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Discontinued Operations - (Tables) | 9 Months Ended
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Sep. 30, 2021
Discontinued Operations and Disposal Groups [Abstract] |
Schedule of Impairment Expense | We did not recognize any impairment expense in Cont Ops during the 2021 and 2020 Quarters. Impairment expense, included in Cont Ops, for the 2021 and 2020 Periods is summarized as follows:
|  |  | 9ME September 30,
(in thousands) |  |  |  |  | 2021 |  | 2020
Impairment expense: |  |  |  |  |  |  |
Energy Solutions' equity method investment |  |  |  |  | $ | 26,392 |  |  | $ | 86,096 |
Information technology assets |  |  |  |  | — |  |  | 16,269 |
Total impairment expense |  |  |  |  | $ | 26,392 |  |  | $ | 102,365 |
Impairment expense, included in Disc Ops, is summarized as follows:
| 3ME September 30, 2021 |  | 9ME September 30, 2021 |  | 9ME September 30, 2020
(in thousands) | Stork |  | AMECO |  | Stork |  | AMECO |  | Stork |  | AMECO
Impairment expense: (1) |  |  |  |  |  |  |  |  |  |  |
Goodwill | $ | — |  |  | $ | — |  |  | $ | 12,700 |  |  | $ | — |  |  | $ | 168,568 |  |  | $ | 12,300 |
Intangible customer relationships | — |  |  | — |  |  | — |  |  | — |  |  | 26,671 |  |  | — |
Fair value adjustment and expected costs associated with sale | — |  |  | 4,809 |  |  | 60,500 |  |  | 53,085 |  |  | — |  |  | 87,700 |
Total impairment expense | $ | — |  |  | $ | 4,809 |  |  | $ | 73,200 |  |  | $ | 53,085 |  |  | $ | 195,239 |  |  | $ | 100,000 |
(1) There was no impairment expense recognized during the 2020 Quarter.
Earnings from discontinued operations, net of tax | Disc Ops information follows:
| 3ME September 30, 2021 |  | 3ME September 30, 2020
(in thousands) | Stork |  | AMECO |  | Other |  | Total |  | Stork |  | AMECO |  | Other |  | Total
Revenue | $ | 376,668 |  |  | $ | 22,963 |  |  | $ | — |  |  | $ | 399,631 |  |  | $ | 346,702 |  |  | $ | 57,807 |  |  | $ | — |  |  | $ | 404,509 |
Cost of revenue | 366,640 |  |  | 21,453 |  |  | 1,568 |  |  | 389,661 |  |  | 345,984 |  |  | 54,240 |  |  | 2,055 |  |  | 402,279 |
Gross Profit | 10,028 |  |  | 1,510 |  |  | (1,568) |  |  | 9,970 |  |  | 718 |  |  | 3,567 |  |  | (2,055) |  |  | 2,230 |
G&A | (1,246) |  |  | (4,800) |  |  | — |  |  | (6,046) |  |  | — |  |  | (13) |  |  | (3) |  |  | (16) |
Impairment expense | — |  |  | (4,809) |  |  | — |  |  | (4,809) |  |  | — |  |  | — |  |  | — |  |  | — |
Foreign currency gain (loss) | (387) |  |  | (654) |  |  | — |  |  | (1,041) |  |  | (678) |  |  | (113) |  |  | — |  |  | (791) |
Operating profit (loss) | 8,395 |  |  | (8,753) |  |  | (1,568) |  |  | (1,926) |  |  | 40 |  |  | 3,441 |  |  | (2,058) |  |  | 1,423 |
Interest (expense) income, net | (1,159) |  |  | (173) |  |  | — |  |  | (1,332) |  |  | (1,473) |  |  | (14) |  |  | — |  |  | (1,487) |
Earnings (loss) before taxes from Disc Ops | 7,236 |  |  | (8,926) |  |  | (1,568) |  |  | (3,258) |  |  | (1,433) |  |  | 3,427 |  |  | (2,058) |  |  | (64) |
Income tax expense (benefit) | 1,491 |  |  | 1,123 |  |  | — |  |  | 2,614 |  |  | 287 |  |  | 1,720 |  |  | — |  |  | 2,007 |
Net earnings (loss) from Disc Ops | 5,745 |  |  | (10,049) |  |  | (1,568) |  |  | (5,872) |  |  | (1,720) |  |  | 1,707 |  |  | (2,058) |  |  | (2,071) |
