SEC Info - Fluor Corp. - ‘10-Q’ for 9/30/22

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		Alternative Formats (Word, et al.) Ated F Balance Sheet (Unaudited) Changes in Consolidated Backlog (Unaudited) Conde Controls and Procedures Exhibits Financial Information Financial Statements (Unaudited) Glossary of Terms Inancial Statements Item 1 Item 1A Item 2 Item 3 Item 4 Item 6 Legal Proceedings Management's Discussion and Analysis of Financial Condition and Results of Operations Mine Safety Disclosures Notes to Nsed Consoli Other Information Part I Part II Quantitative and Qualitative Disclosures about Market Risk Risk Factors Signatures Statement of Cash Flows (Unaudited) Statement of Changes in Equity (Unaudited) Statement of Comprehensive Income (Loss) (Unaudited) Statement of Operations (Unaudited) Table of Contents Unregistered Sales of Equity Securities and Use of Proceeds
1	1st Page – Filing Submission
"	Table of Contents
"	Glossary of Terms
"	Part I
"	Financial Information
"	Item 1
"	Conde
"	Nsed Consoli
"	Ated F
"	Inancial Statements
"	Statement of Operations (Unaudited)
"	Statement of Comprehensive Income (Loss) (Unaudited)
"	Balance Sheet (Unaudited)
"	Statement of Cash Flows (Unaudited)
"	Statement of Changes in Equity (Unaudited)
"	Notes to
"	Financial Statements (Unaudited)
"	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
"	Changes in Consolidated Backlog (Unaudited)
"	Part II
"	Other Information
"	Legal Proceedings
"	Item 1A
"	Risk Factors
"	Unregistered Sales of Equity Securities and Use of Proceeds
"	Mine Safety Disclosures
"	Item 6
"	Exhibits
"	Signatures

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i Delaware		i 33-0927079
(State or other jurisdiction of		(I.R.S. Employer
incorporation or organization)		Identification No.)

i 6700 Las Colinas Boulevard
i Irving,	i Texas	i 75039
(Address of principal executive offices)		(Zip Code)

(Registrant’s telephone number, including area code)


Title of Each Class	Trading Symbol(s)	Name of Each Exchange on Which Registered
i Common Stock, $.01 par value per share	i FLR	i New York Stock Exchange
i 1.750% Senior Notes due 2023	i FLR 23	i 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. i 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). i 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):


i Large accelerated filer	☒	Accelerated filer	☐
Non-accelerated filer	☐	Smaller reporting company	i ☐
		Emerging growth company	i ☐

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 i ☐ No ý

As of October 31, 2022, i 142,088,313 shares of the registrant’s common stock, $0.01 par value, were outstanding.

The definitions and abbreviations set forth below apply to the indicated terms used throughout this filing.


Abbreviation/Term			Definition
2021 10-K			Annual Report on Form 10-K for the year ended December 31, 2021
2021 Period			Nine months ended September 30, 2021
2021 Quarter			Three months ended September 30, 2021
2022 Period			Nine months ended September 30, 2022
2022 Quarter			Three months ended September 30, 2022
3ME			Three months ended
9ME			Nine months ended
AMECO			American Equipment Company, Inc.
AOCI			Accumulated other comprehensive income (loss)
APIC			Additional paid-in capital
ASC			Accounting Standards Codification
ASU			Accounting Standards Update
CFIUS			Committee on Foreign Investment in the United States
Cont Ops			Continuing operations
COOEC			China's Offshore Oil Engineering Co., Ltd
COVID			Coronavirus pandemic
CPS			Convertible preferred stock
CTA			Currency translation adjustment
DB plan			Defined benefit pension plan
Disc Ops			Discontinued operations
DOE			U.S. Department of Energy
EPC			Engineering, procurement and construction
EPS			Earnings (loss) per share
Exchange Act			Securities Exchange Act of 1934
Fluor			Fluor Corporation
G&A			General and administrative expense
GAAP			Accounting principles generally accepted in the United States
ICFR			Internal control over financial reporting
LNG			Liquefied natural gas
LOGCAP			Logistics Civil Augmentation Program
NCI			Noncontrolling interests
NM			Not meaningful
NuScale			NuScale Power Corporation
OCI			Other comprehensive income (loss)
PIPE			Private investment in public equity
PP&E			Property, plant and equipment
RSU			Restricted stock units
RUPO			Remaining unsatisfied performance obligations
SEC			Securities and Exchange Commission
SGI			Stock growth incentive awards
SMR			Small modular reactor
SPAC			Special purpose acquisition company
Spring Valley			Spring Valley Acquisition Corporation
Stork			Stork Holding B.V. and subsidiaries
VIE			Variable interest entity

PART I: FINANCIAL INFORMATION

Item 1. Financial Statements

Less: Net earnings (loss) from Cont Ops attributable to NCI

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

3ME
September 30,

9ME
September 30,

(in millions)

2022

2021

2022

2021

Net earnings (loss) from Cont Ops

( i 24)

i 39

i 105

( i 105)

Net earnings (loss) from Disc Ops

i —

( i 1)

i —

( i 34)

Net earnings (loss)

( i 24)

i 38

i 105

( i 139)

OCI, net of tax:

Foreign currency translation adjustment

( i 32)

( i 19)

( i 35)

( i 17)

Ownership share of equity method investees’ OCI

i 14

( i 3)

i 31

( i 5)

DB plan adjustments

i —

i 1

i —

i 4

Unrealized gain (loss) on hedges

( i 5)

( i 2)

( i 8)

( i 5)

Total OCI, net of tax

( i 23)

( i 12)

( i 23)

Comprehensive income (loss)

( i 47)

i 15

i 93

( i 162)

Less: Comprehensive income (loss) attributable to NCI

( i 46)

i —

( i 31)

i 24

Comprehensive income (loss) attributable to Fluor

( i 1)

i 15

i 124

( i 186)

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

(in millions, except share and per share amounts)

September 30,
2022

December 31,
2021

ASSETS

Current assets

Cash and cash equivalents ($ i 852 and $ i 630 related to VIEs)

i 2,436

i 2,209

Marketable securities ($ i 98 and $ i 90 related to VIEs)

i 155

i 127

Accounts receivable, net ($ i 192 and $ i 173 related to VIEs)

i 1,007

i 1,171

Contract assets ($ i 219 and $ i 223 related to VIEs)

i 1,012

i 1,066

Other current assets ($ i 34 and $ i 28 related to VIEs)

i 381

i 608

Total current assets

i 4,991

i 5,181

Noncurrent assets

Property, plant and equipment, net ($ i 43 and $ i 46 related to VIEs)

i 460

i 456

Investments

i 612

i 517

Deferred taxes

i 50

i 51

Deferred compensation trusts

i 225

i 330

Goodwill

i 244

i 249

Other assets ($ i 41 and $ i 45 related to VIEs)

i 288

i 305

Total noncurrent assets

i 1,879

i 1,908

Total assets

i 6,870

i 7,089

LIABILITIES AND EQUITY

Current liabilities

Accounts payable ($ i 277 and $ i 261 related to VIEs)

i 1,071

i 1,220

Short-term debt and current portion of long-term debt

i 167

i 18

Contract liabilities ($ i 361 and $ i 351 related to VIEs)

i 769

i 945

Accrued salaries, wages and benefits ($ i 20 and $ i 27 related to VIEs)

i 567

i 629

Other accrued liabilities ($ i i 31 / and $33 related to VIEs)

i 637

i 802

Total current liabilities

i 3,211

i 3,614

Long-term debt

i 980

i 1,174

Deferred taxes

i 63

i 67

Other noncurrent liabilities ($ i 55 and $ i 13 related to VIEs)

i 586

i 667

Contingencies and commitments

Temporary APIC

i 107

i —

Equity

Shareholders’ equity

Preferred stock — authorized i i 20,000,000 / shares ($ i i 0.01 / par value); issued and outstanding — i i i i 600,000 / / / shares in 2022 and 2021

i —

Common stock — authorized i i 375,000,000 / shares ($ i i 0.01 / par value); issued and outstanding — i i 142,082,682 / and i i 141,434,771 / shares in 2022 and 2021, respectively

i 1

APIC

i 1,129

i 967

AOCI

( i 378)

( i 366)

Retained earnings

i 898

i 791

Total shareholders’ equity

i 1,650

i 1,393

NCI

i 273

i 174

Total equity

i 1,923

i 1,567

Total liabilities and equity

i 6,870

i 7,089

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

9ME
September 30,

(in millions)

2022

2021

OPERATING CASH FLOW

Net earnings (loss)

i 105

( i 139)

