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Retirement Benefits (Tables)

12 Months Ended

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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