Cover Page
Cover Page - USD ($) $ in Billions | 12 Months Ended | ||
Oct. 02, 2020 | Nov. 12, 2020 | Mar. 27, 2020 | |
Cover [Abstract] | |||
Document Type | 10-K | ||
Document Annual Report | true | ||
Document Period End Date | Oct. 2, 2020 | ||
Document Transition Report | false | ||
Entity File Number | 1-7463 | ||
Entity Registrant Name | Jacobs Engineering Group Inc. | ||
Entity Incorporation, State or Country Code | DE | ||
Entity Tax Identification Number | 95-4081636 | ||
Entity Address, Address Line One | 1999 Bryan Street | ||
Entity Address, Address Line Two | Suite 1200 | ||
Entity Address, City or Town | Dallas | ||
Entity Address, State or Province | TX | ||
Entity Address, Postal Zip Code | 75201 | ||
City Area Code | 214 | ||
Local Phone Number | 583 – 8500 | ||
Title of 12(b) Security | Common Stock | ||
Trading Symbol | J | ||
Security Exchange Name | NYSE | ||
Entity Well-known Seasoned Issuer | Yes | ||
Entity Voluntary Filers | No | ||
Entity Current Reporting Status | Yes | ||
Entity Interactive Data Current | Yes | ||
Entity Filer Category | Large Accelerated Filer | ||
Entity Small Business | false | ||
Entity Emerging Growth Company | false | ||
ICFR Auditor Attestation Flag | true | ||
Entity Shell Company | false | ||
Entity Common Stock, Shares Outstanding (in shares) | 129,623,428 | ||
Entity Public Float | $ 9.6 | ||
Documents Incorporated by Reference | DOCUMENTS INCORPORATED BY REFERENCE Portions of the Registrant’s definitive proxy statement to be issued in connection with its 2021 annual meeting of shareholders are incorporated by reference into Part III of this Annual Report on Form 10-K where indicated. | ||
Entity Central Index Key | 0000052988 | ||
Current Fiscal Year End Date | --10-02 | ||
Document Fiscal Year Focus | 2020 | ||
Document Fiscal Period Focus | FY | ||
Amendment Flag | false |
Consolidated Balance Sheets
Consolidated Balance Sheets - USD ($) $ in Thousands | Oct. 02, 2020 | Sep. 27, 2019 |
Current Assets: | ||
Cash and cash equivalents | $ 862,424 | $ 631,068 |
Receivables and contract assets | 3,167,310 | 2,840,209 |
Prepaid expenses and other | 162,355 | 189,358 |
Investment in equity securities | 347,510 | 451,133 |
Total current assets | 4,539,599 | 4,111,768 |
Property, Equipment and Improvements, net | 319,371 | 308,143 |
Other Noncurrent Assets: | ||
Goodwill | 5,639,091 | 5,432,544 |
Intangibles, net | 658,340 | 665,076 |
Deferred income tax assets | 211,047 | 514,633 |
Operating lease right-of-use assets | 576,915 | 0 |
Miscellaneous | 409,990 | 430,547 |
Total other noncurrent assets | 7,495,383 | 7,042,800 |
Assets | 12,354,353 | 11,462,711 |
Current Liabilities: | ||
Short-term debt | 0 | 199,901 |
Accounts payable | 1,061,754 | 1,072,645 |
Accrued liabilities | 1,249,883 | 1,386,952 |
Operating lease liability | 164,312 | 0 |
Contract liabilities | 465,648 | 414,208 |
Total current liabilities | 2,941,597 | 3,073,706 |
Long-term debt | 1,676,941 | 1,201,245 |
Liabilities relating to defined benefit pension and retirement plans | 568,176 | 575,897 |
Deferred income tax liabilities | 3,366 | 233,111 |
Long-term operating lease liability | 735,202 | 0 |
Other deferred liabilities | 573,404 | 610,094 |
Commitments and Contingencies | ||
Capital stock: | ||
Preferred stock, $1 par value, authorized - 1,000,000 shares; issued and outstanding - none | 0 | 0 |
Common stock, $1 par value, authorized - 240,000,000 shares; issued and outstanding - 129,747,783 shares and 132,879,395 shares as of October 2, 2020 and September 27, 2019, respectively | 129,748 | 132,879 |
Additional paid-in capital | 2,598,446 | 2,559,450 |
Retained earnings | 4,020,575 | 3,939,174 |
Accumulated other comprehensive loss | (933,057) | (916,812) |
Total Jacobs stockholders’ equity | 5,815,712 | 5,714,691 |
Noncontrolling interests | 39,955 | 53,967 |
Total Group stockholders’ equity | 5,855,667 | 5,768,658 |
Total liabilities and stockholders' equity | $ 12,354,353 | $ 11,462,711 |
Consolidated Balance Sheets (Pa
Consolidated Balance Sheets (Parenthetical) - $ / shares | Oct. 02, 2020 | Sep. 27, 2019 |
Statement of Financial Position [Abstract] | ||
Preferred stock, par value (in dollars per share) | $ 1 | $ 1 |
Preferred stock, authorized (in shares) | 1,000,000,000 | 1,000,000,000 |
Preferred stock, issued (in shares) | 0 | 0 |
Preferred stock, outstanding (in shares) | 0 | 0 |
Common stock, par value (in dollars per share) | $ 1 | $ 1 |
Common stock, authorized (in shares) | 240,000,000 | 240,000,000 |
Common stock, issued (in shares) | 129,747,783 | 132,879,395 |
Common stock, outstanding (in shares) | 129,747,783 | 132,879,395 |
Consolidated Statements of Earn
Consolidated Statements of Earnings - USD ($) $ in Thousands | 12 Months Ended | ||
Oct. 02, 2020 | Sep. 27, 2019 | Sep. 28, 2018 | |
Income Statement [Abstract] | |||
Revenues | $ 13,566,975 | $ 12,737,868 | $ 10,579,773 |
Direct cost of contracts | (10,980,307) | (10,260,840) | (8,421,223) |
Gross profit | 2,586,668 | 2,477,028 | 2,158,550 |
Selling, general and administrative expenses | (2,050,695) | (2,072,177) | (1,771,107) |
Operating Profit | 535,973 | 404,851 | 387,443 |
Other Income (Expense): | |||
Interest income | 4,729 | 9,487 | 8,984 |
Interest expense | (62,206) | (83,847) | (76,760) |
Miscellaneous (expense) income, net | (37,293) | 20,468 | 11,314 |
Total other expense, net | (94,770) | (53,892) | (56,462) |
Earnings from Continuing Operations Before Taxes | 441,203 | 350,959 | 330,981 |
Income Tax Expense for Continuing Operations | (55,320) | (36,954) | (325,632) |
Net Earnings of the Group from Continuing Operations | 385,883 | 314,005 | 5,349 |
Net Earnings of the Group from Discontinued Operations | 137,984 | 559,214 | 167,793 |
Net Earnings of the Group | 523,867 | 873,219 | 173,142 |
Net Earnings Attributable to Noncontrolling Interests from Continuing Operations | (32,022) | (23,045) | (9,534) |
Net Earnings (Loss) Attributable to Jacobs from Continuing Operations | 353,861 | 290,960 | (4,185) |
Net Earnings Attributable to Noncontrolling Interests from Discontinued Operations | 0 | (2,195) | (177) |
Net Earnings Attributable to Jacobs from Discontinued Operations | 137,984 | 557,019 | 167,616 |
Net Earnings Attributable to Jacobs | $ 491,845 | $ 847,979 | $ 163,431 |
Net Earnings (Loss) Per Share: | |||
Basic Net Earnings (Loss) from Continuing Operations Per Share (in dollars per share) | $ 2.69 | $ 2.11 | $ (0.03) |
Basic Net Earnings from Discontinued Operations Per Share (in dollars per share) | 1.05 | 4.03 | 1.21 |
Basic Earnings Per Share (in dollars per share) | 3.74 | 6.14 | 1.18 |
Diluted Net Earnings (Loss) from Continuing Operations Per Share (in dollars per share) | 2.67 | 2.09 | (0.03) |
Diluted Net Earnings from Discontinued Operations Per Share (in dollars per share) | 1.04 | 4 | 1.21 |
Diluted Earnings Per Share (in dollars per share) | $ 3.71 | $ 6.08 | $ 1.18 |
Consolidated Statements Of Comp
Consolidated Statements Of Comprehensive Income - USD ($) $ in Thousands | 12 Months Ended | ||
Oct. 02, 2020 | Sep. 27, 2019 | Sep. 28, 2018 | |
Statement of Comprehensive Income [Abstract] | |||
Net Earnings of the Group | $ 523,867 | $ 873,219 | $ 173,142 |
Other Comprehensive Income (Loss): | |||
Foreign currency translation adjustment | 64,052 | 15,972 | (109,877) |
Gain (loss) on cash flow hedges | (21,883) | 1,369 | |
Gain (loss) on cash flow hedges | 118 | ||
Change in pension and retiree medical plan liabilities | (75,334) | (157,632) | (27,231) |
Other comprehensive income (loss) before taxes | (33,165) | (140,291) | (136,990) |
Income Tax (Expense) Benefit: | |||
Foreign currency translation adjustment | (3,722) | 0 | 0 |
Cash flow hedges | 7,285 | (568) | |
Cash flow hedges | 859 | ||
Change in pension and retiree medical plan liabilities | 13,357 | 30,750 | (17,058) |
Income Tax (Expense) Benefit: | 16,920 | 30,182 | (16,199) |
Net other comprehensive income (loss) | (16,245) | (110,109) | (153,189) |
Net Comprehensive Income (Loss) of the Group | 507,622 | 763,110 | 19,953 |
Net (Earnings) Loss Attributable to Noncontrolling Interests | (32,022) | (25,240) | (9,711) |
Net Comprehensive Income (Loss) Attributable to Jacobs | $ 475,600 | $ 737,870 | $ 10,242 |
Consolidated Statements of Stoc
Consolidated Statements of Stockholders' Equity - USD ($) $ in Thousands | Total | Cumulative Effect, Period of Adoption, Adjustment | Total Jacobs Stockholders’ Equity | Total Jacobs Stockholders’ EquityCumulative Effect, Period of Adoption, Adjustment | Common Stock | Additional Paid-in Capital | Retained Earnings | Retained EarningsCumulative Effect, Period of Adoption, Adjustment | Accumulated Other Comprehensive Income (Loss) | Noncontrolling Interests |
Balance at the beginning of the period at Sep. 29, 2017 | $ 4,487,351 | $ 4,428,352 | $ 120,386 | $ 1,239,782 | $ 3,721,698 | $ (653,514) | $ 58,999 | |||
Increase (Decrease) in Stockholders' Equity [Roll Forward] | ||||||||||
Net earnings | 173,142 | 163,431 | 163,431 | 9,711 | ||||||
Foreign currency translation adjustments | (109,877) | (109,877) | (109,877) | |||||||
Pension liability, net of deferred taxes | (34,129) | (34,129) | 10,160 | (44,289) | ||||||
(Loss) gain on derivatives, net of deferred taxes | 977 | 977 | 977 | |||||||
Noncontrolling interest acquired/consolidated | 37,146 | 3,456 | 3,456 | 33,690 | ||||||
Dividends | (85,608) | (85,608) | (85,608) | |||||||
Noncontrolling interests - distributions and other | (4,686) | 7,705 | 7,705 | (12,391) | ||||||
Stock based compensation | 79,242 | 79,242 | 81,196 | (1,954) | ||||||
Issuances of equity securities, net of deferred taxes | 1,403,777 | 1,403,777 | 21,881 | 1,385,316 | (3,420) | |||||
Other | (2,981) | (2,981) | (49) | (911) | (2,021) | |||||
Balance at the end of the period at Sep. 28, 2018 | 5,944,354 | $ (37,209) | 5,854,345 | $ (37,209) | 142,218 | 2,708,839 | 3,809,991 | $ (37,209) | (806,703) | 90,009 |
Increase (Decrease) in Stockholders' Equity [Roll Forward] | ||||||||||
Net earnings | 873,219 | 847,979 | 847,979 | 25,240 | ||||||
Disposition of ECR business, net of deferred taxes | 67,037 | 112,764 | 112,764 | (45,727) | ||||||
Foreign currency translation adjustments | (84,456) | (84,456) | (84,456) | |||||||
Pension liability, net of deferred taxes | (139,218) | (139,218) | (139,218) | |||||||
(Loss) gain on derivatives, net of deferred taxes | 801 | 801 | 801 | |||||||
Noncontrolling interest acquired/consolidated | (1,113) | (1,113) | (1,113) | |||||||
Dividends | (92,980) | (92,980) | (92,980) | |||||||
Noncontrolling interests - distributions and other | (15,555) | (15,555) | ||||||||
Stock based compensation | 69,137 | 69,137 | 69,128 | 9 | ||||||
Issuances of equity securities, net of deferred taxes | 38,317 | 38,317 | 1,681 | 43,508 | (6,872) | |||||
Other | (853,676) | (853,676) | (11,020) | (260,912) | (581,744) | |||||
Balance at the end of the period at Sep. 27, 2019 | 5,768,658 | 5,714,691 | 132,879 | 2,559,450 | 3,939,174 | (916,812) | 53,967 | |||
Increase (Decrease) in Stockholders' Equity [Roll Forward] | ||||||||||
Net earnings | 523,867 | 491,845 | 491,845 | 32,022 | ||||||
Foreign currency translation adjustments | 60,330 | 60,330 | 60,330 | |||||||
Pension liability, net of deferred taxes | (61,977) | (61,977) | (61,977) | |||||||
(Loss) gain on derivatives, net of deferred taxes | (14,598) | (14,598) | (14,598) | |||||||
Dividends | (99,921) | (99,921) | (99,921) | |||||||
Noncontrolling interests - distributions and other | (41,032) | 5,002 | 5,002 | (46,034) | ||||||
Stock based compensation | 48,150 | 48,150 | 47,048 | 1,102 | ||||||
Issuances of equity securities, net of deferred taxes | 9,441 | 9,441 | 998 | 17,890 | (9,447) | |||||
Other | (337,251) | (337,251) | (4,129) | (30,944) | (302,178) | |||||
Balance at the end of the period at Oct. 02, 2020 | $ 5,855,667 | $ 5,815,712 | $ 129,748 | $ 2,598,446 | $ 4,020,575 | $ (933,057) | $ 39,955 |
Consolidated Statements of St_2
Consolidated Statements of Stockholders' Equity (Parenthetical) - USD ($) $ in Thousands | 12 Months Ended | ||
Oct. 02, 2020 | Sep. 27, 2019 | Sep. 28, 2018 | |
Statement of Stockholders' Equity [Abstract] | |||
Change in pension and retiree medical plan liabilities | $ (13,357) | $ 25,348 | $ 17,058 |
(Gain) loss on derivative deferred taxes | (859) | ||
Gain (loss) on derivative deferred taxes | (7,285) | 568 | |
Disposition of business, deferred taxes | 5,402 | ||
Deferred tax from ASC 606 | (10,825) | ||
Foreign currency translation adjustment, deferred taxes | $ 3,722 | $ 0 | $ 0 |
Consolidated Statements of Cash
Consolidated Statements of Cash Flows - USD ($) $ in Thousands | 12 Months Ended | ||
Oct. 02, 2020 | Sep. 27, 2019 | Sep. 28, 2018 | |
Cash Flows from Operating Activities: | |||
Net Earnings of the Group | $ 523,867 | $ 873,219 | $ 173,142 |
Depreciation and amortization: | |||
Property, equipment and improvements | 91,070 | 90,171 | 117,856 |
Intangible assets | 90,563 | 79,098 | 80,731 |
Gain on sale of ECR business | (110,236) | (935,110) | 0 |
Loss on disposal of other businesses and investments | 0 | 9,608 | 20,967 |
Loss on investment in equity securities | 103,623 | 78,108 | 0 |
Stock based compensation | 48,150 | 69,137 | 79,242 |
Equity in earnings of operating ventures, net of return on capital distributions | 9,172 | (8,784) | (2,639) |
Loss on disposals of assets, net | 766 | 6,222 | 17,491 |
Impairment of long-lived assets | 162,238 | 0 | 0 |
Loss (Gain) on pension and retiree medical plan changes | 4,598 | (33,087) | 5,414 |
Deferred income taxes | 82,275 | (105,939) | 288,126 |
Changes in assets and liabilities, excluding the effects of businesses acquired: | |||
Receivables and contract assets, net of contract liabilities | (107,784) | (67,894) | (428,930) |
Prepaid expenses and other current assets | (27,280) | (13,117) | (19,134) |
Accounts payable | (92,838) | 295,146 | 183,057 |
Income taxes payable | 35,194 | (294,995) | 68,970 |
Accrued liabilities | (27,849) | (305,716) | (37,746) |
Other deferred liabilities | (64,390) | (106,256) | (79,280) |
Other, net | 85,710 | 3,753 | 13,885 |
Net cash provided by (used for) operating activities | 806,849 | (366,436) | 481,152 |
Cash Flows from Investing Activities: | |||
Additions to property and equipment | (118,269) | (135,977) | (94,884) |
Disposals of property and equipment and other assets | 96 | 7,177 | 3,293 |
Capital contributions to equity investees, net of return of capital distributions | (12,278) | (8,761) | (5,416) |
Acquisitions of businesses, net of cash acquired | (293,580) | (575,110) | (1,488,336) |
Disposals of investment in equity securities | 0 | 64,708 | 0 |
(Payments) proceeds related to sales of businesses | (5,061) | 2,801,425 | 7,736 |
Purchases of noncontrolling interests | 0 | (1,113) | 0 |
Net cash (used for) provided by investing activities | (429,092) | 2,152,349 | (1,577,607) |
Cash Flows from Financing Activities: | |||
Proceeds from long-term borrowings | 2,986,661 | 2,782,193 | 5,784,355 |
Repayments of long-term borrowings | (2,521,467) | (3,996,970) | (4,572,182) |
Proceeds from short-term borrowings | 78 | 200,001 | 712 |
Repayments of short-term borrowings | (200,008) | (28,566) | (3,391) |
Debt issuance costs | (1,807) | (3,915) | 0 |
Proceeds from issuances of common stock | 37,235 | 64,958 | 53,584 |
Common stock repurchases | (337,251) | (853,676) | (2,981) |
Taxes paid on vested restricted stock | (27,794) | (26,641) | (31,108) |
Cash dividends, including to noncontrolling interests | (143,962) | (106,396) | (86,569) |
Net cash (used for) provided by financing activities | (208,315) | (1,969,012) | 1,142,420 |
Effect of Exchange Rate Changes | 61,914 | 20,809 | (26,758) |
Net Increase (Decrease) in Cash and Cash Equivalents | 231,356 | (162,290) | 19,207 |
Cash and Cash Equivalents at the Beginning of the Period | 631,068 | 793,358 | 774,151 |
Cash and Cash Equivalents at the End of the Period | 862,424 | 631,068 | 793,358 |
Less Cash and Cash Equivalents included in Assets held for Sale | 0 | 0 | |
Cash and cash equivalents | $ 862,424 | $ 631,068 | $ 634,870 |
Description of Business and Bas
Description of Business and Basis of Presentation | 12 Months Ended |
Oct. 02, 2020 | |
Organization, Consolidation and Presentation of Financial Statements [Abstract] | |