Adjustments to reconcile net earnings (loss) to operating cash flow:

Impairment

( i 63)

i 153

Depreciation and amortization

i 55

i 60

Change in fair value of warrant liabilities

( i 6)

i —

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

( i 14)

( i 8)

(Gain) loss on sales of assets incl. AMECO-North America

( i 15)

i 9

Loss on debt repurchases

i —

i 20

Stock-based compensation

i 19

i 25

Deferred taxes

( i 10)

i 27

Net contributions to employee pension plans

i —

( i 12)

Changes in assets and liabilities

( i 82)

( i 353)

Other

( i 4)

( i 2)

Operating cash flow

( i 15)

( i 220)

INVESTING CASH FLOW

Purchases of marketable securities

( i 313)

( i 73)

Proceeds from the sales and maturities of marketable securities

i 286

i 30

Capital expenditures

( i 38)

( i 55)

Proceeds from sales of assets

i 29

i 125

Investments in partnerships and joint ventures

( i 47)

( i 80)

Other

i 19

( i 12)

Investing cash flow

( i 64)

( i 65)

FINANCING CASH FLOW

Proceeds from NuScale de-SPAC transaction

i 341

i —

Proceeds from sale of NuScale interest

i 107

i —

Proceeds from issuance of CPS

i —

i 582

Purchase and retirement of debt

( i 23)

( i 525)

Dividends paid on CPS

( i 29)

( i 9)

Other borrowings (debt repayments)

i 6

( i 7)

Distributions paid to NCI

( i 15)

( i 20)

Capital contributions by NCI

i —

i 201

Other

( i 9)

( i 4)

Financing cash flow

i 378

i 218

Effect of exchange rate changes on cash

( i 72)

( i 6)

Increase (decrease) in cash and cash equivalents

i 227

( i 73)

Cash and cash equivalents at beginning of period

i 2,209

i 2,199

Cash and cash equivalents at end of period

i 2,436

i 2,126

SUPPLEMENTAL INFORMATION:

Cash paid for interest

i 43

i 81

Cash paid for income taxes (net of refunds)

i 71

i 59

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

CONDENSED CONSOLIDATED STATEMENT OF CHANGES IN EQUITY

(in millions, except per share amounts)

Preferred Stock

Common Stock

APIC

AOCI

Retained
Earnings

Total Shareholders' Equity

NCI

Total
Equity

Amount

BALANCE AS OF JUNE 30, 2022

i 1

i —

i 142

i 1

i 983

( i 355)

i 885

i 1,514

i 180

i 1,694

Net earnings (loss)

—

i 22

( i 46)

( i 24)

OCI

—

( i 23)

—

( i 23)

—

( i 23)

Dividends on CPS ($ i 16.25 per share)

—

( i 9)

—

( i 9)

Distributions to NCI, net of capital contributions

—

( i 3)

NuScale reverse recapitalization

—

i 147

—

i —

i 147

i 145

i 292

Other NCI transactions

—

( i 3)

Stock-based plan activity

—

( i 1)

—

( i 1)

—

( i 1)

BALANCE AS OF SEPTEMBER 30, 2022

i 1

i —

i 142

i 1

i 1,129

( i 378)

i 898

i 1,650

i 273

i 1,923

(in millions, except per share amounts)

Preferred Stock

Common Stock

APIC

AOCI

Retained
Earnings

Total Shareholders' Equity

NCI

Total
Equity

Amount

BALANCE AS OF DECEMBER 31, 2021

i 1

i —

i 141

i 1

i 967

( i 366)

i 791

i 1,393

i 174

i 1,567

Net earnings (loss)

—

i 136

( i 31)

i 105

OCI

—

( i 12)

—

( i 12)

—

( i 12)

Dividends on CPS ($ i 48.75 per share)

—

( i 29)

—

( i 29)

Distributions to NCI, net of capital contributions

—

( i 15)

NuScale reverse recapitalization

—

i 147

—

i —

i 147

i 145

i 292

Other NCI transactions

—

i 1

—

i 1

—

i 1

Stock-based plan activity

—

i 1

—

i 14

—

i 14

—

i 14

BALANCE AS OF SEPTEMBER 30, 2022

i 1

i —

i 142

i 1

i 1,129

( i 378)

i 898

i 1,650

i 273

i 1,923

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

CONDENSED CONSOLIDATED STATEMENT OF CHANGES IN EQUITY (Continued)

(in millions, except per share amounts)

Preferred Stock

Common Stock

APIC

AOCI

Retained
Earnings

Total Shareholders' Equity

NCI

Total
Equity

Amount

BALANCE AS OF JUNE 30, 2021

i 1

i —

i 141

i 1

i 883

( i 417)

i 1,049

i 1,516

i 255

i 1,771

Net earnings (loss)

—

i 41

( i 3)

i 38

OCI

—

( i 25)

—

( i 25)

i 2

( i 23)

Dividends on CPS ($ i 16.25 per share)

—

( i 10)

—

( i 10)

Capital contributions by NCI, net of distributions

—

i 94

Other NCI transactions

—

i 72

—

i 72

( i 102)

( i 30)

Stock-based plan activity

—

i 4

—

i 4

—

i 4

BALANCE AS OF SEPTEMBER 30, 2021

i 1

i —

i 141

i 1

i 959

( i 442)

i 1,080

i 1,598

i 246

i 1,844

(in millions, except per share amounts)

Preferred Stock

Common Stock

APIC

AOCI

Retained
Earnings

Total Shareholders' Equity

NCI

Total
Equity

Amount

BALANCE AS OF DECEMBER 31, 2020

i —

i 141

i 1

i 196

( i 417)

i 1,250

i 1,030

i 233

i 1,263

Net earnings (loss)

—

( i 161)

i 22

( i 139)

OCI

—

( i 25)

—

( i 25)

i 2

( i 23)

Issuance of CPS

i 1

—

i 582

—

i 582

—

i 582

Dividends on CPS ($ i 16.25 per share)

—

( i 9)

—

( i 9)

Capital contributions by NCI, net of distributions

—

i 181

Other NCI transactions

—

i 160

—

i 160

( i 192)

( i 32)

Stock-based plan activity

—

i 21

—

i 21

—

i 21

BALANCE AS OF SEPTEMBER 30, 2021

i 1

i —

i 141

i 1

i 959

( i 442)

i 1,080

i 1,598

i 246

i 1,844

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

Table of Contents

FLUOR CORPORATION

NOTES TO FINANCIAL STATEMENTS

UNAUDITED

1. i 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 $ i 63 million of previously recorded impairment expense during the first quarter of 2022.

2. i 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 $ i 341 million of cash and the assumption of $ i 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. i Recent Accounting Pronouncements

i 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.

Table of Contents

FLUOR CORPORATION

NOTES TO FINANCIAL STATEMENTS

UNAUDITED

4. i 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)

2022

2021

2022

2021

Net earnings (loss) from Cont Ops attributable to Fluor

i 22

i 42

i 136

( i 127)

Less: Dividends on CPS

i 10

i 29

i 15

Net earnings (loss) from Cont Ops available to Fluor common stockholders

i 12

i 32

i 107

( i 142)

Net earnings (loss) from Disc Ops attributable to Fluor

i —

( i 1)

i —

( i 34)

Net earnings (loss) available to Fluor common stockholders

i 12

i 31

i 107

( i 176)

Weighted average common shares outstanding

i 142

i 141

i 142

i 141

Diluted effect:

CPS

i —

Stock options, RSUs and performance-based award units

i 3

i 2

i —

Weighted average diluted shares outstanding

i 145

i 143

i 144

i 141

Basic EPS available to Fluor common stockholders:

Net earnings (loss) from Cont Ops

i 0.08

i 0.23

i 0.75

( i 1.00)

Net earnings (loss) from Disc Ops

i —

( i 0.01)

i —

( i 0.24)

Diluted EPS available to Fluor common stockholders:

Net earnings (loss) from Cont Ops

i 0.08

i 0.22

i 0.74

( i 1.00)

Net earnings (loss) from Disc Ops

i —

( i 0.01)

i —

( i 0.24)

Anti-dilutive securities not included in shares outstanding:

CPS

i 27

i 13

Stock options, RSU and performance-based award units

i 3

i 5

i 3

i 7

Table of Contents

FLUOR CORPORATION

NOTES TO FINANCIAL STATEMENTS

UNAUDITED

5. i Operating Information by Segment and Geographic Area

3ME
September 30,

9ME
September 30,

(in millions)

