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v3.19.3

Discontinued Operations - (Tables) | 9 Months Ended
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Sep. 30, 2019
Discontinued Operations and Disposal Groups [Abstract] |
Earnings from discontinued operations, net of tax | arnings from discontinued operations for the three months ended September 30, 2019 and 2018 were as follows:
|  | Three Months Ended September 30, 2019 |  | Three Months Ended September 30, 2018
(in thousands) |  | Government |  | AMECO |  | Other |  | Total |  | Government |  | AMECO |  | Other |  | Total
Revenue |  | $ | 718,153 |  |  | $ | 73,102 |  |  | $ | — |  |  | $ | 791,255 |  |  | $ | 754,543 |  |  | $ | 61,177 |  |  | $ | — |  |  | $ | 815,720 |
Cost of revenue |  | 693,750 |  |  | 70,546 |  |  | — |  |  | 764,296 |  |  | 718,219 |  |  | 60,068 |  |  | — |  |  | 778,287 |
Corporate general and administrative expense |  | 603 |  |  | 40 |  |  | (27,848 | ) |  | (27,205 | ) |  | 594 |  |  | 87 |  |  | 1,923 |  |  | 2,604 |
Interest expense (income), net |  | (123 | ) |  | (107 | ) |  | — |  |  | (230 | ) |  | (64 | ) |  | (125 | ) |  | — |  |  | (189 | )
Total cost and expenses |  | 694,230 |  |  | 70,479 |  |  | (27,848 | ) |  | 736,861 |  |  | 718,749 |  |  | 60,030 |  |  | 1,923 |  |  | 780,702 |
Earnings (loss) before taxes from discontinued operations |  | 23,923 |  |  | 2,623 |  |  | 27,848 |  |  | 54,394 |  |  | 35,794 |  |  | 1,147 |  |  | (1,923 | ) |  | 35,018 |
Income tax expense (benefit) |  | 5,570 |  |  | 580 |  |  | 6,438 |  |  | 12,588 |  |  | 23,067 |  |  | (852 | ) |  | (442 | ) |  | 21,773 |
Net earnings (loss) from discontinued operations |  | 18,353 |  |  | 2,043 |  |  | 21,410 |  |  | 41,806 |  |  | 12,727 |  |  | 1,999 |  |  | (1,481 | ) |  | 13,245 |
Less: Net earnings attributable to noncontrolling interests from discontinued operations |  | 2,185 |  |  | — |  |  | — |  |  | 2,185 |  |  | 4,481 |  |  | — |  |  | — |  |  | 4,481 |
Net earnings (loss) attributable to Fluor Corporation from discontinued operations |  | $ | 16,168 |  |  | $ | 2,043 |  |  | $ | 21,410 |  |  | $ | 39,621 |  |  | $ | 8,246 |  |  | $ | 1,999 |  |  | $ | (1,481 | ) |  | $ | 8,764 |
Earnings from discontinued operations for the nine months ended September 30, 2019 and 2018 were as follows:
|  | Nine Months Ended September 30, 2019 |  | Nine Months Ended September 30, 2018
(in thousands) |  | Government |  | AMECO |  | Other |  | Total |  | Government |  | AMECO |  | Other |  | Total
Revenue |  | $ | 2,196,176 |  |  | $ | 197,708 |  |  | $ | — |  |  | $ | 2,393,884 |  |  | $ | 2,907,000 |  |  | $ | 190,217 |  |  | $ | — |  |  | $ | 3,097,217 |
Cost of revenue |  | 2,102,747 |  |  | 211,913 |  |  | — |  |  | 2,314,660 |  |  | 2,740,053 |  |  | 170,406 |  |  | — |  |  | 2,910,459 |
Corporate general and administrative expense |  | 2,735 |  |  | 189 |  |  | (22,929 | ) |  | (20,005 | ) |  | 3,235 |  |  | 242 |  |  | 3,151 |  |  | 6,628 |
Interest expense (income), net |  | (1,101 | ) |  | (280 | ) |  | — |  |  | (1,381 | ) |  | (208 | ) |  | (282 | ) |  | — |  |  | (490 | )
Total cost and expenses |  | 2,104,381 |  |  | 211,822 |  |  | (22,929 | ) |  | 2,293,274 |  |  | 2,743,080 |  |  | 170,366 |  |  | 3,151 |  |  | 2,916,597 |
Earnings (loss) before taxes from discontinued operations |  | 91,795 |  |  | (14,114 | ) |  | 22,929 |  |  | 100,610 |  |  | 163,920 |  |  | 19,851 |  |  | (3,151 | ) |  | 180,620 |
Income tax expense (benefit) |  | 21,034 |  |  | (2,535 | ) |  | 5,301 |  |  | 23,800 |  |  | 64,140 |  |  | 3,285 |  |  | (725 | ) |  | 66,700 |
Net earnings (loss) from discontinued operations |  | 70,761 |  |  | (11,579 | ) |  | 17,628 |  |  | 76,810 |  |  | 99,780 |  |  | 16,566 |  |  | (2,426 | ) |  | 113,920 |
Less: Net earnings attributable to noncontrolling interests from discontinued operations |  | 7,803 |  |  | — |  |  | — |  |  | 7,803 |  |  | 9,013 |  |  | — |  |  | — |  |  | 9,013 |
