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UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
FORM 10-Q
      QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934
For the quarterly period ended September 30, 2022
Or
       TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934
For the transition period from          to          
Commission File Number:  1-16129
FLUOR CORPORATION
(Exact name of registrant as specified in its charter)
Delaware 33-0927079
(State or other jurisdiction of (I.R.S. Employer
incorporation or organization) Identification No.)
6700 Las Colinas Boulevard  
Irving, Texas 75039
(Address of principal executive offices) (Zip Code)
469-398-7000
(Registrant’s telephone number, including area code)
Securities registered pursuant to Section 12(b) of the Act:
Title of Each ClassTrading Symbol(s)Name of Each Exchange on Which Registered
Common Stock, $.01 par value per shareFLRNew York Stock Exchange
1.750% Senior Notes due 2023FLR 23New York Stock Exchange
Indicate by check mark whether the registrant (1) has filed all reports required to be filed by Section 13 or 15(d) of the Securities Exchange Act of 1934 during the preceding 12 months (or for such shorter period that the registrant was required to file such reports), and (2) has been subject to such filing requirements for the past 90 days.  Yes ý  No o
Indicate by check mark whether the registrant has submitted electronically every Interactive Data File required to be submitted pursuant to Rule 405 of Regulation S-T during the preceding 12 months (or for such shorter period that the registrant was required to submit such files).  Yes ý  No o
Indicate by check mark whether the registrant is a large accelerated filer, an accelerated filer, a non-accelerated filer, a smaller reporting company or an emerging growth company. See definitions of “large accelerated filer,” “accelerated filer,” “smaller reporting company” and “emerging growth company” in Rule 12b-2 of the Exchange Act. (Check one):
Large accelerated filer Accelerated filer
Non-accelerated filerSmaller reporting company
 Emerging growth company
If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act. o
Indicate by check mark whether the registrant is a shell company (as defined in Rule 12b-2 of the Exchange Act).  Yes   No ý
As of October 31, 2022, 142,088,313 shares of the registrant’s common stock, $0.01 par value, were outstanding.



FLUOR CORPORATION
FORM 10-Q

1

Glossary of Terms
The definitions and abbreviations set forth below apply to the indicated terms used throughout this filing.
Abbreviation/TermDefinition
2021 10-KAnnual Report on Form 10-K for the year ended December 31, 2021
2021 PeriodNine months ended September 30, 2021
2021 QuarterThree months ended September 30, 2021
2022 PeriodNine months ended September 30, 2022
2022 QuarterThree months ended September 30, 2022
3METhree months ended
9MENine months ended
AMECOAmerican Equipment Company, Inc.
AOCIAccumulated other comprehensive income (loss)
APICAdditional paid-in capital
ASCAccounting Standards Codification
ASUAccounting Standards Update
CFIUSCommittee on Foreign Investment in the United States
Cont OpsContinuing operations
COOECChina's Offshore Oil Engineering Co., Ltd
COVIDCoronavirus pandemic
CPSConvertible preferred stock
CTACurrency translation adjustment
DB planDefined benefit pension plan
Disc OpsDiscontinued operations
DOEU.S. Department of Energy
EPCEngineering, procurement and construction
EPSEarnings (loss) per share
Exchange ActSecurities Exchange Act of 1934
FluorFluor Corporation
G&AGeneral and administrative expense
GAAPAccounting principles generally accepted in the United States
ICFRInternal control over financial reporting
LNGLiquefied natural gas
LOGCAPLogistics Civil Augmentation Program
NCINoncontrolling interests
NMNot meaningful
NuScaleNuScale Power Corporation
OCIOther comprehensive income (loss)
PIPEPrivate investment in public equity
PP&EProperty, plant and equipment
RSURestricted stock units
RUPORemaining unsatisfied performance obligations
SECSecurities and Exchange Commission
SGIStock growth incentive awards
SMRSmall modular reactor
SPACSpecial purpose acquisition company
Spring ValleySpring Valley Acquisition Corporation
StorkStork Holding B.V. and subsidiaries
VIEVariable interest entity
2

PART I:  FINANCIAL INFORMATION
Item 1. Financial Statements
FLUOR CORPORATION
CONDENSED CONSOLIDATED STATEMENT OF OPERATIONS
UNAUDITED

