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UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
 
FORM 10-Q
Quarterly Report Pursuant to Section 13 or 15(d) of the Securities Exchange Act of 1934
For the quarterly period ended September 30, 2021
OR
Transition Report Pursuant to Section 13 or 15(d) of the Securities Exchange Act of 1934 for the transition period from             to
Commission File Number: 001-33146
 
 
kbr-20210930_g1.jpg
KBR, Inc.
(Exact name of registrant as specified in its charter)
Delaware 20-4536774
(State of incorporation)
 
(I.R.S. Employer Identification No.)
601 Jefferson Street, Suite 3400HoustonTexas77002
(Address of principal executive offices)(Zip Code)

(713) 753-2000
(Registrant's telephone number including area code)
Securities registered pursuant to Section 12(b) of the Act:
Title of each class Trading symbolName of each exchange on which registered
Common Stock, $0.001 par value KBRNew York Stock Exchange

Indicate by check mark whether the registrant (1) has filed all reports required to be filed by Section 13 or 15(d) of the Securities Exchange Act of 1934 during the preceding 12 months (or for such shorter period that the registrant was required to file such reports), and (2) has been subject to such filing requirements for the past 90 days.     Yes      No  

Indicate by check mark whether the registrant has submitted electronically every Interactive Data File required to be submitted pursuant to Rule 405 of Regulation S-T (§232.405 of this chapter) during the preceding 12 months (or for such shorter period that the registrant was required to submit such files).     Yes      No  

Indicate by check mark whether the registrant is a large accelerated filer, an accelerated filer, a non-accelerated filer, a smaller reporting company or an emerging growth company. See the definitions of "large accelerated filer," "accelerated filer," "smaller reporting company" and "emerging growth company" in Rule 12b-2 of the Exchange Act.
Large Accelerated FilerAccelerated filer
Non-accelerated filer
 (Do not check if a smaller reporting company)
Smaller reporting company
Emerging growth company

If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act.  

Indicate by check mark whether the registrant is a shell company (as defined in Rule 12b-2 of the Exchange Act).     Yes      No  

As of October 22, 2021, there were 140,285,318 shares of KBR, Inc. Common Stock, par value $0.001 per share, outstanding.





TABLE OF CONTENTS
 


2


Forward-Looking and Cautionary Statements

This Quarterly Report on Form 10-Q contains certain statements that are, or may be deemed to be, "forward-looking statements" within the meaning of Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Exchange Act, as amended. The Private Securities Litigation Reform Act of 1995 provides safe harbor provisions for forward-looking information. Some of the statements contained in this Quarterly Report on Form 10-Q are forward-looking statements. All statements other than statements of historical fact are, or may be deemed to be, forward-looking statements. The words "believe," "may," "estimate," "continue," "anticipate," "intend," "plan," "expect" and similar expressions are intended to identify forward-looking statements. Forward-looking statements include information concerning our possible or assumed future financial performance and results of operations.

We have based these statements on our assumptions and analyses in light of our experience and perception of historical trends, current conditions, expected future developments and other factors we believe are appropriate in the circumstances. Forward-looking statements by their nature involve substantial risks and uncertainties that could significantly affect expected results, and actual future results could differ materially from those described in such statements. While it is not possible to identify all factors, factors that could cause actual future results to differ materially include the risks and uncertainties disclosed in our latest Form 10-K and any subsequent Forms 10-Q and 8-K.

Many of these factors are beyond our ability to control or predict. Any of these factors, or a combination of these factors, could materially and adversely affect our future financial condition or results of operations and the ultimate accuracy of the forward-looking statements. These forward-looking statements are not guarantees of our future performance, and our actual results and future developments may differ materially and adversely from those projected in the forward-looking statements. We caution against putting undue reliance on forward-looking statements or projecting any future results based on such statements or on present or prior earnings levels. In addition, each forward-looking statement speaks only as of the date of the particular statement, and we undertake no obligation to publicly update or revise any forward-looking statement.

