KBR, Inc. Files 2023 Annual Report on Form 10-K

TL;DR

<b>KBR, Inc. has filed its 2023 10-K report detailing financial performance and corporate structure.</b>

AI Summary

KBR, INC. (KBR) filed a Annual Report (10-K) with the SEC on February 20, 2024. KBR, Inc. filed its 2023 Form 10-K on February 20, 2024, covering the fiscal year ending December 29, 2023. The filing includes financial data for the fiscal years 2023, 2022, and 2021. Key financial statement components such as Additional Paid-In Capital, Retained Earnings, Treasury Stock, Accumulated Other Comprehensive Income, and Noncontrolling Interest are detailed for these periods. The company's principal business address is 601 Jefferson Street, Suite 3400, Houston, TX 77002. KBR, Inc. is incorporated in Delaware and operates within the Heavy Construction Other Than Building Const - Contractors industry.

Why It Matters

For investors and stakeholders tracking KBR, INC., this filing contains several important signals. This 10-K filing provides a comprehensive overview of KBR's financial health and operational status for the fiscal year 2023, crucial for investors assessing the company's performance and future prospects. The detailed financial data, including equity components and historical comparisons, allows stakeholders to analyze trends, evaluate risk, and make informed investment decisions regarding KBR, Inc.

Risk Assessment

Risk Level: medium — KBR, INC. shows moderate risk based on this filing. The filing is a standard annual report (10-K), which typically contains a broad range of financial and operational information. Specific risks are detailed within the full report, but the 10-K itself indicates a need for careful review of potential business, financial, and regulatory challenges.

Analyst Insight

Review the detailed financial statements and risk factors within the 10-K to understand KBR's performance drivers and potential challenges for the upcoming fiscal year.

Key Numbers

• 20231229 — Fiscal Year End (Conformed period of report)
• 20240220 — Filing Date (Filed as of date)
• 2023 — Fiscal Year (Reporting period)
• 2022 — Fiscal Year (Comparative period)
• 2021 — Fiscal Year (Comparative period)

Key Players & Entities

• KBR, INC. (company) — Filer name
• 601 JEFFERSON STREET (address) — Business address
• HOUSTON (location) — Business address city
• TX (location) — Business address state
• DE (location) — State of incorporation

FAQ

Industry Context

KBR, Inc. operates in the Heavy Construction Other Than Building Const - Contractors sector, a segment of the broader Real Estate & Construction industry.

Regulatory Implications

As a publicly traded company, KBR, Inc. is subject to the reporting requirements of the Securities and Exchange Commission (SEC), including the annual filing of Form 10-K.

What Investors Should Do

1. Analyze KBR's consolidated financial statements for the fiscal years ended December 29, 2023, December 31, 2022, and December 31, 2021.
2. Examine the details of equity components such as Additional Paid-In Capital, Retained Earnings, and Treasury Stock across the reported fiscal years.
3. Review the company's business address and state of incorporation for corporate identity confirmation.

Key Dates

• 2023-12-29: Fiscal Year End — End of the reporting period for the 2023 10-K.
• 2024-02-20: Filing Date — Date the 10-K was officially filed with the SEC.

Year-Over-Year Comparison

This filing represents the annual report for the fiscal year 2023, providing a comprehensive update compared to previous filings.

Key Financial Figures

• $0.001 — hich registered Common Stock par value $0.001 per share KBR New York Stock Exchange
• $65.06 — New York Stock Exchange on that date of $65.06. As of January 26, 2024, there were 1

Filing Documents

• kbr-20231229.htm (10-K) — 3328KB
• kbr-warrantfinalunwindagrea.htm (EX-10.21) — 67KB
• kbr-warrantfinalunwindagre.htm (EX-10.22) — 67KB
• kbr-warrantfinalunwindagreb.htm (EX-10.23) — 63KB
• thirdamendmenttokbrbenefit.htm (EX-10.42) — 24KB
• kbr-ex211x12292023.htm (EX-21.1) — 123KB
• kbrex231-12292023.htm (EX-23.1) — 2KB
• kbrex311-12292023.htm (EX-31.1) — 10KB
• kbrex312-12292023.htm (EX-31.2) — 10KB
• kbrex321-12292023.htm (EX-32.1) — 4KB
• kbrex322-12292023.htm (EX-32.2) — 4KB
• exhibit97kbrincexecutiveco.htm (EX-97.1) — 48KB
• kbr-20231229_g1.jpg (GRAPHIC) — 297KB
• kbr-20231229_g2.jpg (GRAPHIC) — 49KB
• kbr-20231229_g3.jpg (GRAPHIC) — 161KB
• 0001357615-24-000016.txt (&nbsp;) — 20306KB
• kbr-20231229.xsd (EX-101.SCH) — 109KB
• kbr-20231229_cal.xml (EX-101.CAL) — 163KB
• kbr-20231229_def.xml (EX-101.DEF) — 619KB
• kbr-20231229_lab.xml (EX-101.LAB) — 1379KB
• kbr-20231229_pre.xml (EX-101.PRE) — 1002KB
• kbr-20231229_htm.xml (XML) — 3545KB

Risk Factors

Item 1A. Risk Factors 20

Unresolved Staff Comments

Item 1B. Unresolved Staff Comments 37

Cybersecurity

Item 1C. Cybersecurity 37

Properties

Item 2. Properties 40

Legal Proceedings

Item 3. Legal Proceedings 41

Mine Safety Disclosures

Item 4. Mine Safety Disclosures 41 PART II

Market for Registrant's Common Equity, Related Stockholder Matters and Issuer Purchases of Equity Securities

Item 5. Market for Registrant's Common Equity, Related Stockholder Matters and Issuer Purchases of Equity Securities 42

[Reserved]

Item 6. [Reserved] 44

Management's Discussion and Analysis of Financial Condition and Results of Operations

Item 7. Management's Discussion and Analysis of Financial Condition and Results of Operations 45

Quantitative and Qualitative Disclosures About Market Risk

Item 7A. Quantitative and Qualitative Disclosures About Market Risk 62

Financial Statements and Supplementary Data

Item 8. Financial Statements and Supplementary Data 64 Report of Independent Registered Public Accounting Firm 65

FINANCIAL STATEMENTS

FINANCIAL STATEMENTS Consolidated Statements of Operations 67 Consolidated Statement of Comprehensive Income (Loss) 68 Consolidated Balance Sheets 69 Consolidated Statements of Shareholders' Equity 70 Consolidated Statements of Cash Flows 71

Notes to Consolidated Financial Statements

Notes to Consolidated Financial Statements 73

Changes In and Disagreements with Accountants on Accounting and Financial Disclosure

Item 9. Changes In and Disagreements with Accountants on Accounting and Financial Disclosure 124

Controls and Procedures

Item 9A. Controls and Procedures 124

Other Information

Item 9B. Other Information 126

Disclosure Regarding Foreign Jurisdictions that Prevent Inspections

Item 9C. Disclosure Regarding Foreign Jurisdictions that Prevent Inspections 127 PART III

Directors, Executive Officers and Corporate Governance

Item 10. Directors, Executive Officers and Corporate Governance 128

Executive Compensation

Item 11. Executive Compensation 128

Security Ownership of Certain Beneficial Owners and Management and Related Stockholder Matters

Item 12. Security Ownership of Certain Beneficial Owners and Management and Related Stockholder Matters 128

Certain Relationships and Related Transactions, and Director Independence

Item 13. Certain Relationships and Related Transactions, and Director Independence 128

Principal Accounting Fees and Services

Item 14. Principal Accounting Fees and Services 128 PART IV

Exhibits and Financial Statement Schedules

Item 15. Exhibits and Financial Statement Schedules 128

SIGNATURES

SIGNATURES 134 3 Glossary of Terms The following frequently used abbreviations or acronyms are used in this Annual Report on Form 10-K as defined below: Acronym Definition Affinity Affinity Flying Training Services Ltd. Aspire Defence Aspire Defence Limited AOCL Accumulated other comprehensive loss ASC Accounting Standards Codification ASU Accounting Standards Update BRIS Brown & Root Industrial Services Joint Venture C5ISR Command, Control, Communications, Computers, Cyber, Intelligence, Surveillance and Reconnaissance CAS Cost Accounting Standards for U.S. government contracts DCAA Defense Contract Audit Agency DCMA Defense Contract Management Agency DoD Department of Defense DOJ U.S. Department of Justice EAC Estimate at completion EBITDA Earnings before interest, taxes, depreciation and amortization ERGs Employee Resource Groups ESPP Employee Stock Purchase Plan EVP Employee Value Proposition Exchange Act Securities Exchange Act of 1934, as amended E.U. European Union FAR Federal Acquisition Regulation FASB Financial Accounting Standards Board FCA False Claims Act FCPA United States Foreign Corrupt Practices Act FKTC First Kuwaiti Trading Company G&A General and administrative GAAP Generally Accepted Accounting Principles GS Government Solutions HETs Heavy equipment transporters HR Human Resources I&D Inclusion & Diversity IRS Internal Revenue Service JKC JKC Australia LNG, an Australian joint venture executing the Ichthys LNG Project LIBOR London interbank offered rate LNG Liquefied natural gas MD&A Management's Discussion and Analysis of Financial Condition and Results of Operations MoD Ministry of Defence NCI Noncontrolling interests NYSE The New York Stock Exchange OAW Operation Allies Welcome PCAOB Public Company Accounting Oversight Board PFIs Private financed initiatives and projects PIC Paid-in capital in excess of par 4 Acronym Definition PPE Property, Plant and Equipment RPA Master

Business

Item 1. Business Company Overview KBR, Inc., a Delaware corporation ("KBR" or, the "Company"), delivers science, technology, engineering and logistics support solutions to governments and companies around the world . Drawing from its rich 100-year history and culture of innovation and mission focus, KBR creates sustainable value by combining deep domain expertise with its full-life cycle capabilities to help clients meet their most pressing challenges. Our capabilities and offerings include the following: Scientific research such as quantum science and computing; health and human performance; materials science; life science research; and earth sciences; Defense systems engineering such as rapid prototyping; test and evaluation; aerospace acquisition support; systems and platform integration; and sustainment engineering; Operational support such as space domain awareness; C5ISR; human spaceflight and satellite operations; integrated supply chain and logistics; and military aviation support; Information operations such as cyber analytics and cybersecurity; data analytics; mission planning systems; virtual/augmented reality and technical training; and artificial intelligence and machine learning; Professional advisory services across the defense, renewable energy and critical infrastructure sectors; and Sustainable decarbonization solutions that accelerate and enable energy transition and climate change solutions such as proprietary, sustainability-focused process licensing; advisory services focused on energy transition; high-end engineering, design and management program offerings; and digitally-enabled asset optimization solutions. Our Business Our people leverage dynamic teams that combine deep mission understanding, market-leading technical expertise and an unwavering operational focus to deliver solutions to solve our clients' most complex issues. In 2023, KBR's operating model continued to shift toward agile, technology-driven, solutions-oriented