Fluor
Corporation (NYSE: FLR) today announced financial results for its
fiscal year ended December 31, 2016. Including adverse fourth quarter
tax effects of $45 million, or $0.32 per diluted share, primarily as a
result of new IRS regulations approved on December 7, 2016, earnings
from continuing operations attributable to Fluor for full year 2016 were
$281 million, or $2.00 per diluted share. Excluding these adverse tax
effects, the company reported a net profit from continuing operations of
$326 million, or $2.32 per diluted share. This compares to 2015 earnings
from continuing operations attributable to Fluor of $418 million, or
$2.85 per diluted share. Consolidated segment profit for the year was
$744 million, compared to $1.0 billion a year ago. Revenue of $19.0
billion in 2016 compares to $18.1 billion in the prior year. As
described in the pre-announcement release dated February 10, 2017, the
adverse tax effects of $45 million relate to the inability to deduct or
otherwise benefit certain foreign losses.
Full year new awards were $21 billion, including $8.4 billion in Energy,
Chemicals & Mining, $6.2 billion in Industrial, Infrastructure & Power,
$4.6 billion in Government and $1.8 billion in Maintenance, Modification
& Asset Integrity. This compares to $21.8 billion in new awards in 2015.
Consolidated backlog at year-end was $45 billion, compared with $44.7
billion a year ago, reflecting growth in the Government and Industrial,
Infrastructure & Power segments.
"In 2016 we set the foundation to expand our presence in the markets we
serve. This includes our acquisition of Stork, our investment in a
fabrication facility in China and the submission of NuScale’s small
modular reactor application to the NRC. We were also pleased with the
improved slate of opportunities in infrastructure and mining," said
David Seaton, Fluor chairman and chief executive officer.
Corporate G&A expense for 2016 was $191 million, compared with $168
million a year ago, including Stork transaction and integration costs
and other organizational realignment expenses, partially offset by
foreign currency exchange gains. Fluor’s cash and marketable securities
at the end of the year was $2.1 billion. During 2016, the company
generated $706 million in cash flow from operating activities and paid
out $118 million in dividends.
Outlook
The company is maintaining its EPS guidance for 2017 at the previously
announced range of $2.75 to $3.25 per diluted share.
Business Segments
Fluor’s Energy, Chemicals & Mining segment reported a segment profit of
$401 million, compared to a segment profit of $867 million in 2015.
Results for the year reflect a $265 million pre-tax charge on a
petrochemical facility in the United States. Revenue for 2016 was $9.8
billion, down from $11.9 billion in the previous year, primarily due to
a decline in project activity in the mining and metals business line.
Full year new awards in 2016 totaled $8.4 billion, compared to $12.0
billion in 2015. In the fourth quarter, the segment booked new awards of
$1.0 billion, including a bauxite mine in Guinea. Ending backlog was
$21.8 billion compared to $29.4 billion a year ago.
The Industrial, Infrastructure & Power segment reported segment profit
of $136 million, compared to a $45 million loss in 2015. Segment profit
for 2015 included a charge related to a gas-fired power plant in
Brunswick County, Virginia. Revenue for 2016 increased 81 percent to
$4.1 billion from $2.3 billion a year ago. Results for the year reflect
increased project activity in the power business line. Full year new
awards in 2016 totaled $6.2 billion compared to $7.1 billion in 2015.
New awards in the fourth quarter were $1.3 billion including a contract
for the Novo Nordisk active pharmaceutical ingredient facility in North
Carolina. Year-end backlog was $15.1 billion, up 56 percent from $9.7
billion a year ago. Ending backlog reflects new infrastructure awards
and project adjustments to the power business line.
The Government group reported segment profit of $85 million, compared to
$83 million a year ago. Revenue for 2016 was $2.7 billion, compared to
$2.6 billion a year ago. New awards totaled $4.6 billion for the year,
up from $1.4 billion in 2015. Awards in 2016 include large multi-year
awards for nuclear decommissioning and cleanup projects. Fourth quarter
2016 new awards were $101 million and ending backlog was $5.2 billion,
up 46 percent from $3.6 billion a year ago.
The Maintenance, Modification & Asset Integrity segment reported segment
profit of $122 million for 2016, compared to $127 million a year ago.
