages internationally recognized standards as appropriate. We use a combination of technology controls, human oversight and processes to actively monitor and protect our network and systems. All employees participate in a number of information security training programs. Employees receive training on how to spot and report cyber risks and events through our global cybersecurity awareness program. In addition, we hold cybersecurity risk insurance
Cybersecurity Risk Management Third Party Engaged [Flag] true
Cybersecurity Risk Third Party Oversight and Identification Processes [Flag] true
Cybersecurity Risk Materially Affected or Reasonably Likely to Materially Affect Registrant [Flag] false
Cybersecurity Risk Board of Directors Oversight [Text Block]
Governance
Cybersecurity is overseen by our Board of Directors with assistance from the Audit Committee. Our Board of Directors receives quarterly reports from management which may address a broad range of cybersecurity and IT topics, including trends, regulatory developments, data security policies and practices, cybersecurity incidents, current and projected threat assessments and ongoing efforts to prevent, detect and respond to critical threats.
Our Audit Committee, which is responsible for oversight of cybersecurity risks, periodically reviews and discusses with management, including the Chief Information Officer ("CIO") and the Chief Information Security Officer ("CISO"), risk issues associated with cybersecurity and policies and controls intended to mitigate those risks.
Our CISO, who has extensive cybersecurity knowledge and skills gained from over 25 years of work experience, heads the team responsible for cybersecurity. Our CISO’s team is responsible for leading enterprise-wide cybersecurity strategy, policy, standards and processes. The team includes senior professionals, many with more than 15 years of cybersecurity expertise and industry certifications such as Certified Information Security Systems Professional, CompTIA Security+, Global Information Assurance Certification, and Certified Ethical Hacker. Members of the team are provided with opportunities to attend external training, conferences, and other events to keep abreast of the latest cybersecurity trends. Our CISO receives ongoing updates from his team regarding the prevention, detection, mitigation, and remediation of cybersecurity incidents.
Our CISO meets with our Audit Committee at least annually to discuss cybersecurity risk and related issues. These meetings may encompass a broad range of topics, including:
•cybersecurity initiatives and strategies,
•cybersecurity events,
•emerging threats,
•regulatory requirements, and
•industry standards.
In the event of a cybersecurity incident, we have an incident response plan which sets forth a framework to report and document such incidents to our cybersecurity incident response team. This framework aims to enable the response team to take actions to monitor, mitigate and remediate such incidents in a timely manner. Cybersecurity incidents are regularly reported to the CIO and CISO and certain critical events are reported to the CEO and the crisis management team comprised
of senior executives. We also have protocols in place by which certain cybersecurity incidents are reported to the Board of Directors as part of their oversight of cybersecurity matters.
Cybersecurity Risk Board Committee or Subcommittee Responsible for Oversight [Text Block] Cybersecurity is overseen by our Board of Directors with assistance from the Audit Committee. Our Board of Directors receives quarterly reports from management which may address a broad range of cybersecurity and IT topics, including trends, regulatory developments, data security policies and practices, cybersecurity incidents, current and projected threat assessments and ongoing efforts to prevent, detect and respond to critical threats.
Cybersecurity Risk Process for Informing Board Committee or Subcommittee Responsible for Oversight [Text Block] Our Audit Committee, which is responsible for oversight of cybersecurity risks, periodically reviews and discusses with management, including the Chief Information Officer ("CIO") and the Chief Information Security Officer ("CISO"), risk issues associated with cybersecurity and policies and controls intended to mitigate those risks.
Cybersecurity Risk Role of Management [Text Block]
Our CISO, who has extensive cybersecurity knowledge and skills gained from over 25 years of work experience, heads the team responsible for cybersecurity. Our CISO’s team is responsible for leading enterprise-wide cybersecurity strategy, policy, standards and processes. The team includes senior professionals, many with more than 15 years of cybersecurity expertise and industry certifications such as Certified Information Security Systems Professional, CompTIA Security+, Global Information Assurance Certification, and Certified Ethical Hacker. Members of the team are provided with opportunities to attend external training, conferences, and other events to keep abreast of the latest cybersecurity trends. Our CISO receives ongoing updates from his team regarding the prevention, detection, mitigation, and remediation of cybersecurity incidents.
Our CISO meets with our Audit Committee at least annually to discuss cybersecurity risk and related issues. These meetings may encompass a broad range of topics, including:
•cybersecurity initiatives and strategies,
•cybersecurity events,
•emerging threats,
•regulatory requirements, and
•industry standards.
Cybersecurity Risk Management Positions or Committees Responsible [Flag] true
Cybersecurity Risk Management Positions or Committees Responsible [Text Block] Our Audit Committee, which is responsible for oversight of cybersecurity risks, periodically reviews and discusses with management, including the Chief Information Officer ("CIO") and the Chief Information Security Officer ("CISO"), risk issues associated with cybersecurity and policies and controls intended to mitigate those risks.
Cybersecurity Risk Management Expertise of Management Responsible [Text Block]
Our CISO, who has extensive cybersecurity knowledge and skills gained from over 25 years of work experience, heads the team responsible for cybersecurity. Our CISO’s team is responsible for leading enterprise-wide cybersecurity strategy, policy, standards and processes. The team includes senior professionals, many with more than 15 years of cybersecurity expertise and industry certifications such as Certified Information Security Systems Professional, CompTIA Security+, Global Information Assurance Certification, and Certified Ethical Hacker. Members of the team are provided with opportunities to attend external training, conferences, and other events to keep abreast of the latest cybersecurity trends. Our CISO receives ongoing updates from his team regarding the prevention, detection, mitigation, and remediation of cybersecurity incidents.
Our CISO meets with our Audit Committee at least annually to discuss cybersecurity risk and related issues. These meetings may encompass a broad range of topics, including:
•cybersecurity initiatives and strategies,
•cybersecurity events,
•emerging threats,
•regulatory requirements, and
•industry standards.
Cybersecurity Risk Process for Informing Management or Committees Responsible [Text Block]
In the event of a cybersecurity incident, we have an incident response plan which sets forth a framework to report and document such incidents to our cybersecurity incident response team. This framework aims to enable the response team to take actions to monitor, mitigate and remediate such incidents in a timely manner. Cybersecurity incidents are regularly reported to the CIO and CISO and certain critical events are reported to the CEO and the crisis management team comprised
of senior executives. We also have protocols in place by which certain cybersecurity incidents are reported to the Board of Directors as part of their oversight of cybersecurity matters.
Cybersecurity Risk Management Positions or Committees Responsible Report to Board [Flag] true
v3.25.0.1
Significant Accounting Policies (Policies)
 12 Months Ended
Dec. 31, 2024
Accounting Policies [Abstract]  
Principles of Consolidation
Principles of Consolidation
The financial statements include the accounts of Fluor Corporation and its subsidiaries. All intercompany transactions of consolidated subsidiaries are eliminated. Certain amounts in 2023 and 2022 have been reclassified to conform to the 2024 presentation. Certain amounts in tables may not total or agree to the financial statements due to immaterial rounding differences. Management has evaluated all material events occurring subsequent to December 31, 2024 through the filing date of the 2024 10-K.
We frequently form joint ventures or partnerships with others primarily for the execution of single contracts or projects. If a joint venture or partnership is a VIE and we are the primary beneficiary, the joint venture or partnership is consolidated and our partners' interests are recognized as NCI. As is customary in our industry, for unconsolidated construction partnerships and joint ventures, we generally recognize our proportionate share of revenue, cost and profit and use the one-line equity method for the investment. In other instances, the cost and equity methods of accounting are used, depending on
our respective ownership interest and amount of influence we have over the entity, as well as other factors. At times, we also execute projects through collaborative arrangements for which we recognize our relative share of revenue and cost.
Equity Method Investment with Fair Value Option
Equity Method Investment with Fair Value Option
We elected the fair value option of accounting for our investment in NuScale that would have otherwise been recorded under the equity method of accounting. We recognize the fair value of our investment in NuScale on a mark-to-market basis based upon the prevailing price of their stock on our balance sheet dates. The changes in the fair value of our investment in NuScale are recorded quarterly in the statement of operations.
Use of Estimates
Use of Estimates
The preparation of financial statements in accordance with GAAP requires management to make estimates and assumptions that affect reported amounts. These estimates are based on information available through the date of the issuance of the financial statements. Therefore, actual results could differ from those estimates.
Earnings Per Share
Earnings Per Share
Potentially dilutive securities include convertible debt, performance-based award units, RSUs, stock options and, prior to their conversion in 2023, our CPS. Diluted EPS reflects the assumed exercise or conversion of all dilutive securities using the if-converted and treasury stock methods. In computing diluted EPS, only securities that are actually dilutive are included.
Foreign Currency Translation
Foreign Currency Translation
Our reporting currency is the U.S. dollar. For our international subsidiaries, the functional currency is typically the currency of the primary economic environment in which each subsidiary operates. Translation gains and losses are recorded in OCI. Gains and losses from remeasuring foreign currency transactions into the functional currency are recognized in earnings.