3


Glossary of Terms
The following frequently used terms, abbreviations or acronyms are commonly used in our Quarterly Reports on Form 10-Q as defined below:
AcronymDefinition
AffinityAffinity Flying Training Services Ltd.
AOCLAccumulated other comprehensive loss
ASBCAArmed Services Board of Contract Appeals
ASCAccounting Standards Codification
ASUAccounting Standards Update
C4ISRCommand, Control, Communications, Computers, Intelligence, Surveillance and Reconnaissance
COFCU.S. Court of Federal Claims
DCAADefense Contract Audit Agency
DCMADefense Contract Management Agency
DoDDepartment of Defense
DOJU.S. Department of Justice
EBICEgypt Basic Industries Corporation
EPCEngineering, procurement and construction
ESPPEmployee Stock Purchase Plan
Exchange ActSecurities Exchange Act of 1934, as amended
FARFederal Acquisition Regulation
FASBFinancial Accounting Standards Board
FCAFalse Claims Act
FKTCFirst Kuwaiti Trading Company
GSGovernment Solutions
HETsHeavy equipment transporters
ICCInternational Chamber of Commerce
JKCJKC Australia LNG, an Australian joint venture executing the Ichthys LNG Project
LIBORLondon interbank offered rate
LNGLiquefied natural gas
MD&AManagement's Discussion and Analysis of Financial Condition and Results of Operations
MFRsMemorandums for Record
MoDMinistry of Defence
NCINoncontrolling interests
OAWOperation Allies Welcome
PFIsPrivate financed initiatives and projects
PICPaid-in capital in excess of par
PPEProperty, Plant and Equipment
RPAMaster Accounts Receivable Purchase Agreement
SECU.S. Securities and Exchange Commission
SMAScientific Management Associates (Operations) Pty Ltd
STSSustainable Technology Solutions
U.K.United Kingdom
U.S.United States
U.S. GAAPAccounting principles generally accepted in the United States
VIEsVariable interest entities
4


PART I. FINANCIAL INFORMATION

Item 1. Financial Information

KBR, Inc.
Condensed Consolidated Statements of Operations
(In millions, except for per share data)
(Unaudited)

Three Months EndedNine Months Ended
September 30,September 30,
 2021202020212020
Revenues$1,843 $1,379 $4,840 $4,301 
Cost of revenues(1,650)(1,207)(4,272)(3,801)
Gross profit193 172 568 500 
Equity in earnings (losses) of unconsolidated affiliates(1)13 (175)30 
Selling, general and administrative expenses (91)(89)(283)(259)
Acquisition and integration related costs(3)(2)(7)(2)
Goodwill impairment   (99)
Restructuring charges and asset impairments (1)(2)(176)
Gain on disposition of assets and investments3  1 18 
Operating income101 93 102 12 
Interest expense(23)(18)(68)(60)
Other non-operating income (loss)(1)(4)(2)1 
Income (loss) before income taxes77 71 32 (47)
Provision for income taxes(19)(19)(75)(24)
Net income (loss)58 52 (43)(71)
Less: Net income attributable to noncontrolling interests3  7 20 
Net income (loss) attributable to KBR$55 $52 $(50)$(91)
Net income (loss) attributable to KBR per share:
Basic$0.39 $0.36 $(0.36)$(0.64)
Diluted$0.38 $0.36 $(0.36)$(0.64)
Basic weighted average common shares outstanding140 142 141 142 
Diluted weighted average common shares outstanding145 142 141 142 
Cash dividends declared per share$0.11 $0.10 $0.33 $0.30 
See accompanying notes to condensed consolidated financial statements.
5



KBR, Inc.
Condensed Consolidated Statements of Comprehensive Income (Loss)
(In millions)
(Unaudited)

 Three Months EndedNine Months Ended
September 30,September 30,
2021202020212020
Net income (loss)$58 $52 $(43)$(71)
Other comprehensive income (loss):
Foreign currency translation adjustments
(16)21 (4)(27)
Pension and post-retirement benefits
9 6 25 18 
Changes in fair value of derivatives
4 4 23 (19)
Other comprehensive income (loss) (3)31 44 (28)
Income tax (expense) benefit:
Foreign currency translation adjustments
1    
Pension and post-retirement benefits
(2)(1)(5)(3)
Changes in fair value of derivatives
 (1)(5)4 
Income tax (expense) benefit
(1)(2)(10)1 
Other comprehensive income (loss), net of tax(4)29 34 (27)
Comprehensive income (loss)54 81 (9)(98)
Less: Comprehensive income attributable to noncontrolling interests3  7 20 
Comprehensive income (loss) attributable to KBR$51 $81 $(16)$(118)
See accompanying notes to condensed consolidated financial statements.
6


