You are given a text that consists of multiple sentences. Your task is to perform abstractive summarization on this text. Use your understanding of the content to express the main ideas and crucial details in a shorter, coherent, and natural sounding text. 
Text: There is an inherent risk that actual results and experience could differ materially.
You can find a discussion of our risk factors, which could potentially contribute to such differences, in our Form 10-K filed earlier today.
My first two official months back at Fluor have been extremely busy.
The immediate priority was to reset and communicate our longer-term strategy and the corresponding organizational structure.
As you know, we announced the new Fluor management team in January.
Our collective focus is on the end markets where we have the right technical expertise to add value for our clients, while earning a suitable return for our shareholders.
The recent changes that have been implemented align our business around the strategic priorities identified for Fluor in the near term.
As a reminder, our four strategic priorities are to: number one, drive growth across the portfolio; two, pursue contracts with fair and balanced terms; three, foster a high-performance culture with purpose; and four, reinforce financial discipline.
For a longer-term view of Fluor's opportunities and key focus areas, please tune in to our Strategy Day from last month if you haven't had a chance to view it yet.
Strategy Day kicked off one of the more exciting eras of change and growth in Fluor's long history.
And we are confident that the strategic plan as outlined will deliver a directional earnings range between $3 and $3.50 per share by 2024.
We ended the year with a backlog of $25.6 billion and full year new awards of $9 billion.
New awards clearly reflected the impact of the pandemic and its pressure on our clients.
They also reflect our stringent pursuit criteria and strategy to reduce risk.
Across our end markets, we saw clients delay capital spending plans while they waited for uncertainty from the pandemic to subside.
Based on conversations with our clients, we are starting to see positive momentum and expect to see new awards pick up in the second half of 2021.
We continue to see good prospects across our portfolio and are completing front-end work scopes to populate our future backlog.
However, lower awards in 2020 will create a headwind for 2021 earnings.
Before talking about what we are seeing for 2021, I want to reinforce that the people of Fluor have tackled the challenges of 2020 with a resilience and energy that was unmatched.
These challenges have made us all more adaptive, and I believe that the organization is truly motivated to successfully take the company forward into its next chapter.
Now let's turn to our business lines and how we are aligning our priorities with the opportunities ahead.
Turning to Slide 4.
As we move into 2021, our urban solutions end markets are gaining momentum, specifically, in mining.
We are seeing high demand for metals such as copper and iron ore.
Last year, we booked a significant North American steel project as well as several front-end studies that we expect will convert to follow-on EPCM awards in late 2021 and beyond.
Late last year, we achieved patent completion for the BHP Spence copper project in Chile.
We've had a long-term relationship supporting BHP's capital efforts, and we are proud to be completing another successful project for them.
We are also encouraged by the opportunities we are seeing in our advanced technologies and life sciences end markets.
Here, we are pursuing data centers and semiconductor opportunities in North America and major life sciences prospects in Europe.
In addition, Fluor has just been selected for a large biotech project in Europe, and we are finalizing contract details now.
This confirms our strategy to leverage front-end technical solutions into full EPC awards.
Contract signature is expected by the end of Q1 2021, and we look forward to sharing more specifics at that time.
Advanced technologies and life sciences is well positioned to support our clients for advanced manufacturing projects.
This includes opportunities arising from the U.S. government's executive order that is focused on the domestic supply chain for critical materials, including semiconductors, batteries, pharmaceuticals and rare earth elements.
Moving to Slide 5.
In Infrastructure, we are well positioned for select opportunities in the U.S. due to urbanization and an aging infrastructure system.
Furthermore, we believe these opportunities could be enhanced with the introduction of a federal infrastructure spending bill.
As a reminder and as messaged previously, infrastructure margins will be under pressure as legacy zero-margin projects are worked down through the year.
Approximately 35% of our infrastructure revenue will come from zero-margin work in 2021.
As we discussed during Strategy Day, we will be very selective in the infrastructure projects we pursue in the future.
Each pursuit must have the right scope, the right client, the right location, the right contract terms, the right size and, importantly, the right execution team and resources.