Revenue for the year was $2.5 billion, compared to $1.4 billion in 2015
and reflects ten months of contribution from the Stork business. Full
year new awards in 2016 totaled $1.8 billion compared to $1.4 billion in
2015. New awards in the fourth quarter were $357 million and ending
backlog was $2.9 billion, up 36 percent from $2.1 billion a year ago.
Fourth Quarter Results
Earnings for the fourth quarter of 2016 were $70 million, or $0.50 per
diluted share. Excluding the adverse tax effects previously mentioned,
the company reported a net profit from continuing operations of $115
million, or $0.82 per diluted share. For the fourth quarter of 2015, the
company reported a loss of $51 million, or $0.36 per diluted share.
However, excluding non-operating pension settlement expenses of $147
million, or $1.04 per diluted share after-tax, the company had a net
profit from continuing operations of $96 million, or $0.68 per diluted
share for the fourth quarter of 2015. Segment profit for the fourth
quarter of 2016 was $249 million, up from $234 million a year ago.
Corporate G&A expenses in the fourth quarter of 2016 were $56 million,
compared with $54 million a year ago. Revenue for the quarter was $5.0
billion and new awards were $2.8 billion.
Fourth Quarter and Year-End Conference Call
Fluor will host a conference call at 9:00 a.m. Eastern time on Friday,
February 17, which will be webcast live on the Internet and can be
accessed by logging onto http://investor.fluor.com.
A supplemental slide presentation will be available shortly before the
call begins. The webcast and presentation will be archived for 30 days
following the call.
Non-GAAP Financial Measure
This press release contains a discussion of consolidated segment profit
that would be deemed a non-GAAP financial measure under SEC rules.
Segment profit is calculated as revenue less cost of revenue and
earnings attributable to noncontrolling interests excluding: corporate
general and administrative expense; interest expense; interest income;
domestic and foreign income taxes; other non-operating income and
expense items; and loss from discontinued operations. The company
believes that consolidated segment profit provides a meaningful
perspective on its business results as it is the aggregation of
individual segment profit measures that the company utilizes to evaluate
and manage its business performance. A reconciliation of this measure to
earnings from continuing operations before taxes is included in the
press release tables. This press release also contains a discussion of
net profit from continuing operations (and net profit per diluted
share), excluding certain expenses relating to the settlement of the
U.S. defined benefit pension plan that would be deemed a non-GAAP
financial measure. The company believes the exclusion of the pension
expense allows investors to evaluate its ongoing earnings potential on a
normalized basis and make meaningful period-over-period comparisons.
This press release also contains a discussion of earnings from
continuing operations (and net earnings per diluted share), excluding
the adverse tax effects on certain foreign losses that would be deemed a
non-GAAP financial measure. The company believes the exclusion of the
impact from these tax effects is appropriate because it allows investors
to better evaluate the company's earnings from operations and make
meaningful period-over-period comparisons.
About Fluor Corporation
Fluor
Corporation (NYSE: FLR) is a global engineering, procurement,
fabrication, construction and maintenance company that designs, builds
and maintains capital-efficient facilities for its clients on six
continents. For more than a century, Fluor has served our clients by
delivering innovative and integrated solutions across the globe. With
headquarters in Irving, Texas, Fluor ranks 155 on the FORTUNE 500
list with revenue of $19 billion in 2016 and has more than 60,000
employees worldwide. For more information, please visit www.fluor.com
or follow us on Twitter @FluorCorp.
Forward-Looking Statements:
This
release may contain forward-looking statements (including without
limitation statements to the effect that the Company or its management
"believes," "expects," is “positioned” or other similar expressions).