KBR, Inc.
Condensed Consolidated Balance Sheets
(In millions, except share data)
 September 30,December 31,
 20212020
(Unaudited)
Assets
Current assets:
Cash and equivalents$550 $436 
Accounts receivable, net of allowance for credit losses of $13 and $13, respectively
1,245 899 
Contract assets227 178 
Other current assets114 121 
Total current assets2,136 1,634 
Claims and accounts receivable30 30 
Property, plant, and equipment, net of accumulated depreciation of $435 and $419 (including net PPE of $21 and $24 owned by a variable interest entity), respectively
131 130 
Operating lease right-of-use assets154 154 
Goodwill1,772 1,761 
Intangible assets, net of accumulated amortization of $279 and $228, respectively
635 683 
Equity in and advances to unconsolidated affiliates590 881 
Deferred income taxes237 297 
Other assets147 135 
Total assets$5,832 $5,705 
Liabilities and Shareholders’ Equity
Current liabilities:
Accounts payable$964 $574 
Contract liabilities289 356 
Accrued salaries, wages and benefits318 283 
Nonrecourse project debt 5 
Operating lease liabilities40 44 
Other current liabilities177 193 
Total current liabilities1,788 1,455 
Pension obligations310 381 
Employee compensation and benefits104 110 
Income tax payable94 96 
Deferred income taxes13 26 
Nonrecourse project debt2 2 
Long-term debt1,578 1,584 
Operating lease liabilities189 186 
Other liabilities254 256 
Total liabilities4,332 4,096 
Commitments and Contingencies (Notes 6, 13 and 14)
KBR shareholders’ equity:
Preferred stock, $0.001 par value, 50,000,000 shares authorized, none issued
  
Common stock, $0.001 par value 300,000,000 shares authorized, 179,908,148 and 179,087,655 shares issued, and 140,260,422 and 140,766,052 shares outstanding, respectively
  
PIC2,246 2,222 
Retained earnings1,208 1,305 
Treasury stock, 39,647,726 shares and 38,321,603 shares, at cost, respectively
(919)(864)
AOCL(1,049)(1,083)
Total KBR shareholders’ equity1,486 1,580 
Noncontrolling interests14 29 
Total shareholders’ equity1,500 1,609 
Total liabilities and shareholders’ equity$5,832 $5,705 
See accompanying notes to condensed consolidated financial statements.
7


KBR, Inc.
Condensed Consolidated Statements of Shareholders' Equity
(In millions, except for per share data)
(Unaudited)
Dollars in millionsTotalPICRetained
Earnings
Treasury
Stock
AOCLNCI
Balance at June 30, 2021$1,501 $2,240 $1,169 $(895)$(1,045)32 
Share-based compensation4 4 — — — — 
Common stock issued upon exercise of stock options1 1 — — — — 
Dividends declared to shareholders ($0.11/share)
(16)— (16)— — — 
Repurchases of common stock(26)— — (26)— — 
Issuance of ESPP shares2 1 — 1 — — 
Investments by noncontrolling interests— — — — — — 
Distributions to noncontrolling interests(22)— — — — (22)
Other2 — — 1 — 1 
Net income58 — 55 — — 3 
Other comprehensive loss, net of tax(4)— — — (4)— 
Balance at September 30, 2021$1,500 $2,246 $1,208 $(919)$(1,049)$14 
Dollars in millionsTotalPICRetained
Earnings
Treasury
Stock
AOCLNCI
Balance at December 31, 2020$1,609 $2,222 $1,305 $(864)$(1,083)$29 
Share-based compensation12 12 — — — — 
Common stock issued upon exercise of stock options11 11 — — — — 
Dividends declared to shareholders ($0.33/share)
(47)— (47)— — — 
Repurchases of common stock(58)— — (58)— — 
Issuance of ESPP shares4 1 — 3 — — 
Investments by noncontrolling interests— — — — — — 
Distributions to noncontrolling interests(23)— — — — (23)
Other1 — — — — 1 
Net income (loss)(43)— (50)— — 7 
Other comprehensive income, net of tax34 — — — 34 — 
Balance at September 30, 2021$1,500 $2,246 $1,208 $(919)$(1,049)$14 
8