Description of Business and Basis of Presentation | Description of Business and Basis of Presentation Description of Business Jacobs is a leading global professional services company that designs and deploys technology-centric solutions to solve many of the world’s most complex challenges. We operate in two lines of business: Critical Mission Solutions and People & Places Solutions. We provide a broad range of technical, professional and construction services including engineering, design and architectural services; construction and construction management services; operations and maintenance services; and process, scientific and systems consulting services. We provide our services through offices and subsidiaries located primarily in North America, Europe, the Middle East, India, Australia, New Zealand and Asia. We provide our services under cost-reimbursable and fixed-price contracts, with our fixed-price contracts comprised mainly of professional services arrangements and in some limited cases, construction. The percentage of revenues realized from each of these types of contracts for the fiscal years ended October 2, 2020, September 27, 2019 and September 28, 2018 was as follows: For the Years Ended October 2, 2020 September 27, 2019 September 28, 2018 Cost-reimbursable 76% 76% 74% Fixed-price 24% 24% 26% Basis of Presentation, Definition of Fiscal Year, and Other Matters The accompanying Consolidated Financial Statements have been prepared in accordance with accounting principles generally accepted in the United States ("U.S. GAAP") and include the accounts of Jacobs Engineering Group Inc. and its subsidiaries and affiliates which it controls. All intercompany accounts and transactions have been eliminated in consolidation. Certain prior year balances have been reclassified to conform to current year presentation. The Company’s fiscal year ends on the Friday closest to September 30 (determined on the basis of the number of workdays) and, accordingly, an additional week of activity is added every five-to-six years. Fiscal 2020 included an extra week of activity. Effective the beginning of fiscal first quarter 2020, the Company adopted ASU 2016-02, Leases ("ASC 842"), including the subsequent ASU's that amended and clarified the related guidance. The Company adopted ASC 842 using a modified retrospective approach, and accordingly the new guidance was applied to leases that existed or were entered into after the first day of adoption without adjusting the comparative periods presented. Please refer to Note 10- Leases for a discussion of our updated policies and disclosures related to leases. Effective the beginning of fiscal first quarter 2019, the Company adopted ASC Topic 606, Revenue from Contracts with Customers , including the subsequent ASUs that amended and clarified the related guidance. The Company adopted ASC Topic 606 using the modified retrospective method, and accordingly the new guidance was applied retrospectively to contracts that were not completed or substantially completed as of September 29, 2018 (the date of initial application). Please refer to Note 3- Revenue Accounting for Contracts . On March 6, 2020, a subsidiary of Jacobs completed the acquisition of the nuclear consulting, remediation and program management business of John Wood Group, a U.K.-based energy services company, for an enterprise value of £246 million, or approximately $317.9 million, less cash acquired of $24.3 million. The Company has recorded its preliminary purchase price allocation associated with the acquisition, which is summarized in Note 14- Business Combinations. On June 12, 2019, Jacobs completed the acquisition of The KeyW Holding Corporation (“KeyW”), a U.S.-based national security solutions provider to the intelligence, cyber, and counterterrorism communities by acquiring 100% of the outstanding shares of KeyW common stock. The Company paid total consideration of $902.6 million which was comprised of approximately $604.2 million in cash to the former stockholders and certain equity award holders of KeyW and the assumption of KeyW’s debt of approximately $298.4 million. The Company repaid all of the assumed KeyW debt by the end of the fourth fiscal quarter of 2019. The Company has recorded its final purchase price allocation associated with the acquisition, which is summarized in Note 14- Business Combinations . On April 26, 2019, Jacobs completed the sale of its Energy, Chemicals and Resources ("ECR") business to Worley Limited, a company incorporated in Australia ("Worley"), for a purchase price of $3.4 billion consisting of (i) $2.8 billion in cash plus (ii) 58.2 million ordinary shares of Worley, subject to adjustments for changes in working capital and certain other items (the “ECR sale”). As a result of the ECR sale, substantially all ECR-related assets and liabilities have been sold (the "Disposal Group"). We determined that the Disposal Group should be reported as discontinued operations in accordance with ASC 210-05, Discontinued Operations because their disposal represents a strategic shift that had a major effect on our operations and financial results. As such, the financial results of the ECR business are reflected in our Consolidated Statements of Earnings as discontinued operations for all periods presented. As of the year ended September 27, 2019, a portion of the ECR business remained held by Jacobs and continued to be classified as held for sale in accordance with U.S. GAAP. As of October 2, 2020, all of the ECR business to be sold under the terms of the sale has been conveyed to Worley and as such, no amounts remain held for sale. For further discussion see Note 15- Sale of Energy, Chemicals and Resources ("ECR") Business to the consolidated financial statements. On December 15, 2017, the Company completed the acquisition of CH2M HILL Companies, Ltd. ("CH2M"), an international provider of engineering, construction, and technical services, by acquiring 100% of the outstanding shares of CH2M common stock and preferred stock. The Company paid total consideration of approximately $1.8 billion in cash (excluding $315.2 million of cash acquired) and issued approximately $1.4 billion of Jacobs’ common stock, or 20.7 million shares, to the former stockholders and certain equity award holders of CH2M. In connection with the acquisition, the Company also assumed CH2M’s revolving credit facility and second lien notes, including a $20.0 million prepayment penalty, which totaled approximately $700 million of long-term debt. Immediately following the effective time of the acquisition, the Company repaid CH2M’s revolving credit facility and second lien notes including the related prepayment penalty. The Company has finalized its purchase accounting processes associated with the acquisition, which is summarized in Note 14- Business Combinations . |
Significant Accounting Policies
Significant Accounting Policies | 12 Months Ended |
Oct. 02, 2020 | |
Accounting Policies [Abstract] | |
Significant Accounting Policies | Significant Accounting Policies Revenue Accounting for Contracts Engineering, Procurement & Construction Contracts and Service Contracts On September 29, 2018, the Company adopted ASC Topic 606, Revenue from Contracts with Customers, including the subsequent ASUs that amended and clarified the related guidance. The Company recognizes engineering, procurement, and construction contract revenue over time, as performance obligations are satisfied, due to the continuous transfer of control to the customer. Upon adoption of ASC Topic 606, contracts which include engineering, procurement and construction services are generally accounted for as a single deliverable (a single performance obligation) and are no longer segmented between types of services. In some instances, the Company’s services associated with a construction activity are limited to specific tasks such as customer support, consulting or supervisory services. In these instances, the services are typically identified as separate performance obligations. The Company recognizes revenue using the percentage-of-completion method, based primarily on contract costs incurred to date compared to total estimated contract costs. The percentage-of-completion method (an input method) is the most representative depiction of the Company’s performance because it directly measures the value of the services transferred to the customer. Subcontractor materials, labor and equipment and, in certain cases, customer-furnished materials and labor and equipment are included in revenue and cost of revenue when management believes that the company is acting as a principal rather than as an agent (e.g., the company integrates the materials, labor and equipment into the deliverables promised to the customer or is otherwise primarily responsible for fulfillment and acceptability of the materials, labor and/or equipment). The Company recognizes revenue, but not profit, on certain uninstalled materials that are not specifically produced, fabricated, or constructed for a project. Revenue on these uninstalled materials is recognized when control is transferred. Changes to total estimated contract cost or losses, if any, are recognized in the period in which they are determined as assessed at the contract level. Pre-contract costs are expensed as incurred unless they are expected to be recovered from the client. Project mobilization costs are generally charged to project costs as incurred when they are an integrated part of the performance obligation being transferred to the client. Under the typical payment terms of our engineering, procurement and construction contracts, amounts are billed as work progresses in accordance with agreed-upon contractual terms at periodic intervals (e.g., biweekly or monthly) and customer payments are typically due within 30 to 60 days of billing, depending on the contract. For service contracts, the Company recognizes revenue over time using the cost-to-cost percentage-of-completion method. Service contracts that include multiple performance obligations are segmented between types of services. For contracts with multiple performance obligations, the Company allocates the transaction price to each performance obligation using an estimate of the stand-alone selling price of each distinct service in the contract. In some instances where the Company is standing ready to provide services, the Company recognizes revenue ratably over the service period. Under the typical payment terms of our service contracts, amounts are billed as work progresses in accordance with agreed-upon contractual terms, and customer payments are typically due within 30 to 60 days of billing, depending on the contract. Direct costs of contracts include all costs incurred in connection with and directly for the benefit of client contracts, including depreciation and amortization relating to assets used in providing the services required by the related projects. The level of direct costs of contracts may fluctuate between reporting periods due to a variety of factors, including the amount of pass-through costs we incur during a period. On those projects where we are acting as principal for subcontract labor or third-party materials and equipment, we reflect the amounts of such items in both revenues and costs (and we refer to such costs as “pass-through costs”). Back charges to suppliers or subcontractors are recognized as a reduction of cost when it is determined that recovery of such cost is probable and the amounts can be reliably estimated. Disputed back charges are recognized when the same requirements described above have been satisfied. Variable Consideration The nature of the Company’s contracts gives rise to several types of variable consideration, including claims and unpriced change orders; awards and incentive fees; and liquidated damages and penalties. The Company recognizes revenue for variable consideration when it is probable that a significant reversal in the amount of cumulative revenue recognized will not occur. The Company estimates the amount of revenue to be recognized on variable consideration using the expected value (i.e., the sum of a probability-weighted amount) or the most likely amount method, whichever is expected to better predict the amount. Factors considered in determining whether revenue associated with claims (including change orders in dispute and unapproved change orders in regard to both scope and price) should be recognized include the following: (a) the contract or other evidence provides a legal basis for the claim, (b) additional costs were caused by circumstances that were unforeseen at the contract date and not the result of deficiencies in the company’s performance, (c) claim-related costs are identifiable and considered reasonable in view of the work performed, and (d) evidence supporting the claim is objective and verifiable. If the requirements for recognizing revenue for claims or unapproved change orders are met, revenue is recorded only when the costs associated with the claims or unapproved change orders have been incurred and only up to the amount of cost incurred. The Company generally provides limited warranties for work performed under its engineering and construction contracts. The warranty periods typically extend for a limited duration following substantial completion of the Company’s work on the project. Historically, warranty claims have not resulted in material costs incurred for which the Company was not compensated for by the customer. Practical Expedient If the Company has a right to consideration from a customer in an amount that corresponds directly with the value of the Company’s performance completed to date (a service contract in which the company bills a fixed amount for each hour of service provided), the Company recognizes revenue in the amount to which it has a right to invoice for services performed. The Company does not adjust the contract price for the effects of a significant financing component if the Company expects, at contract inception, that the period between when the Company transfers a service to a customer and when the customer pays for that service will be one year or less. See Note 3- Revenue Accounting for Contracts for further discussion. Joint Ventures and VIEs As is common to the industry, we execute certain contracts jointly with third parties through various forms of joint ventures. Although the joint ventures own and hold the contracts with the clients, the services required by the contracts are typically performed by us and our joint venture partners, or by other subcontractors under subcontracting agreements with the joint ventures. Many of these joint ventures are formed for a specific project. The assets of our joint ventures generally consist almost entirely of cash and receivables (representing amounts due from clients), and the liabilities of our joint ventures generally consist almost entirely of amounts due to the joint venture partners (for services provided by the partners to the joint ventures under their individual subcontracts) and other subcontractors. In general, at any given time, the equity of our joint ventures represents the undistributed profits earned on contracts the joint ventures hold with clients. Very few of our joint ventures have employees or third-party debt or credit facilities. The debt held by the joint ventures is non-recourse to the general credit of Jacobs. The assets of a joint venture are restricted for use to the obligations of the particular joint venture and are not available for general operations of the Company. Our risk of loss on these arrangements is usually shared with our partners. The liability of each partner is usually joint and several, which means that each partner may become liable for the entire risk of loss on the project. Furthermore, on some of our projects, the Company has granted guarantees which may encumber both our contracting subsidiary company and the Company for the entire risk of loss on the project. The Company is unable to estimate the maximum potential amount of future payments that we could be required to make under outstanding performance guarantees related to joint venture projects due to a number of factors, including but not limited to, the nature and extent of any contractual defaults by our joint venture partners, resource availability, potential performance delays caused by the defaults, the location of the projects, and the terms of the related contracts. See Note 18- Contractual Guarantees, Litigation, Investigations and Insurance for further discussion. Most of the joint ventures are deemed to be variable interest entities (“VIE”) because they lack sufficient equity to finance the activities of the joint venture. The Company uses a qualitative approach to determine if the Company is the primary beneficiary of the VIE, which considers factors that indicate a party has the power to direct the activities that most significantly impact the joint venture’s economic performance. These factors include the composition of the governing board, how board decisions are approved, the powers granted to the operational manager(s) and partner that holds that position(s), and to a certain extent, the partner’s economic interest in the joint venture. The Company analyzes each joint venture initially to determine if it should be consolidated or unconsolidated. • Consolidated if the Company is the primary beneficiary of a VIE, or holds the majority of voting interests of a non-VIE (and no significant participative rights are available to the other partners). • Unconsolidated if the Company is not the primary beneficiary of a VIE, or does not hold the majority of voting interest of a non-VIE. Our unconsolidated joint ventures (including equity method investments) are reviewed for impairment whenever events or changes in circumstances indicate that the carrying amount of the investment might not be recoverable, and impairment losses are recognized for such investments if there is a decline in fair value below carrying value that is considered to be other-than-temporary. See Note 8- Joint Ventures and VIEs for further discussion. Fair Value Measurements Certain amounts included in the accompanying consolidated financial statements are presented at “fair value.” Fair value is defined as the price that would be received