$FLR
FLUOR CORP

2012 Q4 Form 10-Q Financial Statement

#000110465912073203 Filed on November 01, 2012

View on sec.gov

Income Statement

Concept 2012 Q4 2012 Q3 2011 Q3
Revenue $7.023B $7.136B $6.038B
YoY Change 12.33% 18.19% 9.55%
Cost Of Revenue $7.038B $6.830B $5.776B
YoY Change 18.44% 18.25% 5.98%
Gross Profit -$15.60M $306.3M $262.1M
YoY Change -105.04% 16.86% 324.11%
Gross Profit Margin -0.22% 4.29% 4.34%
Selling, General & Admin $41.10M $40.90M $37.30M
YoY Change -32.95% 9.65% -5.81%
% of Gross Profit 13.35% 14.23%
Research & Development
YoY Change
% of Gross Profit
Depreciation & Amortization $55.30M $53.20M $50.60M
YoY Change 6.76% 5.14% 5.42%
% of Gross Profit 17.37% 19.31%
Operating Expenses $41.00M $40.90M $37.30M
YoY Change -33.01% 9.65% -5.57%
Operating Profit -$56.60M $278.3M $235.9M
YoY Change -122.79% 17.97% 957.85%
Interest Expense -$3.300M $6.890M $6.100M
YoY Change -3400.0% 12.95% 134.62%
% of Operating Profit 2.48% 2.59%
Other Income/Expense, Net
YoY Change
Pretax Income -$60.00M $264.5M $230.9M
YoY Change -124.14% 14.55% 827.31%
Income Tax -$89.00M $92.16M $69.30M
% Of Pretax Income 34.84% 30.01%
Net Earnings -$4.400M $144.6M $135.4M
YoY Change -102.87% 6.79% -352.61%
Net Earnings / Revenue -0.06% 2.03% 2.24%
Basic Earnings Per Share -$0.03 $0.87 $0.79
Diluted Earnings Per Share -$0.03 $0.86 $0.78
COMMON SHARES
Basic Shares Outstanding 166.5M shares 166.7M shares
Diluted Shares Outstanding 168.0M shares 173.2M shares

Balance Sheet

Concept 2012 Q4 2012 Q3 2011 Q3
SHORT-TERM ASSETS
Cash & Short-Term Investments $2.292B $2.529B $2.465B
YoY Change 1.5% 2.6% 13.79%
Cash & Equivalents $2.155B $2.151B $2.386B
Short-Term Investments $137.1M $378.3M $79.10M
Other Short-Term Assets $367.3M $205.8M $425.6M
YoY Change 58.02% -51.65% -6.79%
Inventory $1.943B $2.285B $1.814B
Prepaid Expenses
Receivables $1.243B $1.216B $1.344B
Other Receivables $0.00 $0.00 $0.00
Total Short-Term Assets $6.094B $6.518B $6.049B
YoY Change 3.66% 7.75% 8.72%
LONG-TERM ASSETS
Property, Plant & Equipment $951.3M $962.2M $877.2M
YoY Change 3.22% 9.69% 0.3%
Goodwill $101.3M
YoY Change 5.61%
Intangibles $21.00M
YoY Change
Long-Term Investments $461.2M $588.7M $537.7M
YoY Change -27.12% 9.48% -11.04%
Other Assets $255.8M $275.3M $725.6M
YoY Change -4.86% -62.06% 11.75%
Total Long-Term Assets $2.182B $2.251B $2.140B
YoY Change -8.69% 5.18% 0.57%
TOTAL ASSETS
Total Short-Term Assets $6.094B $6.518B $6.049B
Total Long-Term Assets $2.182B $2.251B $2.140B
Total Assets $8.276B $8.769B $8.190B
YoY Change 0.09% 7.08% 6.47%
SHORT-TERM LIABILITIES
YoY Change
Accounts Payable $1.954B $2.023B $1.650B
YoY Change 12.65% 22.67% 14.45%
Accrued Expenses $1.042B $1.024B $892.1M
YoY Change 5.12% 14.77% -20.0%
Deferred Revenue
YoY Change
Short-Term Debt $0.00 $0.00 $0.00
YoY Change
Long-Term Debt Due $20.79M $23.70M $23.70M
YoY Change 6.86% 0.0% -76.11%
Total Short-Term Liabilities $3.887B $3.947B $3.796B
YoY Change 1.27% 3.98% 5.49%
LONG-TERM LIABILITIES
Long-Term Debt $520.2M $524.9M $513.4M
YoY Change 1.31% 2.25% 2784.27%
Other Long-Term Liabilities $441.6M $526.1M $514.9M
YoY Change -3.31% 2.17% -1.61%
Total Long-Term Liabilities $961.8M $1.051B $1.028B
YoY Change -0.87% 2.21% 90.04%
TOTAL LIABILITIES
Total Short-Term Liabilities $3.887B $3.947B $3.796B
Total Long-Term Liabilities $961.8M $1.051B $1.028B
Total Liabilities $4.849B $4.998B $4.894B
YoY Change 0.84% 2.12% 17.27%
SHAREHOLDERS EQUITY
Retained Earnings $3.598B $3.842B
YoY Change 0.19%
Common Stock $1.624M $1.665M
YoY Change -61.91%
Preferred Stock
YoY Change
Treasury Stock (at cost)
YoY Change
Treasury Stock Shares
Shareholders Equity $3.341B $3.680B $3.296B
YoY Change
Total Liabilities & Shareholders Equity $8.276B $8.769B $8.190B
YoY Change 0.09% 7.08% 6.47%

