|
Comprehensive Income (Tables)
|
9 Months Ended |
|
Sep. 30, 2013
|
| Comprehensive Income |
|
| Schedule of tax effects of the components of other comprehensive income |
The tax effects of the components of other comprehensive income (loss) (“OCI”) for the three months ended September 30, 2013 and 2012 are as follows:
|
|
|
Three Months Ended |
|
Three Months Ended |
|
|
|
|
September 30, 2013 |
|
September 30, 2012 |
|
|
|
|
|
|
Tax |
|
|
|
|
|
|
|
|
|
|
|
|
Before-Tax |
|
Benefit |
|
Net-of-Tax |
|
Before-Tax |
|
Tax |
|
Net-of-Tax |
|
|
(in thousands) |
|
Amount |
|
(Expense) |
|
Amount |
|
Amount |
|
Expense |
|
Amount |
|
|
Other comprehensive income (loss): |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Foreign currency translation adjustment |
|
$ |
42,074 |
|
$ |
(15,882 |
) |
$ |
26,192 |
|
$ |
38,768 |
|
$ |
(14,600 |
) |
$ |
24,168 |
|
|
Ownership share of equity method investees’ other comprehensive income |
|
3,118 |
|
(856 |
) |
2,262 |
|
165 |
|
(32 |
) |
133 |
|
|
Defined benefit pension and postretirement plan adjustments |
|
(6,472 |
) |
2,427 |
|
(4,045 |
) |
1,643 |
|
(616 |
) |
1,027 |
|
|
Unrealized gain on derivative contracts |
|
1,700 |
|
(685 |
) |
1,015 |
|
693 |
|
(281 |
) |
412 |
|
|
Unrealized gain on debt securities |
|
585 |
|
(220 |
) |
365 |
|
630 |
|
(237 |
) |
393 |
|
|
Total other comprehensive income |
|
41,005 |
|
(15,216 |
) |
25,789 |
|
41,899 |
|
(15,766 |
) |
26,133 |
|
|
Less: Other comprehensive loss attributable to noncontrolling interests |
|
(403 |
) |
— |
|
(403 |
) |
(250 |
) |
— |
|
(250 |
) |
|
Other comprehensive income attributable to Fluor Corporation |
|
$ |
41,408 |
|
$ |
(15,216 |
) |
$ |
26,192 |
|
$ |
42,149 |
|
$ |
(15,766 |
) |
$ |
26,383 |
|
The tax effects of the components of OCI for the nine months ended September 30, 2013 and 2012 are as follows:
|
|
|
Nine Months Ended |
|
Nine Months Ended |
|
|
|
|
September 30, 2013 |
|
September 30, 2012 |
|
|
|
|
|
|
Tax |
|
|
|
|
|
|
|
|
|
|
|
|
Before-Tax |
|
Benefit |
|
Net-of-Tax |
|
Before-Tax |
|
Tax |
|
Net-of-Tax |
|
|
(in thousands) |
|
Amount |
|
(Expense) |
|
Amount |
|
Amount |
|
Expense |
|
Amount |
|
|
Other comprehensive income (loss): |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Foreign currency translation adjustment |
|
$ |
(48,753 |
) |
$ |
18,198 |
|
$ |
(30,555 |
) |
$ |
43,922 |
|
$ |
(16,506 |
) |
$ |
27,416 |
|
|
Ownership share of equity method investees’ other comprehensive income (loss) |
|
11,471 |
|
(3,118 |
) |
8,353 |
|
(1,138 |
) |
(218 |
) |
(1,356 |
) |
|
Defined benefit pension and postretirement plan adjustments |
|
7,648 |
|
(2,868 |
) |
4,780 |
|
10,187 |
|
(3,820 |
) |
6,367 |
|
|
Unrealized gain (loss) on derivative contracts |
|
(1,247 |
) |
420 |
|
(827 |
) |
3,465 |
|
(1,464 |
) |
2,001 |
|
|
Unrealized gain (loss) on debt securities |
|
(1,170 |
