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Retirement Benefits (Tables) | 12 Months Ended
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Dec. 31, 2019
Retirement Benefits [Abstract] |
Schedule of Change in Projected Benefit Obligations | Plan assets, expenses and obligations for our defined benefit pension plans are presented in the following tables.
| United States |  | Int’l |  | United States |  | Int’l
Dollars in millions | 2019 |  | 2018
Change in projected benefit obligations: |  |  |  |  |  |  |
Projected benefit obligations at beginning of period | $ | 71 |  |  | $ | 1,751 |  |  | $ | 77 |  |  | $ | 2,046 |
Acquisitions | — |  |  | — |  |  | — |  |  | 24 |
Service cost | — |  |  | 2 |  |  | — |  |  | 2 |
Interest cost | 3 |  |  | 50 |  |  | 2 |  |  | 50 |
Foreign currency exchange rate changes | — |  |  | 46 |  |  | — |  |  | (114 | )
Actuarial (gain) loss | 7 |  |  | 214 |  |  | (4 | ) |  | (184 | )
Other | — |  |  | (1 | ) |  | — |  |  | — |
Plan amendments | — |  |  | — |  |  | — |  |  | 20 |
Benefits paid | (5 | ) |  | (74 | ) |  | (4 | ) |  | (93 | )
Projected benefit obligations at end of period | $ | 76 |  |  | $ | 1,988 |  |  | $ | 71 |  |  | $ | 1,751 |
Change in plan assets: |  |  |  |  |  |  |
Fair value of plan assets at beginning of period | $ | 54 |  |  | $ | 1,518 |  |  | $ | 59 |  |  | $ | 1,673 |
Acquisitions | — |  |  | — |  |  | — |  |  | 24 |
Actual return on plan assets | 10 |  |  | 200 |  |  | (3 | ) |  | (28 | )
Employer contributions | 2 |  |  | 43 |  |  | 2 |  |  | 39 |
Foreign currency exchange rate changes | — |  |  | 41 |  |  | — |  |  | (96 | )
Benefits paid | (5 | ) |  | (74 | ) |  | (4 | ) |  | (93 | )
Other | (1 | ) |  | (1 | ) |  | — |  |  | (1 | )
Fair value of plan assets at end of period | $ | 60 |  |  | $ | 1,727 |  |  | $ | 54 |  |  | $ | 1,518 |
Funded status | $ | (16 | ) |  | $ | (261 | ) |  | $ | (17 | ) |  | $ | (233 | )
Schedule of Amounts Recognized on Consolidated Balance Sheet |
| United States |  | Int’l |  | United States |  | Int’l
Dollars in millions | 2019 |  | 2018
Amounts recognized on the consolidated balance sheets |  |  |  |  |  |  |
Pension obligations | $ | (16 | ) |  | $ | (261 | ) |  | $ | 17 |  |  | $ | 233 |
Components of Net Periodic Benefit Cost | Net periodic pension cost for our defined benefit plans included the following components:
| United States |  | Int’l |  | United States |  | Int’l |  | United States |  | Int’l
Dollars in millions | 2019 |  | 2018 |  | 2017
Components of net periodic benefit cost |  |  |  |  |  |  |  |  |  |  |
Service cost | $ | — |  |  | $ | 2 |  |  | $ | — |  |  | $ | 2 |  |  | $ | — |  |  | $ | 1 |
Interest cost | 3 |  |  | 50 |  |  | 2 |  |  | 50 |  |  | 3 |  |  | 53 |
Expected return on plan assets | (3 | ) |  | (77 | ) |  | (3 | ) |  | (80 | ) |  | (3 | ) |  | (77 | )
Prior service cost amortization | — |  |  | 1 |  |  | — |  |  | — |  |  | — |  |  | — |
Recognized actuarial loss | 2 |  |  | 16 |  |  | 2 |  |  | 26 |  |  | 1 |  |  | 30 |
Net periodic benefit cost | $ | 2 |  |  | $ | (8 | ) |  | $ | 1 |  |  | $ | (2 | ) |  | $ | 1 |  |  | $ | 7 |
Schedule of Accumulated Other Comprehensive Loss | The amounts in accumulated other comprehensive loss that have not yet been recognized as components of net periodic benefit cost at December 31, 2019 and 2018, net of tax were as follows:
| United States |  | Int’l |  | United States |  | Int’l
Dollars in millions | 2019 |  | 2018
Unrecognized actuarial loss, net of tax of $9 and $215, $10 and $203, respectively | $ | 22 |  |  | $ | 632 |  |  | $ | 23 |  |  | $ | 569 |
