Fluor 2010 Annual Report Download
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Table of contents
-
Page 1
-
Page 2
...฀ OF฀THE฀WORLDÕS฀LARGEST฀PUBLICLY฀TRADED฀ ENGINEERING฀PROCUREMENT฀CONSTRUCTION฀ MAINTENANCE฀AND฀PROJECT฀MANAGEMENT฀ COMPANIES฀฀/VER฀THE฀PAST฀CENTURY฀ &LUOR฀THROUGH฀ITS฀OPERATING฀SUBSIDIARIES฀ HAS฀BECOME฀A฀TRUSTED฀GLOBAL฀LEADER฀ IN...
-
Page 3
... AND฀A฀DIVERSE฀PORTFOLIO฀OF฀SERVICES฀ACROSS฀ A฀WIDE฀RANGE฀OF฀INDUSTRIES฀AND฀GEOGRAPHIES฀฀ !S฀A฀TEAM฀WE฀SHARE฀COMPREHENSIVE฀ RESOURCES฀WITH฀THE฀ABILITY฀TO฀DELIVER฀WORLD
CLASS฀SOLUTIONS฀THROUGH฀THE฀APPLICATION฀OF฀ OUR฀COLLECTIVE...
-
Page 4
...ðCATION฀ STRATEGY฀HAS฀BECOME฀A฀TRUE฀CONTRIBUTOR฀ TO฀SHAREHOLDER฀VALUE฀ )N฀)NDUSTRIAL฀฀)NFRASTRUCTURE฀MINING฀ AND฀METALS฀PROJECTS฀ACCOUNTED฀FOR฀ THE฀MAJORITY฀OF฀NEW฀AWARDS฀INCLUDING฀ AN฀IRON฀ORE฀MINING฀EXPANSION฀FOR฀ "(0฀"ILLITON...
-
Page 5
...0OWER฀GROUP฀ 7E฀BELIEVE฀THAT฀WE฀ARE฀BETTER฀POSITIONED฀
+EY฀0OWER
RELATED฀PROJECT฀AWARDS฀ INCLUDED฀THE฀DESIGN฀OF฀TWO฀NEW฀SOLAR฀ POWER฀PLANTS฀IN฀3PAIN฀AND฀A฀MASTER฀ PLAN฀DEVELOPMENT฀AWARD฀FOR฀WHAT฀WILL฀ BECOME฀ONE฀OF฀THE฀WORLD...
-
Page 6
...฀IN฀EMERGING฀ MARKETS฀WHERE฀OUR฀CLIENTS฀ARE฀ EXPANDING฀COMPETITION฀IS฀INCREASING฀ AND฀SIGNIðCANT฀BUSINESS฀OPPORTUNITIES฀ ARE฀DEVELOPING฀3TRENGTHENING฀OUR฀ COMPANYÕS฀INTERNAL฀CAPACITY฀TO฀CREATE฀
VALUE฀IS฀AN฀ONGOING฀PROCESS฀AND฀WE...
-
Page 7
...฀AND฀OFFERING฀ PROACTIVE฀SOLUTIONS (OCKEY฀LEGEND฀7AYNE฀'RETZKY฀ONCE฀
While
Fluor
is
changing
the
person
at
the
helm,
our
direction
as
a
company
will
remain
the
same.
Our
core
strategy
is
sound
-
and
the
tenets
of
integrity,
excellence,
safety
and
diversity
are
sacred...
-
Page 8
...AS฀PROVIDES฀A฀FULL฀RANGE฀OF฀SERVICES฀ FOR฀SOME฀OF฀THE฀LARGEST฀UPSTREAM฀ DOWNSTREAM฀AND฀PETROCHEMICAL฀FACILITIES฀฀ IN฀THE฀WORLD฀"Y฀COLLABORATING฀AND฀SHARING฀ RESOURCES฀WITH฀OTHER฀&LUOR฀GROUPS฀THIS฀ TEAM฀DELIVERS฀INDUSTRY
LEADING...
-
Page 9
...SOLUTIONS
฀ BASED฀GROUP฀PROVIDING฀OPERATIONS฀AND฀ MAINTENANCE฀CONSTRUCTION฀EQUIPMENT฀ SERVICES฀PROCUREMENT฀AND฀LOGISTICS฀฀ AND฀TEMPORARY฀STAFðNG฀TO฀INDUSTRIAL฀CLIENTS฀฀ "ROADENING฀ITS฀FOOTPRINT฀DOMESTICALLY฀ AND฀INTERNATIONALLY฀THIS฀TEAM...
-
Page 10
ONE
GOAL
We're
a
solutions-based
company
with
the
technical
expertise
and
financial
strength
to
meet
the
most
difficult
and
demanding
assignments.
While
our
reach
is
global,
our
goal
is
simple
-
to
coordinate
our
industry-leading
efforts
to
seize
key
opportunities
and
propel
ourselves,
...
-
Page 11
฀฀!NNUAL฀2EPORT฀฀฀฀฀
-
Page 12
...฀EXECUTION฀ MODEL฀THAT฀BRINGS฀RESOURCES฀FROM฀MULTIPLE฀&LUOR฀OFðCES฀AROUND฀THE฀ WORLD฀TO฀WORK฀ON฀ANY฀GIVEN฀PROJECT฀IN฀ANY฀LOCATION฀AROUND฀THE฀CLOCK฀ 4HIS฀MODEL฀WHICH฀HAS฀NOW฀BEEN฀ADOPTED฀COMPANY
WIDE฀ENABLES฀ OUR฀GLOBAL...
-
Page 13
...฀ EARLY฀WORK฀ACTIVITIES฀3ANTOS฀,TD฀NAMED฀
฀฀!NNUAL฀2EPORT
&LUOR฀AS฀THE฀WINNING฀CONTRACTOR฀FOR฀ THE฀ENGINEERING฀PROCUREMENT฀AND฀ CONSTRUCTION฀%0# ฀SERVICES฀OF฀THE฀ UPSTREAM฀PORTION฀OF฀THE฀'LADSTONE฀,.'฀ PROJECT฀IN฀1UEENSLAND...
-
Page 14
...
business
lines
-
they
see
One
Fluor
offering
solutions
to
their
challenges."
- Peter Oosterveer, Group President
PROGRAM฀FOR฀0ETROLEOS฀-EXICANOS฀ 0%-%8 ฀IN฀-EXICO฀THROUGH฀OUR฀STRONG฀ )#!฀&LUOR฀JOINT฀VENTURE฀7E฀ALSO฀WON฀THE฀ 0-#฀WORK฀FOR฀A฀NEW...