2022

2021

2022

2021

Revenue

Energy Solutions

i 1,592

i 1,365

i 4,097

i 3,675

Urban Solutions

i 982

i 1,015

i 2,946

i 3,419

Mission Solutions

i 639

i 723

i 1,779

i 2,184

Other

i 399

i 400

i 1,212

i 1,256

Total revenue

i 3,612

i 3,503

i 10,034

i 10,534

Segment profit (loss)

Energy Solutions

i 59

i 72

i 177

i 184

Urban Solutions

( i 54)

i 18

( i 31)

( i 21)

Mission Solutions

i 29

i 28

i 115

i 117

Other

( i 3)

( i 2)

( i 8)

Total segment profit (loss)

i 31

i 116

i 253

i 272

G&A

( i 30)

( i 44)

( i 146)

( i 144)

Impairment

i —

( i 5)

i 63

( i 153)

Foreign currency gain (loss)

i 34

i 37

i 51

( i 4)

Interest income (expense), net

i 14

( i 33)

i 4

( i 63)

Earnings (loss) from Cont Ops attributable to NCI

( i 46)

( i 3)

( i 31)

i 22

Earnings (loss) from Cont Ops before taxes

i 3

i 68

i 194

( i 70)

Energy Solutions. Segment profit in the 2022 Quarter and 2022 Period included losses of $ i 5 million and $ i 1 million, respectively, related to an embedded foreign currency derivative. Segment profit in the 2021 Quarter and 2021 Period included a gain of $ i 18 million and a loss of $ i 30 million, respectively, related to the embedded derivative.

Urban Solutions. Segment profit for the 2022 Quarter included a $ i 64 million (or $ i 0.37 per share) charge for additional rework and schedule delays on a highway project, a $ i i 22 / million (or $ i 0.09 per share) charge for cost growth and delay mitigation costs on an international bridge project and a $ i 21 million (or $ i 0.12 per share) charge for subcontractor cost escalation and productivity estimates on an automated people mover project. Segment profit for the 2021 Quarter included forecast revisions for schedule delays and productivity on a light rail project. Segment profit for the 2022 Period included a $ i 86 million (or $ i 0.50 per share) charge for additional rework and schedule delays on a highway project, a $ i 54 million (or $ i i 0.23 / per share) charge for cost growth and delay mitigation costs on an international bridge project and a $ i 35 million (or $ i 0.20 per share) charge for subcontractor cost escalation and productivity estimates on an automated people mover project. Segment profit for the 2021 Period included a project charge of $ i 138 million (or $ i 0.72 per share) related to procurement and subcontractor cost growth, delays and disruptions in the schedule of the international bridge project. We continue to analyze the recoverability of these costs as claims, which could be material.

Other. Segment profit (loss) for NuScale, Stork and AMECO follows:

3ME
September 30,

9ME
September 30,

(in millions)

2022

2021

2022

2021

NuScale

( i 15)

( i 8)

( i 44)

( i 43)

Stork

i 8

i 26

AMECO

i 4

( i 2)

i 10

i 9

Segment profit (loss)

( i 3)

( i 2)

( i 8)

Table of Contents

FLUOR CORPORATION

NOTES TO FINANCIAL STATEMENTS

UNAUDITED

In April 2022, we sold approximately i 5% of the ownership of NuScale to Japan NuScale Innovation, LLC for $ i 107 million, subject to CFIUS review. The sale did not trigger any recognition of gain or loss because we control and consolidate NuScale before and after the sale. We have recorded $ i 107 million as temporary APIC on our balance sheet as of September 30, 2022, which would become permanent APIC upon CFIUS approval. If CFIUS does not approve the sale, then these amounts will be repaid to the buyer. We expect CFIUS review to be completed in the fourth quarter of 2022 or early 2023.

Total assets by segment are as follows:

(in millions)

September 30,
2022

December 31,
2021

Energy Solutions

i 979

i 1,158

Urban Solutions

i 1,052

i 906

Mission Solutions

i 500

i 764

Other

i 679

i 667

Corporate

i 3,660

i 3,594

Total assets

i 6,870

i 7,089

Revenue by project location follows:

3ME
September 30,

9ME
September 30,

(in millions)

2022

2021

2022

2021

North America

i 2,317

i 2,106

i 6,326

i 6,361

Asia Pacific (includes Australia)

i 351

i 273

i 803

i 1,053

Europe

i 559

i 602

i 1,704

i 1,620

Central and South America

i 327

i 449

i 1,034

i 1,228

Middle East and Africa

i 58

i 73

i 167

i 272

Total revenue

i 3,612

i 3,503

i 10,034

i 10,534

We did not recognize any material impairment expense in Cont Ops during the 2022 Quarter. Impairment, included in Cont Ops, is summarized as follows:

3ME
September 30,

9ME
September 30,

(in millions)

2021

2022

2021

Impairment:

Energy Solutions' equity method investment

i —

i 26

Goodwill

i —

i 13

Fair value adjustment of Stork and AMECO assets

i 5

( i 63)

i 114

Total impairment

i 5

( i 63)

i 153

During the 2022 Period, we reversed $ i 63 million in impairment 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.

The effective tax rate on earnings (loss) from Cont Ops was i 939.2% for the 2022 Quarter and i 46.0% for the 2022 Period compared to i 43.5% and ( i 49.4)% for the corresponding periods of 2021. i A reconciliation of U.S. statutory federal income tax expense (benefit) to income tax expense follows:

Table of Contents

FLUOR CORPORATION

NOTES TO FINANCIAL STATEMENTS

UNAUDITED

3ME
September 30

9ME
September 30

(In millions)

2022

2021

2022

2021

U.S statutory federal income tax expense (benefit)

i 1

i 14

i 41

( i 15)

Increase (decrease) in taxes resulting from:

State and local income taxes

i 1

( i 1)

i 3

( i 1)

Valuation allowance, net

i 15

i 11

i 50

i 32

Foreign tax impact

i —

i 6

( i 11)

i 15

Noncontrolling interest

i 10

i —

i 6

( i 3)

Other

i —

( i 1)

i —

i 7

Total income tax expense (benefit)

i 27

i 29

i 89

i 35

8. i Partnerships and Joint Ventures

Investments in a loss position of $ i 288 million and $ i 240 million were included in other accrued liabilities as of September 30, 2022 and December 31, 2021, respectively, and consisted primarily of provision for anticipated losses on a legacy infrastructure project. Accounts receivable related to work performed for unconsolidated partnerships and joint ventures included in “Accounts receivable, net” was $ i 196 million and $ i 205 million as of September 30, 2022 and December 31, 2021, respectively.

During the 2022 Period, we sold the majority of our interest in an infrastructure joint venture in Canada and recognized a gain of $ i 11 million. During the 2021 Period, we sold our interest in an infrastructure joint venture in the U.S. and recognized a gain of $ i 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 $ i 13 million and $ i 33 million as of September 30, 2022 and December 31, 2021, respectively. Some of our VIEs have debt; however, such debt is typically non-recourse in nature. 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 September 30, 2022 for the unconsolidated VIEs were $ i 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.

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 $ i 16 billion as of September 30, 2022. 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 guarantee obligation was i i no / t material as of September 30, 2022 and December 31, 2021.

Table of Contents

FLUOR CORPORATION

NOTES TO FINANCIAL STATEMENTS

UNAUDITED

10. i Contingencies and Commitments

We and certain of our subsidiaries are subject to litigation, claims and other commitments and contingencies arising in the ordinary course of business. The asserted value of these matters may be significant and we are unable to predict the ultimate outcome of any such matter. However, except as set forth below, we currently 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.

The following disclosures for commitments and contingencies have been updated since the matter was presented in the 2021 10-K.

Since May 2018, purported shareholders have filed various complaints against Fluor and certain of its current and former executives in the U.S. District Court for the Northern District of Texas. The plaintiffs purport to represent a class of shareholders who purchased or otherwise acquired Fluor common stock from August 14, 2013 through February 14, 2020, and seek to recover damages arising from alleged violations of federal securities laws. These claims are based on statements concerning Fluor’s internal and disclosure controls, risk management, revenue recognition, and Fluor’s gas-fired power contracts, which plaintiffs assert were materially misleading. In May 2020, these complaints were consolidated into one matter. We filed a motion to dismiss the matter in July 2020. The motion was granted in part on May 5, 2021, and as a result the Court dismissed with prejudice all allegations except those related to a single statement made in 2015 about one gas-fired power contract. During 2021, we recorded a liability for the estimated resolution of the matter and we also recognized the effects of expected insurance coverage. In the first quarter 2022, we reached a proposed settlement with the plaintiffs. The proposed settlement has been preliminarily approved by the Court but is subject to and pending final approval, with a hearing currently scheduled for November 2022. No additional liability or insurance recovery has been recognized in 2022.