from selling an asset or paid to transfer a liability in an orderly transaction between market participants as of the date fair value is determined (the “measurement date”). When determining fair value, we consider the principal or most advantageous market in which we would transact, and we consider only those assumptions we believe a typical market participant would consider when pricing an asset or liability. In measuring fair value, we use the following inputs in the order of priority indicated: Level 1 - Quoted prices in active markets for identical assets or liabilities. Level 2 - Observable inputs other than quoted prices in active markets included in Level 1, such as (i) quoted prices for similar assets or liabilities; (ii) quoted prices in markets that have insufficient volume or infrequent transactions (e.g., less active markets); and (iii) model-driven valuations in which all significant inputs are observable or can be derived principally from, or corroborated with, observable market data for substantially the full term of the asset or liability. Level 3 - Unobservable inputs to the valuation methodology that are significant to the fair value measurement. The net carrying amounts of cash and cash equivalents, trade receivables and payables and short-term debt approximate fair value due to the short-term nature of these instruments. See Note 9- Borrowings for a discussion of the fair value of long-term debt. Certain other assets and liabilities, such as forward contracts and interest rate swap agreements we purchased as cash-flow hedges discussed in Note 17- Commitments and Contingencies and Derivative Financial Instruments and the Company's investment in Worley ordinary shares discussed in Note 15- Sale of Energy, Chemicals and Resources are required to be carried in our Consolidated Financial Statements at Fair Value. The fair value of the Company’s reporting units (used for purposes of determining whether there is an indication of possible impairment of the carrying value of goodwill) is determined using an income and market approach. Both approaches require us to make certain estimates and judgments. Under the income approach, fair value is determined by using the discounted cash flows of our reporting units. Under the market approach, the fair values of our reporting units are determined by reference to guideline companies that are reasonably comparable to our reporting units; the fair values are estimated based on the valuation multiples of the invested capital associated with the guideline companies. In assessing whether there is an indication that the carrying value of goodwill has been impaired, we utilize the results of both valuation techniques and consider the range of fair values indicated. With respect to equity-based compensation (i.e., share-based payments), we estimate the fair value of stock options granted to employees and directors using the Black-Scholes option-pricing model. Like all option-pricing models, the Black-Scholes model requires the use of subjective assumptions including (i) the expected volatility of the market price of the underlying stock, and (ii) the expected term of the award, among others. Accordingly, changes in assumptions and any subsequent adjustments to those assumptions can cause different fair values to be assigned to our future stock option awards. For restricted stock awards (including restricted stock units) containing market conditions, compensation expense is based on the fair value of such awards using a Monte Carlo simulation. For restricted stock awards (including restricted stock units) containing service and performance conditions, compensation expense is based on the closing stock price on the date of grant. The fair values of the assets owned by the various pension plans that the Company sponsors are determined based on the type of asset, consistent with U.S. GAAP. Equity securities are valued by using market observable data such as quoted prices. Publicly traded corporate equity securities are valued at the last reported sale price on the last business day of the year. Securities not traded on the last business day are valued at the last reported bid price. Fixed income investment funds categorized as Level 2 are valued by the trustee using pricing models that use verifiable observable market data (e.g., interest rates and yield curves observable at commonly quoted intervals), bids provided by brokers or dealers, or quoted prices of securities with similar characteristics. Real estate consists primarily of common or collective trusts, with underlying investments in real estate. These investments are valued using the best information available, including quoted market price, market prices for similar assets when available, internal cash flow estimates discounted at an appropriate interest rate, or independent appraisals, as appropriate. Management values insurance contracts and hedge funds using actuarial assumptions and certain values reported by fund managers. The methodologies described above and elsewhere in these Notes to Consolidated Financial Statements may produce a fair value measure that may not be indicative of net realizable value or reflective of future fair values. Furthermore, while the Company believes its valuation methods are appropriate and consistent with other market participants, the use of different methodologies or assumptions to determine the fair value of certain financial instruments could result in a different fair value measurement. Cash Equivalents We consider all highly liquid investments with original maturities of less than three months to be cash equivalents. Cash equivalents at October 2, 2020 and September 27, 2019 consisted primarily of money market mutual funds and overnight bank deposits. Receivables, Contract Assets and Contract Liabilities Receivables include amounts billed, net and unbilled receivables. Amounts billed, net consist of amounts invoiced to clients in accordance with the terms of our client contracts and are shown net of an allowance for doubtful accounts. We anticipate that substantially all of such billed amounts will be collected over the next twelve months. Unbilled receivables and other, which represent an unconditional right to payment subject only to the passage of time in connection with our client contracts, are reclassified to amounts billed when they are billed under the terms of the contract. Prior to adoption of ASC 606, receivables related to contractual milestones or achievement of performance-based targets were included in unbilled receivables. These are now included in contract assets. We anticipate that substantially all of such unbilled amounts will be billed and collected over the next twelve months. Contract assets represent unbilled amounts where the right to payment is subject to more than merely the passage of time and includes performance-based incentives and services provided ahead of agreed contractual milestones. Contract assets are transferred to unbilled receivables when the right to consideration becomes unconditional and are transferred to amounts billed upon invoicing. Contract liabilities represent amounts billed to clients in excess of revenue recognized to date. We anticipate that substantially all such amounts will be earned over the next twelve months. In order to manage short-term liquidity and credit exposure, Jacobs may sell current customer receivables to third parties. When Jacobs sells customer receivables to third parties it accelerates the receipt of cash that would otherwise have been collected from customers and records these transactions as reductions to the receivable amounts. Jacobs does not maintain continuing involvement in these arrangements. Property, Equipment, and Improvements Property, equipment and improvements are carried at cost, and are shown net of accumulated depreciation and amortization in the accompanying Consolidated Balance Sheets. Depreciation and amortization is computed primarily by using the straight-line method over the estimated useful lives of the assets. The cost of leasehold improvements is amortized using the straight-line method over the lesser of the estimated useful life of the asset or the remaining term of the related lease. Estimated useful lives range from 20 to 40 years for buildings, from 3 to 10 years for equipment and from 4 to 10 years for leasehold improvements. Goodwill and Other Intangible Assets Goodwill represents the excess of the cost of an acquired business over the fair value of the net tangible and intangible assets acquired. Goodwill and intangible assets with indefinite lives are not amortized; instead, on an annual basis we test goodwill and intangible assets with indefinite lives for possible impairment. Intangible assets with finite lives are amortized on a straight-line basis over the useful lives of those assets. Interim testing for impairment is performed if indicators of potential impairment exist. For purposes of impairment testing, goodwill is assigned to the applicable reporting units based on the current reporting structure. We have determined that our operating segments are also our reporting units based on management’s conclusion that the components comprising each of our operating segments share similar economic characteristics and meet the aggregation criteria in accordance with ASC 350. When testing goodwill for impairment quantitatively, the Company first compares the fair value of each reporting unit with its carrying amount. If the carrying amount of a reporting unit exceeds its fair value, a second step is performed to measure the amount of potential impairment. In the second step, the Company compared the implied fair value of the reporting unit goodwill with the carrying amount of the reporting unit's goodwill. If the carrying amount of reporting unit goodwill exceeds the implied fair value of that goodwill, an impairment loss is recognized. During 2020, we completed our annual goodwill impairment test and quantitatively determined that none of our goodwill was impaired. We have determined that the fair value of our reporting units substantially exceeded their respective carrying values for the Consolidated Balance Sheets presented. Impairment of Long-Lived Assets Our long-lived assets other than goodwill principally consist of right-of-use lease assets, property, equipment and improvements, and finite-lived intangible assets. These long-lived assets are evaluated for impairment for each of our asset groups in accordance with ASC 360 by first identifying whether indicators of impairment exist. If such indicators are present, we assess long-lived asset groups for recoverability based on estimated future undiscounted cash flows. For asset groups where the recoverability test fails, the fair value of each asset group is then estimated and compared to its carrying amount. An impairment loss is recognized for the amount by which an asset group’s carrying value exceeds its fair value. Foreign Currencies In preparing our Consolidated Financial Statements, it is necessary to translate the financial statements of our subsidiaries operating outside the U.S., which are denominated in currencies other than the U.S. dollar, into the U.S. dollar. In accordance with U.S. GAAP, revenues and expenses of operations outside the U.S. are translated into U.S. dollars using weighted-average exchange rates for the applicable periods being translated while the assets and liabilities of operations outside the U.S. are generally translated into U.S. dollars using period-end exchange rates. The net effect of foreign currency translation adjustments is included in stockholders’ equity as a component of accumulated other comprehensive income (loss) in the accompanying Consolidated Balance Sheets. Share-Based Payments We measure the value of services received from employees and directors in exchange for an award of an equity instrument based on the grant-date fair value of the award. The computed value is recognized as a non-cash cost on a straight-line basis over the period the individual provides services, which is typically the vesting period of the award with the exception of awards containing an internal performance measure, such as Earnings Per Share growth and Return on Invested Capital, which is recognized on a straight-line basis over the vesting period subject to the probability of meeting the performance requirements and adjusted for the number of shares expected to be earned. The cost of these awards is recorded in selling, general and administrative expense in the accompanying Consolidated Statements of Earnings. Concentrations of Credit Risk Our cash balances and cash equivalents are maintained in accounts held by major banks and financial institutions located in North America, South America, Europe, the Middle East, India, Australia, Africa and Asia. In the normal course of business, and consistent with industry practices, we grant credit to our clients without requiring collateral. Concentrations of credit risk is the risk that, if we extend a significant amount of credit to clients in a specific geographic area or industry, we may experience disproportionately high levels of default if those clients are adversely affected by factors particular to their geographic area or industry. Concentrations of credit risk relative to trade receivables are limited due to our diverse client base, which includes the U.S. federal government and multi-national corporations operating in a broad range of industries and geographic areas. Additionally, in order to mitigate credit risk, we continually evaluate the credit worthiness of our major commercial clients. Leases On September 28, 2019 the Company adopted ASU 2016-02, Leases ("ASC 842") , along with ASU 2018-01, ASU 2018-10, ASU 2018-11, ASU 2018-20 and ASU 2019-01, which amended and clarified the related guidance. ASC 842 requires lessees to recognize assets and liabilities for most leases. The Company determines if an arrangement is a lease at contract inception. A lease exists when a contract conveys to the customer the right to control the use of an identified asset for a period of time in exchange for consideration. The definition of a lease embodies two conditions: (1) there is an identified asset in the contract, and (2) the customer has the right to control the use of the identified asset. Lessees are required to classify leases as either finance or operating leases. This classification will determine whether lease expense is recognized based on an effective interest method or on a straight-line basis over the term of the lease. ASC 842 provided several optional practical expedients for use in transition to and ongoing application of ASC 842. The Company elected to utilize the package of practical expedients in ASC 842-10-65-1(f) that, upon adoption of ASC 842, allows entities to (1) not reassess whether any expired or existing contracts are or contain leases, (2) retain the classification of leases (e.g., operating or finance lease) existing as of the date of adoption and (3) not reassess initial direct costs for any existing leases. The Company did not elect the practical expedient pertaining to the use of hindsight. The Company elected to utilize the practical expedient in ASC 842-10-15-37 in which the Company has chosen to account for each separate lease component of a contract and its associated non-lease components as a single lease component. The Company adopted ASC 842 using the modified retrospective method, and accordingly, the new guidance was applied to leases that existed as of September 28, 2019 (the date of initial application) without adjusting the comparative periods presented. As a result, as of September 28, 2019, the Company has recorded total right-of-use ("ROU") assets of $767.0 million, which is comprised of approximately $82.3 million in reclassifications of previously recorded lease incentives and deferred rent, offset by $141.4 million in restructured lease cease-use liability. Additionally, the Company has recorded total current lease liabilities of $180.7 million, and total noncurrent lease liabilities of $810.1 million. The adoption of ASC 842 did not have a material impact on the Company’s results of operations or any impact on the Company’s cash flows. The Company’s right-of use assets and lease liabilities relate to real estate, project assets used in connection with long-term construction contracts, IT assets and vehicles. The Company’s leases have remaining lease terms of one year to thirteen years. The Company’s lease obligations are primarily for the use of office space and are primarily operating leases. Certain of the Company’s leases contain renewal, extension, or termination options. The Company assesses each option on an individual basis and will only include options reasonably certain of exercise in the lease term. The Company generally considers the base term to be the term provided in the contract. None of the Company’s lease agreements contain material options to purchase the leased property, material residual value guarantees, or material restrictions or covenants. Long-term project asset and vehicle leases (leases with terms greater than twelve months), along with all real estate and IT asset leases, are recorded on the consolidated balance sheet at the