Revenue Recognition
Revenue Recognition
Engineering and construction contracts. We recognize engineering and construction contract revenue over time as we provide services to satisfy our performance obligations. We generally use the cost-to-cost percentage-of-completion measure of progress as it best depicts how control transfers to our clients. The cost-to-cost approach measures progress towards completion based on the ratio of cost incurred to date compared to total estimated contract cost. Engineering and construction contracts are generally accounted for as a single unit of account (a single performance obligation) and are not segmented between types of services on a single project. Cost of revenue includes an allocation of depreciation and amortization. Where applicable, CFM, labor and equipment as well as subcontractor materials, labor and equipment, are included in revenue and cost of revenue when we believe that we are acting as a principal rather than as an agent (i.e., we integrate the materials, labor and equipment into the deliverables promised to the customer). CFM are only included in revenue and cost when the contract includes construction activity and we have visibility into the amount the customer is paying for the materials or there is a reasonable basis for estimating the amount. If we lose visibility mid-project with respect to cost or receipt, we cease recognizing future CFM but do not de-recognize previous amounts of CFM. Changes to total estimated contract cost or losses, if any, are recognized in the period in which they are determined as assessed at the contract level. Pre-contract costs are expensed as incurred unless they are expected to be recovered from the client. Project mobilization costs are generally charged to project costs as incurred when they are an integrated part of the performance obligation being transferred to the client. Customer payments on engineering and construction contracts are typically due within 30 to 45 days of billing, depending on the contract.
Service Contracts. For the majority of our operations and maintenance contracts, revenue is recognized when services are performed and contractually billable. For all other service contracts, we recognize revenue over time using the cost-to-cost percentage-of-completion method. Service contracts that include multiple performance obligations are segmented between types of services. For contracts with multiple performance obligations, we allocate the transaction price to each performance obligation using an estimate of the stand-alone selling price of each distinct service in the contract. Customer payments on service contracts are typically due within 30 to 90 days of billing, depending on the contract.
Warranties. We generally provide limited duration warranties for work performed under our contracts. Historically, warranty claims have not resulted in material costs incurred, and any estimated costs for warranties are included in the individual project cost estimates for purposes of accounting for long-term contracts.
Practical Expedients. If we have a right to consideration from a customer in an amount that corresponds directly with the value of our performance completed to date (a service contract in which we bill a fixed amount for each hour of service provided), we recognize revenue in the amount to which we have a right to invoice for services performed. We do not adjust the contract price for the effects of a significant financing component where, at contract inception, the period between service provision and customer payment will be 1 year or less. We exclude from the measurement of the transaction price all taxes assessed by governmental authorities that are collected by us from our customers (use taxes, value added taxes, some excise taxes).
RUPO. RUPO represents a measure of the value of work to be performed on contracts awarded and in progress. Although RUPO reflects business that is considered to be firm, cancellations, deferrals or scope adjustments may occur. RUPO is adjusted to reflect any known project cancellations, revisions to project scope and cost, foreign currency exchange fluctuations and project deferrals, as appropriate. RUPO includes estimates of CFM in those instances where the criteria for recognition have been satisfied. For ongoing operations and maintenance contracts, RUPO includes only contracts with definite terms and substantive termination provisions.
Project Estimates
Project Estimates
    Due to the nature of our industry, there is significant complexity in our estimation of total expected revenue and cost, for which we must make significant judgments. Our contracts with our customers may contain several types of variable consideration, including claims, unpriced change orders, award and incentive fees, liquidated damages and penalties or other provisions that can either increase or decrease the contract price to arrive at estimated revenue. Certain variable consideration, such as award and incentive fees, generally are earned upon achievement of certain performance metrics, program milestones or cost targets and can be based upon customer discretion. We estimate variable consideration at the most likely amount to which we expect to be entitled upon completion of a project. We include estimated amounts in the transaction price to the extent it is probable we will realize that amount. Our estimates of variable consideration and our determination of its inclusion in project revenue are based on an assessment of our anticipated performance and other information that may be available to us.

    At a project level, we have specific practices and procedures to review our estimate of total revenue and cost. Each project team reviews the progress and execution of our performance obligations, which impact the project’s accounting outcome. As part of this process, the project team reviews information such as any outstanding key contract matters, progress towards completion and the related program schedule and identified risks and opportunities. The accuracy of our revenue and profit recognition in a given period depends on the accuracy of our project estimates, which can change from period to period due to a variety of factors including:

•Complexity in original design;
•Extent of changes from original design;
•Different site conditions than assumed in our bid;
•The productivity, availability and skill level of labor;
•Weather conditions when executing a project;
•The technical maturity of the technologies involved;
•Length of time to complete the project;
•Availability and cost of equipment and materials;
•Subcontractor and joint venture partner performance;
•Expected costs of warranties; and
•Our ability to recover for additional contract costs.
    We recognize changes in contract estimates on a cumulative catch-up basis in the period in which the changes are identified. Such changes in contract estimates can result in the recognition of revenue in a current period for performance obligations which were satisfied or partially satisfied in prior periods. Changes in contract estimates may also result in the reversal of previously recognized revenue if the current estimate adversely differs from the previous estimate. If we estimate that a project will have costs in excess of revenue, we recognize the total loss in the period it is identified.
Contract Assets and Liabilities
Contract Assets and Liabilities
    Contract assets represent revenue recognized in excess of amounts billed and include unbilled receivables (typically for cost reimbursable contracts) and contract work in progress (typically for fixed-price contracts). Unbilled receivables, which
represent an unconditional right to payment subject only to the passage of time, are recognized as accounts receivable when they are billed. Advances that are payments on account of contract assets are deducted from contract assets. We anticipate that substantially all incurred cost associated with contract assets as of December 31, 2024 will be billed and collected within 1 year. Contract liabilities represent amounts billed to clients in excess of revenue recognized to date.
Segment Reporting
Segment Reporting
Our Chief Executive Officer is our CODM. Segment profit is an earnings measure that our CODM utilizes to assess segment performance and allocate resources. Segment profit is calculated as revenue less cost of revenue and earnings attributable to NCI.
We incur cost and expenses and hold certain assets at the corporate level which relate to our business as a whole. Certain of these amounts are allocated to our business segments by various methods, largely on the basis of estimated usage or on pro rata revenue. Total assets not allocated to segments and held in "Corporate and other" primarily include cash, marketable securities, income-tax related assets, deferred compensation trust assets and corporate property, plant and equipment.
Variable Interest Entities
Variable Interest Entities
We assess our partnerships and joint ventures at inception to determine if any meet the qualifications of a VIE. We consider a partnership or joint venture a VIE if it has any of the following characteristics:
(a) the total equity investment is not sufficient to permit the entity to finance its activities without additional subordinated financial support,
(b) characteristics of a controlling financial interest are missing (either the ability to make decisions through voting or other rights, the obligation to absorb the expected losses of the entity or the right to receive the expected residual returns of the entity), or
(c) the voting rights of the equity holders are not proportional to their obligations to absorb the expected losses of the entity and/or their rights to receive the expected residual returns of the entity, and substantially all of the entity's activities either involve or are conducted on behalf of an investor that has disproportionately few voting rights.

We regularly reassess our initial determination of whether the partnership or joint venture is a VIE. The majority of our partnerships and joint ventures qualify as VIEs because the total equity investment is typically nominal and not sufficient to permit the entity to finance its activities without additional subordinated financial support.

We also perform a qualitative assessment of each identified VIE to determine if we are its primary beneficiary. We conclude that we are the primary beneficiary and consolidate the VIE if we have both:

(a) the power to direct the economically significant activities of the entity and
(b) the obligation to absorb losses of, or the right to receive benefits from, the entity that could potentially be significant to the VIE.

We consider the contractual agreements that define the ownership structure, distribution of profits and losses, risks, responsibilities, indebtedness, voting rights and board representation of the respective parties in determining if we are the primary beneficiary. We also consider all parties that have direct or implicit variable interests when determining whether we are the primary beneficiary. Management's assessment of who is the primary beneficiary of a VIE is regularly undertaken.
Cash and Cash Equivalents
Cash and Cash Equivalents
Cash and cash equivalents include securities with maturities of 3 months or less at the date of purchase.
Marketable Securities
Marketable Securities
Marketable securities consist of time deposits placed with investment grade banks with original maturities greater than 3 months, which are typically held-to-maturity because we have the intent and ability to hold them until maturity. Held-to-maturity securities are carried at amortized cost. The cost of securities sold is determined by using the specific identification method. Marketable securities are assessed at least annually for other-than-temporary impairment.
Research and Development
Research and Development
NuScale is a research and development operation associated with the licensing and commercialization of SMR technology. Costs incurred by NuScale are expensed as incurred, net of qualifying DOE reimbursements. Beginning in October 2024, we record our investment in NuScale as an equity method investment, but prior to that time we consolidated their research and development costs into our segment results. Aside from NuScale, we generally do not engage in significant research and development activities.
Property, Plant and Equipment
Property, Plant and Equipment
Property, plant and equipment is recorded at cost. Leasehold improvements are amortized over the shorter of their economic lives or the lease terms.
Goodwill
Goodwill
Goodwill is not amortized but is subject to at-least-annual impairment tests during the fourth quarter. For impairment testing, goodwill is allocated to the applicable reporting units based on the current reporting structure. We may elect to utilize a qualitative assessment to evaluate whether it is more likely than not that the fair value of each reporting unit is less than its carrying amount. If so, we perform a quantitative test, and if the carrying amount of a reporting unit exceeds its fair value, we recognize an impairment loss. Interim impairment testing of goodwill is performed if indicators of potential impairment exist. Such indicators may include the results of operations of certain businesses and geographies and the performance of our stock price.
Income Taxes
Income Taxes
Deferred tax assets and liabilities are recognized for the expected future tax consequences of events that have been recognized in our financial statements or tax filings. We evaluate the realizability of our deferred tax assets and record a valuation allowance to reduce deferred tax assets to amounts that are more likely than not to be realized. The factors used to assess the likelihood of realization are our forecast of future taxable income and available tax planning strategies that could be implemented to realize such assets. Failure to achieve forecasted taxable income could affect the ultimate realization of deferred tax assets and could adversely impact our future effective tax rate.