3ME
September 30,
9ME
September 30,
(in millions, except per share amounts)2022202120222021
Revenue$3,612 $3,503 $10,034 $10,534 
Cost of revenue(3,627)(3,390)(9,812)(10,240)
Gross profit(15)113 222 294 
G&A(30)(44)(146)(144)
Impairment (5)63 (153)
Foreign currency gain (loss)34 37 51 (4)
Operating profit (loss)(11)101 190 (7)
Interest expense(14)(37)(43)(76)
Interest income28 4 47 13 
Earnings (loss) from Cont Ops before taxes3 68 194 (70)
Income tax (expense) benefit(27)(29)(89)(35)
Net earnings (loss) from Cont Ops(24)39 105 (105)
Less: Net earnings (loss) from Cont Ops attributable to NCI
(46)(3)(31)22 
Net earnings (loss) from Cont Ops attributable to Fluor22 42 136 (127)
Net earnings (loss) from Disc Ops attributable to Fluor  (1) (34)
Net earnings (loss) attributable to Fluor$22 $41 $136 $(161)
Less: Dividends on CPS10 10 29 15 
Net earnings (loss) available to Fluor common stockholders$12 $31 $107 $(176)
Basic EPS available to Fluor common stockholders
Net earnings (loss) from Cont Ops$0.08 $0.23 $0.75 $(1.00)
Net earnings (loss) from Disc Ops (0.01) (0.24)
Diluted EPS available to Fluor common stockholders
Net earnings (loss) from Cont Ops$0.08 $0.22 $0.74 $(1.00)
Net earnings (loss) from Disc Ops (0.01) (0.24)

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

3

FLUOR CORPORATION
CONDENSED CONSOLIDATED STATEMENT OF COMPREHENSIVE INCOME (LOSS)
UNAUDITED
3ME
September 30,
9ME
September 30,
(in millions)2022202120222021
Net earnings (loss) from Cont Ops$(24)$39 $105 $(105)
Net earnings (loss) from Disc Ops (1) (34)
Net earnings (loss)$(24)$38 $105 $(139)
OCI, net of tax:
Foreign currency translation adjustment(32)(19)(35)(17)
Ownership share of equity method investees’ OCI14 (3)31 (5)
DB plan adjustments 1  4 
Unrealized gain (loss) on hedges(5)(2)(8)(5)
Total OCI, net of tax(23)(23)(12)(23)
Comprehensive income (loss)(47)15 93 (162)
Less: Comprehensive income (loss) attributable to NCI(46) (31)24 
Comprehensive income (loss) attributable to Fluor$(1)$15 $124 $(186)
The accompanying notes are an integral part of these financial statements.
4

FLUOR CORPORATION
CONDENSED CONSOLIDATED BALANCE SHEET
UNAUDITED
(in millions, except share and per share amounts)September 30,
2022
December 31,
2021
ASSETS   
Current assets  
Cash and cash equivalents ($852 and $630 related to VIEs)
$2,436 $2,209 
Marketable securities ($98 and $90 related to VIEs)
155 127 
Accounts receivable, net ($192 and $173 related to VIEs)
1,007 1,171 
Contract assets ($219 and $223 related to VIEs)
1,012 1,066 
Other current assets ($34 and $28 related to VIEs)
381 608 
Total current assets4,991 5,181 
Noncurrent assets
Property, plant and equipment, net ($43 and $46 related to VIEs)
460 456 
Investments612 517 
Deferred taxes50 51 
Deferred compensation trusts225 330 
Goodwill244 249 
Other assets ($41 and $45 related to VIEs)
288 305 
Total noncurrent assets1,879 1,908 
Total assets$6,870 $7,089 
LIABILITIES AND EQUITY 
Current liabilities
Accounts payable ($277 and $261 related to VIEs)
$1,071 $1,220 
Short-term debt and current portion of long-term debt167 18 
Contract liabilities ($361 and $351 related to VIEs)
769 945 
Accrued salaries, wages and benefits ($20 and $27 related to VIEs)
567 629 
Other accrued liabilities ($31 and $33 related to VIEs)
637 802 
Total current liabilities3,211 3,614 
Long-term debt980 1,174 
Deferred taxes63 67 
Other noncurrent liabilities ($55 and $13 related to VIEs)
586 667 
Contingencies and commitments
Temporary APIC107  
Equity
Shareholders’ equity
Preferred stock — authorized 20,000,000 shares ($0.01 par value); issued and outstanding — 600,000 shares in 2022 and 2021
  
Common stock — authorized 375,000,000 shares ($0.01 par value); issued and outstanding — 142,082,682 and 141,434,771 shares in 2022 and 2021, respectively
1 1 
APIC1,129 967 
AOCI(378)(366)
Retained earnings898 791 
Total shareholders’ equity1,650 1,393 
NCI273 174 
Total equity1,923 1,567 
Total liabilities and equity$6,870 $7,089 
The accompanying notes are an integral part of these financial statements.
5

