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Other Comprehensive Income (Loss) | 9 Months Ended
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Sep. 30, 2019
Comprehensive Income (Loss), Net of Tax, Attributable to Parent [Abstract] |
Other Comprehensive Income (Loss) | Other Comprehensive Income (Loss) The tax effects of the components of other comprehensive income (loss) (“OCI”) for the three months ended September 30, 2019 and 2018 are as follows:
|  | Three Months Ended September 30, 2019 |  | Three Months Ended September 30, 2018
(in thousands) |  | Before-Tax Amount |  | Tax Benefit (Expense) |  | Net-of-Tax Amount |  | Before-Tax Amount |  | Tax Benefit (Expense) |  | Net-of-Tax Amount
Other comprehensive income (loss): |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Foreign currency translation adjustment |  | $ | (47,247 | ) |  | $ | 5,245 |  |  | $ | (42,002 | ) |  | $ | (10,357 | ) |  | $ | (1,376 | ) |  | $ | (11,733 | )
Ownership share of equity method investees’ other comprehensive income (loss) |  | 3,593 |  |  | (931 | ) |  | 2,662 |  |  | (8,051 | ) |  | 1,556 |  |  | (6,495 | )
Defined benefit pension and postretirement plan adjustments |  | 2,126 |  |  | (136 | ) |  | 1,990 |  |  | (48,463 | ) |  | 8,660 |  |  | (39,803 | )
Unrealized loss on derivative contracts |  | (8,031 | ) |  | 1,737 |  |  | (6,294 | ) |  | (2,189 | ) |  | 237 |  |  | (1,952 | )
Total other comprehensive income (loss) |  | (49,559 | ) |  | 5,915 |  |  | (43,644 | ) |  | (69,060 | ) |  | 9,077 |  |  | (59,983 | )
Less: Other comprehensive income (loss) attributable to noncontrolling interests |  | (1,749 | ) |  | — |  |  | (1,749 | ) |  | (400 | ) |  | — |  |  | (400 | )
Other comprehensive income (loss) attributable to Fluor Corporation |  | $ | (47,810 | ) |  | $ | 5,915 |  |  | $ | (41,895 | ) |  | $ | (68,660 | ) |  | $ | 9,077 |  |  | $ | (59,583 | )
The tax effects of the components of OCI for the nine months ended September 30, 2019 and 2018 are as follows:
|  | Nine Months Ended September 30, 2019 |  | Nine Months Ended September 30, 2018
(in thousands) |  | Before-Tax Amount |  | Tax Benefit (Expense) |  | Net-of-Tax Amount |  | Before-Tax Amount |  | Tax Benefit (Expense) |  | Net-of-Tax Amount
Other comprehensive income (loss): |  |  |  |  |  |  |  |  |  |  |  |
Foreign currency translation adjustment |  | $ | (19,621 | ) |  | $ | 5,284 |  |  | $ | (14,337 | ) |  | $ | (59,024 | ) |  | $ | 14,668 |  |  | $ | (44,356 | )
Ownership share of equity method investees’ other comprehensive income (loss) |  | (3,302 | ) |  | 1,177 |  |  | (2,125 | ) |  | 7,560 |  |  | (1,505 | ) |  | 6,055 |
Defined benefit pension and postretirement plan adjustments |  | 6,518 |  |  | (425 | ) |  | 6,093 |  |  | (43,580 | ) |  | 7,647 |  |  | (35,933 | )
Unrealized loss on derivative contracts |  | (1 | ) |  | (598 | ) |  | (599 | ) |  | (9,274 | ) |  | 1,580 |  |  | (7,694 | )
Unrealized gain on available-for-sale securities |  | — |  |  | — |  |  | — |  |  | 1,134 |  |  | (425 | ) |  | 709 |
Total other comprehensive income (loss) |  | (16,406 | ) |  | 5,438 |  |  | (10,968 | ) |  | (103,184 | ) |  | 21,965 |  |  | (81,219 | )