Income tax positions are recognized when they meet a more-likely-than-not recognition threshold. Previously recognized tax positions that no longer meet the more-likely-than-not threshold are derecognized upon such determination. We recognize potential interest and penalties related to unrecognized tax positions as a component of income tax expense.
Judgment is required in determining the provision for income taxes as we consider our worldwide taxable earnings and the impact of the continuing audit process conducted by relevant tax authorities. The final outcome of any audits could differ materially from amounts recognized by us. We account for the GILTI effects in the period that is subject to such tax.
Embedded Derivatives
Embedded Derivatives
We attempt to limit foreign currency exposure in most of our contracts by denominating contract revenue in the currencies in which cost is incurred. In certain limited circumstances, foreign currency payment provisions could be deemed embedded derivatives. If an embedded foreign currency derivative is identified, the derivative is bifurcated from the host contract and the change in fair value is recognized through earnings.
Concentrations of Credit Risk
Concentrations of Credit Risk
Accounts receivable and all contract work in progress are from clients in various industries and locations throughout the world. Most contracts require payments as the projects progress or, in certain cases, advance payments. We generally do not require collateral, but in most cases can place liens against the project assets or terminate the contract, if a material default occurs. We evaluate the counterparty credit risk as part of our bidding process, our project risk review process and in determining the appropriate level of reserves during project execution. We maintain reserves for potential credit losses and generally such losses have been minimal and within management's estimates.
We have cash and marketable securities on deposit with major banks throughout the world. Such deposits are placed with high quality institutions and the amounts invested in any single institution are limited to the extent possible in order to minimize concentration of counterparty credit risk.
Our counterparties for derivatives are large financial institutions selected based on profitability, strength of balance sheet, credit ratings and capacity for timely payment of financial commitments. There are no significant concentrations of credit risk with any individual counterparty related to our derivative contracts.
We monitor the credit quality of our counterparties and establish reserves for any significant credit risk losses.
Stock-Based Compensation
Stock-Based Compensation
Generally, our annual grant of stock-based awards to employees are made on a broad basis in the first quarter and to our Board of Directors in the second quarter. Our stock plans provide for grants of performance-based award units, RSUs and nonqualified or incentive stock options. Grants of performance-based units awarded to Section 16 officers, RSUs and stock options can only be settled in company stock and are accounted for as equity awards.
All expense under stock-based awards is recognized based on the fair values of the awards. The grant date fair value of performance-based award units is determined by adjusting the closing price of our common stock on the date of grant for the effect of market conditions. The fair value of grants of RSUs is determined using the closing price of our common stock on the date of grant. Stock option awards have exercise prices equal to the grant date market price of our stock. Stock-based compensation expense is generally recognized over the required service period, or over a shorter period when the grantee is or becomes retirement eligible.
We also grant SGI awards and performance-based awards to non-Section 16 executives which are settled in cash. These awards are classified as liabilities and remeasured at fair value through expense at the end of each reporting period until the awards are settled.
Leases
Leases
We recognize right-of-use assets and lease liabilities for leases with terms greater than 12 months or leases that contain a purchase option that is reasonably certain to be exercised. Leases are classified as either finance or operating leases. This classification dictates whether lease expense is recognized based on an effective interest method or on a straight-line basis over the term of the lease.

Our right-of use assets and lease liabilities primarily relate to office facilities, equipment used in connection with long-term construction contracts and other personal property. Certain of our facility and equipment leases include one or more options to renew, with renewal terms that can extend the lease term up to 10 years. The exercise of lease renewal options is at our discretion. Renewal periods are included in the expected lease term if we are reasonably certain we will exercise them. Certain leases also include options to purchase the leased property. None of our lease agreements contain material residual value guarantees or material restrictions or covenants.

Long-term leases (leases with terms greater than 12 months) are recorded as liabilities at the present value of the minimum lease payments not yet paid. We use our incremental borrowing rate to determine the present value of the lease when the rate implicit in the lease is not readily determinable. Certain lease contracts contain nonlease components such as maintenance, utilities, fuel and operator services. We recognize both the lease component and nonlease components as a single lease component for all right-of-use assets.
Short-term leases (leases with an initial term of 12 months or less or leases that are cancelable by the lessee and lessor without significant penalties) are not capitalized but are expensed on a straight-line basis over the lease term. The majority of our short-term leases relate to equipment used on construction projects. We enter into these leases at periodic rental rates for an unspecified duration and typically have a termination-for-convenience provision.
Recent Accounting Pronouncements
During 2023, the FASB issued ASU 2023-05, which requires certain joint ventures to apply a new basis of accounting upon formation by recognizing and initially measuring most of their assets and liabilities at fair value. The guidance does not apply to joint ventures that may be proportionately consolidated and those that are collaborative arrangements. ASU 2023-05 is effective for joint ventures formed on or after January 1, 2025. We do not expect this ASU will have a material impact on our financial statements.
During 2023, the FASB issued ASU 2023-09, which requires us to disclose income taxes paid, net of refunds, disaggregated by federal, state and foreign taxes and to provide more details in our rate reconciliation about items that meet a quantitative threshold. ASU 2023-09 is effective for annual reporting beginning in 2025. We are currently evaluating the impact this ASU will have on our financial statements, but do not expect it to have any impact to our consolidated results.
During 2024, the FASB issued ASU 2024-03 on the disaggregation of income statement expenses or "DISE." This ASU requires additional footnote disclosure of the details of certain income statement expense line items, without changing amounts reported on the consolidated income statement. ASU 2024-03 is first effective for our annual reporting for 2027 and for our quarterly reporting beginning in 2028. We do not expect this ASU to have any impact on our consolidated results.
In October 2024, the FASB issued a proposed ASU to make targeted improvements to the guidance on internal use software to address specific issues raised by stakeholders. The proposed ASU will require entities to use judgment in evaluating when to recognize software costs. A final ASU is expected to be issued in 2025.
v3.25.0.1
Significant Accounting Policies (Tables)
 12 Months Ended
Dec. 31, 2024
Accounting Policies [Abstract]  
Schedule of Property, Plant and Equipment and Ranges of Estimated Useful Service Lives Depreciation is calculated using the straight-line method over the following ranges of estimated useful service lives, in years:
Estimated Useful Service Lives
Buildings
20 – 40
Building and leasehold improvements
6 – 20
Machinery and equipment
2 – 10
Furniture and fixtures
2 – 10
v3.25.0.1
Earnings Per Share (Tables)
 12 Months Ended
Dec. 31, 2024
Earnings Per Share [Abstract]  
Schedule of Calculations of Basic and Diluted EPS
Year Ended December 31,
(in millions, except per share amounts)202420232022
Net earnings attributable to Fluor
$2,145 $139 $145 
Less: Dividends on CPS— 29 39 
Less: Make-whole payment on conversion of CPS
— 27 — 
Net earnings available to Fluor common stockholders
$2,145 $83 $106 
Weighted average common shares outstanding172 150 142 
Dilutive effect:
CPS— — — 
Performance-based award units, RSUs and stock options
2 3 3 
Convertible debt (1)
— — — 
Weighted average diluted shares outstanding174 153 145 
Basic EPS available to Fluor common stockholders
$12.48 $0.55 $0.75 
Diluted EPS available to Fluor common stockholders
$12.30 $0.54 $0.73 
Anti-dilutive securities not included in shares outstanding:
 CPS
— 20 27 
Performance-based award units, RSUs and stock options
1 2 3 
Stock delivered under capped call options (2)
— — — 
(1) Holders of our 2029 Notes may convert their notes at a conversion price of $45.37 per share when the stock price exceeds $58.98 for 20 of the last 30 days preceding quarter end. Upon conversion, we will repay the principal amount of the notes in cash and may elect to convey the conversion premium in cash, shares of our common stock or a combination of both. The conversion feature of our 2029 Notes has a dilutive impact on EPS when the average market price of our common stock exceeds the conversion price of $45.37 per share for the quarter. During 2024, the weighted average price of our common stock exceeded $45.37 resulting in the addition of 575,000 shares to diluted shares outstanding. During 2023, the weighted average price of our common stock was below the minimum conversion price.
(2) Diluted shares outstanding does not include the impact of the capped call options we entered into concurrently with the issuance of the 2029 Notes, as the effect is always anti-dilutive. If shares are delivered to us under the capped calls, those shares will offset the dilutive effect of the shares that we would issue upon conversion of the 2029 Notes.
