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CONSOLIDATED STATEMENTS OF CASH FLOWS - USD ($)
$ in Millions
12 Months Ended
Dec. 31, 2018
Dec. 31, 2017
Dec. 31, 2016
Cash flows from operating activities:      
Net (loss) income $ (2,678) $ 178 $ 36
Non-cash items included in net (loss) income:      
Depreciation and amortization 279 101 103
Debt issuance cost amortization 36 13 13
Stock-based compensation charges 44 23 23
Deferred taxes 21 7 (3)
Goodwill impairment [1] 2,168    
Other asset impairments 58 1 55
Actuarial pension loss (gain) 47 (5) (3)
Other non-cash items   (6) (13)
Changes in operating assets and liabilities, net of effects of businesses acquired:      
Accounts receivable 300 91 (89)
Contracts in progress, net of advance billings on contracts (278) (450) 144
Accounts payable (156) 105 (102)
Other current and non-current assets 63 (22) 21
Investments in unconsolidated affiliates (9) 14 4
Other current and non-current liabilities 34 86 (11)
Total cash (used in) provided by operating activities (71) 136 178
Cash flows from investing activities:      
CB&I combination consideration, net of cash acquired of $498 (2,374)    
Purchases of property, plant and equipment [2] (86) (119) (228)
Advances related to proportionately consolidated consortiums (241)    
Proceeds from asset dispositions 69 56 2
Investments in unconsolidated affiliates (16) (2) (5)
Total cash used in investing activities (2,648) (65) (231)
Cash flows from financing activities:      
Proceeds from issuance of long-term debt 3,560    
Repayment of debt and capital lease obligations (545) (235) (103)
Debt and letter of credit issuance costs (217) (21) (9)
Proceeds from issuance of redeemable preferred stock 290    
Dividends paid to holders of redeemable preferred stock (3)    
Redeemable preferred stock issuance costs (18)    
Advances related to equity method joint ventures and proportionately consolidated consortiums 158    
Debt extinguishment costs (10)    
Repurchase of common stock (14) (7) (4)
Acquisition of NCI   (11)  
Dividends paid to NCI   (1)  
Total cash provided by (used in) financing activities 3,201 (275) (116)
Effects of exchange rate changes on cash, cash equivalents and restricted cash (45)   (1)
Net increase (decrease) in cash, cash equivalents and restricted cash 437 (204) (170)
Cash, cash equivalents and restricted cash at beginning of period 408 [3] 612 782
Cash, cash equivalents and restricted cash at end of period 845 [3] 408 [3] 612
Supplemental Cash Flow Information:      
Cash paid for interest 212 50 47
Cash paid for income taxes, net 141 45 38
Supplemental Disclosure of Noncash Investing Activities:      
Assets acquired through capital lease 72    
Non-cash purchase (sale) of investments in unconsolidated affiliates     (12)
Supplemental Disclosure of Noncash Financing Activities:      
Capital lease $ 72    
Vendor equipment financing   16  
Note payable in connection with noncontrolling interest distribution   $ (5) 5
Non-cash acquisition of noncontrolling interest     $ 18
[1] Represents impairment of goodwill associated with our NCSA, EARC, APAC and Technology reporting units, resulting from our impairment assessment during the fourth quarter of 2018. See Note 9, Goodwill and Other Intangible Assets, for further discussion. The goodwill impairment values are included within the applicable operating group’s Operating loss.
[2] Capital expenditures reported represent cash purchases. At December 31, 2018, 2017 and 2016, we had approximately $26 million, $8 million and $8 million, respectively, of accrued and unpaid capital expenditures reported in PP&E and accrued liabilities.
[3] Our December 31, 2018 total Cash, cash equivalents and restricted cash included $248 million associated with the Combination.