Net earnings (loss) attributable to Fluor Corporation from discontinued operations |  | $ | 62,958 |  |  | $ | (11,579 | ) |  | $ | 17,628 |  |  | $ | 69,007 |  |  | $ | 90,767 |  |  | $ | 16,566 |  |  | $ | (2,426 | ) |  | $ | 104,907 |
Assets and liabilities held for sale | The carrying amounts of the major classes of assets and liabilities included as part of discontinued operations and classified as held for sale as of September 30, 2019 and December 31, 2018 were as follows:
|  | September 30, 2019 |  | December 31, 2018
(in thousands) |  | Government | AMECO | Total from Discontinued Operations | Other Assets and Liabilities from Continuing Operations(2) | Total |  | Government | AMECO | Total from Discontinued Operations
Accounts and notes receivable, net |  | $ | 109,536 |  | $ | 82,388 |  | $ | 191,924 |  | $ | 2,543 |  | $ | 194,467 |  |  | $ | 202,837 |  | $ | 95,652 |  | $ | 298,489 |
Contract assets |  | 349,610 |  | 4,057 |  | 353,667 |  | 2,936 |  | 356,603 |  |  | 411,777 |  | 2,285 |  | 414,062 |
Other current assets |  | 23,675 |  | 59,489 |  | 83,164 |  | 305 |  | 83,469 |  |  | 15,076 |  | 58,018 |  | 73,094 |
Current assets held for sale |  | $ | 482,821 |  | $ | 145,934 |  | $ | 628,755 |  | $ | 5,784 |  | $ | 634,539 |  |  | $ | 629,690 |  | $ | 155,955 |  | $ | 785,645 |
Property, plant and equipment, net |  | $ | 10,080 |  | $ | 233,788 |  | $ | 243,868 |  | $ | 70,937 |  | $ | 314,805 |  |  | $ | 10,714 |  | $ | 257,077 |  | $ | 267,791 |
Goodwill |  | 58,029 |  | 12,337 |  | 70,366 |  | 1,499 |  | 71,865 |  |  | 58,029 |  | 12,337 |  | 70,366 |
Investments |  | 32,767 |  | — |  | 32,767 |  | 6,309 |  | 39,076 |  |  | 35,354 |  | — |  | 35,354 |
Other assets |  | 15,096 |  | 6,412 |  | 21,508 |  | — |  | 21,508 |  |  | 2,021 |  | 1,067 |  | 3,088 |
Noncurrent assets held for sale(1) |  | $ | 115,972 |  | $ | 252,537 |  | $ | 368,509 |  | $ | 78,745 |  | $ | 447,254 |  |  | $ | 106,118 |  | $ | 270,481 |  | $ | 376,599 |
Total assets held for sale |  | $ | 598,793 |  | $ | 398,471 |  | $ | 997,264 |  | $ | 84,529 |  | $ | 1,081,793 |  |  | $ | 735,808 |  | $ | 426,436 |  | $ | 1,162,244 |
Trade accounts payable |  | $ | 180,597 |  | $ | 33,797 |  | $ | 214,394 |  | $ | 550 |  | $ | 214,944 |  |  | $ | 219,617 |  | $ | 20,608 |  | $ | 240,225 |
Short-term borrowings |  | 767 |  | — |  | 767 |  | — |  | 767 |  |  | — |  | — |  | — |
Contract liabilities |  | 64,196 |  | 2,333 |  | 66,529 |  | — |  | 66,529 |  |  | 51,129 |  | 4,280 |  | 55,409 |
Accrued salaries, wages and benefits |  | 71,873 |  | 9,348 |  | 81,221 |  | — |  | 81,221 |  |  | 64,387 |  | 7,182 |  | 71,569 |
Other accrued liabilities |  | 11,716 |  | 7,573 |  | 19,289 |  | 2,646 |  | 21,935 |  |  | 10,473 |  | 3,139 |  | 13,612 |
Current liabilities held for sale |  | $ | 329,149 |  | $ | 53,051 |  | $ | 382,200 |  | $ | 3,196 |  | $ | 385,396 |  |  | $ | 345,606 |  | $ | 35,209 |  | $ | 380,815 |
Noncurrent liabilities held for sale(1) |  | $ | 24,462 |  | $ | 4,485 |  | $ | 28,947 |  | $ | — |  | $ | 28,947 |  |  | $ | 16,113 |  | $ | 1,385 |  | $ | 17,498 |
Total liabilities held for sale |  | $ | 353,611 |  | $ | 57,536 |  | $ | 411,147 |  | $ | 3,196 |  | $ | 414,343 |  |  | $ | 361,719 |  | $ | 36,594 |  | $ | 398,313 |
Consolidated statements of cash flows for the discontinued operations | The Condensed Consolidated Statement of Cash Flows for the nine months ended September 30, 2019 and 2018 included the following activities related to discontinued operations:
|  | Nine Months Ended September 30, 2019 |  | Nine Months Ended September 30, 2018
(in thousands) |  | Government |  | AMECO |  | Total |  | Government |  | AMECO |  | Total
Depreciation of fixed assets |  | $ | 2,952 |  |  | $ | 44,560 |  |  | $ | 47,512 |  |  | $ | 2,489 |  |  | $ | 55,666 |  |  | $ | 58,155 |
Amortization of stock-based awards |  | 4,432 |  |  | 383 |  |  | 4,815 |  |  | 4,064 |  |  | 317 |  |  | 4,381 |
Capital expenditures |  | (2,216 | ) |  | (59,048 | ) |  | (61,264 | ) |  | (5,614 | ) |  | (35,538 | ) |  | (41,152 | )

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