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Retirement Benefits (Tables)

12 Months Ended

Dec. 31, 2021

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			2021												2020
Change in projected benefit obligations:
Projected benefit obligations at beginning of period			$	80					$	2,326					$	76					$	1,988
Service cost			—						3						—						2
Interest cost			2						33						2						39
Foreign currency exchange rate changes			—						(4)						—						75
Actuarial (gain) loss			(3)						(180)						6						287
Other			—						(1)						—						(1)
Benefits paid			(5)						(75)						(4)						(64)
Projected benefit obligations at end of period			$	74					$	2,102					$	80					$	2,326
Change in plan assets:
Fair value of plan assets at beginning of period			$	64					$	1,961					$	60					$	1,727
Actual return on plan assets			7						94						7						189
Employer contributions			1						47						2						44
Foreign currency exchange rate changes			—						(3)						—						66
Benefits paid			(5)						(75)						(4)						(64)
Other			(1)						(1)						(1)						(1)
Fair value of plan assets at end of period			$	66					$	2,023					$	64					$	1,961
Funded status			$	(8)					$	(79)					$	(16)					$	(365)

Schedule of Amounts Recognized on Consolidated Balance Sheet

			United States						Int’l						United States						Int’l
Dollars in millions			2021												2020
Amounts recognized on the consolidated balance sheets
Other assets			$	—					$	1					$	—					$	—
Pension obligations			$	(8)					$	(80)					$	(16)					$	(365)

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			2021												2020												2019
Components of net periodic benefit cost
Service cost			$	—					$	3					$	—					$	2					$	—					$	2
Interest cost			2						33						2						39						3						50
Expected return on plan assets			(3)						(87)						(3)						(59)						(3)						(77)
Prior service cost amortization			—						1						—						1						—						1
Recognized actuarial loss			2						31						2						22						2						16
Net periodic benefit cost			$	1					$	(19)					$	1					$	5					$	2					$	(8)

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, 2021 and 2020, net of tax were as follows:

			United States						Int’l						United States						Int’l
Dollars in millions			2021												2020
Unrecognized actuarial loss, net of tax of $8 and $198, $10 and $240, respectively			$	17					$	564					$	24					$	740
Total in accumulated other comprehensive loss			$	17					$	564					$	24					$	740

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 2022 are as follows:

Dollars in millions			United States						Int’l
Actuarial loss			$	1					$	20
Total			$	1					$	20

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
			2021												2020												2019
Discount rate			2.00		%				1.40		%				2.89		%				2.05		%				3.98		%				2.90		%
Expected return on plan assets			5.19		%				4.67		%				5.72		%				3.70		%				6.09		%				5.09		%

Weighted-average assumptions used to determine benefit obligations at measurement date
			United States						Int'l						United States						Int'l
			2021												2020
Discount rate			2.45		%				1.80		%				2.00		%				1.40		%

Schedule of Allocation of Plan Assets

The target asset allocation for our U.S. and International plans for 2022 is as follows:

Asset Allocation			2022 Targeted
			United States						Int'l
Equity funds and securities			52		%				22		%
Fixed income funds and securities			39		%				53		%
Hedge funds			—		%				7		%
Real estate funds			1		%				5		%
Other			8		%				13		%
Total			100		%				100		%

The range of targeted asset allocations for our International plans for 2022 and 2021, by asset class, are as follows:

International Plans			2022 Targeted												2021 Targeted
			Percentage Range												Percentage Range
			Minimum						Maximum						Minimum						Maximum
Equity funds and securities			20		%				50		%				20		%				50		%
Fixed income funds and securities			30		%				100		%				35		%				100		%
Hedge funds			—		%				7		%				—		%				7		%
Real estate funds			—		%				10		%				—		%				10		%
Other			—		%				34		%				—		%				34		%

The range of targeted asset allocations for our U.S. plans for 2022 and 2021, by asset class, are as follows:

Domestic Plans			2022 Targeted												2021 Targeted
			Percentage Range												Percentage Range
			Minimum						Maximum						Minimum						Maximum
Equity funds and securities			41		%				62		%				41		%				62		%
Fixed income funds and securities			31		%				47		%				31		%				47		%
Real estate funds			1		%				1		%				1		%				1		%
Other			7		%				10		%				7		%				10		%

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, 2021
United States plan assets
Investments measured at net asset value (a)			$	65					$	—					$	—					$	—
Cash and equivalents			1						1						—						—
Total United States plan assets			$	66					$	1					$	—					$	—
International plan assets
Equities			$	88					$	—					$	—					$	88
Fixed income			—						—						—						—
Real estate			1						—						—						1
Cash and cash equivalents			6						6						—						—
Other			48						—						—						48
Investments measured at net asset value (a)			1,880						—						—						—
Total international plan assets			$	2,023					$	6					$	—					$	137
Total plan assets at December 31, 2021			$	2,089					$	7					$	—					$	137

			Fair Value Measurements at Reporting Date
Dollars in millions			Total						Level 1						Level 2						Level 3
Asset Category at December 31, 2020
United States plan assets
Investments measured at net asset value (a)			$	62					$	—					$	—					$	—
Cash and equivalents			$	2					$	2					$	—					$	—
Total United States plan assets			$	64					$	2					$	—					$	—
International plan assets
Equities			$	108					$	—					$	—					$	108
Fixed income			1						—						—						1
Real estate			2						—						—						2
Cash and cash equivalents			4						4						—						—
Other			40						—						—						40
Investments measured at net asset value (a)			1,806						—						—						—
Total international plan assets			$	1,961					$	4					$	—					$	151
Total plan assets at December 31, 2020			$	2,025					$	6					$	—					$	151

(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.

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, 2019			$	149					$	103					$	1					$	2					$	43
Return on assets held at end of year			2						1						—						—						1
Return on assets sold during the year			2						—						—						—						2
Purchases, sales and settlements			(6)						—						—						—						(6)
Foreign exchange impact			4						4						—						—						—
Balance as of December 31, 2020			$	151					$	108					$	1					$	2					$	40
Return on assets held at end of year			(15)						(21)						—						(1)			0			7
Return on assets sold during the year			38						36						—						—						2
Purchases, sales and settlements, net			(37)						(35)						(1)						—						(1)
Foreign exchange impact			—						—						—						—						—
Balance as of December 31, 2021			$	137					$	88					$	—					$	1					$	48

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
2022			$	5					$	60
2023			$	5					$	62
2024			$	5					$	64
2025			$	5					$	65
2026			$	5					$	67
Years 2027 - 2031			$	23					$	360

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