Less: Other comprehensive income (loss) attributable to noncontrolling interests |  | (1,543 | ) |  | — |  |  | (1,543 | ) |  | (1,283 | ) |  | — |  |  | (1,283 | )
Other comprehensive income (loss) attributable to Fluor Corporation |  | $ | (14,863 | ) |  | $ | 5,438 |  |  | $ | (9,425 | ) |  | $ | (101,901 | ) |  | $ | 21,965 |  |  | $ | (79,936 | )
The changes in accumulated other comprehensive income (“AOCI”) balances by component (after-tax) for the three months ended September 30, 2019 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 |  | Accumulated Other Comprehensive Income (Loss), Net
Attributable to Fluor Corporation: |  |  |  |  |  |  |  |  |  |  |  |  |  |
Balance as of June 30, 2019 | $ | (281,288 | ) |  | $ | (28,459 | ) |  | $ | (200,546 | ) |  | $ | 285 |  |  | $ | (510,008 | )
Other comprehensive income (loss) before reclassifications | (40,253 | ) |  | 2,518 |  |  | — |  |  | (6,844 | ) |  | (44,579 | )
Amounts reclassified from AOCI | — |  |  | 144 |  |  | 1,990 |  |  | 550 |  |  | 2,684 |
Net other comprehensive income (loss) | (40,253 | ) |  | 2,662 |  |  | 1,990 |  |  | (6,294 | ) |  | (41,895 | )
Balance as of September 30, 2019 | $ | (321,541 | ) |  | $ | (25,797 | ) |  | $ | (198,556 | ) |  | $ | (6,009 | ) |  | $ | (551,903 | )
Attributable to Noncontrolling Interests: |  |  |  |  |  |  |  |  |  |
Balance as of June 30, 2019 | $ | (3,495 | ) |  | $ | — |  |  | $ | — |  |  | $ | — |  |  | $ | (3,495 | )
Other comprehensive income (loss) before reclassifications | (1,749 | ) |  | — |  |  | — |  |  | — |  |  | (1,749 | )
Amounts reclassified from AOCI | — |  |  | — |  |  | — |  |  | — |  |  | — |
Net other comprehensive income (loss) | (1,749 | ) |  | — |  |  | — |  |  | — |  |  | (1,749 | )
Balance as of September 30, 2019 | $ | (5,244 | ) |  | $ | — |  |  | $ | — |  |  | $ | — |  |  | $ | (5,244 | )
The changes in AOCI balances by component (after-tax) for the nine months ended September 30, 2019 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 |  | Accumulated Other Comprehensive Income (Loss), Net
Attributable to Fluor Corporation: |  |  |  |  |  |  |  |  |  |  |  |  |  |
Balance as of December 31, 2018 | $ | (308,747 | ) |  | $ | (23,672 | ) |  | $ | (204,649 | ) |  | $ | (5,410 | ) |  | $ | (542,478 | )
Other comprehensive income (loss) before reclassifications | (12,794 | ) |  | (2,552 | ) |  | — |  |  | (2,519 | ) |  | (17,865 | )
Amounts reclassified from AOCI | — |  |  | 427 |  |  | 6,093 |  |  | 1,920 |  |  | 8,440 |
Net other comprehensive income (loss) | (12,794 | ) |  | (2,125 | ) |  | 6,093 |  |  | (599 | ) |  | (9,425 | )
Balance as of September 30, 2019 | $ | (321,541 | ) |  | $ | (25,797 | ) |  | $ | (198,556 | ) |  | $ | (6,009 | ) |  | $ | (551,903 | )
Attributable to Noncontrolling Interests: |  |  |  |  |  |  |  |  |
Balance as of December 31, 2018 | $ | (3,701 | ) |  | $ | — |  |  | $ | — |  |  | $ | — |  |  | $ | (3,701 | )
Other comprehensive income (loss) before reclassifications | (1,543 | ) |  | — |  |  | — |  |  | — |  |  | (1,543 | )
Amounts reclassified from AOCI | — |  |  | — |  |  | — |  |  | — |  |  | — |
Net other comprehensive income (loss) | (1,543 | ) |  | — |  |  | — |  |  | — |  |  | (1,543 | )
Balance as of September 30, 2019 | $ | (5,244 | ) |  | $ | — |  |  | $ | — |  |  | $ | — |  |  | $ | (5,244 | )
The changes in AOCI balances by component (after-tax) for the three months ended September 30, 2018 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, 2018 | $ | (242,917 | ) |  | $ | (20,064 | ) |  | $ | (148,188 | ) |  | $ | (11,426 | ) |  | $ | — |  |  | $ | (422,595 | )
Other comprehensive income (loss) before reclassifications | (11,333 | ) |  | (6,646 | ) |  | (56,191 | ) |  | (3,736 | ) |  | — |  |  | (77,906 | )
Amounts reclassified from AOCI | — |  |  | 151 |  |  | 16,388 |  |  | 1,784 |  |  | — |  |  | 18,323 |
Net other comprehensive income (loss) | (11,333 | ) |  | (6,495 | ) |  | (39,803 | ) |  | (1,952 | ) |  | — |  |  | (59,583 | )
Balance as of September 30, 2018 | $ | (254,250 | ) |  | $ | (26,559 | ) |  | $ | (187,991 | ) |  | $ | (13,378 | ) |  | $ | — |  |  | $ | (482,178 | )
Attributable to Noncontrolling Interests: |  |  |  |  |  |  |  |  |  |  |
Balance as of June 30, 2018 | $ | (2,345 | ) |  | $ | — |  |  | $ | — |  |  | $ | — |  |  | $ | — |  |  | $ | (2,345 | )
Other comprehensive income (loss) before reclassifications | (400 | ) |  | — |  |  | — |  |  | — |  |  | — |  |  | (400 | )
Amounts reclassified from AOCI | — |  |  | — |  |  | — |  |  | — |  |  | — |  |  | — |
Net other comprehensive income (loss) | (400 | ) |  | — |  |  | — |  |  | — |  |  | — |  |  | (400 | )
Balance as of September 30, 2018 | $ | (2,745 | ) |  | $ | — |  |  | $ | — |  |  | $ | — |  |  | $ | — |  |  | $ | (2,745 | )
The changes in AOCI balances by component (after-tax) for the nine months ended September 30, 2018 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, 2017 | $ | (211,177 | ) |  | $ | (32,614 | ) |  | $ | (152,058 | ) |  | $ | (5,684 | ) |  | $ | (709 | ) |  | $ | (402,242 | )
Other comprehensive income (loss) before reclassifications | (43,073 | ) |  | 5,247 |  |  | (56,191 | ) |  | (10,785 | ) |  | — |  |  | (104,802 | )
Amounts reclassified from AOCI | — |  |  | 808 |  |  | 20,258 |  |  | 3,091 |  |  | 709 |  |  | 24,866 |
Net other comprehensive income (loss) | (43,073 | ) |  | 6,055 |  |  | (35,933 | ) |  | (7,694 | ) |  | 709 |  |  | (79,936 | )
Balance as of September 30, 2018 | $ | (254,250 | ) |  | $ | (26,559 | ) |  | $ | (187,991 | ) |  | $ | (13,378 | ) |  | $ | — |  |  | $ | (482,178 | )
Attributable to Noncontrolling Interests: |  |  |  |  |  |  |  |  |  |
Balance as of December 31, 2017 | $ | (1,462 | ) |  | $ | — |  |  | $ | — |  |  | $ | — |  |  | $ | — |  |  | $ | (1,462 | )
Other comprehensive income (loss) before reclassifications | (1,283 | ) |  | — |  |  | — |  |  | — |  |  | — |  |  | (1,283 | )
Amounts reclassified from AOCI | — |  |  | — |  |  | — |  |  | — |  |  | — |  |  | — |
Net other comprehensive income (loss) | (1,283 | ) |  | — |  |  | — |  |  | — |  |  | — |  |  | (1,283 | )
Balance as of September 30, 2018 | $ | (2,745 | ) |  | $ | — |  |  | $ | — |  |  | $ | — |  |  | $ | — |  |  | $ | (2,745 | )
The significant items reclassified out of AOCI and the corresponding location and impact on the Condensed Consolidated Statement of Operations are as follows:
