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Discontinued Operations (Tables) | 12 Months Ended
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Dec. 31, 2021
Discontinued Operations and Disposal Groups [Abstract] |
Schedule of Impairment Expense | Impairment expense, included in Cont Ops, for 2021, 2020 and 2019 is summarized as follows:
| Year Ended December 31,
(in thousands) | 2021 |  | 2020 |  | 2019
Impairment expense: |  |  |  |  |
Energy Solutions' equity method investments | $ | 27,934 |  |  | $ | 86,096 |  |  | $ | 256,769 |
Information technology assets | 15,858 |  |  | 16,269 |  |  | — |
Total impairment expense | $ | 43,792 |  |  | $ | 102,365 |  |  | $ | 256,769 |
Impairment expense, included in Disc Ops, is summarized as follows:
| Year Ended December 31, 2021 |  | Year Ended December 31, 2020 |  | Year Ended December 31, 2019
(in thousands) | Stork | AMECO |  | Stork | AMECO |  | Stork | AMECO
Impairment expense: |  |  |  |  |  |  |  |
Goodwill (1) | $ | 12,700 |  | $ | — |  |  | $ | 168,568 |  | $ | 12,300 |  |  | $ | — |  | $ | 2,125 |
Intangible customer relationships (2) | — |  | — |  |  | 26,671 |  | — |  |  | 33,657 |  | — |
Fair value adjustment and expected costs associated with sale (3) | 180,500 |  | 53,085 |  |  | — |  | 133,400 |  |  | — |  | — |
Total impairment expense | $ | 193,200 |  | $ | 53,085 |  |  | $ | 195,239 |  | $ | 145,700 |  |  | $ | 33,657 |  | $ | 2,125 |
(1) As part of our assessment of goodwill in 2020, the fair value of the reporting units was determined using an income based approach that utilized unobservable Level 3 inputs, including significant management assumptions such as expected awards, forecasted revenue and operating margins, weighted average cost of capital, working capital assumptions and general market trends and conditions. (2) The customer relationships' valuation approach utilized unobservable Level 3 inputs including ranges of assumptions of long-term revenue growth from 2% to 5.5% with a weighted average of 2.4%, weighted average cost of capital of 12% and a customer attrition factor of 10%. (3) The fair value of the Stork and AMECO assets were determined using a combination of observable level 2 inputs in 2021, including indicative offers and ongoing negotiations for the related assets, and an income based approach that utilized unobservable Level 3 inputs in 2020, including significant management assumptions such as expected awards, forecasted revenue and operating margins, weighted average cost of capital, working capital assumptions and general market trends and conditions.
Earnings from discontinued operations, net of tax | Disc Ops information follows:
| Year Ended December 31, 2021 |  | Year Ended December 31, 2020 |  | Year Ended December 31, 2019
(in thousands) | Stork | AMECO | Other | Total |  | Stork | AMECO | Other | Total |  | Stork | AMECO | Other | Total
Revenue | $ | 1,599,705 |  | $ | 122,263 |  | $ | — |  | $ | 1,721,968 |  |  | $ | 1,509,238 |  | $ | 216,994 |  | $ | — |  | $ | 1,726,232 |  |  | $ | 1,805,705 |  | $ | 317,371 |  | $ | — |  | $ | 2,123,076 |
Cost of revenue | (1,559,327) |  | (124,948) |  | (9,106) |  | (1,693,381) |  |  | (1,514,374) |  | (195,024) |  | (13,198) |  | (1,722,596) |  |  | (1,794,266) |  | (354,782) |  | 21,152 |  | (2,127,896) |
Gross profit | 40,378 |  | (2,685) |  | (9,106) |  | 28,587 |  |  | (5,136) |  | 21,970 |  | (13,198) |  | 3,636 |  |  | 11,439 |  | (37,411) |  | 21,152 |  | (4,820) |