-
Page 15
...฀PROJECTS฀TO฀ OFFER฀OPPORTUNITIES฀AS฀WELL฀ 4O฀LEVERAGE฀THE฀ANTICIPATED฀OIL฀AND฀GAS฀ MARKET฀UPTURN฀WE฀ARE฀STRENGTHENING฀ OUR฀GLOBAL฀RESOURCES฀IMPROVING฀OUR฀COST฀ COMPETITIVE฀EXECUTION฀AND฀ENHANCING฀ OUR฀CLIENT฀SERVICE฀EXCELLENCE...
-
Page 16
0NE
MISSION
Our
primary
objective
is
to
develop,
execute
and
maintain
projects
with
excellence
-
a
singular
mission
we
achieve
by
marshaling
a
diverse
global
workforce
to
deliver
world-class
solutions.
LUOR฀#ORPORATION
-
Page 17
฀฀!NNUAL฀2EPORT฀฀฀฀฀
-
Page 18
...OPEN฀ACCESS฀TO฀THE฀FULL฀RESOURCES฀OF฀/NE฀&LUOR฀WAS฀AN฀ IMPORTANT฀STRATEGIC฀ELEMENT฀OF฀THIS฀TEAMÕS฀ABILITY฀TO฀CAPITALIZE฀ON฀THE฀ MINING฀BOOM฀฀&ROM฀PROJECT฀MANAGERS฀TO฀INFORMATION฀TECHNOLOGY฀ SPECIALISTS฀THEY฀WERE฀ABLE฀TO฀DRAW...
-
Page 19
...฀RAIL฀PROJECT฀ A฀PUBLIC
PRIVATE฀PARTNERSHIP฀LINKING฀ $ENVERÕS฀INTERNATIONAL฀AIRPORT฀TO฀THE฀ HEART฀OF฀THE฀CITY฀Ã"฀AN฀IMPORTANT฀PART฀OF฀ A฀LARGER฀PLAN฀TO฀EXPAND฀AND฀MODERNIZE฀ THE฀CITYÕS฀PUBLIC฀TRANSIT฀SYSTEM LUOR
LED฀TEAM฀WILL...
-
Page 20
...฀JOINT฀ VENTURE฀WAS฀CHOSEN฀FOLLOWING฀A฀HIGHLY฀ COMPETITIVE฀BIDDING฀PROCESS฀฀4HE฀ EXPECTED฀COMPLETION฀IS฀LATE N฀!BU฀$HABI฀&LUOR฀WAS฀AWARDED฀THE฀ PROJECT฀MANAGEMENT฀CONSULTANCY฀FOR฀ THE฀NEW฀TRANSPORT฀NETWORK฀A฀MASS
TRANSIT฀PROGRAM...
-
Page 21
... PUBLIC
PRIVATE฀MARKETS฀WHERE฀IT฀ COMPETES฀฀/UR฀ROBUST฀BALANCE฀SHEET฀ NOT฀ONLY฀GIVES฀US฀THE฀ABILITY฀TO฀BE฀AN฀ EQUITY฀CONTRIBUTOR฀FOR฀LARGE
SCALE฀ PROJECTS฀Ã"฀IT฀ALSO฀PROVIDES฀THE฀LIQUIDITY฀ TO฀SUPPORT฀PROJECT฀EXECUTION฀INSTILLING...
-
Page 22
ONE
VOICE
Our
stakeholders
expect
us
to
speak
in
one
voice
-
responding
in
unison
to
help
clients
develop
capital
projects
on
schedule
and
within
budget
in
order
to
improve
their
competitive
position.
The
resulting
performance
strengthens
our
long-term
success
and
promotes
superior
...
-
Page 23
฀฀!NNUAL฀2EPORT฀฀฀฀฀ ฀ ฀ ฀! ฀ !NN !N NN N NU UA UAL AL A L L฀ ฀2E ฀ 2E 2EP POR PO OR O R RT T฀฀ T฀ T ฀ ฀฀฀ ฀฀ ฀฀
-
Page 24
...SERVICES฀AND฀RESOURCES฀FROM฀ACROSS฀THE฀ COMPANY฀REGARDLESS฀OF฀PROJECT฀TYPE฀OR฀LOCATION฀ $ESPITE฀A฀WEAK฀53฀ECONOMY฀OUR฀'OVERNMENT฀GROUP฀WON฀฀BILLION฀ IN฀NEW฀AWARDS฀฀/UR฀CLIENTS฀KNOW฀THAT฀WHENEVER฀THEY฀NEED฀A฀CONTRACTOR...
-
Page 25
...฀SCALABLE฀STAFðNG฀AND฀EQUIPMENT฀ ANYWHERE฀IN฀THE฀WORLD฀฀"Y฀TAPPING฀INTO฀ OUR฀GLOBAL฀NETWORK฀OF฀RESOURCES฀WE฀ CAN฀EFðCIENTLY฀AND฀EFFECTIVELY฀MOBILIZE฀ THE฀REQUIRED฀SERVICES฀TO฀EXPEDITE฀NEW฀ ASSIGNMENTS฀EVEN฀IN฀REMOTE฀LOCATIONS...
-
Page 26
...
to
execute
projects
as
one
team
has
contributed
to
our
FORTUNE
Magazine
ranking
as
one
of
the
engineering
and
construction
industry's
"Most
Admired
Companies"
both
in
the
United
States
and
abroad.
Fluor
was
also
recognized,
for
the
fifth
straight
year,
as
one
of
the
"World's
Most
Ethical...
-
Page 27
฀฀!NNUAL฀2EPORT฀฀฀฀฀
-
Page 28
...฀MAINTENANCE฀ PROGRAMS฀INDUSTRIAL฀ñEET฀SERVICES฀EQUIPMENT฀RENTALS฀AND฀PROFESSIONAL฀ STAFðNG฀AND฀TRAINING฀ 0ARTNERING฀INTERNALLY฀WITH฀OTHER฀BUSINESS฀SEGMENTS฀TO฀DELIVER฀FULLY฀ INTEGRATED฀WORLD
CLASS฀SOLUTIONS฀TO฀IMPORTANT฀GLOBAL฀ACCOUNTS...
-
Page 29
...seize
new
opportunities
when
client
spending
turns
up."
- Kirk Grimes, Group President
3OLUTIONS3-฀SUBSIDIARY฀REGULARLY฀฀ PROVIDES฀CLIENTS฀WITH฀EFðCIENT฀COST
EFFECTIVE฀SOLUTIONS฀FOR฀RECRUITING฀AND฀ TRAINING฀QUALIðED฀LOCAL฀WORKFORCES฀Ã"฀
฀฀!NNUAL...