Cashflow Statement

Concept 2012 Q4 2012 Q3 2011 Q3
OPERATING ACTIVITIES
Net Income -$4.400M $144.6M $135.4M
YoY Change -102.87% 6.79% -352.61%
Depreciation, Depletion And Amortization $55.30M $53.20M $50.60M
YoY Change 6.76% 5.14% 5.42%
Cash From Operating Activities $118.1M $428.6M $283.3M
YoY Change -33.87% 51.29% -35.29%
INVESTING ACTIVITIES
Capital Expenditures -$65.80M -$68.50M -$79.40M
YoY Change -34.72% -13.73% -9.67%
Acquisitions
YoY Change
Other Investing Activities $278.6M $47.20M $166.3M
YoY Change -220.61% -71.62% -1.19%
Cash From Investing Activities $212.8M -$21.20M $86.90M
YoY Change -164.15% -124.4% 8.22%
FINANCING ACTIVITIES
Cash Dividend Paid
YoY Change
Common Stock Issuance & Retirement, Net
YoY Change
Debt Paid & Issued, Net
YoY Change
Cash From Financing Activities -327.1M -74.80M 176.4M
YoY Change 239.67% -142.4% -504.59%
NET CHANGE
Cash From Operating Activities 118.1M 428.6M 283.3M
Cash From Investing Activities 212.8M -21.20M 86.90M
Cash From Financing Activities -327.1M -74.80M 176.4M
Net Change In Cash 3.800M 332.6M 546.6M
YoY Change -101.52% -39.15% 15.19%
FREE CASH FLOW
Cash From Operating Activities $118.1M $428.6M $283.3M
Capital Expenditures -$65.80M -$68.50M -$79.40M
Free Cash Flow $183.9M $497.1M $362.7M
YoY Change -34.18% 37.06% -31.01%

