FLUOR CORP Leases Disclosure
| Year Ended December 31, | |||||||||||||||||
| Lease Expense / (Sublease Income) | 2023 | 2022 | 2021 | ||||||||||||||
| (in millions) | |||||||||||||||||
| Operating lease cost | $ | 76 | $ | 75 | $ | 76 | |||||||||||
| Finance lease cost | |||||||||||||||||
| Amortization of right-of-use assets | 6 | 5 | 5 | ||||||||||||||
Variable lease cost (1) | 11 | 11 | 10 | ||||||||||||||
| Short-term lease cost | 117 | 128 | 136 | ||||||||||||||
| Sublease income | (2) | (2) | (2) | ||||||||||||||
Total lease expense (2) | $ | 208 | $ | 217 | $ | 225 | |||||||||||
| December 31, | ||||||||||||||
| Lease Assets / Liabilities | Balance Sheet Classification | 2023 | 2022 | |||||||||||
| (in millions) | ||||||||||||||
| Right-of-use assets | ||||||||||||||
| Operating lease assets | $ | 126 | $ | 142 | ||||||||||
| Finance lease assets | — | 6 | ||||||||||||
| Total right-of-use assets | $ | 126 | $ | 148 | ||||||||||
| Lease liabilities | ||||||||||||||
| Operating lease liabilities, current | $ | 41 | $ | 62 | ||||||||||
| Operating lease liabilities, noncurrent | 100 | 96 | ||||||||||||
| Finance lease liabilities, current | — | 6 | ||||||||||||
| Finance lease liabilities, noncurrent | — | 7 | ||||||||||||
| Total lease liabilities | $ | 141 | $ | 171 | ||||||||||
| Year Ended December 31, | |||||||||||
| 2023 | 2022 | ||||||||||
| (in millions) | |||||||||||
| Cash paid for amounts included in the measurement of lease liabilities: | |||||||||||
| Operating cash flows from operating leases | $ | 42 | $ | 77 | |||||||
| Financing cash flows from finance leases | 1 | 7 | |||||||||
| Right-of-use assets obtained in exchange for new operating lease liabilities | 58 | 57 | |||||||||
| Right-of-use assets obtained in exchange for new finance lease liabilities | — | 1 | |||||||||
| Weighted-average remaining lease term - operating leases | 7.0 years | 4.8 years | |||||||||
| Weighted-average remaining lease term - finance leases | 0.0 years | 3.9 years | |||||||||
| Weighted-average discount rate - operating leases | 5.4 | % | 3.5 | % | |||||||
| Weighted-average discount rate - finance leases | — | % | 2.1 | % | |||||||
| Year Ended December 31, | Operating Leases | ||||
| (in millions) | |||||
| 2024 | $ | 46 | |||
| 2025 | 17 | ||||
| 2026 | 9 | ||||
| 2027 | 22 | ||||
| 2028 | 13 | ||||
| Thereafter | 78 | ||||
| Total lease payments | $ | 185 | |||
| Less: Interest | (44) | ||||
| Present value of lease liabilities | $ | 141 | |||
Historical Timeline
| Fiscal Year | Filed | |
|---|---|---|
| 2023 | Feb 20, 2024 | Showing above |
| 2022 | Feb 21, 2023 | |
| 2021 | Feb 22, 2022 | |
| 2020 | Feb 26, 2021 | |
| 2019 | Sep 25, 2020 | |
| 2018 | Feb 21, 2019 | |
| 2017 | Feb 20, 2018 | |
| 2016 | Feb 17, 2017 | |
| 2015 | Feb 18, 2016 | |
About Leases Disclosures
Lease disclosures under ASC 842 provide a comprehensive view of a company's leased asset portfolio, including the split between operating and finance leases, discount rates used to present-value future payments, and the maturity schedule of lease obligations. This section reveals a significant source of off-balance-sheet commitments that were largely hidden before the current standard.
Key signals: the weighted-average discount rate affects the size of recorded lease liabilities — a higher rate reduces the reported obligation, so compare the chosen rate against the company's incremental borrowing rate. The operating versus finance lease mix affects both EBITDA and operating income presentation. Watch the maturity table for concentration risk: large payment cliffs in specific years may create cash flow pressure. Variable lease payments excluded from the liability measurement represent real obligations that do not appear on the balance sheet. Compare total lease costs against prior-year operating lease expense to assess the true economic burden.