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Impact on Previously Issued Financial Statements for the Correction of an Error | 12 Months Ended
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Dec. 31, 2019
Accounting Changes and Error Corrections [Abstract] |
Impact on Previously Issued Financial Statements for the Correction of an Error | Impact on Previously Issued Financial Statements for the Correction of an Error During the second quarter ended June 30, 2019, we identified and corrected immaterial errors affecting previously issued financial statements related to the historical recognition of equity earnings associated with our interest in an unconsolidated joint venture in our ES business segment. These errors were primarily due to the impact of improperly calculated gains and losses on foreign currency transactions from 2013 through the first quarter of 2019. As of March 31, 2019, the cumulative error for all periods previously reported was an overstatement of net income of approximately $23 million impacting “Equity in and advances to unconsolidated affiliates” in our consolidated balance sheets and “Equity in earnings of unconsolidated affiliates” in our consolidated statements of operations. The errors had no impact on our previously reported cash flows. We assessed the materiality, both quantitatively and qualitatively, in accordance with the SEC’s SAB No. 99 and SAB No. 108, and concluded these errors were not material to any of our previously issued quarterly or annual financial statements. In order to correctly present the errors noted above, previously issued financials statements have been revised and are presented as “As Corrected” in the table below.
| Three Months Ended December 31, 2018
Revised Consolidated Statement of Operations Amounts (Unaudited): | As Previously Reported |  | Adjustments |  | As Corrected
Equity in earnings of unconsolidated affiliates | $ | 27 |  |  | $ | 2 |  |  | $ | 29 |
Operating income | $ | 88 |  |  | $ | 2 |  |  | $ | 90 |
Net income | $ | 49 |  |  | $ | 4 |  |  | $ | 53 |
Net income attributable to KBR | $ | 43 |  |  | $ | 4 |  |  | $ | 47 |
Net income attributable to KBR per share: |  |  |  |  |
Basic | $ | 0.31 |  |  | $ | 0.02 |  |  | $ | 0.33 |
Diluted | $ | 0.31 |  |  | $ | 0.02 |  |  | $ | 0.33 |

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- Definition The entire disclosure for reporting accounting changes and error corrections. It includes the conveyance of information necessary for a user of the Company's financial information to understand all aspects and required disclosure information concerning all changes and error corrections reported in the Company's financial statements for the period. + References Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 250 -URI http://asc.fasb.org/topic&trid=2122394 + Details
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