Since September 2018, i eleven separate purported shareholders' derivative actions were filed against current and former members of the Board of Directors, as well as certain of Fluor’s current and former executives. Fluor is named as a nominal defendant in the actions. These derivative actions purport to assert claims on behalf of Fluor and make substantially the same factual allegations as the securities class action matter discussed above and seek various forms of monetary and injunctive relief. These actions are pending in Texas state court (District Court for Dallas County), the U.S. District Court for the District of Delaware, the U.S. District Court for the Northern District of Texas, and the Court of Chancery of the State of Delaware. Certain of these actions were consolidated and stayed. We anticipate that these matters will remain stayed until final resolution of the securities class action. While no assurance can be given as to the ultimate outcome of this matter, we do not believe it is probable that a loss will be incurred. Accordingly, we have not recorded any liability as a result of these actions.

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 $ i 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 $ i 36 million of letters of credit from Fluor/TECHINT ($ i 24 million from Fluor and $ i 12 million from TECHINT). Thereafter, Barrick proceeded to reactivate the arbitration. Barrick and Fluor/TECHINT have exchanged detailed statements of claim and counterclaim pursuant to which Barrick's claim against Fluor/TECHINT now totals approximately $ i 364 million net of amounts acknowledged to be due to Fluor/TECHINT. We believe that the claims asserted by Barrick are without merit and are vigorously defending these claims. While no assurance can be given as to the ultimate outcome of this matter, we do not believe it is probable that a loss will be incurred. Accordingly, we have not recorded any liability as a result of these claims.

There have been no substantive changes to the disclosures for the following commitments and contingencies since the matter was presented in the 2021 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 against Fluor Australia, asserting various causes of action and seeking damages and/or a refund of contract proceeds paid of approximately AUD $ i 1.47 billion. Santos has joined Fluor to the matter on the basis of a parent company

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FLUOR CORPORATION

NOTES TO FINANCIAL STATEMENTS

UNAUDITED

guarantee issued for the project. We believe that the claims asserted by Santos are without merit and we are vigorously defending these claims. While no assurance can be given as to the ultimate outcome of this matter, we do not believe it is probable that a loss will be incurred. Accordingly, we have not recorded any liability as a result of this action.

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 $ i 100 million due under the contracts. As part of the arbitration proceedings, Sadara has asserted various counterclaims for damages and/or a refund of contract proceeds paid totaling approximately $ i 574 million against Fluor Limited and Fluor Arabia Limited. We believe that the counterclaims asserted by Sadara are without merit and are vigorously defending these claims. While no assurance can be given as to the ultimate outcome of the counterclaims, we do not believe it is probable that a loss will be incurred in excess of amounts reserved for this matter. Accordingly, we have not recorded any further liability as a result of the counterclaims.

We periodically evaluate our positions and the amounts recognized with respect to all our claims and back charges. As of both September 30, 2022 and December 31, 2021, we had recorded $ i i 215 / million of claim revenue for costs incurred to date. Additional costs, which will increase the claim revenue balance over time, are expected to be incurred in future periods. We had no material disputed back charges to suppliers or subcontractors as of September 30, 2022 and December 31, 2021.

Our operations are subject to and affected by federal, state and local laws and regulations regarding the protection of the environment. We maintain reserves for potential future environmental cost where such obligations are either known or considered probable, and can be reasonably estimated. We believe that our reserves with respect to future environmental cost are adequate and such future cost will not have a material effect on our financial position or results of operations.

In February 2020, we announced that the SEC is conducting an investigation and requested documents and information related to projects for which we recorded charges in the second quarter of 2019. In April 2020 and January 2022, Fluor received subpoenas from the U.S. Department of Justice (“DOJ”) seeking documents and information related to the second quarter 2019 charges; certain of the projects associated with those charges; and certain project accounting, financial reporting and governance matters. These matters remain unresolved, and we have continued to cooperate and engage with the SEC and DOJ regarding these investigations. No assurance can be given as to the ultimate outcome of these matters, and we are not able to predict whether any legal, regulatory or reputational impacts of any allegations or resolution of these matters will have a material impact on our results.

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FLUOR CORPORATION

NOTES TO FINANCIAL STATEMENTS

UNAUDITED

11. i Contract Assets and Liabilities

The following summarizes information about our contract assets and liabilities:


(in millions)	September 30, 2022		December 31, 2021
Information about contract assets:
Contract assets
Unbilled receivables - reimbursable contracts	$	i 804	$	i 822
Contract work in progress - lump-sum contracts	i 208		i 244


Contract assets	$	i 1,012	$	i 1,066

Advance billings deducted from contract assets	$	i 219	$	i 208

	9ME September 30,
(in millions)	2022		2021
Information about contract liabilities:
Revenue recognized that was included in contract liabilities as of January 1	$	i 812	$	i 882

12. Remaining Unsatisfied Performance Obligations

We estimate that our RUPO will be satisfied over the following periods:


(in millions)	September 30, 2022
Within 1 year	$	i 12,160
1 to 2 years	i 6,726
Thereafter	i 4,975
Total RUPO	$	i 23,861

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FLUOR CORPORATION

NOTES TO FINANCIAL STATEMENTS

UNAUDITED

13. i Debt and Lines of Credit

i Debt consisted of the following:


(in millions)	September 30, 2022		December 31, 2021
Borrowings under credit facility	$	i —	$	i —

Current:
2023 Notes	$	i 145	$	i —
Other borrowings	i 22		i 18
Total current	$	i 167	$	i 18
Long-term:
Senior Notes
2023 Notes	$	i —	$	i 193


2024 Notes	i 381		i 381
Unamortized discount on 2024 Notes	( i 1)		( i 1)
Unamortized deferred financing costs	( i 1)		( i 1)
2028 Notes	i 600		i 600
Unamortized discount on 2028 Notes	( i 1)		( i 1)
Unamortized deferred financing costs	( i 3)		( i 3)
Other long-term borrowings	i 5		i 6
Total long-term	$	i 980	$	i 1,174

As of September 30, 2022, letters of credit totaling $ i 332 million were outstanding under our $ i 1.8 billion credit facility, which matures in February 2025. The credit facility contains customary financial covenants, including a debt-to-capitalization ratio that cannot exceed i 0.60 to i 1.0, a limitation on the aggregate amount of debt of the greater of $ i 750 million or € i 750 million for our subsidiaries, and a minimum liquidity threshold of $ i 1.2 billion, defined in the amended credit facility, which may be reduced to $ i 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 September 30, 2022, we had availability to borrow $ i 845 million under our credit facility.

Uncommitted Lines of Credit

As of September 30, 2022, letters of credit totaling $ i 877 million were outstanding under uncommitted lines of credit.

In June 2022, we redeemed $ i 23 million of outstanding 2023 Notes. The gain on redemptions was not material.

In September 2021, we completed a tender offer in which we repurchased $ i 375 million of 2023 Notes and $ i 108 million of 2024 Notes, excluding accrued interest. Additionally, we redeemed $ i 26 million of outstanding 2023 and 2024 Notes in open market transactions during the 2021 Period. We recognized $ i 20 million in losses related to these redemptions which was included in interest expense.

14. i Convertible Preferred Stock

Third quarter CPS dividends of $ i 10 million were paid in August 2022. In October 2022, our Board of Directors approved the payment of fourth quarter CPS dividends of $ i 10 million, payable in November 2022.

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FLUOR CORPORATION

NOTES TO FINANCIAL STATEMENTS

UNAUDITED

Each share of CPS is convertible at the holder's option at any time into i 44.9585 shares of our common stock per share of CPS. The conversion rate is subject to certain customary adjustments, but no payment or adjustment for accumulated but unpaid dividends will be made upon conversion, subject to certain limited exceptions. The CPS may not be redeemed by us; however, we may, at any time on or after May 20, 2022, elect to cause all outstanding shares of CPS to be converted into shares of our common stock at the conversion rate, subject to certain conditions (and, if such conversion occurs prior to May 20, 2024, the payment of a cash make-whole premium). The most significant condition to our ability to force a conversion prior to May 2024 is the requirement that our common stock trade above $ i 28.92 for i 20 consecutive trading days. We estimate that the cash make-whole payment would have been $ i 84 million at September 30, 2022 (assuming we minimally exceeded the minimum trading price to invoke the conversion). If a make-whole fundamental change, as defined in the certificate of designations for the CPS, occurs, we will in certain circumstances be required to increase the conversion rate for a holder who elects to convert shares of CPS in connection with such make-whole fundamental change.

15. i Fair Value Measurements

The following table delineates assets and liabilities that are measured at fair value on a recurring basis:

September 30, 2022

December 31, 2021

Fair Value Hierarchy

(in millions)

Total

Level 1

Level 2

Level 3

Total

Level 1

Level 2

Level 3

Assets:

Deferred compensation trusts(1)

i 10

—

i 12

—

Derivative assets(2)

Foreign currency

i 16

—

i 16

—

i 15

—

i 15

—

Commodity

i 5

—

i 5

—

i 5

—

i 5

—

Liabilities:

SMR warrants(3)

i 41

i 23

i 18

—

i —

—

Derivative liabilities(2)

Foreign currency

i 25

—

i 25

—

i 7

—

i 7

—

Commodity

i 1

—

i 1

—

i —

—

i —

—

_________________________________________________________

(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 have been 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. i The following summarizes information about financial instruments that are not required to be measured at fair value:

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FLUOR CORPORATION

NOTES TO FINANCIAL STATEMENTS

UNAUDITED

September 30, 2022

December 31, 2021

(in millions)

Fair Value
Hierarchy

Carrying
Value

Fair
Value

Carrying
Value

Fair
Value

Assets:

Cash(1)

Level 1

i 1,243

i 1,295

Cash equivalents(2)

Level 2

i 1,193

i 914

Marketable securities(2)

Level 2

i 155

i 127

Notes receivable, including noncurrent portion(3)

Level 3

i 8

i 11

Liabilities:

2023 Senior Notes(4)

Level 2

i 145

i 144

i 193

i 196

2024 Senior Notes(4)

Level 2

i 380

i 363

i 379

i 399

2028 Senior Notes(4)

Level 2

i 596

i 524

i 596

i 630

Other borrowings, including noncurrent portion(5)

Level 2

i 26

i 24

_________________________________________________________

(1) Cash consists of bank deposits. Carrying amounts approximate fair value.

(2) The carrying amounts of these time deposits 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 the quoted market prices and Level 2 inputs.

(5) Other borrowings represent bank loans and other financing arrangements which mature within one year. The carrying amount of borrowings under these arrangements approximates fair value because of the short-term maturity.

16. i Stock-Based Compensation

Our executive and director stock-based compensation plans are described more fully in the 2021 10-K. In the 2022 and 2021 Periods, RSUs totaling i 415,356 and i 596,391, respectively, were granted to executives and directors at a weighted-average grant date fair value of $ i 22.36 and $ i 18.67 per share, respectively, and generally vest over i three years. RSUs granted to directors in 2022 and 2021 vested upon grant.

Stock options for the purchase of i 250,656 and i 481,626 shares at a weighted-average exercise price of $ i 21.90 and $ i 17.96 per share were awarded to executives during the 2022 and 2021 Periods, respectively. The options granted in 2022 and 2021 generally vest over i three years and expire i ten years after the grant date.

Performance-based award units totaling i 426,957 and i 613,868 were awarded to Section 16 officers during the 2022 and 2021 Periods, respectively. These awards generally cliff vest after i 3 years and contain annual performance conditions for each of the i 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. These awards are earned based on achievement of EPS and return on invested capital goals over three one-year periods, and earned or modified based on our three-year cumulative total shareholder return relative to companies in the S&P 500 on the date of the award. For the majority of awards, generally only one-third of the units awarded in any given year are deemed to be granted each year of the i 3-year vesting periods. i During 2022, the following units were granted based upon the establishment of performance targets:

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FLUOR CORPORATION

NOTES TO FINANCIAL STATEMENTS

UNAUDITED


	Performance-based Award Units Granted in 2022	Weighted Average Grant Date Fair Value Per Share
2022 Performance Award Plan	i 142,319	$ i 24.07
2021 Performance Award Plan	i 204,623	$ i 25.75
2020 Performance Award Plan	i 385,455	$ i 27.90

For awards granted under the 2022, 2021 and 2020 performance award plans, the number of units are adjusted at the end of each performance period based on achievement of certain performance targets and market conditions, as defined in the award agreements.

SGI awards and performance-based awards for non-Section 16 executives vest and become payable at a rate of one-third of the total award each year.

Location in Statement of Operations

3ME
September 30,

9ME
September 30,

Compensation Expense (in millions)

2022

2021

2022

2021

SGI awards

G&A

i 10

i 3

i 20

i 34

Performance-based awards for non-Section 16 executives

G&A

i 2

i 1

i 14

i 5


Liabilities (in millions)	September 30, 2022		December 31, 2021
SGI awards	$	i 58	$	i 73
Performance-based awards for non-Section 16 executives	i 15		i 8

17. i Other Comprehensive Income (Loss)

The components of OCI follow:

3ME
September 30, 2022

3ME
September 30, 2021

(in millions)

Before-Tax
Amount

Tax
Benefit
(Expense)

Net-of-Tax
Amount

Before-Tax
Amount

Tax
Benefit
(Expense)

Net-of-Tax
Amount

OCI:

Foreign currency translation adjustments

( i 32)

i —

( i 32)

( i 19)

i —

( i 19)

Ownership share of equity method investees’ OCI

i 19

( i 5)

i 14

( i 1)

( i 2)

( i 3)

DB plan adjustments

i —

i 1

i —

i 1

Unrealized gain (loss) on hedges

( i 7)

i 2

( i 5)

( i 2)

i —

( i 2)

Total OCI

( i 20)

( i 3)

( i 23)

( i 21)

( i 2)

( i 23)

Less: OCI attributable to NCI

i —

i 2

i —

i 2

OCI attributable to Fluor

( i 20)

( i 3)

( i 23)

( i 2)

( i 25)

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FLUOR CORPORATION

NOTES TO FINANCIAL STATEMENTS

UNAUDITED

9ME
September 30, 2022

9ME
September 30, 2021

(in millions)

Before-Tax
Amount

Tax
Benefit
(Expense)

Net-of-Tax
Amount

Before-Tax
Amount

Tax
Benefit
(Expense)

Net-of-Tax
Amount

OCI:

Foreign currency translation adjustments

( i 35)

i —

( i 35)

( i 17)

i —

( i 17)

Ownership share of equity method investees’ OCI

i 40

( i 9)

i 31

( i 4)

( i 1)

( i 5)

DB plan adjustments

i —

i 4

i —

i 4

Unrealized gain (loss) on hedges

( i 12)

i 4

( i 8)

( i 4)

( i 1)

( i 5)

Total OCI

( i 7)

( i 5)

( i 12)

( i 21)

( i 2)

( i 23)

Less: OCI attributable to NCI

i —

i 2

i —

i 2

OCI attributable to Fluor

( i 7)

( i 5)

( i 12)

( i 23)

( i 2)

( i 25)

The changes in AOCI balances follow:

(in millions)

Foreign
Currency
Translation

Ownership
Share of
Equity Method
Investees’ OCI

DB Plans

Unrealized
Gain (Loss)
on Hedges

AOCI, Net

Attributable to Fluor:

Balance as of June 30, 2022

( i 304)

( i 38)

( i 17)

i 4

( i 355)

OCI before reclassifications

( i 32)

i 14

i —

( i 5)

( i 23)

Amounts reclassified from AOCI

i —

Net OCI

( i 32)

i 14

i —

( i 5)

( i 23)

Balance as of September 30, 2022

( i 336)

( i 24)

( i 17)

( i 1)

( i 378)

Attributable to NCI:

Balance as of June 30, 2022

( i 2)

i —

( i 2)

OCI before reclassifications

i —

Amounts reclassified from AOCI

i —

Net OCI

i —

Balance as of September 30, 2022

( i 2)

i —

( i 2)

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FLUOR CORPORATION

NOTES TO FINANCIAL STATEMENTS

UNAUDITED

(in millions)

Foreign
Currency
Translation

Ownership
Share of
Equity Method
Investees’ OCI

DB Plans

Unrealized
Gain (Loss)
on Hedges

AOCI, Net

Attributable to Fluor:

Balance as of December 31, 2021

( i 299)

( i 56)

( i 18)

i 7

( i 366)

OCI before reclassifications

( i 37)

i 24

i 1

( i 7)

( i 19)

Amounts reclassified from AOCI

i —

i 8

i —

( i 1)

i 7

Net OCI

( i 37)

i 32

i 1

( i 8)

( i 12)

Balance as of September 30, 2022

( i 336)

( i 24)

( i 17)

( i 1)

( i 378)

Attributable to NCI:

Balance as of December 31, 2021

( i 3)

i —

( i 3)

OCI before reclassifications

i 1

i —

i 1

Amounts reclassified from AOCI

i —

Net OCI

i 1

i —

i 1

Balance as of September 30, 2022

( i 2)

i —

( i 2)