These forward-looking statements, including statements relating to
future growth, backlog, earnings and the outlook for the Company’s
business are based on current management expectations and involve risks
and uncertainties. Actual results may differ materially as a result of a
number of factors, including, among other things, the cyclical nature of
many of the markets the Company serves, including the Company’s Energy,
Chemicals & Mining commodity-based segment; the Company's failure to
receive new contract awards; the Company’s failure to meet cost and
schedule estimates; difficulties or delays incurred in the execution of
contracts, including those caused by the performance of the Company’s
clients, subcontractors, suppliers and joint venture or teaming
partners; client cancellations of, or scope adjustments to, existing
contracts; intense competition in the industries in which we operate;
current economic conditions affecting our clients, partners,
subcontractors and suppliers; foreign economic and political
uncertainties; failure of our joint venture or other partners, suppliers
or subcontractors to perform their obligations; cyber-security breaches;
failure to obtain favorable results in existing or future litigation or
dispute resolution proceedings or claims; client delays or defaults in
making payments; failure to meet timely completion or performance
standards; liabilities arising from faulty services; risks or
uncertainties associated with events outside of our control, including
weather conditions; the Company’s failure, or the failure of our agents
or partners, to comply with laws; the potential impact of certain tax
matters; possible information technology interruptions or inability to
protect intellectual property; new or changing legal requirements;
liabilities associated with the performance of nuclear services; foreign
exchange risks; the inability to hire and retain qualified personnel;
failure to maintain safe worksites and international security risks; the
availability of credit and restrictions imposed by credit facilities,
both for the Company and our clients, suppliers, subcontractors or other
partners; possible limitations on bonding or letter of credit capacity;
risks or uncertainties associated with acquisitions, dispositions and
investments; risks arising from the inability to successfully integrate
acquired businesses; and the Company’s ability to secure appropriate
insurance. Caution must be exercised in relying on these and other
forward-looking statements. Due to known and unknown risks, the
Company’s results may differ materially from its expectations and
projections.
Additional information concerning these and other factors can be
found in the Company's public periodic filings with the Securities and
Exchange Commission, including the discussion under the heading "Item
1A. Risk Factors" in the Company's Form 10-K filed on February 17, 2017.
Such filings are available either publicly or upon request from Fluor's