Total in accumulated other comprehensive loss | $ | 22 |  |  | $ | 632 |  |  | $ | 23 |  |  | $ | 569 |
Schedule of Accumulated Other Comprehensive Income to be Amortized into Net Periodic Benefit Cost | Estimated amounts that will be amortized from accumulated other comprehensive income, net of tax, into net periodic benefit cost in 2020 are as follows:
Dollars in millions | United States |  | Int’l
Actuarial loss | $ | 1 |  |  | $ | 19 |
Total | $ | 1 |  |  | $ | 19 |
Schedule of Weighted-Average Assumptions |
Weighted-average assumptions used to determine net periodic benefit cost |
| United States |  | Int'l |  | United States |  | Int'l |  | United States |  | Int'l
| 2019 |  | 2018 |  | 2017
Discount rate | 3.98 | % |  | 2.90 | % |  | 3.33 | % |  | 2.50 | % |  | 3.73 | % |  | 2.60 | %
Expected return on plan assets | 6.09 | % |  | 5.09 | % |  | 6.01 | % |  | 5.20 | % |  | 6.01 | % |  | 5.40 | %
Weighted-average assumptions used to determine benefit obligations at measurement date |
| United States |  | Int'l |  | United States |  | Int'l
| 2019 |  | 2018
Discount rate | 2.89 | % |  | 2.05 | % |  | 3.98 | % |  | 2.90 | %
Schedule of Allocation of Plan Assets | The range of targeted asset allocations for our U.S. plans for 2020 and 2019, by asset class, are as follows:
Domestic Plans | 2020 Targeted |  | 2019 Targeted
| Percentage Range |  | Percentage Range
| Minimum |  | Maximum |  | Minimum |  | Maximum
Equity funds and securities | 41 | % |  | 68 | % |  | 50 | % |  | 53 | %
Fixed income funds and securities | 31 | % |  | 47 | % |  | 37 | % |  | 40 | %
Real estate funds | 1 | % |  | 1 | % |  | 1 | % |  | 1 | %
Other | 7 | % |  | 10 | % |  | 9 | % |  | 9 | %
A summary of total investments for KBR’s defined benefit pension plan assets measured at fair value is presented below.
| Fair Value Measurements at Reporting Date
Dollars in millions | Total |  | Level 1 |  | Level 2 |  | Level 3
Asset Category at December 31, 2019 |  |  |  |  |  |  |
United States plan assets |  |  |  |  |  |  |
Investments measured at net asset value (a) | $ | 59 |  |  | $ | — |  |  | $ | — |  |  | $ | — |
Cash and equivalents | 1 |  |  | 1 |  |  | — |  |  | — |
Total United States plan assets | $ | 60 |  |  | $ | 1 |  |  | $ | — |  |  | $ | — |
International plan assets |  |  |  |  |  |  |
Equities | $ | 103 |  |  | $ | — |  |  | $ | — |  |  | $ | 103 |
Fixed income | 1 |  |  | — |  |  | — |  |  | 1 |
Real estate | 2 |  |  | — |  |  | — |  |  | 2 |
Cash and cash equivalents | 2 |  |  | 2 |  |  | — |  |  | — |
Other | 87 |  |  | 44 |  |  | — |  |  | 43 |
Investments measured at net asset value (a) | 1,532 |  |  | — |  |  | — |  |  | — |
Total international plan assets | $ | 1,727 |  |  | $ | 46 |  |  | $ | — |  |  | $ | 149 |
Total plan assets at December 31, 2019 | $ | 1,787 |  |  | $ | 47 |  |  | $ | — |  |  | $ | 149 |
| Fair Value Measurements at Reporting Date
Dollars in millions | Total |  | Level 1 |  | Level 2 |  | Level 3
Asset Category at December 31, 2018 |  |  |  |  |  |  |
United States plan assets |  |  |  |  |  |  |
Investments measured at net asset value (a) | $ | 54 |  |  | $ | — |  |  | $ | — |  |  | $ | — |
Total United States plan assets | $ | 54 |  |  | $ | — |  |  | $ | — |  |  | $ | — |
International plan assets |  |  |  |  |  |  |
Equities | $ | 84 |  |  | $ | — |  |  | $ | — |  |  | $ | 84 |
Fixed income | 2 |  |  | — |  |  | — |  |  | 2 |
Real estate | 1 |  |  | — |  |  | — |  |  | 1 |
Cash and cash equivalents | 8 |  |  | 8 |  |  | — |  |  | — |
