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«Integrated Solutions Annual Report Annual Repor t Re FLUOR CORPOR ATION (N YSE: FLR) is one of the llargest professional ser vices firms CO I (N FL ...»

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Annual Report

Annual Repor t


FLUOR CORPOR ATION (N YSE: FLR) is one of the llargest professional ser vices firms

CO I (N FL on of th a pr se fir

providing engineering, procurement, construction, fabrication and modularization, commissioning

pro engineering, procurement onst uct on, abri mod ari on, omm oni

and maintenance, and project management ser vices on a global basis. Fluor, through its operating ma an pr ma se on gl ba Fl th it op subsidiaries, is an integrated solutions provider for clients in a diver se set of industries worldwide is an in so pr fo cl in diver se of in wo including oil and gas, chemicals and petrochemicals, transpor tation, mining and metals, power, life oi an ga ch an pe tr mi an me po li sciences and manufacturing. Fluor is also a ser vice provider to the U.S. federal government, and the an ma Fl is al se pr th U. fe gover an th C o m p a n y p e r f o r m s o p e r a t i o n s a n d m a i n te n a n c e a c t i v i t i e s g l o b a l l y f o r m a j o r i n d u s t r i a l c l i e n t s.

pe op an ma ac gl fo ma in cl



T h i s a n n u a l r e p o r t c o n t a i n s s t a te m e n t s t h a t m a y c o n s t i t u te f o r w a r d - l o o k i n g s t a te m e n t s i nvo l v i n g r i s k s an re co st th ma co fo st in ri and uncer tainties, including statements about our projected earning levels, market outlook, new awards, un in st ab ou pr ea level ma ou ne aw backlog levels, competition, the adequacy of funds to ser vice debt, and implementation of strategic level co th ad of fu se de an im of st initiatives and organizational changes. These for ward - looking statements reflect the Company’s current ves an or ch

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4.06 2.7 4.48 2.4 2 0 1 4* 2 014

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25.1 34.9 28.8 42.5

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Public-private partnerships continue to be an important Fluor understands their needs for capital efficiency means of financing vital infrastructure projects in the public and will execute our work to ensure quality, cost and sector. During 2014, a Fluor consortium was selected to schedule certainty.

design, build, manage, maintain and fund the A9 Motorway between Diemen and Holendrecht in the Netherlands. I am excited about our future, and we look forward to exceeding the expectations of our clients and investors.

Our company also benefited from continuing growth in government services not only in the United States, but also in Africa and the United Kingdom. In the United States, we won contracts from the U.S. Department of Energy for operation of the nation’s Strategic Petroleum Reserve, and also for the next phase of cleanup at the Paducah Gaseous Diffusion Plant in Paducah, Kentucky.

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12.6 18.2 12.9 20.0 19.7 28.4

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10.4 17.2 6.6 10.5 3.3 7.3

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The Outlook As the world continues to develop, the demand for infrastructure and mined commodities will rise.

The mega-projects that best suit Fluor’s capabilities typically have a long gestation period. We get involved early, leveraging our deep experience and strong relationships to be in the best position to win additional work. Fluor is one of the few companies that have the scale and financial strength to build the world’s largest and most challenging projects.

North America continues to be our primary infrastructure Excellent execution is only possible through excellent market. We continue to look at opportunities abroad people. We will continue to earn our reputation as the as well. We are striving to sell more Fluor capabilities on industry’s preferred employer. The best people want to work every project, and our clients are seeing the value. They want for us because they want to work on some of the world’s the assurance of a top-tier contractor, and our proven track most challenging projects. They also want the job continuity record of execution is making Fluor the obvious choice. a company the size of Fluor can provide. Our ability to redeploy skilled people quickly across Fluor groups allows us to give clients our best, which helps us capture more projects and market share.

2 014 A N N UA L R E P O R T Government Wylfa Magnox site Wales, United Kingdom The Government group brings the breadth and strength of Fluor to its clients in the form of tailored and efficient solutions, which are especially critical when federal budgets are constrained. Government clients, by necessity, are becoming more selective about the contractors they work with. They look for commercial solutions delivered by trusted providers. This plays to Fluor’s strengths. As a proven, top-tier service provider to numerous U.S. and international government agencies, we consistently demonstrate that we deliver value.

We gain our clients’ trust because our services are aligned strengths in executing complex, long-term projects, such as with their ultimate objectives, and we have the global ability cleaning up legacy nuclear waste at Department of Energy and scale to rapidly deploy wherever they need us. No matter sites around the country. We are equally strong at responding how remote the project or challenging the environment, Fluor to natural disasters, humanitarian crises and national security delivers the support our clients need so they can focus their challenges, with full mission life-cycle support. It is this unique attention and expertise on accomplishing their tasks. We are combination of experience and agility that continues to drive mission enablers and force multipliers. We have considerable our business.

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3.2 1.0 4.1 2.4 4.7 4.7

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• Continued to integrate fabrication into our project execution offering, including the Dow Gulfstream project in Texas and the North West Redwater refinery in Alberta, Canada.

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0.9 1.9

-17 1.5 2.0 1.1 2.1

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Net earnings attributable to Fluor Corporation in 2014 included an after-tax loss from discontinued operations of $205 million (or $1.28 per diluted share) in connection with the reassessment of estimated loss contingencies related to the previously divested lead business of St. Joe Minerals Corporation and The Doe Run Company in Herculaneum, Missouri. The tax effect associated with this loss was $112 million. Net earnings attributable to Fluor Corporation in 2013 included pre-tax income of $57 million (or $0.22 per diluted share) resulting from the favorable resolution of various issues with the U.S. government related to 2001 – 2013. Of this amount, $31 million was the result of resolving challenges as to the reimbursability of certain costs, $11 million was the result of a favorable court ruling that resolved certain disputed items and $15 million was related to the closeout and final disposition of other matters.

See page 24 of our Form 10-K for all explanatory footnotes relating to this selected financial data.

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Years in parentheses indicate the year each director was elected to the Board.

(1) Executive Committee — David T. Seaton, Chairman;

(2) Audit Committee — James T. Hackett, Chairman;

(3) Governance Committee — Alan M. Bennett, Chairman;

(4) Organization and Compensation Committee — Peter J. Fluor, Chairman

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David T. Seaton Chairman and Chief Executive Officer (1985) Peter Oosterveer Chief Operating Officer (1989) Bruce A. Stanski Group President, Government (2009) Carlos M. Hernandez Executive Vice President, Chief Legal Officer and Secretary (2007) Glenn C. Gilkey Executive Vice President, Human Resources and Administration (1988) This officer information is presented as of December 31, 2014. Years in parentheses indicate the year each officer joined Fluor.

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i Forward-Looking Information From time to time, Fluor Corporation makes certain comments and disclosures in reports and statements, including this annual report on Form 10-K, or statements are made by its officers or directors, that, while based on reasonable assumptions, may be forward-looking in nature. Under the Private Securities Litigation Reform Act of 1995, a ‘‘safe harbor’’ may be provided to us for certain of these forward-looking statements. We wish to caution readers that forward-looking statements, including disclosures which use words such as the company ‘‘believes,’’ ‘‘anticipates,’’ ‘‘expects,’’ ‘‘estimates’’ and similar statements are subject to various risks and uncertainties which could cause actual results of operations to differ materially from expectations.

Any forward-looking statements that we may make are based on our current expectations and beliefs concerning future developments and their potential effects on us. There can be no assurance that future developments affecting us will be those anticipated by us. Any forward-looking statements are subject to the risks, uncertainties and other factors that could cause actual results of operations, financial condition, cost reductions, acquisitions, dispositions, financing transactions, operations, expansion, consolidation and other events to differ materially from those expressed or implied in such forward-looking statements.

Due to known and unknown risks, our actual results may differ materially from our expectations or projections. While most risks affect only future cost or revenue anticipated by us, some risks may relate to accruals that have already been reflected in earnings. Our failure to receive payments of accrued revenue or to incur liabilities in excess of amounts previously recognized could result in a charge against future earnings. As a result, the reader is cautioned to recognize and consider the inherently uncertain nature of forward-looking statements and not to place undue reliance on them.

These factors include those referenced or described in this Annual Report on Form 10-K (including in ‘‘Item 1A. — Risk Factors’’). We cannot control such risk factors and other uncertainties, and in many cases, we cannot predict the risks and uncertainties that could cause our actual results to differ materially from those indicated by the forward-looking statements. You should consider these risks and uncertainties when you are evaluating us and deciding whether to invest in our securities. Except as otherwise required by law, we undertake no obligation to publicly update or revise our forward-looking statements, whether as a result of new information, future events or otherwise.

Defined Terms Except as the context otherwise requires, the terms ‘‘Fluor’’ or the ‘‘Registrant’’ as used herein are references to Fluor Corporation and its predecessors and references to the ‘‘company,’’ ‘‘we,’’ ‘‘us,’’ or ‘‘our’’ as used herein shall include Fluor Corporation, its consolidated subsidiaries and divisions.

PART I Item 1. Business Fluor Corporation was incorporated in Delaware on September 11, 2000 prior to a reverse spin-off transaction involving the company’s coal business. However, through our predecessors, we have been in business for over a century. Our principal executive offices are located at 6700 Las Colinas Boulevard, Irving, Texas 75039, and our telephone number is (469) 398-7000.

Our common stock currently trades on the New York Stock Exchange under the ticker symbol ‘‘FLR’’.

Fluor Corporation is a holding company that owns the stock of a number of subsidiaries. Acting through these subsidiaries, we are one of the largest professional services firms providing engineering, procurement, construction, fabrication and modularization, commissioning and maintenance as well as project management services on a global basis. We are an integrated solutions provider for our clients in a diverse set of industries worldwide including oil and gas, chemicals and petrochemicals, transportation, mining and metals, power, life sciences and manufacturing. We are also a service provider to the U.S.

federal government; and we perform operations and maintenance activities globally for major industrial clients.

Our business is aligned into five principal segments. The five segments are Oil & Gas, Industrial & Infrastructure, Government, Global Services and Power. Fluor Constructors International, Inc., which is organized and operates separately from the rest of our business, provides unionized management and construction services in the United States and Canada, both independently and as a subcontractor on projects in each of our segments. Financial information on our segments, as defined under accounting principles generally accepted in the United States, is set forth on page F-44 of this annual report on Form 10-K under the caption ‘‘Operating Information by Segment,’’ which is incorporated herein by reference.

Competitive Strengths As an integrated world class solutions provider of engineering, procurement, construction, maintenance and project management services, we believe that our business model allows us the opportunity to bring to our clients on a global basis compelling business offerings that combine excellence in execution, safety, cost containment and experience. In that regard, we believe that our business strategies, which are based on certain of our core competencies, provide us with some significant

competitive advantages:

Excellence in Execution Given our proven track record of project completion and client satisfaction, we believe that our ability to design, engineer, construct, commission and manage complex projects often in geographically challenging locations gives us a distinct competitive advantage. We strive to complete our projects meeting or exceeding all client specifications. In an increasingly competitive environment, we are also continually emphasizing cost and schedule controls so that our clients achieve not only their performance requirements but also their schedule and budgetary needs.

Financial Strength We believe that we are among the most financially sound companies in our sector.

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