present value of the minimum lease payments not yet paid. Because the Company primarily acts as a lessee and the rates implicit in its leases are not readily determinable, the Company generally uses its incremental borrowing rate on the lease commencement date to calculate the present value of future lease payments. Certain leases include payments that are based solely on an index or rate. These variable lease payments are included in the calculation of the ROU asset and lease liability and are initially measured using the index or rate at the lease commencement date. Other variable lease payments, such as payments based on use and for property taxes, insurance, or common area maintenance that are based on actual assessments are excluded from the ROU asset and lease liability and are expensed as incurred. In addition to the present value of the future lease payments, the calculation of the ROU asset also includes any deferred rent, lease pre-payments and initial direct costs of obtaining the lease, such as commissions. Certain lease contracts contain nonlease components such as maintenance and utilities. The Company has made an accounting policy election, as allowed under ASC 842-10-15-37 and discussed above, to capitalize both the lease component and nonlease components of its contracts as a single lease component for all of its right-of-use assets. Short-term project asset and vehicle leases (project asset and vehicle leases with an initial term of twelve months or less or leases that are cancellable by the lessee and lessor without significant penalties) are not recorded on the consolidated balance sheet and are expensed on a straight-line basis over the lease term. The majority of the Company’s short-term leases relate to equipment used on construction projects. These leases are entered into at agreed upon hourly, daily, weekly or monthly rental rates for an unspecified duration and typically have a termination for convenience provision. Such equipment leases are considered short-term in nature unless it is reasonably certain that the equipment will be leased for a term greater than twelve months. Pensions We use certain assumptions and estimates in order to calculate periodic pension cost and the value of the assets and liabilities of our pension plans. These assumptions involve discount rates, investment returns and projected salary increases, among others. Changes in the actuarial assumptions may have a material effect on the plans’ liabilities and the projected pension expense. We use a corridor approach to amortize actuarial gains and losses. Under this approach, net gains or losses in excess of ten percent of the larger of the pension benefit obligation or the market-related value of the assets are amortized on a straight-line basis. The period of amortization is the average remaining service of active participants who are expected to receive benefits under certain plans and the average remaining future lifetime of plan participants for certain plans. We measure our defined benefit plan assets and obligations as of the end of the month closest to their fiscal year end, which is September 30, 2020 as the alternative measurement date in accordance with FASB guidance ASU 2015-04, Compensation Retirement Benefit (Topic 715): Practical Expedient for the Measurement Date of an Employer’s Defined Benefit Obligation and Plan Asset . This guidance allows employers with fiscal year ends that do not coincide with a calendar month end to make an accounting policy election to measure defined benefit plan assets and obligations as of the end of the month closest to their fiscal year end. Income Taxes We determine our consolidated income tax expense using the asset and liability method prescribed by U.S. GAAP. Under this method, deferred tax assets and liabilities are recognized for the temporary differences between the carrying amounts of assets and liabilities for financial re |
Revenue Accounting for Contract
Revenue Accounting for Contracts | 12 Months Ended |
Oct. 02, 2020 | |
Revenue from Contract with Customer [Abstract] | |
Revenue Accounting for Contracts | Revenue Accounting for Contracts Disaggregation of Revenues Our revenues are principally derived from contracts to provide a diverse range of technical, professional, and construction services to a large number of industrial, commercial, and governmental clients. We provide a broad range of engineering, design, and architectural services; construction and construction management services; operations and maintenance services; and process, scientific, and systems consulting services. We provide our services through offices and subsidiaries located primarily in North America, South America, Europe, the Middle East, India, Australia, Africa, and Asia. We provide our services under cost-reimbursable and fixed-price contracts. Our contracts are with many different customers in numerous industries. Refer to Note 19- Segment Information for additional information on how we disaggregate our revenues by reportable segment. The following table further disaggregates our revenue by geographic area for the years ended October 2, 2020, September 27, 2019 and September 28, 2018 (in thousands): For the Years Ended October 2, 2020 September 27, 2019 September 28, 2018 Revenues: United States $ 10,158,508 $ 9,006,730 $ 6,908,988 Europe 2,253,284 2,242,976 2,495,805 Canada 227,067 213,172 189,865 Asia 117,698 195,023 163,761 India 50,618 62,543 52,533 Australia and New Zealand 537,076 533,251 578,108 South America and Mexico 11 7,416 17,656 Middle East and Africa 222,713 476,757 173,057 Total $ 13,566,975 $ 12,737,868 $ 10,579,773 The following table presents the revenues earned directly or indirectly from the U.S. federal government and its agencies, expressed as a percentage of total revenues: For the Years Ended October 2, 2020 September 27, 2019 September 28, 2018 33% 27% 32% Contract Liabilities Contract liabilities represent amounts billed to clients in excess of revenue recognized to date. Revenue recognized for the year ended October 2, 2020 that was included in the contract liability balance on September 27, 2019 was $410.0 million. Revenue recognized for the year ended September 27, 2019 that was included in the contract liability balance on September 28, 2018 was $350.3 million. Remaining Performance Obligations The Company’s remaining performance obligations as of October 2, 2020 represent a measure of the total dollar value of work to be performed on contracts awarded and in progress. The Company had approximately $14.6 billion in remaining performance obligations as of October 2, 2020. The Company expects to recognize 50% of our remaining performance obligations within the next twelve months and the remaining 50% thereafter. Although remaining performance obligations reflect business that is considered to be firm, cancellations, scope adjustments, foreign currency exchange fluctuations or project deferrals may occur that impact their volume or the expected timing of their recognition. Remaining performance obligations are adjusted to reflect any known project |
Earnings Per Share and Certain
Earnings Per Share and Certain Related Information | 12 Months Ended |
Oct. 02, 2020 | |
Earnings Per Share Reconciliation [Abstract] | |
Earnings Per Share and Certain Related Information | Earnings Per Share and Certain Related Information Basic and Diluted Earnings Per Share Basic and diluted earnings per share (“EPS”) are computed using the two-class method, which is an earnings allocation method that determines EPS for common shares and participating securities. The undistributed earnings are allocated between common shares and participating securities as if all earnings had been distributed during the period. Participating securities and common shares have equal rights to undistributed earnings. Net earnings used for the purpose of determining basic and diluted EPS is determined by taking net earnings, less earnings available to participating securities. The following table reconciles the denominator used to compute basic EPS to the denominator used to compute diluted EPS for the years ended October 2, 2020, September 27, 2019 and September 28, 2018 (in thousands): For the Years Ended October 2, 2020 September 27, 2019 September 28, 2018 Numerator for Basic and Diluted EPS: Net earnings (loss) attributable to Jacobs from continuing operations $ 353,861 $ 290,960 $ (4,185) Net earnings from continuing operations allocated to participating securities (72) (415) — Net earnings (loss) from continuing operations allocated to common stock for EPS calculation $ 353,789 $ 290,545 $ (4,185) Net earnings attributable to Jacobs from discontinued operations $ 137,984 $ 557,019 $ 167,616 Net earnings from discontinued operations allocated to participating securities (28) (795) (808) Net earnings from discontinued operations allocated to common stock for EPS calculation $ 137,956 $ 556,224 $ 166,808 Net earnings allocated to common stock for EPS calculation $ 491,745 $ 846,769 $ 162,623 Denominator for Basic and Diluted EPS: Weighted average basic shares 131,541 138,104 138,182 Shares allocated to participating securities (27) (197) (646) Shares used for calculating basic EPS attributable to common stock 131,514 137,907 137,536 Effect of dilutive securities: Stock compensation plans (1) 1,207 1,299 — Shares used for calculating diluted EPS attributable to common stock 132,721 139,206 137,536 Net Earnings Per Share: Basic Net Earnings (Loss) from Continuing Operations Per Share $ 2.69 $ 2.11 $ (0.03) Basic Net Earnings from Discontinued Operations Per Share $ 1.05 $ 4.03 $ 1.21 Basic EPS $ 3.74 $ 6.14 $ 1.18 Diluted Net Earnings (Loss) from Continuing Operations Per Share $ 2.67 $ 2.09 $ (0.03) Diluted Net Earnings from Discontinued Operations Per Share $ 1.04 $ 4.00 $ 1.21 Diluted EPS $ 3.71 $ 6.08 $ 1.18 (1) For the fiscal 2018 period, because net earnings (loss) from continuing operations was a loss, the effect of antidilutive securities of 1,176 was excluded from the denominator in calculating diluted EPS. Share Repurchases On January 17, 2019, the Company’s Board of Directors authorized a share repurchase program of up to $1.0 billion of the Company’s common stock, to expire on January 16, 2022 (the "2019 Repurchase Authorization"). During fiscal 2019, the Company launched accelerated share repurchase programs by advancing a total of $500 million to two financial institutions in privately negotiated transactions (collectively, the "2019 ASR Programs"). The specific number of shares that the Company repurchased under the 2019 ASR Programs was determined based generally on a discount to the volume-weighted average price per share of the Company's common stock during a calculation period which ended on June 5, 2019 for the first $250 million in repurchases and on December 4, 2019 for the second $250 million in repurchases. The purchases were recorded as share retirements for purposes of calculating earnings per share. The following table summarizes the activity under the 2019 Repurchase Authorization during fiscal 2020: Amount Authorized Average Price Per Share (1) Shares Repurchased Total Shares Retired $1,000,000,000 $81.68 4,129,003 4,129,003 (1) Includes commissions paid and calculated at the average price per share As a precautionary measure in light of the COVID-19 pandemic, the Company temporarily suspended purchases under the share repurchase plan in March 2020, with such suspension remaining in effect through the fiscal third quarter of 2020. During the fourth fiscal quarter of 2020, the Company resumed share repurchases on a limited basis. As of October 2, 2020, the Company has $57.9 million r emaining under the 2019 Repurchase Authorization. On January 16, 2020, the Company’s Board of Directors authorized an additional share repurchase program of up to $1.0 billion of the Company’s common stock, to expire on January 15, 2023 (the "2020 Repurchase Authorization"). There have been no repurchases under the 2020 Repurchase Authorization as of October 2, 2020. The share repurchase programs do not obligate the Company to purchase any shares. Share repurchases may be executed through various means including, without limitation, accelerated share repurchases, open market transactions, privately negotiated transactions, purchases pursuant to a Rule 10b5-1 plan or otherwise. The authorization for the share repurchase programs may be terminated, increased or decreased by the Company’s Board of Directors in its discretion at any time. The timing, amount and manner of share repurchases may depend upon market conditions and economic circumstances, availability of investment opportunities, the availability and costs of financing, currency fluctuations, the market price of the Company's common stock, other uses of capital and other factors. Common and Preferred Stock Jacobs is authorized to issue two classes of capital stock designated “common stock” and “preferred stock” (each has a par value of $1.00 per share). The preferred stock may be issued in one or more series. The number of shares to be included in a series as well as each series’ designation, relative powers, dividend and other preferences, rights and qualifications, redemption provisions and restrictions are to be fixed by the Company’s Board of Directors at the time each series is issued. Except as may be provided by the Company’s Board of Directors in a preferred stock designation, or otherwise provided for by statute, the holders of shares of common stock have the exclusive right to vote for the election of directors and on all other matters requiring stockholder action. The holders of shares of common stock are entitled to dividends if and when declared by the Company’s Board of Directors from whatever assets are legally available for that purpose. Dividends On September 17, 2020, the Company’s Board of Directors declared a quarterly dividend of $0.19 per share of the Company’s common stock which was paid on October 30, 2020, to shareholders of record on the close of business on October 2, 2020. Future dividend declarations are subject to review and approval by the Company’s Board of Directors. Dividends paid through October 2, 2020 and the preceding fiscal year are as follows: Declaration Date Record Date Payment Date Cash Amount (per share) July 9, 2020 July 24, 2020 August 21, 2020 $0.19 May 5, 2020 May 20, 2020 June 17, 2020 $0.19 January 16, 2020 January 31, 2020 February 28, 2020 $0.19 September 19, 2019 October 4, 2019 November 1, 2019 $0.17 July 11, 2019 July 26, 2019 August 23, 2019 $0.17 May 2, 2019 May 17, 2019 June 14, 2019 $0.17 January 17, 2019 February 15, 2019 March 15, 2019 $0.17 |
Goodwill and Intangibles
Goodwill and Intangibles | 12 Months Ended |
Oct. 02, 2020 | |
Goodwill and Intangible Assets Disclosure [Abstract] | |
Goodwill and Intangibles | Goodwill and Intangibles The carrying value of goodwill associated with continuing operations and appearing in the accompanying Consolidated Balance Sheets October 2, 2020 and September 27, 2019 was as follows (in millions): Critical Mission Solutions People & Places Solutions Total Balance September 27, 2019 $ 2,202 $ 3,231 $ 5,433 Acquired 206 — 206 Post-Acquisition Adjustments 2 — 2 Disposed — (6) (6) Foreign Exchange Impact (1) 5 4 Balance October 2, 2020 $ 2,409 $ 3,230 $ 5,639 The following table provides a roll-forward of the Company’s acquired intangibles in the accompanying Consolidated Balance Sheets for the year ended October 2, 2020 (in thousands): Customer Relationships, Contracts and Backlog Developed Technology Trade Names Other Total Balances, September 27, 2019 $ 622,392 $ 40,833 $ 1,183 $ 668 $ 665,076 Acquired 73,558 6,452 — — 80,010 Transfer to lease right-of-use asset as a result of adoption of ASC 842 — — — (668) (668) Amortization (86,401) (3,734) (428) — (90,563) Foreign currency translation 4,496 21 (32) — 4,485 Balances, October 2, 2020 $ 614,045 $ 43,572 $ 723 $ — $ 658,340 Weighted Average Amortization Period (years) 8 11 10 — 8 The weighted average amortization period includes the effects of foreign currency translation. The following table presents estimated amortization expense of intangible assets for fiscal 2021 and for the succeeding years. The amounts below include preliminary amortization estimates for the Wood Group opening balance sheet fair values that are still preliminary and are subject to change. Fiscal Year (in millions) 2021 $ 90.7 2022 89.7 2023 89.4 2024 89.2 2025 88.8 Thereafter 210.5 Total $ 658.3 |
Other Financial Information
Other Financial Information | 12 Months Ended |
Oct. 02, 2020 | |
Other Financial Information [Abstract] | |