|  | Location in Condensed Consolidated |  | Three Months Ended September 30, |  | Nine Months Ended September 30,
(in thousands) |  | Statement of Operations |  | 2019 |  | 2018 |  | 2019 |  | 2018
Component of AOCI: |  |  |  |  |  |  |  |  |  |  |  |
Ownership share of equity method investees’ other comprehensive loss |  | Total cost of revenue |  | $ | (192 | ) |  | $ | (200 | ) |  | $ | (569 | ) |  | $ | (1,099 | )
Income tax benefit |  | Income tax expense |  | 48 |  |  | 49 |  |  | 142 |  |  | 291 |
Net of tax |  |  |  | $ | (144 | ) |  | $ | (151 | ) |  | $ | (427 | ) |  | $ | (808 | )
Defined benefit pension plan adjustments |  | Corporate general and administrative expense |  | $ | (2,126 | ) |  | $ | (20,062 | ) |  | $ | (6,518 | ) |  | $ | (24,945 | )
Income tax benefit |  | Income tax expense |  | 136 |  |  | 3,674 |  |  | 425 |  |  | 4,687 |
Net of tax |  |  |  | $ | (1,990 | ) |  | $ | (16,388 | ) |  | $ | (6,093 | ) |  | $ | (20,258 | )
Unrealized gain (loss) on derivative contracts: |  |  |  |  |  |  |  |  |  |
Foreign currency contracts |  | Various accounts(1) |  | $ | (496 | ) |  | $ | (2,257 | ) |  | $ | (1,958 | ) |  | $ | (3,375 | )
Interest rate contracts |  | Interest expense |  | (419 | ) |  | (419 | ) |  | (1,258 | ) |  | (1,258 | )
Income tax benefit |  | Income tax expense |  | 365 |  |  | 892 |  |  | 1,296 |  |  | 1,542 |
Net of tax |  |  |  | $ | (550 | ) |  | $ | (1,784 | ) |  | $ | (1,920 | ) |  | $ | (3,091 | )
Unrealized loss on available-for-sale securities |  | Corporate general and administrative expense |  | $ | — |  |  | $ | — |  |  | $ | — |  |  | $ | (1,134 | )
Income tax benefit |  | Income tax expense |  | — |  |  | — |  |  | — |  |  | 425 |
Net of tax |  |  |  | $ | — |  |  | $ | — |  |  | $ | — |  |  | $ | (709 | )
_______________________________________________________________________________
(1) | Gains and losses on foreign currency derivative contracts were reclassified to "Total cost of revenue" and "Corporate general and administrative expense."
As a result of the Tax Cuts and Jobs Act, certain income tax effects related to items in AOCI have been stranded in AOCI, and the company did not elect to reclassify these stranded tax effects to retained earnings. The tax effects remaining in AOCI are released only when all related units of account are liquidated, sold or extinguished (i.e., the portfolio approach).

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- References No definition available. + Details
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- Definition The entire disclosure for comprehensive income, which includes, but is not limited to, 1) the amount of income tax expense or benefit allocated to each component of other comprehensive income, including reclassification adjustments, 2) the reclassification adjustments for each classification of other comprehensive income and 3) the ending accumulated balances for each component of comprehensive income. + References Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 220 -URI http://asc.fasb.org/topic&trid=2134417 + Details
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