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Significant Accounting Policies (Tables) | 12 Months Ended
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Dec. 31, 2019
Accounting Policies [Abstract] |
Schedule of Business Reorganization |
| Year Ended |  | Year Ended
| December 31, 2018 |  | December 31, 2017
Dollars in millions | As Reported |  | As Previously Reported |  | As Reported |  | As Previously Reported
Statement of Operations |  |  |  |  |  |  |
Cost of revenues | $ | (4,329 | ) |  | $ | (4,457 | ) |  | $ | (3,732 | ) |  | $ | (3,829 | )
Selling, general and administrative expenses | (294 | ) |  | (166 | ) |  | (244 | ) |  | (147 | )
Schedule of Revenues and Receivables from Major Customers | The following tables present summarized data related to our transactions with U.S. and U.K governmental agencies.
Revenues from major customers: |  |  |  |  |
| Years ended December 31,
Dollars in millions | 2019 |  | 2018 |  | 2017
U.S. government | $ | 3,014 |  |  | $ | 2,610 |  |  | $ | 1,914 |
U.K. government | $ | 659 |  |  | $ | 622 |  |  | $ | 66 |
Percentages of revenues and accounts receivable from major customers: |  |  |  |  |
| Years ended December 31,
| 2019 |  | 2018 |  | 2017
U.S. government revenues percentage | 53 | % |  | 53 | % |  | 46 | %
U.S. government receivables percentage | 52 | % |  | 57 | % |  | 32 | %
U.K. government revenues percentage | 12 | % |  | 13 | % |  | 2 | %
U.K. government receivables percentage | 5 | % |  | 4 | % |  | 1 | %
Schedule of Other Current Assets | The components of "Other current assets" on our consolidated balance sheets as of December 31, 2019 and 2018 are presented below:
| December 31,
Dollars in millions | 2019 |  | 2018
Prepaid expenses | $ | 65 |  |  | $ | 49 |
Value-added tax receivable | 37 |  |  | 29 |
Advances to subcontractors | 20 |  |  | 5 |
Other miscellaneous assets | 24 |  |  | 25 |
Total other current assets | $ | 146 |  |  | $ | 108 |
Components of Other Current Liabilities | The components of "Other current liabilities" on our consolidated balance sheets as of December 31, 2019 and 2018 are presented below:
| December 31,
Dollars in millions | 2019 |  | 2018
Current maturities of long-term debt | $ | 27 |  |  | $ | 22 |
Reserve for estimated losses on uncompleted contracts | 10 |  |  | 6 |
Retainage payable | 41 |  |  | 33 |
Income taxes payable | 25 |  |  | 30 |
Value-added tax payable | 36 |  |  | 33 |
Dividend payable | 11 |  |  | 11 |
Other miscellaneous liabilities | 36 |  |  | 44 |
Total other current liabilities | $ | 186 |  |  | $ | 179 |
Schedule of Impact of New Accounting Pronouncements | We recognized the cumulative effect of initially applying ASC Topic 606 for our unconsolidated affiliates as an adjustment to our assets and retained earnings in the balance sheet as of January 1, 2019, as follows:
| Balance at |  | Adjustments Due to |  | Balance at
Dollars in millions | December 31, 2018 |  | ASC 606 |  | January 1, 2019
Assets |  |  |  |  |
Equity in and advances to unconsolidated affiliates | $ | 724 |  |  | $ | 29 |  |  | $ | 753 |
Shareholders' equity |  |  |  |  |
Retained Earnings | 1,235 |  |  | 29 |  |  | 1,264 |
We recognized the cumulative effect of initially applying ASC 606 as an adjustment to retained earnings in the balance sheet as of January 1, 2018 as follows:
| Balance at |  | Adjustments Due to |  | Balance at
Dollars in millions | December 31, 2017 |  | ASC 606 |  | January 1, 2018
Assets |  |  |  |  |
Accounts receivable | $ | 510 |  |  | $ | 157 |  |  | $ | 667 |
Contract assets | 383 |  |  | (191 | ) |  | 192 |
Other current assets | 93 |  |  | 5 |  |  | 98 |
Equity in and advances to unconsolidated affiliates | 365 |  |  | 87 |  |  | 452 |
Deferred income taxes | 300 |  |  | (6 | ) |  | 294 |
Other assets | 124 |  |  | 1 |  |  | 125 |
Liabilities |  |  |  |  |
Contract liabilities | 368 |  |  | 9 |  |  | 377 |
Deferred income from unconsolidated affiliates | 101 |  |  | (101 | ) |  | — |
Other liabilities | 171 |  |  | 1 |  |  | 172 |
Equity |  |  |  |  |
Retained Earnings | 854 |  |  | 144 |  |  | 998 |
The impact of adoption on our consolidated statement of operations, balance sheet and cash flows for the period ended December 31, 2018 was as follows:
| Year Ended December 31, 2018
| As |  | Balances Without |  | Effect of Change