Other Financial Information | Other Financial Information Receivables and contract assets The following table presents the components of receivables appearing in the accompanying Consolidated Balance Sheets at October 2, 2020 and September 27, 2019 as well as certain other related information (in thousands): October 2, 2020 September 27, 2019 Components of receivables: Amounts billed, net $ 1,294,204 $ 1,222,339 Unbilled receivables and other 1,449,184 1,216,028 Contract assets 423,922 401,842 Total receivables and contract assets, net $ 3,167,310 $ 2,840,209 Other information about receivables: Amounts due from the United States federal government included above, net of advanced billings $ 600,207 $ 630,975 Property, Equipment and Improvements, Net The following table presents the components of our property, equipment and improvements, net at October 2, 2020 and September 27, 2019 (in thousands): October 2, 2020 September 27, 2019 Land $ 966 $ 355 Buildings 21,550 14,331 Equipment 560,352 533,804 Leasehold improvements 187,980 247,660 Construction in progress 16,410 8,781 787,258 804,931 Accumulated depreciation and amortization (467,887) (496,788) $ 319,371 $ 308,143 The following table presents our property, equipment and improvements, net by geographic area for the years ended October 2, 2020 and September 27, 2019 (in thousands): For the Years Ended October 2, 2020 September 27, 2019 Property, equipment and improvements, net: United States $ 230,881 $ 230,476 Europe 59,321 52,775 Canada 2,599 3,199 Asia 3,817 5,652 India 10,710 2,379 Australia and New Zealand 10,492 12,091 Middle East and Africa 1,551 1,571 Total $ 319,371 $ 308,143 See discussion in Note 10- Leases , regarding impairments recorded in the current year relating to the Company's real estate lease portfolio and related property, equipment and improvements, net. Accrued Liabilities The following table presents the components of “Accrued liabilities” shown in the accompanying Consolidated Balance Sheets at October 2, 2020 and September 27, 2019 (in thousands): October 2, 2020 September 27, 2019 Accrued payroll and related liabilities $ 746,637 $ 677,313 Project-related accruals 60,531 58,835 Non project-related accruals 237,204 258,312 Insurance liabilities 75,267 83,968 Sales and other similar taxes 104,720 34,390 Deferred rent — 68,914 Dividends payable 25,524 23,439 Deferred gain on ECR disposition (1) — 179,208 Current liabilities held for sale — 2,573 Total $ 1,249,883 $ 1,386,952 (1) See Note 15- Sale of Energy, Chemicals and Resource ("ECR") Business for discussion regarding deferred gain. Accumulated Other Comprehensive Income The following table presents the Company's roll forward of accumulated income (loss) after-tax for the years ended October 2, 2020 and September 27, 2019 (in thousands): Change in Pension and Retiree Medical Plan Liabilities Foreign Currency Translation Adjustment Gain/(Loss) on Cash Flow Hedges Total Balance at September 28, 2018 $ (309,867) $ (496,017) $ (819) $ (806,703) Other comprehensive income (loss) (104,434) (84,456) 990 (187,900) Reclassifications from other comprehensive income (loss) (22,448) 100,428 (189) 77,791 Balance at September 27, 2019 $ (436,749) $ (480,045) $ (18) $ (916,812) Other comprehensive income (loss) (61,994) 60,330 (17,569) (19,233) Reclassifications from other comprehensive income (loss) 17 — 2,971 2,988 Balance at October 2, 2020 $ (498,726) $ (419,715) $ (14,616) $ (933,057) |
Income Taxes
Income Taxes | 12 Months Ended |
Oct. 02, 2020 | |
Income Tax Disclosure [Abstract] | |
Income Taxes | Income Taxes The following table presents the components of our consolidated income taxes for continuing operations for years ended October 2, 2020, September 27, 2019 and September 28, 2018 (in thousands): For the Years Ended October 2, 2020 September 27, 2019 September 28, 2018 Current income tax (benefit) expense from continuing operations: Federal $ (37,030) $ 25,549 $ 49,829 State (5,021) 6,639 (1,546) Foreign 41,616 57,156 20,858 Total current tax expense from continuing operations (435) 89,344 69,141 Deferred income tax expense (benefit) from continuing operations: Federal 53,485 6,607 230,358 State 7,133 20,408 17,318 Foreign (4,863) (79,405) 8,815 Total deferred tax expense (benefit) from continuing operations 55,755 (52,390) 256,491 Consolidated income tax expense from continuing operations $ 55,320 $ 36,954 $ 325,632 On December 22, 2017, the Tax Cuts and Jobs Act (the “Act”) was enacted in the United States and significantly revised the U.S. corporate income tax laws. Given the significance of the legislation, the SEC staff issued Staff Accounting Bulletin No. 118 (SAB 118), which allowed registrants to record provisional amounts during a one year “measurement period” like that used when accounting for business combinations. As of December 22, 2018, we completed our accounting for the tax effects of the enactment of the Act. For the deferred tax balances, we measured the U.S. deferred tax assets and liabilities based on the rates at which they are expected to reverse in the future, which is generally 21%. The Company’s revised measurement resulted in cumulative charges to income tax expense of $144.4 million during fiscal year 2018. Additionally, in fiscal year 2019, the Company recorded $24.4 million of tax expense associated with the valuation of U.S. net operating losses that were expected to be recovered at 35%, but were actually utilized at 21%. The Act called for a one-time tax on deemed repatriation of foreign earnings. This one-time transition tax was based on our total post-1986 earnings and profits (E&P) of certain of our foreign subsidiaries. We recorded $14.3 million in cumulative transition taxes during the measurement period in fiscal year 2018, although the transition tax was expected to be offset by foreign tax credits in the future, resulting in no additional cash tax liability. In fiscal 2018 the Company adopted ASU No 2018-02 , Income Statement - Reporting Comprehensive Income (Topic 220): Reclassification of Certain Tax Effects from Accumulated Other Comprehensive Income . The guidance provides the option to reclassify to retained earnings tax effects related to items in accumulated other comprehensive income that the FASB refers to as having been stranded in accumulated other comprehensive income as a result of tax reform. As a result of adoption of ASU 2018-02, the Company reclassified $10.2 million in accumulated other comprehensive income to retained earnings relating to the fiscal 2018 year deferred tax activity for its U.S. pension plans resulting from the Act. Deferred taxes reflect the tax effects of temporary differences between the amounts recorded as assets and liabilities for financial reporting purposes and the comparable amounts recorded for income tax purposes. Deferred tax assets and liabilities are measured using the enacted tax rates and laws that will be in effect when the differences are expected to reverse. The following table presents the components of our net deferred tax assets at October 2, 2020 and September 27, 2019 (in thousands): October 2, 2020 September 27, 2019 Deferred tax assets: Obligations relating to: Defined benefit pension plans $ 55,949 $ 56,854 Other employee benefit plans 132,613 149,276 Net operating losses 197,987 241,033 Foreign tax credit 87,259 84,553 Other credits 6,808 13,881 Contract revenues and costs 70,733 51,579 Investments 49,848 23,204 Lease liability 154,979 — Deferred rent — 21,847 Restructuring 11,974 8,205 Valuation allowance (140,578) (153,257) Gross deferred tax assets 627,572 497,175 Deferred tax liabilities: Depreciation and amortization (240,097) (177,002) Lease right of use asset (89,824) — Unremitted earnings (17,295) (29,761) Partnership investment (66,082) — Other, net (6,593) (8,890) Gross deferred tax liabilities (419,891) (215,653) Net deferred tax assets $ 207,681 $ 281,522 A valuation allowance is recorded to reduce deferred tax assets to the amount that is more likely than not to be realized based on an assessment of positive and negative evidence, including estimates of future taxable income necessary to realize future deductible amounts. The valuation allowance was $140.6 million at October 2, 2020 and $153.3 million at September 27, 2019. Of the $12.7 million decrease in the valuation allowance, $15.1 million relates to a decrease for a change in judgment on the realizability of deferred tax assets in the U.K., which is offset by a $2.4 million increase attributable to current year activity. At October 2, 2020 and September 27, 2019, the domestic and international net operating loss (NOL) carryforwards totaled $783.9 million and $945.1 million, resulting in an NOL deferred tax asset of $198.0 million and $241.0 million, respectively. The Company's net operating losses have various expiration periods between 2021 and indefinite periods. At October 2, 2020, the Company has foreign tax credit carryforwards of $87.3 million, expiring between 2022 and 2037. The following table presents the income tax benefits from continuing operations realized from the exercise of non-qualified stock options and disqualifying dispositions of stock sold under our employee stock purchase plans for the years ended October 2, 2020, September 27, 2019 and September 28, 2018 (in millions): For the Years Ended October 2, 2020 September 27, 2019 September 28, 2018 $ 10.2 $ 7.9 $ 2.2 The following table reconciles total income tax expense from continuing operations using the statutory U.S. federal income tax rate to the consolidated income tax expense for continuing operations shown in the accompanying Consolidated Statements of Earnings for the years ended October 2, 2020, September 27, 2019 and September 28, 2018 (dollars in thousands): For the Years Ended October 2, 2020 % September 27, 2019 % September 28, 2018 % Statutory amount $ 92,652 21.0 % $ 73,701 21.0 % $ 81,421 24.6 % State taxes, net of the federal benefit 7,254 1.6 % 10,183 2.9 % 15,772 4.8 % Exclusion of tax on non-controlling interests (6,622) (1.5) % (4,839) (1.4) % (2,389) (0.7) % Foreign: Difference in tax rates of foreign operations (6,267) (1.4) % 1,083 0.3 % 2,815 0.9 % Benefit from foreign valuation allowance release (16,861) (3.8) % (29,125) (8.3) % (5,088) (1.5) % U.S. tax cost (benefit) of foreign operations 42,992 9.7 % (17,760) (5.1) % 4,030 1.2 % Tax differential on foreign earnings 19,864 4.5 % (45,802) (13.1) % 1,757 0.6 % Foreign tax credits (26,471) (6.0) % (15,682) (4.5) % (21,735) (6.6) % Tax Rate Change (6,811) (1.5) % — — — — Tax reform — — % 36,674 10.4 % 155,756 47.1 % Valuation allowance — — % (207) (0.1) % 104,221 31.5 % Uncertain tax positions (11,338) (2.6) % (6,883) (2.0) % (1,402) (0.4) % Other items: IRS §179D deduction (7,267) (1.6) % (2,957) (0.8) % (4,557) (1.4) % Disallowed officer compensation 5,081 1.2 % 5,568 1.6 % 1,510 0.5 % Stock compensation (10,234) (2.3) % (7,864) (2.2) % (2,158) (0.7) % Other items – net (788) (0.2) % (4,938) (1.4) % (2,564) (0.8) % Total other items (13,208) (3.0) % (10,191) (2.8) % (7,769) (2.4) % Taxes on income from continuing operations $ 55,320 12.5 % $ 36,954 10.5 % $ 325,632 98.4 % The following table presents income tax payments made during the years ended October 2, 2020, September 27, 2019 and September 28, 2018 (in millions): October 2, 2020 September 27, 2019 September 28, 2018 $ 39.8 $ 291.7 $ 44.3 The following table presents the components of our consolidated earnings from continuing operations before taxes for the years ended October 2, 2020, September 27, 2019 and September 28, 2018 (in thousands): For the Years Ended October 2, 2020 September 27, 2019 September 28, 2018 United States earnings $ 208,302 $ 225,898 $ 263,991 Foreign earnings 232,901 125,061 66,990 $ 441,203 $ 350,959 $ 330,981 The tax cost, net of applicable credits, have been provided on the undistributed earnings of the Company’s foreign subsidiaries. As of October 2, 2020, the estimated tax cost of repatriating earnings to the United States is approximately $16.2 million. The Company does not assert any earnings to be permanently reinvested. The Company accounts for unrecognized tax benefits in accordance with ASC Topic 740, Income Taxes . It accounts for interest and penalties on unrecognized tax benefits as interest and penalties reported above the line (i.e., not as part of income tax expense). The Company’s liability for gross unrecognized tax benefits was $93.4 million and $85.2 million at October 2, 2020 and September 27, 2019, respectively, after ASU 2013-11 netting of $9.1 million and $19.2 million, respectively. If recognized, $86.2 million would affect the Company’s consolidated effective income tax rate. The Company had $40.4 million and $51.1 million in accrued interest and penalties at October 2, 2020 and September 27, 2019, respectively. The Company estimates that, within twelve months, we may realize a decrease in our uncertain tax positions of approximately $5.5 million as a result of concluding various tax audits and closing tax years. As of October 2, 2020, the Company’s U.S. federal income tax returns for tax years 2013 and forward remain subject to examination. The following table presents the reconciliation of the beginning and ending amount of unrecognized tax benefits for both continuing and discontinued operations, with ECR-sale related impacts removed in the Acquisitions/Divestitures row, for the years ended October 2, 2020, September 27, 2019 and September 28, 2018 (in thousands): For the Years Ended October 2, 2020 September 27, 2019 September 28, 2018 Balance, beginning of year $ 104,355 $ 179,140 $ 38,580 Acquisitions/Divestitures — (31,004) 137,912 Additions based on tax positions related to the current year 1,064 7,455 9,780 Additions for tax positions of prior years 7,472 1,994 5,561 Reductions for tax positions of prior years (6,695) (49,849) (8,962) Settlement (3,712) (3,381) (3,731) Balance, end of year $ 102,484 $ 104,355 $ 179,140 |
Joint Ventures and VIE's
Joint Ventures and VIE's | 12 Months Ended |
Oct. 02, 2020 | |
Equity Method Investments and Joint Ventures [Abstract] | |
Joint Ventures and VIE's | Joint Ventures and VIEs For consolidated joint ventures, the entire amount of the revenue recognized for services performed and the costs associated with these services, including the services provided by the other joint venture partners, are included in the Company's result of operations. Likewise, the entire amount of each of the assets and liabilities are included in the Company’s consolidated balance sheet. There are no consolidated VIEs that have debt or credit facilities. Summary financial information of consolidated VIEs is as follows (in millions): October 2, 2020 September 27, 2019 Current assets $ 261.6 $ 192.6 Non-Current assets 0.2 — Total assets $ 261.8 $ 192.6 Current liabilities $ 190.3 $ 138.5 Non-current liabilities — — Total liabilities $ 190.3 $ 138.5 For the Years Ended October 2, 2020 September 27, 2019 September 28, 2018 Revenue $ 912.9 $ 571.6 $ 481.4 Direct cost of contracts (807.9) (526.7) (452.9) Gross profit 105.0 44.9 28.5 Net earnings $ 72.6 $ 45.2 $ 28.4 Unconsolidated joint ventures are accounted for under the equity method or proportionate consolidation. Proportionate consolidation is used for joint ventures that include unincorporated legal entities and activities of the joint venture are construction-related. For those joint ventures accounted for under proportionate consolidation, only the Company’s pro rata share of assets, liabilities, revenue, and costs are included in the Company’s balance sheet and results of operations. For the proportionate consolidated VIEs, the carrying value of assets and liabilities was $64.1 million and $63.0 million as of October 2, 2020, respectively and $61.1 million and $63.7 million as of September 27, 2019, respectively. For those joint ventures accounted for under the equity method, the Company's investment balances for the joint venture is included in other noncurrent Assets: miscellaneous on the balance sheet and the Company’s pro rata share of net income is included in revenue. In limited cases, there are basis differences between the equity in the joint venture and Jacobs' investment created when Jacobs purchased their share of the joint venture. These basis differences are amortized based on an internal allocation to underlying net assets, excluding allocations to goodwill. As of October 2, 2020, the Company’s equity method investments exceeded its share of venture net assets by $71.1 million. Our investments in equity method joint ventures on the Consolidated Balance Sheets as of October 2, 2020 and September 27, 2019 were a net asset of $161.3 million and $157.9 million, respectively. During the years ended October 2, 2020, September 27, 2019, and September 28, 2018, we recognized income from equity method joint ventures of $82.2 million, $48.5 million, and $47.9 million, respectively. Summary financial information of unconsolidated joint ventures accounted for under the equity method, as derived from their unaudited financial statements, is as follows (in millions): October 2, 2020 September 27, 2019 Current assets $ 1,697.0 $ 1,443.5 Non-Current assets 34.9 29.9 Total assets $ 1,731.9 $ 1,473.4 Current liabilities $ 889.7 $ 692.1 Non-current liabilities 631.0 473.6 Total liabilities 1,520.7 1,165.7 Joint ventures' equity 211.2 307.7 Total liabilities & joint venture equity $ 1,731.9 $ 1,473.4 For the Years Ended October 2, 2020 September 27, 2019 September 28, 2018 Revenue $ 3,447.0 $ 3,533.1 $ 3,165.0 Direct cost of contracts (3,126.6) (3,176.2) (2,902.5) Gross profit $ 320.4 $ 356.9 $ 262.5 Net earnings $ 245.3 $ 227.0 $ 221.1 Accounts receivable from unconsolidated joint ventures accounted for under the equity method is $8.3 million and $19.5 million as of October 2, 2020 and September 27, 2019, respectively. |
Borrowings
Borrowings | 12 Months Ended |
Oct. 02, 2020 | |
Debt Disclosure [Abstract] | |
Borrowings | Borrowings Short-Term Debt At September 27, 2019, short-term debt consisted of a bilateral term loan facility with an aggregate principal balance of $200.0 million (the "Bilateral Term Loan") and uncommitted credit arrangements with several banks providing short-term borrowing capacity and overdraft protection. Offset from the Bilateral Term Loan were deferred financing fees of $0.1 million. This loan was repaid during the second fiscal quarter of 2020. Long-term Debt The following table presents certain information regarding the Company’s long-term debt at October 2, 2020 and September 27, 2019 (dollars in thousands): Interest Rate Maturity October 2, 2020 September 27, 2019 Revolving Credit Facility LIBOR + applicable margin (1) March 2024 $ 152,794 $ 303,780 2020 Term Loan Facility LIBOR + applicable margin (2) March 2025 1,025,826 — 2017 Term Loan Facility LIBOR + applicable margin (3) December 2020 — 400,000 Fixed-rate notes due: Senior Notes, Series A 4.27% May 2025 190,000 190,000 Senior Notes, Series B 4.42% May 2028 180,000 180,000 Senior Notes, Series C 4.52% May 2030 130,000 130,000 Less: Deferred Financing Fees (1,679) (2,535) Total Long-term debt, net $ 1,676,941 $ 1,201,245 (1) Depending on the Company’s Consolidated Leverage Ratio (as defined in the credit agreement governing the Revolving Credit Facility (defined below)), borrowings under the Revolving Credit Facility bear interest at either a eurocurrency rate plus a margin of between 0.875% and 1.5% or a base rate plus a margin of between 0% and 0.5%. The applicable LIBOR rates, including applicable margins, at October 2, 2020 and September 27, 2019 were approximately 1.39% and 2.97%. (2) Depending on the Company’s Consolidated Leverage Ratio (as defined in the credit agreement governing the 2020 Term Loan Facility (defined below)), borrowings under the 2020 Term Loan Facility bear interest at either a eurocurrency rate plus a margin of between 0.875% and 1.5% or a base rate plus a margin of between 0% and 0.5%. The applicable LIBOR rate, including applicable margin, at October 2, 2020 was approximately 1.37%. (3) Depending on the Company’s Consolidated Leverage Ratio (as defined in the credit agreement governing the 2017 Term Loan Facility (defined below)), borrowings under the 2017 Term Loan Facility bear interest at either a eurocurrency rate plus a margin of between 1.0% and 1.5% or a base rate plus a margin of between 0% and 0.5%. The applicable LIBOR rate, including applicable margin, at September 27, 2019 was approximately 3.05%. On February 7, 2014, Jacobs and certain of its subsidiaries entered into a $1.6 billion long-term unsecured, revolving credit facility (as amended, the “2014 Revolving Credit Facility”) with a syndicate of U.S. and international banks and financial institutions. On March 27, 2019, the Company entered into a second amended and restated credit agreement (the "Revolving Credit Facility") which amended and restated the 2014 Revolving Credit Facility by, among other things, (a) extending the maturity date of the credit facility to March 27, 2024, (b) increasing the facility amount to $2.25 billion (with an accordion feature that allows a further increase of the facility amount up to $3.25 billion), (c) eliminating the covenants restricting investments, joint ventures and acquisitions by the Company and its subsidiaries and (d) adjusting the financial covenants to eliminate the net worth covenant upon the removal of the same covenant from the Company’s existing Note Purchase Agreement (defined below). We were in compliance with the covenants under the Revolving Credit Facility at October 2, 2020. The Revolving Credit Facility permits the Company to borrow under two separate tranches in U.S. dollars, certain specified foreign currencies, and any other currency that may be approved in accordance with the terms of the Revolving Credit Facility. The Revolving Credit Facility also provides for a financial letter of credit sub facility of $400.0 million, permits performance letters of credit, and provides for a $50.0 million sub facility for swing line loans. Letters of credit are subject to fees based on the Company’s Consolidated Leverage Ratio. The Company pays a facility fee of between 0.08% and 0.20% per annum depending on the Company’s Consolidated Leverage Ratio. On March 25, 2020, the Company entered into an unsecured term loan facility (the “2020 Term Loan Facility”) with a syndicate of financial institutions as lenders. Under the 2020 Term Loan Facility, the Company borrowed an aggregate principal amount of $730.0 million and one of the Company's U.K. subsidiaries borrowed an aggregate principal amount of £250.0 million. The proceeds of the term loans were used to repay the Bilateral Term Loan and for general corporate purposes. The 2020 Term Loan Facility contains affirmative and negative covenants and events of default customary for financings of this type that are consistent with those included in the Revolving Credit Facility. We were in compliance with the covenants under the 2020 Term Loan Facility at October 2, 2020. During fiscal 2020, the Company entered into interest rate and cross currency derivative contracts to swap a portion of our variable rate debt to fixed rate debt. See Note 17- Commitments and Contingencies and Derivative Financial Instruments for discussion regarding the Company's derivative instruments. On September 28, 2017, the Company entered into a $1.5 billion unsecured delayed-draw term loan facility (as amended, the “2017 Term Loan Facility”) with a syndicate of financial institutions as lenders and letter of credit issuers. We incurred loans under the 2017 Term Loan Facility on December 15, 2017 in connection with the closing of the CH2M acquisition in order to pay cash consideration for the acquisition, and to pay fees and expenses related to the acquisition and the 2017 Term Loan Facility. The 2017 Term Loan Facility was repaid in full during the first fiscal quarter of 2020. On March 12, 2018, Jacobs entered into a note purchase agreement (as amended, the "Note Purchase Agreement") with respect to the issuance and sale in a private placement transaction of $500.0 million in the aggregate principal amount of the Company’s senior notes in three series (collectively, the “Senior Notes”). The Note Purchase Agreement provides that if the Company's consolidated leverage ratio exceeds a certain amount, the interest on the Senior Notes may increase by 75 basis points. The Senior Notes may be prepaid at any time subject to a make-whole premium. The sale of the Senior Notes closed on May 15, 2018. The Company used the net proceeds from the offering of Senior Notes to repay certain existing indebtedness and for other general corporate purposes. The Note Purchase Agreement contains affirmative, negative and financial covenants customary for financings of this type, including, among other things, covenants to maintain a minimum consolidated net worth and maximum consolidated leverage ratio and limitations on certain liens, mergers, dispositions and transactions with affiliates. In addition, the Note Purchase Agreement contains customary events of default. We were in compliance with the covenants under the Note Purchase Agreement at October 2, 2020. We believe the carrying value of the Revolving Credit Facility and the 2020 Term Loan Facility approximates fair value based on the interest rates and scheduled maturities applicable to the outstanding borrowings. The fair value of the Senior Notes is estimated to be $543.7 million at October 2, 2020, based on Level 2 inputs. The fair value is determined by discounting future cash flows using interest rates available for issuances with similar terms and average maturities. The Company has issued $2.3 million in letters of credit under the Revolving Credit Facility, leaving $2.09 billion of available borrowing capacity under the Revolving Credit Facility at October 2, 2020. In addition, the Company had issued $260.7 million under separate, committed and uncommitted letter-of-credit facilities for total issued letters of credit of $263.0 million at October 2, 2020. The following table presents the amount of interest paid by the Company during October 2, 2020, September 27, 2019 and September 28, 2018 (in thousands): For the Years Ended October 2, 2020 September 27, 2019 September 28, 2018 $58,257 $81,582 $68,467 |
Leases
Leases | 12 Months Ended |
Oct. 02, 2020 | |
Leases [Abstract] | |
Leases | Leases The components of lease expense (reflected in selling, general and administrative expenses) for th e year ended October 2, 2020 were as follows (in thousands): Year Ended Lease cost Operating lease cost $ 169,967 Variable lease cost 35,083 Sublease income (14,719) Total lease cost $ 190,331 Supplemental information related to the Company's leases for the year ended October 2, 2020 was as follows (in thousands): Year Ended Cash paid for amounts included in the measurements of lease liabilities $ 195,345 Right-of-use assets obtained in exchange for new operating lease liabilities $ 66,761 Weighted average remaining lease term - operating leases 7 years Weighted average discount rate - operating leases 2.7% Total remaining lease payments under the Company's leases for each of the succeeding years is as follows (in thousands): Fiscal Year Operating Leases 2021 $ 184,967 2022 163,166 2023 144,668 2024 127,472 2025 107,866 Thereafter 266,539 994,678 Less Interest (95,164) $ 899,514 Right-of-Use and Other Long-Lived Asset Impairment In the fourth fiscal quarter of 2020, as a result and in consideration of the impacts of the COVID-19 pandemic and the changing nature of the Company's use of office space for its workforce, the Company evaluated its existing real estate lease portfolio as part of its transformation initiatives related to real estate and staffing programs. These initiatives during the fourth quarter resulted in the actual abandonment of certain leased office spaces and the establishment of a formal plan to sublease certain other leased spaces that will no longer be utilized by the Company. In connection with the Company’s actions related to these initiatives, the Company evaluated certain of its lease right-of-use assets and related property, equipment and leasehold improvements for impairment under ASC 360. As a result of the analysis, the Company recognized an impairment loss during the fourth quarter of fiscal 2020 of $162 million, which is included in selling, general and administrative expenses in the accompanying statement of earnings for the fiscal year ended October 2, 2020. The impairment loss recorded includes $127 million related to right-of-use lease assets and $35 million related to other long-lived assets, including property, equipment and improvements and leasehold improvements. |
Leases | Leases The components of lease expense (reflected in selling, general and administrative expenses) for th e year ended October 2, 2020 were as follows (in thousands): Year Ended Lease cost Operating lease cost $ 169,967 Variable lease cost 35,083 Sublease income (14,719) Total lease cost $ 190,331 Supplemental information related to the Company's leases for the year ended October 2, 2020 was as follows (in thousands): Year Ended Cash paid for amounts included in the measurements of lease liabilities $ 195,345 Right-of-use assets obtained in exchange for new operating lease liabilities $ 66,761 Weighted average remaining lease term - operating leases 7 years Weighted average discount rate - operating leases 2.7% Total remaining lease payments under the Company's leases for each of the succeeding years is as follows (in thousands): Fiscal Year Operating Leases 2021 $ 184,967 2022 163,166 2023 144,668 2024 127,472 2025 107,866 Thereafter 266,539 994,678 Less Interest (95,164) $ 899,514 Right-of-Use and Other Long-Lived Asset Impairment In the fourth fiscal quarter of 2020, as a result and in consideration of the impacts of the COVID-19 pandemic and the changing nature of the Company's use of office space for its workforce, the Company evaluated its existing real estate lease portfolio as part of its transformation initiatives related to real estate and staffing programs. These initiatives during the fourth quarter resulted in the actual abandonment of certain leased office spaces and the establishment of a formal plan to sublease certain other leased spaces that will no longer be utilized by the Company. In connection with the Company’s actions related to these initiatives, the Company evaluated certain of its lease right-of-use assets and related property, equipment and leasehold improvements for impairment under ASC 360. As a result of the analysis, the Company recognized an impairment loss during the fourth quarter of fiscal 2020 of $162 million, which is included in selling, general and administrative expenses in the accompanying statement of earnings for the fiscal year ended October 2, 2020. The impairment loss recorded includes $127 million related to right-of-use lease assets and $35 million related to other long-lived assets, including property, equipment and improvements and leasehold improvements. |
Employee Stock Purchase and Sto
Employee Stock Purchase and Stock Incentive Plans | 12 Months Ended |
Oct. 02, 2020 | |
Share-based Payment Arrangement [Abstract] | |
Employee Stock Purchase and Stock Incentive Plans | Employee Stock Purchase and Stock Incentive Plans Employee Stock Purchase Plans Under the 1989 ESPP and the GESPP, eligible employees who elect to participate in these plans are granted the right to purchase shares of the common stock of Jacobs at a discount that is limited to 5% of the per-share market value on the day shares are sold to employees. The following table summarizes the stock issuance activity under the 1989 ESPP and the GESPP for the fiscal years ended October 2, 2020, September 27, 2019 and September 28, 2018: For the Years Ended October 2, 2020 September 27, 2019 September 28, 2018 Aggregate Purchase Price Paid for Shares Sold: Under the 1989 ESPP $ 25,364,252 $ 24,824,232 $ 21,590,858 Under the GESPP 2,448,349 2,471,193 2,240,609 Total $ 27,812,601 $ 27,295,425 $ 23,831,467 Aggregate Number of Shares Sold: Under the 1989 ESPP 304,018 354,580 357,899 Under the GESPP 29,060 34,843 36,405 Total 333,078 389,423 394,304 On January 19, 2017, the Company’s stockholders approved an increase in the number of shares authorized by 4,350,000 shares for the 1989 ESPP and by 150,000 shares for the GESPP. At October 2, 2020, there rema ins 3,529,357 sh ares reserved for issuance under the 1989 ESPP and 74,672 shares reserved for issuance under the GESPP. Stock Incentive Plans We also sponsor the 1999 Stock Incentive Plan, as amended and restated (the "SIP") and the 1999 Outside Director Stock Plan, as amended and restated (the "ODSP"). The 1999 SIP provides for the issuance of incentive stock options, non-qualified stock options, share appreciation rights ("SARs"), restricted stock and restricted stock units to employees. The 1999 ODSP provides for awards of shares of common stock, restricted stock, restricted stock units and grants of non-qualified stock options to our outside (i.e., nonemployee) directors. The following table sets forth certain information about the 1999 Plans: 1999 SIP 1999 ODSP Total Number of shares authorized 29,850,000 1,100,000 30,950,000 Number of remaining shares reserved for issuance at October 2, 2020 5,272,572 359,875 5,632,447 Number of shares relating to outstanding stock options at October 2, 2020 568,114 138,375 706,489 Number of shares available for future awards: At October 2, 2020 4,704,458 221,500 4,925,958 At September 27, 2019 4,963,761 256,252 5,220,013 Effective September 28, 2012, all grants of shares under the 1999 SIP are issued on a fungible basis. An award other than an option or SAR are granted on a 1.92-to-1.00 basis (“Fungible”). An award of an option or SAR are granted on a 1-to-1 basis (“Not Fungible”). The following table presents the fair value of shares (of restricted stock and restricted stock units) vested for the years ended October 2, 2020, September 27, 2019 and September 28, 2018 (in thousands): For the Years Ended October 2, 2020 September 27, 2019 September 28, 2018 Restricted Stock and Restricted Stock Units (service condition) $ 29,209 $ 37,864 $ 64,121 Restricted Stock Units (service, market, and performance conditions at target) 20,998 17,124 2,626 Total $ 50,207 $ 54,988 $ 66,747 At October 2, 2020, the amount of compensation cost relating to non-vested awards not yet recognized in the financial statements is approximately $61.3 million. The majority of these unrecognized compensation costs will be recognized by the first quarter of fisc al 2022. The weighted average remaining contractual term of options currently exercisable is 2.1 years. Stock Options The following table summarizes the stock option activity for the years ended October 2, 2020, September 27, 2019 and September 28, 2018: Number of Stock Options Weighted Average Outstanding at September 29, 2017 2,516,825 $ 46.19 Exercised (636,019) $ 46.93 Cancelled or expired (114,047) $ 52.26 Outstanding at September 28, 2018 1,766,759 $ 45.53 Exercised (828,529) $ 45.63 Cancelled or expired (11,624) $ 42.10 Outstanding at September 27, 2019 926,606 $ 45.48 