Other | 74 |  |  | 35 |  |  | — |  |  | 39 |
Investments measured at net asset value (a) | 1,349 |  |  | — |  |  | — |  |  | — |
Total international plan assets | $ | 1,518 |  |  | $ | 43 |  |  | $ | — |  |  | $ | 126 |
Total plan assets at December 31, 2018 | $ | 1,572 |  |  | $ | 43 |  |  | $ | — |  |  | $ | 126 |
(a) Certain investments that are measured at fair value using the net asset value per share (or its equivalent) practical expedient have not been classified in the fair value hierarchy. The fair value amounts presented in this table are intended to permit reconciliation of the fair value hierarchy to the amounts presented in the consolidated balance sheet. The target asset allocation for our U.S. and International plans for 2020 is as follows:
Asset Allocation | 2020 Targeted
| United States |  | Int'l
Equity funds and securities | 51 | % |  | 22 | %
Fixed income funds and securities | 39 | % |  | 54 | %
Hedge funds | — | % |  | 7 | %
Real estate funds | 1 | % |  | 3 | %
Other | 9 | % |  | 14 | %
Total | 100 | % |  | 100 | %
The range of targeted asset allocations for our International plans for 2020 and 2019, by asset class, are as follows:
International Plans | 2020 Targeted |  | 2019 Targeted
| Percentage Range |  | Percentage Range
| Minimum |  | Maximum |  | Minimum |  | Maximum
Equity funds and securities | 1 | % |  | 50 | % |  | 1 | % |  | 60 | %
Fixed income funds and securities | 35 | % |  | 100 | % |  | — | % |  | 99 | %
Hedge funds | — | % |  | 22 | % |  | — | % |  | 34 | %
Real estate funds | — | % |  | 20 | % |  | — | % |  | 10 | %
Other | — | % |  | 42 | % |  | — | % |  | 20 | %
Schedule of Fair Value Measurement of Plan Assets | The fair value measurement of plan assets using significant unobservable inputs (Level 3) changed each year due to the following:
Dollars in millions | Total |  | Equities |  | Fixed Income |  | Real Estate |  | Other
International plan assets |  |  |  |  |  |  |  |  |
Balance as of December 31, 2017 | $ | 74 |  |  | $ | 26 |  |  | $ | 5 |  |  | $ | 3 |  |  | $ | 40 |
Return on assets held at end of year | (3 | ) |  | 1 |  |  | — |  |  | (1 | ) |  | (3 | )
Return on assets sold during the year | 8 |  |  | — |  |  | — |  |  | 1 |  |  | 7 |
Purchases, sales and settlements | 39 |  |  | 11 |  |  | (3 | ) |  | (2 | ) |  | 33 |
Transfers | 13 |  |  | 48 |  |  | — |  |  | — |  |  | (35 | )
Foreign exchange impact | (5 | ) |  | (2 | ) |  | — |  |  | — |  |  | (3 | )
Balance as of December 31, 2018 | $ | 126 |  |  | $ | 84 |  |  | $ | 2 |  |  | $ | 1 |  |  | $ | 39 |
Return on assets held at end of year | 8 |  |  | 10 |  |  | — |  |  | — |  |  | (2 | )
Return on assets sold during the year | 1 |  |  | — |  |  | — |  |  | 1 |  |  | — |
Purchases, sales and settlements, net | 11 |  |  | 7 |  |  | (1 | ) |  | — |  |  | 5 |
Transfers | — |  |  | — |  |  | — |  | 48,000,000 |  | — |  | 48 |  | — |
Foreign exchange impact | 3 |  |  | 2 |  |  | — |  |  | — |  |  | 1 |
Balance as of December 31, 2019 | $ | 149 |  |  | $ | 103 |  |  | $ | 1 |  |  | $ | 2 |  |  | $ | 43 |
Schedule of Expected Benefit Payments | Benefit payments. The following table presents the expected benefit payments over the next 10 years.
| Pension Benefits
Dollars in millions | United States |  | Int’l
2020 | $ | 5 |  |  | $ | 57 |
2021 | $ | 5 |  |  | $ | 59 |
2022 | $ | 5 |  |  | $ | 60 |
2023 | $ | 5 |  |  | $ | 61 |
2024 | $ | 5 |  |  | $ | 63 |
Years 2025 - 2029 | $ | 24 |  |  | $ | 333 |

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