-
Page 30
...฀IN฀WHICH฀&LUOR฀OPERATES฀THE฀ABILITY฀TO SUCCESSFULLY฀SERVE฀THE฀POWER฀MARKET฀HINGES฀ON฀AN฀EFðCIENT฀AND฀ EFFECTIVE฀KNOWLEDGE฀MANAGEMENT฀SYSTEM฀฀2EGARDLESS฀OF฀THE฀NATURE฀OF฀ THE฀PROJECT฀Ã"฀FROM฀FOSSIL
FUELED฀PLANTS฀AND฀RENEWABLE...
-
Page 31
...฀PLANT฀ BETTERMENT฀SOLUTIONS฀THAT฀REDUCE฀฀ PLANT฀EMISSIONS฀฀ 7E฀HAVE฀RESTRUCTURED฀OUR฀POWER฀ SERVICES฀UNIT฀TO฀BETTER฀SERVE฀LONG
TERM฀ CLIENTS฀AND฀TO฀ATTRACT฀NEW฀CUSTOMERS฀฀ 4HE฀GROUP฀HAS฀ALSO฀STRATEGICALLY฀ ALIGNED฀ITS฀BUSINESS...
-
Page 32
New
Awards
and
Backlog
Data
.%7฀!7!2$3฀"9฀3%'-%.4
9EAR฀%NDED฀$ECEMBER฀ ฀IN฀MILLIONS
/IL฀฀'AS )NDUSTRIAL฀฀ )NFRASTRUCTURE 'OVERNMENT 'LOBAL฀3ERVICES 0OWER 4OTAL฀.EW฀!WARDS
฀฀ #ONSOLIDATED .EW฀!WARDS
...
-
Page 33
...AMOUNTS฀DUE฀THE฀COMPANY฀ ON฀A฀COMPLETED฀INFRASTRUCTURE฀JOINT฀VENTURE฀PROJECT฀IN฀#ALIFORNIA฀AND฀PRE
TAX฀CHARGES฀OF฀฀MILLION฀OR฀฀PER฀DILUTED฀SHARE ฀ON฀A฀GAS
ðRED฀POWER฀PROJECT฀ IN฀'EORGIA฀FOR฀ESTIMATED฀ADDITIONAL฀COSTS฀TO...
-
Page 34
...EINZ฀#OMPANY DMIRAL฀*OSEPH฀7฀0RUEHER 53฀.AVY฀RETIRED ฀0ROFESSOR฀5NIVERSITY฀ OF฀6IRGINIA฀&ORMER฀53฀!...
outstanding
quality
of
his
leadership
and
the
remarkable
accomplishments
that
characterized
his
tenure."
- Peter Fluor
4HE฀OFðCER฀INFORMATION฀ON฀PAGE...
-
Page 35
Officers
&ROM฀LEFT฀TO฀RIGHT $฀-ICHAEL฀3TEUERT฀3ENIOR฀6ICE฀0RESIDENT฀AND฀#HIEF฀&INANCIAL฀/FðCER ...FOR฀SALES฀MARKETING฀ AND฀INTERNATIONAL฀BUSINESS฀HELPED฀&LUOR฀GROW฀FROM฀A฀SMALL฀ #ALIFORNIA
BASED฀COMPANY฀INTO฀A฀GLOBAL฀ENGINEERING฀AND฀ ...
-
Page 36
...฀0LANT฀3CHERER฀POWER฀ PLANT฀*ULIETTE฀'EORGIA 0AGE฀฀TOP฀RIGHT฀ +ENTUCKY฀5TILITIES฀'HENT฀GENERATING฀ STATION฀#ARROLL฀#OUNTY฀+ENTUCKY 0AGE฀฀BOTTOM฀RIGHT฀ 0'%฀$IABLO฀#ANYON฀NUCLEAR฀PLANT฀SITE฀ SERVICES฀WORK฀!VILA฀"EACH฀#ALIFORNIA...
-
Page 37
...of incorporation or organization) 6700 Las Colinas Boulevard Irving, Texas (Address of principal executive offices) 469-398-7000 (Registrant's telephone number, including area code) Securities registered pursuant to Section 12(b) of the Act:
Title of Each Class Name of Each Exchange on...
-
Page 38
...
Accounting
and
Financial
Disclosure
...Controls
and
Procedures
...Other
Information ...PART III Item
10.
Item
11.
Item
12.
Item
13.
Item
14.
Directors,
Executive
Officers
and
Corporate
Governance
...Executive
Compensation
...Security
Ownership
of
Certain
Beneficial
Owners
and
Management...
-
Page 39
...business
for
almost
100
years.
Our
principal
executive
offices
are
located
at
6700
Las
Colinas
Boulevard,
Irving,
Texas
75039,
telephone
number
(469)
398Â7000.
Our
common
stock
currently
trades
on
the
New
York
Stock
Exchange
under
the
ticker
symbol
''FLR''.
Fluor
Corporation...
-
Page 40
...
project
cost
and
exposure
and
generally
improves
client
relations.
We
believe
that
our
safety
record
is
one
of
our
most
distinguishing
features.
Global Execution Platform
As
the
largest
U.S.Âbased,
publiclyÂtraded
engineering,
procurement,
construction
and
maintenance
company...
-
Page 41
...procurement
services
as
well
as
supply
chain
solutions
aimed
at
improving
product
quality
and
performance
while
also
reducing
project
cost
and
schedule.
Our
clients
benefit
from
our
global
sourcing
and
supply
expertise,
global
purchasing
power,
technical
knowledge,
processes...
-
Page 42
...
American
oil,
gas,
power,
chemical
and
other
markets.
Industrial & Infrastructure The
Industrial
&
Infrastructure
segment
provides
design,
engineering,
procurement
and
construction
services
to
the
transportation,
wind
power,
mining
and
metals,
life
sciences,
manufacturing,
commercial...
-
Page 43
...Operating
primarily
from
offices
in
North
and
South
America
and
Australia,
we
are
one
of
the
few
companies
with
the
size
and
experience
to
pursue
large
scale
mining
and
metals
projects
in
difficult
locations.
In
life
sciences,
we
provide
design,
engineering,
procurement...
-
Page 44
...
and
South
America,
South
Africa
and
the
Middle
East.
Our
supply
chain
solutions
business
line
provides
a
full
range
of
strategic
sourcing
solutions
to
help
execute
capital
projects.
Our
material,
equipment
and
subcontracted
services
specialists
continually
monitor
and...