Investor Relations Department: (469) 398-7070. The Company disclaims any
intent or obligation other than as required by law to update its
forward-looking statements in light of new information or future events.
|
|
|
|
|
FLUOR CORPORATION
|
|
CONSOLIDATED FINANCIAL RESULTS
|
|
(in millions, except per share amounts)
|
|
Unaudited
|
|
|
|
|
|
|
|
|
|
CONSOLIDATED OPERATING RESULTS
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
THREE MONTHS ENDED DECEMBER 31
|
|
|
2016
|
|
|
2015
|
|
Revenue
|
|
|
$
|
4,989.6
|
|
|
$
|
4,370.7
|
|
|
Cost and expenses:
|
|
|
|
|
|
|
|
Cost of revenue
|
|
|
|
4,740.5
|
|
|
|
4,118.3
|
|
|
Pension settlement charge
|
|
|
|
-
|
|
|
|
230.5
|
|
|
Corporate general and administrative expense
|
|
|
|
56.2
|
|
|
|
53.6
|
|
|
Interest expense, net
|
|
|
|
14.2
|
|
|
|
7.6
|
|
|
Total cost and expenses
|
|
|
|
4,810.9
|
|
|
|
4,410.0
|
|
|
Earnings (loss) from continuing operations before taxes
|
|
|
|
178.7
|
|
|
|
(39.3
|
)
|
|
Income tax expense (benefit)
|
|
|
|
107.7
|
|
|
|
(6.9
|
)
|
|
Earnings (loss) from continuing operations
|
|
|
|
71.0
|
|
|
|
(32.4
|
)
|
|
Loss from discontinued operations, net of taxes
|
|
|
|
-
|
|
|
|
(0.6
|
)
|
|
Net earnings (loss)
|
|
|
|
71.0
|
|
|
|
(33.0
|
)
|
|
Less: Net earnings attributable to noncontrolling interests
|
|
|
|
0.5
|
|
|
|
18.4
|
|
|
Net earnings (loss) attributable to Fluor Corporation
|
|
|
$
|
70.5
|
|
|
$
|
(51.4
|
)
|
|
|
|
|
|
|
|
|
|
Amounts attributable to Fluor Corporation:
|
|
|
|
|
|
|
|
Earnings (loss) from continuing operations
|
|
|
$
|
70.5
|
|
|
$
|
(50.8
|
)
|
|
Loss from discontinued operations, net of taxes
|
|
|
|
-
|
|
|
|
(0.6
|
)
|
|
Net earnings (loss)
|
|
|
$
|
70.5
|
|
|
$
|
(51.4
|
)
|
|
|
|
|
|
|
|
|
|
Basic earnings (loss) per share attributable to Fluor Corporation:
|
|
|
|
|
|
|
|
Earnings (loss) from continuing operations
|
|
|
$
|
0.51
|
|
|
$
|
(0.36
|
)
|
|
Loss from discontinued operations, net of taxes
|
|
|
|
-
|
|
|
|
-
|
|
|
Net earnings (loss)
|
|
|
$
|
0.51
|
|
|
$
|
(0.36
|
)
|
|
Weighted average shares
|
|
|
|
139.3
|
|
|
|
140.9
|
|
|
|
|
|
|
|
|
|
|
Diluted earnings (loss) per share attributable to Fluor Corporation:
|
|
|
|
|
|
|
|
Earnings (loss) from continuing operations
|
|
|
$
|
0.50
|
|
|
$
|
(0.36
|
)
|
|
Loss from discontinued operations, net of taxes
|
|
|
|
-
|
|
|
|
-
|
|
|
Net earnings (loss)
|
|
|
$
|
0.50
|
|
|
$
|
(0.36
|
)
|
|
Weighted average shares
|
|
|
|
141.1
|
|
|
|
140.9
|
|
|
|
|
|
|
|
|
|
|
New awards
|
|
|
$
|
2,824.5
|
|
|
$
|
7,835.7
|
|
|
Backlog
|
|
|
$
|
45,011.9
|
|
|
$
|
44,726.1
|
|
|
Work performed
|
|
|
$
|
4,881.5
|
|
|
$
|
4,246.8
|
|
|
|
|
|
|
FLUOR CORPORATION
|
|
CONSOLIDATED FINANCIAL RESULTS
|
|
(in millions, except per share amounts)
|
|
Unaudited
|
|
|
|
|
|
|
|
|
|
CONSOLIDATED OPERATING RESULTS
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
YEAR ENDED DECEMBER 31
|
|
|
2016
|
|
|
2015
|
|
Revenue
|
|
|
$
|
19,036.5
|
|
|
$
|
18,114.0
|
|
|
Cost and expenses:
|
|
|
|
|
|
|
|
Cost of revenue
|
|
|
|
18,246.2
|
|
|
|
17,019.3
|
|