G&A | (4,351) |  | — |  | — |  | (4,351) |  |  | — |  | (234) |  | — |  | (234) |  |  | — |  | (239) |  | — |  | (239) |
Impairment, restructuring and other exit costs | (193,200) |  | (53,085) |  | — |  | (246,285) |  |  | (196,503) |  | (146,430) |  | — |  | (342,933) |  |  | (92,906) |  | (121,252) |  | — |  | (214,158) |
Loss on sale of AMECO | — |  | (26,670) |  | — |  | (26,670) |  |  | — |  | (1,390) |  | — |  | (1,390) |  |  | — |  | — |  | — |  | — |
Foreign currency gain (loss) | (228) |  | (157) |  | — |  | (385) |  |  | (2,078) |  | 55 |  | — |  | (2,023) |  |  | (413) |  | (1,265) |  | — |  | (1,678) |
Operating profit (loss) | (157,401) |  | (82,597) |  | (9,106) |  | (249,104) |  |  | (203,717) |  | (126,029) |  | (13,198) |  | (342,944) |  |  | (81,880) |  | (160,167) |  | 21,152 |  | (220,895) |
Interest (expense) income, net | (4,995) |  | 27 |  | — |  | (4,968) |  |  | (4,633) |  | (159) |  | — |  | (4,792) |  |  | (7,365) |  | 341 |  | — |  | (7,024) |
Earnings (loss) before taxes from Disc Ops | (162,396) |  | (82,570) |  | (9,106) |  | (254,072) |  |  | (208,350) |  | (126,188) |  | (13,198) |  | (347,736) |  |  | (89,245) |  | (159,826) |  | 21,152 |  | (227,919) |
Income tax (expense) benefit | (3,480) |  | — |  | — |  | (3,480) |  |  | (2,736) |  | (3,957) |  | — |  | (6,693) |  |  | (3,265) |  | 3,938 |  | (4,447) |  | (3,774) |
Net earnings (loss) from Disc Ops | $ | (165,876) |  | $ | (82,570) |  | $ | (9,106) |  | $ | (257,552) |  |  | $ | (211,086) |  | $ | (130,145) |  | $ | (13,198) |  | $ | (354,429) |  |  | $ | (92,510) |  | $ | (155,888) |  | $ | 16,705 |  | $ | (231,693) |
Less: Net earnings (loss) from Disc Ops attributable to NCI | $ | 883 |  | $ | (1) |  | $ | — |  | $ | 882 |  |  | $ | 1,537 |  | $ | 1 |  | $ | — |  | $ | 1,538 |  |  | $ | 7,169 |  | $ | 660 |  | $ | — |  | $ | 7,829 |
Net earnings (loss) from Disc Ops attributable to Fluor | $ | (166,759) |  | $ | (82,569) |  | $ | (9,106) |  | $ | (258,434) |  |  | $ | (212,623) |  | $ | (130,146) |  | $ | (13,198) |  | $ | (355,967) |  |  | $ | (99,679) |  | $ | (156,548) |  | $ | 16,705 |  | $ | (239,522) |
Assets and liabilities held for sale | The following summarizes information related to assets and liabilities classified as held for sale:
|  | December 31, 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 and notes receivable, net |  | $237,808 | $26,355 | $5,176 | $269,339 | $ | — |  | $269,339 |  | $245,105 | $42,797 | $10,475 | $298,377 | $ | — |  | $298,377
Contract assets |  | 134,516 | — | — | 134,516 | — | 134,516 |  | 108,152 | 2,188 | — | 110,340 | — | 110,340
Other current assets |  | 41,126 | 18,853 | — | 59,979 | — | 59,979 |  | 45,384 | 73,618 | — | 119,002 | — | 119,002
Current assets held for sale |  | 413,450 | 45,208 | 5,176 | 463,834 | — | 463,834 |  | 398,641 | 118,603 | 10,475 | 527,719 | — | 527,719
Property, plant and equipment, net |  | 98,425 | — |  | — | 98,425 | 22,000 | 120,425 |  | 97,258 | 67,380 | — | 164,638 | 24,538 | 189,176
Goodwill |  | 113,816 | — | — | 113,816 | — | 113,816 |  | 141,889 | — | — | 141,889 | — | 141,889
Investments |  | 3,339 | — | — | 3,339 | 7,028 | 10,367 |  | 4,649 | — | — | 4,649 | 5,064 | 9,713
Other assets |  | 125,306 | 21,107 | — | 146,413 | — | 146,413 |  | 135,421 | 13,810 | — | 149,231 | — | 149,231