-
Page 45
...
nuclear
units,
design
of
three
units
and
maintenance
and
capital
modification
services
provided
in
over
90%
of
the
existing
units
operating
in
the
current
U.S.
market.
Through
our
power
services
business
line,
we
offer
a
variety
of
services
to
owners
including
plant...
-
Page 46
...
tables,
we
include
in
backlog
for
the
Global
Services
segment
our
operations
and
maintenance
activities
that
have
yet
to
be
performed.
However,
the
equipment,
temporary
staffing
and
supply
chain
solutions
business
lines
do
not
report
backlog
due
to
the
quick
turnaround...
-
Page 47
...number
of
companies
are
competing
in
the
markets
served
by
our
business,
including
U.S.Âbased
companies
such
as
Bechtel
Group,
Inc.,
CH2M
Hill
Companies
Limited,
Jacobs
Engineering
Group,
Inc.,
KBR
Inc.,
the
Shaw
Group
and
URS
Corporation,
and
internationalÂbased
companies...
-
Page 48
...
provide
the
design,
engineering,
planning,
management
and
project
execution
skills
required
to
complete
complex
projects
in
a
safe,
timely
and
costÂefficient
manner.
Significant Clients For
2010,
revenue
earned
from
agencies
of
the
U.S.
government
and
BHP
Billiton
accounted
for
15...
-
Page 49
...employees,
who
provide
support
throughout
the
various
business
segments,
varies
in
relation
to
the
number
and
size
of
projects
we
have
in
process
at
any
particular
time.
Available Information Our
website
address
is
www.fluor.com.
You
may
obtain
free
electronic
copies
of
our
annual
reports...
-
Page 50
...
companies
compete.
Among
our
competitors
are
U.S.Âbased
companies
such
as
Bechtel
Group,
Inc.,
CH2M
Hill
Companies
Limited,
Jacobs
Engineering
Group,
Inc.,
KBR
Inc.,
the
Shaw
Group
and
URS
Corporation,
and
internationalÂbased
companies
such
as
AMEC
plc,
Chicago
Bridge
and
Iron...
-
Page 51
...
to
changing
domestic
and
international
economic
and
political
conditions
which
are
beyond
our
control.
As
of
December
31,
2010,
approximately
74
percent
of
our
projected
backlog
consisted
of
revenue
to
be
derived
from
projects
and
services
to
be
completed
outside
the
United...
-
Page 52
...
to
our
projects
or
other
matters.
These
claims
generally
arise
in
the
normal
course
of
our
business.
When
it
is
determined
that
we
have
liability,
we
may
not
be
covered
by
insurance
or,
if
covered,
the
dollar
amount
of
these
liabilities
may
exceed
our
policy
limits.
Our
professional...
-
Page 53
... be a reliable indicator of our future revenue or earnings. As
of
December
31,
2010,
our
backlog
was
approximately
$34.9
billion.
Our
backlog
generally
consists
of
projects
for
which
we
have
an
executed
contract
or
commitment
with
a
client
and
reflects
our
expected
revenue
from
the
contract
or...
-
Page 54
... losses for us with respect to the joint venture. We
enter
into
various
joint
ventures
as
part
of
our
engineering,
procurement
and
construction
businesses,
including
ICA
Fluor
and
projectÂspecific
joint
ventures,
where
control
may
be
shared
with
unaffiliated
third...
-
Page 55
...
review
and
audit
government
contractors
with
respect
to
the
adequacy
of
and
our
compliance
with
our
internal
control
systems
and
policies
(including
our
labor,
billing,
accounting,
purchasing,
estimating
compensation
and
management
information
systems).
Despite
the...
-
Page 56
...
of
existing
government
policies
designed
to
protect
small
businesses
and
under represented
minority
contractors.
Our
inability
to
win
or
renew
government
contracts
during
the
procurement
processes
could
harm
our
operations.
Our project execution activities may result...
-
Page 57
...or
if
our
procedures
fail,
our
employees
or
others
may
suffer
injuries
or
even
loss
of
life.
Although
we
maintain
functional
groups
whose
primary
purpose
is
to
implement
effective
health,
safety
and
environmental
procedures
throughout
our
company,
the
failure
to
comply
with
such...
-
Page 58
...
Afghanistan
and
Iraq,
where
the
country
or
location
is
subject
to
political,
social
or
economic
risks,
or
war
or
civil
unrest.
In
those
locations
where
we
have
employees
or
operations,
we
may
incur
substantial
security
costs
to
maintain
the
safety
of
our
personnel.
Despite
these
activities...
-
Page 59
...effect
on
our
operations
and
financial
condition.
However,
legislation
and
regulation
regarding
climate
change
could
also
increase
the
pace
of
development
of
carbon
capture
and
storage
projects,
alternative
transportation,
alternative
energy
facilities,
such
as
wind...
-
Page 60
...appropriately
sized
workforce,
our
ability
to
transition
employees
from
completed
projects
to
new
projects
or
between
internal
business
groups,
and
our
need
to
devote
resources
to
nonÂchargeable
activities
such
as
training
or
business
development.
While
our
estimates
are
based...
-
Page 61
...
shares.
Systems and information technology interruption and breaches in data security could adversely impact our ability to operate and our operating results. As
a
global
company,
we
are
heavily
reliant
on
computer,
information
and
communications
technology
and
related
systems
in...
-
Page 62
...:
Location Interest
United States: Aliso
Viejo,
California
...Greenville,
South
Carolina
...Houston
(Sugar
Land),
Texas
...Irving,
Texas
(Corporate
Headquarters)
Canada: Calgary,
Alberta
...South America: Santiago,
Chile
...Europe, Africa and Middle East: Al
Khobar,
Saudi
Arabia
...Farnborough...
-
Page 63
... Submission of Matters to a Vote of Security Holders The
company
did
not
submit
any
matters
to
a
vote
of
security
holders
during
the
fourth
quarter
of
2010.
Executive Officers of the Registrant Information
regarding
the
company's
executive
officers
is
set
forth
under
the...
-
Page 64
...
upon
the
vesting
of
restricted
stock
issued
pursuant
to
equity
based
employee
benefit
plans
and
2,700,000
shares
of
company
stock
repurchased
and
cancelled
by
the
company
during
the
fourth
quarter
of
2010
under
its
stock
repurchase
program
for
total
consideration
of
$158,068,441...
-
Page 65
...
share
and
employee
information:
2010 Year Ended December 31, 2009 2008 2007 2006
CONSOLIDATED OPERATING RESULTS Total
revenue
Earnings
before
taxes(1)(2)
Net
earnings
attributable
to
Fluor
Corporation(1)
Earnings
per
share(1)(3)(4)
Basic
Diluted
Return
on
average
shareholders'
equity...