Less: Net earnings (loss) from Disc Ops attributable to NCI | 390 |  |  | (1) |  |  | — |  |  | 389 |  |  | 106 |  |  | — |  |  | — |  |  | 106 |
Net earnings (loss) from Disc Ops attributable to Fluor | $ | 5,355 |  |  | $ | (10,048) |  |  | $ | (1,568) |  |  | $ | (6,261) |  |  | $ | (1,826) |  |  | $ | 1,707 |  |  | $ | (2,058) |  |  | $ | (2,177) |
|  | 9ME September 30, 2021 |  | 9ME September 30, 2020
(in thousands) |  | Stork |  | AMECO |  | Other |  | Total |  | Stork |  | AMECO |  | Other |  | Total
Revenue |  | $ | 1,184,694 |  |  | $ | 100,490 |  |  | $ | — |  |  | $ | 1,285,184 |  |  | $ | 1,122,540 |  |  | $ | 170,085 |  |  | $ | — |  |  | $ | 1,292,625 |
Cost of revenue |  | 1,154,204 |  |  | 96,573 |  |  | 4,444 |  |  | 1,255,221 |  |  | 1,130,485 |  |  | 148,727 |  |  | 11,424 |  |  | 1,290,636 |
Gross profit |  | 30,490 |  |  | 3,917 |  |  | (4,444) |  |  | 29,963 |  |  | (7,945) |  |  | 21,358 |  |  | (11,424) |  |  | 1,989 |
G&A |  | (3,752) |  |  | (4,800) |  |  | — |  |  | (8,552) |  |  | — |  |  | (64) |  |  | (15) |  |  | (79) |
Impairment expense |  | (73,200) |  |  | (53,085) |  |  | — |  |  | (126,285) |  |  | (195,239) |  |  | (100,000) |  |  | — |  |  | (295,239) |
Loss on sale of AMECO North America |  | — |  |  | (24,864) |  |  | — |  |  | (24,864) |  |  | — |  |  | — |  |  | — |  |  | — |
Foreign currency gain (loss) |  | (384) |  |  | 424 |  |  | — |  |  | 40 |  |  | (1,684) |  |  | (415) |  |  | — |  |  | (2,099) |
Operating profit (loss) |  | (46,846) |  |  | (78,408) |  |  | (4,444) |  |  | (129,698) |  |  | (204,868) |  |  | (79,121) |  |  | (11,439) |  |  | (295,428) |
Interest (expense) income, net |  | (3,768) |  |  | 30 |  |  | — |  |  | (3,738) |  |  | (4,494) |  |  | 26 |  |  | — |  |  | (4,468) |
Earnings (loss) before taxes from Disc Ops |  | (50,614) |  |  | (78,378) |  |  | (4,444) |  |  | (133,436) |  |  | (209,362) |  |  | (79,095) |  |  | (11,439) |  |  | (299,896) |
Income tax expense (benefit) |  | 5,674 |  |  | — |  |  | — |  |  | 5,674 |  |  | (4,537) |  |  | 3,662 |  |  | — |  |  | (875) |
Net earnings (loss) from Disc Ops |  | (56,288) |  |  | (78,378) |  |  | (4,444) |  |  | (139,110) |  |  | (204,825) |  |  | (82,757) |  |  | (11,439) |  |  | (299,021) |
Less: Net earnings (loss) from Disc Ops attributable to NCI |  | 981 |  |  | (1) |  |  | — |  |  | 980 |  |  | 793 |  |  | — |  |  | — |  |  | 793 |
Net earnings (loss) from Disc Ops attributable to Fluor |  | $ | (57,269) |  |  | $ | (78,377) |  |  | $ | (4,444) |  |  | $ | (140,090) |  |  | $ | (205,618) |  |  | $ | (82,757) |  |  | $ | (11,439) |  |  | $ | (299,814) |
Assets and liabilities held for sale | The following summarizes information related to assets and liabilities classified as held for sale:
| September 30, 2021 |  | December 31, 2020
(in thousands) | Stork | AMECO | Other | Total from Disc Ops | Other Assets and Liabilities from Cont Ops | Total |  | Stork | AMECO | Other | Total from Disc Ops | Other Assets and Liabilities from Cont Ops | Total
Accounts receivable, net | $ | 196,104 |  | $ | 29,117 |  | $ | 10,476 |  | $ | 235,697 |  | $ | — |  | $ | 235,697 |  |  | $ | 245,105 |  | $ | 42,797 |  | $ | 10,475 |  | $ | 298,377 |  | $ | — |  | $ | 298,377 |
Contract assets | 159,579 |  | — |  | — |  | 159,579 |  | — |  | 159,579 |  |  | 108,152 |  | 2,188 |  | — |  | 110,340 |  | — |  | 110,340 |