(in millions)

Foreign
Currency
Translation

Ownership
Share of
Equity Method
Investees’ OCI

DB Plans

Unrealized
Gain (Loss)
on Hedges

AOCI, Net

Attributable to Fluor:

Balance as of June 30, 2021

( i 259)

( i 56)

( i 116)

i 14

( i 417)

OCI before reclassifications

( i 21)

( i 3)

i —

i 2

( i 22)

Amounts reclassified from AOCI

i —

i 1

( i 4)

( i 3)

Net OCI

( i 21)

( i 3)

i 1

( i 2)

( i 25)

Balance as of September 30, 2021

( i 280)

( i 59)

( i 115)

i 12

( i 442)

Attributable to NCI:

Balance as of June 30, 2021

( i 5)

i —

( i 5)

OCI before reclassifications

i 3

i —

i 3

Amounts reclassified from AOCI

i —

Net OCI

i 3

i —

i 3

Balance as of September 30, 2021

( i 2)

i —

( i 2)

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FLUOR CORPORATION

NOTES TO FINANCIAL STATEMENTS

UNAUDITED

Information about reclassifications out of AOCI follows:

3ME
September 30,

9ME
September 30,

(in millions)

Location in Statement of Operations

2022

2021

2022

2021

Component of AOCI:

Ownership share of equity method investees’ OCI

Cost of revenue

i —

( i 8)

i —

Income tax benefit

Income tax expense (benefit)

i —

Net of tax

i —

( i 8)

i —

DB plan adjustments

G&A

i —

( i 1)

i —

( i 4)

Income tax benefit

Income tax expense (benefit)

i —

Net of tax

i —

( i 1)

i —

( i 4)

Unrealized gain (loss) on derivative contracts:

Commodity and foreign currency contracts

Various accounts(1)

i —

i 4

i 1

i 16

Interest rate contracts

Interest expense

i —

( i 1)

Income tax benefit

Income tax expense (benefit)

i —

( i 2)

Net of tax

i —

i 4

i 1

i 13

In May 2021, we sold the North American operations of the AMECO equipment business for $ i 71 million and recognized a loss on the sale of $ i 27 million. The results for the sold operations are reported in Disc Ops in the 2021 Period and are i not material.

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FLUOR CORPORATION

NOTES TO FINANCIAL STATEMENTS

UNAUDITED

In our 2021 10-K, we reported additional AMECO operations and Stork operations in Disc Ops. These operations no longer qualify for all Disc Ops criteria and are now reported in Cont Ops, unless or until such time that they re-qualify for Disc Ops.

The following discussion and analysis should be read in conjunction with our financial statements and our 2021 10-K. Except as the context otherwise requires, the terms Fluor or the Registrant, as used herein, are references to Fluor and references to the company, we, us, or our, as used herein, shall include Fluor, its consolidated subsidiaries and joint ventures.

CAUTIONARY STATEMENT REGARDING FORWARD-LOOKING STATEMENTS

Certain statements made herein, including statements regarding our projected operating results, liquidity and backlog levels and the implementation of strategic initiatives are forward-looking in nature. Under the Private Securities Litigation Reform Act of 1995, a “safe harbor” may be provided to us for certain of these forward-looking statements. We caution readers that forward-looking statements, including disclosures which use words such as we “believe,” “anticipate,” “expect,” “estimate,” "commit," "will," "may" and similar statements, are subject to risks and uncertainties which could cause actual results to differ materially from stated expectations. Significant factors potentially contributing to such differences include:


	3ME September 30,						9ME September 30,
(in millions)	2022			2021			2022			2021
Revenue
Energy Solutions	$	1,592		$	1,365		$	4,097		$	3,675
Urban Solutions	982			1,015			2,946			3,419
Mission Solutions	639			723			1,779			2,184
Other	399			400			1,212			1,256
Total revenue	$	3,612		$	3,503		$	10,034		$	10,534

Segment profit (loss) $ and margin %
Energy Solutions	$	59	3.7%	$	72	5.3%	$	177	4.3%	$	184	5.0%
Urban Solutions	(54)		(5.5)%	18		1.8%	(31)		(1.1)%	(21)		(0.6)%
Mission Solutions	29		4.5%	28		3.9%	115		6.5%	117		5.4%
Other	(3)		NM	(2)		NM	(8)		NM	(8)		NM
Total segment profit (loss) $ and margin %(1)	$	31	0.9%	$	116	3.3%	$	253	2.5%	$	272	2.6%

G&A	(30)			(44)			(146)			(144)
Impairment	—			(5)			63			(153)
Foreign currency gain (loss)	34			37			51			(4)
Interest income (expense), net	14			(33)			4			(63)
Earnings (loss) from Cont Ops attributable to NCI	(46)			(3)			(31)			22
Earnings (loss) from Cont Ops before taxes	3			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 Fluor	$	22		$	42		$	136		$	(127)

Less: Dividends on CPS	10			10			29			15
Net earnings (loss) from Cont Ops available to Fluor common stockholders	$	12		$	32		$	107		$	(142)

New awards
Energy Solutions	$	3,574		$	644		$	5,595		$	2,914
Urban Solutions	929			781			3,470			2,460
Mission Solutions	4,874			1,610			5,312			2,694
Other	366			366			842			913
Total new awards	$	9,743		$	3,401		$	15,219		$	8,981

New awards related to projects located outside of the U.S.							48%			59%

Backlog (in millions)

Segment profit for the 2022 Quarter declined significantly due to project charges on three legacy infrastructure projects. Segment profit for the 2022 Period was relatively flat compared to the 2021 Period due to significant infrastructure charges recognized during both periods.

Our results were significantly impacted by evolving foreign currency rates in 2022. During the 2022 Quarter and 2022 Period, the U.S. dollar appreciated significantly against the Euro, the British Pound and the Canadian Dollar.

The effective tax rate on earnings (loss) from Cont Ops was 939.2% for the 2022 Quarter and 46.0% for the 2022 Period compared to 43.5% and (49.4)% for the corresponding periods of 2021. A reconciliation of U.S. statutory federal income tax expense (benefit) to income tax expense follows:


	3ME September 30				9ME September 30
(In millions)	2022		2021		2022		2021
U.S statutory federal income tax expense (benefit)	$	1	$	14	$	41	$	(15)
Increase (decrease) in taxes resulting from:
State and local income taxes	1		(1)		3		(1)
Valuation allowance, net	15		11		50		32
Foreign tax impact	—		6		(11)		15
Noncontrolling interest	10		—		6		(3)
Other	—		(1)		—		7
Total income tax expense (benefit)	$	27	$	29	$	89	$	35

The increase in backlog resulted from significant new awards booked during the 2022 Quarter. Although backlog reflects business that is considered to be firm, cancellations, deferrals or scope adjustments may occur. Backlog is adjusted to reflect any known project cancellations, revisions to project scope and cost, foreign currency exchange fluctuations and project deferrals, as appropriate. Backlog differs from RUPO discussed elsewhere. RUPO includes only the amount of revenue we expect to recognize under contracts with definite terms and substantive termination provisions.

Revenue for the 2022 Quarter and 2022 Period increased due to the ramp up of execution activities on a refinery project in Mexico, a recently awarded mid-scale LNG project and two chemicals projects in China partially offset by declines in the volume of execution activity for projects nearing completion.

Segment profit for the 2022 Quarter declined primarily due to losses related to embedded foreign currency derivatives associated with projects in Mexico and declines in execution activity for projects nearing completion partially offset by increased execution activity on the recently awarded projects discussed above. Segment profit for the 2022 Period remained flat compared to the 2021 Period. The change in segment profit margin reflects the same factors affecting segment profit.

New awards in the 2022 Quarter and 2022 Period increased due to a large award for a chemicals project in China. Backlog increased during the 2022 Period due to the new award activity.

Revenue for the 2022 Quarter decreased primarily due to declines in the volume of execution activity for a large mining project nearing completion and the de-recognition of revenue resulting from the project charges discussed below partially offset by the ramp up of execution activities on a mining project in South America, a life sciences project and an advanced technology project in the United States. Revenue for the 2022 Period decreased primarily due to the completion of three large mining projects partially offset by increased execution activities on a life sciences project and an advanced technology project in the U.S.

Segment profit for the 2022 Quarter reflects a $64 million charge for additional rework and schedule delays on a highway project, a $22 million charge for cost growth and delay mitigation costs on an international bridge project and a $21 million charge for subcontractor cost escalation and productivity estimates on an automated people mover project. Segment profit for the 2021 Quarter reflects charges for schedule delays and productivity on a light rail project. Segment profit for the 2022 Period reflects a $86 million charge for additional rework and schedule delays on a highway project, a $54 million charge for cost growth and delay mitigation costs on an international bridge project and a $35 million charge for subcontractor cost escalation and productivity estimates on an automated people mover project. Segment profit for the 2021 Period reflects a charge of $138 million for procurement and subcontractor cost growth, delays and disruptions in schedule of the international bridge project. We continue to analyze the recoverability of these costs as claims, which could be material.

During the 2022 Period, we sold the majority of our interest in an infrastructure joint venture in Canada and recognized a gain of $11 million. During the 2021 Period, we sold our interest in an infrastructure joint venture in the U.S. and recognized a gain of $20 million. The change in segment profit margin reflects the same factors affecting segment profit.

New awards in the 2022 Quarter increased due to a large life sciences project in Denmark awarded in the current quarter. New awards in the 2022 Period increased due to the large life sciences project as well as awards for a mining project in Australia and a highway project in Texas. Backlog increased during the 2022 Period due to the new award activity.


	3ME September 30,				9ME September 30,
(in millions)	2022		2021		2022		2021
G&A
Compensation	$	20	$	23	$	91	$	104
Facilities	4		4		12		11
SEC investigation	1		6		13		10
Exit costs	1		—		5		—
Severance	—		5		1		7
Reserve for legacy legal claims	—		—		5		—
Other	4		6		19		12
G&A	$	30	$	44	$	146	$	144

LIQUIDITY AND CAPITAL RESOURCES

Our liquidity arises from available cash and cash equivalents and marketable securities, cash generated from

operations, capacity under our credit facilities and, when necessary, access to capital markets. We have committed and uncommitted lines of credit available for revolving loans and letters of credit. We believe that for at least the next 12 months, cash generated from operations, along with our unused credit capacity and cash position, is sufficient to support operating requirements and debt maturities. We regularly review our sources and uses of liquidity and may pursue opportunities to address our liquidity needs, including losses we have accrued on certain projects.

As of September 30, 2022, letters of credit totaling $332 million were outstanding under our $1.8 billion credit facility, which matures in February 2025. The credit facility contains customary financial covenants, including a debt-to-capitalization ratio that cannot exceed 0.60 to 1.00, a limitation on the aggregate amount of debt of the greater of $750 million or €750 million for our subsidiaries, and a minimum liquidity threshold of $1.2 billion, all as defined in the amended credit facility. The credit facility also contains provisions that will require us to provide collateral if we are downgraded to BB by S&P and Ba2 by Moody's, such collateral consisting broadly of liens on 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 September 30, 2022, we had availability to borrow $845 million under our credit facility.

We expect to address the maturities currently scheduled for the first quarter of 2023 and fourth quarter of 2024 through available liquidity, cash generated by our operations or via a new securities issue.

Cash and cash equivalents combined with marketable securities were $2.6 billion as of September 30, 2022 and $2.3 billion as of December 31, 2021. Cash and cash equivalents are held in numerous accounts throughout the world to fund our global project execution activities. Non-U.S. cash and cash equivalents amounted to $987 million and $992 million as of September 30, 2022 and December 31, 2021, respectively. Non-U.S. cash and cash equivalents exclude deposits of U.S. legal entities that are invested in offshore, overnight accounts or short-term time deposits, to which there is unrestricted access.

In evaluating our liquidity needs, we consider cash and cash equivalents held by our consolidated variable interest entities (joint ventures and partnerships). These amounts (which totaled $852 million and $630 million as of September 30, 2022 and December 31, 2021, respectively) were not necessarily readily available for general purposes. We do not include our share of cash held by our proportionately consolidated joint ventures and partnerships in our consolidated cash balances even though these amounts may be significant. We also consider the extent to which client advances (which totaled $122 million and $127 million as of September 30, 2022 and December 31, 2021, respectively) are likely to be sustained or consumed over the near term for project execution activities and the cash flow requirements of our various foreign operations. In some cases, it may not be financially efficient to move cash and cash equivalents between countries due to statutory dividend limitations and/or adverse tax consequences. We did not consider any cash to be permanently reinvested outside the U.S. as of September 30, 2022 and December 31, 2021, other than unremitted earnings required to meet our working capital and long-term investment needs in non-U.S. foreign jurisdictions where we operate.


	9ME September 30,
(in millions)	2022		2021
OPERATING CASH FLOW	$	(15)	$	(220)

INVESTING CASH FLOW
Proceeds from sales and maturities (purchases) of marketable securities	(27)		(43)
Capital expenditures	(38)		(55)
Proceeds from sales of assets	29		125
Investments in partnerships and joint ventures	(47)		(80)
Other	19		(12)
Investing cash flow	(64)		(65)

FINANCING CASH FLOW
Proceeds from NuScale de-SPAC transaction	341		—
Proceeds from sale of NuScale interest	107		—
Proceeds from issuance of CPS	—		582
Purchase and retirement of debt	(23)		(525)
Dividends paid	(29)		(9)
Other borrowings (debt repayments)	6		(7)
Distributions paid to NCI	(15)		(20)
Capital contributions by NCI	—		201
Other	(9)		(4)
Financing cash flow	378		218

Effect of exchange rate changes on cash	(72)		(6)
Increase (decrease) in cash and cash equivalents	227		(73)
Cash and cash equivalents at beginning of period	2,209		2,199
Cash and cash equivalents at end of period	$	2,436	$	2,126

Cash paid during the period for:
Interest	$	43	$	81
Income taxes (net of refunds)	71		59

Operating Activities

Cash flows from operating activities result primarily from our EPC activities and are affected by our earnings levels and changes in working capital associated with such activities. Working capital levels vary from period to period and are primarily affected by our volume of work and billing schedules on our projects. These levels are also impacted by the stage of completion and commercial terms of engineering and construction projects, as well as our execution of our projects compared to their budget. Working capital requirements also vary by project and the payment terms agreed to with our clients, vendors and subcontractors. Most contracts require payments as the projects progress. Additionally, certain projects receive advance payments from clients. A typical trend for our projects is to have higher cash balances during the initial phases of execution due to deposits paid to us which then diminish toward the end of the construction phase. As a result, our cash position is reduced as customer advances are utilized, unless they are replaced by advances on other projects. We maintain cash reserves and borrowing facilities to provide additional working capital in the event that a project’s net operating cash outflows exceed its available cash balances. As of September 30, 2022, our backlog included $2.0 billion for loss projects which may have a negative impact on our operating cash flow in future periods.

Our operating cash flow for the 2022 Period was negatively impacted by increases in working capital on several large projects, most of which occurred in the first quarter. Operating cash flow for the 2022 Quarter significantly improved compared to the first and second quarters of 2022 as working capital levels remained stable. Our operating cash flow for the 2021 Period was negatively impacted by increased funding of COVID-19 costs on our projects, higher cash payments of G&A and increased tax payments. During the fourth quarter of 2022, we expect to fund approximately $100 million of costs on loss projects, including incentives for a legacy upstream project.

During the 2022 Period, we did not make any significant contributions into our DB plans. During the 2021 Period, we contributed $13 million into our DB plans, primarily our Dutch DB plan which was settled in late 2021.

Investing Activities

We hold cash in bank deposits and marketable securities which are governed by our investment policy. This policy focuses on, in order of priority, the preservation of capital, maintenance of liquidity and maximization of yield. These investments may include money market funds, bank deposits placed with highly-rated financial institutions, repurchase agreements that are fully collateralized by U.S. Government-related securities, high-grade commercial paper and high quality short-term and medium-term fixed income securities.

Capital expenditures in the 2022 and 2021 Periods were primarily related to construction equipment on certain infrastructure projects as well as expenditures for facilities and investments in information technology.

Proceeds from sales of assets during the 2022 Period includes the sale of the majority of our interest in an infrastructure joint venture in Canada. Proceeds from sales of assets during the 2021 Period includes the sale of the North American operations of the AMECO equipment business for $71 million as well as our 10% ownership interest in an infrastructure joint venture in the U.S.

Investments in unconsolidated partnerships and joint ventures in the 2022 Period included capital contributions to a Mission Solutions joint venture and an infrastructure joint venture. Investments in unconsolidated partnerships and joint ventures in the 2021 Period included a $26 million capital contribution to COOEC Fluor, which satisfied our contractual funding requirements, as well as capital contributions to an Energy Solutions joint venture and a Mission Solutions joint venture.

Financing Activities

In April 2022, we sold approximately 5% of the ownership of NuScale to Japan NuScale Innovation, LLC for $107 million, which will become final after CFIUS' review.