Exercised (212,467) $ 44.05 Cancelled or expired (7,650) $ 45.31 Outstanding at October 2, 2020 706,489 $ 45.91 Cash received from the exercise of stock options, net of tax remitted, during the year ended October 2, 2020 was $9.4 million. Stock options outstanding at October 2, 2020 consisted entirely of non-qualified stock options. The following table presents the total intrinsic value of stock options exercised for the fiscal years ended October 2, 2020, September 27, 2019 and September 28, 2018 (in thousands): For the Years Ended October 2, 2020 September 27, 2019 September 28, 2018 $9,986 $27,720 $13,931 The total intrinsic value of stock options exercisable at October 2, 2020 was approximately $34.1 million. The following table presents certain other information regarding our 1999 SIP and 1999 OSDP for the fiscal years ended October 2, 2020, September 27, 2019 and September 28, 2018: October 2, 2020 September 27, 2019 September 28, 2018 At fiscal year end: Range of exercise prices for options exercisable $32.51–$60.43 $32.51–$60.43 $32.51–$60.43 Number of options exercisable 706,489 860,114 1,557,900 For the fiscal year: Range of prices relating to options exercised $37.03–$60.08 $36.88-$60.43 $35.93-$61.26 The following table presents certain information regarding stock options outstanding and stock options exercisable at October 2, 2020: October 2, 2020 Options Outstanding Options Exercisable Range of Exercise Prices Number Weighted Average Remaining Contractual Life (years) Weighted Average Price Number Weighted Average Exercise Price $32.51 - $37.03 36,500 1.63 $ 36.97 36,500 $ 36.97 $37.43 - $46.09 468,077 4.51 $ 43.08 468,077 $ 43.08 $47.11 - $55.13 173,537 2.72 $ 53.05 173,537 $ 53.05 $60.08 - $80.63 28,375 3.35 $ 60.39 28,375 $ 60.39 706,489 3.88 $ 45.91 706,489 $ 45.91 The 1999 ODSP and the 1999 SIP allow participants to satisfy the exercise price of stock options by tendering shares of Jacobs common stock that have been owned by the participants for at least six months. Shares so tendered are retired and canceled, and are shown as repurchases of common stock in the accompanying Consolidated Statements of Stockholders’ Equity. The weighted average remaining contractual term of options currently exercisable i s 3.88 years. Restricted Stock The following table presents the number of shares of restricted stock and restricted stock units issued as common stock under the 1999 SIP for the years ended October 2, 2020, September 27, 2019 and September 28, 2018: For the Years Ended October 2, 2020 September 27, 2019 September 28, 2018 Restricted stock — — — Restricted stock units (service condition) 351,670 318,056 1,087,724 Restricted stock units (service and performance conditions) 202,792 240,068 254,784 The amount of restricted stock units issued for awards with performance and market conditions in the above table are issued based on performance against the target amount. The number of shares ultimately issued, which could be greater or less than target, will be based on achieving specific performance conditions related to the awards as well as achieving the service condition required for the restricted stock units to vest. The following table presents the number and weighted average grant-date fair value of restricted stock and restricted stock units at October 2, 2020: Number of Shares Weighted Average Grant-Date Fair Value Outstanding at September 27, 2019 1,723,037 $ 65.80 Granted 728,478 $ 85.61 Vested (850,054) $ 60.37 Canceled (75,935) $ 75.86 Outstanding at October 2, 2020 1,525,526 $ 77.88 The following table presents the number of shares of restricted stock and restricted stock units canceled and withheld for taxes under the 1999 SIP for the years ended October 2, 2020, September 27, 2019 and September 28, 2018: For the Years Ended October 2, 2020 September 27, 2019 September 28, 2018 Restricted stock 34,417 105,301 284,254 Restricted stock units (service condition) 183,099 295,122 336,516 Restricted stock units (service, market and performance conditions) 160,781 183,654 95,063 The amount of unvested restricted stock units canceled for awards with service and performance conditions in the above table is based on the service period achieved and performance against the target amount. The restrictions attached to restricted stock and restricted stock units generally relate to the recipient’s ability to sell or otherwise transfer the stock or stock units. There are also restrictions that subject the stock and stock units to forfeiture back to the Company until earned by the recipient through continued employment or service. The following table provides the number of restricted stock units outstanding at October 2, 2020 under the 1999 SIP. No shares of restricted stock were issued under the 1999 ODSP during such periods. October 2, 2020 Restricted stock — Restricted stock units (service condition) 756,054 Restricted stock units (service, market and performance conditions) 647,262 The following table presents the number of shares of restricted stock and restricted stock units issued under the 1999 ODSP for the years ended October 2, 2020, September 27, 2019 and September 28, 2018: For the Years Ended October 2, 2020 September 27, 2019 September 28, 2018 Restricted stock units (service condition) 18,100 26,372 21,620 The following table provides the number of shares of restricted stock and restricted stock units outstanding at October 2, 2020 under the 1999 ODSP: October 2, 2020 Restricted stock 34,000 Restricted stock units (service condition) 88,210 |
Savings and Deferred Compensati
Savings and Deferred Compensation Plans | 12 Months Ended |
Oct. 02, 2020 | |
Savings And Deferred Compensation Plans [Abstract] | |
Savings and Deferred Compensation Plans | Savings and Deferred Compensation Plans Savings Plans We sponsor various defined contribution savings plans which allow participants to make voluntary contributions by salary deduction. Such plans cover substantially all of our domestic, nonunion employees in the U.S. and are qualified under Section 401(k) of the U.S. Internal Revenue Code. Similar plans outside the U.S. cover various groups of employees of our international subsidiaries and affiliates. Several of these plans allow the Company to match, on a voluntary basis, a portion of the employee contributions. The following table presents the Company’s contributions to these savings plans for the years ended October 2, 2020, September 27, 2019 and September 28, 2018 (in thousands): October 2, 2020 September 27, 2019 September 28, 2018 $ 91,833 $ 114,006 $ 113,135 Deferred Compensation Plans Our Executive Security Plan, Executive Deferral Plans, Directors Deferral Plan, legacy CH2M Supplemental Executive Retirement and Retention Plan and legacy CH2M Deferred Compensation Plan are non-qualified deferred compensation programs that provide benefits payable to directors, officers, and certain key employees or their designated beneficiaries at specified future dates, upon retirement, or death. The plans are unfunded; therefore, benefits are paid from the general assets of the Company. Participants' cash deferrals earn a return based on the participants' selection of investments in several hypothetical investment options. Participants are also able to defer stock based compensation in the plans, which must remain invested in Company stock and are distributed in shares of Jacobs common stock. Since no investment diversification is permitted, changes in the fair value of Jacobs' common stock are not recognized. For the deferred compensation held in company stock, the number of shares needed to settle the liability is included in the denominator in both the basic and diluted earnings per share calculations. The following table presents the amount charged to expense for the Company’s deferred compensation plans for the years ended October 2, 2020, September 27, 2019 and September 28, 2018 (in thousands): October 2, 2020 September 27, 2019 September 28, 2018 $ 203 $ 2,395 $ 4,445 The following table presents the amount relating to assets held as deferred compensation arrangement investments for the years ended October 2, 2020 and September 27, 2019 (in thousands): October 2, 2020 September 27, 2019 Deferred compensation arrangement investments $194,933 $219,948 |
Pension and Other Postretiremen
Pension and Other Postretirement Benefit Plans | 12 Months Ended |
Oct. 02, 2020 | |
Retirement Benefits [Abstract] | |
Pension and Other Postretirement Benefit Plans | Pension and Other Postretirement Benefit Plans Company-Only Sponsored Plans We sponsor various defined benefit pension and other post retirement plans covering employees of certain U.S. and international subsidiaries. The pension plans provide pension benefits that are based on the employee’s compensation and years of service. Our funding policy varies by country and plan according to applicable local funding requirements and plan-specific funding agreements. The accounting for pension and other post-retirement benefit plans requires the use of assumptions and estimates in order to calculate periodic benefit cost and the value of the plans’ assets and benefit obligations. These assumptions include discount rates, investment returns, and projected salary increases, among others. The discount rates used in valuing the plans' benefit obligations were determined with reference to high quality corporate and government bonds that are appropriately matched to the duration of each plan's obligations. The expected long-term rate of return on plan assets is generally based on using country-specific simulation models which select a single outcome for expected return based on the target asset allocation. The expected long-term rates of return used in the valuation are the annual average returns generated by these assumptions over a 20-year period for each asset class based on the expected long-term rate of return of the underlying assets. As a result of the ECR sale, ECR-related pension assets and liabilities that have been sold are reported as discontinued operations in accordance with ASC 210-05, Discontinued Operations . Activity for the year ended September 27, 2019 is shown in the appropriate rows and the balances as of the sale date are shown in the Disposition of ECR Plans rows below. The following table sets forth the changes in the plans’ combined net benefit obligation (segregated between plans existing within and outside the U.S.) for the years ended October 2, 2020 and September 27, 2019 (in thousands): U.S. Plans Non-U.S. Plans October 2, 2020 September 27, 2019 October 2, 2020 September 27, 2019 Net benefit obligation at the beginning of the year $ 448,540 $ 448,402 $ 2,258,129 $ 2,149,246 Service cost 409 2,784 5,710 7,171 Interest cost 12,673 16,697 39,469 52,627 Participants’ contributions — 243 167 367 Actuarial (gains)/losses 15,584 52,720 35,626 314,889 Benefits paid (22,836) (30,648) (64,395) (72,453) Curtailments/settlements/plan amendments (16,450) (39,388) (4,782) 30,124 Disposition of ECR Plans — — — (99,504) Effect of exchange rate changes and other, net — (2,270) 118,153 (124,338) Net benefit obligation at the end of the year $ 437,920 $ 448,540 $ 2,388,077 $ 2,258,129 The following table sets forth the changes in the combined Fair Value of the plans’ assets (segregated between plans existing within and outside the U.S.) for the years ended October 2, 2020 and September 27, 2019 (in thousands): U.S. Plans Non-U.S. Plans October 2, 2020 September 27, 2019 October 2, 2020 September 27, 2019 Fair value of plan assets at the beginning of the year $ 390,210 $ 390,829 $ 1,916,637 $ 1,867,481 Actual return on plan assets 33,345 31,140 61,221 280,785 Employer contributions 88 10,668 33,192 32,063 Participants’ contributions — 243 167 367 Gross benefits paid (22,836) (30,648) (64,395) (72,453) Curtailments/settlements/plan amendments (18,557) (9,751) (4,782) (5,814) Disposition of ECR Plans — — — (76,111) Effect of exchange rate changes and other, net — (2,271) 101,316 (109,681) Fair value of plan assets at the end of the year $ 382,250 $ 390,210 $ 2,043,356 $ 1,916,637 During fiscal 2020, the Company incurred combined curtailment and settlement losses on our defined benefit plans of approximately $4.6 million primarily related to the Ireland and U.S. plans. During fiscal 2019, the Company incurred combined curtailment and settlement gains on its defined benefit plans of approximately $33.1 million primarily related to the CH2M retiree medical (further discussed below) and Ireland plans. The following table reconciles the combined funded statuses of the plans recognized in the accompanying Consolidated Balance Sheets at October 2, 2020 and September 27, 2019 (segregated between plans existing within and outside the U.S.) (in thousands): U.S. Plans Non-U.S. Plans October 2, 2020 September 27, 2019 October 2, 2020 September 27, 2019 Net benefit obligation at the end of the year $ 437,920 $ 448,540 $ 2,388,077 $ 2,258,129 Fair value of plan assets at the end of the year 382,250 390,210 2,043,356 1,916,637 Underfunded amount recognized at the end of the year $ 55,670 $ 58,330 $ 344,721 $ 341,492 The following table presents the accumulated benefit obligation at October 2, 2020 and September 27, 2019 (segregated between plans existing within and outside the U.S.) (in thousands): U.S. Plans Non-U.S. Plans October 2, 2020 September 27, 2019 October 2, 2020 September 27, 2019 Accumulated benefit obligation at the end of the year $ 436,770 $ 447,609 $ 2,376,059 $ 2,244,710 The following table presents the amounts recognized in the accompanying Consolidated Balance Sheets at October 2, 2020 and September 27, 2019 (segregated between plans existing within and outside the U.S.) (in thousands): U.S. Plans Non-U.S. Plans October 2, 2020 September 27, 2019 October 2, 2020 September 27, 2019 Prepaid benefit cost included in noncurrent assets $ — $ — $ 1,037 $ 2,939 Accrued benefit cost included in current liabilities 85 85 4,375 4,177 Accrued benefit cost included in noncurrent liabilities 57,919 58,245 339,049 340,254 Net amount recognized at the end of the year $ 58,004 $ 58,330 $ 342,387 $ 341,492 The following table presents the significant actuarial assumptions used in determining the funded statuses and the following year's benefit cost of the Company’s U.S. plans for the years ended October 2, 2020, September 27, 2019 and September 28, 2018: For the Years Ended October 2, 2020 September 27, 2019 September 28, 2018 Discount rates 2.0% to 2.7% 2.8% to 3.1% 3.9% to 4.2% Rates of compensation increases 3.5% 3.5% 3.5% Expected long-term rates of return on assets 4.6% to 4.7% 5.1% 5.8% to 5.9% The following table presents the significant actuarial assumptions used in determining the funded statuses and the following year's benefit cost of the Company’s non-U.S. plans for the years ended October 2, 2020, September 27, 2019 and September 28, 2018: For the Years Ended October 2, 2020 September 27, 2019 September 28, 2018 Discount rates 0.4% to 6.6% 0.2% to 7.1% 1.3% to 8.1% Rates of compensation increases 2.7% to 7.5% 3.7% to 7.5% 3.8% to 7.5% Expected long-term rates of return on assets 1.8% to 7.0% 2.3% to 7.5% 3.8% to 7.5% The following table presents certain amounts relating to our U.S. plans recognized in accumulated other comprehensive (gain) loss at October 2, 2020, September 27, 2019 and September 28, 2018 (in thousands): October 2, 2020 September 27, 2019 September 28, 2018 Arising during the period: Net actuarial (gain) loss $ (900) $ 36,108 $ (7,514) Prior service cost (benefit) 1,589 — — Total 689 36,108 (7,514) Reclassification adjustments: Net actuarial losses (2,653) (2,282) (2,913) Prior service cost (benefit) (244) — — Total (2,897) (2,282) (2,913) Total $ (2,208) $ 33,826 $ (10,427) The following table presents certain amounts relating to our non-U.S. plans recognized in accumulated other comprehensive (gain) loss at October 2, 2020, September 27, 2019 and September 28, 2018 (in thousands): October 2, 2020 September 27, 2019 September 28, 2018 Arising during the period: Net actuarial (gain) loss $ 71,676 $ 83,368 $ 59,827 Net (gain) loss on Sale of ECR — (12,520) — Prior service cost (benefit) — 29,829 215 Total 71,676 100,677 60,042 Reclassification adjustments: Net actuarial losses (6,322) (6,546) (5,507) Prior service cost (1,169) (1,075) 181 Total (7,491) (7,621) (5,326) Total $ 64,185 $ 93,056 $ 54,716 The following table presents certain amounts relating to our plans recorded in accumulated other comprehensive loss that have not yet been recognized as components of net periodic benefit cost at October 2, 2020 and September 27, 2019 (segregated between U.S. and non-U.S. plans) (in thousands): U.S. Plans Non-U.S. Plans October 2, 2020 September 27, 2019 October 2, 2020 September 27, 2019 Net actuarial loss $ 67,530 $ 71,083 $ 401,930 $ 365,661 Prior service cost 1,345 — 27,921 28,346 Total $ 68,875 $ 71,083 $ 429,851 $ 394,007 The following table presents the amount of accumulated comprehensive income that will be amortized against earnings as part of our net periodic benefit cost in fiscal 2021 based on 2020 exchange rates (segregated between U.S. and non-U.S. plans) (in thousands): U.S. Plans Non-U.S. Plans Unrecognized net actuarial loss $ 4,249 $ 10,016 Unrecognized prior service cost 431 1,431 