FLUOR CORPORATION
CONDENSED CONSOLIDATED STATEMENT OF CASH FLOWS
UNAUDITED
9ME
September 30,
(in millions)20222021
OPERATING CASH FLOW  
Net earnings (loss)$105 $(139)
Adjustments to reconcile net earnings (loss) to operating cash flow:
Impairment(63)153 
Depreciation and amortization55 60 
Change in fair value of warrant liabilities(6) 
(Earnings) loss from equity method investments, net of distributions(14)(8)
(Gain) loss on sales of assets incl. AMECO-North America(15)9 
Loss on debt repurchases 20 
Stock-based compensation19 25 
Deferred taxes(10)27 
Net contributions to employee pension plans (12)
Changes in assets and liabilities(82)(353)
Other(4)(2)
Operating cash flow(15)(220)
INVESTING CASH FLOW
Purchases of marketable securities(313)(73)
Proceeds from the sales and maturities of marketable securities286 30 
Capital expenditures(38)(55)
Proceeds from sales of assets29 125 
Investments in partnerships and joint ventures(47)(80)
Other19 (12)
Investing cash flow(64)(65)
FINANCING CASH FLOW
Proceeds from NuScale de-SPAC transaction341  
Proceeds from sale of NuScale interest107  
Proceeds from issuance of CPS 582 
Purchase and retirement of debt(23)(525)
Dividends paid on CPS(29)(9)
Other borrowings (debt repayments)6 (7)
Distributions paid to NCI(15)(20)
Capital contributions by NCI 201 
Other (9)(4)
Financing cash flow378 218 
Effect of exchange rate changes on cash(72)(6)
Increase (decrease) in cash and cash equivalents227 (73)
Cash and cash equivalents at beginning of period2,209 2,199 
Cash and cash equivalents at end of period$2,436 $2,126 
SUPPLEMENTAL INFORMATION:
Cash paid for interest$43 $81 
Cash paid for income taxes (net of refunds)71 59 
The accompanying notes are an integral part of these financial statements.
6

FLUOR CORPORATION
CONDENSED CONSOLIDATED STATEMENT OF CHANGES IN EQUITY
UNAUDITED
(in millions, except per share amounts)Preferred StockCommon StockAPICAOCIRetained
Earnings
Total Shareholders' EquityNCITotal
Equity
SharesAmountSharesAmount
BALANCE AS OF JUNE 30, 20221 $ 142 $1 $983 $(355)$885 $1,514 $180 $1,694 
Net earnings (loss)— — — — — — 22 22 (46)(24)
OCI— — — — — (23)— (23)— (23)
Dividends on CPS ($16.25 per share)
— — — — — — (9)(9)— (9)
Distributions to NCI, net of capital contributions— — — — — — — — (3)(3)
NuScale reverse recapitalization— — — — 147 —  147 145 292 
Other NCI transactions— — — — — — — — (3)(3)
Stock-based plan activity— — — — (1)— — (1)— (1)
BALANCE AS OF SEPTEMBER 30, 20221  142 $1 $1,129 $(378)$898 $1,650 $273 $1,923 

(in millions, except per share amounts)Preferred StockCommon StockAPICAOCIRetained
Earnings
Total Shareholders' EquityNCITotal
Equity
SharesAmountSharesAmount
BALANCE AS OF DECEMBER 31, 20211 $ 141 $1 $967 $(366)$791 $1,393 $174 $1,567 
Net earnings (loss)— — — — — — 136 136 (31)105 
OCI— — — — — (12)— (12)— (12)
Dividends on CPS ($48.75 per share)
— — — — — — (29)(29)— (29)
Distributions to NCI, net of capital contributions— — — — — — — — (15)(15)
NuScale reverse recapitalization— — — — 147 —  147 145 292 
Other NCI transactions— — — — 1 — — 1 — 1 
Stock-based plan activity— — 1 — 14 — — 14 — 14 
BALANCE AS OF SEPTEMBER 30, 20221  142 $1 $1,129 $(378)$898 $1,650 $273 $1,923 
The accompanying notes are an integral part of these financial statements.






7


FLUOR CORPORATION
CONDENSED CONSOLIDATED STATEMENT OF CHANGES IN EQUITY (Continued)
UNAUDITED
(in millions, except per share amounts)Preferred StockCommon StockAPICAOCIRetained
Earnings
Total Shareholders' EquityNCITotal
Equity
SharesAmountSharesAmount
BALANCE AS OF JUNE 30, 20211 $ 141 $1 $883 $(417)$1,049 $1,516 $255 $1,771 
Net earnings (loss)— — — — — — 41 41 (3)38 
OCI— — — — — (25)— (25)2 (23)
Dividends on CPS ($16.25 per share)
— — — — — — (10)(10)— (10)
Capital contributions by NCI, net of distributions— — — — — — — — 94 94 
Other NCI transactions— — — — 72 — — 72 (102)(30)
Stock-based plan activity— — — — 4 — — 4 — 4 
BALANCE AS OF SEPTEMBER 30, 20211 $ 141 $1 $959 $(442)$1,080 $1,598 $246 $1,844 