v3.25.0.1
Operating Information by Segment and Geographic Area (Tables)
 12 Months Ended
Dec. 31, 2024
Segment Reporting [Abstract]  
Schedule of Operating Information by Segment
Year Ended December 31,
(in millions)202420232022
Revenue
Urban Solutions$7,239 $5,262 $4,373 
Energy Solutions5,976 6,307 5,872 
Mission Solutions2,594 2,655 2,289 
Other506 1,250 1,210 
Total revenue$16,315 $15,474 $13,744 
Cost of revenue
Urban Solutions$(6,931)$(4,978)$(4,407)
Energy Solutions(5,715)(5,942)(5,573)
Mission Solutions(2,427)(2,525)(2,141)
Other(668)(1,552)(1,268)
Total cost of revenue
$(15,741)$(14,997)$(13,389)
Segment profit (loss)
Urban Solutions$304 $268 $17 
Energy Solutions256 381 301 
Mission Solutions153 116 136 
Other(78)(228)(27)
Total segment profit$635 $537 $427 
G&A(203)(232)(237)
Impairment— — 24 
Gain (loss) on pension settlement— — 42 
Foreign currency gain (loss)92 (98)25 
Interest income (expense), net150 168 35 
Earnings (loss) attributable to NCI(61)(60)(72)
Earnings before taxes$613 $315 $244 
Depreciation (all but Corporate included in segment profit)
Urban Solutions$27 $10 $9 
Energy Solutions24 — — 
Mission Solutions5 3 3 
Other8 19 18 
Corporate9 42 43 
Total depreciation$73 $74 $73 
Capital expenditures
Urban Solutions$21 $20 $14 
Energy Solutions— — — 
Mission Solutions3 4 4 
Other6 15 21 
Corporate134 67 36 
Total capital expenditures$164 $106 $75 
(in millions)December 31, 2024December 31, 2023
Total assets
Urban Solutions$1,472 $1,211 
Energy Solutions729 1,053 
Mission Solutions734 577 
Other2,338 509 
Corporate3,870 3,623 
Total assets$9,143 $6,973 
Goodwill
Urban Solutions$129 $129 
Energy Solutions13 13 
Mission Solutions58 58 
Other— 6 
Total goodwill$199 $206 
Other. Other includes the operations of NuScale prior to deconsolidation and the operations of the remaining Stork and AMECO business prior to their sale. Segment profit (loss) follows:
YEAR ENDED DECEMBER 31,
(in millions)202420232022
NuScale
$(100)$(106)$(73)
Stork23 (55)45 
AMECO(1)(67)1 
Segment profit (loss)(78)$(228)$(27)
Schedule of Operating Information by Geographic Area
Operating Information by Geographic Area
Revenue by project location
Year Ended December 31,		Total Assets
As of December 31,
(in millions)20242023202220242023
North America$11,089 $10,514 $8,819 $7,459 $5,034 
Asia Pacific (includes Australia)1,837 1,744 1,138 710 686 
Europe2,689 2,268 2,240 568 724 
Central and South America484 741 1,338 133 175 
Middle East and Africa216 207 209 273 354 
Total$16,315 $15,474 $13,744 $9,143 $6,973 
v3.25.0.1
Income Taxes (Tables)
 12 Months Ended
Dec. 31, 2024
Income Tax Disclosure [Abstract]  
Schedule of Components of Income Tax Expense (Benefit) Recognized in Continuing Operations (Details)
The components of income tax expense (benefit) recognized in continuing operations are as follows:
 Year Ended December 31,
(in millions)202420232022
Current:
Federal
$(10)$(3)$1 
Foreign214 240 148 
State and local13 12 5 
Total current217 249 154 
Deferred:
Federal326 — — 
Foreign19 (13)17 
State and local72 — — 
Total deferred417 (13)17 
Total income tax expense$634 $236 $171 
Schedule of Reconciliation of U.S. Statutory Federal Income Tax Expense (Benefit) to Income Tax Expense (Benefit)
A reconciliation of U.S. statutory federal tax expense to total income tax expense follows:
 Year Ended December 31,
(in millions)202420232022
U.S. statutory federal tax expense (includes equity method earnings)
$571 $66 $51 
Increase (decrease) in taxes resulting from:
State and local income taxes66 6 — 
Goodwill Impairment— — 10 
Sale of foreign subsidiaries
— (10)— 
NCI13 13 15 
Foreign tax differential, net53 48 (106)
Valuation allowance, net(97)122 194 
Other, net28 (9)7 
Total income tax expense$634 $236 $171 
Schedule of Tax Effects of Significant Temporary Differences Giving Rise to Deferred Tax Assets and Liabilities The tax effects of significant temporary differences giving rise to deferred tax assets and liabilities are as follows:
 December 31,
(in millions)20242023
Deferred tax assets:
Accrued liabilities not currently deductible:
Employee compensation and benefits$98 $105 
Project and non-project reserves50 20 
Revenue recognition
44 51 
Net operating loss carryforward362 399 
Tax basis of investment in excess of book basis, net135 156 
U.S. foreign tax credit carryforward663 611 
AOCI29 42 
Other92 64 
Total deferred tax assets1,473 1,448 
Valuation allowance(1,241)(1,340)
Deferred tax assets, net$232 $108 
Deferred tax liabilities:
Book basis of property and equipment in excess of tax basis(52)(19)
Book basis of investments in excess of tax basis(546)(33)
Dividend withholding on unremitted foreign earnings
(59)(60)
Other(13)(15)
Total deferred tax liabilities(670)(127)
Deferred tax liabilities, net of deferred tax assets
$(438)$(19)
Summary of Tax Credit Carryforwards
As of December 31, 2024, tax credit carryforwards and tax loss carryforwards are as follows:

(in millions)Federal FTCState NOLsForeign NOLs
Expiration periods:
2025-2029
$266 $4 $28 
2030-2034
317 117 65 
2035-2044
79 218 2 
Indefinite— 324 1,207 
Schedule of Unrecognized Tax Benefits
A summary of unrecognized tax benefits follows:
(in millions)20242023
Balance at beginning of year$52 $49 
Change in tax positions of prior years15 3 
Change in tax positions of current year— — 
Reduction in tax positions for statute expirations(1)— 
Reduction in tax positions for audit settlements(33)— 
Balance at end of year$33 $52 
Schedule of U.S. and Foreign Earnings From Continuing Operations Before Taxes
U.S. and foreign earnings (loss) before taxes are as follows:

 Year Ended December 31,
(in millions)202420232022
United States$1,589 $185 $(465)
Foreign1,129 130 709 
Total$2,718 $315 $244 
v3.25.0.1
Supplemental Cash Flow Information (Tables)
 12 Months Ended
Dec. 31, 2024
Supplemental Cash Flow Information [Abstract]  
Summary of Consolidated Statements of Cash Flows
The changes in assets and liabilities included in operating cash flow follow:
Year Ended December 31,
(in millions)202420232022
(Increase) decrease in:
Accounts and notes receivable, net$90 $(87)$22 
Contract assets(227)(72)133 
Other current assets159 (12)192 
Other assets40 (111)159 
Increase (decrease) in:
Accounts payable76 218 (175)
Contract liabilities109 (120)(135)
Accrued liabilities31 79 (155)
Other liabilities69 (9)(87)
Increase (decrease) in cash due to changes in assets and liabilities$347 $(114)$(46)
Cash paid during the year for:
Interest$42 $53 $54 
Income taxes (net of refunds)13 169 99 
Noncash investing and financing activities:
Marketable securities transferred to trustee to discharge the 2024 Notes
$— $262 $— 
Debt assumed by buyer of Stork Latin America
— 19 — 
v3.25.0.1
Contract Assets and Liabilities (Tables)
 12 Months Ended
Dec. 31, 2024
Revenue from Contract with Customer [Abstract]  
Schedule of Contract Assets and Liabilities
The following summarizes information about our contract assets and liabilities:
December 31,
(in millions)20242023
Information about contract assets:
Contract assets
Unbilled receivables - reimbursable contracts$1,050 $854 
Contract work in progress - lump sum contracts88 137 
Contract assets$1,138 $991 
Year Ended December 31,
20242023
Information about contract liabilities:
Revenue recognized that was included in contract liabilities as of January 1$511 $616 
v3.25.0.1
Remaining Unsatisfied Performance Obligations (Tables)
 12 Months Ended
Dec. 31, 2024
Revenue from Contract with Customer [Abstract]  
Schedule of Remaining Performance Obligation
We estimate that our RUPO will be satisfied over the following periods:
(in millions)December 31, 2024
Within 1 year$15,917 
1 to 2 years7,111 
Thereafter3,256 
Total RUPO$26,284 
v3.25.0.1
Debt and Letters of Credit (Tables)
 12 Months Ended
Dec. 31, 2024
Debt Disclosure [Abstract]  
Schedule of Consolidated Debt
Debt consisted of the following:
 December 31,
(in millions)20242023
Borrowings under credit facility$— $— 
Senior Notes
2028 Notes (4.250% Senior Notes)
$543 $600 
Unamortized discount and deferred financing costs(2)(3)
2029 Notes (1.125% Convertible Senior Notes)
575 575 
Unamortized deferred financing costs(12)(14)
Total debt
$1,104 $1,158 
v3.25.0.1
Fair Value Measurements (Tables)
 12 Months Ended
Dec. 31, 2024
Fair Value Disclosures [Abstract]  
Schedule of Assets and Liabilities Measured at Fair Value on a Recurring Basis The following table delineates assets and liabilities that are measured at fair value on a recurring basis:
 December 31, 2024December 31, 2023
 Fair Value HierarchyFair Value Hierarchy
(in millions)TotalLevel 1Level 2Level 3TotalLevel 1Level 2Level 3
Assets:
Investment in NuScale
$2,266 $2,266 $— $— $— $— $— $— 
Trading securities(1)
18 18 — — 12 12 — — 
Derivative assets(2)
Foreign currency — — — — 6 — 6 — 
Commodity — — — — 1 — 1 — 
Liabilities:
SMR warrants(3)
$— $— $— $— $12 $6 $6 $— 
Derivative liabilities(2)
Foreign currency 1 — 1 — 3 — 3 — 
Commodity 1 — 1 — 1 — 1 — 

(1)Consists of registered money market funds and an equity index fund held in deferred compensation trusts. These investments represent the net asset value at the close of business of the period based on the last trade or official close of an active market or exchange.
(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.
(3)The SMR warrant liabilities in 2023 are comprised of public and private placement warrants redeemable by SMR under certain conditions, both measured using the price of the public warrants. The private placement warrants are not publicly traded and are classified as Level 2 measurements while the public warrants are classified as Level 1.