Noncurrent assets held for sale (1) |  | 340,886 | 21,107 | — | 361,993 | 29,028 | 391,021 |  | 379,217 | 81,190 | — | 460,407 | 29,602 | 490,009
Total assets held for sale |  | $754,336 | $66,315 | $5,176 | $825,827 | $29,028 | $854,855 |  | $777,858 | $199,793 | $10,475 | $988,126 | $29,602 | $1,017,728
Accounts payable |  | $114,683 | $6,423 | $507 | $121,613 | $ | — |  | $121,613 |  | $116,580 | $17,388 | $13 | $133,981 | $ | — |  | $133,981
Short-term borrowings |  | 16,975 | — | — | 16,975 | — | 16,975 |  | 20,525 | — | — | 20,525 | — | 20,525
Contract liabilities |  | 54,421 | 10 | — | 54,431 | — | 54,431 |  | 46,997 | 782 | — | 47,779 | — | 47,779
Accrued salaries, wages and benefits |  | 60,519 | 1,164 | — | 61,683 | — | 61,683 |  | 57,626 | 7,152 | — | 64,778 | — | 64,778
Other accrued liabilities |  | 290,853 | 51,506 | — | 342,359 | — | 342,359 |  | 113,965 | 11,977 | — | 125,942 | — | 125,942
Current liabilities held for sale |  | 537,451 | 59,103 | 507 | 597,061 | — | 597,061 |  | 355,693 | 37,299 | 13 | 393,005 | — | 393,005
Noncurrent liabilities held for sale(1) |  | 87,793 | 11,809 | — | 99,602 | — | 99,602 |  | 98,940 | 9,478 | — | 108,418 | — | 108,418
Total liabilities held for sale |  | $625,244 | $70,912 | $507 | $696,663 | $ | — |  | $696,663 |  | $454,633 | $46,777 | $13 | $501,423 | $ | — |  | $501,423
(1) Noncurrent assets and liabilities held for sale were classified as current as we expect to complete the sale of Stork and the remaining AMECO operations early in 2022.
Consolidated statements of cash flows for the discontinued operations | The changes in assets and liabilities included in operating cash flow follow:
| Year Ended December 31,
(in thousands) | 2021 | 2020 | 2019
(Increase) decrease in: |  |  |
Accounts and notes receivable, net | $ | 5,393 |  | $ | 138,388 |  | $ | 210,419 |
Contract assets | (178,632) |  | 280,360 |  | 207,467 |
Other current assets | (167,416) |  | 3,893 |  | (80,248) |
Other assets | 283,895 |  | 76,613 |  | 44,707 |
Increase (decrease) in: |  |  |
Accounts payable | 6,360 |  | (343,113) |  | (46,873) |
Contract liabilities | (175,812) |  | (53,580) |  | 202,359 |
Accrued liabilities | 108,896 |  | (11,829) |  | 29,880 |
Other liabilities | (79,336) |  | (59,684) |  | 63,986 |
Increase (decrease) in cash due to changes in assets and liabilities | $ | (196,652) |  | $ | 31,048 |  | $ | 631,697 |
Cash paid during the year for: |  |  |
Interest | $ | 90,299 |  | $ | 65,641 |  | $ | 71,938 |
Income taxes (net of refunds) | 74,589 |  | 65,188 |  | 204,080 |
Our cash flow information for 2021, 2020 and 2019 included the following activities related to Disc Ops:
|  | Year Ended December 31,
(in thousands) |  | 2021 |  | 2020 |  | 2019
|  | Stork | AMECO | Total |  | Stork | AMECO | Total |  | Stork | AMECO | Total
Impairment expense |  | $ | 193,200 |  | $ | 53,085 |  | $ | 246,285 |  |  | $ | 195,239 |  | $ | 145,700 |  | $ | 340,939 |  |  | $ | 64,335 |  | $ | 32,428 |  | $ | 96,763 |
Depreciation of fixed assets |  | 5,417 |  | — |  | 5,417 |  |  | 21,849 |  | — |  | 21,849 |  |  | 24,203 |  | 54,568 |  | 78,771 |
Amortization of stock-based awards |  | — |  | — |  | — |  |  | — |  | 56 |  | 56 |  |  | — |  | 123 |  | 123 |
Capital expenditures |  | (16,861) |  | (11,019) |  | (27,880) |  |  | (21,087) |  | (26,913) |  | (48,000) |  |  | (28,185) |  | (73,433) |  | (101,618) |

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