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Operating Information by Segment and Geographic Area
6 Months Ended
Jun. 30, 2021
Segment Reporting [Abstract]  
Operating Information by Segment and Geographic Area Operating Information by Segment and Geographic Area
During the first quarter of 2021, we changed the composition of our segments to implement our new strategy and to pursue opportunities in our designated markets. We now report our operating results as follows: Energy Solutions, Urban Solutions, Mission Solutions and Other. Segment operating information and assets for 2020 have been recast to conform to these changes.
Energy Solutions focuses on energy transition, chemicals, LNG, and traditional oil and gas opportunities. The segment is pursuing new opportunities emerging in the energy transition market including carbon capture, green chemicals, hydrogen, biofuels and other low carbon energy sources. The segment also continues to provide EPC services for the oil, gas and petrochemical industries.
Urban Solutions focuses on mining, metals, advanced technologies, manufacturing, life sciences, infrastructure and professional staffing services.
Mission Solutions focuses on federal agencies across the U.S. government and select international opportunities. These include, among others, the DOE, the Department of Defense, the Federal Emergency Management Agency and intelligence agencies. Mission Solutions includes the Radford and Warren projects which were previously reported in the Other segment.
Other now includes only the operations of NuScale.
Three Months Ended
June 30,
Six Months Ended
June 30,
(in millions)2021202020212020
Revenue
Energy Solutions$1,319.1 $1,498.0 $2,310.0 $2,857.2 
Urban Solutions1,210.2 1,512.5 2,404.5 3,104.8 
Mission Solutions707.1 724.4 1,460.4 1,470.6 
Total revenue$3,236.4 $3,734.9 $6,174.9 $7,432.6 
Segment profit (loss)
Energy Solutions$109.2 $42.7 $111.4 $36.8 
Urban Solutions(68.4)38.5 (38.6)89.9 
Mission Solutions44.9 9.7 88.6 41.8 
Other(18.5)(18.5)(34.2)(41.3)
Total segment profit (loss)$67.2 $72.4 $127.2 $127.2 
G&A(31.5)(42.6)(97.1)(76.2)
Impairment, restructuring and other exit costs— (3.8)(26.4)(106.2)
Foreign currency gain (loss)(30.4)0.8 (41.7)46.0 
Interest income (expense), net(10.8)(10.4)(27.9)(15.0)
Earnings (loss) from Cont Ops attributable to NCI(7.7)6.4 25.1 15.5 
Earnings (loss) from Cont Ops before taxes$(13.2)$22.8 $(40.8)$(8.7)
Energy Solutions. Segment profit for the 2021 Quarter and 2021 Period benefitted from the negotiation of change orders, scope increases and cost improvements across numerous projects. Both periods also benefitted from the collection of previously reserved accounts receivable and the reversal of the related provision. The increases in 2021 were partially offset by losses on embedded foreign currency derivatives. Segment profit for the 2020 Period was adversely affected by the recognition of reserves for expected credit losses on aged receivables and COVID-19 related cost growth.
Urban Solutions. Segment profit for the 2021 Quarter and 2021 Period included a project charge of $138 million (or $0.72 per share) for procurement and subcontractor cost growth, delays and disruptions in the schedule of a legacy infrastructure project. We believe that these cost growth factors may be at least partially recoverable under the contract. However, we expect that it will require several quarters to analyze recoverability and negotiate with our client before recognizing incremental revenue for these factors. The decline in segment profit in the 2021 Period was partially offset by the favorable resolution of a long-standing customer dispute on a rail project. We also sold our interest in an infrastructure joint venture and recognized a gain of $20 million during the 2021 Quarter and 2021 Period. Intercompany revenue for our professional staffing business, excluded from the amounts shown above, was $69 million and $139 million for the 2021 Quarter and 2021 Period, respectively, and $62 million and $139 million for the 2020 Quarter and 2020 Period, respectively.
Mission Solutions. Segment profit for the 2021 Quarter and 2021 Period benefitted from increased execution activity on our DOE projects, higher than anticipated performance-based fees and the release of COVID-19 cost reserves, partially offset by a decline in execution activity on army logistics and life support programs in Afghanistan and Africa.
Other. During the 2021 Period, JGC Holdings Corporation, GS Energy and IHI Corporation invested a combined $100 million in NuScale. Fluor and its advisors continue to engage with potential investors and capital providers to fund NuScale's path to commercialization.
NuScale expenses included in the determination of segment loss were as follows:
Three Months Ended
June 30,
Six Months Ended
June 30,
(in millions)2021202020212020
NuScale expenses$(34.8)$(39.1)$(65.9)$(74.6)
Less: Reimbursable expenses16.3 20.6 31.7 33.3 
Segment loss$(18.5)$(18.5)$(34.2)$(41.3)
Total assets by segment are as follows:
(in millions)June 30,
2021
December 31,
2020
Energy Solutions$1,118.5 $1,010.9 
Urban Solutions1,204.9 1,122.5 
Mission Solutions548.9 575.8 
Other35.6 37.8 
Revenue by project location follows:
Three Months Ended
June 30,
Six Months Ended
June 30,
(in millions)2021202020212020
North America$2,065.4 $2,429.3 $4,037.1 $4,757.8 
Asia Pacific (includes Australia)409.5 342.7 746.1 651.4 
Europe379.1 623.1 634.0 1,100.0 
Central and South America301.0 210.5 565.7 634.2 
Middle East and Africa81.4 129.3 192.0 289.2 
Total revenue$3,236.4 $3,734.9 $6,174.9 $7,432.6