Company Quick10K Filing
Quick10K
Fluor
Closing Price ($) Shares Out (MM) Market Cap ($MM)
$29.91 140 $4,190
10-Q 2019-06-30 Quarter: 2019-06-30
10-Q 2019-03-31 Quarter: 2019-03-31
10-K 2018-12-31 Annual: 2018-12-31
10-Q 2018-09-30 Quarter: 2018-09-30
10-Q 2018-06-30 Quarter: 2018-06-30
10-Q 2018-03-31 Quarter: 2018-03-31
10-K 2017-12-31 Annual: 2017-12-31
10-Q 2017-09-30 Quarter: 2017-09-30
10-Q 2017-06-30 Quarter: 2017-06-30
10-Q 2017-03-31 Quarter: 2017-03-31
10-K 2016-12-31 Annual: 2016-12-31
10-Q 2016-09-30 Quarter: 2016-09-30
10-Q 2016-06-30 Quarter: 2016-06-30
10-Q 2016-03-31 Quarter: 2016-03-31
10-K 2015-12-31 Annual: 2015-12-31
10-Q 2015-09-30 Quarter: 2015-09-30
10-Q 2015-06-30 Quarter: 2015-06-30
10-Q 2015-03-31 Quarter: 2015-03-31
10-K 2014-12-31 Annual: 2014-12-31
10-Q 2014-09-30 Quarter: 2014-09-30
10-Q 2014-06-30 Quarter: 2014-06-30
10-Q 2014-03-31 Quarter: 2014-03-31
10-K 2013-12-31 Annual: 2013-12-31
8-K 2019-08-05 Officers
8-K 2019-08-01 Earnings, Exhibits
8-K 2019-05-24 Officers, Regulation FD, Exhibits
8-K 2019-05-16 Officers, Regulation FD, Exhibits
8-K 2019-05-02 Earnings, Exhibits
8-K 2019-05-02 Shareholder Vote
8-K 2019-05-01 Officers, Regulation FD, Other Events, Exhibits
8-K 2019-03-07 Officers, Exhibits
8-K 2019-02-21 Earnings, Exhibits
8-K 2018-11-01 Earnings, Exhibits
8-K 2018-10-10 Earnings, Exhibits
8-K 2018-08-29 Enter Agreement, Other Events, Exhibits
8-K 2018-08-20 Enter Agreement, Other Events, Exhibits
8-K 2018-08-02 Earnings, Exhibits
8-K 2018-08-02 Other Events, Exhibits
8-K 2018-05-11 Regulation FD, Exhibits
8-K 2018-05-03 Shareholder Vote
8-K 2018-02-08 Officers
8-K 2018-01-31 Officers
PFE Pfizer 225,630
MCY Mercury General 3,090
DK Delek US Holdings 2,830
QUOT Quotient Technology 959
LPI Life Partners Position Holder Trust 852
SEAC SeaChange 47
FZMD Fuse Medical 0
TXHD Textmunication Holdings 0
SHMP NaturalShrimp 0
HAHA Haha Generation 0
FLR 2019-06-30
Part I: Financial Information
Item 1. Financial Statements
Item 2. Management's Discussion and Analysis of Financial Condition and Results of Operations
Item 3. Quantitative and Qualitative Disclosures About Market Risk
Item 4. Controls and Procedures
Part Ii: Other Information
Item 1. Legal Proceedings
Item 1A. Risk Factors
Item 2. Unregistered Sales of Equity Securities and Use of Proceeds
Item 4. Mine Safety Disclosures
Item 6. Exhibits
EX-31.1 flr2019q2ex311.htm
EX-31.2 flr2019q2ex312.htm
EX-32.1 flr2019q2ex321.htm
EX-32.2 flr2019q2ex322.htm

Fluor Earnings 2019-06-30

FLR 10Q Quarterly Report

Balance SheetIncome StatementCash Flow

Document
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Table of Contents

 
UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
FORM 10-Q
      QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934
For the quarterly period ended June 30, 2019
Or
        TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934
For the transition period from          to          
Commission File Number:  1-16129
FLUOR CORPORATION
(Exact name of registrant as specified in its charter)
Delaware
 
33-0927079
(State or other jurisdiction of
 
(I.R.S. Employer
incorporation or organization)
 
Identification No.)
 