) |
438 |
|
(732 |
) |
456 |
|
(171 |
) |
285 |
|
|
Total other comprehensive income (loss) |
|
(32,051 |
) |
13,070 |
|
(18,981 |
) |
56,892 |
|
(22,179 |
) |
34,713 |
|
|
Less: Other comprehensive loss attributable to noncontrolling interests |
|
(350 |
) |
— |
|
(350 |
) |
(587 |
) |
— |
|
(587 |
) |
|
Other comprehensive income (loss) attributable to Fluor Corporation |
|
$ |
(31,701 |
) |
$ |
13,070 |
|
$ |
(18,631 |
) |
$ |
57,479 |
|
$ |
(22,179 |
) |
$ |
35,300 |
| |
| Schedule of changes in AOCI balances by component (after-tax) |
The changes in AOCI balances by component (after-tax) for the three months ended September 30, 2013 are as follows:
|
(in thousands) |
|
Foreign
Currency
Translation |
|
Ownership Share of
Equity Method
Investees’ Other
Comprehensive
Income (Loss) |
|
Defined Benefit
Pension and
Postretirement
Plans |
|
Unrealized
Gain (Loss)
on
Derivative
Contracts |
|
Unrealized Gain
(Loss) on Available-
for-Sale Securities |
|
Accumulated Other
Comprehensive
Income (Loss), Net |
|
|
Attributable to Fluor Corporation: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Balance as of June 30, 2013 |
|
$ |
(10,902 |
) |
$ |
(36,928 |
) |
$ |
(243,899 |
) |
$ |
(10,801 |
) |
$ |
(143 |
) |
$ |
(302,673 |
) |
|
Other comprehensive income (loss) before reclassifications |
|
26,471 |
|
2,262 |
|
(6,057 |
) |
(443 |
) |
367 |
|
22,600 |
|
|
Amounts reclassified from AOCI |
|
— |
|
— |
|
2,012 |
|
1,582 |
|
(2 |
) |
3,592 |
|
|
Net other comprehensive income (loss) |
|
26,471 |
|
2,262 |
|
(4,045 |
) |
1,139 |
|
365 |
|
26,192 |
|
|
Balance as of September 30, 2013 |
|
$ |
15,569 |
|
$ |
(34,666 |
) |
$ |
(247,944 |
) |
$ |
(9,662 |
) |
$ |
222 |
|
$ |
(276,481 |
) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Attributable to Noncontrolling Interests: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Balance as of June 30, 2013 |
|
$ |
8,777 |
|
$ |
— |
|
$ |
— |
|
$ |
— |
|
$ |
— |
|
$ |
8,777 |
|
|
Other comprehensive loss before reclassifications |
|
(279 |
) |
— |
|
— |
|
(124 |
) |
— |
|
(403 |
) |
|
Amounts reclassified from AOCI |
|
— |
|
— |
|
— |
|
— |
|
— |
|
— |
|
|
Net other comprehensive loss |
|
(279 |
) |
— |
|
— |
|
(124 |
) |
— |
|
(403 |
) |
|
Balance as of September 30, 2013 |
|
$ |
8,498 |
|
$ |
— |
|
$ |
— |
|
$ |
(124 |
) |
$ |
— |
|
$ |
8,374 |
|
The changes in AOCI balances by component (after-tax) for the nine months ended as of September 30, 2013 are as follows:
|
(in thousands) |
|
Foreign
Currency
Translation |
|
Ownership Share of
Equity Method
Investees’ Other
Comprehensive
Income (Loss) |
|
Defined Benefit
Pension and
Postretirement
Plans |
|
Unrealized
Gain (Loss)
on
Derivative
Contracts |
|
Unrealized Gain
(Loss) on Available-
for-Sale Securities |
|
Accumulated Other
Comprehensive
Income (Loss), Net |
|
|
Attributable to Fluor Corporation: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Balance as of December 31, 2012 |
|
$ |
45,899 |
|
$ |
(43,019 |
) |
$ |
(252,724 |
) |
$ |
(8,960 |
) |
$ |
954 |
|
$ |
(257,850 |
) |
|
Other comprehensive income (loss) before reclassifications |
|
(30,330 |
) |
8,353 |
|
(1,261 |
) |
(2,883 |
) |
(645 |
) |
(26,766 |
) |
|
Amounts reclassified from AOCI |
|
— |
|
— |
|
6,041 |
|
2,181 |
|
(87 |
) |
8,135 |
|
|
Net other comprehensive income (loss) |
|
(30,330 |
) |
8,353 |
|
4,780 |
|
(702 |
) |
(732 |
) |
(18,631 |
) |
|
Balance as of September 30, 2013 |
|
$ |
15,569 |
|
$ |
(34,666 |
) |
$ |
(247,944 |
) |
$ |
(9,662 |
) |
$ |
222 |
|
$ |
(276,481 |
) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Attributable to Noncontrolling Interests: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Balance as of December 31, 2012 |
|
$ |
8,723 |
|
$ |
— |
|
$ |
— |
|
$ |
1 |
|
$ |
— |
|
$ |
8,724 |
|
|
Other comprehensive loss before reclassifications |
|
(225 |
) |
— |
|
— |
|
(124 |
) |
— |
|
(349 |
) |
|
Amounts reclassified from AOCI |
|
— |
|
— |
|
— |
|
(1 |
) |
— |
|
(1 |
) |
|
Net other comprehensive loss |
|
(225 |
) |
— |
|
— |
|
(125 |
) |
— |
|
(350 |
) |
|
Balance as of September 30, 2013 |
|
$ |
8,498 |
|
$ |
— |
|
$ |
— |
|
$ |
(124 |
) |
$ |
— |
|
$ |
8,374 |
| |
| Summary of significant items reclassified out of AOCI and the corresponding location and impact on the Condensed Consolidated Statement of Earnings |
|
|
|
Location in Condensed |
|
Three Months Ended |
|
Nine Months Ended |
|
|
(in thousands) |
|
Consolidated Statement of Earnings |
|
September 30, 2013 |
|
September 30, 2013 |
|
|
Component of AOCI: |
|
|
|
|
|
|
|
|
Defined benefit pension plan adjustments |
|
Various accounts(1) |
|
$ |
(3,220 |
) |
$ |
(9,666 |
) |
|
Income tax benefit |
|
Income tax expense |
|
1,208 |
|
3,625 |
|
|
Net of tax |
|
|
|
$ |
(2,012 |
) |
$ |
(6,041 |
) |
|
|
|
|
|
|
|
|
|
|
Unrealized loss on derivative contracts: |
|
|
|
|
|
|
|
|
Commodity contracts and foreign currency contracts |
|
Total cost of revenue |
|
$ |
(2,112 |
) |
$ |
(2,237 |
) |
|
Interest rate contracts |
|
Interest expense |
|
(419 |
) |
(1,258 |
) |
|
Income tax benefit |
|
Income tax expense |
|
949 |
|
1,315 |
|
|
Net of tax |
|
|
|
(1,582 |
) |
(2,180 |
) |
|
Less: Noncontrolling interests |
|
Net earnings attributable to noncontrolling interests |
|
— |
|
(1 |
) |
|
Net of tax and noncontrolling interests |
|
|
|
$ |
(1,582 |
) |
$ |
(2,181 |
) |
|
|
|
|
|
|
|
|
|
|
Unrealized gain on available-for-sale securities |
|
Corporate general and administrative expense |
|
$ |
3 |
|
$ |
139 |
|
|
Income tax expense |
|
Income tax expense |
|
(1 |
) |
(52 |
) |
|
Net of tax |
|
|
|
$ |
2 |
|
$ |
87 |
|
(1) Defined benefit pension plan adjustments were reclassified primarily to total cost of revenue and corporate general and administrative expense.
|