|
Gain related to a partial sale of a subsidiary
|
|
|
|
-
|
|
|
|
(68.2
|
)
|
|
Pension settlement charge
|
|
|
|
-
|
|
|
|
239.9
|
|
|
Corporate general and administrative expense
|
|
|
|
191.1
|
|
|
|
168.3
|
|
|
Interest expense, net
|
|
|
|
52.6
|
|
|
|
28.1
|
|
|
Total cost and expenses
|
|
|
|
18,489.9
|
|
|
|
17,387.4
|
|
|
Earnings from continuing operations before taxes
|
|
|
|
546.6
|
|
|
|
726.6
|
|
|
Income tax expense
|
|
|
|
219.2
|
|
|
|
245.9
|
|
|
Earnings from continuing operations
|
|
|
|
327.4
|
|
|
|
480.7
|
|
|
Loss from discontinued operations, net of taxes
|
|
|
|
-
|
|
|
|
(5.7
|
)
|
|
Net earnings
|
|
|
|
327.4
|
|
|
|
475.0
|
|
|
Less: Net earnings attributable to noncontrolling interests
|
|
|
|
46.0
|
|
|
|
62.5
|
|
|
Net earnings attributable to Fluor Corporation
|
|
|
$
|
281.4
|
|
|
$
|
412.5
|
|
|
|
|
|
|
|
|
|
|
Amounts attributable to Fluor Corporation:
|
|
|
|
|
|
|
|
Earnings from continuing operations
|
|
|
$
|
281.4
|
|
|
$
|
418.2
|
|
|
Loss from discontinued operations, net of taxes
|
|
|
|
-
|
|
|
|
(5.7
|
)
|
|
Net earnings
|
|
|
$
|
281.4
|
|
|
$
|
412.5
|
|
|
|
|
|
|
|
|
|
|
Basic earnings (loss) per share attributable to Fluor Corporation:
|
|
|
|
|
|
|
|
Earnings from continuing operations
|
|
|
$
|
2.02
|
|
|
$
|
2.89
|
|
|
Loss from discontinued operations, net of taxes
|
|
|
|
-
|
|
|
|
(0.04
|
)
|
|
Net earnings
|
|
|
$
|
2.02
|
|
|
$
|
2.85
|
|
|
Weighted average shares
|
|
|
|
139.2
|
|
|
|
144.8
|
|
|
|
|
|
|
|
|
|
|
Diluted earnings (loss) per share attributable to Fluor Corporation:
|
|
|
|
|
|
|
|
Earnings from continuing operations
|
|
|
$
|
2.00
|
|
|
$
|
2.85
|
|
|
Loss from discontinued operations, net of taxes
|
|
|
|
-
|
|
|
|
(0.04
|
)
|
|
Net earnings
|
|
|
$
|
2.00
|
|
|
$
|
2.81
|
|
|
Weighted average shares
|
|
|
|
140.9
|
|
|
|
146.7
|
|
|
|
|
|
|
|
|
|
|
New awards
|
|
|
$
|
20,959.2
|
|
|
$
|
21,846.2
|
|
|
Backlog
|
|
|
$
|
45,011.9
|
|
|
$
|
44,726.1
|
|
|
Work performed
|
|
|
$
|
18,612.2
|
|
|
$
|
17,614.9
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
FLUOR CORPORATION
|
|
Unaudited
|
|
|
|
|
|
|
|
|
|
|
|
|
|
BUSINESS SEGMENT FINANCIAL REVIEW AND U.S. GAAP RECONCILIATION
|
|
($ in millions)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
THREE MONTHS ENDED DECEMBER 31
|
|
|
2016
|
|
|
|
|
2015
(1)
|
|
|
|
Revenue
|
|
|
|
|
|
|
|
|
|
|
|
Energy, Chemicals & Mining
|
|
|
$
|
2,509.1
|
|
|
|
|
|
$
|
2,818.2
|
|
|
|
|
Industrial, Infrastructure & Power
|
|
|
|
1,122.9
|
|
|
|
|
|
|
540.3
|
|
|
|
|
Government
|
|
|
|
694.9
|
|
|
|
|
|
|
647.6
|
|
|
|
|
Maintenance, Modification & Asset Integrity
|
|
|
|
662.7
|
|
|
|
|
|
|
364.6
|
|
|
|
|
Total revenue
|
|
|
$
|
4,989.6
|
|
|
|
|
|
$
|
4,370.7
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Segment profit (loss) $ and margin %
(3)
|
|
|
|
|
|
|
|
|
|
|
|
Energy, Chemicals & Mining
|
|
|
$
|
153.7
|
|
|
6.1
|
%
|
|
|
$
|
211.0
|
|
|
7.5
|
%
|
|
Industrial, Infrastructure & Power (2)
|
|
|
|
44.1
|
|
|
3.9
|
%
|
|
|
|
(29.6
|
)
|
|
(5.5
|
)%