(in millions, except per share amounts)Preferred StockCommon StockAPICAOCIRetained
Earnings
Total Shareholders' EquityNCITotal
Equity
SharesAmountSharesAmount
BALANCE AS OF DECEMBER 31, 2020 $ 141 $1 $196 $(417)$1,250 $1,030 $233 $1,263 
Net earnings (loss)— — — — — — (161)(161)22 (139)
OCI— — — — — (25)— (25)2 (23)
Issuance of CPS1 — — — 582 — — 582 — 582 
Dividends on CPS ($16.25 per share)
— — — — — — (9)(9)— (9)
Capital contributions by NCI, net of distributions— — — — — — — — 181 181 
Other NCI transactions— — — — 160 — — 160 (192)(32)
Stock-based plan activity— — — — 21 — — 21 — 21 
BALANCE AS OF SEPTEMBER 30, 20211 $ 141 $1 $959 $(442)$1,080 $1,598 $246 $1,844 

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










8


FLUOR CORPORATION
NOTES TO FINANCIAL STATEMENTS
UNAUDITED

1. Principles of Consolidation

These financial statements do not include footnotes and certain financial information presented annually under GAAP, and therefore, should be read in conjunction with our 2021 10-K. Accounting measurements at interim dates inherently involve greater reliance on estimates than at year-end. Although such estimates are based on management’s most recent assessment of the underlying facts and circumstances utilizing the most current information available, our reported results of operations may not necessarily be indicative of results that we expect for the full year.

The financial statements included herein are unaudited. We believe they contain all adjustments of a normal recurring nature which are necessary to present fairly our financial position and our operating results as of and for the periods presented. All significant intercompany transactions of consolidated subsidiaries are eliminated. Certain amounts in tables may not total or agree back to the financial statements due to immaterial rounding differences. Management has evaluated all material events occurring subsequent to September 30, 2022 through the filing date of this Q3 2022 10-Q.
Quarters are typically 13 weeks in length but, due to our December 31 year-end, the number of weeks in a reporting period may vary slightly during the year and for comparable prior year periods. We report our quarterly results of operations based on periods ending on the Sunday nearest March 31, June 30 and September 30, allowing for 13-week interim reporting periods. For clarity of presentation, all periods are labeled as if the periods ended on March 31, June 30 and September 30.
In the first quarter of 2022, we determined that our Stork business and the remaining unsold AMECO equipment business no longer met all of the requirements to be classified as Disc Ops, primarily as a result of uncertainties related to the timing of this sale. Therefore, both Stork and the remaining AMECO business are reported as Cont Ops for all periods presented and included in our Other segment. Further, we remeasured the carrying value of these businesses under the held and used criteria and reversed $63 million of previously recorded impairment expense during the first quarter of 2022.
2. NuScale Reverse Recapitalization
In the second quarter of 2022, NuScale became a public company (ticker:SMR) through a reverse recapitalization with a public shell company, Spring Valley, 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 control and consolidate NuScale. The impacts of the transaction are recognized in our third quarter results.
Under the reverse recapitalization, NuScale was the accounting acquirer of Spring Valley which held no significant assets or liabilities requiring fair value re-assessment (outside of cash and warrant liabilities).
3. Recent Accounting Pronouncements
We did not implement any new accounting pronouncements during the 2022 Period. However, we are evaluating the impact of the future disclosures that may arise under recent SEC proposals.
9


FLUOR CORPORATION
NOTES TO FINANCIAL STATEMENTS
UNAUDITED
4. Earnings Per Share
Potentially dilutive securities include CPS, stock options, RSUs and performance-based award units. 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.
3ME
September 30,
9ME
September 30,
(in millions, except per share amounts)2022202120222021
Net earnings (loss) from Cont Ops attributable to Fluor$22 $42 $136 $(127)
Less: Dividends on CPS10 10 29 15 
Net earnings (loss) from Cont Ops available to Fluor common stockholders12 32 107 (142)
Net earnings (loss) from Disc Ops attributable to Fluor (1) (34)
Net earnings (loss) available to Fluor common stockholders$12 $31 $107 $(176)
Weighted average common shares outstanding142 141 142 141 
Diluted effect:
CPS
Stock options, RSUs and performance-based award units322
Weighted average diluted shares outstanding145 143 144 141 
Basic EPS available to Fluor common stockholders:
Net earnings (loss) from Cont Ops$0.08 $0.23 $0.75 $(1.00)
Net earnings (loss) from Disc Ops (0.01) (0.24)
Diluted EPS available to Fluor common stockholders:
Net earnings (loss) from Cont Ops$0.08 $0.22 $0.74 $