Schedule of Carrying Values and Estimated Fair Values of Financial Instruments not Required to be Measured at Fair Value
The following summarizes information about financial instruments that are not required to be measured at fair value:
December 31, 2024December 31, 2023
(in millions)Fair Value HierarchyCarrying ValueFair ValueCarrying ValueFair Value
Assets:
Cash(1)
Level 1$1,613 $1,613 $1,357 $1,357 
Cash equivalents(2)
Level 21,216 1,216 1,162 1,162 
Marketable securities(2)
Level 2130 130 69 69 
Notes receivable, including noncurrent portion(3)
Level 39 9 9 9 
Liabilities:
2028 Senior Notes(4)
Level 2$541 $517 $597 $573 
2029 Senior Notes(4)
Level 2563 725 561 626 
_______________________________________________________________________________
(1)Cash consists of bank deposits. Carrying amounts approximate fair value.
(2)Cash equivalents and marketable securities primarily consist of time deposits. Carrying amounts approximate fair value because of the short-term maturity of these instruments. Amortized cost is not materially different from the fair value.
(3)Notes receivable are carried at net realizable value which approximates fair value. Factors considered in determining the fair value include the credit worthiness of the borrower, current interest rates, the term of the note and any collateral pledged as security. Notes receivable are periodically assessed for impairment.
(4)The fair value of the Senior Notes was estimated based on quoted market prices and Level 2 inputs.
v3.25.0.1
Stock-Based Compensation (Tables)
 12 Months Ended
Dec. 31, 2024
Share-Based Payment Arrangement [Abstract]  
Summary of Restricted Stock, Restricted Stock Unit and Stock Option Activity During the first quarter of 2024, the following units were granted based upon the establishment of performance targets:
Performance-based Award Units Granted in 2024
Weighted
Average
Grant Date
Fair Value
Per Share
2024 Performance Award Plan
127,332$41.46
2023 Performance Award Plan73,271$42.09
2022 Performance Award Plan113,856$42.09
Disclosure of Compensation Arrangements by Share-based Payment Award
Location in Statement of OperationsDecember 31,
Compensation Expense (in millions)202420232022
SGI awardsG&A$30 $34 $54 
Performance-based awards for non-Section 16 executivesG&A14 21 14 
Liabilities (in millions)Location on Balance SheetDecember 31, 2024December 31, 2023
SGI awardsAccrued salaries, wages and benefits and
Other noncurrent liabilities 		$51 $58 
Performance-based awards for non-Section 16 executives
Accrued salaries, wages and benefits and
Other noncurrent liabilities		30 29 
v3.25.0.1
Description of Business (Details)
$ / shares in Units, $ in Millions
 3 Months Ended 12 Months Ended
Dec. 31, 2024
USD ($)
shares
Sep. 30, 2024
USD ($)
Dec. 31, 2024
segment
Oct. 31, 2024
$ / shares
Organization Consolidation And Presentation Of Financial Statements [Line Items]        
Number of operating segments | segment     3  
Severance costs   $ 7    
NuScale        
Organization Consolidation And Presentation Of Financial Statements [Line Items]        
Recognized pre-tax gain on deconsolidation $ 1,600      
Share price (in dollars per share) | $ / shares       $ 13.15
Number of shares retained after deconsolidation | shares 126,000,000      
Additional recognized pre-tax gain on deconsolidation $ 604      
v3.25.0.1
Significant Accounting Policies - Revenue Recognition (Details)
 12 Months Ended
Dec. 31, 2024
New Accounting Pronouncements or Change in Accounting Principle [Line Items]  
Contract assets, incurred costs, billing and collection, period 1 year
Minimum  
New Accounting Pronouncements or Change in Accounting Principle [Line Items]  
Customer payments on engineering and construction contracts, period until due 30 days
Customer payments on engineering and construction contracts, period until due for service contracts 30 days
Maximum  
New Accounting Pronouncements or Change in Accounting Principle [Line Items]  
Customer payments on engineering and construction contracts, period until due 45 days
Customer payments on engineering and construction contracts, period until due for service contracts 90 days
v3.25.0.1
Significant Accounting Policies - Schedule of Useful Lives (Details)
Dec. 31, 2024
Minimum  
Property plant and equipment  
Operating lease, term of contract 12 months
Minimum | Buildings  
Property plant and equipment  
Useful life 20 years
Minimum | Building and leasehold improvements  
Property plant and equipment  
Useful life 6 years
Minimum | Machinery and equipment  
Property plant and equipment  
Useful life 2 years
Minimum | Furniture and fixtures  
Property plant and equipment  
Useful life 2 years
Maximum  
Property plant and equipment  
Operating lease, term of contract 10 years
Maximum | Buildings  
Property plant and equipment  
Useful life 40 years
Maximum | Building and leasehold improvements  
Property plant and equipment  
Useful life 20 years
Maximum | Machinery and equipment  
Property plant and equipment  
Useful life 10 years
Maximum | Furniture and fixtures  
Property plant and equipment  
Useful life 10 years
v3.25.0.1
Earnings Per Share - Schedule of Calculations of Basic and Diluted EPS (Details)
$ / shares in Units, shares in Thousands, $ in Millions
 1 Months Ended 3 Months Ended 12 Months Ended
Aug. 31, 2023
day
$ / shares
Dec. 31, 2024
day
$ / shares
Dec. 31, 2024
USD ($)
day
$ / shares
shares
Dec. 31, 2023
USD ($)
$ / shares
shares
Dec. 31, 2022
USD ($)
$ / shares
shares
Net earnings attributable to Fluor          
Net earnings attributable to Fluor | $     $ 2,145 $ 139 $ 145
Less: Dividends on CPS | $     0 29 39
Less: Make-whole payment on conversion of CPS | $     0 27 0
Net earnings (loss) available to Fluor common stockholders, basic | $     $ 2,145 $ 83 $ 106
Weighted average common shares outstanding (in shares)     172,000 150,000 142,000
Diluted effect:          
CPS (in shares)     0 0 0
Performance-based award units, RSUs and stock options (in shares)     2,000 3,000 3,000
Convertible debt (in shares)     0 0 0
Weighted average diluted shares outstanding (in shares)     174,000 153,000 145,000
Basic EPS available to Fluor common stockholders (in dollars per share) | $ / shares     $ 12.48 $ 0.55 $ 0.75
Diluted EPS available to Fluor common stockholders (in dollars per share) | $ / shares     $ 12.30 $ 0.54 $ 0.73
Additional shares to diluted shares outstanding during the quarter     575    
2029 Notes (1.125% Convertible Senior Notes) | Convertible Debt          
Diluted effect:          
Conversion price (in dollars per share) | $ / shares $ 45.37 $ 45.37 $ 45.37    
Stock price trigger (in dollar per share) | $ / shares     $ 58.98    
2029 Notes (1.125% Convertible Senior Notes) | Convertible Debt | Debt Conversion Terms One          
Diluted effect:          
Threshold trading days | day 20   20    
Threshold consecutive trading days | day   30      
v3.25.0.1
Earnings Per Share - Antidilutive Securities Excluded from Computation of EPS (Details) - shares
shares in Millions
 12 Months Ended
Dec. 31, 2024
Dec. 31, 2023
Dec. 31, 2022
CPS      
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]      
Anti-dilutive securities not included above (in shares) 0 20 27
Performance-based award units, RSUs and stock options      
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]      
Anti-dilutive securities not included above (in shares) 1 2 3
Stock delivered under capped call options      
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]      
Anti-dilutive securities not included above (in shares) 0 0 0
v3.25.0.1
Operating Information by Segment and Geographic Area - External Revenue and Segment Profit (Loss) (Details) - USD ($)
$ in Millions
 12 Months Ended
Dec. 31, 2024
Dec. 31, 2023
Dec. 31, 2022
Segment reporting information      
Revenue $ 16,315 $ 15,474 $ 13,744
Segment profit (loss) 463 147 209
G&A (203) (232) (237)
Impairment 0 0 24
Gain (loss) on pension settlement $ 0 0 42
Gain (loss) on pension settlement Earnings before taxes    
Foreign currency gain (loss) $ 92 (98) 25
Interest income (expense), net 150 168 35
Earnings (loss) attributable to NCI (61) (60) (72)
Earnings before taxes 2,718 315 244
Depreciation (all but Corporate included in segment profit) 73 74 73
Capital expenditures 164 106 75
Total assets 9,143 6,973  
Goodwill 199 206  
Earnings before taxes 613 315 244
Reportable segments      
Segment reporting information      
Revenue 16,315 15,474 13,744
Total cost of revenue (15,741) (14,997) (13,389)
Segment profit (loss) 635 537 427
Goodwill 199 206  
Urban Solutions | Reportable segments      
Segment reporting information      
Revenue 7,239 5,262 4,373
Total cost of revenue (6,931) (4,978) (4,407)
Segment profit (loss) 304 268 17
Depreciation (all but Corporate included in segment profit) 27 10 9
Capital expenditures 21 20 14
Total assets 1,472 1,211  
Goodwill 129 129  
Energy Solutions | Reportable segments      
Segment reporting information      
Revenue 5,976 6,307 5,872
Total cost of revenue (5,715) (5,942) (5,573)
Segment profit (loss) 256 381 301
Depreciation (all but Corporate included in segment profit) 24 0 0
Capital expenditures 0 0 0
Total assets 729 1,053  
Goodwill 13 13  
Mission Solutions | Reportable segments      
Segment reporting information      
Revenue 2,594 2,655 2,289