|
|
Government
|
|
|
|
19.6
|
|
|
2.8
|
%
|
|
|
|
21.1
|
|
|
3.3
|
%
|
|
Maintenance, Modification & Asset Integrity
|
|
|
|
31.2
|
|
|
4.7
|
%
|
|
|
|
31.5
|
|
|
8.6
|
%
|
|
Total segment profit $ and margin %
|
|
|
$
|
248.6
|
|
|
5.0
|
%
|
|
|
$
|
234.0
|
|
|
5.4
|
%
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Pension settlement charge
|
|
|
|
-
|
|
|
|
|
|
|
(230.5
|
)
|
|
|
|
Corporate general and administrative expense
|
|
|
|
(56.2
|
)
|
|
|
|
|
|
(53.6
|
)
|
|
|
|
Interest expense, net
|
|
|
|
(14.2
|
)
|
|
|
|
|
|
(7.6
|
)
|
|
|
|
Earnings attributable to noncontrolling interests
|
|
|
|
0.5
|
|
|
|
|
|
|
18.4
|
|
|
|
|
Earnings (loss) from continuing operations before taxes
|
|
|
$
|
178.7
|
|
|
|
|
|
$
|
(39.3
|
)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
YEAR ENDED DECEMBER 31
|
|
|
2016
|
|
|
|
|
2015
(1)
|
|
|
|
Revenue
|
|
|
|
|
|
|
|
|
|
|
|
Energy, Chemicals & Mining
|
|
|
$
|
9,754.2
|
|
|
|
|
|
$
|
11,865.4
|
|
|
|
|
Industrial, Infrastructure & Power
|
|
|
|
4,094.5
|
|
|
|
|
|
|
2,264.0
|
|
|
|
|
Government
|
|
|
|
2,720.0
|
|
|
|
|
|
|
2,557.4
|
|
|
|
|
Maintenance, Modification & Asset Integrity
|
|
|
|
2,467.8
|
|
|
|
|
|
|
1,427.2
|
|
|
|
|
Total revenue
|
|
|
$
|
19,036.5
|
|
|
|
|
|
$
|
18,114.0
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Segment profit (loss) $ and margin %
(3)
|
|
|
|
|
|
|
|
|
|
|
|
Energy, Chemicals & Mining
|
|
|
$
|
401.5
|
|
|
4.1
|
%
|
|
|
$
|
866.6
|
|
|
7.3
|
%
|
|
Industrial, Infrastructure & Power (2)
|
|
|
|
135.8
|
|
|
3.3
|
%
|
|
|
|
(44.9
|
)
|
|
(2.0
|
)%
|
|
Government
|
|
|
|
85.1
|
|
|
3.1
|
%
|
|
|
|
83.1
|
|
|
3.2
|
%
|
|
Maintenance, Modification & Asset Integrity
|
|
|
|
121.9
|
|
|
4.9
|
%
|
|
|
|
127.4
|
|
|
8.9
|
%
|
|
Total segment profit $ and margin %
|
|
|
$
|
744.3
|
|
|
3.9
|
%
|
|
|
$
|
1,032.2
|
|
|
5.7
|
%
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Gain related to a partial sale of a subsidiary
|
|
|
|
-
|
|
|
|
|
|
|
68.2
|
|
|
|
|
Pension settlement charge
|
|
|
|
-
|
|
|
|
|
|
|
(239.9
|
)
|
|
|
|
Corporate general and administrative expense
|
|
|
|
(191.1
|
)
|
|
|
|
|
|
(168.3
|
)
|
|
|
|
Interest expense, net
|
|
|
|
(52.6
|
)
|
|
|
|
|
|
(28.1
|
)
|
|
|
|
Earnings attributable to noncontrolling interests
|
|
|
|
46.0
|
|
|
|
|
|
|
62.5
|
|
|
|
|
Earnings from continuing operations before taxes
|
|
|
$
|
546.6
|
|
|
|
|
|
$
|
726.6
|
|
|
|
|
|
|
(1) During the first quarter of 2016, the company changed the
composition of its reportable segments to better reflect the diverse
end markets that the company serves. Segment operating information
for 2015 has been recast to reflect these changes.
|
|
|
|
(2) Includes research and development expenses associated with
NuScale totaling $22 million and $15 million for three months ended
December 31, 2016 and 2015, respectively, and $92 million and $80
million for the years ended December 31, 2016 and 2015, respectively.
|
|
|
|
(3) Segment profit margin % is calculated as segment profit divided
by segment revenue.