 
 
 
6700 Las Colinas Boulevard
 
 
Irving,
Texas
 
75039
(Address of principal executive offices)
 
(Zip Code)
469-398-7000
(Registrant’s telephone number, including area code)
Securities registered pursuant to Section 12(b) of the Act:
Title of each class
Trading Symbol(s)
Name of each exchange on which registered
Common Stock, $.01 par value per share
FLR
New York Stock Exchange
Indicate by check mark whether the registrant (1) has filed all reports required to be filed by Section 13 or 15(d) of the Securities Exchange Act of 1934 during the preceding 12 months (or for such shorter period that the registrant was required to file such reports), and (2) has been subject to such filing requirements for the past 90 days.  Yes ý  No o
Indicate by check mark whether the registrant has submitted electronically, if any, every Interactive Data File required to be submitted pursuant to Rule 405 of Regulation S-T during the preceding 12 months (or for such shorter period that the registrant was required to submit such files).  Yes ý  No o
Indicate by check mark whether the registrant is a large accelerated filer, an accelerated filer, a non-accelerated filer, a smaller reporting company or an emerging growth company. See definitions of “large accelerated filer,” “accelerated filer,” “smaller reporting company” and “emerging growth company” in Rule 12b-2 of the Exchange Act. (Check one):
Large accelerated filer
Accelerated filer
Non-accelerated filer
Smaller reporting company
 
 
Emerging growth company
If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act. o
Indicate by check mark whether the registrant is a shell company (as defined in Rule 12b-2 of the Exchange Act).  Yes   No ý
As of July 26, 2019, 139,927,317 shares of the registrant’s common stock, $0.01 par value, were outstanding.
 


Table of Contents

FLUOR CORPORATION
FORM 10-Q
TABLE OF CONTENTS
PAGE
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 

1

Table of Contents

PART I:  FINANCIAL INFORMATION
Item 1. Financial Statements
FLUOR CORPORATION
CONDENSED CONSOLIDATED STATEMENT OF EARNINGS
UNAUDITED
 
 
Three Months Ended
June 30,
 
Six Months Ended
June 30,
(in thousands, except per share amounts)
 
2019
 
2018
 
2019
 
2018
 
 
 
 
 
 
 
 
 
TOTAL REVENUE
 
$
4,094,376

 
$
4,883,796

 
$
8,287,123

 
$
9,707,566

 
 
 
 
 
 
 
 
 
TOTAL COST OF REVENUE
 
4,706,302

 
4,673,644

 
8,837,362

 
9,439,619

 
 
 
 
 
 
 
 
 
OTHER (INCOME) AND EXPENSES
 
 
 
 
 
 
 
 
Corporate general and administrative expense
 
53,356

 
17,776

 
114,407

 
75,047

Restructuring and other exit costs
 
45,732

 

 
73,100

 

Interest expense
 
18,877

 
16,784

 
37,514

 
33,896

Interest income
 
(14,913
)
 
(8,043
)
 
(27,889
)
 
(15,576
)
Total cost and expenses
 
4,809,354

 
4,700,161

 
9,034,494

 
9,532,986

 
 
 
 
 
 
 
 
 
EARNINGS (LOSS) BEFORE TAXES
 
(714,978
)
 
183,635

 
(747,371
)
 
174,580

INCOME TAX EXPENSE (BENEFIT)
 
(121,492
)
 
52,471

 
(110,577
)
 
55,477

 
 
 
 
 
 
 
 
 
NET EARNINGS (LOSS)
 
(593,486
)
 
131,164

 
(636,794
)
 
119,103

 
 
 
 
 
 
 
 
 
LESS: NET EARNINGS (LOSS) ATTRIBUTABLE TO NONCONTROLLING INTERESTS
 
(38,678
)
 
16,332

 
(23,560
)
 
21,861

 
 
 
 
 
 
 
 
 
NET EARNINGS (LOSS) ATTRIBUTABLE TO FLUOR CORPORATION
 
$
(554,808
)
 
$
114,832

 
$
(613,234
)
 
$
97,242

 
 
 
 
 
 
 
 
 
BASIC EARNINGS (LOSS) PER SHARE
 
$
(3.96
)
 
$
0.82

 
$
(4.38
)
 
$
0.69

 
 
 
 
 
 
 
 
 
DILUTED EARNINGS (LOSS) PER SHARE
 
$
(3.96
)
 
$
0.81

 
$
(4.38
)
 
$
0.69

 
 
 
 
 
 
 
 
 
SHARES USED TO CALCULATE EARNINGS PER SHARE
 
 
 
 
 
 
 
 
BASIC
 
140,141

 
140,654

 
139,959

 
140,377

DILUTED
 
140,141

 
141,306

 
139,959

 
141,274

 
 
 
 
 
 
 
 
 
DIVIDENDS DECLARED PER SHARE
 
$
0.21

 
$
0.21

 
$
0.42

 
$
0.42

See Notes to Condensed Consolidated Financial Statements.

2

Table of Contents

FLUOR CORPORATION
CONDENSED CONSOLIDATED STATEMENT OF COMPREHENSIVE INCOME
UNAUDITED
 
 
Three Months Ended
June 30,
 
Six Months Ended
June 30,
(in thousands)
 
2019
 
2018
 
2019
 
2018
 
 
 
 
 
 
 
 
 
NET EARNINGS (LOSS)
 
$
(593,486
)
 
$
131,164

 
$
(636,794
)
 
$
119,103

 
 
 
 
 
 
 
 
 
OTHER COMPREHENSIVE INCOME (LOSS), NET OF TAX:
 
 
 
 
 
 
 
 
Foreign currency translation adjustment
 
(14,205
)
 
(58,981
)
 
27,665

 
(32,623
)
Ownership share of equity method investees’ other comprehensive income (loss)
 
(2,465
)
 
7,569

 
(4,787
)
 
12,550

Defined benefit pension and postretirement plan adjustments
 
2,039

 
2,694

 
4,103

 
3,870

Unrealized gain (loss) on derivative contracts
 
2,238

 
(2,140
)
 
5,695

 
(5,742
)
Unrealized gain on available-for-sale securities
 

 

 

 
709

TOTAL OTHER COMPREHENSIVE INCOME (LOSS),
NET OF TAX
 
(12,393
)
 
(50,858
)
 
32,676

 
(21,236
)
 
 
 
 
 
 
 
 
 
COMPREHENSIVE INCOME (LOSS)
 
(605,879
)
 
80,306

 
(604,118
)
 
97,867

 
 
 
 
 
 
 
 
 
LESS: COMPREHENSIVE INCOME (LOSS) ATTRIBUTABLE TO NONCONTROLLING INTERESTS
 
(38,957
)
 
15,109

 
(23,354
)
 
20,978

 
 
 
 
 
 
 
 
 
COMPREHENSIVE INCOME (LOSS) ATTRIBUTABLE TO FLUOR CORPORATION
 
$
(566,922
)
 
$
65,197

 
$
(580,764
)
 
$
76,889

See Notes to Condensed Consolidated Financial Statements.