Dollars in millions | Reported |  | Adoption of ASC 606 |  | Higher/(Lower)
Statement of Operations |  |  |  |  |
Revenues | $ | 4,913 |  |  | $ | 4,904 |  |  | $ | 9 |
Cost of revenues | (4,329 | ) |  | (4,328 | ) |  | 1 |
Equity in earnings of unconsolidated affiliates | 79 |  |  | 75 |  |  | 4 |
Income before income taxes and noncontrolling interests | 396 |  |  | 384 |  |  | 12 |
Provision for income taxes | (86 | ) |  | (85 | ) |  | 1 |
Net income | 310 |  |  | 300 |  |  | 10 |
EPS |  |  |  |  |
Basic | $ | 1.99 |  |  | $ | 1.92 |  |  | $ | 0.07 |
Diluted | $ | 1.99 |  |  | $ | 1.91 |  |  | $ | 0.08 |
| As of December 31, 2018
| As |  | Balances Without |  | Effect of Change
Dollars in millions | Reported |  | Adoption of ASC 606 |  | Higher/(Lower)
Assets |  |  |  |  |
Accounts receivable | $ | 927 |  |  | $ | 594 |  |  | $ | 333 |
Contract assets | 185 |  |  | 496 |  |  | (311 | )
Other current assets | 108 |  |  | 103 |  |  | 5 |
Equity in and advances to unconsolidated affiliates | 724 |  |  | 716 |  |  | 8 |
Deferred income taxes | 222 |  |  | 229 |  |  | (7 | )
Other assets | 147 |  |  | 143 |  |  | 4 |
Liabilities |  |  |  |  |
Contract liabilities | 463 |  |  | 479 |  |  | (16 | )
Deferred income taxes | 27 |  |  | 28 |  |  | (1 | )
Deferred income from unconsolidated affiliates | — |  |  | 95 |  |  | (95 | )
Other liabilities | 202 |  |  | 202 |  |  | — |
Equity |  |  |  |  |
Retained earnings | 1,235 |  |  | 1,080 |  |  | 155 |
Accumulated other comprehensive loss | (910 | ) |  | (899 | ) |  | (11 | )
| Year Ended December 31, 2018
| As |  | Balances Without |  | Effect of Change
Dollars in millions | Reported |  | Adoption of ASC 606 |  | Higher/(Lower)
Cash flows from operating activities |  |  |  |  |
Net income | $ | 310 |  |  | $ | 300 |  |  | $ | 10 |
Adjustments to reconcile net income to net cash provided by operating activities: |  |  |  |  |
Equity in earnings of unconsolidated affiliates | (79 | ) |  | (75 | ) |  | (4 | )
Deferred income tax (benefit) expense | 26 |  |  | 25 |  |  | 1 |
Changes in operating assets and liabilities, net of acquired businesses: |  |  |  |  |
Accounts receivable, net of allowances for doubtful accounts | (203 | ) |  | 130 |  |  | (333 | )
Contract assets | 25 |  |  | (286 | ) |  | 311 |
Contract liabilities | (60 | ) |  | (77 | ) |  | 17 |
Other assets and liabilities | (7 | ) |  | (5 | ) |  | (2 | )
Total cash flows used in operating activities | 165 |  |  | 165 |  |  | — |
We recognized the cumulative effect of initially applying ASC Topic 842 as an adjustment to our assets and liabilities in our consolidated balance sheet as of January 1, 2019, as follows:
| Balance at |  | Adjustments Due to |  | Balance at
Dollars in millions | December 31, 2018 |  | ASC 842 |  | January 1, 2019
Assets |  |  |  |  |
Operating lease right-of-use asset | $ | — |  |  | $ | 185 |  |  | $ | 185 |
Other current assets | 108 |  |  | (1 | ) |  | 107 |
Deferred income taxes | 222 |  |  | (7 | ) |  | 215 |
Liabilities |  |  |  |  |
Operating lease liabilities | — |  |  | 40 |  |  | 40 |
Other current liabilities | 179 |  |  | (5 | ) |  | 174 |
Operating lease liabilities (noncurrent) | — |  |  | 213 |  |  | 213 |
Other liabilities (noncurrent) | 202 |  |  | (92 | ) |  | 110 |
Shareholders' equity |  |  |  |  |
Retained Earnings | 1,235 |  |  | 21 |  |  | 1,256 |

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- Definition Tabular disclosure of the extent of the entity's reliance on its major customers, if revenues from transactions with a single external customer amount to 10 percent or more of entity revenues, including the disclosure of that fact, the total amount of revenues from each such customer, and the identity of the reportable segment or segments reporting the revenues. The entity need not disclose the identity of a major customer or the amount of revenues that each segment reports from that customer. For these purposes, a group of companies known to the entity to be under common control is considered a single customer, and the federal government, a state government, a local government such as a county or municipality, or a foreign government is each considered a single customer. + References No definition available. + Details
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