Our goal is to deliver predictable earnings and not chase top line growth.
This will be especially apparent in our infrastructure pursuits going forward.
Turning to Slide 6.
The management team is very excited about the work we are doing in Mission Solutions and the opportunities we see in supporting our government clients going forward.
As you know, we are keenly focused on growing our presence in the intelligence, cyber and mission-critical infrastructure and operations markets.
Furthermore, we continue to support the DOE and the National Nuclear Security Administration with its nuclear security, environmental remediation and energy projects and operations.
We expect that work to be a strong baseload for Fluor in the coming years.
While we are optimistic about our prospects in Energy Solutions in 2021, we don't expect our clients to resume capital spending at a meaningful pace until later in 2021 and beyond.
We are having productive conversations with our energy clients and are well positioned to meet their growing needs.
Importantly here, we are living in an ever-changing world, and Fluor continues to enhance its capabilities in the energy transition space.
We fully expect this market to begin a larger part of our prospect pipeline as clients pivot themselves toward a lower carbon economy.
Next, our chemicals clients see recovery in key sectors of the market, which are anticipated to translate into additional capital expenditures.
This includes the specialty chemicals market, where we continue to see positive signs of investment with our existing clients and significant activity with ongoing pursuits.
Also, future consumer demand in the battery market is translating into additional client investments associated with lithium and related battery chemicals.
Now let me give you a brief update on some of our key projects, starting with LNG Canada.
Moving to Slide 8.
At our Strategy Day, Project Director Phil Park gave a full update on the good progress at LNG Canada and Kitimat.
Earlier this month, the project received approval for its construction ramp-up plan from the Office of the Public Health Officer and Northern Health.
We are coordinating with government and health authorities as our workforce on site increases, and we focus on our spring and summer construction program.
Moving on to the Purple Line project.
As mentioned on the third quarter call, a settlement was reached between our Purple Line JV and the Maryland Transit Authority.
We received the first payment in the fourth quarter and expect a second payment in the second half of 2021.
This month, the design-build team for the Tappan Zee bridge filed a lawsuit against the New York State Throughway Authority for unapproved change orders.
As a team, we agreed we had exhausted all other options for resolution and believe we are owed compensation.
While we don't have a timeline for the resolution of these legal actions, we will keep you updated as the situation proceeds.
With respect to our two challenged government projects, I'm pleased to report that on the Radford project, we have turned overall 113 systems to our clients, and we are essentially complete.
The F.E. Warren project continues to make steady progress.
Finally, we remain confident in the viability of our NuScale initiatives.
And as stated last month, we are currently evaluating new investors and looking to reduce our ownership stake and capitalize on this clean energy investment.
I'm very encouraged by the levels of interest we are seeing and believe that NuScale can provide sizable returns for Fluor over time.
The main topic I'll discuss today are: One, an overview of our 2020 financial performance; Two, an update on our liquidity and financial position; Three, an update on our initiatives; and Four, our outlook for 2021.
You'll see that today's results are presented in alignment with our old reporting segments and includes Stork as part of continuing operations.
Starting with our Q1 2021 results, we will be presenting our financials aligned with our three new business segments: Urban Solutions, Mission Solutions and Energy Solutions.
At that time, we also expect to report Stork as discontinued operations.
We will maintain another segment which will principally represent NuScale.
Our Radford and F.E. Warren projects will move back into Mission Solutions.
As David said, Radford is essentially complete with all 113 systems turned over to BAE, while Warren will flow through at zero margin until its completion.
Turning to Slide 10.
For 2020, Fluor reported a net loss from continuing operations attributable to Fluor of $294 million or a loss of $2.09 per diluted share.
During the year, we recognized the following significant charges, most of which were recorded in quarter one: $298 million for impairments of goodwill and tangible assets, investments and other assets; $60 million for current expected credit losses associated with Energy & Chemicals clients; $146 million for impairments of assets held for sale included in discontinued operations, of which $12 million related to goodwill; as well as significant forecast revisions for project positions due to COVID-19-related schedule delay and associated cost growth.
Corporate G&A expenses for 2020 was $241 million, up from $166 million a year ago.
For the full year, $47 million was due to foreign exchange currency losses predominantly driven by the weakening of the U.S. dollar, and $42 million was attributable to the professional fees associated with the 2020 internal review.
Our increased compensation expense of 2020 was primarily due to the impact of a higher price on stock-based compensation as our share price increased from the date of the grant to the end of the year.
We achieved an estimated run rate savings of $140 million annually in our overhead expenses due to actions taken in 2020.
It's important to note that these savings are spread across the business lines and in corporate overhead.
As I mentioned last month, we expect to achieve an additional $100 million of annual savings over the next three years as we rationalize overhead to the new shape of our business.
During the fourth quarter, we exited two of our European infrastructure P3 investments and received cash of approximately $20 million.
We also have two North American joint ventures that we expect to exit later in 2021.
Moving to Slide 11.
Our ending cash balance was $2.2 billion, up from 2019.
Domestic available cash represented 32% of this total.
We expect to see our cash holding steady around $2 billion through the year, with debt retirement being offset by divestitures and the liquidity improvement measures we have discussed in the past.
Operating cash flow for the full year was $186 million, which included approximately $375 million of cash to fund our legacy projects.
Additionally, our debt-to-capitalization requirement on this amendment facility was expanded to 0.65 times, which gives us more flexibility in current borrowing capacity as we assess our capital needs moving forward.
We believe this is the appropriate size facility we need to support our business given the shift in our strategy as well as another good example of our efforts we are making around the organization to make Fluor fit for purpose.
In 2020, we continued the process of monetizing our investment in AMECO, an equipment rental business; earlier in the year, we sold our operations in Jamaica, closed our operations in Mexico and sold the equipment rental business owned by Stork.
We announced on our Strategy Day call that we have received a letter of intent for our AMECO North America business and are now reviewing options for the remaining South America business.
Our two main financial priorities in 2021 are further stabilizing our capital structure, which we plan to primarily do with debt retirement and divestitures, and booking a pipeline of work that fits our revised pursuit criteria and our strategies.
We are introducing our 2021 adjusted earnings per share guidance of $0.50 to $0.80 per diluted share for continuing operations.
This excludes NuScale-related expenses and any impact from foreign currency gains or losses, restructuring or impairments.
This also reflects Stork being a discontinued operation.
As David said, we expect to see new awards begin to pick up in the back half of 2021 with significant earnings per share growth in 2022 as we begin to work these projects.
Though we do not give quarterly guidance, Q1 results have historically reflected higher G&A expenses.
While we are seeing green shoots around the business, the lingering effects of the pandemic will continue to keep awards depressed for the next few months.
Furthermore, our existing backlog is still being impacted by the pandemic.
Though our projects are back online for the most part, government restrictions have slowed down our progress and the rate at which we are able to grow our clients.
Turning to Slide 13.
Our assumptions for 2021 include: a slight decline in revenue as compared to 2020, adjusted G&A expense of approximately $40 million to $50 million per quarter and a tax rate of approximately 28%.
We anticipate average full year margins of 2% to 3% in Urban Solutions, 2.5% to 3% in Mission Solutions and margins of 2.5% to 3.5% in Energy Solutions and improving as the year progresses.
These margins include the remaining impact of zero-margin work flowing through the business.
We also anticipate 2021 capital expenditures to be below $100 million as we divest our AMECO business this year.
As David reaffirmed, we maintain our long-term guidance of $3 to $3.50 of earnings per share by 2024.
We are taking the necessary first steps by strengthening our balance sheet and focusing our growth on end markets where we see the best opportunities for revenue and margin expansion.
With the COVID headwinds starting to subside, we will see a resumption of project awards to drive our profits over the next several years.
Operator, we're ready for our first question.

user
sees 2021 adjusted earnings per share $0.50 to $0.80 (not sees q4 adjusted earnings per share $0.50 to $0.80).
full year new awards of $9.0 billion; ending backlog $25.6 billion.
2021 adjusted earnings per share guidance established at a range of $0.50 to $0.80.

assistant