-
Page 66
...
in
2009.
The
decrease
in
earnings
for
2010
was
primarily
due
to
the
impact
of
charges
totaling
$343
million
for
the
Greater
Gabbard
Project
in
the
United
Kingdom
and
a
charge
totaling
$95
million
for
a
completed
infrastructure
joint
venture
project
in
California,
both...
-
Page 67
...fired
power
project
in
Georgia
for
estimated
additional
costs
to
complete
the
project.
The
company
reported
lower
corporate
general
and
administrative
expense
in
2010
when
compared
to
2009,
primarily
as
a
result
of
overhead
reduction
efforts
and
lower
management
incentive
compensation...
-
Page 68
...activity
in
the
mining
and
metals
business
line.
As
of
December
31,
2010,
approximately
74
percent
of
consolidated
backlog
related
to
projects
located
outside
of
the
United
States.
For
a
more
detailed
discussion
of
operating
performance
of
each
business
segment,
corporate
general...
-
Page 69
...
are
often
formed
for
the
single
business
purpose
of
executing
a
specific
project
and
allow
the
company
to
share
risks
and
/or
secure
specialty
skills
required
for
project
execution.
The
company
evaluates
at
inception
each
partnership
and
joint
venture
to
determine
if
it
qualifies
as...
-
Page 70
... Operations The
company
provides
professional
services
on
a
global
basis
in
the
fields
of
engineering,
procurement,
construction,
maintenance
and
project
management.
The
company
is
organized
into
five
business
segments:
Oil
&
Gas,
Industrial
&
Infrastructure,
Government...
-
Page 71
...business
environment.
New
awards
in
the
Oil
&
Gas
segment
were
$9.7
billion
in
2010,
$7.0
billion
in
2009
and
$15.1
billion
in
2008.
New
awards
in
2010
included
upstream
services
associated
with
a
liquefied
natural
gas
project
in
Australia
valued
at
$3.5
billion
and
an
oil
sands
program
in
Canada...
-
Page 72
...
in
the
life
sciences
market
and
reduced
margins
on
Greater
Gabbard
Project
execution
activities
in
the
infrastructure
business
line.
In
addition,
the
segment
experienced
lower
margins
in
2009
as
the
result
of
the
consolidation
of
a
large
mining
project
joint
venture
in
which...
-
Page 73
...
in
total
assets
in
2010
compared
to
2009
was
primarily
attributable
to
a
reduction
in
work
in
process
on
the
Greater
Gabbard
Project
with
the
installation
of
certain
offshore
materials
and
the
writeÂoff
of
the
investment
for
the
infrastructure
joint
venture
project
in
California...
-
Page 74
...
the
execution
of
Logistics
Civil
Augmentation
Program
(''LOGCAP
IV'')
task
orders
for
the
United
States
Army
in
Afghanistan.
Revenue
growth
in
both
2010
and
2009
for
the
Savannah
River
Site
Management
and
Operating
Project
(''the
Savannah
River
Project'')
in
South
Carolina
and...
-
Page 75
...
operations
and
maintenance
activities
may
not
contribute
to
ending
backlog.
In
addition,
the
equipment,
temporary
staffing
and
supply
chain
solutions
business
lines
do
not
report
backlog
or
new
awards.
Total
assets
in
the
Global
Services
segment
were
$824
million
as
of
December
31,
2010...
-
Page 76
...
31,
2008.
The
decline
in
backlog
since
2009
is
primarily
because
the
work
performed
on
the
Oak
Grove
project,
major
gasÂfired
power
plant
projects
in
Texas,
Virginia
and
Georgia,
and
certain
other
projects
was
not
replaced
by
new
award
activity.
Total
assets
in
the
Power
segment...
-
Page 77
...
increase
in
the
valuation
allowance
associated
with
net
operating
losses.
A
significant
portion
of
the
$152
million
tax
benefit
resulted
from
the
financial
impact
of
the
2010
Greater
Gabbard
Project
charges
on
the
foreign
subsidiary.
The
effective
tax
rate
for
2008
was
favorably
impacted
by...
-
Page 78
....
Other As
of
December
31,
2010,
a
number
of
matters
relating
to
completed
and
in
progress
projects
are
in
the
dispute
resolution
process.
These
include
the
Greater
Gabbard
Project
and
a
completed
infrastructure
joint
venture
project
in
California,
which
are
discussed
above
under
''-
Industrial...
-
Page 79
...
2010,
2009
and
2008
included
purchases,
sales
and
maturities
of
marketable
securities;
capital
expenditures;
and
disposals
of
property,
plant
and
equipment.
Investing
activities
in
2008
also
included
the
sale
of
the
joint
venture
interest
in
the
Greater
Gabbard
Project.
The
company...
-
Page 80
...partnerships
or
joint
ventures
created
primarily
for
the
execution
of
single
contracts
or
projects.
Distributions
paid
were
$84
million,
$76
million
and
$24
million
in
2010,
2009
and
2008,
respectively.
The
significant
increase
in
2010
and
2009
compared
to
2008...
-
Page 81
...
Entities.''
During
2010,
the
company
repaid
$32
million
in
principal
related
to
loans
against
the
cash
surrender
value
of
corporateÂowned
life
insurance
policies.
On
December
15,
2008,
the
company
registered
shares
of
its
common
and
preferred
stock,
debt
securities
and
warrants...
-
Page 82
...
conditions;
however,
management
is
unable
to
predict
with
certainty
the
amount
and
mix
of
future
business.
Variable Interest Entities In
the
normal
course
of
business,
the
company
forms
partnerships
or
joint
ventures
primarily
for
the
execution
of
single
contracts
or
projects...
-
Page 83
...and
amounts
outstanding
cannot
be
reasonably
predicted.
Operating
leases
are
primarily
for
engineering
and
project
execution
office
facilities
in
Sugar
Land,
Texas,
the
United
Kingdom
and
various
other
U.S
and
international
locations,
equipment
used
in
connection
with
longÂterm...
-
Page 84
...
operational
effectiveness
of
the
company's
internal
control
over
financial
reporting.
Based
on
this
assessment,
management
has
concluded
that
the
company's
internal
control
over
financial
reporting
was
effective
as
of
December
31,
2010.
Because
of
its
inherent
limitations,
internal
control...
-
Page 85
...
opinion,
Fluor
Corporation
maintained,
in
all
material
respects,
effective
internal
control
over
financial
reporting
as
of
December
31,
2010,
based
on
the
COSO
criteria.