3

Table of Contents

FLUOR CORPORATION
CONDENSED CONSOLIDATED BALANCE SHEET
UNAUDITED
(in thousands, except share and per share amounts)
 
June 30,
2019
 
December 31,
2018
 
 
 
 
 
ASSETS 
 
 

 
 

CURRENT ASSETS
 
 

 
 

Cash and cash equivalents ($645,467 and $391,635 related to variable interest entities (“VIEs”))
 
$
1,857,285

 
$
1,764,746

Marketable securities ($55,066 and $202,481 related to VIEs)
 
73,098

 
214,828

Accounts and notes receivable, net ($247,166 and $214,339 related to VIEs)
 
1,490,768

 
1,534,339

Contract assets ($339,732 and $350,814 related to VIEs)
 
1,233,993

 
1,544,981

Other current assets ($12,300 and $15,660 related to VIEs)
 
502,408

 
381,999

Total current assets
 
5,157,552

 
5,440,893

 
 
 
 
 
Property, plant and equipment (net of accumulated depreciation of $1,143,666 and $1,220,802) (net PP&E of $44,103 and $41,479 related to VIEs)
 
894,997

 
1,013,732

Goodwill
 
534,401

 
533,585

Investments
 
893,969

 
938,490

Deferred taxes
 
513,306

 
342,126

Deferred compensation trusts
 
356,727

 
328,814

Other assets ($41,703 and $26,578 related to VIEs)
 
622,922

 
315,997

TOTAL ASSETS
 
$
8,973,874

 
$
8,913,637

 
 
 
 
 
LIABILITIES AND EQUITY 
 
 
 
 
CURRENT LIABILITIES
 
 
 
 
Trade accounts payable ($500,140 and $475,018 related to VIEs)
 
$
1,546,171

 
$
1,638,891

Short-term borrowings
 
41,577

 
26,887

Contract liabilities ($442,125 and $271,692 related to VIEs)
 
1,434,529

 
855,948

Accrued salaries, wages and benefits ($28,878 and $28,478 related to VIEs)
 
600,069

 
649,486

Other accrued liabilities ($34,446 and $49,997 related to VIEs)
 
435,350

 
381,301

Total current liabilities
 
4,057,696

 
3,552,513

 
 
 
 
 
LONG-TERM DEBT DUE AFTER ONE YEAR
 
1,657,246

 
1,661,565

NONCURRENT LIABILITIES
 
761,443

 
581,509

CONTINGENCIES AND COMMITMENTS
 


 


 
 
 
 
 
EQUITY
 
 
 
 
Shareholders’ equity
 
 
 
 
Capital stock
 
 
 
 
Preferred — authorized 20,000,000 shares ($0.01 par value); none issued
 

 

Common — authorized 375,000,000 shares ($0.01 par value); issued and outstanding — 140,174,400 and 139,653,824 shares in 2019 and 2018, respectively
 
1,399

 
1,396

Additional paid-in capital
 
113,042

 
82,106

Accumulated other comprehensive loss
 
(510,008
)
 
(542,478
)
Retained earnings
 
2,769,804

 
3,422,157

Total shareholders’ equity
 
2,374,237

 
2,963,181

Noncontrolling interests
 
123,252

 
154,869

Total equity
 
2,497,489

 
3,118,050

TOTAL LIABILITIES AND EQUITY
 
$
8,973,874

 
$
8,913,637

See Notes to Condensed Consolidated Financial Statements.

4

Table of Contents

FLUOR CORPORATION
CONDENSED CONSOLIDATED STATEMENT OF CASH FLOWS
UNAUDITED
 
 
Six Months Ended
June 30,
(in thousands)
 
2019
 
2018
 
 
 
 
 
CASH FLOWS FROM OPERATING ACTIVITIES
 
 

 
 

Net earnings (loss)
 
$
(636,794
)
 
$
119,103

Adjustments to reconcile net earnings (loss) to cash provided (utilized) by operating activities:
 
 
 
 
Depreciation of fixed assets
 
87,871

 
102,503

Amortization of intangibles
 
9,043

 
9,403

(Earnings) loss from equity method investments, net of distributions
 
7,891

 
1,919

Gain on sale of property, plant and equipment
 
(3,552
)
 
(7,347
)
Impairment of long-lived assets
 
39,115

 

