Fluor 2013 Annual Report Download - page 111

Download and view the complete annual report

Please find page 111 of the 2013 Fluor annual report below. You can navigate through the pages in the report by either clicking on the pages listed below, or by using the keyword search tool below to find specific information within the annual report.

Page out of 148

  • 1
  • 2
  • 3
  • 4
  • 5
  • 6
  • 7
  • 8
  • 9
  • 10
  • 11
  • 12
  • 13
  • 14
  • 15
  • 16
  • 17
  • 18
  • 19
  • 20
  • 21
  • 22
  • 23
  • 24
  • 25
  • 26
  • 27
  • 28
  • 29
  • 30
  • 31
  • 32
  • 33
  • 34
  • 35
  • 36
  • 37
  • 38
  • 39
  • 40
  • 41
  • 42
  • 43
  • 44
  • 45
  • 46
  • 47
  • 48
  • 49
  • 50
  • 51
  • 52
  • 53
  • 54
  • 55
  • 56
  • 57
  • 58
  • 59
  • 60
  • 61
  • 62
  • 63
  • 64
  • 65
  • 66
  • 67
  • 68
  • 69
  • 70
  • 71
  • 72
  • 73
  • 74
  • 75
  • 76
  • 77
  • 78
  • 79
  • 80
  • 81
  • 82
  • 83
  • 84
  • 85
  • 86
  • 87
  • 88
  • 89
  • 90
  • 91
  • 92
  • 93
  • 94
  • 95
  • 96
  • 97
  • 98
  • 99
  • 100
  • 101
  • 102
  • 103
  • 104
  • 105
  • 106
  • 107
  • 108
  • 109
  • 110
  • 111
  • 112
  • 113
  • 114
  • 115
  • 116
  • 117
  • 118
  • 119
  • 120
  • 121
  • 122
  • 123
  • 124
  • 125
  • 126
  • 127
  • 128
  • 129
  • 130
  • 131
  • 132
  • 133
  • 134
  • 135
  • 136
  • 137
  • 138
  • 139
  • 140
  • 141
  • 142
  • 143
  • 144
  • 145
  • 146
  • 147
  • 148

FLUOR CORPORATION
NOTES TO CONSOLIDATED FINANCIAL STATEMENTS (Continued)
their fair values. All unvested options outstanding under the company’s option plans have grant prices
equal to the market price of the company’s stock on the dates of grant. Compensation cost for restricted
stock and restricted stock units is determined based on the fair market value of the company’s stock at the
date of grant. Compensation cost for stock appreciation rights is determined based on the change in the
fair market value of the company’s stock during the period. Stock-based compensation expense is generally
recognized over the required service period, or over a shorter period when employee retirement eligibility
is a factor. Certain awards that may be settled in cash or company stock are classified as liabilities and
remeasured at fair value at the end of each reporting period until the awards are settled.
Comprehensive Income (Loss)
ASC 220 ‘‘Comprehensive Income’’ establishes standards for reporting and displaying comprehensive
income and its components in the consolidated financial statements. The company reports the cumulative
foreign currency translation adjustments, unrealized gains and losses on available-for-sale securities and
derivative contracts, ownership share of equity method investees’ other comprehensive income (loss), and
adjustments related to defined benefit pension and postretirement plans, as components of accumulated
other comprehensive income (loss).
The tax effects of the components of other comprehensive income (loss) are as follows:
Year Ended December 31,
2013 2012 2011
Tax Tax Tax
Before-Tax (Expense) Net-of-Tax Before-Tax (Expense) Net-of-Tax Before-Tax (Expense) Net-of-Tax
(in thousands) Amount Benefit Amount Amount Benefit Amount Amount Benefit Amount
Other comprehensive income
(loss):
Foreign currency translation
adjustment $(74,538) $27,637 $(46,901) $ 47,780 $(18,077) $ 29,703 $(66,717) $ 26,599 $(40,118)
Ownership share of equity
method investees’ other
comprehensive income
(loss) 13,117 (2,372) 10,745 1,487 (924) 563 (33,492) 9,701 (23,791)
Defined benefit pension
and postretirement plan
adjustments (8,917) 3,344 (5,573) (145,848) 54,693 (91,155) 93,522 (35,071) 58,451
Unrealized gain (loss) on
derivative contracts 2,171 (787) 1,384 2,369 (1,071) 1,298 (19,420) 7,078 (12,342)
Unrealized gain (loss) on
available-for-sale
securities (1,244) 466 (778) 135 (50) 85 (711) 266 (445)
Total other comprehensive
loss (69,411) 28,288 (41,123) (94,077) 34,571 (59,506) (26,818) 8,573 (18,245)
Less: Other comprehensive
income (loss) attributable
to noncontrolling interests (772) — (772) (948) — (948) 4,736 — 4,736
Other comprehensive loss
attributable to Fluor
Corporation $(68,639) $28,288 $(40,351) $ (93,129) $ 34,571 $(58,558) $(31,554) $ 8,573 $(22,981)
F-12