Facts In Submission

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us-gaap Description Of New Accounting Pronouncements Not Yet Adopted
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<table style="font-size:10pt; font-family:'Times New Roman',times,serif;"> <tr> <td> <p style="MARGIN: 0in 0in 0pt 0.35in; TEXT-INDENT: -0.35in"><font style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman" size="2">(2)</font><font style="FONT-SIZE: 3pt" size="1">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font><font style="FONT-SIZE: 10pt" size="2">New accounting pronouncements implemented by the company during the nine months ended September&#160;30, 2012 or requiring implementation in future periods are discussed below or in the notes, where applicable.</font></p> <p style="MARGIN: 0in 0in 0pt 0.35in; TEXT-INDENT: -0.35in"><font style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman" size="2">&#160;</font></p> <p style="MARGIN: 0in 0in 0pt 25pt"><font style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman" size="2">In October&#160;2012, the Financial Accounting Standards Board (&#8220;FASB&#8221;) issued Accounting Standards Update (&#8220;ASU&#8221;) 2012-04, &#8220;Technical Corrections and Improvements.&#8221; The amendments in ASU 2012-04 make technical corrections, clarifications and limited-scope improvements to various topics throughout the Accounting Standards Codification. ASU 2012-04 is effective upon issuance, except for amendments that are subject to transition guidance, which will be effective for interim and annual reporting periods beginning after December&#160;15, 2012. Management does not expect the adoption of ASU 2012-04 to have a material impact on the company&#8217;s financial position, results of operations or cash flows.</font></p> <p style="MARGIN: 0in 0in 0pt 25pt"><font style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman" size="2">&#160;</font></p> <p style="MARGIN: 0in 0in 0pt 0.35in; TEXT-INDENT: -0.2pt"><font style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman" size="2">In August&#160;2012, the FASB issued ASU 2012-03, &#8220;Technical Amendments and Corrections to SEC Sections,&#8221; which amends various SEC sections in the Accounting Standards Codification as a result of (1)&#160;the issuance of SEC Staff Accounting Bulletin No. 114, (2)&#160;the issuance of SEC Release No.&#160;33-9250 and (3)&#160;corrections related to ASU 2010-22, &#8220;Technical Corrections to SEC Paragraphs.&#8221; ASU 2012-03 was effective upon issuance. The adoption of ASU 2012-03 did not have an impact on the company&#8217;s financial position, results of operations or cash flows.</font></p> <p style="MARGIN: 0in 0in 0pt 0.35in; TEXT-INDENT: -0.2pt"><font style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman" size="2">&#160;</font></p> <p style="MARGIN: 0in 0in 0pt 25pt"><font style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman" size="2">In July&#160;2012, the FASB issued ASU 2012-02, &#8220;Testing Indefinite-Lived Intangible Assets for Impairment.&#8221; ASU 2012-02 allows entities testing an indefinite-lived intangible asset for impairment the option of performing a qualitative assessment before calculating the fair value of the asset. If entities determine, on the basis of qualitative factors, that the fair value of the indefinite-lived intangible asset is more likely than not greater than the carrying amount, a quantitative calculation would not be needed. ASU 2012-02 is effective for interim and annual impairment tests performed for fiscal years beginning after September 15, 2012. Management does not expect the adoption of ASU 2012-02 to have a material impact on the company&#8217;s financial position, results of operations or cash flows.</font></p> <p style="MARGIN: 0in 0in 0pt 25pt"><font style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman" size="2">&#160;</font></p> <p style="MARGIN: 0in 0in 0pt 25pt"><font style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman" size="2">In December&#160;2011, the FASB issued ASU 2011-11, &#8220;Disclosures about Offsetting Assets and Liabilities,&#8221; which requires an entity to disclose the nature of its rights of setoff and related arrangements associated with its financial instruments and derivative instruments. The objective of ASU 2011-11 is to make financial statements that are prepared under U.S. generally accepted accounting principles (&#8220;GAAP&#8221;) more comparable to those prepared under International Financial Reporting Standards (&#8220;IFRS&#8221;). The new disclosures will give financial statement users information about both gross and net exposures. ASU 2011-11 is effective for interim and annual reporting periods beginning on or after January&#160;1,&#160;2013 and will be applied on a retrospective basis.</font></p> <p style="MARGIN: 0in 0in 0pt 25pt"><font style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman" size="2">&#160;</font></p> <p style="MARGIN: 0in 0in 0pt 25pt"><font style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman" size="2">In the first quarter of 2012, the company adopted FASB ASU 2011-08, &#8220;Testing Goodwill for Impairment.&#8221; ASU 2011-08 allows entities testing goodwill for impairment the option of performing a qualitative assessment before calculating the fair value of a reporting unit (i.e., the first step of the goodwill impairment test). If entities determine, on the basis of qualitative factors, that the fair value of the reporting unit is more likely than not greater than the carrying amount, a quantitative calculation would not be needed. The adoption of ASU 2011-08 did not have a material impact on the company&#8217;s financial position, results of operations or cash flows.</font></p> <p style="MARGIN: 0in 0in 0pt 25pt; TEXT-INDENT: -25pt"><font style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman" size="2">&#160;</font></p></td></tr></table>
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IncreaseDecreaseInOperatingCapital
186378000 USD
us-gaap Income Loss From Equity Method Investments
IncomeLossFromEquityMethodInvestments
14755000 USD
us-gaap Other Noncash Income Expense
OtherNoncashIncomeExpense
-5744000 USD
us-gaap Payments To Acquire Marketable Securities
PaymentsToAcquireMarketableSecurities
813440000 USD
us-gaap Proceeds From Sale And Maturity Of Marketable Securities
ProceedsFromSaleAndMaturityOfMarketableSecurities
724635000 USD
us-gaap Payments To Acquire Property Plant And Equipment
PaymentsToAcquirePropertyPlantAndEquipment
188876000 USD
us-gaap Proceeds From Sale Of Property Plant And Equipment
ProceedsFromSaleOfPropertyPlantAndEquipment
65623000 USD
us-gaap Payments To Acquire Interest In Subsidiaries And Affiliates
PaymentsToAcquireInterestInSubsidiariesAndAffiliates
12028000 USD
us-gaap Payments To Acquire Businesses Net Of Cash Acquired
PaymentsToAcquireBusinessesNetOfCashAcquired
19337000 USD
us-gaap Payments For Proceeds From Other Investing Activities
PaymentsForProceedsFromOtherInvestingActivities
7697000 USD
us-gaap Payments For Repurchase Of Common Stock
PaymentsForRepurchaseOfCommonStock
164187000 USD
us-gaap Payments Of Dividends Common Stock
PaymentsOfDividendsCommonStock
75646000 USD
flr Vested Restricted Stock Taxes Paid
VestedRestrictedStockTaxesPaid
11696000 USD
us-gaap Proceeds From Stock Options Exercised
ProceedsFromStockOptionsExercised
10155000 USD
us-gaap Excess Tax Benefit From Share Based Compensation Financing Activities
ExcessTaxBenefitFromShareBasedCompensationFinancingActivities
4318000 USD
us-gaap Proceeds From Payments For Other Financing Activities
ProceedsFromPaymentsForOtherFinancingActivities
6845000 USD
CY2012Q3 us-gaap Preferred Stock Shares Issued
PreferredStockSharesIssued
0 shares
CY2011Q4 us-gaap Preferred Stock Shares Issued
PreferredStockSharesIssued
0 shares
CY2012Q3 us-gaap Notes Payable Current
NotesPayableCurrent
5000000 USD
CY2012Q3 us-gaap Notes Payable
NotesPayable
16250000 USD
CY2012Q3 us-gaap Accumulated Depreciation Depletion And Amortization Property Plant And Equipment
AccumulatedDepreciationDepletionAndAmortizationPropertyPlantAndEquipment
962222000 USD

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