We
also
have
audited,
in
accordance
with
the
standards
of
the
Public
Company
Accounting
Oversight
Board
(United
States),
the...
-
Page 86
...
to
the
company's
executive
officers:
Name Age Position with the Company
(1)
Stephen
B.
Dobbs
... 54
Senior
Group
President,
Industrial
&
Infrastructure
and
Global
Services
David
R.
Dunning
... 59
Group
President,
Power
Glenn
C.
Gilkey
... 52
Senior
Vice
President,
Human
Resources
and...
-
Page 87
....
Oosterveer
joined
the
company
in
1989.
David T. Seaton Mr.
Seaton
was
named
Chief
Executive
Officer
of
the
Company
and
became
a
member
of
the
Board
of
Directors,
effective
February
2,
2011.
Prior
to
that,
he
was
Chief
Operating
Officer
from
November
2009
to
February
2011;
Senior
Group
President...
-
Page 88
...our
code
of
ethics
or
waivers
from
our
code
of
ethics
applicable
to
our
chief
executive
officer,
chief
financial
officer,
and
principal
accounting
officer
and
controller
by
posting
such
changes
or
waivers
to
our
website.
Corporate Governance We
have
adopted
Corporate
Governance
Guidelines...
-
Page 89
... Compensation Plan Information The
following
table
provides
information
as
of
December
31,
2010
with
respect
to
the
shares
of
common
stock
that
may
be
issued
under
the
Company's
equity
compensation
plans:
(a) (b) (c) Number of securities to be Weighted average Number of securities...
-
Page 90
...
2000
Restricted
Stock
Plan
for
NonÂEmployee
Directors,
as
amended
and
restated
on
November
1,
2007
(incorporated
by
reference
to
Exhibit
10.4
to
the
registrant's
Annual
Report
on
Form
10ÂK
filed
on
February
29,
2008).
Fluor
Corporation
Executive
Deferred
Compensation
Plan,
as...
-
Page 91
...
to
David
T.
Seaton
on
February
7,
2008
(incorporated
by
reference
to
Exhibit
10.23
to
the
registrant's
Annual
Report
on
Form
10ÂK
filed
on
February
25,
2009).
Form
of
Value
Driver
Incentive
Award
Agreement
under
the
Fluor
Corporation
2008
Executive
Performance
Incentive
Plan...
-
Page 92
...
to
Exhibit
10.28
to
the
registrant's
Quarterly
Report
on
Form
10ÂQ
filed
on
May
10,
2010).
Form
of
Restricted
Stock
Unit
Agreement
(with
double
trigger
change
of
control)
under
the
Fluor
Corporation
2008
Executive
Performance
Incentive
Plan
(incorporated
by
reference
to
Exhibit
10.29
to...
-
Page 93
....*
New
exhibit
filed
with
this
report.
Attached
as
Exhibit
101
to
this
report
are
the
following
documents
formatted
in
XBRL
(Extensible
Business
Reporting
Language):
(i)
the
Consolidated
Statement
of
Earnings
for
the
years
ended
December
31,
2010,
2009
and
2008...
-
Page 94
...
undersigned,
thereunto
duly
authorized.
FLUOR
CORPORATION
By:
/s/
D.
MICHAEL
STEUERT
D.
Michael
Steuert,
Senior
Vice
President
and
Chief
Financial
Officer
February
23,
2011
Pursuant
to
the
requirements
of
the
Securities
Exchange
Act
of
1934,
this
annual
report
on
Form
10ÂK
has
been...
-
Page 95
Signature
Title
Date
/s/
JAMES
T.
HACKETT
James
T.
Hackett
/s/
KENT
KRESA
Kent
Kresa
/s/
DEAN
R.
O'HARE
Dean
R.
O'Hare
/s/
JOSEPH
W.
PRUEHER
Joseph
W.
Prueher
/s/
NADER
H.
SULTAN
Nader
H.
Sultan
/s/
SUZANNE
H.
WOOLSEY
Suzanne
H.
Woolsey
Director
February
23,
2011
Director
...
-
Page 96
FLUOR CORPORATION INDEX TO CONSOLIDATED FINANCIAL STATEMENTS
TABLE OF CONTENTS PAGE
Report
of
Independent
Registered
Public
Accounting
Firm
... Consolidated
Statement
of
Earnings ... Consolidated
Balance
Sheet ... Consolidated
Statement
of
Cash
Flows
... Consolidated
Statement
of
Equity ... Notes...
-
Page 97
...
with
U.S.
generally
accepted
accounting
principles.
We
also
have
audited,
in
accordance
with
the
standards
of
the
Public
Company
Accounting
Oversight
Board
(United
States),
Fluor
Corporation's
internal
control
over
financial
reporting
as
of
December
31,
2010,
based
on...
-
Page 98
... OF EARNINGS
Year Ended December 31, 2009
(in thousands, except per share amounts)
2010
2008
TOTAL REVENUE TOTAL COST OF REVENUE Cost
of
revenue
Gain
on
sale
of
joint
venture
interest
OTHER (INCOME) AND EXPENSES Corporate
general
and
administrative
expense
Interest
expense
Interest
income...
-
Page 99
FLUOR CORPORATION CONSOLIDATED BALANCE SHEET
December 31, 2010 December 31, 2009
(in thousands, except share amounts)
ASSETS CURRENT ASSETS Cash
and
cash
equivalents
($381,479
and
$172,991
related
to
variable
interest
entities
(''VIEs''))
Marketable
securities,
current
Accounts
and
...
-
Page 100
...
contribution
by
joint
venture
partners
Repayment
of
corporateÂowned
life
insurance
loans
Taxes
paid
on
vested
restricted
stock
Stock
options
exercised
Stock
plans
tax
benefit
Other
items
Cash
utilized
by
financing
activities
Effect
of
exchange
rate
changes
on...
-
Page 101
...
taxes
of
$1,856)
Total
comprehensive
income
Dividends
($0.50
per
share)
Distributions
to
noncontrolling
interests
Stock
plan
activity
Repurchase
of
common
stock
Debt
conversions
BALANCE AS OF DECEMBER 31, 2009 Comprehensive
income
Net
earnings
Foreign
currency
translation
adjustment
of...
-
Page 102
...
to
the
2010
presentation.
Management
has
evaluated
all
material
events
occurring
subsequent
to
the
date
of
the
financial
statements
up
to
the
date
and
time
this
annual
report
is
filed
on
Form
10ÂK.
Stock Split On
May
7,
2008,
the
Board
of
Directors
approved
a
twoÂforÂone
stock
split
that
was...
-
Page 103
...
of
the
project.
Contracts
are
generally
segmented
between
types
of
services,
such
as
engineering
and
construction,
and
accordingly,
gross
margin
related
to
each
activity
is
recognized
as
those
separate
services
are
rendered.
Changes
to
total
estimated
contract
cost...
-
Page 104
...
by
dividing
net
earnings
attributable
to
Fluor
Corporation
by
the
weighted
average
number
of
common
shares
outstanding
during
the
period.
Potentially
dilutive
securities
include
employee
stock
options,
restricted
stock
units
and
shares,
and
the
1.5%
Convertible
Senior...
-
Page 105
...)
Net
earnings
attributable
to
Fluor
Corporation
Basic
EPS:
Weighted
average
common
shares
outstanding
Basic
earnings
per
share
Diluted
EPS:
Weighted
average
common
shares
outstanding
Diluted
effect:
Employee
stock
options
and
restricted
stock
units
and
shares
Conversion
equivalent
of...
-
Page 106
...
limited
circumstances,
foreign
currency
payment
provisions
could
be
deemed
embedded
derivatives.
As
of
December
31,
2010,
2009
and
2008,
the
company
had
no
significant
embedded
derivatives
in
any
of
its
contracts.
On
January
1,
2008,
the
company
adopted
a
policy
to
offset
fair
value...
-
Page 107
...
joint
venture
project
in
California.
In
the
third
quarter
of
2009,
the
company
became
aware
of
the
nonÂcollectability
of
a
client
receivable
for
a
paper
mill
in
the
Global
Services
segment
related
to
work
performed
in
2009.
Consequently,
the
company...
-
Page 108
...120
1,451
(137)
$1,314
During
2010
and
2009,
functional
currency
exchange
rates
for
most
of
the
company's
international
operations
strengthened
against
the
U.S.
dollar,
resulting
in
unrealized
translation
gains.
During
2008,
functional
currency
exchange
rates
for
most...
-
Page 109
FLUOR CORPORATION NOTES TO CONSOLIDATED FINANCIAL STATEMENTS (Continued) 2. Consolidated Statement of Cash Flows
The
changes
in
operating
assets
and
liabilities
as
shown
in
the
Consolidated
Statement
of
Cash
Flows
are
comprised
of:
2010 (in thousands) Year Ended December 31, 2009 2008
(Increase)...
-
Page 110
FLUOR CORPORATION NOTES TO CONSOLIDATED FINANCIAL STATEMENTS (Continued) A
reconciliation
of
U.S.
statutory
federal
income
tax
expense
to
income
tax
expense
is
as
follows:
Year Ended December 31, 2010 2009 2008 (in thousands)
U.S.
statutory
federal
tax
expense
Increase
(decrease)
in
taxes
...
-
Page 111
... 2010 2009 (in thousands)
Deferred
tax
assets:
Accrued
liabilities
not
currently
deductible:
Employee
compensation
and
benefits
Employee
timeÂoff
accrual
Project
and
nonÂproject
reserves
Workers'
compensation
insurance
accruals
Tax
basis
of
investments
in
excess
of
book
basis
Net
operating...
-
Page 112
...
before
taxes
in
the
United
States
in
2010
decreased
compared
to
2009
primarily
due
to
charges
for
the
gasÂfired
power
project
in
Georgia
in
the
Power
segment
(see
''-
Power'')
and
charges
for
the
completed
infrastructure
joint
venture
project
in
California
in
the
Industrial...
-
Page 113
...,
2010,
2009
and
2008,
respectively,
is
primarily
related
to
domestic
engineering
and
construction
operations.
The
defined
benefit
pension
plans
are
primarily
related
to
domestic
and
international
engineering
and
construction
salaried
employees
and
U.S.
craft
employees.
Contributions...
-
Page 114
...public
U.S.
and
international
equities,
U.S.
private
equities
and
fixed
income
securities.
U.S. Pension Plan December 31, 2010 2009 2008 Non-U.S. Pension Plans December 31, 2010 2009 2008
For
determining
projected
benefit
obligation
at
yearÂend:
Discount
rates
Rates
of
increase
in
compensation...
-
Page 115
...
international
companies,
common
or
collective
trusts
with
underlying
investments
in
common
and
preferred
stocks
and
limited
partnerships.
Publicly
traded
corporate
equity
securities
are
valued
at
the
last
reported
sale
price
on
the
last
business
day
of
the
year
of
the
plans...
-
Page 116
...
liabilities
of
the
company's
U.S.
and
nonÂU.S.
defined
benefit
pension
plans
that
are
measured
at
fair
value
on
a
recurring
basis
as
of
December
31,
2010
and
2009:
U.S. Pension Plan
December 31, 2010 Fair Value Measurements Using Quoted Prices in Active Significant Markets for Other Significant...
-
Page 117
FLUOR CORPORATION NOTES TO CONSOLIDATED FINANCIAL STATEMENTS (Continued) Non-U.S. Pension Plans
December 31, 2010 Fair Value Measurements Using Quoted Prices in Active Significant Markets for Other Significant Identical Observable Unobservable Assets Inputs Inputs (Level 1) (Level 2) (Level 3) ...
-
Page 118
... 31, 2010 2009
Change
in
projected
benefit
obligation
Benefit
obligation
at
beginning
of
year
Service
cost
Interest
cost
Employee
contributions
Currency
translation
Actuarial
(gain)
loss
Plan
amendments
Other
Benefits
paid
Projected
benefit
obligation
at
end
of
year
Change
in
plan
assets...
-
Page 119
...company's
U.S.
defined
benefit
pension
plans,
the
company
and
certain
of
its
subsidiaries
provide
health
care
and
life
insurance
benefits
for
certain
retired
U.S.
employees.
The
health
care
and
life
insurance
plans
are
generally
contributory,
with
retiree
contributions
adjusted
annually...
-
Page 120
FLUOR CORPORATION NOTES TO CONSOLIDATED FINANCIAL STATEMENTS (Continued) The
following
table
sets
forth
the
change
in
benefit
obligation
of
the
company's
postretirement
benefit
plans:
Year Ended December 31, 2010 2009 (in thousands)
Change
in
postretirement
benefit
obligation
Benefit
obligation
...
-
Page 121
...
on
the
last
business
day
are
valued
at
the
last
reported
bid
price.
Consists
of
investments
in
U.S.
agency
securities,
U.S.
Treasury
securities,
international
government
and
governmentÂrelated
securities,
corporate
debt
securities
and
other
debt
securities
with
maturities
ranging
from
one
to...