Dollars in millionsTotalPICRetained
Earnings
Treasury
Stock
AOCLNCI
Balance at June 30, 2020$1,642 $2,216 $1,262 $(820)$(1,043)$27 
Share-based compensation3 3 — — — — 
Common stock issued upon exercise of stock options— — — — — — 
Dividends declared to shareholders ($0.10/share)
(14)— (14)— — — 
Issuance of ESPP shares2 — — 2 — — 
Distributions to noncontrolling interests(1)— — — — (1)
Other— — — 1 — (1)
Net income52 — 52 — — — 
Other comprehensive income, net of tax29 — — — 29 — 
Balance at September 30, 2020$1,713 $2,219 $1,300 $(817)$(1,014)$25 
Dollars in millionsTotalPICRetained
Earnings
Treasury
Stock
AOCLNCI
Balance at December 31, 2019$1,853 $2,206 $1,437 $(817)$(987)$14 
Cumulative adjustment for the adoption of ASC 326(3)— (3)— — — 
Adjusted balance at January 1, 20201,850 2,206 1,434 (817)(987)14 
Share-based compensation10 10 — — — — 
Common stock issued upon exercise of stock options3 3 — — — — 
Dividends declared to shareholders ($0.30/share)
(43)— (43)— — — 
Repurchases of common stock(4)— — (4)— — 
Issuance of ESPP shares4 — — 4 — — 
Distributions to noncontrolling interests(3)— — — — (3)
Other noncontrolling interests activity(6)— — — — (6)
Net income (loss)(71)— (91)— — 20 
Other comprehensive loss, net of tax(27)— — — (27)— 
Balance at September 30, 2020$1,713 $2,219 $1,300 $(817)$(1,014)$25 
See accompanying notes to condensed consolidated financial statements.


9


KBR, Inc.
Condensed Consolidated Statements of Cash Flows
(In millions)
(Unaudited)
Nine Months Ended September 30,
 20212020
Cash flows from operating activities:
Net loss$(43)$(71)
Adjustments to reconcile net income to net cash provided by (used in) operating activities:
Depreciation and amortization114 74 
Equity in (earnings) losses of unconsolidated affiliates175 (30)
Deferred income tax 38 (11)
Gain on disposition of assets(1)(18)
Goodwill impairment 99 
Asset impairments1 91 
Other39 25 
Changes in operating assets and liabilities:
Accounts receivable, net of allowance for credit losses(341)(50)
Contract assets(50)49 
Accounts payable397 15 
Contract liabilities(41)(124)
Accrued salaries, wages and benefits41 46 
Payments on operating lease obligation(46)(45)
Payments from unconsolidated affiliates, net18 15 
Distributions of earnings from unconsolidated affiliates37 35 
Pension funding(35)(33)
Restructuring reserve(20)31 
Other assets and liabilities(7)147 
Total cash flows provided by operating activities$276 $245 
Cash flows from investing activities:
Purchases of property, plant and equipment $(22)$(8)
Proceeds from disposition of assets and investments44 1 
Investments in equity method joint ventures(13)(22)
Acquisition of businesses, net of cash acquired(14)(9)
Acquisition of technology license(7) 
Other (10) 
Total cash flows used in investing activities$(22)$(38)
Cash flows from financing activities:
Borrowings on long-term debt 359 
Payments on short-term and long-term borrowings(25)(270)
Debt issuance costs (3)
Payments of dividends to shareholders(45)(40)
Net proceeds from issuance of common stock11 3 
Payments to reacquire common stock(58)(4)
Distributions to noncontrolling interests(23)(3)
Other (1)
Total cash flows (used in) provided by financing activities$(140)$41 
Effect of exchange rate changes on cash (11)
Increase in cash and equivalents114 237 
Cash and equivalents at beginning of period436 712 
Cash and equivalents at end of period$550 $949 
Noncash financing activities
Dividends declared$15 $14 
See accompanying notes to condensed consolidated financial statements.
10


KBR, Inc.
Notes to Condensed Consolidated Financial Statements
(Unaudited)

Note 1. Basis of Presentation

The accompanying unaudited condensed consolidated financial statements were prepared using generally accepted accounting principles for interim financial information and the instructions to Form 10-Q and Regulation S-X. Accordingly, these financial statements do not include all information or notes required by generally accepted accounting principles for annual financial statements and should be read together with our 2020 Annual Report on Form 10-K.

The condensed consolidated financial statements include all normal and recurring adjustments necessary to present fairly our financial position as of September 30, 2021, and the results of our operations for the three and nine months ended September 30, 2021 and 2020, and our cash flows for the nine months ended September 30, 2021 and 2020.

There are many factors that may affect the accuracy of our cost estimates and ultimately our future profitability. These include, but are not limited to, the availability and costs of resources (such as labor, materials and equipment), productivity and
weather. We generally realize both lower and higher than expected margins on projects in any given period. We recognize revisions of revenues and costs in the period in which the revisions are known. This may result in the recognition of costs before the recognition of related revenue recovery, if any. Our significant accounting policies are detailed in "Note 1. Significant Accounting Policies" of our 2020 Annual Report on Form 10-K.

We have evaluated all events and transactions occurring after the balance sheet date but before the financial statements were issued and have included the appropriate disclosures.
Principles of Consolidation

The accompanying condensed consolidated financial statements have been prepared in accordance with U.S. GAAP and include the accounts of KBR, Inc. and the subsidiaries it controls, including VIEs where it is the primary beneficiary (collectively, the "Company," "KBR", "we", "us" or "our"). We account for investments over which we have significant influence, but not a controlling financial interest, using the equity method of accounting. See Note 8 to our condensed consolidated financial statements for further discussion of our equity investments and VIEs. All material intercompany balances and transactions are eliminated in consolidation.

Segment Reorganization

Effective January 1, 2021, we implemented a strategic change to the structure of our internal organization and transitioned from a three-core business segment model to a two-core business segment model comprised of Government Solutions and Sustainable Technology Solutions. The new Sustainable Technology Solutions segment is anchored by our innovative, proprietary process technologies. It also includes our highly synergistic advisory practice focused on energy transition and net-zero carbon emission consulting as well as the technology-led industrial solutions focused on innovative digital operations and maintenance ("O&M") solutions and advanced remote operations capabilities to improve throughput, reliability and environmental sustainability. Infusing high-end, sustainability expertise, client relationships and innovative, technology-led O&M solutions into Sustainable Technology Solutions is expected to increase resilience, generate new opportunities, simplify the business model and better position us to deliver its offerings across a broader industrial base.

Effective January 1, 2021, we reorganized our reportable segments and businesses as follows:

Government Solutions includes the following four business units: Defense & Intel, formerly the Defense Systems Engineering and Centauri businesses; Science & Space, formerly called Space & Mission Solutions; Readiness & Sustainment, formerly called Logistics; and International.
Sustainable Technology Solutions includes Energy Solutions segment, Technology Solutions segment, and Non-strategic Business segment, with the exception of our Australian infrastructure business which moved to GS International in our Government Solutions segment.
Other

We have presented our segment results reflecting these changes for all periods presented. See Note 2 to our condensed consolidated financial statements for further discussion on our segments.

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The following should be read together with Revenue Recognition in our significant accounting policies as detailed in "Note 1. Significant Accounting Policies" of our 2020 Annual Report on Form 10-K.

Revenue Recognition

Contract Types

The Company performs work under contracts that broadly consists of fixed-price, cost-reimbursable, time-and-materials, or a combination of the three.

Fixed-price contracts include both lump-sum and unit-rate contracts. Under lump-sum contracts, we perform a defined scope of work for a specified fee to cover all costs and any profit element. Lump-sum contracts entail significant risk to us because they require us to predetermine the work to be performed, the project execution schedule and all the costs associated with the scope of work. Unit-rate contracts are essentially fixed-price contracts with the only variable being units of work to be performed. Although fixed-price contracts involve greater risk than cost-reimbursable contracts, they also are potentially more profitable because the owner/customer pays a premium to transfer project risks to us.

Time-and-materials contracts typically provide for negotiated fixed hourly rates for specified categories of direct labor. The rates cover the cost of direct labor, indirect expense and fee. These contracts can also allow for reimbursement of cost of material plus a fee, if applicable. In U.S. government contracting, this type of contract is generally used when there is uncertainty of the extent or duration of the work to be performed by the contractor at the time of contract award or it is not possible to anticipate costs with any reasonable degree of confidence. With respect to time-and-materials contracts, we assume the price risk because our costs of performance may exceed negotiated hourly rates. In commercial and non-U.S. government contracting, this contract is generally used for defined and non-defined scope contracts where there is a higher degree of uncertainty and risks as to the scope of work. These types of contracts may also provide for a guaranteed maximum price where the total cost plus the fee cannot exceed an agreed upon guaranteed maximum price or not-to-exceed provisions.

Under cost-reimbursable contracts, the price is generally variable based upon our actual allowable costs incurred for materials, equipment, reimbursable labor hours, overhead, and general and administrative expenses. Profit on cost-reimbursable contracts may be in the form of a fixed fee or a mark-up applied to costs incurred, or a combination of the two. The fee may also be an incentive fee based on performance indicators, milestones or targets and can be based on customer discretion or in form of an award fee determined based on customer evaluation of the Company's performance against contractual criteria. Cost-reimbursable contracts may also provide for a guaranteed maximum price where the total fee plus the total cost cannot exceed an agreed upon guaranteed maximum price. Cost-reimbursable contracts are generally less risky because the owner/customer retains many of the project risks, however it generally requires us to use our best efforts to accomplish the scope of the work within a specified time and budget. Cost-reimbursable contracts with the U.S. government are generally subject to the Federal Acquisition Regulation ("FAR") and are competitively priced based on estimated or actual costs of providing the contractual goods or services. The FAR provides guidance on types of costs that are allowable in establishing prices for goods and services provided to the U.S. government and its agencies. Pricing for non-U.S. government agencies and commercial customers is based on specific negotiations with each customer.

See Note 3 to our condensed consolidated financial statements for further discussion of our revenue by contract type.
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Additional Balance Sheet Information

Other Current Liabilities
    
The components of "Other current liabilities" on our condensed consolidated balance sheets as of September 30, 2021, and December 31, 2020, are presented below:
 September 30,December 31,
Dollars in millions20212020
Current maturities of long-term debt$16 $12 
Reserve for estimated losses on uncompleted contracts 15 16 
Retainage payable12 22 
Income taxes payable 16 
Restructuring reserve20 32 
Value-added tax payable36 29 
Dividend payable16 14 
Other miscellaneous liabilities62 52 
Total other current liabilities$177 $193 
13



Note 2. Business Segment Information

We provide a wide range of professional services and the management of our business is heavily focused on major projects or programs within each of our reportable segments. At any given time, government programs and joint ventures represent a substantial part of our operations. We are organized into two core business segments, Government Solutions and Sustainable Technology Solutions and one non-core business segment as described below:
Government Solutions. Our Government Solutions business segment provides full life-cycle support solutions to defense, intelligence, space, aviation and other programs and missions for military and other government agencies primarily in the U.S., U.K. and Australia. KBR's services cover the full spectrum spanning research and development, advanced prototyping, acquisition support, systems engineering, C4ISR, cyber analytics, space domain awareness, test and evaluation, systems integration and program management, global supply chain management, and operations readiness and support.

Sustainable Technology Solutions. Our Sustainable Technology Solutions business segment is anchored by our portfolio of over 70 innovative, proprietary, sustainability-focused process technologies that we license spanning four primary areas: ammonia/syngas/fertilizers, chemical/petrochemicals, clean refining and circular process/circular economy solutions. STS also includes our highly synergistic advisory and consulting practice focused on energy transition and net-zero carbon emission consulting, our high-end engineering, design and professional services offerings, as well as our technology-led industrial solutions build on our KBR INSITE® platform. KBR INSITE® is a proprietary, digital, cloud-based operations and maintenance platform that identifies opportunities for our clients to achieve sustainable improvements in production, reliability, environment impact, energy efficiency, and ultimately profitability. From early planning through scope definition, advanced technologies and facility life-cycle support, our STS business segment works closely with customers to provide what we believe is the optimal approach to maximize their return on investment.
Other. Our non-core Other segment includes corporate expenses and selling, general and administrative expenses not allocated to the business segments above.








14


Operations by Reportable Segment
Three Months EndedNine Months Ended
September 30,September 30,
2021202020212020
Dollars in millions
Revenues: