KBR INC
For the period ended Dec 29, 2023. Filed Feb 20, 2024.
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FY2023 · Filed Feb 20, 2024
KBR$38.90+0.6%Stored close · as of Nov 10, 2026
Extracted filing text, with the paragraph anchors used by the comparison.
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Item 8. Consolidated Statements of Cash Flows
Consolidated Statements of Cash Flows
| Year Ended, | |||
|---|---|---|---|
| December 29, | December 31, | December 31, | |
| 2023 | 2022 | 2021 | |
| Cash flows from operating activities: | |||
| Net income (loss) | $(261) | $192 | $35 |
| Adjustments to reconcile net (loss) income to net cash provided by operating activities: | |||
| Charges associated with Convertible Notes | 494 | — | — |
| Depreciation and amortization | 141 | 137 | 146 |
| Equity in (earnings) losses of unconsolidated affiliates | (114) | 80 | 170 |
| Deferred income tax (benefit) expense | 14 | 37 | 47 |
| Loss (gain) on disposition of assets | 7 | (19) | (2) |
| Unrealized gain on other investment | — | (16) | (4) |
| Other | 46 | 33 | 50 |
| Changes in operating assets and liabilities, net of acquired businesses: | |||
| Accounts receivable, net of allowance for credit losses | (32) | 455 | (476) |
| Contract assets | 44 | (30) | (48) |
| Accounts payable | (49) | (376) | 447 |
| Contract liabilities | 82 | (25) | (17) |
| Accrued salaries, wages and benefits | 22 | 16 | 38 |
| Payments on operating lease liabilities | (65) | (63) | (59) |
| Payments from unconsolidated affiliates, net | 18 | 14 | 17 |
| Distributions of earnings from unconsolidated affiliates | 74 | 66 | 47 |
| Pension funding | (9) | (74) | (46) |
| Restructuring reserve | (9) | (13) | (26) |
| Other assets and liabilities | (72) | (18) | (41) |
| Total cash flows provided by operating activities | $331 | $396 | $278 |
| Cash flows from investing activities: | |||
| Purchases of property, plant and equipment | (80) | (71) | (30) |
| Net proceeds from sale of assets or investments | — | 47 | 44 |
| Return of (investments in) equity method joint ventures, net | 60 | 198 | (29) |
| Acquisitions of businesses, net of cash acquired | — | (73) | (399) |
| Funding in other investment | (39) | (61) | (7) |
| Other | (11) | (3) | (7) |
| Total cash flows (used in) provided by investing activities | $(70) | $37 | $(428) |
| Year Ended, | |||
|---|---|---|---|
| December 29, | December 31, | December 31, | |
| 2023 | 2022 | 2021 | |
| Cash flows from financing activities: | |||
| Borrowings on short-term and long-term debt | 785 | 58 | 290 |
| Payments on short-term and long-term debt | (17) | (16) | (15) |
| Payments on settlement of warrants | (217) | — | — |
| Proceeds from the settlement of note hedge | 493 | — | — |
| Payments to settle Convertible Notes | (843) | — | — |
| Payments on revolving credit facility | (340) | (158) | (16) |
| Debt issuance costs | — | (6) | (3) |
| Payments of dividends to shareholders | (72) | (66) | (61) |
| Net proceeds from issuance of common stock | 5 | 5 | 12 |
| Payments to reacquire common stock | (138) | (203) | (82) |
| Distributions to noncontrolling interests | (6) | (4) | (23) |
| Other | (9) | (9) | (15) |
| Total cash flows (used in) provided by financing activities | $(359) | $(399) | $87 |
| Effect of exchange rate changes on cash | 13 | (15) | (3) |
| (Decrease) increase in cash and cash equivalents | (85) | 19 | (66) |
| Cash and equivalents at beginning of period | 389 | 370 | 436 |
| Cash and equivalents at end of period | $304 | $389 | $370 |
| Supplemental disclosure of cash flows information: | |||
| Cash paid for interest | $102 | $66 | $63 |
| Cash paid for income taxes (net of refunds) | $52 | $47 | $49 |
| Noncash investing activities | |||
| Leasehold improvements paid by landlord | $9 | $6 | $— |
| Accrued but unpaid purchases of property, plant and equipment | $3 | $5 | $— |
| Noncash financing activities | |||
| Dividends declared | $18 | $16 | $15 |
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