-
Page 122
FLUOR CORPORATION NOTES TO CONSOLIDATED FINANCIAL STATEMENTS (Continued) 2010,
2009
and
2008,
proceeds
from
the
availableÂforÂsale
securities
were
$522
million,
$196
million
and
$36
million,
respectively.
The
estimated
fair
values
of
the
company's
financial
instruments
that
are
not...
-
Page 123
...The
fair
values
of
derivatives
designated
as
hedging
instruments
under
ASC
815
as
of
December
31,
2010
and
2009
were
as
follows:
Asset Derivatives (in thousands) Commodity
swaps
Foreign
currency
forwards
Commodity
swaps
Foreign
currency
forwards
Total
derivatives
Balance Sheet Location Other...
-
Page 124
...$(5,191)
(477)
$(5,668)
During
2010,
the
company
recognized
gains
of
$3.6
million
in
corporate
general
and
administrative
expense
related
to
settled
foreign
currency
forward
contracts
which
were
not
designated
as
hedges
for
accounting
purposes.
These
foreign
currency...
-
Page 125
FLUOR CORPORATION NOTES TO CONSOLIDATED FINANCIAL STATEMENTS (Continued) on
the
Notes
is
payable
semiÂannually
on
February
15
and
August
15
of
each
year.
The
Notes
are
convertible
into
shares
of
the
company's
common
stock
par
value
$0.01
per
share,
at
a
conversion
rate
of
35.9104...
-
Page 126
...,
2010
and
2009,
respectively.
Periodic
changes
in
fair
value
of
these
trust
investments,
most
of
which
are
unrealized,
are
recognized
in
earnings,
and
serve
to
mitigate
participants'
investment
results
which
are
also
reflected
in
earnings.
9. Stock Plans
The
company's
executive
stock
plans...
-
Page 127
...ended
2010
and
$13
million
for
each
of
the
years
ended
2009
and
2008,
respectively.
As
discussed
above,
the
company
effected
a
twoÂforÂone
stock
split
that
was
paid
on
July
16,
2008
in
the
form
of
a
stock
dividend.
Accordingly,
restricted
stock
and
stock
option
activity...
-
Page 128
....
Generally,
upon
termination
of
employment,
restricted
stock
units
and
restricted
shares
which
have
not
vested
are
forfeited.
For
the
years
2010,
2009
and
2008,
recognized
compensation
expense
of
$32
million,
$23
million
and
$25
million,
respectively,
is
included
in
corporate
general
and...
-
Page 129
FLUOR CORPORATION NOTES TO CONSOLIDATED FINANCIAL STATEMENTS (Continued) primarily
to
office
facilities,
equipment
used
in
connection
with
longÂterm
construction
contracts
and
other
personal
property.
The
company's
obligations
for
minimum
rentals
under
nonÂcancelable
operating
leases
are
as
...
-
Page 130
...
with
the
Greater
Gabbard
Project,
a
$1.8
billion
lumpÂsum
project
to
provide
engineering,
procurement
and
construction
services
for
the
client's
offshore
wind
farm
project
in
the
United
Kingdom.
The
dispute
relates
to
the
company's
claim
for
additional
compensation
for
schedule...
-
Page 131
FLUOR CORPORATION NOTES TO CONSOLIDATED FINANCIAL STATEMENTS (Continued) schedule
extensions,
scope
changes
causing
material
deviations
from
the
Standard
Embassy
Design,
increased
costs
to
meet
client
requirements
for
additional
securityÂcleared
labor,
site
conditions
at
certain
...
-
Page 132
...and
consolidated
partnerships,
joint
ventures
and
other
jointly
executed
contracts.
These
agreements
are
entered
into
primarily
to
support
the
project
execution
commitments
of
these
entities.
The
performance
guarantees
have
various
expiration
dates
ranging
from
mechanical...
-
Page 133
FLUOR CORPORATION NOTES TO CONSOLIDATED FINANCIAL STATEMENTS (Continued) 13. Variable Interest Entities In
the
normal
course
of
business,
the
company
forms
partnerships
or
joint
ventures
primarily
for
the
execution
of
single
contracts
or
projects.
These
partnerships
or
joint
ventures
are
typically
...
-
Page 134
...
accounting
considerations.
Rapid
Growth
Project
In
2008,
the
Fluor
SKM
joint
venture
was
awarded
the
initial
program
management,
engineering
and
construction
management
contract
for
the
expansion
of
port,
rail
and
mine
facilities
for
BHP
Billiton
Limited's
iron
ore
mining
project...
-
Page 135
...
Beltway
highÂoccupancy
toll
(''HOT'')
lanes
project
in
Virginia.
The
project
is
a
publicÂprivate
partnership
between
the
Virginia
Department
of
Transportation
(''VDOT'')
and
Capital
Beltway
Express
LLC,
a
joint
venture
in
which
the
company
has
a
10
percent
interest
and
Transurban...
-
Page 136
...
nonÂrecourse
to
the
joint
venture
members.
14. Operations by Business Segment and Geographical Area The
company
provides
professional
services
in
the
fields
of
engineering,
procurement,
construction
and
maintenance,
as
well
as
project
management,
on
a
global
basis
and
serves
a
diverse...
-
Page 137
FLUOR CORPORATION NOTES TO CONSOLIDATED FINANCIAL STATEMENTS (Continued) Operating Information by Segment
Year Ended December 31, 2010 2009 2008 (in millions)
External
revenue
Oil
&
Gas
Industrial
&
Infrastructure
Government
Global
Services
Power
Total
external
revenue
Segment
profit
(...
-
Page 138
...Global
Services
segment.
The
operating
results
and
total
assets
presented
above
have
been
recast
to
reflect
this
change.
Enterprise-Wide Disclosures
External Revenue Year Ended December 31, 2010 2009 2008 (in millions) Total Assets As of December 31, 2010 2009
United
States
Canada...
-
Page 139
...reported
in
corporate
general
and
administrative
expense:
Year Ended December 31, 2010 2009 2008 (in millions)
Loss
on
sale
of
building
Other
items*
Total
*
$
-
$
-
$16.4
1.6
1.7
1.4
$1.6
$1.7
$17.8
Includes
the
impact
of
adopting
Financial
Accounting
Standards
Board
Staff...
-
Page 140
...
joint
venture
project
and
the
Greater
Gabbard
Project
are
discussed
in
''12.
Contingencies
and
Commitments''
above.
Net
earnings
and
Net
earnings
attributable
to
Fluor
Corporation
in
2010
included
a
$152
million
($0.84
per
diluted
share)
tax
benefit
for
a
worthless
stock...
-
Page 141
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Page 142
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