Total cost of revenue (2,427) (2,525) (2,141)
Segment profit (loss) 153 116 136
Depreciation (all but Corporate included in segment profit) 5 3 3
Capital expenditures 3 4 4
Total assets 734 577  
Goodwill 58 58  
Other | Reportable segments      
Segment reporting information      
Revenue 506 1,250 1,210
Total cost of revenue (668) (1,552) (1,268)
Segment profit (loss) (78) (228) (27)
Depreciation (all but Corporate included in segment profit) 8 19 18
Capital expenditures 6 15 21
Total assets 2,338 509  
Goodwill 0 6  
Corporate | Reportable segments      
Segment reporting information      
Depreciation (all but Corporate included in segment profit) 9 42 43
Capital expenditures 134 67 $ 36
Total assets $ 3,870 $ 3,623  
v3.25.0.1
Operating Information by Segment and Geographic Area - Narrative (Details) - USD ($)
$ / shares in Units, $ in Millions
 1 Months Ended 3 Months Ended 12 Months Ended
Mar. 31, 2024
Dec. 31, 2023
Mar. 31, 2023
Dec. 31, 2024
Dec. 31, 2024
Dec. 31, 2023
Dec. 31, 2022
Oct. 31, 2024
Segment Reporting Information [Line Items]                
Cash divestiture         $ 131 $ 0 $ 0  
Disposal Group, Not Discontinued Operations | Stork                
Segment Reporting Information [Line Items]                
Loss on sale of investments   $ 93            
Cash transferred   31       31    
Divestiture, negative impact on earnings from foreign currency translation   $ 33            
NuScale cash deconsolidated $ 67              
Gain on sale of investments $ 11              
Disposal Group, Not Discontinued Operations | AMECO                
Segment Reporting Information [Line Items]                
Loss on sale of investments     $ 60          
Divestiture, negative impact on earnings from foreign currency translation     35          
NuScale cash deconsolidated     144          
Cash divestiture     $ 17          
NuScale                
Segment Reporting Information [Line Items]                
Recognized pre-tax gain on deconsolidation       $ 1,600        
Share price (in dollars per share)               $ 13.15
Number of shares retained after deconsolidation       126,000,000        
Additional recognized pre-tax gain on deconsolidation       $ 604        
Urban Solutions | LAX Automated People Mover project                
Segment Reporting Information [Line Items]                
Effect of forecast revision on estimated project cost         $ 59      
Effect of forecast revision on estimated project cost (in dollars per share)         $ 0.34      
Energy Solutions                
Segment Reporting Information [Line Items]                
Effect of forecast revision on estimated project cost         $ 66      
Effect of forecast revision on estimated project cost (in dollars per share)         $ 0.26      
Expense from embedded foreign currency derivatives         $ 47 $ (17)    
Energy Solutions | Single customer | Consolidated revenue | Customer concentration                
Segment Reporting Information [Line Items]                
Concentration risk (as a percentage)           10.00% 14.00%  
Energy Solutions | Upstream Project                
Segment Reporting Information [Line Items]                
Effect of forecast revision on estimated project cost           $ 91    
Effect of forecast revision on estimated project cost (in dollars per share)           $ 0.53    
Government Segment | Consolidated revenue | Customer concentration                
Segment Reporting Information [Line Items]                
Concentration risk (as a percentage)         16.00% 9.00% 16.00%  
Mission Solutions | Weapons Facility Project                
Segment Reporting Information [Line Items]                
Effect of forecast revision on estimated project cost         $ 30      
Effect of forecast revision on estimated project cost (in dollars per share)         $ 0.17      
v3.25.0.1
Operating Information by Segment and Geographic Area - Other Segment Profit (Loss) (Details) - USD ($)
$ in Millions
 12 Months Ended
Dec. 31, 2024
Dec. 31, 2023
Dec. 31, 2022
Segment Reporting Information [Line Items]      
Operating income (Loss) $ 463 $ 147 $ 209
Reportable segments      
Segment Reporting Information [Line Items]      
Operating income (Loss) 635 537 427
Reportable segments | Other      
Segment Reporting Information [Line Items]      
Operating income (Loss) (78) (228) (27)
Reportable segments | Other | NuScale      
Segment Reporting Information [Line Items]      
Operating income (Loss) (100) (106) (73)
Reportable segments | Other | Stork      
Segment Reporting Information [Line Items]      
Operating income (Loss) 23 (55) 45
Reportable segments | Other | AMECO      
Segment Reporting Information [Line Items]      
Operating income (Loss) $ (1) $ (67) $ 1
v3.25.0.1
Operating Information by Segment and Geographic Area - External Revenue and Total Assets by Geographic Area (Details) - USD ($)
$ in Millions
 12 Months Ended
Dec. 31, 2024
Dec. 31, 2023
Dec. 31, 2022
Revenues from External Customers and Long-Lived Assets [Line Items]      
Revenue $ 16,315 $ 15,474 $ 13,744
Total assets 9,143 6,973  
North America      
Revenues from External Customers and Long-Lived Assets [Line Items]      
Revenue 11,089 10,514 8,819
Total assets 7,459 5,034  
Asia Pacific (includes Australia)      
Revenues from External Customers and Long-Lived Assets [Line Items]      
Revenue 1,837 1,744 1,138
Total assets 710 686  
Europe      
Revenues from External Customers and Long-Lived Assets [Line Items]      
Revenue 2,689 2,268 2,240
Total assets 568 724  
Central and South America      
Revenues from External Customers and Long-Lived Assets [Line Items]      
Revenue 484 741 1,338
Total assets 133 175  
Middle East and Africa      
Revenues from External Customers and Long-Lived Assets [Line Items]      
Revenue 216 207 $ 209
Total assets $ 273 $ 354  
v3.25.0.1
Income Taxes - Income Tax Expense (Benefit) (Details) - USD ($)
$ in Millions
 12 Months Ended
Dec. 31, 2024
Dec. 31, 2023
Dec. 31, 2022
Current:      
Federal $ (10) $ (3) $ 1
Foreign 214 240 148
State and local 13 12 5
Total current 217 249 154
Deferred:      
Federal 326 0 0
Foreign 19 (13) 17
State and local 72 0 0
Total deferred 417 (13) 17
Total income tax expense $ 634 $ 236 $ 171
v3.25.0.1
Income Taxes - U.S. Statutory Federal Reconciliation (Details) - USD ($)
$ in Millions
 12 Months Ended
Dec. 31, 2024
Dec. 31, 2023
Dec. 31, 2022
Income Tax Disclosure [Abstract]      
U.S. statutory federal tax expense (includes equity method earnings) $ 571 $ 66 $ 51
Increase (decrease) in taxes resulting from:      
State and local income taxes 66 6 0
Goodwill Impairment 0 0 10
Sale of foreign subsidiaries 0 (10) 0
NCI 13 13 15
Foreign tax differential, net 53 48 (106)
Valuation allowance, net (97) 122 194
Other, net 28 (9) 7
Total income tax expense $ 634 $ 236 $ 171
v3.25.0.1
Income Taxes - Deferred Tax Assets and Liabilities (Details) - USD ($)
$ in Millions
Dec. 31, 2024
Dec. 31, 2023
Accrued liabilities not currently deductible:    
Employee compensation and benefits $ 98 $ 105
Project and non-project reserves 50 20
Revenue recognition 44 51
Net operating loss carryforward 362 399
Tax basis of investment in excess of book basis, net 135 156
U.S. foreign tax credit carryforward 663 611
AOCI 29 42
Other 92 64
Total deferred tax assets 1,473 1,448
Valuation allowance (1,241) (1,340)
Deferred tax assets, net 232 108
Deferred tax liabilities:    
Book basis of property and equipment in excess of tax basis (52) (19)
Book basis of investments in excess of tax basis (546) (33)
Dividend withholding on unremitted foreign earnings (59) (60)
Other (13) (15)
Total deferred tax liabilities (670) (127)
Deferred tax liabilities, net of deferred tax assets $ (438) $ (19)
v3.25.0.1
Income Taxes - Narrative (Details) - USD ($)
$ in Millions
 12 Months Ended
Dec. 31, 2024
Dec. 31, 2023
Income Tax Contingency [Line Items]    
Deferred tax liability not recorded with respect to unremitted earnings that are considered indefinitely reinvested $ 26  
Deferred tax liability 438 $ 19
Unrecognized tax benefits that, if recognized, would have favorably impacted effective tax rates 15 36
Accrued interest and penalties 22 20
Federal    
Income Tax Contingency [Line Items]    
Charge to tax expense to record valuation allowance   92
Netherlands and Belgium    
Income Tax Contingency [Line Items]    
Charge to tax expense to record valuation allowance 153  
Gain from deconsolidation 2,200  
Deferred tax liability 531  
Netherlands and Belgium | Federal    
Income Tax Contingency [Line Items]    
Charge to tax expense to record valuation allowance $ 44 $ 30
v3.25.0.1
Income Taxes - Tax Credit Carryforward (Details)
$ in Millions
Dec. 31, 2024
USD ($)
Federal | 2025-2029  
Tax Credit Carryforward [Line Items]  
Tax credit carryforward, amount $ 266
Federal | 2030-2034  
Tax Credit Carryforward [Line Items]  
Tax credit carryforward, amount 317
Federal | 2035-2044  
Tax Credit Carryforward [Line Items]  
Tax credit carryforward, amount 79
Federal | Indefinite  
Tax Credit Carryforward [Line Items]  
Tax credit carryforward, amount 0
State | 2025-2029  
Tax Credit Carryforward [Line Items]  
Net operating loss carryforwards related to various jurisdictions 4
State | 2030-2034  
Tax Credit Carryforward [Line Items]  
Net operating loss carryforwards related to various jurisdictions 117
State | 2035-2044  
Tax Credit Carryforward [Line Items]  
Net operating loss carryforwards related to various jurisdictions 218
State | Indefinite  
Tax Credit Carryforward [Line Items]  
Net operating loss carryforwards related to various jurisdictions 324
Foreign | 2025-2029  
Tax Credit Carryforward [Line Items]  
Net operating loss carryforwards related to various jurisdictions 28
Foreign | 2030-2034  
Tax Credit Carryforward [Line Items]  
Net operating loss carryforwards related to various jurisdictions 65
Foreign | 2035-2044  
Tax Credit Carryforward [Line Items]  
Net operating loss carryforwards related to various jurisdictions 2
Foreign | Indefinite  
Tax Credit Carryforward [Line Items]  
Net operating loss carryforwards related to various jurisdictions $ 1,207
v3.25.0.1
Income Taxes - Unrecognized Tax Benefits (Details) - USD ($)
$ in Millions
 12 Months Ended
Dec. 31, 2024
Dec. 31, 2023
Unrecognized Tax Benefits    
Balance at beginning of year $ 52 $ 49
Change in tax positions of prior years 15 3
Change in tax positions of current year 0 0
Reduction in tax positions for statute expirations (1) 0
Reduction in tax positions for audit settlements (33) 0
Balance at end of year $ 33 $ 52
v3.25.0.1
Income Taxes - U.S. and Foreign Earnings from Continuing Operations before Taxes (Details) - USD ($)
$ in Millions
 12 Months Ended
Dec. 31, 2024
Dec. 31, 2023
Dec. 31, 2022
Income Tax Disclosure [Abstract]      
United States $ 1,589 $ 185 $ (465)
Foreign $ 1,129 $ 130 $ 709
v3.25.0.1
Supplemental Cash Flow Information (Details) - USD ($)
$ in Millions
 12 Months Ended
Dec. 31, 2024
Dec. 31, 2023
Dec. 31, 2022
(Increase) decrease in:      
Accounts and notes receivable, net $ 90 $ (87) $ 22
Contract assets (227) (72) 133
Other current assets 159 (12) 192
Other assets 40 (111) 159
Increase (decrease) in:      
Accounts payable 76 218 (175)
Contract liabilities 109 (120) (135)
Accrued liabilities 31 79 (155)
Other liabilities 69 (9) (87)
Increase (decrease) in cash due to changes in assets and liabilities 347 (114) (46)
Cash paid during the year for:      
Interest 42 53 54
Income taxes (net of refunds) 13 169 99
Noncash investing and financing activities:      
Marketable securities transferred to trustee to discharge the 2024 Notes 0 262 0
Debt assumed by buyer of Stork Latin America $ 0 $ 19 $ 0
v3.25.0.1
Partnerships and Joint Ventures - Narrative (Details) - USD ($)
$ in Millions
Dec. 31, 2024
Dec. 31, 2023
Variable Interest Entity, Not Primary Beneficiary    
Variable interest entity information    
Net assets $ 2,400 $ 91
Variable Interest Entity, Not Primary Beneficiary | Future funding commitment    
Variable interest entity information    
Future funding commitments 48  
Related Party | Accrued Liabilities    
Variable interest entity information    
Investments loss position in other accrued liabilities 292 307
Related Party | Variable Interest Entity, Not Primary Beneficiary | Accounts and notes receivable, net    
Variable interest entity information    
Accounts and notes receivable,net $ 175 $ 174
v3.25.0.1
Guarantees (Details) - USD ($)
Dec. 31, 2024
Dec. 31, 2023
Guarantor Obligations [Line Items]    
Performance guarantee liabilities $ 0 $ 0
Performance guarantees    
Guarantor Obligations [Line Items]    
Maximum payments required under performance guarantees $ 16,000,000,000  
v3.25.0.1
Contingencies and Commitments (Details)
$ in Millions, $ in Millions
 1 Months Ended
Dec. 13, 2016
AUD ($)
claim
Mar. 31, 2023
referee
Oct. 31, 2022
USD ($)
Dec. 31, 2024
USD ($)
Loss Contingencies [Line Items]        
Loss contingency receivable       $ 116
Pending litigation | Santos Ltd        
Loss Contingencies [Line Items]        
Damages sought $ 1,470      
Loss contingency, trial or alternative dispute resolution, number of referees appointed | referee   3    
Estimate of possible loss $ 236      
Pending litigation | Santos Ltd Claim 1        
Loss Contingencies [Line Items]        
Number of pending matters | claim 1      
Loss contingency, panel referred damages awarded from other party, value $ 700      
Pending litigation | Santos Ltd Claim 2        
Loss Contingencies [Line Items]        
Loss contingency, panel referred damages awarded from other party, value $ 790      
Pending litigation | North Texas Tollway Authority        
Loss Contingencies [Line Items]        
Damages sought     $ 280  
v3.25.0.1
Contract Assets and Liabilities (Details) - USD ($)
$ in Millions
 12 Months Ended
Dec. 31, 2024
Dec. 31, 2023
Contract assets    
Unbilled receivables - reimbursable contracts $ 1,050 $ 854
Contract work in progress - lump sum contracts 88 137
Contract assets 1,138 991
Information about contract liabilities:    
Revenue recognized that was included in contract liabilities as of January 1 511 616
Claim revenue for costs 773 531
Construction contract cost, subcontractor $ 23 $ 24
v3.25.0.1
Remaining Unsatisfied Performance Obligations - Schedule of Remaining Performance Obligation (Details)
$ in Millions
Dec. 31, 2024
USD ($)
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction [Line Items]  
Remaining unsatisfied performance obligation (RUPO) $ 26,284
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Start Date [Axis]: 2025-01-01  
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction [Line Items]  
Expected timing of satisfaction, period 1 year
Remaining unsatisfied performance obligation (RUPO) $ 15,917
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Start Date [Axis]: 2026-01-01  
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction [Line Items]  
Expected timing of satisfaction, period 1 year
Remaining unsatisfied performance obligation (RUPO) $ 7,111
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Start Date [Axis]: 2027-01-01  
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction [Line Items]  
Expected timing of satisfaction, period
Remaining unsatisfied performance obligation (RUPO) $ 3,256
v3.25.0.1
Debt and Letters of Credit - Schedule of Debt (Details) - USD ($)
$ in Millions
Dec. 31, 2024
Dec. 31, 2023
Debt Instrument [Line Items]    
Borrowings under credit facility $ 0 $ 0
Long-term debt 1,104 1,158
Total long-term $ 1,104 1,158
2028 Notes (4.250% Senior Notes)    
Debt Instrument [Line Items]    
Interest rate 4.25%  
Long-term debt $ 543 600
Unamortized discount and deferred financing costs $ (2) (3)
2029 Notes (1.125% Convertible Senior Notes)    
Debt Instrument [Line Items]    
Interest rate 1.125%  
Long-term debt $ 575 575
Unamortized discount and deferred financing costs $ (12) $ (14)
v3.25.0.1
Debt and Letters of Credit - Credit Facility (Details) - 12 months ended Dec. 31, 2024 - Lines of credit
€ in Millions, $ in Millions
USD ($)
EUR (€)
Line of Credit Facility [Line Items]    
Credit facility $ 483  
Committed Credit Line    
Line of Credit Facility [Line Items]    
Letters of credit outstanding 834  
Revolving Loan and Letter of Credit Facility | Committed Credit Line    
Line of Credit Facility [Line Items]    
Maximum borrowing capacity 1,800  
Revolving Loan and Letter of Credit Facility | Committed Credit Line | Subsidiaries    
Line of Credit Facility [Line Items]    
Covenant minimum liquidity 1,200  
Covenant, minimum liquidity after repayments of debt $ 1,000  
Revolving Loan and Letter of Credit Facility | Committed Credit Line | Minimum    
Line of Credit Facility [Line Items]    
Debt-to-capitalization ratio (cannot exceed) 60.00%  
Revolving Loan and Letter of Credit Facility | Committed Credit Line | Maximum | Subsidiaries    
Line of Credit Facility [Line Items]    
Cap on aggregate amount of debt (greater of) $ 750 € 750
Revolving Loan And Letter Of Credit Facility Agreement Maturity In February 2028 | Committed Credit Line    
Line of Credit Facility [Line Items]    
Maximum borrowing capacity $ 2,200  
v3.25.0.1
Debt and Letters of Credit - Uncommitted Lines of Credit (Details) - Lines of credit
$ in Millions
Dec. 31, 2024
USD ($)
Line of Credit Facility [Line Items]  
Credit facility $ 483
Uncommitted Credit Line  
Line of Credit Facility [Line Items]  
Credit facility $ 944
v3.25.0.1
Debt and Letters of Credit - Issuance of 2029 Notes (Details) - 2029 Notes (1.125% Convertible Senior Notes)
 1 Months Ended 3 Months Ended 12 Months Ended
Aug. 31, 2023
USD ($)
day
$ / shares
shares
Dec. 31, 2024
day
$ / shares
Dec. 31, 2024
day
$ / shares
Line of Credit Facility [Line Items]      
Interest rate   1.125% 1.125%
Conversion rate exceed | shares 29.2056    
Convertible Debt      
Line of Credit Facility [Line Items]      
Debt instrument, face amount | $ $ 575,000,000    
Interest rate 1.125%    
Proceeds from convertible debt | $ $ 560,000,000    
Conversion ratio 0.022042    
Conversion price (in dollars per share) | $ / shares $ 45.37 $ 45.37 $ 45.37
Convertible Debt | Debt Conversion Terms One      
Line of Credit Facility [Line Items]      
Threshold trading days 20   20
Threshold consecutive trading days   30  
Convertible Debt | Debt Conversion Terms Two      
Line of Credit Facility [Line Items]      
Threshold trading days 5    
Threshold consecutive trading days 5    
Threshold percentage of stock price trigger (in percent) 98.00%    
Convertible Debt | Common Stock      
Line of Credit Facility [Line Items]      
Conversion rate exceed | shares 22.0420    