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
FLUOR CORPORATION
|
|
Unaudited
|
|
|
|
|
|
|
|
|
|
|
|
SELECTED BALANCE SHEET ITEMS
|
|
|
|
|
|
|
|
|
|
($ in millions, except per share amounts)
|
|
|
|
|
|
|
|
|
|
|
|
|
DECEMBER 31,
|
|
DECEMBER 31,
|
|
|
|
|
|
2016
|
|
|
|
2015
|
|
|
Cash and marketable securities, including noncurrent
|
|
|
$
|
2,105.0
|
|
|
|
|
$
|
2,367.6
|
|
|
|
Total current assets
|
|
|
|
5,610.3
|
|
|
|
|
|
5,105.4
|
|
(1)
|
|
Total assets
|
|
|
|
9,216.4
|
|
|
|
|
|
7,625.4
|
|
(1)
|
|
Total short-term debt
|
|
|
|
82.2
|
|
|
|
|
|
-
|
|
|
|
Total current liabilities
|
|
|
|
3,816.0
|
|
|
|
|
|
2,935.4
|
|
|
|
Long-term debt
|
|
|
|
1,517.9
|
|
|
|
|
|
986.6
|
|
(1)
|
|
Shareholders' equity
|
|
|
|
3,125.2
|
|
|
|
|
|
2,997.3
|
|
|
|
|
|
|
|
|
|
|
|
|
|
SELECTED CASH FLOW ITEMS
|
|
|
|
|
|
|
|
|
|
($ in millions)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
YEAR ENDED DECEMBER 31
|
|
|
2016
|
|
|
|
2015
|
|
|
|
|
|
|
|
|
|
|
|
|
Cash provided by operating activities
|
|
|
$
|
705.9
|
|
|
|
|
$
|
849.1
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Investing activities
|
|
|
|
|
|
|
|
|
|
Net (purchases) sales and maturities of marketable securities
|
|
|
|
162.1
|
|
|
|
|
|
25.3
|
|
|
|
Capital expenditures
|
|
|
|
(235.9
|
)
|
|
|
|
|
(240.2
|
)
|
|
|
Proceeds from disposal of property, plant and equipment
|
|
|
|
81.1
|
|
|
|
|
|
94.3
|
|
|
|
Proceeds from sale of buildings
|
|
|
|
-
|
|
|
|
|
|
82.1
|
|
|
|
Proceeds from a partial sale of a subsidiary
|
|
|
|
-
|
|
|
|
|
|
45.6
|
|
|
|
Investments in partnerships and joint ventures
|
|
|
|
(518.2
|
)
|
|
|
|
|
(91.1
|
)
|
|
|
Acquisitions, net of cash acquired
|
|
|
|
(240.7
|
)
|
|
|
|
|
-
|
|
|
|
Other items
|
|
|
|
10.2
|
|
|
|
|
|
17.5
|
|
|
|
Cash utilized by investing activities
|
|
|
|
(741.4
|
)
|
|
|
|
|
(66.5
|
)
|
|
|
|
|
|
|
|
|
|
|
|
|
Financing activities
|
|
|
|
|
|
|
|
|
|
Repurchase of common stock
|
|
|
|
(9.7
|
)
|
|
|
|
|
(509.7
|
)
|
|
|
Dividends paid
|
|
|
|
(118.0
|
)
|
|
|
|
|
(125.2
|
)
|
|
|
Proceeds from issuance of 1.75% Senior Notes
|
|
|
|
552.9
|
|
|
|
|
|
-
|
|
|
|
Debt issuance costs
|
|
|
|
(3.5
|
)
|
|
|
|
|
-
|
|
|
|
Repayment of Stork Notes, convertible debt and other borrowings
|
|
|
(333.7
|
)
|
|
|
|
|
(28.4
|
)
|
|
|
Borrowings under revolving lines of credit
|
|
|
|
882.1
|
|
|
|
|
|
-
|
|
|
|
Repayment of borrowings under revolving lines of credit
|
|
|
|
(917.0
|
)
|
|
|
|
|
-
|
|
|
|
Distributions paid to noncontrolling interests, net of capital
contributions
|
|
|
(48.8
|
)
|
|
|
|
|
(53.7
|
)
|
|
|
Other Items
|
|
|
|
(14.7
|
)
|
|
|
|
|
(11.2
|
)
|
|
|
Cash utilized by financing activities
|
|
|
|
(10.4
|
)
|
|
|
|
|
(728.2
|
)
|
|
|
|
|
|
|
|
|
|
|
|
|
Effect of exchange rate changes on cash
|
|
|
|
(53.6
|
)
|
|
|
|
|
(97.6
|
)
|
|
|
|
|
|
|
|
|
|
|
|
|
Decrease in cash and cash equivalents
|
|
|
$
|
(99.5
|
)
|
|
|
|
$
|
(43.2
|
)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Depreciation
|
|
|
$
|
211.1
|
|
|
|
|
$
|
188.7
|
|
|
|
|
|
(1) Certain amounts in 2015 have been reclassified to conform to the
2016 presentation due to the implementation of new accounting
pronouncements.