Amortization of stock-based awards
 
29,803

 
23,990

Deferred compensation trust
 
(34,412
)
 
(2,826
)
Deferred compensation obligation
 
36,593

 
3,145

Deferred taxes
 
(173,488
)
 
15,619

Net retirement plan accrual (contributions)
 
(1,827
)
 
(3,056
)
Changes in operating assets and liabilities
 
726,415

 
(394,362
)
Other items
 
4,777

 
(691
)
Cash provided (utilized) by operating activities
 
91,435

 
(132,600
)
 
 
 
 
 
CASH FLOWS FROM INVESTING ACTIVITIES
 
 
 
 
Purchases of marketable securities
 
(23,409
)
 
(163,788
)
Proceeds from the sales and maturities of marketable securities
 
164,964

 
335,215

Capital expenditures
 
(100,840
)
 
(110,451
)
Proceeds from disposal of property, plant and equipment
 
25,179

 
40,085

Investments in partnerships and joint ventures
 
(27,056
)
 
(16,690
)
Other items
 
5,164

 
(383
)
Cash provided by investing activities
 
44,002

 
83,988

 
 
 
 
 
CASH FLOWS FROM FINANCING ACTIVITIES
 
 
 
 
Dividends paid
 
(59,324
)
 
(59,641
)
Net proceeds from issuance of commercial paper
 

 
49,645

Distributions paid to noncontrolling interests
 
(15,572
)
 
(32,252
)
Capital contributions by noncontrolling interests
 
7,821

 
3,760

Taxes paid on vested restricted stock
 
(3,572
)
 
(5,490
)
Stock options exercised
 
1,466

 
5,383

Other items
 
11,372

 
(1,853
)
Cash utilized by financing activities
 
(57,809
)
 
(40,448
)
Effect of exchange rate changes on cash
 
14,911

 
(33,055
)
Increase (decrease) in cash and cash equivalents
 
92,539

 
(122,115
)
Cash and cash equivalents at beginning of period
 
1,764,746

 
1,804,075

Cash and cash equivalents at end of period
 
$
1,857,285

 
$
1,681,960

See Notes to Condensed Consolidated Financial Statements.

5

Table of Contents

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

$
1,399

$
94,456

$
(497,894
)
$
3,354,352

$
2,952,313

$
163,612

$
3,115,925

Net earnings (loss)




(554,808
)
(554,808
)
(38,678
)
(593,486
)
Other comprehensive loss



(12,114
)

(12,114
)
(279
)
(12,393
)
Dividends ($0.21 per share)




(29,740
)
(29,740
)

(29,740
)
Distributions to noncontrolling interests






(5,420
)
(5,420
)
Capital contributions by noncontrolling interests






3,054

3,054

Other noncontrolling interest transactions


2,048



2,048

963

3,011

Stock-based plan activity
65


16,538



16,538


16,538

BALANCE AS OF
JUNE 30, 2019
140,174

$
1,399

$
113,042

$
(510,008
)
$
2,769,804

$
2,374,237

$
123,252

$
2,497,489

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

$
1,396

$
82,106

$
(542,478
)
$
3,422,157

$
2,963,181

$
154,869

$
3,118,050

Net earnings (loss)




(613,234
)
(613,234
)
(23,560
)
(636,794
)
Cumulative adjustment for the adoption of ASC 842




20,544

20,544


20,544

Other comprehensive income



32,470


32,470

206

32,676

Dividends ($0.42 per share)


218


(59,663
)
(59,445
)

(59,445
)
Distributions to noncontrolling interests






(15,572
)
(15,572
)
Capital contributions by noncontrolling interests






7,821

7,821

Other noncontrolling interest transactions


3,083



3,083

(512
)
2,571

Stock-based plan activity
520

3

27,635



27,638


27,638

BALANCE AS OF
JUNE 30, 2019
140,174

$
1,399

$
113,042

$
(510,008
)
$
2,769,804

$
2,374,237

$
123,252

$
2,497,489



6

Table of Contents

FLUOR CORPORATION
CONDENSED CONSOLIDATED STATEMENT OF CHANGES IN EQUITY (Continued)

(in thousands, except per share amounts)
Common Stock
Additional Paid-In Capital
Accumulated Other Comprehensive Loss
Retained
Earnings
Total Shareholders' Equity
Noncontrolling
Interests
Total
Equity
Shares
Amount
BALANCE AS OF
MARCH 31, 2018
140,598

$
1,406

$
99,028

$
(372,960
)
$
3,268,837

$
2,996,311

$
132,996

$
3,129,307

Net earnings




114,832

114,832

16,332

131,164

Other comprehensive loss



(49,635
)

(49,635
)
(1,223
)
(50,858
)
Dividends ($0.21 per share)


(34
)

(30,493
)
(30,527
)

(30,527
)
Distributions to noncontrolling interests






(9,026
)
(9,026
)
Capital contributions by noncontrolling interests






3,395

3,395

Other noncontrolling interest transactions


1,682



1,682

(989
)
693

Stock-based plan activity
102


10,692



10,692


10,692

BALANCE AS OF
JUNE 30, 2018
140,700

$
1,406

$
111,368

$
(422,595
)
$
3,353,176

$
3,043,355

$
141,485

$
3,184,840

 
 
 
 
 
 
 
 
 
(in thousands, except per share amounts)
Common Stock
Additional Paid-In Capital
Accumulated Other Comprehensive Loss
Retained
Earnings
Total Shareholders' Equity
Noncontrolling
Interests
Total
Equity
Shares
Amount
BALANCE AS OF
DECEMBER 31, 2017
139,918

$
1,399

$
88,222

$
(402,242
)
$
3,654,931

$
3,342,310

$
150,089

$
3,492,399

Net earnings




97,242

97,242

21,861

119,103

Cumulative adjustment for the adoption of ASC 606




(338,738
)
(338,738
)
(963
)
(339,701
)
Other comprehensive loss



(20,353
)

(20,353
)
(883
)
(21,236
)
Dividends ($0.42 per share)


(122
)

(60,259
)
(60,381
)

(60,381
)
Distributions to noncontrolling interests






(32,252
)
(32,252
)
Capital contributions by noncontrolling interests






3,760

3,760

Other noncontrolling interest transactions


2,562



2,562

(127
)
2,435

Stock-based plan activity
782

7

20,706



20,713


20,713

BALANCE AS OF
JUNE 30, 2018
140,700

$
1,406

$
111,368

$
(422,595
)
$
3,353,176

$
3,043,355

$
141,485

$
3,184,840

 
 
 
 
 
 
 
 
 


7

Table of Contents

FLUOR CORPORATION
NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS
UNAUDITED


(1) Principles of Consolidation
The Condensed Consolidated Financial Statements do not include footnotes and certain financial information normally presented annually under accounting principles generally accepted in the United States and, therefore, should be read in conjunction with the company’s Annual Report on Form 10-K for the fiscal year ended December 31, 2018 (the "2018 10-K"). Accounting measurements at interim dates inherently involve greater reliance on estimates than at year-end. The results of operations for the three and six months ended June 30, 2019 may not necessarily be indicative of results that can be expected for the full year.
The Condensed Consolidated Financial Statements included herein are unaudited; however, they contain all adjustments of a normal recurring nature which, in the opinion of management, are necessary to present fairly its consolidated financial position as of June 30, 2019 and December 31, 2018 and its consolidated results of operations and cash flows for the interim periods presented. All significant intercompany transactions of consolidated subsidiaries are eliminated. Management has evaluated all material events occurring subsequent to the date of the financial statements up to the filing date of this Form 10-Q.

In the first quarter of 2019, the company adopted Accounting Standards Update (“ASU”) 2016-02 (ASC Topic 842), “Leases” using the modified retrospective method in which the new guidance was applied to leases that existed or were entered into on or after January 1, 2019. Results for the reporting period beginning on January 1, 2019 have been presented under ASC 842, while prior period amounts have not been adjusted and continue to be reported in accordance with previous guidance. See Note 3 for further discussion of the adoption and the impact on the company’s financial statements.
(2) Recent Accounting Pronouncements
New accounting pronouncements implemented by the company during the first half of 2019 are discussed below or in the related notes, where appropriate.

In the first quarter of 2019, the company adopted ASU 2016-02 (ASC Topic 842), “Leases” and related ASUs. See Note 3 for further discussion of the adoption and the impact on the company’s financial statements.
In the first quarter of 2019, the company adopted ASU 2018-02, “Reclassification of Certain Tax Effects from Accumulated Other Comprehensive Income,” under which the company did not elect to reclassify the income tax effects stranded in accumulated other comprehensive income to retained earnings as a result of the enactment of comprehensive tax legislation, commonly referred to as the Tax Cuts and Jobs Act. As a result, there was no impact on the company’s financial position, results of operations or cash flows.
New accounting pronouncements requiring implementation in future periods are discussed below.

In November 2018, the FASB issued ASU 2018-18, “Clarifying the Interaction between Topic 808 and Topic 606.” This ASU clarifies that certain transactions between participants in a collaborative arrangement should be accounted for under ASC 606 when the counterparty is a customer. ASU 2018-18 is effective for interim and annual reporting periods beginning after December 15, 2019. Management does not expect the adoption of ASU 2018-18 to have a material impact on the company’s financial position, results of operations or cash flows.

In October 2018, the FASB issued ASU 2018-17, “Targeted Improvements to Related Party Guidance for Variable Interest Entities.” This ASU amends the guidance for determining whether a decision-making fee is a variable interest. ASU 2018-17 is effective for interim and annual reporting periods beginning after December 15, 2019. Management does not expect the adoption of ASU 2018-17 to have a material impact on the company’s financial position, results of operations or cash flows.

In August 2018, the FASB issued ASU 2018-15, “Customer’s Accounting for Implementation Costs Incurred in a Cloud Computing Arrangement That Is a Service Contract.” This ASU requires customers in a hosting arrangement that is a service contract to capitalize certain implementation costs as if the arrangement was an internal-use software project. ASU 2018-15 is effective for interim and annual reporting periods beginning after December 15, 2019, with early adoption permitted. Management does not expect the adoption of ASU 2018-15 to have a material impact on the company’s financial position, results of operations or cash flows.


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FLUOR CORPORATION
NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS
UNAUDITED

In August 2018, the FASB issued ASU 2018-14, “Disclosure Framework - Changes to the Disclosure Requirements for Defined Benefit Plans.” This ASU amends ASC 715 to add, remove and clarify certain disclosure requirements related to defined benefit pension and other postretirement plans. ASU 2018-14 is effective for fiscal years ending after December 15, 2020, with early adoption permitted. Management does not expect the adoption of ASU 2018-14 to have any impact on the company’s financial position, results of operations or cash flows.

In August 2018, the FASB issued ASU 2018-13, “Disclosure Framework - Changes to the Disclosure Requirements for Fair Value Measurement.” This ASU amends ASC 820 to add, remove and modify certain disclosure requirements for fair value measurements. For example, public companies will now be required to disclose the range and weighted average used to develop significant unobservable inputs for Level 3 fair value measurements. ASU 2018-13 is effective for interim and annual reporting periods beginning after December 15, 2019, with early adoption permitted. Management does not expect the adoption of ASU 2018-13 to have any impact on the company’s financial position, results of operations or cash flows.

In June 2016, the FASB issued ASU 2016-13, "Measurement of Credit Losses on Financial Instruments," and issued subsequent amendments to the initial guidance within ASU 2019-04 and ASU 2019-05. The amendments in ASU 2016-13 replace the incurred loss impairment methodology in current practice with a methodology that reflects expected credit losses and requires consideration of a broader range of reasonable and supportable information to estimate credit losses. ASU 2016-13 and its amendments are effective for interim and annual reporting periods beginning after December 15, 2019. Management is continuing to assess the impact of adopting ASU 2016-13 on the company’s financial position, results of operations and cash flows.
The company adopted ASU 2014-09 (ASC Topic 606), “Revenue from Contracts with Customers” in the first quarter of 2018. See the 2018 10-K for a further discussion of the adoption and the impact on the company’s financial statements. In accordance with ASU 2017-13, certain of the company’s unconsolidated partnerships and joint ventures will not adopt ASC Topic 606 until the fourth quarter of 2019, at which time the company expects to record a cumulative effect adjustment which is not expected to be significant.
(3) Leases

On January 1, 2019, the company adopted ASC Topic 842, “Leases,” including the following ASUs: ASU 2016-02, ASU 2017-13, ASU 2018-01, ASU 2018-10, ASU 2018-11, ASU 2018-20 and ASU 2019-01. The new guidance requires the recognition of right-of-use assets and lease liabilities on the balance sheet for leases with terms greater than 12 months or leases that contain a purchase option that is reasonably certain to be exercised. Lessees are now required to classify leases as either finance or operating leases. This classification will determine whether lease expense is recognized based on an effective interest method or on a straight-line basis over the term of the lease.

The company elected to utilize the package of practical expedients in ASC 842-10-65-1(f) that, upon adoption of ASC 842, allows entities to (1) not reassess whether any expired or existing contracts are or contain leases, (2) retain the classification of leases (e.g., operating or finance lease) existing as of the date of adoption and (3) not reassess initial direct costs for any existing leases. The company elected to utilize the practical expedient in ASC 842-10-65-1(gg) in which an entity need not assess whether existing land easements not previously accounted for as leases contain a lease under ASC 842. The company also elected to utilize the practical expedient in ASC 842-10-15-37 in which the company has chosen to account for each separate lease component of a contract and its associated nonlease components as a single lease component.

The company adopted ASC 842 using the modified retrospective method, and accordingly, the new guidance was applied retrospectively to leases that existed as of January 1, 2019 (the date of initial application). As a result, the company has recorded total right-of-use assets of $282 million, total current lease liabilities of $72 million, total noncurrent lease liabilities of $222 million and a cumulative effect adjustment to increase retained earnings by $21 million (net of deferred taxes of $6 million) as of January 1, 2019. The increase in retained earnings primarily resulted from the recognition of previously deferred gains associated with two sale and leaseback transactions, as allowed under ASC 842-10-65-1(ee). The adoption of ASC 842 did not have a material impact on the company’s results of operations or any impact on the company’s cash flows.


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FLUOR CORPORATION
NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS
UNAUDITED

The company’s 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 the company’s 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 the company’s discretion. Renewal periods are included in the expected lease term if they are reasonably certain of being exercised by the company. Certain leases also include options to purchase the leased property. None of the company’s lease agreements contain material residual value guarantees or material restrictions or covenants.

Long-term leases (leases with terms greater than 12 months) are recorded on the consolidated balance sheet at the present value of the minimum lease payments not yet paid. The company uses its 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. The company has made an accounting policy election, as allowed under ASC 842-10-15-37 and discussed above, to capitalize both the lease component and nonlease components of its contracts as a single lease component for all of its right-of-use assets. From time to time, certain service or purchase contracts may contain an embedded lease.

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 recorded on the consolidated balance sheet and are expensed on a straight-line basis over the lease term. The majority of the company’s short-term leases relate to equipment used on construction projects. These leases are entered into at agreed upon hourly, daily, weekly or monthly rental rates for an unspecified duration and typically have a termination for convenience provision. Such equipment leases are considered short-term in nature unless it is reasonably certain that the equipment will be leased for a term greater than 12 months.

The components of lease expense for the three and six months ended June 30, 2019 were as follows: