FLUOR CORP, 10-K filed on 2/20/2024
Annual Report
v3.24.0.1
Cover page - USD ($)
$ in Billions
 12 Months Ended
Dec. 31, 2023
Jan. 31, 2024
Jun. 30, 2023
Cover [Abstract]      
Document Type 10-K    
Document Annual Report true    
Document Period End Date Dec. 31, 2023    
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     $ 4.2
Entity Common Stock, Shares Outstanding   170,405,512  
Documents Incorporated by Reference
DOCUMENTS INCORPORATED BY REFERENCE
Portions of the Proxy Statement for the 2024 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 2023    
Document Fiscal Period Focus FY    
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Audit Information
 12 Months Ended
Dec. 31, 2023
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, 2023
Dec. 31, 2022
Dec. 31, 2021
Income Statement [Abstract]      
Revenue $ 15,474 $ 13,744 $ 14,156
Cost of revenue (14,997) (13,389) (13,702)
Gross profit 477 355 454
G&A (232) (237) (226)
Impairment 0 24 (290)
Gain (loss) on pension settlement 0 42 (198)
Foreign currency gain (loss) (98) 25 (13)
Operating profit (loss) 147 209 (273)
Interest expense (60) (59) (90)
Interest income 228 94 17
Earnings (loss) from Cont Ops before taxes 315 244 (346)
Income tax expense (236) (171) (20)
Net earnings (loss) from Cont Ops 79 73 (366)
Less: Net earnings (loss) from Cont Ops attributable to NCI (60) (72) 39
Net earnings (loss) from Cont Ops attributable to Fluor 139 145 (405)
Net earnings (loss) from Disc Ops attributable to Fluor 0 0 (35)
Net earnings (loss) attributable to Fluor 139 145 (440)
Less: Dividends on CPS 29 39 24
Less: Make-whole payment on conversion of CPS 27 0 0
Net earnings (loss) available to Fluor common stockholders, basic 83 106 (464)
Net earnings (loss) available to Fluor common stockholders, diluted $ 83 $ 106 $ (464)
Basic EPS available to Fluor common stockholders      
Net earnings (loss) from Cont Ops (in dollars per share) $ 0.55 $ 0.75 $ (3.04)
Net earnings (loss) from Disc Ops (in dollars per share) 0 0 (0.25)
Diluted EPS available to Fluor common stockholders      
Net earnings (loss) from Cont Ops (in dollars per share) 0.54 0.73 (3.04)
Net earnings (loss) from Disc Ops (in dollars per share) $ 0 $ 0 $ (0.25)
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CONSOLIDATED STATEMENT OF COMPREHENSIVE INCOME (LOSS) - USD ($)
$ in Millions
 12 Months Ended
Dec. 31, 2023
Dec. 31, 2022
Dec. 31, 2021
Statement of Comprehensive Income [Abstract]      
Net earnings (loss) from Cont Ops $ 79 $ 73 $ (366)
Net earnings (loss) from Disc Ops 0 0 (35)
Net earnings (loss) 79 73 (401)
OCI, net of tax:      
Foreign currency translation adjustment 99 (27) (38)
Ownership share of equity method investees' OCI (7) 31 (2)
DB plan adjustments 2 5 101
Unrealized gain (loss) on hedges 0 (7) (9)
Total OCI, net of tax 94 2 52
Comprehensive income (loss) 173 75 (349)
Less: Comprehensive income (loss) attributable to NCI (63) (47) 40
Comprehensive income (loss) attributable to Fluor $ 236 $ 122 $ (389)
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CONSOLIDATED BALANCE SHEET - USD ($)
$ in Millions
Dec. 31, 2023
Dec. 31, 2022
Current assets    
Cash and cash equivalents ($491 and $706 related to VIEs) $ 2,519 $ 2,439
Marketable securities ($0 and $130 related to VIEs) 69 185
Accounts receivable, net ($135 and $196 related to VIEs) 1,137 1,109
Contract assets ($171 and $186 related to VIEs) 991 915
Other current assets ($50 and $30 related to VIEs) 347 396
Total current assets 5,063 5,044
Noncurrent assets    
PP&E, net ($41 and $45 related to VIEs) 458 447
Investments 614 584
Deferred taxes 51 34
Deferred compensation trusts 241 234
Goodwill 206 206
Other assets ($127 and $54 related to VIEs) 340 278
Total noncurrent assets 1,910 1,783
Total assets 6,973 6,827
Current liabilities    
Accounts payable ($285 and $253 related to VIEs) 1,214 1,017
Short-term debt and current portion of long-term debt 0 152
Contract liabilities ($276 and $352 related to VIEs) 639 742
Accrued salaries, wages and benefits ($25 and $24 related to VIEs) 653 626
Other accrued liabilities ($73 and $46 related to VIEs) 657 679
Total current liabilities 3,163 3,216
Long-term debt 1,158 978
Deferred taxes 70 73
Other noncurrent liabilities ($20 and $54 related to VIEs) 530 564
Contingencies and commitments
Shareholders' equity    
Preferred stock — authorized 20,000,000 shares ($0.01 par value); issued and outstanding — 600,000 shares in 2022 0 0
Common stock — authorized 375,000,000 shares ($0.01 par value); issued and outstanding — 170,405,512 and 142,322,247 shares in 2023 and 2022, respectively 2 1
APIC 1,228 1,254
AOCI (269) (365)
Retained earnings 979 896
Total shareholders' equity 1,940 1,786
NCI 112 210
Total equity 2,052 1,996
Total liabilities and equity $ 6,973 $ 6,827
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CONSOLIDATED BALANCE SHEET (Parenthetical) - USD ($)
$ in Millions
Dec. 31, 2023
Dec. 31, 2022
CURRENT ASSETS, VIEs    
Cash and cash equivalents $ 2,519 $ 2,439
Marketable securities, current 69 185
Accounts and notes receivable 1,137 1,109
Contract assets 991 915
Other current assets 347 396
NONCURRENT ASSETS, VIEs    
Net property, plant and equipment 458 447
Other noncurrent assets 340 278
CURRENT LIABILITIES, VIEs    
Trade accounts payable 1,214 1,017
Accrued salaries, wages and benefits 653 626
Other accrued liabilities $ 657 $ 679
Shareholders' equity    
Preferred stock, authorized shares (in shares) 20,000,000 20,000,000
Preferred stock, par value (in dollars per share) $ 0.01 $ 0.01
Preferred stock, issued shares (in shares) 600,000 600,000
Preferred stock, ouststanding shares (in shares) 600,000 600,000
Common stock, authorized shares (in shares) 375,000,000 375,000,000
Common stock, par value (in dollars per share) $ 0.01 $ 0.01
Common stock, issued shares (in shares) 170,405,512 142,322,247
Common stock, outstanding shares (in shares) 170,405,512 142,322,247
Variable Interest Entity, Primary Beneficiary    
CURRENT ASSETS, VIEs    
Cash and cash equivalents $ 491 $ 706
Marketable securities, current 0 130
Accounts and notes receivable 135 196
Contract assets 171 186
Other current assets 50 30
NONCURRENT ASSETS, VIEs    
Net property, plant and equipment 41 45
Other noncurrent assets 127 54
CURRENT LIABILITIES, VIEs    
Trade accounts payable 285 253
Contract liabilities 276 352
Accrued salaries, wages and benefits 25 24
Other accrued liabilities 73 46
Other noncurrent liabilities $ 20 $ 54
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CONSOLIDATED STATEMENT OF CASH FLOWS - USD ($)
$ in Millions
 12 Months Ended
Dec. 31, 2023
Dec. 31, 2022
Dec. 31, 2021
OPERATING CASH FLOW      
Net earnings (loss) from Cont Ops $ 79 $ 73 $ (401)
Adjustments to reconcile net earnings (loss) from Cont Ops to operating cash flow:      
Impairment 0 (24) 290
(Gain) loss on pension settlement 0 (42) 198
Depreciation and amortization 74 73 74
(Earnings) loss from equity method investments, net of distributions (9) (15) (8)
(Gain) loss on sales of assets (including Stork and AMECO-South America in 2023 and AMECO-North America in 2022) 150 (35) (2)
Stock-based compensation 48 19 32
Deferred taxes (13) 17 28
Changes in assets and liabilities (114) (46) (197)
Other (3) 11 11
Operating cash flow 212 31 25
INVESTING CASH FLOW      
Purchases of marketable securities (426) (428) (149)
Proceeds from sales and maturities of marketable securities 285 364 45
Capital expenditures (106) (75) (75)
Proceeds from sales of assets (net of cash divested) (5) 95 146
Investments in partnerships and joint ventures (33) (53) (80)
Other 8 19 (9)
Investing cash flow (277) (78) (122)
FINANCING CASH FLOW      
Proceeds from issuance of 2029 Notes, net of issuance costs 560 0 0
Capped call transactions related to 2029 Notes (73) 0 0
Purchases and retirement of debt (249) (41) (525)
Proceeds from NuScale de-SPAC transaction 0 341 0
Proceeds from sale of NuScale interest 0 107 0
Proceeds from issuance of CPS 0 0 582
Dividends paid on CPS (29) (39) (19)
Make-whole payment on conversion of CPS (27) 0 0
Distributions paid to NCI (53) (60) (109)
Capital contributions by NCI 10 21 202
Other (12) (14) (9)
Financing cash flow 127 315 122
Effect of exchange rate changes on cash 18 (38) (15)
Increase in cash and cash equivalents 80 230 10
Cash and cash equivalents at beginning of year 2,439 2,209 2,199
Cash and cash equivalents at end of year $ 2,519 $ 2,439 $ 2,209
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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, 2020     0 141        
Beginning balance at Dec. 31, 2020 $ 1,263 $ 1,030 $ 0 $ 1 $ 196 $ (417) $ 1,250 $ 233
Increase (Decrease) in Shareholders' Equity                
Net earnings (loss) from Cont Ops (401) (440)         (440) 39
OCI 52 51       51   1
Issuance of CPS (in shares)     1          
Issuance of CPS 582 582     582      
Dividends on CPS (19) (19)         (19)  
Capital contributions by NCI, net of distributions 93             93
Other NCI transactions (31) 161     161     (192)
Stock-based plan activity 28 28     28      
Ending balance (in shares) at Dec. 31, 2021     1 141        
Ending balance at Dec. 31, 2021 1,567 1,393 $ 0 $ 1 967 (366) 791 174
Increase (Decrease) in Shareholders' Equity                
Net earnings (loss) from Cont Ops 73 145         145 (72)
OCI 2 1       1   1
Dividends on CPS (39) (39)         (39)  
Capital contributions by NCI, net of distributions (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     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) from Cont Ops 79 139         139 (60)
OCI 94 96       96   (2)
Dividends on CPS (29) (29)         (29)  
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)      
Distributions to NCI, net of contributions (43)             (43)
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
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CONSOLIDATED STATEMENT OF CHANGES IN EQUITY (Parenthetical) - USD ($)
$ in Millions
 12 Months Ended
Dec. 31, 2023
Dec. 31, 2022
Dec. 31, 2021
Statement of Stockholders' Equity [Abstract]      
Dividends on CPS (in dollars per share) $ 48.75 $ 65.00 $ 32.50
OCI $ 94 $ 2 $ 52
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Description of Business
 12 Months Ended
Dec. 31, 2023
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, as well as 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: Energy Solutions, Urban Solutions and Mission Solutions. We also have a smaller Other segment.
Energy Solutions provides EPC services for the production and fuels, chemicals, LNG and power markets. The segment serves the oil, gas and chemical industries with full project life-cycle services, including expansion and modernization projects as well as in sustaining capital work. The segment is also focused on energy transition markets, including asset decarbonization, carbon capture, renewable fuels, waste-to-energy, green chemicals, hydrogen, nuclear power and other low-carbon energy sources.
Urban Solutions provides EPC and project management services to the advanced technologies and manufacturing, life sciences, mining and metals, and infrastructure industries, as well as professional staffing services. In the first quarter of 2023, we decided to retain Stork's North American operations, which largely consists of our operations and maintenance business owned by Fluor prior to our acquisition of Stork. This business, renamed Plant & Facility Services, is included in our Urban Solutions segment for all periods presented.
Mission Solutions provides technical solutions to federal agencies across the U.S. government 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 AMECO, Stork and NuScale, in which we are the majority investor. NuScale has developed SMR technology that is NRC approved.
In 2023, we sold Stork's Latin American business as well as our AMECO South America operations, thereby completing the divestiture of our equipment business.
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NuScale Reverse Recapitalization
 12 Months Ended
Dec. 31, 2023
Deferred Costs, Capitalized, Prepaid, and Other Assets Disclosure [Abstract]  
NuScale Reverse Recapitalization NuScale Reverse Recapitalization
In the second quarter of 2022, NuScale became a public company (NYSE ticker:SMR) through a reverse recapitalization with a public shell company, Spring Valley Acquisition Corporation, resulting in the net receipt of $341 million of cash and the assumption of $48 million of warrant liabilities exercisable for shares of SMR. We continue to consolidate NuScale.
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Significant Accounting Policies
 12 Months Ended
Dec. 31, 2023
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 2022 and 2021 have been reclassified to conform to the 2023 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, 2023 through the filing date of the 2023 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.
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, stock options, RSUs, performance-based award units 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 and 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, 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;
•Limitations associated with workforce distancing;
•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, 2023 will be billed and collected within 1 year. Contract liabilities represent amounts billed to clients in excess of revenue recognized to date.
Segment Reporting
Management evaluates segment performance based on segment profit. 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, pension assets, deferred compensation trust assets and corporate property, plant and equipment.
Segment profit is an earnings measure that we utilize to evaluate and manage our business performance. Segment profit is calculated as revenue less cost of revenue and earnings attributable to NCI.
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
We have a controlling interest in NuScale, a research and development operation associated with the licensing and commercialization of SMR technology. Since May 2014, NuScale has been receiving reimbursement from the DOE for certain qualified expenditures under cost-sharing award agreements that require NuScale to use the DOE funds to cover engineering costs associated with SMR design development and certification. Costs incurred by NuScale are expensed as incurred, net of qualifying DOE reimbursements, and reported in "Cost of revenue". The U.S. Nuclear Regulatory Commission approved NuScale's design certification application in August 2020. 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 and Intangible Assets
Goodwill and intangible assets with indefinite lives are not amortized but are 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. Intangible assets with indefinite lives are impaired if their carrying value exceeds their fair value. Acquired in-process research and development associated with our investment in NuScale is considered indefinite lived until the related technology is available for commercial use.
Interim impairment testing of goodwill and intangible assets 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.
Intangible assets with finite lives are amortized on a straight-line basis over their useful lives.
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.
Derivatives and Hedging
We attempt to limit foreign currency exposure in most of our contracts by denominating contract revenue in the currencies in which cost is incurred. Certain financial exposure, which includes currency and commodity price risk associated with engineering and construction contracts, currency risk associated with monetary assets and liabilities denominated in nonfunctional currencies and risk associated with interest rate volatility, may subject us to earnings volatility. We may utilize derivatives to mitigate such risk. All derivatives are recorded at fair value. The change in the fair value of the derivative is offset against the change in the fair value of the underlying asset or liability through earnings when the derivative does not qualify as a hedge. To a lesser extent, we utilize cash flow hedges. We formally document our hedge relationships at inception and subsequently assess hedge effectiveness qualitatively, unless the hedge relationship is no longer highly effective. For cash flow hedges, the change in fair value is recorded as a component of AOCI and is reclassified into earnings when the hedged item settles. 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. We maintain master netting arrangements with certain counterparties to facilitate the settlement of derivative instruments; however, we report the fair value of derivatives on a gross basis.
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
Our stock plans provide for grants of nonqualified or incentive stock options, RSUs and performance-based award units. All grants of stock options and RSUs as well as performance-based units awarded to Section 16 officers 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. Stock option awards have exercise prices equal to the grant date market price of our stock. The fair value of grants of RSUs is determined using the closing price of our common stock on the date of grant but may be discounted for any significant post-vest holding periods. 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 any post-vest holding period discounts and for the effect of market conditions, when applicable. 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.
v3.24.0.1
Recent Accounting Pronouncements
 12 Months Ended
Dec. 31, 2023
Accounting Policies [Abstract]  
Recent Accounting Pronouncements Recent Accounting Pronouncements
We did not implement any new accounting pronouncements during 2023. However, we are evaluating the impact of the future disclosures that may arise under recent SEC and other promulgators' recently finalized rules and outstanding proposals.
During 2023, the SEC approved listing standards proposed by the New York Stock Exchange that require listed companies to recover or “clawback” incentive-based compensation erroneously received by current and former executive officers in the event of a restatement to previously issued financial information. We amended our clawback policy in 2023. The adoption did not have any impact on our financial statements.
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 with a formation date on or after January 1, 2025. We do not expect this ASU will have a material impact on our financial statements.
During 2023, the FASB issued ASU 2023-07, which requires us to disclose significant segment expenses and other segment items. ASU 2023-07 will be applied retrospectively and is effective for annual reporting beginning in 2024 and for quarterly 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 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.
v3.24.0.1
Earnings Per Share
 12 Months Ended
Dec. 31, 2023
Earnings Per Share [Abstract]  
Earnings Per Share Earnings Per Share
Year Ended December 31,
(in millions, except per share amounts)202320222021
Net earnings (loss) from Cont Ops attributable to Fluor$139 $145 $(405)
Less: Dividends on CPS29 39 24 
Less: Make-whole payment on conversion of CPS
27 — — 
Net earnings (loss) from Cont Ops available to Fluor common stockholders83 106 (429)
Net earnings (loss) from Disc Ops attributable to Fluor— — (35)
Net earnings (loss) available to Fluor common stockholders$83 $106 $(464)
Weighted average common shares outstanding150 142 141 
Dilutive effect:
CPS— — — 
Stock options, RSUs and performance-based award units3 3 — 
Convertible debt (1)
— — — 
Weighted average diluted shares outstanding153 145 141 
Basic EPS available to Fluor common stockholders:
Net earnings (loss) from Cont Ops$0.55 $0.75 $(3.04)
Net earnings (loss) from Disc Ops— — (0.25)
Diluted EPS available to Fluor common stockholders:
Net earnings (loss) from Cont Ops$0.54 $0.73 $(3.04)
Net earnings (loss) from Disc Ops— — (0.25)
Anti-dilutive securities not included in shares outstanding:
 CPS
20 27 17 
Stock options, RSUs and performance-based award units2 3 7 
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 will have a dilutive impact on EPS when the weighted average market price of our common stock exceeds the conversion price of $45.37 per share for the quarter. During 2023, the weighted average price per share of our common stock was less than the minimum conversion price.
(2) Diluted shares outstanding does not include the impact of the capped call options we entered into concurrently with the issuance of the 2029 Notes, as the effect is always anti-dilutive. If shares are delivered to us under the capped calls, those shares will offset the dilutive effect of the shares that we would issue upon conversion of the 2029 Notes.
v3.24.0.1
Operating Information by Segment and Geographic Area
 12 Months Ended
Dec. 31, 2023
Segment Reporting [Abstract]  
Operating Information by Segment and Geographic Area Operating Information by Segment and Geographic Area
Year Ended December 31,
(in millions)202320222021
Revenue
Energy Solutions$6,307 $5,872 $4,956 
Urban Solutions5,262 4,373 4,832 
Mission Solutions2,655 2,289 3,063 
Other1,250 1,210 1,305 
Total revenue$15,474 $13,744 $14,156 
Intercompany revenue for our professional staffing business, excluded from revenue above$299 $249 $269 
Segment profit (loss)
Energy Solutions$381 $301 $250 
Urban Solutions268 17 41 
Mission Solutions116 136 155 
Other(228)(27)(31)
Total segment profit$537 $427 $415 
G&A(232)(237)(226)
Impairment— 24 (290)
Gain (loss) on pension settlement— 42 (198)
Foreign currency gain (loss)(98)25 (13)
Interest income (expense), net168 35 (73)
Earnings (loss) from Cont Ops attributable to NCI(60)(72)39 
Earnings (loss) from Cont Ops before taxes$315 $244 $(346)
Depreciation (all but Corporate included in segment profit)
Energy Solutions$— $— $— 
Urban Solutions10 9 9 
Mission Solutions3 3 4 
Other19 18 7 
Corporate42 43 53 
Total depreciation$74 $73 $73 
Capital expenditures
Energy Solutions$— $— $— 
Urban Solutions20 14 25 
Mission Solutions4 4 3 
Other15 21 19 
Corporate67 36 19 
Total capital expenditures$106 $75 $66 
December 31, 2023December 31, 2022
Total assets
Energy Solutions$1,053 $967 
Urban Solutions1,211 1,170 
Mission Solutions577 485 
Other509 583 
Corporate3,623 3,622 
Total assets$6,973 $6,827 
Goodwill
Energy Solutions$13 $13 
Urban Solutions129 129 
Mission Solutions58 58 
Other6 6 
Total goodwill$206 $206 
Energy Solutions. The revenue of 2 Energy Solutions customers each amounted to 10% of our consolidated revenue during 2023. The revenue of a single Energy Solutions customer amounted to 14% and 13% of our consolidated revenue during 2022 and 2021, respectively.
Segment profit in 2023 benefited from the initial recognition of inflation-adjusted variable consideration on certain downstream projects and increased execution activities on those same projects as well as construction activities on a large LNG project and the effects of favorable foreign currency remeasurement, partially offset by charges totaling $91 million (or $0.53 per share) for cost growth and schedule extension on a large upstream legacy project. Segment profit in 2021 included the collection of previously reserved accounts receivable and losses on embedded foreign currency derivatives.
Urban Solutions. Segment profit in 2023 includes the settlement of a claim on an international bridge project compared to the recognition of cost growth on the same project of $54 million (or $0.23 per share) in 2022 and $138 million (or $0.72 per share) in 2021. In 2023, we also recognized a discretionary incentive fee award on a completed mining project as well as a benefit from the favorable outcome of arbitration on a separate mining project. Segment profit in 2023 also includes a favorable determination on a claim on a legacy infrastructure project. Earlier in 2023, we recognized a $59 million (or $0.34 per share) charge on this project for rework associated with subcontractor design errors and related schedule impacts, and we recognized a similar charge of $35 million (or $0.20 per share) in 2022. Segment profit in 2022 included an $86 million (or $0.50 per share) charge for additional rework and schedule delays on a highway project. Segment profit in 2021 also included forecast revisions for schedule delays and productivity on a light rail project and a favorable resolution of a long-standing customer dispute on a road project.
Mission Solutions. Revenue from work performed for various agencies of the U.S. government amounted to 9%, 16% and 21% of our consolidated revenue during 2023, 2022 and 2021, respectively.
Segment profit in 2023 included a $30 million (or $0.17 per share) charge recognized in the first half of 2023 for cost growth associated with additional schedule delays on a weapons facility project. We are conducting our due diligence to recover cost growth that has resulted from directed and constructive changes from the client on the project.
Other. Segment profit (loss) for NuScale, Stork and AMECO follows:
YEAR ENDED DECEMBER 31,
(in millions)202320222021
NuScale(1)
$(106)$(73)$(69)
Stork(55)45 32 
AMECO(67)1 6 
Segment profit (loss)(228)$(27)$(31)
(1) As of December 31, 2023, we had an approximate 55% ownership in NuScale.
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.
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.
In April 2022, we sold approximately 5% of the ownership of NuScale to Japan NuScale Innovation, LLC for $107 million. The sale did not trigger any recognition of gain or loss because we consolidate NuScale before and after the sale. NuScale received capital contributions from outside investors of $193 million and $9 million during 2022 and 2021, respectively.
Operating Information by Geographic Area
Revenue by project location
Year Ended December 31,		Total Assets
As of December 31,
(in millions)20232022202120232022
North America$10,514 $8,819 $8,532 $5,034 $4,406 
Asia Pacific (includes Australia)1,744 1,138 1,331 686 642 
Europe2,268 2,240 2,223 724 959 
Central and South America741 1,338 1,723 175 438 
Middle East and Africa207 209 347 354 382 
Total$15,474 $13,744 $14,156 $6,973 $6,827 
v3.24.0.1
Impairment
 12 Months Ended
Dec. 31, 2023
Restructuring and Related Activities [Abstract]  
Impairment Impairment
Impairment expense is summarized as follows:
Year Ended December 31,
(in millions)20222021
Impairment:
Goodwill associated with Stork and AMECO
$40 $13 
Energy Solutions' equity method investments— 28 
IT assets
— 16 
Fair value adjustment of Stork and AMECO assets (63)233 
Total impairment$(24)$290 
As part of our assessment of goodwill in 2022, the fair value of the Other reporting unit was determined using a combination of observable level 2 inputs, including indicative offers and ongoing negotiations for the related assets.
During 2021, we evaluated our significant investments and determined that certain of our investments were impaired. The fair value of these investments was determined using unobservable Level 3 inputs based on the forecast of anticipated volumes and overhead absorption in a cyclical business.
We did not recognize any material impairment expense in 2023. During 2022, we reversed $63 million in impairment originally recognized in 2021 when our Stork and AMECO businesses were classified as held for sale, due primarily to remeasurement under held and used impairment criteria, for which CTA balances are excluded from carrying value. In 2021, the fair value of the Stork and AMECO assets were determined using a combination of observable level 2 inputs, including indicative offers and ongoing negotiations for the related assets.
v3.24.0.1
Income Taxes
 12 Months Ended
Dec. 31, 2023
Income Tax Disclosure [Abstract]  
Income Taxes Income Taxes
The income tax expense (benefit) components recognized in Cont Ops follow:
 Year Ended December 31,
(in millions)202320222021
Current:
Federal
$(3)$1 $1 
Foreign240 148 47 
State and local12 5 (5)
Total current249 154 43 
Deferred:
Federal— — — 
Foreign(13)17 (23)
State and local— — — 
Total deferred(13)17 (23)
Total income tax expense$236 $171 $20 

A reconciliation of U.S. statutory federal income tax expense (benefit) to income tax expense (benefit) from Cont Ops follows:
 Year Ended December 31,
(in millions)202320222021
U.S. statutory federal tax expense (benefit)$66 $51 $(73)
Increase (decrease) in taxes resulting from:
State and local income taxes6 — 12 
Goodwill Impairment— 10 36 
Sale of foreign subsidiaries
(10)— — 
NCI13 15 (7)
Foreign tax differential, net48 (106)(11)
Valuation allowance, net122 194 103 
Stranded tax effects from AOCI— — (52)
Other, net(9)7 12 
Total income tax expense$236 $171 $20 
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)20232022
Deferred tax assets:
Accrued liabilities not currently deductible:
Employee compensation and benefits$105 $107 
Project and non-project reserves20 33 
Net operating loss carryforward399 397 
Tax basis of investment in excess of book basis, net123 66 
U.S. foreign tax credit carryforward611 567 
AOCI42 21 
Other115 57 
Total deferred tax assets1,415 1,248 
Valuation allowance(1,340)(1,211)
Deferred tax assets, net$75 $37 
Deferred tax liabilities:
Book basis of property and equipment in excess of tax basis(19)(10)
Dividend withholding on unremitted non-U.S. earnings(60)(46)
Other(15)(20)
Total deferred tax liabilities(94)(76)
Deferred tax liabilities, net of deferred tax assets
$(19)$(39)

As of December 31, 2023, we are indefinitely reinvested only with respect to unremitted earnings required to meet our working capital and long-term investment needs in the non-US jurisdictions where we operate. Beyond those limits, we expect current earnings to be available for distribution. Deferred tax liabilities of approximately $35 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, 2023, tax credit carryforwards, principally federal, and tax loss carryforwards, principally federal, state, and foreign, were as follows:

(in millions)Federal FTCFederal NOLsState NOLsForeign NOLs
Expiration periods:
2024-2028
$21 $— $9 $25 
2029-2033
532 — 76 56 
2034-2043
58 — 276 5 
Indefinite— — 319 1,355 

We are in a 3-year cumulative loss on a consolidated, jurisdictional basis in the Netherlands, the U.K. and the U.S. 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 expense of $92 million and $50 million to record a valuation allowance against net U.S. deferred tax assets and $30 million and $120 million against certain net foreign deferred tax assets during 2023 and 2022, respectively.
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 non-U.S. income tax examinations for years before 2012.

A summary of unrecognized tax benefits follows:
(in millions)20232022
Balance at beginning of year$49 $48 
Change in tax positions of prior years3 1 
Change in tax positions of current year— — 
Reduction in tax positions for statute expirations— — 
Reduction in tax positions for audit settlements— — 
Balance at end of year$52 $49 

If recognized, the total amount of unrecognized tax benefits as of December 31, 2023 and 2022, would favorably impact the effective tax rates by $36 million and $31 million, respectively. We had $20 million and $15 million of accrued interest and penalties as of December 31, 2023 and 2022, respectively. We believe the amount of unrecognized tax benefits related to our uncertain tax positions may change within the next 12 months.