Common stock closing price (in dollars per share) | $ / shares $ 58.98    
v3.25.0.1
Debt and Letters of Credit - Capped Call Transactions (Details) - USD ($)
$ / shares in Units, $ in Millions
 1 Months Ended 12 Months Ended
Aug. 31, 2023
Dec. 31, 2023
Dec. 31, 2024
Line of Credit Facility [Line Items]      
Capped call transaction   $ 73  
2029 Notes (1.125% Convertible Senior Notes) | Convertible Debt      
Line of Credit Facility [Line Items]      
Conversion price (in dollars per share) $ 45.37   $ 45.37
2029 Notes (1.125% Convertible Senior Notes) | Convertible Debt | Stock delivered under capped call options      
Line of Credit Facility [Line Items]      
Capped call transaction $ 73    
Cap price (in dollars per share) $ 68.48    
v3.25.0.1
Debt and Letters of Credit - 2028 Notes (Details) - USD ($)
 1 Months Ended 12 Months Ended
Aug. 31, 2018
Dec. 31, 2024
Dec. 31, 2023
Dec. 31, 2022
Line of Credit Facility [Line Items]        
Proceeds from issuance of 2029 Notes, net of issuance costs   $ 0 $ 560,000,000 $ 0
Repayments of debt   $ 57,000,000 $ 249,000,000 $ 41,000,000
2029 Notes (1.125% Convertible Senior Notes)        
Line of Credit Facility [Line Items]        
Debt instrument, face amount $ 600,000,000      
Interest rate 4.25%      
Proceeds from issuance of 2029 Notes, net of issuance costs $ 595,000,000      
2029 Notes (1.125% Convertible Senior Notes) | Prior to June 15, 2028        
Line of Credit Facility [Line Items]        
Redemption price (as a percent)   100.00%    
Senior Notes Due 2018, 2016 and 2014        
Line of Credit Facility [Line Items]        
Redemption price (as a percent)   101.00%    
2028 Notes (4.250% Senior Notes)        
Line of Credit Facility [Line Items]        
Interest rate   4.25%    
Repayments of debt   $ 57,000,000    
v3.25.0.1
Convertible Preferred Stock (Details)
$ / shares in Units, $ in Millions
Sep. 30, 2023
USD ($)
$ / shares
Class of Stock [Line Items]  
Preferred stock, convertible, conversion rate (in shares) 44.9585
Preferred stock, liquidation preference per share (in dollars per share) | $ / shares $ 45.23
Convertible Preferred Stock  
Class of Stock [Line Items]  
Preferred stock, estimated make-whole payment estimate | $ $ 27
v3.25.0.1
Fair Value Measurements - Recurring Basis (Details) - Fair value, recurring basis - USD ($)
$ in Millions
Dec. 31, 2024
Dec. 31, 2023
Fair value of assets and liabilities measured on recurring basis    
Investment in NuScale $ 2,266  
Trading securities 18 $ 12
Foreign currency    
Fair value of assets and liabilities measured on recurring basis    
Derivative assets 0 6
Derivative liabilities 1 3
Commodity    
Fair value of assets and liabilities measured on recurring basis    
Derivative assets 0 1
Derivative liabilities 1 1
SMR Warrants    
Fair value of assets and liabilities measured on recurring basis    
Derivative liabilities 0 12
Level 1    
Fair value of assets and liabilities measured on recurring basis    
Investment in NuScale 2,266  
Trading securities 18 12
Level 1 | SMR Warrants    
Fair value of assets and liabilities measured on recurring basis    
Derivative liabilities 0 6
Level 2 | Foreign currency    
Fair value of assets and liabilities measured on recurring basis    
Derivative assets 0 6
Derivative liabilities 1 3
Level 2 | Commodity    
Fair value of assets and liabilities measured on recurring basis    
Derivative assets 0 1
Derivative liabilities 1 1
Level 2 | SMR Warrants    
Fair value of assets and liabilities measured on recurring basis    
Derivative liabilities $ 0 $ 6
v3.25.0.1
Fair Value Measurements - Financial Instruments Not Required to be Measured at Fair Value (Details) - USD ($)
$ in Millions
Dec. 31, 2024
Dec. 31, 2023
Carrying Value | Level 2    
Fair value of assets and liabilities measured on recurring basis    
Marketable securities, current $ 130 $ 69
Carrying Value | Level 2 | 2028 Notes (4.250% Senior Notes)    
Fair value of assets and liabilities measured on recurring basis    
Debt 541 597
Carrying Value | Level 2 | 2029 Notes (1.125% Convertible Senior Notes)    
Fair value of assets and liabilities measured on recurring basis    
Debt 563 561
Carrying Value | Level 3    
Fair value of assets and liabilities measured on recurring basis    
Notes receivable, including noncurrent portion 9 9
Fair Value | Level 2    
Fair value of assets and liabilities measured on recurring basis    
Marketable securities, current 130 69
Fair Value | Level 2 | 2028 Notes (4.250% Senior Notes)    
Fair value of assets and liabilities measured on recurring basis    
Debt 517 573
Fair Value | Level 2 | 2029 Notes (1.125% Convertible Senior Notes)    
Fair value of assets and liabilities measured on recurring basis    
Debt 725 626
Fair Value | Level 3    
Fair value of assets and liabilities measured on recurring basis    
Notes receivable, including noncurrent portion 9 9
Cash | Carrying Value | Level 1    
Fair value of assets and liabilities measured on recurring basis    
Cash and cash equivalents 1,613 1,357
Cash | Fair Value | Level 1    
Fair value of assets and liabilities measured on recurring basis    
Cash and cash equivalents 1,613 1,357
Cash equivalents | Carrying Value | Level 2    
Fair value of assets and liabilities measured on recurring basis    
Cash and cash equivalents 1,216 1,162
Cash equivalents | Fair Value | Level 2    
Fair value of assets and liabilities measured on recurring basis    
Cash and cash equivalents $ 1,216 $ 1,162
v3.25.0.1
Stock-Based Compensation - Narrative (Details)
$ in Millions
 12 Months Ended
Dec. 31, 2024
USD ($)
period
shares
Dec. 31, 2023
USD ($)
period
shares
Dec. 31, 2022
USD ($)
period
shares
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]      
Recorded compensation cost for stock based payment arrangements, net of tax | $ $ 31 $ 48 $ 19
Performance-based awards      
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]      
Vesting period (in years) 3 years   3 years
Percent of earnings before taxes 80.00% 80.00%  
Number of measurement periods | period 3 3 3
Earnings before taxes measurement periods (in years) 1 year 1 year 1 year
Award vesting measurement, percent of TSR 20.00% 20.00%  
Award vesting measurement, TSR period (in years) 3 years 3 years  
Executives | Performance-based awards      
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]      
Performance-based award units granted in 2024 (in shares) 272,844 274,755 426,957
Employees | Performance-based awards      
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]      
Performance-based award units granted in 2024 (in shares) 218,783    
v3.25.0.1
Stock-Based Compensation - VDI Units Granted (Details) - $ / shares
 12 Months Ended
Dec. 31, 2024
Dec. 31, 2023
Dec. 31, 2022
2024 Performance Award Plan      
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]      
Performance-based award units granted in 2024 (in shares) 127,332    
Weighted average grant date fair value per share (in dollars per share) $ 41.46    
2023 Performance Award Plan      
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]      
Performance-based award units granted in 2024 (in shares)   73,271  
Weighted average grant date fair value per share (in dollars per share)   $ 42.09  
2022 Performance Award Plan      
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]      
Performance-based award units granted in 2024 (in shares)     113,856
Weighted average grant date fair value per share (in dollars per share)     $ 42.09
v3.25.0.1
Stock-Based Compensation - Compensation Expense (Details) - Executives - USD ($)
$ in Millions
 12 Months Ended
Dec. 31, 2024
Dec. 31, 2023
Dec. 31, 2022
SGI awards      
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]      
SGI awards $ 51 $ 58  
SGI awards | Corporate general and administrative expense      
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]      
Share-based liabilities paid 30 34 $ 54
Performance-based awards      
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]      
SGI awards 30 29  
Performance-based awards | Corporate general and administrative expense      
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]      
Share-based liabilities paid $ 14 $ 21 $ 14
v3.25.0.1
Retirement Plans - Defined Contribution Retirement Plans (Details) - USD ($)
$ in Millions
 12 Months Ended
Dec. 31, 2024
Dec. 31, 2023
Dec. 31, 2022
Retirement Benefits [Abstract]      
Expense associated with contributions to defined benefit contribution retirement plans $ 145 $ 143 $ 129
v3.25.0.1
Retirement Plans - Defined Benefit Plans (Details)
$ in Millions
 12 Months Ended
Dec. 31, 2022
USD ($)
Retirement Benefits [Abstract]  
Gain on pension settlement $ 42
v3.25.0.1
Retirement Plans - Multiemployer Pension Plans (Details) - USD ($)
$ in Millions
 12 Months Ended
Dec. 31, 2024
Dec. 31, 2023
Dec. 31, 2022
Retirement Benefits [Abstract]      
Multiemployer pension plan contributions for employees covered under various collective bargaining agreements $ 56 $ 75 $ 51
v3.25.0.1
Other Noncurrent Liabilities (Details) - USD ($)
$ in Millions
Dec. 31, 2024
Dec. 31, 2023
Other Noncurrent Liabilities [Line Items]    
Deferred compensation trusts $ 221 $ 241
Noncurrent liabilities    
Other Noncurrent Liabilities [Line Items]    
Deferred compensation and retirement obligations 251 256
Insurance liabilities $ 68 $ 76