Other current assets | 44,638 |  | 21,625 |  | — |  | 66,263 |  | — |  | 66,263 |  |  | 45,384 |  | 73,618 |  | — |  | 119,002 |  | — |  | 119,002 |
Current assets held for sale | 400,321 |  | 50,742 |  | 10,476 |  | 461,539 |  | — |  | 461,539 |  |  | 398,641 |  | 118,603 |  | 10,475 |  | 527,719 |  | — |  | 527,719 |
PP&E, net | 94,686 |  | 4,017 |  | — |  | 98,703 |  | 24,326 |  | 123,029 |  |  | 97,258 |  | 67,380 |  | — |  | 164,638 |  | 24,538 |  | 189,176 |
Goodwill | 118,710 |  | — |  | — |  | 118,710 |  | — |  | 118,710 |  |  | 141,889 |  | — |  | — |  | 141,889 |  | — |  | 141,889 |
Investments | 3,522 |  | — |  | — |  | 3,522 |  | 5,712 |  | 9,234 |  |  | 4,649 |  | — |  | — |  | 4,649 |  | 5,064 |  | 9,713 |
Other assets | 120,826 |  | 15,315 |  | — |  | 136,141 |  | — |  | 136,141 |  |  | 135,421 |  | 13,810 |  | — |  | 149,231 |  | — |  | 149,231 |
Noncurrent assets held for sale(1) | 337,744 |  | 19,332 |  | — |  | 357,076 |  | 30,038 |  | 387,114 |  |  | 379,217 |  | 81,190 |  | — |  | 460,407 |  | 29,602 |  | 490,009 |
Total assets held for sale | $ | 738,065 |  | $ | 70,074 |  | $ | 10,476 |  | $ | 818,615 |  | $ | 30,038 |  | $ | 848,653 |  |  | $ | 777,858 |  | $ | 199,793 |  | $ | 10,475 |  | $ | 988,126 |  | $ | 29,602 |  | $ | 1,017,728 |
Accounts payable | $ | 97,651 |  | $ | 6,684 |  | $ | 268 |  | $ | 104,603 |  | $ | — |  | $ | 104,603 |  |  | $ | 116,580 |  | $ | 17,388 |  | $ | 13 |  | $ | 133,981 |  | $ | — |  | $ | 133,981 |
Short-term borrowings | 17,953 |  | — |  | — |  | 17,953 |  | — |  | 17,953 |  |  | 20,525 |  | — |  | — |  | 20,525 |  | — |  | 20,525 |
Contract liabilities | 40,194 |  | 10 |  | — |  | 40,204 |  | — |  | 40,204 |  |  | 46,997 |  | 782 |  | — |  | 47,779 |  | — |  | 47,779 |
Accrued salaries, wages and benefits | 60,573 |  | 1,099 |  | — |  | 61,672 |  | — |  | 61,672 |  |  | 57,626 |  | 7,152 |  | — |  | 64,778 |  | — |  | 64,778 |
Other accrued liabilities | 175,220 |  | 47,528 |  | — |  | 222,748 |  | — |  | 222,748 |  |  | 113,965 |  | 11,977 |  | — |  | 125,942 |  | — |  | 125,942 |
Current liabilities held for sale | 391,591 |  | 55,321 |  | 268 |  | 447,180 |  | — |  | 447,180 |  |  | 355,693 |  | 37,299 |  | 13 |  | 393,005 |  | — |  | 393,005 |
Noncurrent liabilities held for sale(1) | 82,961 |  | 6,768 |  | — |  | 89,729 |  | — |  | 89,729 |  |  | 98,940 |  | 9,478 |  | — |  | 108,418 |  | — |  | 108,418 |
Total liabilities held for sale | $ | 474,552 |  | $ | 62,089 |  | $ | 268 |  | $ | 536,909 |  | $ | — |  | $ | 536,909 |  |  | $ | 454,633 |  | $ | 46,777 |  | $ | 13 |  | $ | 501,423 |  | $ | — |  | $ | 501,423 |
(1) Noncurrent assets and liabilities held for sale as of September 30, 2021 are reported as current given the expected sale timing.
Schedule of Cash Flow, Supplemental Disclosures | Cash Paid for Interest and Taxes
| 9ME September 30,
(in thousands) | 2021 | 2020
Cash paid for: |  |
Interest | $ | 80,796 |  | $ | 54,677 |
Income taxes (net of refunds) | 59,246 |  | 29,367 |
Our cash flow information included the following activities related to Disc Ops:
| 9ME September 30,
| 2021 |  | 2020
(in thousands) | Stork |  | AMECO |  | Total |  | Stork |  | AMECO |  | Total
Capital expenditures | $ | (10,413) |  |  | $ | (11,012) |  |  | $ | (21,425) |  |  | $ | (16,410) |  |  | $ | (18,772) |  |  | $ | (35,182) |

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