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
FLUOR CORPORATION
|
|
Supplemental Fact Sheet
|
|
Unaudited
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
NEW AWARDS
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
($ in millions)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
THREE MONTHS ENDED DECEMBER 31
|
|
|
2016
|
|
|
|
2015
(1)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Energy, Chemicals & Mining
|
|
|
$
|
1,027
|
|
|
36
|
%
|
|
|
|
$
|
2,159
|
|
|
28
|
%
|
|
Industrial, Infrastructure & Power
|
|
|
|
1,339
|
|
|
47
|
%
|
|
|
|
|
5,161
|
|
|
66
|
%
|
|
Government
|
|
|
|
101
|
|
|
4
|
%
|
|
|
|
|
352
|
|
|
4
|
%
|
|
Maintenance, Modification & Asset Integrity
|
|
|
|
357
|
|
|
13
|
%
|
|
|
|
|
164
|
|
|
2
|
%
|
|
Total new awards
|
|
|
$
|
2,824
|
|
|
100
|
%
|
|
|
|
$
|
7,836
|
|
|
100
|
%
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
YEAR ENDED DECEMBER 31
|
|
|
2016
|
|
|
|
2015
(1)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Energy, Chemicals & Mining
|
|
|
$
|
8,422
|
|
|
40
|
%
|
|
|
|
$
|
11,981
|
|
|
55
|
%
|
|
Industrial, Infrastructure & Power
|
|
|
|
6,200
|
|
|
30
|
%
|
|
|
|
|
7,064
|
|
|
33
|
%
|
|
Government
|
|
|
|
4,562
|
|
|
22
|
%
|
|
|
|
|
1,429
|
|
|
6
|
%
|
|
Maintenance, Modification & Asset Integrity
|
|
|
|
1,775
|
|
|
8
|
%
|
|
|
|
|
1,372
|
|
|
6
|
%
|
|
Total new awards
|
|
|
$
|
20,959
|
|
|
100
|
%
|
|
|
|
$
|
21,846
|
|
|
100
|
%
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
BACKLOG TRENDS
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
($ in millions)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
AS OF DECEMBER 31
|
|
|
2016
|
|
|
|
2015
(1)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Energy, Chemicals & Mining
|
|
|
$
|
21,831
|
|
|
48
|
%
|
|
|
|
$
|
29,365
|
|
|
66
|
%
|
|
Industrial, Infrastructure & Power
|
|
|
|
15,115
|
|
|
34
|
%
|
|
|
|
|
9,682
|
|
|
21
|
%
|
|
Government
|
|
|
|
5,194
|
|
|
12
|
%
|
|
|
|
|
3,560
|
|
|
8
|
%
|
|
Maintenance, Modification & Asset Integrity
|
|
|
|
2,872
|
|
|
6
|
%
|
|
|
|
|
2,119
|
|
|
5
|
%
|
|
Total backlog
|
|
|
$
|
45,012
|
|
|
100
|
%
|
|
|
|
$
|
44,726
|
|
|
100
|
%
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
United States
|
|
|
$
|
23,188
|
|
|
52
|
%
|
|
|
|
$
|
18,167
|
|
|
41
|
%
|
|
The Americas (excluding the United States)
|
|
|
|
3,135
|
|
|
7
|
%
|
|
|
|
|
10,530
|
|
|
23
|
%
|
|
Europe, Africa and the Middle East
|
|
|
|
16,732
|
|
|
37
|
%
|
|
|
|
|
13,351
|
|
|
30
|
%
|
|
Asia Pacific (including Australia)
|
|
|
|
1,957
|
|
|
4
|
%
|
|
|
|
|
2,678
|
|
|
6
|
%
|
|
Total backlog
|
|
|
$
|
45,012
|
|
|
100
|
%
|
|
|
|
$
|
44,726
|
|
|
100
|
%
|
|
|
|
(1) During the first quarter of 2016, the company changed the
composition of its reportable segments to better reflect the diverse
end markets that the company serves. New awards and backlog for 2015
have been recast to reflect these changes.
|
Fluor CorporationMedia RelationsBrian Mershon, 469-398-7621orBrett Turner, 864-281-6976orInvestor RelationsGeoff Telfer, 469-398-7070orJason Landkamer, 469-398-7222