Fluor Corp. Files 2023 Annual Report on Form 10-K

TL;DR

<b>Fluor Corp. has filed its 2023 10-K annual report detailing its financial performance and business operations.</b>

AI Summary

FLUOR CORP (FLR) filed a Annual Report (10-K) with the SEC on February 20, 2024. Fluor Corp. reported its 2023 fiscal year-end results on February 20, 2024. The company's principal executive offices are located at 6700 Las Colinas Blvd, Irving, TX 75039. Fluor Corp. operates in the Heavy Construction, Other Than Building Construction - Contractors industry. The filing covers the fiscal year ending December 31, 2023. The report was filed as of February 20, 2024.

Why It Matters

For investors and stakeholders tracking FLUOR CORP, this filing contains several important signals. This 10-K filing provides a comprehensive overview of Fluor Corp.'s financial health, operational performance, and strategic direction for the fiscal year 2023, which is crucial for investors to assess the company's stability and future prospects. As a major player in the heavy construction sector, the details within this report offer insights into industry trends, potential risks, and Fluor's competitive positioning, impacting stakeholders and market sentiment.

Risk Assessment

Risk Level: medium — FLUOR CORP shows moderate risk based on this filing. The filing is a standard 10-K, which is a comprehensive annual report. While it contains detailed financial information, it does not inherently signal immediate positive or negative performance without further analysis of the specific figures and narrative sections.

Analyst Insight

Investors should review the detailed financial statements and management's discussion and analysis within the 10-K to understand Fluor Corp.'s performance and outlook.

Key Numbers

• 20231231 — Fiscal Year End (CONFORMED PERIOD OF REPORT)
• 20240220 — Filing Date (FILED AS OF DATE)
• 122 — Public Document Count (PUBLIC DOCUMENT COUNT)
• 1600 — Standard Industrial Classification (STANDARD INDUSTRIAL CLASSIFICATION)

Key Players & Entities

• Fluor Corp. (company) — FILER
• 6700 Las Colinas Blvd (address) — BUSINESS ADDRESS
• Irving (city) — BUSINESS ADDRESS
• TX (state) — BUSINESS ADDRESS
• 75039 (zip_code) — BUSINESS ADDRESS
• 1934 Act (regulation) — SEC ACT
• 001-16129 (file_number) — SEC FILE NUMBER
• 24650695 (film_number) — FILM NUMBER

FAQ

Industry Context

Fluor Corp. operates in the heavy construction sector, which involves large-scale infrastructure and industrial projects. This sector is typically cyclical and influenced by global economic conditions and government spending.

Regulatory Implications

The filing is a Form 10-K, an annual report required by the U.S. Securities and Exchange Commission (SEC) for public companies to provide a comprehensive summary of their financial performance.

What Investors Should Do

1. Review Fluor Corp.'s revenue and net income figures for fiscal year 2023.
2. Analyze the company's debt-to-equity ratio and cash position.
3. Examine the risk factors section for potential challenges and mitigation strategies.

Key Dates

• 2023-12-31: Fiscal Year End — Marks the end of the reporting period for the 10-K.
• 2024-02-20: Filing Date — Date the 10-K was officially submitted to the SEC.

Year-Over-Year Comparison

This is the initial filing analyzed, so no comparison to a previous filing is available.

Key Financial Figures

• $0.01 — hares of the registrant's common stock, $0.01 par value per share, were outstanding.
• $575 million — reimbursable. In August 2023, we issued $575 million in convertible senior notes due 2029 an

Filing Documents

• flr-20231231.htm (10-K) — 2183KB
• flr2023q4ex211.htm (EX-21.1) — 606KB
• flr2023q4ex231.htm (EX-23.1) — 6KB
• flr2023q4ex311.htm (EX-31.1) — 10KB
• flr2023q4ex312.htm (EX-31.2) — 10KB
• flr2023q4ex321.htm (EX-32.1) — 6KB
• flr2023q4ex322.htm (EX-32.2) — 6KB
• flr2023q4ex971.htm (EX-97.1) — 10KB
• flr-20231231_g1.jpg (GRAPHIC) — 100KB
• 0001628280-24-005451.txt (&nbsp;) — 13128KB
• flr-20231231.xsd (EX-101.SCH) — 77KB
• flr-20231231_cal.xml (EX-101.CAL) — 112KB
• flr-20231231_def.xml (EX-101.DEF) — 493KB
• flr-20231231_lab.xml (EX-101.LAB) — 1124KB
• flr-20231231_pre.xml (EX-101.PRE) — 767KB
• flr-20231231_htm.xml (XML) — 1803KB

Business

Business 3 Item 1A.

Risk Factors

Risk Factors 12 Item 1B. Unresolved Staff Comments 26 Item 1C . Cybersecurity 26 Item 2.

Properties

Properties 27 Item 3.

Legal Proceedings

Legal Proceedings 28 Item 4. Mine Safety Disclosures 28 PART II Item 5. Market for Registrant's Common Equity, Related Stockholder Matters and Issuer Purchases of Equity Securities 29 Item 6. [Reserved] 30 Item 7.

Management's Discussion and Analysis of Financial Condition and Results of Operations

Management's Discussion and Analysis of Financial Condition and Results of Operations 30 Item 7A.

Quantitative and Qualitative Disclosures About Market Risk

Quantitative and Qualitative Disclosures About Market Risk 41 Item 8.

Financial Statements and Supplementary Data

Financial Statements and Supplementary Data 41 Item 9. Changes in and Disagreements with Accountants on Accounting and Financial Disclosure 41 Item 9A.

Controls and Procedures

Controls and Procedures 41 Item 9B. Other Information 43 Item 9C. Disclosure Regarding Foreign Jurisdictions that Prevent Inspections 43 PART III Item 10. Directors, Executive Officers and Corporate Governance 44 Item 11.

Executive Compensation

Executive Compensation 44 Item 12.

Security Ownership of Certain Beneficial Owners and Management and Related Stockholder Matters

Security Ownership of Certain Beneficial Owners and Management and Related Stockholder Matters 44 Item 13. Certain Relationships and Related Transactions, and Director Independence 45 Item 14. Principal Accountant Fees and Services 45 PART IV Item 15. Exhibits and Financial Statement Schedules 46 Item 16. Form 10-K Summary 49

Signatures

Signatures 49 i Table of Contents Glossary of Terms The definitions and abbreviations set forth below apply to the indicated terms used throughout this filing. Abbreviation/Term Definition 2023 10-K Annual Report on Form 10-K for the year ended December 31, 2023 AMECO American Equipment Company, Inc. AOCI Accumulated other comprehensive income (loss) APIC Additional paid-in capital ASC Accounting Standards Codification ASU Accounting Standards Update CFM Customer-furnished materials Cont Ops Continuing operations COVID Coronavirus pandemic CPS Convertible preferred stock CTA Currency translation adjustment DB plan Defined benefit pension plan DC plan Defined contribution pension plan Disc Ops Discontinued operations DOE U.S. Department of Energy DOJ U.S. Department of Justice EPC Engineering, procurement and construction EPS Earnings per share ESG Environmental, social and governance Exchange Act Securities Exchange Act of 1934 FASB Financial Accounting Standards Board FEMA U.S. Federal Emergency Management Agency Fluor Fluor Corporation FTC Foreign tax credit G&A General and administrative expense GAAP Accounting principles generally accepted in the United States GILTI Global Intangible Low-Taxed Income ICFR Internal control over financial reporting IT Information technology LNG Liquefied natural gas NCI Noncontrolling interests NM Not meaningful NOL Net operating loss NRC U.S. Nuclear Regulatory Commission NuScale NuScale Power Corporation OCI Other comprehensive income (loss) PBO Projected benefit obligation PIPE Private investment in public equity PP&E Property, plant and equipment RSU Restricted stock units RUPO Remaining unsatisfied performance obligations SEC Securities and Exchange Commission SGI Stock growth incentive awards 1 Table of Contents SMR Small modular reactor SPA Sale and purchase agreement SPAC Special purpose acquisition company Stork Stork Holding B.V. and subsidiaries TSR Total sh

Business

Item 1. Business Fluor is building a better world by applying world-class expertise in order to solve our clients' greatest challenges. We provide professional and technical solutions that deliver safe, well-executed, capital-efficient projects to our clients around the globe. Fluor Corporation was incorporated in Delaware in September 2000. However, through our predecessors, we have been in business for more than 110 years, providing services that have formed the essential building blocks of development and progress over that time. We believe we are poised to continue helping our clients meet similar needs into the foreseeable future. Acting through our many subsidiaries and interests in joint ventures, we are one of the larger global professional services firms providing EPC, fabrication and modularization, and project management services. We provide th ese services to our clients in diverse industries worldwide including advanced technologies and manufacturing, chemicals, infrastructure, life sciences, LNG, mining and metals, nuclear project services, energy transition, and oil and gas production and fuels. We are also a service provider to the U.S. federal government and governments abroad. We operate our business through 3 principal segments: Energy Solutions, Urban Solutions and Mission Solutions. We also have a smaller Other segment. Strategic Priorities Since January 2021, we have been guided by 4 strategic priorities for driving value creation for our shareholders: Drive growth across our portfolio , by diversifying markets outside of the traditional oil and gas sector, including energy transition, advanced technology and life sciences, high-demand metals, infrastructure and nuclear and civil, defense and intelligence for governments; Pursue contracts with fair and balanced commercial terms , focusing on more favorable, risk-adjusted agreements that reward Fluor for delivering value to our clients; Reinforce financial discipline , maintaining a soli