Cumulative cash dividends on the CPS are payable at an annual rate of 6.5% quarterly in arrears on February 15, May 15, August 15 and November 15, upon declaration of the dividend by our Board of Directors. Dividends accumulate from the most recent date on which dividends have been paid. First and second quarter CPS dividends of $10 million were paid in February and May 2022. In October 2022, our Board of Directors approved the payment of fourth quarter CPS dividends of $10 million, payable in November 2022.

Each share of CPS is convertible at the holder's option at any time into 44.9585 shares of our common stock per share of CPS. The conversion rate is subject to certain customary adjustments, but no payment or adjustment for accumulated but unpaid dividends will be made upon conversion, subject to certain limited exceptions. The CPS may not be redeemed by us; however, we may, at any time on or after May 20, 2022, elect to cause all outstanding shares of CPS to be converted into shares of our common stock at the conversion rate, subject to certain conditions (and, if such conversion occurs prior to May 20, 2024, the payment of a cash make-whole premium). The most significant condition to our ability to force a conversion prior to May 2024 is the requirement that our common stock trade above $28.92 for 20 consecutive trading days. We estimate that the cash make-whole payment would have been $84 million at September 30, 2022 (assuming we minimally exceed the minimum trading price to invoke the conversion). If a make-whole fundamental change, as defined in the certificate of designations for the CPS, occurs, we will in certain circumstances be required to increase the conversion rate for a holder who elects to convert shares of CPS in connection with such make-whole fundamental change.

In June 2022, we redeemed $23 million of outstanding 2023 Notes. The gain on redemptions was not material.

In September 2021, we completed a tender offer in which we repurchased $375 million of 2023 Notes and $108 million of 2024 Notes, excluding accrued interest. Additionally, we redeemed $26 million of outstanding 2023 and 2024 Notes in open market transactions during the 2021 Period. We recognized $20 million in losses related to these redemptions which was included in interest expense.

Distributions paid to holders of NCI represent cash outflows to partners of consolidated partnerships or joint ventures created primarily for the execution of single contracts or projects. Distributions in the 2022 Period related to joint ventures in all our segments. Distributions in the 2021 Period primarily related to a transportation joint venture project in the U.S.

Capital contributions by NCI during the 2021 Period primarily related to new investments totaling $193 million by NuScale's NCI holders.

We have a common stock repurchase program, authorized by our Board of Directors, to purchase shares in the open market or privately negotiated transactions at our discretion. As of September 30, 2022, over 10 million shares could still be purchased under the existing stock repurchase program, although we don't have any immediate intent to begin such repurchases.

Off-Balance Sheet Arrangements

As of September 30, 2022, letters of credit totaling $332 million were outstanding under committed lines of credit, and letters of credit totaling $877 million were outstanding under uncommitted lines of credit. Letters of credit are ordinarily provided to indemnify our clients if we fail to perform our obligations under our contracts. Surety bonds may be used as an alternative to letters of credit.

Financial guarantees, made in the ordinary course of business in certain limited circumstances, 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.

Our sustainability mission envisions meeting the needs of our clients while conducting business in an environmentally and socially responsible manner. We consistently apply prudent governance principles to the benefit of current and future generations, thereby creating value for all stakeholders. Every day, we help clients safeguard the environment, conserve energy, protect lives, and strengthen the economies and social structures of communities in which our employees work and live.

As a key priority for our sustainability program, we have committed to reduce our greenhouse gas emissions. Early in 2021, we committed to achieving net zero emissions for Scopes 1 and 2 absolute greenhouse gas emissions by the end of 2023, and we believe we are on track to meet that objective.

We have a Sustainability Committee to oversee our sustainability policies, strategies and programs. The Sustainability Committee includes representatives from each of our business segments, as well as a cross-functional team of subject matter experts from communications, health, safety and environmental, human resources, supply chain, investor relations and legal, who serve as advisors to the Sustainability Committee. In furtherance of our Board of Directors' commitment to sustainability, our Board of Directors and Governance Committee reviews and receives reports from management on our sustainability efforts.


Backlog (in millions)	September 30, 2022		December 31, 2021
Energy Solutions	$	10,183	$	9,324
Urban Solutions	7,593		7,048
Mission Solutions	6,189		2,562
Other	1,458		1,866
Total backlog	$	25,423	$	20,800

Backlog related to projects located outside of the U.S.	53%		65%
Backlog related to lump-sum projects	42%		59%


	3ME September 30,
(in millions)	2022		2021
Backlog, June 30	$	19,519	$	23,153
New awards	9,743		3,401
Adjustments and cancellations, net (1)	(276)		(67)
Work performed	(3,563)		(3,454)
Backlog, September 30	$	25,423	$	23,033


	9ME September 30,
(in millions)	2022		2021
Backlog, January 1	$	20,800	$	25,569
New awards	15,219		8,981
Adjustments and cancellations, net (1)	(711)		(1,133)
Work performed	(9,885)		(10,384)
Backlog, September 30	$	25,423	$	23,033


Exhibit						Description
3.1						Amended and Restated Certificate of Incorporation of the registrant (incorporated by reference to Exhibit 3.1 to the registrant's Current Report on Form 8-K (Commission file number 1-16129) filed on May 8, 2012).
3.2						Certificate of Designations, Preferences, and Rights of Series A 6.50% Cumulative Perpetual Convertible Preferred Stock of the registrant (incorporated by reference to Exhibit 3.2 to the registrant's Current Report on Form 8-K (Commission file number 1-16129) filed on May 18, 2021).
3.3						Amended and Restated Bylaws of the registrant (incorporated by reference to Exhibit 3.1 to the registrant's Current Report on Form 8-K (Commission file number 1-16129) filed on November 4, 2022).
31.1						Certification of Chief Executive Officer pursuant to Section 302 of the Sarbanes-Oxley Act of 2002.*
31.2						Certification of Chief Financial Officer pursuant to Section 302 of the Sarbanes-Oxley Act of 2002.*
32.1						Certification of Chief Executive Officer pursuant to Section 906 of the Sarbanes-Oxley Act of 2002.*
32.2						Certification of Chief Financial Officer pursuant to Section 906 of the Sarbanes-Oxley Act of 2002.*
101.INS						Inline XBRL Instance Document.*
101.SCH						Inline XBRL Taxonomy Extension Schema Document.*
101.CAL						Inline XBRL Taxonomy Extension Calculation Linkbase Document.*
101.LAB						Inline XBRL Taxonomy Extension Label Linkbase Document.*
101.PRE						Inline XBRL Taxonomy Extension Presentation Linkbase Document.*
101.DEF						Inline XBRL Taxonomy Extension Definition Linkbase Document.*
104						The cover page from the Company's Q3 2022 10-Q for the three and nine months ended September 30, 2022, formatted in Inline XBRL (included in the Exhibit 101 attachments).*


			FLUOR CORPORATION


Date:	November 4, 2022	By:	/s/ *Joseph L. Brennan*
			Joseph L. Brennan
			Chief Financial Officer

Date:	November 4, 2022	By:	/s/ *John C. Regan*
			John C. Regan
			Chief Accounting Officer

Fluor Corp. – ‘10-Q’ for 9/30/22

On: Friday, 11/4/22, at 7:09am ET · For: 9/30/22 · Accession #: 1628280-22-28343 · File #: 1-16129

Previous ‘10-Q’: ‘10-Q’ on 8/5/22 for 6/30/22 · Next: ‘10-Q’ on 5/5/23 for 3/31/23 · Latest: ‘10-Q’ on 11/3/23 for 9/30/23 · 3 References:

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Period	Total Number of Shares Purchased	Average Price Paid per Share		Total Number of Shares Purchased as Part of Publicly Announced Plans or Programs	Maximum Number of Shares that May Yet Be Purchased Under the Plans or Program (1)
July 1 — July 31, 2022	—	$	—	—	10,513,093
August 1 — August 31, 2022	—	—		—	10,513,093
September 1 — September 30, 2022	—	—		—	10,513,093
Total	—	$	—	—

This ‘10-Q’ Filing	Date	Other Filings

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For Period end:	9/30/22
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Fluor Corp. – ‘10-Q’ for 9/30/22

On: Friday, 11/4/22, at 7:09am ET · For: 9/30/22 · Accession #: 1628280-22-28343 · File #: 1-16129

Quarterly Report — Form 10-QFiling Table of Contents

‘10-Q’ — Quarterly ReportDocument Table of Contents

This is an HTML Document rendered as filed. [ Alternative Formats ]

Dates Referenced Herein and Documents Incorporated by Reference

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Quarterly Report — Form 10-Q

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‘10-Q’ — Quarterly Report

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