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

 Year Ended December 31,
(in millions)202320222021
United States$185 $(465)$(394)
Foreign130 709 48 
Total$315 $244 $(346)
v3.24.0.1
Supplemental Cash Flow Information
 12 Months Ended
Dec. 31, 2023
Supplemental Cash Flow Information [Abstract]  
Supplemental Cash Flow Information Supplemental Cash Flow Information
The changes in assets and liabilities included in operating cash flow follow:
Year Ended December 31,
(in millions)202320222021
(Increase) decrease in:
Accounts and notes receivable, net$(87)$22 $5 
Contract assets(72)133 (179)
Other current assets(12)192 (167)
Other assets(111)159 284 
Increase (decrease) in:
Accounts payable218 (175)6 
Contract liabilities(120)(135)(176)
Accrued liabilities79 (155)109 
Other liabilities(9)(87)(79)
Increase (decrease) in cash due to changes in assets and liabilities$(114)$(46)$(197)
Cash paid during the year for:
Interest$53 $54 $90 
Income taxes (net of refunds)169 99 75 
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 — — 
v3.24.0.1
Partnerships and Joint Ventures
 12 Months Ended
Dec. 31, 2023
Equity Method Investments and Joint Ventures [Abstract]  
Partnerships and Joint Ventures Partnerships and Joint Ventures
The following is a summary of aggregate, unaudited balance sheet data for unconsolidated entities where our investment is presented as a one-line equity method investment:
December 31,
(in millions)20232022
Current assets$7,561 $9,702 
Noncurrent assets3,564 3,435 
Current liabilities5,510 7,613 
Noncurrent liabilities2,757 3,036 
The following is a summary of aggregate, unaudited income statement data for unconsolidated entities where the equity method of accounting is used to recognize our share of net earnings or loss of investees:
(in millions)202320222021
Revenue$2,653 $2,460 $1,590 
Cost of revenue1,865 1,749 1,004 
Net earnings152 106 51 
Investments in a loss position of $307 million and $312 million were included in other accrued liabilities as of December 31, 2023 and 2022, respectively, and consisted primarily of provision for anticipated losses on legacy infrastructure projects. Accounts receivable related to work performed for unconsolidated partnerships and joint ventures included in "Accounts and notes receivable, net" were $174 million and $185 million as of December 31, 2023 and 2022, respectively.
During 2022, we sold the majority of our interest in an infrastructure joint venture in Canada and recognized a gain of $11 million. During 2021, we sold our 10% ownership interest in an infrastructure joint venture and recognized a gain of $20 million. These gains were included in Urban Solutions' segment profit.
Variable Interest Entities
The aggregate carrying value of unconsolidated VIEs (classified under both "Investments" and "Other accrued liabilities") was a net asset of $91 million and $46 million as of December 31, 2023 and 2022, 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, 2023 for the unconsolidated VIEs were $57 million.
We are required to consolidate certain VIEs. Assets and liabilities associated with the operations of our consolidated VIEs are presented on 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.
v3.24.0.1
Guarantees
 12 Months Ended
Dec. 31, 2023
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 $15 billion as of December 31, 2023. For cost reimbursable contracts, amounts that may become payable pursuant to guarantee provisions are normally recoverable from the client for work performed. For lump-sum contracts, the performance guarantee amount is the cost to complete the contracted work, less amounts remaining to be billed to the client under the contract. Remaining billable amounts could be greater or less than the cost to complete. In those cases where costs exceed the remaining amounts payable under the contract, we may have recourse to third parties, such as owners, partners, subcontractors or vendors for claims. The performance guarantees obligation was not material as of December 31, 2023 and 2022.
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.
v3.24.0.1
Contingencies and Commitments
 12 Months Ended
Dec. 31, 2023
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.
The following matters remain open as of the issuance of this 10-K.
Fluor Australia Ltd., our wholly-owned subsidiary (“Fluor Australia”), completed a cost reimbursable engineering, procurement and construction management services project for Santos Ltd. (“Santos”) involving a large network of natural gas gathering and processing facilities in Queensland, Australia. On December 13, 2016, Santos filed an action in Queensland Supreme Court (the “Court”) against Fluor Australia, asserting various causes of action and seeking damages and/or a refund of contract proceeds paid of AUD $1.47 billion. Santos has joined Fluor to the matter on the basis of a parent company guarantee issued for the project. In March 2023, a panel of 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. We do not expect a decision until after the Court holds an adoption hearing, which is scheduled for February 2024. At any adoption hearing, Fluor will contend that the Court should not adopt the Panel’s recommendation based on numerous grounds, including the Panel’s failure to apply the project’s liability cap.
Fluor Enterprises Inc., our wholly-owned subsidiary, (“Fluor”) in conjunction with a partner, Balfour Beatty Infrastructure, Inc., (“Balfour”) formed a joint venture known as Prairie Link Constructors JV (“PLC”) and, through it, contracted with the North Texas Tollway Authority (“NTTA”) to provide design and build services in relation to the extension of the NTTA’s President George Bush Turnpike highway (“Project”). PLC completed the Project in 2012. In October 2022, the NTTA served PLC, Fluor and Balfour with a petition, filed at Dallas County Court, demanding damages of an unquantified amount under various claims relating to alleged breaches of contract and or negligence in relation to retaining walls along the Project. In its initial disclosures as part of the litigation, the NTTA stated that its damages are expected to exceed $100 million and that damages will be calculated by experts and provided in the normal course of the litigation. In September 2023, the NTTA provided an expert report that included calculations of damages, consisting of costs to repair sixty-five retaining walls, estimated at $227 million. We have answered the petition and asserted claims for, among other things, indemnity from subcontractors.
The following matters are deemed settled or closed as of December 31, 2023.
Fluor Limited, our wholly-owned subsidiary (“Fluor Limited”), and Fluor Arabia Limited, a partially-owned subsidiary (“Fluor Arabia”), completed cost reimbursable engineering, procurement and construction management services for Sadara Chemical Company (“Sadara”) involving a large petrochemical facility in Jubail, Kingdom of Saudi Arabia. On August 23, 2019, Fluor Limited and Fluor Arabia Limited commenced arbitration proceedings against Sadara after it refused to pay invoices totaling approximately $100 million due under the contracts. As part of the arbitration proceedings, Sadara asserted various counterclaims for damages and/or a refund of contract proceeds paid totaling $574 million against Fluor Limited and Fluor Arabia Limited. In August 2023, the arbitration panel issued an award on the majority of our invoice claims and on a small portion of Sadara's claims. Based on our assessment of the award, we recorded a charge of $14 million in the third quarter of 2023 to reflect the expected net settlement with Sadara for all non-interest claims. Fluor and Sadara requested clarifications
regarding the arbitration award, which the arbitrators ruled on in December 2023 resulting in an immaterial change to the $14 million charge. Upon collection from Sadara, we expect to recognize interest income, presently valued at $3 million to $5 million, on the net settlement value.
Various wholly-owned subsidiaries of Fluor, in conjunction with a partner, TECHINT, (“Fluor/TECHINT”) performed engineering, procurement and construction management services on a cost reimbursable basis for Barrick Gold Corporation involving a gold mine and ore processing facility on a site straddling the border between Argentina and Chile. In 2013 Barrick terminated the Fluor/TECHINT agreements for convenience and not due to the performance of Fluor/TECHINT. On August 12, 2016, Barrick filed a notice of arbitration against Fluor/TECHINT, demanding damages and/or a refund of contract proceeds paid of not less than $250 million under various claims relating to Fluor/TECHINT’s alleged performance. Proceedings were suspended while the parties explored a possible settlement. In August 2019, Barrick drew down $36 million of letters of credit from Fluor/TECHINT ($24 million from Fluor and $12 million from TECHINT). Thereafter, Barrick proceeded to reactivate the arbitration. Barrick and Fluor/TECHINT exchanged detailed statements of claim and counterclaim pursuant to which Barrick's claim against Fluor/TECHINT totaled $364 million net of amounts acknowledged to be due to Fluor/TECHINT. In September 2023, the arbitration panel issued an award generally in favor of Fluor/TECHINT. In October 2023, Fluor/TECHINT and Barrick entered into an agreement to effect the arbitration award and release all claims among the parties. We recognized a gain of $12 million in the third quarter of 2023 associated with the non-interest component and an additional $11 million on the interest component in the fourth quarter of 2023.
v3.24.0.1
Contract Assets and Liabilities
 12 Months Ended
Dec. 31, 2023
Revenue from Contract with Customer [Abstract]  
Contract Assets and Liabilities Contract Assets and Liabilities
The following summarizes information about our contract assets and liabilities:
December 31,
(in millions)20232022
Information about contract assets:
Contract assets
Unbilled receivables - reimbursable contracts$854 $738 
Contract work in progress - lump sum contracts137 177 
Contract assets$991 $915 
Advance billings deducted from contract assets$163 $220 
Year Ended December 31,
20232022
Information about contract liabilities:
Provision for anticipated losses on contracts included in contract liabilities$129 $212 
Revenue recognized that was included in contract liabilities as of January 1616 818 
Remaining Unsatisfied Performance Obligations
We estimate that our RUPO will be satisfied over the following periods:
(in millions)December 31, 2023
Within 1 year$12,832 
1 to 2 years9,417 
Thereafter5,510 
Total RUPO$27,759 
v3.24.0.1
Remaining Unsatisfied Performance Obligations
 12 Months Ended
Dec. 31, 2023
Revenue from Contract with Customer [Abstract]  
Remaining Unsatisfied Performance Obligations Contract Assets and Liabilities
The following summarizes information about our contract assets and liabilities:
December 31,
(in millions)20232022
Information about contract assets:
Contract assets
Unbilled receivables - reimbursable contracts$854 $738 
Contract work in progress - lump sum contracts137 177 
Contract assets$991 $915 
Advance billings deducted from contract assets$163 $220 
Year Ended December 31,
20232022
Information about contract liabilities:
Provision for anticipated losses on contracts included in contract liabilities$129 $212 
Revenue recognized that was included in contract liabilities as of January 1616 818 
Remaining Unsatisfied Performance Obligations
We estimate that our RUPO will be satisfied over the following periods:
(in millions)December 31, 2023
Within 1 year$12,832 
1 to 2 years9,417 
Thereafter5,510 
Total RUPO$27,759 
v3.24.0.1
Debt and Letters of Credit
 12 Months Ended
Dec. 31, 2023
Debt Disclosure [Abstract]  
Debt and Letters of Credit Debt and Letters of Credit
Debt consisted of the following:
 December 31,
(in millions)20232022
Borrowings under credit facility$— $— 
Current:
2023 Notes$— $138 
Other borrowings— 14 
Total current$— $152 
Long-Term:
Senior Notes
2024 Notes$— $381 
Unamortized discount and deferred financing costs— (1)
2028 Notes600 600 
Unamortized discount and deferred financing costs(3)(4)
2029 Notes575 — 
Unamortized deferred financing costs(14)— 
Other long-term borrowings— 2 
Total long-term$1,158 $978 
Credit Facility
As of December 31, 2023, letters of credit totaling $477 million were outstanding under our $1.8 billion credit facility, which matures in February 2026 and was amended in August 2023 to permit the issuance of the 2029 Notes. This credit facility contains customary financial covenants, including a debt-to-capitalization ratio that cannot exceed 0.60 to 1.00, a limitation on the aggregate amount of debt of the greater of $750 million or €750 million for our subsidiaries, and a minimum liquidity threshold of $1.2 billion, defined in the amended credit facility, which may be reduced to $1.0 billion upon the repayment of debt. The credit facility also contains provisions that will require us to provide collateral to secure the facility should we be downgraded to BB by S&P and Ba2 by Moody's, such collateral consisting broadly of our U.S. assets. Borrowings under the facility, which may be denominated in USD, EUR, GBP or CAD, bear interest at a base rate, plus an applicable borrowing margin. As of December 31, 2023, we had not made any borrowings under our credit line and maintained a borrowing capacity of $775 million.
Uncommitted Lines of Credit
As of December 31, 2023, letters of credit totaling $918 million were outstanding under uncommitted lines of credit.
Issuance of 2029 Notes
In August 2023, we issued $575 million of 1.125% Convertible Senior Notes (the “2029 Notes”) due August 15, 2029 and received net proceeds of $560 million. Interest on the 2029 Notes is payable semi-annually on February 15 and August 15, beginning on February 15, 2024. The conversion rate for the 2029 Notes is 22.0420 shares of common stock per $1,000 principal amount of notes, which is equivalent to an initial conversion price of $45.37 per share. Holders may convert their 2029 Notes any time before May 2029 under the following conditions:

•if the last reported price of our common stock for at least 20 trading days (whether or not consecutive) during a period of 30 consecutive trading days ending on, and including, the last trading day of the immediately preceding calendar quarter is greater than or equal to $58.98 on each applicable trading day;
•during the 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.
Notes Discharge & Redemption of 2024 and 2023 Notes
In January 2023, we redeemed the remaining €129 million of outstanding 2023 Notes for $140 million with no earnings impact. In August 2023, we completed a tender offer in which we repurchased $115 million of outstanding 2024 Notes, excluding accrued interest, for consideration of $975.03 per $1,000 principal amount of the notes. The earnings effect of the tender offer was immaterial. In December 2023, we extinguished the remaining outstanding $266 million principal amount of our 2024 Notes through a legal discharge, whereby we irrevocably transferred $262 million in interest-bearing Treasury securities to the trustee of the 2024 Notes. These securities will yield sufficient principal and interest over their remaining term to permit the trustee to satisfy the remaining principal and interest due on the 2024 Notes. Thus, we are no longer the primary obligor under the 2024 Notes.
During 2022, we redeemed $41 million of aggregate outstanding 2023 Notes, with an immaterial earnings impact.
During 2021, we completed a tender offer in which we repurchased $375 million of 2023 Notes and $108 million of 2024 Notes. Additionally, we redeemed $26 million of outstanding 2023 and 2024 Notes in open market transactions during 2021. We used the proceeds from the issuance of CPS to redeem the 2023 and 2024 Notes. We recognized $20 million in losses related to these redemptions which was included in interest expense.
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.
v3.24.0.1
Convertible Preferred Stock
 12 Months Ended
Dec. 31, 2023
Equity [Abstract]  
Convertible Preferred Stock Convertible Preferred Stock
In September 2023, we exercised our mandatory conversion rights on our CPS in which all of the outstanding shares of CPS converted to 44.9585 shares of our common stock, plus a cash payment of $45.23 per CPS for a make-whole premium. The total make-whole premium amounted to $27 million.

Third quarter CPS dividends of $10 million were paid in August 2023. Upon conversion, all dividends on the CPS have ceased, and we have no obligation for any further dividends.
v3.24.0.1
Fair Value Measurements
 12 Months Ended
Dec. 31, 2023
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, 2023December 31, 2022
 Fair Value HierarchyFair Value Hierarchy
(in millions)TotalLevel 1Level 2Level 3TotalLevel 1Level 2Level 3
Assets:
Deferred compensation trusts(1)
$12 $12 $— $— $10 $10 $— $— 
Derivative assets(2)
Foreign currency 6 — 6 — 9 — 9 — 
Commodity 1 — 1 — 4 — 4 — 
Liabilities:
SMR warrants(3)
$12 $6 $6 $— $38 $21 $17 $— 
Derivative liabilities(2)
Foreign currency 3 — 3 — 8 — 8 — 
Commodity 1 — 1 — 1 — 1 — 

(1)Consists of registered money market funds and an equity index fund. These investments, which are trading securities, represent the net asset value at the close of business of the period based on the last trade or official close of an active market or exchange.
(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 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.
We have measured assets and liabilities held for sale and certain other impaired assets at fair value on a nonrecurring basis. The following summarizes information about financial instruments that are not required to be measured at fair value:
December 31, 2023December 31, 2022
(in millions)Fair Value HierarchyCarrying ValueFair ValueCarrying ValueFair Value
Assets:
Cash(1)
Level 1$1,357 $1,357 $1,262 $1,262 
Cash equivalents(2)
Level 21,162 1,162 1,177 1,177 
Marketable securities(2)
Level 269 69 185 185 
Notes receivable, including noncurrent portion(3)
Level 39 9 9 9 
Liabilities:
2023 Senior Notes(4)
Level 2$— $— $138 $138 
2024 Senior Notes(4)
Level 2— — 380 370 
2028 Senior Notes(4)
Level 2597 573 596 545 
2029 Senior Notes(4)
Level 2561 626 — — 
Other borrowings, including noncurrent portion(5)
Level 216 16 
_______________________________________________________________________________
(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.
(5)Other borrowings represent bank loans and other financing arrangements which mature within 1 year. The carrying amount of borrowings under these arrangements approximates fair value because of the short-term maturity.
v3.24.0.1
Property, Plant and Equipment
 12 Months Ended
Dec. 31, 2023
Property, Plant and Equipment [Abstract]  
Property, Plant and Equipment Property, Plant and Equipment
Property, plant and equipment is as follows:
December 31,
(cost in millions)20232022
Land$48 $43 
Buildings272 265 
Building and leasehold improvements131 132 
Machinery and equipment671 882 
Furniture and fixtures143 137 
Assets under development59 29 
1,324 1,488 
Less accumulated depreciation(866)(1,041)
Net property, plant and equipment$458 $447 
v3.24.0.1
Stock-Based Compensation
 12 Months Ended
Dec. 31, 2023
Share-Based Payment Arrangement [Abstract]  
Stock-Based Compensation Stock-Based Compensation
Generally, our annual grant of stock-based awards are made on a broad basis in the first quarter of each year.
Equity Awards
Stock-based compensation expense totaled $48 million, $19 million and $32 million during 2023, 2022 and 2021, respectively. There were no tax benefits recognized related to stock-based compensation during these periods.The following table summarizes RSU and stock option activity:
RSUsStock Options
NumberWeighted
Average
Grant Date
Fair Value
Per Share		NumberWeighted
Average
Exercise Price
Per Share
Outstanding as of December 31, 20202,258,594 $21.765,752,932 $44.40
Granted596,391 18.67481,626 17.96
Forfeited or expired(132,713)18.78(659,216)58.37
Vested/exercised(810,560)30.83(84,416)8.81
Outstanding as of December 31, 20211,911,712 $17.165,490,926 $40.95
Granted415,356 22.36250,656 21.90
Forfeited or expired(2,937)25.55(846,621)61.46
Vested/exercised(957,640)22.01(217,397)15.20
Outstanding as of December 31, 20221,366,491 $15.334,677,564 $37.41
Granted432,654 34.88178,434 35.76
Forfeited or expired(4,897)35.76(525,994)61.06
Vested/exercised(869,753)13.21(198,455)12.64
Outstanding as of December 31, 2023924,495 $26.364,131,549 $35.52
Options exercisable as of December 31, 20233,514,925 $37.56
Remaining unvested options outstanding and expected to vest610,458 $23.93
Our stock-based plans provide that RSUs may not be sold or transferred until service-based restrictions have lapsed. Generally, upon termination of employment, RSUs which have not vested are forfeited. RSUs granted to executives generally vest over 3 years. RSUs granted to directors vest upon grant. The fair value of RSUs that vested during 2023, 2022 and 2021 was $30 million, $23 million and $14 million, respectively. The balance of unamortized RSU expense as of December 31, 2023 was $5 million, which is expected to be recognized over a weighted-average period of 1.2 years.
The exercise price of options represents the closing price of our common stock on the date of grant. The options granted generally vest over 3 years and expire 10 years after the grant date. The aggregate intrinsic value of stock options exercised during 2023, 2022 and 2021 was $4 million, $4 million and $1 million respectively. The balance of unamortized stock option expense as of December 31, 2023 was $1 million, which is expected to be recognized over a weighted-average period of 0.9 years.
The grant date fair value of options and other significant assumptions follow:
202320222021
Weighted average grant date fair value$16.52$11.19$8.94
Expected life of options (in years)4.64.54.5
Risk-free interest rate4.0 %1.9 %0.7 %
Expected volatility50 %62 %62 %
Expected annual dividend per share$0.00$0.00$0.00
The computation of the expected volatility assumption used in the Black-Scholes calculations is based on a 50/50 blend of historical and implied volatility. Information related to options outstanding as of December 31, 2023 follows:
 Options OutstandingOptions Exercisable
Range of Exercise PricesNumber
Outstanding		Weighted
Average
Remaining
Contractual
Life (In Years)		Weighted
Average
Exercise Price
Per Share		Number
Exercisable		Weighted
Average
Remaining
Contractual
Life (In Years)		Weighted
Average
Exercise Price
Per Share
$8.81 - $35.76
2,411,890 6.8$20.05 1,795,266 6.4$18.71 
$46.07 - $62.50
1,531,586 2.654.53 1,531,586 2.654.53 
$70.76 - $79.19
188,073 0.179.19 188,073 0.179.19 
4,131,549 4.9$35.52 3,514,925 4.4$37.56 
As of December 31, 2023, options outstanding and options exercisable had an aggregate intrinsic value of $46 million and $37 million, respectively .
_______________________
Performance-based award units totaling 274,755 were awarded to certain senior executive and all of Section 16 officers during 2023 and performance-based award units totaling 426,957 and 613,868, respectively, were awarded to Section 16 officers during 2022 and 2021. 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 2023 performance plan, 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 and 2021 performance plans 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 these 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 2023, the following units were granted based upon the establishment of performance targets:
Performance-based Award Units Granted in 2023Weighted
Average
Grant Date
Fair Value
Per Share
2023 Performance Award Plan128,213$42.71
2022 Performance Award Plan142,319$35.87
2021 Performance Award Plan204,622$46.84
For awards granted under the 2023, 2022 and 2021 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, 2023, there were 260,398 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.
The balance of unamortized compensation expense associated with performance-based award units as of December 31, 2023 was less than $3 million, which is expected to be recognized over a weighted-average period of 0.9 years.
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)202320222021
SGI awardsG&A$34 $54 $67 
Performance-based awards for non-Section 16 executivesG&A21 14 1 
Liabilities (in millions)Location on Balance SheetDecember 31, 2023December 31, 2022
SGI awardsAccrued salaries, wages and benefits and
Other noncurrent liabilities 		$58 $92 
Performance-based awards for other executivesAccrued salaries, wages and benefits and
Other noncurrent liabilities		29 15 
v3.24.0.1
Retirement Plans
 12 Months Ended
Dec. 31, 2023
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 $143 million in 2023 and $129 million in both 2022 and 2021.
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. The loss on termination of the plan of $198 million in 2021 consisted primarily of unrecognized actuarial losses included in AOCI and did not impact our cash position.
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 $75 million, $51 million and $44 million during 2023, 2022 and 2021, 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. We participate in a multiemployer plan in which we are aware of a significant unfunded benefit obligation. However, we believe we qualify for an exemption and do not believe we have a probable payment to the plan. Therefore, we have not recognized a liability related to this unfunded benefit obligation. 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.
v3.24.0.1
Other Noncurrent Liabilities
 12 Months Ended
Dec. 31, 2023
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, 2023 and 2022, the obligations related to these plans totaled $256 million and $261 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 $241 million and $234 million as of December 31, 2023 and 2022, 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 both December 31, 2023 and 2022, insurance liabilities of $76 million were included in noncurrent liabilities.
v3.24.0.1
Leases
 12 Months Ended
Dec. 31, 2023
Leases, Operating [Abstract]  
Leases Leases
The following summarizes lease expense:
Year Ended December 31,
Lease Expense / (Sublease Income)202320222021
(in millions)
Operating lease cost$76 $75 $76 
Finance lease cost
Amortization of right-of-use assets6 5 5 
Variable lease cost (1)
11 11 10 
Short-term lease cost117 128 136 
Sublease income(2)(2)(2)
Total lease expense (2)
$208 $217 $225 
(1)Primarily relates to rent escalation due to cost of living indexation and payments for property taxes, insurance or common area maintenance based on actual assessments.

(2)Lease expense is included in Cost of revenue and G&A.
Information related to our right-of use assets and lease liabilities follows:
December 31,
Lease Assets / LiabilitiesBalance Sheet Classification20232022
(in millions)
Right-of-use assets
Operating lease assetsOther assets$126 $142 
Finance lease assetsOther assets— 6 
Total right-of-use assets$126 $148 
Lease liabilities
Operating lease liabilities, currentOther accrued liabilities$41 $62 
Operating lease liabilities, noncurrentNoncurrent liabilities100 96 
Finance lease liabilities, currentOther accrued liabilities— 6 
Finance lease liabilities, noncurrentNoncurrent liabilities— 7 
Total lease liabilities$141 $171 
Supplemental information related to our leases follows:
Year Ended December 31,
20232022
(in millions)
Cash paid for amounts included in the measurement of lease liabilities:
Operating cash flows from operating leases$42 $77
Financing cash flows from finance leases1 7
Right-of-use assets obtained in exchange for new operating lease liabilities58 57
Right-of-use assets obtained in exchange for new finance lease liabilities— 1
Weighted-average remaining lease term - operating leases7.0 years4.8 years
Weighted-average remaining lease term - finance leases0.0 years3.9 years
Weighted-average discount rate - operating leases5.4 %3.5 %
Weighted-average discount rate - finance leases— %2.1 %
The remaining lease payments under our operating leases follows:
Year Ended December 31,Operating
 Leases
(in millions)
2024$46 
202517 
20269 
202722 
202813 
Thereafter78 
Total lease payments$185 
Less: Interest(44)
Present value of lease liabilities$141 
None of our lease agreements contain material residual value guarantees or material restrictions or covenants.
Leases Leases
The following summarizes lease expense:
Year Ended December 31,
Lease Expense / (Sublease Income)202320222021
(in millions)
Operating lease cost$76 $75 $76 
Finance lease cost
Amortization of right-of-use assets6 5 5 
Variable lease cost (1)
11 11 10 
Short-term lease cost117 128 136 
Sublease income(2)(2)(2)
Total lease expense (2)
$208 $217 $225 
(1)Primarily relates to rent escalation due to cost of living indexation and payments for property taxes, insurance or common area maintenance based on actual assessments.

(2)Lease expense is included in Cost of revenue and G&A.
Information related to our right-of use assets and lease liabilities follows:
December 31,
Lease Assets / LiabilitiesBalance Sheet Classification20232022
(in millions)
Right-of-use assets
Operating lease assetsOther assets$126 $142 
Finance lease assetsOther assets— 6 
Total right-of-use assets$126 $148 
Lease liabilities
Operating lease liabilities, currentOther accrued liabilities$41 $62 
Operating lease liabilities, noncurrentNoncurrent liabilities100 96 
Finance lease liabilities, currentOther accrued liabilities— 6 
Finance lease liabilities, noncurrentNoncurrent liabilities— 7 
Total lease liabilities$141 $171 
Supplemental information related to our leases follows:
Year Ended December 31,
20232022
(in millions)
Cash paid for amounts included in the measurement of lease liabilities:
Operating cash flows from operating leases$42 $77
Financing cash flows from finance leases1 7
Right-of-use assets obtained in exchange for new operating lease liabilities58 57
Right-of-use assets obtained in exchange for new finance lease liabilities— 1
Weighted-average remaining lease term - operating leases7.0 years4.8 years
Weighted-average remaining lease term - finance leases0.0 years3.9 years
Weighted-average discount rate - operating leases5.4 %3.5 %
Weighted-average discount rate - finance leases— %2.1 %
The remaining lease payments under our operating leases follows:
Year Ended December 31,Operating
 Leases
(in millions)
2024$46 
202517 
20269 
202722 
202813 
Thereafter78 
Total lease payments$185 
Less: Interest(44)
Present value of lease liabilities$141 
None of our lease agreements contain material residual value guarantees or material restrictions or covenants.
v3.24.0.1
Pay vs Performance Disclosure - USD ($)
$ in Millions
 12 Months Ended
Dec. 31, 2023
Dec. 31, 2022
Dec. 31, 2021
Pay vs Performance Disclosure      
Net earnings $ 139 $ 145 $ (440)
v3.24.0.1
Insider Trading Arrangements
 3 Months Ended
Dec. 31, 2023
Trading Arrangements, by Individual  
Rule 10b5-1 Arrangement Adopted false
Non-Rule 10b5-1 Arrangement Adopted false
Rule 10b5-1 Arrangement Terminated false
Non-Rule 10b5-1 Arrangement Terminated false
v3.24.0.1
Significant Accounting Policies (Policies)
 12 Months Ended
Dec. 31, 2023
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 2022 and 2021 have been reclassified to conform to the 2023 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, 2023 through the filing date of the 2023 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.
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
Potentially dilutive securities include convertible debt, stock options, RSUs, performance-based award units 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 and 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, 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;
•Limitations associated with workforce distancing;
•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, 2023 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
Management evaluates segment performance based on segment profit. 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, pension assets, deferred compensation trust assets and corporate property, plant and equipment.
Segment profit is an earnings measure that we utilize to evaluate and manage our business performance. Segment profit is calculated as revenue less cost of revenue and earnings attributable to NCI.
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
We have a controlling interest in NuScale, a research and development operation associated with the licensing and commercialization of SMR technology. Since May 2014, NuScale has been receiving reimbursement from the DOE for certain qualified expenditures under cost-sharing award agreements that require NuScale to use the DOE funds to cover engineering costs associated with SMR design development and certification. Costs incurred by NuScale are expensed as incurred, net of qualifying DOE reimbursements, and reported in "Cost of revenue". The U.S. Nuclear Regulatory Commission approved NuScale's design certification application in August 2020. 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 and Intangible Assets
Goodwill and Intangible Assets
Goodwill and intangible assets with indefinite lives are not amortized but are 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. Intangible assets with indefinite lives are impaired if their carrying value exceeds their fair value. Acquired in-process research and development associated with our investment in NuScale is considered indefinite lived until the related technology is available for commercial use.
Interim impairment testing of goodwill and intangible assets 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.
Intangible assets with finite lives are amortized on a straight-line basis over their useful lives.
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.
Derivatives and Hedging
Derivatives and Hedging
We attempt to limit foreign currency exposure in most of our contracts by denominating contract revenue in the currencies in which cost is incurred. Certain financial exposure, which includes currency and commodity price risk associated with engineering and construction contracts, currency risk associated with monetary assets and liabilities denominated in nonfunctional currencies and risk associated with interest rate volatility, may subject us to earnings volatility. We may utilize derivatives to mitigate such risk. All derivatives are recorded at fair value. The change in the fair value of the derivative is offset against the change in the fair value of the underlying asset or liability through earnings when the derivative does not qualify as a hedge. To a lesser extent, we utilize cash flow hedges. We formally document our hedge relationships at inception and subsequently assess hedge effectiveness qualitatively, unless the hedge relationship is no longer highly effective. For cash flow hedges, the change in fair value is recorded as a component of AOCI and is reclassified into earnings when the hedged item settles. 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. We maintain master netting arrangements with certain counterparties to facilitate the settlement of derivative instruments; however, we report the fair value of derivatives on a gross basis.
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
Our stock plans provide for grants of nonqualified or incentive stock options, RSUs and performance-based award units. All grants of stock options and RSUs as well as performance-based units awarded to Section 16 officers 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. Stock option awards have exercise prices equal to the grant date market price of our stock. The fair value of grants of RSUs is determined using the closing price of our common stock on the date of grant but may be discounted for any significant post-vest holding periods. 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 any post-vest holding period discounts and for the effect of market conditions, when applicable. 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
We did not implement any new accounting pronouncements during 2023. However, we are evaluating the impact of the future disclosures that may arise under recent SEC and other promulgators' recently finalized rules and outstanding proposals.
During 2023, the SEC approved listing standards proposed by the New York Stock Exchange that require listed companies to recover or “clawback” incentive-based compensation erroneously received by current and former executive officers in the event of a restatement to previously issued financial information. We amended our clawback policy in 2023. The adoption did not have any impact on our financial statements.
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 with a formation date on or after January 1, 2025. We do not expect this ASU will have a material impact on our financial statements.
During 2023, the FASB issued ASU 2023-07, which requires us to disclose significant segment expenses and other segment items. ASU 2023-07 will be applied retrospectively and is effective for annual reporting beginning in 2024 and for quarterly 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 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.
v3.24.0.1
Significant Accounting Policies (Tables)
 12 Months Ended
Dec. 31, 2023
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
Property, plant and equipment is as follows:
December 31,
(cost in millions)20232022
Land$48 $43 
Buildings272 265 
Building and leasehold improvements131 132 
Machinery and equipment671 882 
Furniture and fixtures143 137 
Assets under development59 29 
1,324 1,488 
Less accumulated depreciation(866)(1,041)
Net property, plant and equipment$458 $447 
v3.24.0.1
Earnings Per Share (Tables)
 12 Months Ended
Dec. 31, 2023
Earnings Per Share [Abstract]  
Schedule of Calculations of Basic and Diluted EPS
Year Ended December 31,
(in millions, except per share amounts)202320222021
Net earnings (loss) from Cont Ops attributable to Fluor$139 $145 $(405)
Less: Dividends on CPS29 39 24 
Less: Make-whole payment on conversion of CPS
27 — — 
Net earnings (loss) from Cont Ops available to Fluor common stockholders83 106 (429)
Net earnings (loss) from Disc Ops attributable to Fluor— — (35)
Net earnings (loss) available to Fluor common stockholders$83 $106 $(464)
Weighted average common shares outstanding150 142 141 
Dilutive effect:
CPS— — — 
Stock options, RSUs and performance-based award units3 3 — 
Convertible debt (1)
— — — 
Weighted average diluted shares outstanding153 145 141 
Basic EPS available to Fluor common stockholders:
Net earnings (loss) from Cont Ops$0.55 $0.75 $(3.04)
Net earnings (loss) from Disc Ops— — (0.25)
Diluted EPS available to Fluor common stockholders:
Net earnings (loss) from Cont Ops$0.54 $0.73 $(3.04)
Net earnings (loss) from Disc Ops— — (0.25)
Anti-dilutive securities not included in shares outstanding:
 CPS
20 27 17 
Stock options, RSUs and performance-based award units2 3 7 
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 will have a dilutive impact on EPS when the weighted average market price of our common stock exceeds the conversion price of $45.37 per share for the quarter. During 2023, the weighted average price per share of our common stock was less than the minimum conversion price.
(2) Diluted shares outstanding does not include the impact of the capped call options we entered into concurrently with the issuance of the 2029 Notes, as the effect is always anti-dilutive. If shares are delivered to us under the capped calls, those shares will offset the dilutive effect of the shares that we would issue upon conversion of the 2029 Notes.
v3.24.0.1
Operating Information by Segment and Geographic Area (Tables)
 12 Months Ended
Dec. 31, 2023
Segment Reporting [Abstract]  
Schedule of Operating Information by Segment
Year Ended December 31,
(in millions)202320222021
Revenue
Energy Solutions$6,307 $5,872 $4,956 
Urban Solutions5,262 4,373 4,832 
Mission Solutions2,655 2,289 3,063 
Other1,250 1,210 1,305 
Total revenue$15,474 $13,744 $14,156 
Intercompany revenue for our professional staffing business, excluded from revenue above$299 $249 $269 
Segment profit (loss)
Energy Solutions$381 $301 $250 
Urban Solutions268 17 41 
Mission Solutions116 136 155 
Other(228)(27)(31)
Total segment profit$537 $427 $415 
G&A(232)(237)(226)
Impairment— 24 (290)
Gain (loss) on pension settlement— 42 (198)
Foreign currency gain (loss)(98)25 (13)
Interest income (expense), net168 35 (73)
Earnings (loss) from Cont Ops attributable to NCI(60)(72)39 
Earnings (loss) from Cont Ops before taxes$315 $244 $(346)
Depreciation (all but Corporate included in segment profit)
Energy Solutions$— $— $— 
Urban Solutions10 9 9 
Mission Solutions3 3 4 
Other19 18 7 
Corporate42 43 53 
Total depreciation$74 $73 $73 
Capital expenditures
Energy Solutions$— $— $— 
Urban Solutions20 14 25 
Mission Solutions4 4 3 
Other15 21 19 
Corporate67 36 19 
Total capital expenditures$106 $75 $66 
December 31, 2023December 31, 2022
Total assets
Energy Solutions$1,053 $967 
Urban Solutions1,211 1,170 
Mission Solutions577 485 
Other509 583 
Corporate3,623 3,622 
Total assets$6,973 $6,827 
Goodwill
Energy Solutions$13 $13 
Urban Solutions129 129 
Mission Solutions58 58 
Other6 6 
Total goodwill$206 $206 
Other. Segment profit (loss) for NuScale, Stork and AMECO follows:
YEAR ENDED DECEMBER 31,
(in millions)202320222021
NuScale(1)
$(106)$(73)$(69)
Stork(55)45 32 
AMECO(67)1 6 
Segment profit (loss)(228)$(27)$(31)
(1) As of December 31, 2023, we had an approximate 55% ownership in NuScale.
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)20232022202120232022
North America$10,514 $8,819 $8,532 $5,034 $4,406 
Asia Pacific (includes Australia)1,744 1,138 1,331 686 642 
Europe2,268 2,240 2,223 724 959 
Central and South America741 1,338 1,723 175 438 
Middle East and Africa207 209 347 354 382 
Total$15,474 $13,744 $14,156 $6,973 $6,827 
v3.24.0.1
Impairment (Tables)
 12 Months Ended
Dec. 31, 2023
Restructuring and Related Activities [Abstract]  
Schedule of Impairment Expense
Impairment expense is summarized as follows:
Year Ended December 31,
(in millions)20222021
Impairment:
Goodwill associated with Stork and AMECO
$40 $13 
Energy Solutions' equity method investments— 28 
IT assets
— 16 
Fair value adjustment of Stork and AMECO assets (63)233 
Total impairment$(24)$290 
v3.24.0.1
Income Taxes (Tables)
 12 Months Ended
Dec. 31, 2023
Income Tax Disclosure [Abstract]  
Schedule of Income Tax Expense (Benefit) Included in Consolidated Statement of Earnings From Continuing Operations
The income tax expense (benefit) components recognized in Cont Ops follow:
 Year Ended December 31,
(in millions)202320222021
Current:
Federal
$(3)$1 $1 
Foreign240 148 47 
State and local12 5 (5)
Total current249 154 43 
Deferred:
Federal— — — 
Foreign(13)17 (23)
State and local— — — 
Total deferred(13)17 (23)
Total income tax expense$236 $171 $20 
Schedule of Reconciliation of U.S. Statutory Federal Income Tax Expense (Benefit) to Income Tax Expense (Benefit)
A reconciliation of U.S. statutory federal income tax expense (benefit) to income tax expense (benefit) from Cont Ops follows:
 Year Ended December 31,
(in millions)202320222021
U.S. statutory federal tax expense (benefit)$66 $51 $(73)
Increase (decrease) in taxes resulting from:
State and local income taxes6 — 12 
Goodwill Impairment— 10 36 
Sale of foreign subsidiaries
(10)— — 
NCI13 15 (7)
Foreign tax differential, net48 (106)(11)
Valuation allowance, net122 194 103 
Stranded tax effects from AOCI— — (52)
Other, net(9)7 12 
Total income tax expense$236 $171 $20 
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)20232022
Deferred tax assets:
Accrued liabilities not currently deductible:
Employee compensation and benefits$105 $107 
Project and non-project reserves20 33 
Net operating loss carryforward399 397 
Tax basis of investment in excess of book basis, net123 66 
U.S. foreign tax credit carryforward611 567 
AOCI42 21 
Other115 57 
Total deferred tax assets1,415 1,248 
Valuation allowance(1,340)(1,211)
Deferred tax assets, net$75 $37 
Deferred tax liabilities:
Book basis of property and equipment in excess of tax basis(19)(10)
Dividend withholding on unremitted non-U.S. earnings(60)(46)
Other(15)(20)
Total deferred tax liabilities(94)(76)
Deferred tax liabilities, net of deferred tax assets
$(19)$(39)
Summary of Tax Credit Carryforwards
As of December 31, 2023, tax credit carryforwards, principally federal, and tax loss carryforwards, principally federal, state, and foreign, were as follows:

(in millions)Federal FTCFederal NOLsState NOLsForeign NOLs
Expiration periods:
2024-2028
$21 $— $9 $25 
2029-2033
532 — 76 56 
2034-2043
58 — 276 5 
Indefinite— — 319 1,355 
Schedule of Reconciliation of Beginning and Ending Amount of Unrecognized Tax Benefits Including Interest and Penalties
A summary of unrecognized tax benefits follows:
(in millions)20232022
Balance at beginning of year$49 $48 
Change in tax positions of prior years3 1 
Change in tax positions of current year— — 
Reduction in tax positions for statute expirations— — 
Reduction in tax positions for audit settlements— — 
Balance at end of year$52 $49 
Schedule of U.S. and Foreign Earnings From Continuing Operations Before Taxes
U.S. and foreign earnings (loss) from Cont Ops before taxes are as follows:

 Year Ended December 31,
(in millions)202320222021
United States$185 $(465)$(394)
Foreign130 709 48 
Total$315 $244 $(346)
v3.24.0.1
Supplemental Cash Flow Information (Tables)
 12 Months Ended
Dec. 31, 2023
Supplemental Cash Flow Information [Abstract]  
Summary of Consolidated Statements of Cash Flows
The changes in assets and liabilities included in operating cash flow follow:
Year Ended December 31,
(in millions)202320222021
(Increase) decrease in:
Accounts and notes receivable, net$(87)$22 $5 
Contract assets(72)133 (179)
Other current assets(12)192 (167)
Other assets(111)159 284 
Increase (decrease) in:
Accounts payable218 (175)6 
Contract liabilities(120)(135)(176)
Accrued liabilities79 (155)109 
Other liabilities(9)(87)(79)
Increase (decrease) in cash due to changes in assets and liabilities$(114)$(46)$(197)
Cash paid during the year for:
Interest$53 $54 $90 
Income taxes (net of refunds)169 99 75 
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 — — 
v3.24.0.1
Partnerships and Joint Ventures (Tables)
 12 Months Ended
Dec. 31, 2023
Equity Method Investments and Joint Ventures [Abstract]  
Summary of Equity Method Investments
The following is a summary of aggregate, unaudited balance sheet data for unconsolidated entities where our investment is presented as a one-line equity method investment:
December 31,
(in millions)20232022
Current assets$7,561 $9,702 
Noncurrent assets3,564 3,435 
Current liabilities5,510 7,613 
Noncurrent liabilities2,757 3,036 
The following is a summary of aggregate, unaudited income statement data for unconsolidated entities where the equity method of accounting is used to recognize our share of net earnings or loss of investees:
(in millions)202320222021
Revenue$2,653 $2,460 $1,590 
Cost of revenue1,865 1,749 1,004 
Net earnings152 106 51 
v3.24.0.1
Contract Assets and Liabilities (Tables)
 12 Months Ended
Dec. 31, 2023
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)20232022
Information about contract assets:
Contract assets
Unbilled receivables - reimbursable contracts$854 $738 
Contract work in progress - lump sum contracts137 177 
Contract assets$991 $915 
Advance billings deducted from contract assets$163 $220 
Year Ended December 31,
20232022
Information about contract liabilities:
Provision for anticipated losses on contracts included in contract liabilities$129 $212 
Revenue recognized that was included in contract liabilities as of January 1616 818 
v3.24.0.1
Remaining Unsatisfied Performance Obligations (Tables)
 12 Months Ended
Dec. 31, 2023
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, 2023
Within 1 year$12,832 
1 to 2 years9,417 
Thereafter5,510 
Total RUPO$27,759 
v3.24.0.1
Debt and Letters of Credit (Tables)
 12 Months Ended
Dec. 31, 2023
Debt Disclosure [Abstract]  
Schedule of Consolidated Debt
Debt consisted of the following:
 December 31,
(in millions)20232022
Borrowings under credit facility$— $— 
Current:
2023 Notes$— $138 
Other borrowings— 14 
Total current$— $152 
Long-Term:
Senior Notes
2024 Notes$— $381 
Unamortized discount and deferred financing costs— (1)
2028 Notes600 600 
Unamortized discount and deferred financing costs(3)(4)
2029 Notes575 — 
Unamortized deferred financing costs(14)— 
Other long-term borrowings— 2 
Total long-term$1,158 $978 
v3.24.0.1
Fair Value Measurements (Tables)
 12 Months Ended
Dec. 31, 2023
Fair Value Disclosures [Abstract]  
Schedule of Assets and Liabilities Measured at Fair Value on a Recurring Basis The following table delineates assets and liabilities that are measured at fair value on a recurring basis:
 December 31, 2023December 31, 2022
 Fair Value HierarchyFair Value Hierarchy
(in millions)TotalLevel 1Level 2Level 3TotalLevel 1Level 2Level 3
Assets:
Deferred compensation trusts(1)
$12 $12 $— $— $10 $10 $— $— 
Derivative assets(2)
Foreign currency 6 — 6 — 9 — 9 — 
Commodity 1 — 1 — 4 — 4 — 
Liabilities:
SMR warrants(3)
$12 $6 $6 $— $38 $21 $17 $— 
Derivative liabilities(2)
Foreign currency 3 — 3 — 8 — 8 — 
Commodity 1 — 1 — 1 — 1 — 

(1)Consists of registered money market funds and an equity index fund. These investments, which are trading securities, represent the net asset value at the close of business of the period based on the last trade or official close of an active market or exchange.
(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 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, 2023December 31, 2022
(in millions)Fair Value HierarchyCarrying ValueFair ValueCarrying ValueFair Value
Assets:
Cash(1)
Level 1$1,357 $1,357 $1,262 $1,262 
Cash equivalents(2)
Level 21,162 1,162 1,177 1,177 
Marketable securities(2)
Level 269 69 185 185 
Notes receivable, including noncurrent portion(3)
Level 39 9 9 9 
Liabilities:
2023 Senior Notes(4)
Level 2$— $— $138 $138 
2024 Senior Notes(4)
Level 2— — 380 370 
2028 Senior Notes(4)
Level 2597 573 596 545 
2029 Senior Notes(4)
Level 2561 626 — — 
Other borrowings, including noncurrent portion(5)
Level 216 16 
_______________________________________________________________________________
(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.
(5)Other borrowings represent bank loans and other financing arrangements which mature within 1 year. The carrying amount of borrowings under these arrangements approximates fair value because of the short-term maturity.
v3.24.0.1
Property, Plant and Equipment (Tables)
 12 Months Ended
Dec. 31, 2023
Property, Plant and Equipment [Abstract]  
Schedule of Property, Plant and Equipment 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
Property, plant and equipment is as follows:
December 31,
(cost in millions)20232022
Land$48 $43 
Buildings272 265 
Building and leasehold improvements131 132 
Machinery and equipment671 882 
Furniture and fixtures143 137 
Assets under development59 29 
1,324 1,488 
Less accumulated depreciation(866)(1,041)
Net property, plant and equipment$458 $447 
v3.24.0.1
Stock-Based Compensation (Tables)
 12 Months Ended
Dec. 31, 2023
Share-Based Payment Arrangement [Abstract]  
Summary of Restricted Stock, Restricted Stock Unit and Stock Option Activity The following table summarizes RSU and stock option activity:
RSUsStock Options
NumberWeighted
Average
Grant Date
Fair Value
Per Share		NumberWeighted
Average
Exercise Price
Per Share
Outstanding as of December 31, 20202,258,594 $21.765,752,932 $44.40
Granted596,391 18.67481,626 17.96
Forfeited or expired(132,713)18.78(659,216)58.37
Vested/exercised(810,560)30.83(84,416)8.81
Outstanding as of December 31, 20211,911,712 $17.165,490,926 $40.95
Granted415,356 22.36250,656 21.90
Forfeited or expired(2,937)25.55(846,621)61.46
Vested/exercised(957,640)22.01(217,397)15.20
Outstanding as of December 31, 20221,366,491 $15.334,677,564 $37.41
Granted432,654 34.88178,434 35.76
Forfeited or expired(4,897)35.76(525,994)61.06
Vested/exercised(869,753)13.21(198,455)12.64
Outstanding as of December 31, 2023924,495 $26.364,131,549 $35.52
Options exercisable as of December 31, 20233,514,925 $37.56
Remaining unvested options outstanding and expected to vest610,458 $23.93
During the first quarter of 2023, the following units were granted based upon the establishment of performance targets:
Performance-based Award Units Granted in 2023Weighted
Average
Grant Date
Fair Value
Per Share
2023 Performance Award Plan128,213$42.71
2022 Performance Award Plan142,319$35.87
2021 Performance Award Plan204,622$46.84
Schedule of Fair Value on Grant Date and Significant Assumptions used in Black-Scholes Option-Pricing Model
The grant date fair value of options and other significant assumptions follow:
202320222021
Weighted average grant date fair value$16.52$11.19$8.94
Expected life of options (in years)4.64.54.5
Risk-free interest rate4.0 %1.9 %0.7 %
Expected volatility50 %62 %62 %
Expected annual dividend per share$0.00$0.00$0.00
Summary of Information Related to Options Outstanding Information related to options outstanding as of December 31, 2023 follows:
 Options OutstandingOptions Exercisable
Range of Exercise PricesNumber
Outstanding		Weighted
Average
Remaining
Contractual
Life (In Years)		Weighted
Average
Exercise Price
Per Share		Number
Exercisable		Weighted
Average
Remaining
Contractual
Life (In Years)		Weighted
Average
Exercise Price
Per Share
$8.81 - $35.76
2,411,890 6.8$20.05 1,795,266 6.4$18.71 
$46.07 - $62.50
1,531,586 2.654.53 1,531,586 2.654.53 
$70.76 - $79.19
188,073 0.179.19 188,073 0.179.19 
4,131,549 4.9$35.52 3,514,925 4.4$37.56 
Disclosure of Compensation Arrangements by Share-based Payment Award
Location in Statement of OperationsDecember 31,
Compensation Expense (in millions)202320222021
SGI awardsG&A$34 $54 $67 
Performance-based awards for non-Section 16 executivesG&A21 14 1 
Liabilities (in millions)Location on Balance SheetDecember 31, 2023December 31, 2022
SGI awardsAccrued salaries, wages and benefits and
Other noncurrent liabilities 		$58 $92 
Performance-based awards for other executivesAccrued salaries, wages and benefits and
Other noncurrent liabilities		29 15 
v3.24.0.1
Leases (Tables)
 12 Months Ended
Dec. 31, 2023
Leases, Operating [Abstract]  
Schedule of Components of Lease Expense
The following summarizes lease expense:
Year Ended December 31,
Lease Expense / (Sublease Income)202320222021
(in millions)
Operating lease cost$76 $75 $76 
Finance lease cost
Amortization of right-of-use assets6 5 5 
Variable lease cost (1)
11 11 10 
Short-term lease cost117 128 136 
Sublease income(2)(2)(2)
Total lease expense (2)
$208 $217 $225 
(1)Primarily relates to rent escalation due to cost of living indexation and payments for property taxes, insurance or common area maintenance based on actual assessments.

(2)Lease expense is included in Cost of revenue and G&A.
Schedule of Information Related to Right-of use Assets and Lease Liabilities
Information related to our right-of use assets and lease liabilities follows:
December 31,
Lease Assets / LiabilitiesBalance Sheet Classification20232022
(in millions)
Right-of-use assets
Operating lease assetsOther assets$126 $142 
Finance lease assetsOther assets— 6 
Total right-of-use assets$126 $148 
Lease liabilities
Operating lease liabilities, currentOther accrued liabilities$41 $62 
Operating lease liabilities, noncurrentNoncurrent liabilities100 96 
Finance lease liabilities, currentOther accrued liabilities— 6 
Finance lease liabilities, noncurrentNoncurrent liabilities— 7 
Total lease liabilities$141 $171 
Supplemental Information Related to Leases
Supplemental information related to our leases follows:
Year Ended December 31,
20232022
(in millions)
Cash paid for amounts included in the measurement of lease liabilities:
Operating cash flows from operating leases$42 $77
Financing cash flows from finance leases1 7
Right-of-use assets obtained in exchange for new operating lease liabilities58 57
Right-of-use assets obtained in exchange for new finance lease liabilities— 1
Weighted-average remaining lease term - operating leases7.0 years4.8 years
Weighted-average remaining lease term - finance leases0.0 years3.9 years
Weighted-average discount rate - operating leases5.4 %3.5 %
Weighted-average discount rate - finance leases— %2.1 %
Schedule of Remaining Lease Payments under Operating Leases
The remaining lease payments under our operating leases follows:
Year Ended December 31,Operating
 Leases
(in millions)
2024$46 
202517 
20269 
202722 
202813 
Thereafter78 
Total lease payments$185 
Less: Interest(44)
Present value of lease liabilities$141 
Schedule of Remaining Lease Payments under Finance Leases
The remaining lease payments under our operating leases follows:
Year Ended December 31,Operating
 Leases
(in millions)
2024$46 
202517 
20269 
202722 
202813 
Thereafter78 
Total lease payments$185 
Less: Interest(44)
Present value of lease liabilities$141 
v3.24.0.1
Description of Business (Details)
 12 Months Ended
Dec. 31, 2023
segment
Organization, Consolidation and Presentation of Financial Statements [Abstract]  
Number of operating segments 3
v3.24.0.1
NuScale Reverse Recapitalization (Details) - USD ($)
$ in Millions
 3 Months Ended 12 Months Ended
Jun. 30, 2022
Dec. 31, 2023
Dec. 31, 2022
Dec. 31, 2021
Class of Warrant or Right [Line Items]        
Proceeds from NuScale de-SPAC transaction $ 341 $ 0 $ 341 $ 0
SMR Warrants        
Class of Warrant or Right [Line Items]        
Warrants assumed $ 48      
v3.24.0.1
Significant Accounting Policies - Revenue Recognition (Details)
 12 Months Ended
Dec. 31, 2023
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
v3.24.0.1
Significant Accounting Policies - Schedule of Useful Lives (Details)
Dec. 31, 2023
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
v3.24.0.1
Earnings Per Share - Schedule of Calculations of Basic and Diluted EPS (Details)
$ / shares in Units, shares in Millions, $ in Millions
 1 Months Ended 12 Months Ended
Aug. 31, 2023
day
$ / shares
Dec. 31, 2023
USD ($)
day
$ / shares
shares
Dec. 31, 2022
USD ($)
$ / shares
shares
Dec. 31, 2021
USD ($)
$ / shares
shares
Net earnings (loss) from Cont Ops attributable to Fluor        
Net earnings (loss) from Cont Ops attributable to Fluor | $   $ 139 $ 145 $ (405)
Less: Dividends on CPS | $   29 39 24
Less: Make-whole payment on conversion of CPS | $   27 0 0
Net earnings (loss) from Cont Ops available to Fluor common stockholders | $   83 106 (429)
Net earnings (loss) from Disc Ops attributable to Fluor | $   0 0 (35)
Net earnings (loss) available to Fluor common stockholders, basic | $   $ 83 $ 106 $ (464)
Weighted average common shares outstanding (in shares) | shares   150 142 141
Diluted effect:        
CPS (in shares) | shares   0 0 0
Stock options, RSUs, restricted stock and performance-based award units (in shares) | shares   3 3 0
Convertible debt (in shares) | shares   0 0 0
Weighted average diluted shares outstanding (in shares) | shares   153 145 141
Basic EPS available to Fluor common stockholders:        
Net earnings (loss) from Cont Ops (in dollars per share) | $ / shares   $ 0.55 $ 0.75 $ (3.04)
Net earnings (loss) from Disc Ops (in dollars per share) | $ / shares   0 0 (0.25)
Diluted EPS available to Fluor common stockholders:        
Net earnings (loss) from Cont Ops (in dollars per share) | $ / shares   0.54 0.73 (3.04)
Net earnings (loss) from Disc Ops (in dollars per share) | $ / shares   0 $ 0 $ (0.25)
2029 Senior Notes | Convertible Debt        
Diluted EPS available to Fluor common stockholders:        
Conversion price (in dollars per share) | $ / shares $ 45.37 45.37    
Stock price trigger (in dollar per share) | $ / shares   $ 58.98    
2029 Senior Notes | Convertible Debt | Debt Conversion Terms One        
Diluted EPS available to Fluor common stockholders:        
Threshold trading days | day 20 20    
Threshold consecutive trading days | day   30    
v3.24.0.1
Earnings Per Share - Antidilutive Securities Excluded from Computation of EPS (Details) - shares
shares in Millions
 12 Months Ended
Dec. 31, 2023
Dec. 31, 2022
Dec. 31, 2021
CPS      
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]      
Anti-dilutive securities not included above (in shares) 20 27 17
All Others      
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]      
Anti-dilutive securities not included above (in shares) 2 3 7
Call Option      
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]      
Anti-dilutive securities not included above (in shares) 0 0 0
v3.24.0.1
Operating Information by Segment and Geographic Area - External Revenue and Segment Profit (Loss) (Details) - USD ($)
$ in Millions
 12 Months Ended
Dec. 31, 2023
Dec. 31, 2022
Dec. 31, 2021
Segment reporting information      
Revenue $ 15,474 $ 13,744 $ 14,156
Segment profit (loss) 147 209 (273)
G&A (232) (237) (226)
Impairment 0 24 (290)
Gain (loss) on pension settlement 0 42 (198)
Foreign currency gain (loss) (98) 25 (13)
Interest income (expense), net 168 35 (73)
Earnings (loss) from Cont Ops attributable to NCI (60) (72) 39
Earnings (loss) from Cont Ops before taxes 315 244 $ (346)
Total assets 6,973 6,827  
Goodwill $ 206 $ 206  
Defined Benefit Plan, Net Periodic Benefit Cost (Credit) Excluding Service Cost, Statement of Income or Comprehensive Income [Extensible Enumeration] Earnings (loss) from Cont Ops before taxes Earnings (loss) from Cont Ops before taxes Earnings (loss) from Cont Ops before taxes
Continuing Operations      
Segment reporting information      
Depreciation (all but Corporate included in segment profit) $ 74 $ 73 $ 73
Capital expenditures 106 75 66
Reportable segments      
Segment reporting information      
Goodwill 206 206  
Reportable segments | Continuing Operations      
Segment reporting information      
Revenue 15,474 13,744 14,156
Segment profit (loss) 537 427 415
Intercompany revenue for our professional staffing business, excluded from revenue above | Continuing Operations      
Segment reporting information      
Revenue 299 249 269
Energy Solutions | Reportable segments      
Segment reporting information      
Total assets 1,053 967  
Goodwill 13 13  
Energy Solutions | Reportable segments | Continuing Operations      
Segment reporting information      
Revenue 6,307 5,872 4,956
Segment profit (loss) 381 301 250
Depreciation (all but Corporate included in segment profit) 0 0 0
Capital expenditures 0 0 0
Urban Solutions | Reportable segments      
Segment reporting information      
Total assets 1,211 1,170  
Goodwill 129 129  
Urban Solutions | Reportable segments | Continuing Operations      
Segment reporting information      
Revenue 5,262 4,373 4,832
Segment profit (loss) 268 17 41
Depreciation (all but Corporate included in segment profit) 10 9 9
Capital expenditures 20 14 25
Mission Solutions | Reportable segments      
Segment reporting information      
Total assets 577 485  
Goodwill 58 58  
Mission Solutions | Reportable segments | Continuing Operations      
Segment reporting information      
Revenue 2,655 2,289 3,063
Segment profit (loss) 116 136 155
Depreciation (all but Corporate included in segment profit) 3 3 4
Capital expenditures 4 4 3
Other | Reportable segments      
Segment reporting information      
Total assets 509 583  
Goodwill 6 6  
Other | Reportable segments | Continuing Operations      
Segment reporting information      
Revenue 1,250 1,210 1,305
Segment profit (loss) (228) (27) (31)
Depreciation (all but Corporate included in segment profit) 19 18 7
Capital expenditures 15 21 19
Corporate | Reportable segments      
Segment reporting information      
Total assets 3,623 3,622  
Corporate | Reportable segments | Continuing Operations      
Segment reporting information      
Depreciation (all but Corporate included in segment profit) 42 43 53
Capital expenditures $ 67 $ 36 $ 19
v3.24.0.1
Operating Information by Segment and Geographic Area - Narrative (Details) - USD ($)
$ / shares in Units, $ in Millions
 1 Months Ended 12 Months Ended
Dec. 31, 2023
Apr. 30, 2022
Dec. 31, 2023
Dec. 31, 2022
Dec. 31, 2021
Segment Reporting Information [Line Items]          
Proceeds from sale of NuScale interest     $ 0 $ 107 $ 0
Capital contributions by NCI     10 $ 21 $ 202
Disposal Group, Not Discontinued Operations          
Segment Reporting Information [Line Items]          
Proceeds from sale of NuScale interest   $ 107      
Disposal Group, Not Discontinued Operations | Stork          
Segment Reporting Information [Line Items]          
Cash transferred $ 31   31    
Loss on sale of investments 93        
Divestiture, negative impact on earnings from foreign currency translation $ 33        
Disposal Group, Not Discontinued Operations | AMECO          
Segment Reporting Information [Line Items]          
Proceeds from divestiture of businesses     144    
Loss on sale of investments     60    
Divestiture, negative impact on earnings from foreign currency translation     35    
Cash divestiture     17    
Japan NuScale Innovation | NuScale | Disposal Group, Not Discontinued Operations          
Segment Reporting Information [Line Items]          
Entity's interest in partnership or joint venture (percent)   5.00%      
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    
Energy Solutions | Pemex | Consolidated revenue | Customer concentration          
Segment Reporting Information [Line Items]          
Concentration risk (as a percentage)     10.00%    
Energy Solutions | Shell | Consolidated revenue | Customer concentration          
Segment Reporting Information [Line Items]          
Concentration risk (as a percentage)     10.00%    
Energy Solutions | Single customer | Consolidated revenue | Customer concentration          
Segment Reporting Information [Line Items]          
Concentration risk (as a percentage)       14.00% 13.00%
Urban Solutions | International Bridge Project          
Segment Reporting Information [Line Items]          
Effect of forecast revision on estimated project cost       $ 54 $ 138
Effect of forecast revision on estimated project cost (in dollars per share)       $ 0.23 $ 0.72
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    
Urban Solutions | Highway Project          
Segment Reporting Information [Line Items]          
Effect of forecast revision on estimated project cost       $ 86  
Effect of forecast revision on estimated project cost (in dollars per share)       $ 0.50  
Urban Solutions | Automated People Move Project          
Segment Reporting Information [Line Items]          
Effect of forecast revision on estimated project cost       $ 35  
Effect of forecast revision on estimated project cost (in dollars per share)       $ 0.20  
Government Segment | Consolidated revenue | Customer concentration          
Segment Reporting Information [Line Items]          
Concentration risk (as a percentage)     9.00% 16.00% 21.00%
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    
Other | JGC Holdings Corporation, GS Energy And IHI Corporation | Reportable segments | NuScale          
Segment Reporting Information [Line Items]          
Capital contributions by NCI       $ 193 $ 9
v3.24.0.1
Operating Information by Segment and Geographic Area - Other Segment Profit (Loss) (Details) - USD ($)
$ in Millions
 12 Months Ended
Dec. 31, 2023
Dec. 31, 2022
Dec. 31, 2021
Segment Reporting Information [Line Items]      
Operating income (Loss) $ 147 $ 209 $ (273)
Fluor Corporation | NuScale | Disposal Group, Not Discontinued Operations      
Segment Reporting Information [Line Items]      
Entity's interest in partnership or joint venture (percent) 55.00%    
Reportable segments | Continuing Operations      
Segment Reporting Information [Line Items]      
Operating income (Loss) $ 537 427 415
Reportable segments | Other | Continuing Operations      
Segment Reporting Information [Line Items]      
Operating income (Loss) (228) (27) (31)
Reportable segments | Other | Continuing Operations | NuScale      
Segment Reporting Information [Line Items]      
Operating income (Loss) (106) (73) (69)
Reportable segments | Other | Continuing Operations | Stork      
Segment Reporting Information [Line Items]      
Operating income (Loss) (55) 45 32
Reportable segments | Other | Continuing Operations | AMECO      
Segment Reporting Information [Line Items]      
Operating income (Loss) $ (67) $ 1 $ 6
v3.24.0.1
Operating Information by Segment and Geographic Area - External Revenue and Total Assets by Geographic Area (Details) - USD ($)
$ in Millions
 12 Months Ended
Dec. 31, 2023
Dec. 31, 2022
Dec. 31, 2021
Revenues from External Customers and Long-Lived Assets [Line Items]      
Revenue $ 15,474 $ 13,744 $ 14,156
Total assets 6,973 6,827  
North America      
Revenues from External Customers and Long-Lived Assets [Line Items]      
Revenue 10,514 8,819 8,532
Total assets 5,034 4,406  
Asia Pacific (includes Australia)      
Revenues from External Customers and Long-Lived Assets [Line Items]      
Revenue 1,744 1,138 1,331
Total assets 686 642  
Europe      
Revenues from External Customers and Long-Lived Assets [Line Items]      
Revenue 2,268 2,240 2,223
Total assets 724 959  
Central and South America      
Revenues from External Customers and Long-Lived Assets [Line Items]      
Revenue 741 1,338 1,723
Total assets 175 438  
Middle East and Africa      
Revenues from External Customers and Long-Lived Assets [Line Items]      
Revenue 207 209 $ 347
Total assets $ 354 $ 382  
v3.24.0.1
Impairment - Schedule of Impairment (Details) - USD ($)
 12 Months Ended
Dec. 31, 2023
Dec. 31, 2022
Dec. 31, 2021
Restructuring [Line Items]      
Impairment, Intangible Asset, Finite-Lived, Statement of Income or Comprehensive Income [Extensible Enumeration]   Restructuring Charges Restructuring Charges
Energy Solutions      
Restructuring [Line Items]      
Energy Solutions' equity method investments   $ 0 $ 28,000,000
Total impairment   (24,000,000) 290,000,000
Energy Solutions | Stork and AMECO      
Restructuring [Line Items]      
Fair value adjustment of Stork and AMECO assets $ 0 (63,000,000) 233,000,000
Energy Solutions | Other Reporting Unit | Stork and AMECO      
Restructuring [Line Items]      
Impairment of assets   40,000,000 13,000,000
Energy Solutions | Technology-Based Intangible Assets      
Restructuring [Line Items]      
Impairment of assets   $ 0 $ 16,000,000
v3.24.0.1
Impairment - Narrative (Details) - USD ($)
 12 Months Ended
Dec. 31, 2023
Dec. 31, 2022
Dec. 31, 2021
Energy Solutions | Stork and AMECO      
Restructuring [Line Items]      
Fair value adjustment of Stork and AMECO assets $ 0 $ (63,000,000) $ 233,000,000
v3.24.0.1
Income Taxes - Income Tax Expense (Benefit) (Details) - USD ($)
$ in Millions
 12 Months Ended
Dec. 31, 2023
Dec. 31, 2022
Dec. 31, 2021
Current:      
Federal $ (3) $ 1 $ 1
Foreign 240 148 47
State and local 12 5 (5)
Total current 249 154 43
Deferred:      
Federal 0 0 0
Foreign (13) 17 (23)
State and local 0 0 0
Total deferred (13) 17 (23)
Total income tax expense $ 236 $ 171 $ 20
v3.24.0.1
Income Taxes - U.S. Statutory Federal Reconciliation (Details) - USD ($)
$ in Thousands
 12 Months Ended
Dec. 31, 2023
Dec. 31, 2022
Dec. 31, 2021
Income Tax Disclosure [Abstract]      
U.S. statutory federal tax expense (benefit) $ 66,000 $ 51,000 $ (73,000)
Increase (decrease) in taxes resulting from:      
State and local income taxes 6,000 0 12,000
Goodwill Impairment 0 10,000 36,000
Sale of foreign subsidiaries (10,000) 0 0
NCI 13,000 15,000 (7,000)
Foreign tax differential, net 48,000 (106,000) (11,000)
Valuation allowance, net 122,000 194,000 103,000
Stranded tax effects from AOCI 0 0 (52,000)
Other, net (9,000) 7,000 12,000
Total income tax expense $ 236,000 $ 171,000 $ 20,000
v3.24.0.1
Income Taxes - Deferred Tax Assets and Liabilities (Details) - USD ($)
$ in Millions
Dec. 31, 2023
Dec. 31, 2022
Accrued liabilities not currently deductible:    
Employee compensation and benefits $ 105 $ 107
Project and non-project reserves 20 33
Net operating loss carryforward 399 397
Tax basis of investment in excess of book basis, net 123 66
U.S. foreign tax credit carryforward 611 567
AOCI 42 21
Other 115 57
Total deferred tax assets 1,415 1,248
Valuation allowance (1,340) (1,211)
Deferred tax assets, net 75 37
Deferred tax liabilities:    
Book basis of property and equipment in excess of tax basis (19) (10)
Dividend withholding on unremitted non-U.S. earnings (60) (46)
Other (15) (20)
Total deferred tax liabilities (94) (76)
Deferred tax liabilities, net of deferred tax assets $ (19) $ (39)
v3.24.0.1
Income Taxes - Narrative (Details) - USD ($)
$ in Millions
 12 Months Ended
Dec. 31, 2023
Dec. 31, 2022
Income Tax Contingency [Line Items]    
Deferred tax liability not recorded with respect to unremitted earnings that are considered indefinitely reinvested $ 35  
Unrecognized tax benefits that, if recognized, would have favorably impacted effective tax rates 36 $ 31
Accrued interest and penalties 20 15
Federal    
Income Tax Contingency [Line Items]    
Charge to tax expense to record valuation allowance 92 50
Netherlands and Belgium | Foreign    
Income Tax Contingency [Line Items]    
Charge to tax expense to record valuation allowance $ 30 $ 120
v3.24.0.1
Income Taxes - Tax Credit Carryforward (Details)
$ in Millions
Dec. 31, 2023
USD ($)
Federal | 2024-2028  
Tax Credit Carryforward [Line Items]  
Tax credit carryforward, amount $ 21
Net operating loss carryforwards related to various jurisdictions 0
Federal | 2029-2033  
Tax Credit Carryforward [Line Items]  
Tax credit carryforward, amount 532
Net operating loss carryforwards related to various jurisdictions 0
Federal | 2034-2043  
Tax Credit Carryforward [Line Items]  
Tax credit carryforward, amount 58
Net operating loss carryforwards related to various jurisdictions 0
Federal | Indefinite  
Tax Credit Carryforward [Line Items]  
Tax credit carryforward, amount 0
Net operating loss carryforwards related to various jurisdictions 0
State | 2024-2028  
Tax Credit Carryforward [Line Items]  
Net operating loss carryforwards related to various jurisdictions 9
State | 2029-2033  
Tax Credit Carryforward [Line Items]  
Net operating loss carryforwards related to various jurisdictions 76
State | 2034-2043  
Tax Credit Carryforward [Line Items]  
Net operating loss carryforwards related to various jurisdictions 276
State | Indefinite  
Tax Credit Carryforward [Line Items]  
Net operating loss carryforwards related to various jurisdictions 319
Foreign | 2024-2028  
Tax Credit Carryforward [Line Items]  
Net operating loss carryforwards related to various jurisdictions 25
Foreign | 2029-2033  
Tax Credit Carryforward [Line Items]  
Net operating loss carryforwards related to various jurisdictions 56
Foreign | 2034-2043  
Tax Credit Carryforward [Line Items]  
Net operating loss carryforwards related to various jurisdictions 5
Foreign | Indefinite  
Tax Credit Carryforward [Line Items]  
Net operating loss carryforwards related to various jurisdictions $ 1,355
v3.24.0.1
Income Taxes - Unrecognized Tax Benefits (Details) - USD ($)
$ in Millions
 12 Months Ended
Dec. 31, 2023
Dec. 31, 2022
Reconciliation of Unrecognized Tax Benefits, Excluding Amounts Pertaining to Examined Tax Returns    
Balance at beginning of year $ 49 $ 48
Change in tax positions of prior years 3 1
Change in tax positions of current year 0 0
Reduction in tax positions for statute expirations 0 0
Reduction in tax positions for audit settlements 0 0
Balance at end of year $ 52 $ 49
v3.24.0.1
Income Taxes - U.S. and Foreign Earnings from Continuing Operations before Taxes (Details) - USD ($)
$ in Millions
 12 Months Ended
Dec. 31, 2023
Dec. 31, 2022
Dec. 31, 2021
Income Tax Disclosure [Abstract]      
United States $ 185 $ (465) $ (394)
Foreign 130 709 48
Earnings (loss) from Cont Ops before taxes $ 315 $ 244 $ (346)
v3.24.0.1
Supplemental Cash Flow Information (Details) - USD ($)
$ in Millions
 12 Months Ended
Dec. 31, 2023
Dec. 31, 2022
Dec. 31, 2021
(Increase) decrease in:      
Accounts and notes receivable, net $ (87) $ 22 $ 5
Contract assets (72) 133 (179)
Other current assets (12) 192 (167)
Other assets (111) 159 284
Increase (decrease) in:      
Accounts payable 218 (175) 6
Contract liabilities (120) (135) (176)
Accrued liabilities 79 (155) 109
Other liabilities (9) (87) (79)
Increase (decrease) in cash due to changes in assets and liabilities (114) (46) (197)
Cash paid during the year for:      
Interest 53 54 90
Income taxes (net of refunds) 169 99 75
Noncash investing and financing activities:      
Marketable securities transferred to trustee to discharge the 2024 Notes 262 0 0
Debt assumed by buyer of Stork Latin America $ 19 $ 0 $ 0
v3.24.0.1
Partnerships and Joint Ventures - Summary of Aggregate Financial Information (Details) - USD ($)
$ in Millions
 12 Months Ended
Dec. 31, 2023
Dec. 31, 2022
Dec. 31, 2021
Schedule of Equity Method Investments [Line Items]      
Current assets $ 5,063 $ 5,044  
Noncurrent assets 1,910 1,783  
Current liabilities 3,163 3,216  
Revenue 15,474 13,744 $ 14,156
Cost of revenue 14,997 13,389 13,702
Net earnings 139 145 (440)
Equity Method Investment, Nonconsolidated Investee or Group of Investees      
Schedule of Equity Method Investments [Line Items]      
Current assets 7,561 9,702  
Noncurrent assets 3,564 3,435  
Current liabilities 5,510 7,613  
Noncurrent liabilities 2,757 3,036  
Revenue 2,653 2,460 1,590
Cost of revenue 1,865 1,749 1,004
Net earnings $ 152 $ 106 $ 51
v3.24.0.1
Partnerships and Joint Ventures - Narrative (Details) - USD ($)
$ in Millions
 12 Months Ended
Dec. 31, 2022
Dec. 31, 2021
Dec. 31, 2023
Variable interest entity information      
Other accrued liabilities $ 679   $ 657
Infrastructure Joint Venture | Disposed of by Sale | Urban Solutions      
Variable interest entity information      
Gain (loss) on sale of investments 11 $ 20  
Ownership interest (as a percent)   10.00%  
Variable Interest Entity, Not Primary Beneficiary      
Variable interest entity information      
Net assets 46   91
Variable Interest Entity, Not Primary Beneficiary | Future funding commitment      
Variable interest entity information      
Future funding commitments     57
Related Party | Accrued Liabilities      
Variable interest entity information      
Investments loss position in other accrued liabilities 312   307
Related Party | Variable Interest Entity, Not Primary Beneficiary | Accounts and notes receivable, net      
Variable interest entity information      
Accounts and notes receivable,net $ 185   $ 174
v3.24.0.1
Guarantees (Details) - USD ($)
Dec. 31, 2023
Dec. 31, 2022
Guarantor Obligations [Line Items]    
Performance guarantee liabilities $ 0 $ 0
Performance guarantees    
Guarantor Obligations [Line Items]    
Maximum payments required under performance guarantees $ 15,000,000,000  
v3.24.0.1
Contingencies and Commitments (Details)
$ in Millions
 1 Months Ended 3 Months Ended
Aug. 23, 2019
USD ($)
Dec. 13, 2016
AUD ($)
claim
Dec. 31, 2023
USD ($)
Sep. 30, 2023
USD ($)
wall
Mar. 31, 2023
referee
Oct. 31, 2022
USD ($)
Sep. 30, 2018
action
Dec. 31, 2023
USD ($)
Sep. 30, 2023
USD ($)
Aug. 31, 2019
USD ($)
Aug. 12, 2016
USD ($)
Loss Contingencies [Line Items]                      
Number of derivative actions filed | action             11        
Fluor T E C H I N T | Barrick                      
Loss Contingencies [Line Items]                      
Letters of credit outstanding, amount                   $ 36,000,000  
Fluor T E C H I N T | Barrick | Parent Company                      
Loss Contingencies [Line Items]                      
Letters of credit outstanding, amount                   24,000,000  
Fluor T E C H I N T | Barrick | Partnership Interest                      
Loss Contingencies [Line Items]                      
Letters of credit outstanding, amount                   $ 12,000,000  
SEC Investigation                      
Loss Contingencies [Line Items]                      
De-recognized pre-petition accounts receivable       $ 15,000,000              
Pending litigation | Santos Ltd                      
Loss Contingencies [Line Items]                      
Damages sought   $ 1,470                  
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       $ 227,000,000   $ 100,000,000          
Number of retaining walls | wall       65              
Pending litigation | Sadara Chemical Company                      
Loss Contingencies [Line Items]                      
Damages sought $ 100,000,000                    
Estimate of possible loss $ 574,000,000                    
Litigation settlement, expense                 $ 14,000,000    
Pending litigation | Sadara Chemical Company | Minimum                      
Loss Contingencies [Line Items]                      
Litigation settlement interest     $ 3,000,000                
Pending litigation | Sadara Chemical Company | Maximum                      
Loss Contingencies [Line Items]                      
Litigation settlement interest     5,000,000                
Pending litigation | Fluor T E C H I N T                      
Loss Contingencies [Line Items]                      
Estimate of possible loss     $ 364,000,000         $ 364,000,000     $ 250,000,000
Pending litigation | Fluor T E C H I N T | Barrick                      
Loss Contingencies [Line Items]                      
Litigation settlement, expense                 $ 12,000,000    
Litigation settlement interest               $ 11,000,000      
v3.24.0.1
Contract Assets and Liabilities (Details) - USD ($)
$ in Millions
 12 Months Ended
Dec. 31, 2023
Dec. 31, 2022
Contract assets    
Unbilled receivables - reimbursable contracts $ 854 $ 738
Contract work in progress - lump sum contracts 137 177
Contract assets 991 915
Advance billings deducted from contract assets 163 220
Information about contract liabilities:    
Provision for anticipated losses on contracts included in contract liabilities 129 212
Revenue recognized that was included in contract liabilities as of January 1 616 818
Claim revenue for costs 531 498
Construction contract cost, subcontractor $ 24 $ 0
v3.24.0.1
Remaining Unsatisfied Performance Obligations - Schedule of Remaining Performance Obligation (Details)
$ in Millions
Dec. 31, 2023
USD ($)
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction [Line Items]  
Remaining unsatisfied performance obligation (RUPO) $ 27,759
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Start Date [Axis]: 2024-01-01  
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction [Line Items]  
Expected timing of satisfaction, period 1 year
Remaining unsatisfied performance obligation (RUPO) $ 12,832
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) $ 9,417
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
Remaining unsatisfied performance obligation (RUPO) $ 5,510
v3.24.0.1
Debt and Letters of Credit - Schedule of Debt (Details) - USD ($)
$ in Thousands
Dec. 31, 2023
Dec. 31, 2022
Current:    
Other borrowings $ 0 $ 152,000
Long-term:    
Borrowings under credit facility 0 0
Long-term debt 1,158,000 978,000
Other long-term borrowings 0 2,000
Total long-term 1,158,000 978,000
2023 Notes    
Current:    
Other borrowings 0 138,000
Other borrowings    
Current:    
Other borrowings 0 14,000
2024 Notes    
Long-term:    
Long-term debt 0 381,000
Unamortized discount and deferred financing costs 0 (1,000)
2028 Notes    
Long-term:    
Long-term debt 600,000 600,000
Unamortized discount and deferred financing costs (3,000) (4,000)
2029 Notes    
Long-term:    
Long-term debt 575,000 0
Unamortized discount and deferred financing costs $ (14,000) $ 0
v3.24.0.1
Debt and Letters of Credit - Credit Facility (Details) - 12 months ended Dec. 31, 2023 - Lines of credit
€ in Millions, $ in Millions
USD ($)
EUR (€)
Line of Credit Facility [Line Items]    
Credit facility $ 477  
Committed Credit Line    
Line of Credit Facility [Line Items]    
Remaining borrowing capacity of credit facility 775  
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
v3.24.0.1
Debt and Letters of Credit - Uncommitted Lines of Credit (Details) - Lines of credit
$ in Millions
Dec. 31, 2023
USD ($)
Line of Credit Facility [Line Items]  
Credit facility $ 477
Uncommitted Credit Line  
Line of Credit Facility [Line Items]  
Credit facility $ 918
v3.24.0.1
Debt and Letters of Credit - Issuance of 2029 Notes (Details) - 2029 Senior Notes
 1 Months Ended 12 Months Ended
Aug. 31, 2023
USD ($)
day
$ / shares
shares
Dec. 31, 2023
day
$ / shares
Line of Credit Facility [Line Items]    
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
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  
v3.24.0.1
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
Line of Credit Facility [Line Items]    
Capped call transaction   $ 73
2029 Senior Notes | Convertible Debt    
Line of Credit Facility [Line Items]    
Conversion price (in dollars per share) $ 45.37 $ 45.37
2029 Senior Notes | Convertible Debt | Call Option    
Line of Credit Facility [Line Items]    
Capped call transaction $ 73  
Cap price (in dollars per share) $ 68.48  
v3.24.0.1
Debt and Letters of Credit - Notes Discharge & Redemption of 2024 and 2023 Notes (Details)
$ / shares in Units, € in Millions, $ in Millions
 1 Months Ended 12 Months Ended
Dec. 31, 2023
USD ($)
Aug. 31, 2023
USD ($)
$ / shares
Jan. 31, 2023
USD ($)
Jan. 31, 2023
EUR (€)
Dec. 31, 2023
USD ($)
Dec. 31, 2022
USD ($)
Dec. 31, 2021
USD ($)
Line of Credit Facility [Line Items]              
Repayments of debt         $ 249 $ 41 $ 525
2024 Notes              
Line of Credit Facility [Line Items]              
Repurchase amount   $ 115          
Stock price trigger (in dollar per share) | $ / shares   $ 975.03          
2023 Senior Notes              
Line of Credit Facility [Line Items]              
Expected debt repayments $ 266     € 129      
Repayments of debt     $ 140     $ 41  
Irrevocable transfer $ 262            
Senior Notes 1.750%, Due 2023              
Line of Credit Facility [Line Items]              
Debt instrument, face amount             375
Senior Notes 3.50 Percent, Due 2024              
Line of Credit Facility [Line Items]              
Debt instrument, face amount             108
Senior Notes 1.750 Percent, Due 2023 and Senior Notes 3.50 Percent, Due 2024              
Line of Credit Facility [Line Items]              
Repayments of debt             26
Senior Notes 1.750 Percent, Due 2023 and Senior Notes 3.50 Percent, Due 2024 | Corporate general and administrative expense              
Line of Credit Facility [Line Items]              
Loss on extinguishment of debt             $ 20
v3.24.0.1
Debt and Letters of Credit - 2028 Notes (Details) - USD ($)
 1 Months Ended 12 Months Ended
Aug. 31, 2018
Dec. 31, 2023
Dec. 31, 2022
Dec. 31, 2021
Line of Credit Facility [Line Items]        
Proceeds from issuance of 2029 Notes, net of issuance costs   $ 560,000,000 $ 0 $ 0
2029 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 | 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%    
v3.24.0.1
Convertible Preferred Stock (Details)
$ / shares in Units, $ in Millions
 1 Months Ended
Aug. 31, 2023
USD ($)
Sep. 30, 2023
USD ($)
$ / shares
Class of Stock [Line Items]    
Preferred stock, convertible, conversion rate (in shares)   44.9585
Preferred stock, liquidation preference per share (in dollars per share) | $ / shares   $ 45.23
Preferred stock dividends paid $ 10  
Convertible Preferred Stock    
Class of Stock [Line Items]    
Preferred stock, estimated make-whole payment estimate   $ 27
v3.24.0.1
Fair Value Measurements - Recurring Basis (Details) - Fair value, recurring basis - USD ($)
$ in Millions
Dec. 31, 2023
Dec. 31, 2022
Fair value of assets and liabilities measured on recurring basis    
Deferred compensation trusts $ 12 $ 10
Foreign currency    
Fair value of assets and liabilities measured on recurring basis    
Derivative assets 6 9
Derivative liabilities 3 8
Commodity    
Fair value of assets and liabilities measured on recurring basis    
Derivative assets 1 4
Derivative liabilities 1 1
SMR Warrants    
Fair value of assets and liabilities measured on recurring basis    
Derivative liabilities 12 38
Level 1    
Fair value of assets and liabilities measured on recurring basis    
Deferred compensation trusts 12 10
Level 1 | SMR Warrants    
Fair value of assets and liabilities measured on recurring basis    
Derivative liabilities 6 21
Level 2 | Foreign currency    
Fair value of assets and liabilities measured on recurring basis    
Derivative assets 6 9
Derivative liabilities 3 8
Level 2 | Commodity    
Fair value of assets and liabilities measured on recurring basis    
Derivative assets 1 4
Derivative liabilities 1 1
Level 2 | SMR Warrants    
Fair value of assets and liabilities measured on recurring basis    
Derivative liabilities $ 6 $ 17
v3.24.0.1
Fair Value Measurements - Financial Instruments Not Required to be Measured at Fair Value (Details) - USD ($)
$ in Millions
Dec. 31, 2023
Dec. 31, 2022
Carrying Value | Level 2    
Fair value of assets and liabilities measured on recurring basis    
Marketable securities, current $ 69 $ 185
Carrying Value | Level 2 | 2023 Senior Notes    
Fair value of assets and liabilities measured on recurring basis    
Debt 0 138
Carrying Value | Level 2 | 2024 Notes    
Fair value of assets and liabilities measured on recurring basis    
Debt 0 380
Carrying Value | Level 2 | 2028 Senior Notes    
Fair value of assets and liabilities measured on recurring basis    
Debt 597 596
Carrying Value | Level 2 | 2029 Senior Notes    
Fair value of assets and liabilities measured on recurring basis    
Debt 561 0
Carrying Value | Level 2 | Other borrowings, including noncurrent portion    
Fair value of assets and liabilities measured on recurring basis    
Debt 16
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 69 185
Fair Value | Level 2 | 2023 Senior Notes    
Fair value of assets and liabilities measured on recurring basis    
Debt 0 138
Fair Value | Level 2 | 2024 Notes    
Fair value of assets and liabilities measured on recurring basis    
Debt 0 370
Fair Value | Level 2 | 2028 Senior Notes    
Fair value of assets and liabilities measured on recurring basis    
Debt 573 545
Fair Value | Level 2 | 2029 Senior Notes    
Fair value of assets and liabilities measured on recurring basis    
Debt 626 0
Fair Value | Level 2 | Other borrowings, including noncurrent portion    
Fair value of assets and liabilities measured on recurring basis    
Debt 16
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 1,357 1,262
Cash | Fair Value | Level 1    
Fair value of assets and liabilities measured on recurring basis    
Cash and cash equivalents 1,357 1,262
Cash equivalents | Carrying Value | Level 2    
Fair value of assets and liabilities measured on recurring basis    
Cash and cash equivalents 1,162 1,177
Cash equivalents | Fair Value | Level 2    
Fair value of assets and liabilities measured on recurring basis    
Cash and cash equivalents $ 1,162 $ 1,177
v3.24.0.1
Property, Plant and Equipment (Details) - USD ($)
$ in Millions
Dec. 31, 2023
Dec. 31, 2022
Property plant and equipment    
Gross property, plant and equipment $ 1,324 $ 1,488
Less accumulated depreciation (866) (1,041)
Net property, plant and equipment 458 447
Land    
Property plant and equipment    
Gross property, plant and equipment 48 43
Buildings    
Property plant and equipment    
Gross property, plant and equipment 272 265
Building and leasehold improvements    
Property plant and equipment    
Gross property, plant and equipment 131 132
Machinery and equipment    
Property plant and equipment    
Gross property, plant and equipment 671 882
Furniture and fixtures    
Property plant and equipment    
Gross property, plant and equipment 143 137
Assets under development    
Property plant and equipment    
Gross property, plant and equipment $ 59 $ 29
v3.24.0.1
Stock-Based Compensation - Narrative (Details)
$ in Millions
 12 Months Ended
Dec. 31, 2023
USD ($)
period
shares
Dec. 31, 2022
USD ($)
shares
Dec. 31, 2021
USD ($)
shares
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]      
Recorded compensation cost for stock based payment arrangements, net of tax $ 48.0 $ 19.0 $ 32.0
Options outstanding, aggregate intrinsic value (in shares) 46.0    
Options exercisable, aggregate intrinsic value $ 37.0    
RSUs      
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]      
Vesting period (in years) 3 years    
Performance-based award units granted in 2022 (in shares) | shares 432,654 415,356 596,391
Restricted shares      
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]      
Fair value of restricted stock units and shares vested $ 30.0 $ 23.0 $ 14.0
SGI awards $ 5.0    
Weighted average period of recognition of unamortized expense (in years) 1 year 2 months 12 days    
Stock options      
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]      
Vesting period (in years) 3 years    
SGI awards $ 1.0    
Weighted average period of recognition of unamortized expense (in years) 10 months 24 days    
Expiration term (in years) 10 years    
Aggregate intrinsic value of stock options exercised $ 4.0 $ 4.0 $ 1.0
Blend of historical and implied volatility (ratio) 50.00% 50.00%  
Performance-based awards      
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]      
Vesting period (in years) 3 years 3 years 3 years
Percent of earnings before taxes 80.00%    
Number of measurement periods | period 3    
Earnings before taxes measurement periods (in years) 1 year    
Award vesting measurement, percent of TSR 20.00%    
Award vesting measurement, TSR period (in years) 3 years    
Unamortized compensation expense (less than) $ 3.0    
Maximum | Performance-based awards      
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]      
Weighted average period of recognition of unamortized expense (in years) 10 months 24 days    
Executives | Performance-based awards      
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]      
SGI awards $ 29.0 $ 15.0  
Performance-based award units granted in 2022 (in shares) | shares 274,755 426,957 613,868
Employees | Performance-based awards      
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]      
Performance-based award units granted in 2022 (in shares) | shares 260,398    
v3.24.0.1
Stock-Based Compensation - Restricted Stock, Restricted Stock Unit and Stock Option Activity, Terms and Significant Assumptions for Options (Details) - $ / shares
 12 Months Ended
Dec. 31, 2023
Dec. 31, 2022
Dec. 31, 2021
RSUs      
Restricted Stock Units or Restricted Stock, Number      
Beginning balance (in shares) 1,366,491 1,911,712 2,258,594
Granted (in shares) 432,654 415,356 596,391
Forfeited or expired (in shares) (4,897) (2,937) (132,713)
Vested/exercised (in shares) (869,753) (957,640) (810,560)
Ending balance (in shares) 924,495 1,366,491 1,911,712
Restricted Stock Units or Restricted Stock, Weighted Average Grant Date Fair Value Per Share      
Beginning balance (in dollars per share) $ 15.33 $ 17.16 $ 21.76
Granted (in dollars per share) 34.88 22.36 18.67
Forfeited or expired (in dollars per share) 35.76 25.55 18.78
Vested/exercised (in dollars per share) 13.21 22.01 30.83
Ending balance (in dollars per share) $ 26.36 $ 15.33 $ 17.16
Stock Options      
Stock Options, Number      
Beginning balance (in shares) 4,677,564 5,490,926 5,752,932
Granted (in shares) 178,434 250,656 481,626
Forfeited or expired (in shares) (525,994) (846,621) (659,216)
Vested/exercised (in shares) (198,455) (217,397) (84,416)
Ending balance (in shares) 4,131,549 4,677,564 5,490,926
Options exercisable (in shares) 3,514,925    
Remaining unvested options outstanding and expected to vest (in shares) 610,458    
Stock Options, Weighted Average Exercise Price Per Share      
Beginning balance (in dollars per share) $ 37.41 $ 40.95 $ 44.40
Granted (in dollars per share) 35.76 21.90 17.96
Forfeited or expired (in dollars per share) 61.06 61.46 58.37
Vested/exercised (in dollars per share) 12.64 15.20 8.81
Ending balance (in dollars per share) 35.52 $ 37.41 $ 40.95
Options exercisable (in dollars per share) 37.56    
Remaining unvested options outstanding and expected to vest (in dollars per share) $ 23.93    
v3.24.0.1
Stock-Based Compensation - Fair Value of Options on Grant Date (Details) - Stock Options - $ / shares
 12 Months Ended
Dec. 31, 2023
Dec. 31, 2022
Dec. 31, 2021
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]      
Weighted average grant date fair value (in dollars per share) $ 16.52 $ 11.19 $ 8.94
Expected life of options (in years) 4 years 7 months 6 days 4 years 6 months 4 years 6 months
Risk-free interest rate 4.00% 1.90% 0.70%
Expected volatility (as a percent) 50.00% 62.00% 62.00%
Expected annual dividend per share (in dollars per share) $ 0.00 $ 0.00 $ 0.00
v3.24.0.1
Stock-Based Compensation - Range of Exercise Prices and Intrinsic Value Related to Options Outstanding (Details)
 12 Months Ended
Dec. 31, 2023
$ / shares
shares
Share-based Compensation, Shares Authorized under Stock Option Plans, Exercise Price Range  
Options outstanding, number outstanding (in shares) | shares 4,131,549
Options outstanding, weighted average remaining contractual life 4 years 10 months 24 days
Options outstanding, weighted average exercise price per share (in dollars per share) $ 35.52
Options exercisable, number exercisable (in shares) | shares 3,514,925
Options exercisable, weighted average remaining contractual life 4 years 4 months 24 days
Options exercisable, weighted average exercise price per share (In dollars per share) $ 37.56
$8.81 - $35.76  
Share-based Compensation, Shares Authorized under Stock Option Plans, Exercise Price Range  
Range of Exercise Prices, low end of range (in dollars per share) 8.81
Range of Exercise Prices, high end of range (in dollars per share) $ 35.76
Options outstanding, number outstanding (in shares) | shares 2,411,890
Options outstanding, weighted average remaining contractual life 6 years 9 months 18 days
Options outstanding, weighted average exercise price per share (in dollars per share) $ 20.05
Options exercisable, number exercisable (in shares) | shares 1,795,266
Options exercisable, weighted average remaining contractual life 6 years 4 months 24 days
Options exercisable, weighted average exercise price per share (In dollars per share) $ 18.71
$46.07 - $62.50  
Share-based Compensation, Shares Authorized under Stock Option Plans, Exercise Price Range  
Range of Exercise Prices, low end of range (in dollars per share) 46.07
Range of Exercise Prices, high end of range (in dollars per share) $ 62.50
Options outstanding, number outstanding (in shares) | shares 1,531,586
Options outstanding, weighted average remaining contractual life 2 years 7 months 6 days
Options outstanding, weighted average exercise price per share (in dollars per share) $ 54.53
Options exercisable, number exercisable (in shares) | shares 1,531,586
Options exercisable, weighted average remaining contractual life 2 years 7 months 6 days
Options exercisable, weighted average exercise price per share (In dollars per share) $ 54.53
$70.76 - $79.19  
Share-based Compensation, Shares Authorized under Stock Option Plans, Exercise Price Range  
Range of Exercise Prices, low end of range (in dollars per share) 70.76
Range of Exercise Prices, high end of range (in dollars per share) $ 79.19
Options outstanding, number outstanding (in shares) | shares 188,073
Options outstanding, weighted average remaining contractual life 1 month 6 days
Options outstanding, weighted average exercise price per share (in dollars per share) $ 79.19
Options exercisable, number exercisable (in shares) | shares 188,073
Options exercisable, weighted average remaining contractual life 1 month 6 days
Options exercisable, weighted average exercise price per share (In dollars per share) $ 79.19
v3.24.0.1
Stock-Based Compensation - VDI Units Granted (Details) - $ / shares
 12 Months Ended
Dec. 31, 2023
Dec. 31, 2022
Dec. 31, 2021
2023 Performance Award Plan      
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]      
Performance-based award units granted in 2022 (in shares) 128,213    
Weighted average grant date fair value per share (in dollars per share) $ 42.71    
2022 Performance Award Plan      
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]      
Performance-based award units granted in 2022 (in shares)   142,319  
Weighted average grant date fair value per share (in dollars per share)   $ 35.87  
2021 Performance Award Plan      
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]      
Performance-based award units granted in 2022 (in shares)     204,622
Weighted average grant date fair value per share (in dollars per share)     $ 46.84
v3.24.0.1
Stock-Based Compensation - Compensation Expense (Details) - Executives - USD ($)
$ in Millions
 12 Months Ended
Dec. 31, 2023
Dec. 31, 2022
Dec. 31, 2021
SGI Awards      
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]      
SGI awards $ 58 $ 92  
SGI Awards | Corporate general and administrative expense      
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]      
Share-based liabilities paid 34 54 $ 67
Performance-based awards      
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]      
SGI awards 29 15  
Performance-based awards | Corporate general and administrative expense      
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]      
Share-based liabilities paid $ 21 $ 14 $ 1
v3.24.0.1
Retirement Plans - Defined Contribution Retirement Plans (Details) - USD ($)
$ in Millions
 12 Months Ended
Dec. 31, 2023
Dec. 31, 2022
Dec. 31, 2021
Retirement Benefits [Abstract]      
Expense associated with contributions to defined benefit contribution retirement plans $ 143 $ 129 $ 129
v3.24.0.1
Retirement Plans - Defined Benefit Plans (Details) - USD ($)
$ in Millions
 12 Months Ended
Dec. 31, 2022
Dec. 31, 2021
Retirement Benefits [Abstract]    
Gain on pension settlement $ 42  
Loss on termination of plan   $ 198
v3.24.0.1
Retirement Plans - Multiemployer Pension Plans (Details) - USD ($)
$ in Millions
 12 Months Ended
Dec. 31, 2023
Dec. 31, 2022
Dec. 31, 2021
Retirement Benefits [Abstract]      
Multiemployer pension plan contributions for employees covered under various collective bargaining agreements $ 75 $ 51 $ 44
v3.24.0.1
Other Noncurrent Liabilities (Details) - USD ($)
$ in Millions
Dec. 31, 2023
Dec. 31, 2022
Other Noncurrent Liabilities [Line Items]    
Deferred compensation trusts $ 241 $ 234
Noncurrent liabilities    
Other Noncurrent Liabilities [Line Items]    
Deferred compensation and retirement obligations 256 261
Insurance liabilities $ 76 $ 76
v3.24.0.1
Leases - Components of Lease Expense (Details) - Continuing Operations - USD ($)
$ in Millions
 12 Months Ended
Dec. 31, 2023
Dec. 31, 2022
Dec. 31, 2021
Lessee, Lease, Description [Line Items]      
Operating lease cost $ 76 $ 75 $ 76
Finance lease cost, amortization of right-of-use assets 6 5 5
Variable lease cost 11 11 10
Short-term lease cost 117 128 136
Sublease income (2) (2) (2)
Total lease expense $ 208 $ 217 $ 225
v3.24.0.1
Leases - Information Related to Right-of-Use Assets and Lease Liabilities (Details) - USD ($)
$ in Millions
Dec. 31, 2023
Dec. 31, 2022
Lessee, Lease, Description [Line Items]    
Operating Lease, Right-of-Use Asset, Statement of Financial Position [Extensible List] Current assets Current assets
Finance Lease, Right-of-Use Asset, Statement of Financial Position [Extensible List] Current assets Current assets
Operating Lease, Liability, Current, Statement of Financial Position [Extensible List] Other accrued liabilities Other accrued liabilities
Operating Lease, Liability, Noncurrent, Statement of Financial Position [Extensible List] Long-term debt Long-term debt
Finance Lease, Liability, Current, Statement of Financial Position [Extensible List] Other accrued liabilities Other accrued liabilities
Finance Lease, Liability, Noncurrent, Statement of Financial Position [Extensible List] Long-term debt Long-term debt
Continuing Operations    
Lessee, Lease, Description [Line Items]    
Operating lease assets $ 126 $ 142
Finance lease assets 0 6
Total right-of-use assets 126 148
Operating lease liabilities, current 41 62
Operating lease liabilities, noncurrent 100 96
Finance lease liabilities, current 0 6
Finance lease liabilities, noncurrent 0 7
Total lease liabilities $ 141 $ 171
v3.24.0.1
Leases - Supplemental Information Related to Leases (Details) - Continuing Operations - USD ($)
$ in Millions
 12 Months Ended
Dec. 31, 2023
Dec. 31, 2022
Lessee, Lease, Description [Line Items]    
Operating cash flows from operating leases $ 42 $ 77
Financing cash flows from finance leases 1 7
Right-of-use assets obtained in exchange for new operating lease liabilities 58 57
Right-of-use assets obtained in exchange for new finance lease liabilities $ 0 $ 1
Weighted-average remaining lease term - operating leases 7 years 4 years 9 months 18 days
Weighted-average remaining lease term - finance leases 0 years 3 years 10 months 24 days
Weighted-average discount rate - operating leases 5.40% 3.50%
Weighted-average discount rate - finance leases 0.00% 2.10%
v3.24.0.1
Leases - Remaining Lease Payments (Details) - Continuing Operations
$ in Millions
Dec. 31, 2023
USD ($)
Operating Leases  
2024 $ 46
2025 17
2026 9
2027 22
2028 13
Thereafter 78
Total lease payments 185
Less: Interest (44)
Present value of lease liabilities $ 141