Accumulated comprehensive loss to be recorded against earnings $ 4,680 $ 11,447 We consider various factors in developing the estimates for the expected, long-term rates of return on plan assets. These factors include the projected, long-term rates of returns on the various types of assets in which the plans invest, as well as historical returns. In general, investment allocations are determined by each plan’s trustees and/or investment committees. The objectives of the plans’ investment policies are to (i) maximize returns while preserving capital; (ii) provide returns sufficient to meet the current and long-term obligations of the plan as the obligations become due; and (iii) maintain a diversified portfolio of assets so as to reduce the risk associated with having a disproportionate amount of the plans’ total assets invested in any one type of asset, issuer or geography. None of our pension plans hold Jacobs common stock directly (although some plans may hold shares indirectly through investments in mutual funds). The plans’ weighted average asset allocations at October 2, 2020 and September 27, 2019 (the measurement dates used in valuing the plans’ assets and liabilities) were as follows: U.S. Plans Non-U.S. Plans October 2, 2020 September 27, 2019 October 2, 2020 September 27, 2019 Equity securities 3 % 3 % 21 % 20 % Debt securities 58 % 58 % 56 % 52 % Real estate investments — % — % 7 % 7 % Other 39 % 39 % 17 % 21 % The following table presents the Fair Value of the Company’s Domestic U.S. plan assets at October 2, 2020, segregated by level of Fair Value measurement inputs within the Fair Value hierarchy promulgated by U.S. GAAP (in thousands): October 2, 2020 Fair Value, Determined Using Fair Value Measurement Inputs Level 1 Level 2 Level 3 Investments measured at Net Asset Value Total Domestic equities $ 12,376 $ — $ — $ — $ 12,376 Domestic bonds 68,324 131,534 — — 199,858 Overseas bonds — 19,223 — — 19,223 Cash and equivalents 18,226 — — — 18,226 Mutual funds 132,567 — — — 132,567 Total $ 231,493 $ 150,757 $ — $ — $ 382,250 The following table presents the Fair Value of the Company’s non-U.S. plan assets at October 2, 2020, segregated by level of Fair Value measurement inputs within the Fair Value hierarchy promulgated by U.S. GAAP (in thousands): October 2, 2020 Fair Value, Determined Using Fair Value Measurement Inputs Level 1 Level 2 Level 3 Investments measured at Net Asset Value Total Domestic equities $ — $ 103,036 $ — $ 5,745 $ 108,781 Overseas equities — 229,576 — 87,725 317,301 Domestic bonds — 34,469 — 1,175 35,644 Overseas bonds — 1,049,119 — 58,493 1,107,612 Cash and equivalents 24,568 — — — 24,568 Real estate — 10,383 105,422 — 115,805 Insurance contracts — 4,402 67,709 17,909 90,020 Hedge funds — — 171,730 7,153 178,883 Mutual funds — 64,742 — — 64,742 Total $ 24,568 $ 1,495,727 $ 344,861 $ 178,200 $ 2,043,356 The following table presents the Fair Value of the Company’s U.S. plan assets at September 27, 2019, segregated by level of Fair Value measurement inputs within the Fair Value hierarchy promulgated by U.S. GAAP (in thousands): September 27, 2019 Fair Value, Determined Using Fair Value Measurement Inputs Level 1 Level 2 Level 3 Investments measured at Net Asset Value Total Domestic equities $ 10,890 $ — $ — $ — $ 10,890 Domestic bonds 65,490 134,594 — — 200,084 Overseas bonds — 20,020 — — 20,020 Cash and equivalents 28,972 — — — 28,972 Mutual funds 130,244 — — — 130,244 Total $ 235,596 $ 154,614 $ — $ — $ 390,210 The following table presents the Fair Value of the Company’s non-U.S. plan assets at September 27, 2019, segregated by level of Fair Value measurement inputs within the Fair Value hierarchy promulgated by U.S. GAAP (in thousands): September 27, 2019 Fair Value, Determined Using Fair Value Measurement Inputs Level 1 Level 2 Level 3 Investments measured at Net Asset Value Total Domestic equities $ — $ 17,255 $ — $ 19,413 $ 36,668 Overseas equities — 182,600 — 50,127 232,727 Domestic bonds — 306,225 — 34,408 340,633 Overseas bonds — 728,616 — 39,292 767,908 Cash and equivalents 37,811 (16) — — 37,795 Real estate — 24,735 97,539 15,198 137,472 Insurance contracts — 4,478 72,788 — 77,266 Derivatives — — — — — Hedge funds — — 130,200 7,156 137,356 Mutual funds — 148,812 — — 148,812 Total $ 37,811 $ 1,412,705 $ 300,527 $ 165,594 $ 1,916,637 The following table summarizes the changes in the Fair Value of the Company’s non-U.S. Pension Plans’ Level 3 assets for the years ended September 27, 2019 and October 2, 2020 (in thousands): Real Estate Insurance Contracts Hedge Funds Balance at Balance at September 28, 2018 $ 99,587 $ 95,782 $ 135,786 Purchases, sales, and settlements (17,902) (5,126) (26,591) Realized and unrealized gains 21,838 9,134 29,161 Disposition of ECR Assets — (22,885) — Effect of exchange rate changes (5,984) (4,117) (8,156) Balance at September 27, 2019 $ 97,539 $ 72,788 $ 130,200 Purchases, sales, and settlements (475) (7,375) 29,999 Realized and unrealized gains (losses) 3,337 (1,399) 5,435 Effect of exchange rate changes 5,021 3,695 6,096 Balance at October 2, 2020 $ 105,422 $ 67,709 $ 171,730 The following table presents the amount of cash contributions we anticipate making into the plans during fiscal 2021 (in thousands): U.S. Plans Non-U.S. Plans Anticipated cash contributions $ — $ 31,258 The following table presents the total benefit payments expected to be paid to plan participants during each of the next five fiscal years, and in total for the five years thereafter (in thousands): U.S. Plans Non-U.S. Pans 2021 $ 34,757 $ 70,264 2022 32,690 69,594 2023 32,022 71,386 2024 30,710 72,131 2025 29,312 73,217 For the periods 2026 through 2030 129,516 406,156 The following table presents the components of net periodic benefit cost for the Company’s U.S. plans recognized in the accompanying Consolidated Statements of Earnings for the years ended October 2, 2020, September 27, 2019 and September 28, 2018 (in thousands): October 2, 2020 September 27, 2019 September 28, 2018 Service cost $ 409 $ 2,784 $ 4,765 Interest cost 12,673 16,697 13,778 Expected return on plan assets (17,670) (21,508) (19,663) Actuarial loss 3,518 3,026 3,845 Prior service cost 323 — — Net pension cost, before special items $ (747) $ 999 $ 2,725 Curtailment expense/Settlement (gain) loss 3,436 (35,020) 4,146 Total net periodic pension cost recognized $ 2,689 $ (34,021) $ 6,871 The following table presents the components of net periodic benefit cost for the Company’s Non-U.S. plans recognized in the accompanying Consolidated Statements of Earnings for the years ended October 2, 2020, September 27, 2019 and September 28, 2018 (in thousands): October 2, 2020 September 27, 2019 September 28, 2018 Service cost $ 5,710 $ 7,171 $ 8,269 Interest cost 39,469 52,627 49,324 Expected return on plan assets (93,407) (82,274) (83,328) Actuarial loss 7,578 7,854 6,655 Prior service cost 1,405 1,263 (257) Net pension cost, before special items $ (39,245) $ (13,359) $ (19,337) Curtailment expense/Settlement (gain) loss 1,341 1,933 1,268 Total net periodic pension (income) cost recognized $ (37,904) $ (11,426) $ (18,069) Total net periodic pension (income) cost recognized from Discontinued Operations $ — $ 2,282 $ 3,606 Total net periodic pension (income) cost recognized from Continuing Operations $ (37,904) $ (13,708) $ (21,675) As a result of the adoption of ASU 2017-07, Compensation- Retirement Benefits (Topic 715): Improving the Presentation of Net Periodic Pension Cost and Net Periodic Postretirement Benefit Cost in the first quarter of fiscal 2019, the service cost component of net periodic pension expense has been presented in the same line item as other compensation costs (direct cost of contracts and selling, general and administrative expenses) and the other components of net periodic pension expense have been reclassified from selling, general and administrative expense and direct cost of contracts and instead presented in miscellaneous income (expense), net on the Consolidated Statements of Earnings for the year ended September 28, 2018 in the amount of $24.2 million. In the first quarter of fiscal 2019, the Company elected to discontinue the CH2M Hill Retiree Medical Plan and the OMI Retiree Medical Plan, effective December 31, 2018. Lump sum payments were made to participants in fiscal 2019, resulting in a plan settlement and related settlement gain of $35.0 million recognized in fiscal 2019. On January 1, 2019, the CH2M Hill Pension Plan and the CH2M Hill IDC Pension Plan merged into the Company's Sverdrup Pension Plan. The newly combined plan is called the Jacobs Consolidated Pension Plan. Due to a ruling by the High Court in the United Kingdom regarding equalization between men and women of a tranche of pension (the Guaranteed Minimum Pension) accrued between 1990 and 1997, Jacobs measured the estimated impact of this ruling in its consolidated financial statements, resulting in an increase of approximately $38.2 million in the ASC 715 balance sheet liability in fiscal 2019, with an offset to other comprehensive income, net of tax. Additionally, the Company recognized an additional $1.5 million in additional net periodic benefit cost during the year ended September 27, 2019 as a result of the ruling. Multiemployer Plans In the U.S. and various other countries, we contribute to trusteed pension plans covering hourly and certain salaried employees under industry-wide agreements. Contributions are based on the hours worked by employees covered under these agreements and are charged to direct costs of contracts on a current basis. The majority of the contributions the Company makes to multiemployer pension plans are outside the U.S. With respect to these multiemployer plans, the Company's liability to fund these plans is generally limited to the contributions we are required to make under collective bargaining agreements. Based on our review of our multiemployer pension plans under the guidance provided in ASU 2011-09— Compensation-Retirement Benefits-Multiemployer Plans , we have concluded that none of the multiemployer pension plans into which we contribute are individually significant to our Consolidated Financial Statements. Additionally, in fiscal year 2019, all Canadian and some US and European multiemployer plans were sold in connection with the ECR sale, which resulted in a year over year decrease in contributions made. The following table presents the Company’s contributions to these multiemployer plans for the years ended October 2, 2020, September 27, 2019 and September 28, 2018 (in thousands): October 2, 2020 September 27, 2019 September 28, 2018 Canada $ — $ 16,625 $ 36,354 Europe 1,922 9,413 10,677 United States 6,637 7,149 9,536 Contributions to multiemployer pension plans $ 8,559 $ 33,187 $ 56,567 |
Business Combinations
Business Combinations | 12 Months Ended |
Oct. 02, 2020 | |
Business Combinations [Abstract] | |
Business Combinations | Business Combinations John Wood Group's Nuclear Business On March 6, 2020, a subsidiary of Jacobs completed the acquisition of the nuclear consulting, remediation and program management business of John Wood Group, a U.K.-based energy services company, for an enterprise value of £246 million, or approximately $317.9 million, less cash acquired of $24.3 million, as updated for additional working capital adjustments. The John Wood Group nuclear business allows Jacobs to further expand its lifecycle nuclear services business. The following summarizes the fair values of John Wood Group's assets acquired and liabilities assumed as of the acquisition date (in millions): Assets Cash and cash equivalents $ 24.3 Receivables 75.9 Other current assets 5.2 Property, equipment and improvements, net 8.3 Goodwill 205.8 Identifiable intangible assets 80.0 Miscellaneous 19.4 Total Assets $ 418.9 Liabilities Accounts payable, accrued expenses and other current liabilities $ 71.8 Long term liabilities 29.2 Total Liabilities 101.0 Net assets acquired $ 317.9 The purchase price allocation is based upon preliminary information and is subject to change when additional information is obtained. Goodwill recognized results from a substantial assembled workforce, which does not qualify for separate recognition, as well as expected future synergies from combining operations. None of the goodwill recognized is expected to be deductible for tax purposes. The Company has not completed its final assessment of the fair values of John Wood Group's assets acquired and liabilities assumed. The final purchase price allocation could result in adjustments to certain assets and liabilities, including the residual amount allocated to goodwill. Identified intangibles include customer relationships, contracts and backlog and developed technology. The customer relationships, contracts and backlog intangible represents the fair value of existing contracts, underlying customer relationships and backlog. The customer relationships, contracts and backlog intangible and the developed technology intangible have lives of 12 and 15 years , respectively. Fair value measurements relating to the John Wood Group nuclear business are made primarily using Level 3 inputs including discounted cash flow techniques. Fair value is estimated using inputs primarily for the income approach, which include the use of both the multiple period excess earnings method and the relief from royalties method. The significant assumptions used in estimating fair value include (i) the estimated life the asset will contribute to cash flows, such as attrition rate of customers or remaining contractual terms, (ii) profitability and (iii) the estimated discount rate that reflects the level of risk associated with receiving future cash flows. Other personal property assets, such as furniture, fixtures and equipment, are valued using the cost approach, which is based on replacement or reproduction costs of the asset less depreciation. No summarized unaudited pro forma results are provided for the John Wood Group nuclear business due to the immateriality of this acquisition relative to the Company's consolidated financial position and results of operations. KeyW On June 12, 2019, Jacobs completed the acquisition of The KeyW Holding Corporation (“KeyW”), a U.S. based national security solutions provider to the intelligence, cyber, and counterterrorism communities by acquiring 100% of the outstanding shares of KeyW common stock (the "KeyW acquisition"). The KeyW acquisition allows Jacobs to further expand its government services business. The Company paid total consideration of $902.6 million which was comprised of approximately $604.2 million in cash to the former stockholders and certain equity award holders of KeyW and the assumption of KeyW’s debt of $298.4 million. The Company repaid all of KeyW's debt by the end of the fourth fiscal quarter of 2019. The following summarizes the fair values of KeyW assets and acquired liabilities assumed as of the acquisition date (in millions): Assets Cash and cash equivalents $ 29.1 Receivables 79.1 Inventories, net 19.3 Prepaid expenses and other 2.4 Property, equipment and improvements, net 24.5 Deferred tax asset and other 37.8 Goodwill 615.6 Identifiable intangible assets 179.0 Total Assets $ 986.8 Liabilities Accounts payable $ 8.3 Accrued expenses 69.1 Short term debt 298.4 Other current liabilities 3.9 Other non-current liabilities 2.9 Total Liabilities 382.6 Net assets acquired $ 604.2 Goodwill recognized results from a substantial assembled workforce, which does not qualify for separate recognition, as well as expected future synergies from combining operations. Goodwill of $136.3 million is expected to be deductible for tax purposes. The Company has completed its final assessment of the fair values of the acquired assets and liabilities of KeyW. Since the initial preliminary estimates reported in the third quarter of fiscal 2019, the Company has updated certain amounts reflected in the final purchase price allocation, as summarized in the fair values of KeyW assets acquired and liabilities assumed as of the acquisition date as set forth above. Identified intangibles include customer relationships, contracts and backlog and developed technology. The customer relationships, contracts and backlog intangible represents the fair value of existing contracts, underlying customer relationships and backlog. The customer relationships, contracts and backlog intangible, and the developed technology intangible have lives of 10 and 12 years, respectively. Other intangible liabilities consist of the fair value of office leases and have a weighted average life of approximately 9 years. Fair value measurements relating to the KeyW acquisition are made primarily using Level 3 inputs including discounted cash flow techniques. Fair value is estimated using inputs primarily for the income approach, which include the use of both the multiple period excess earnings method and the relief from royalties method. The significant assumptions used in estimating fair value include (i) the estimated life the asset will contribute to cash flows, such as attrition rate of customers or remaining contractual terms, (ii) profitability and (iii) the estimated discount rate that reflects the level of risk associated with receiving future cash flows. Other personal property assets, such as furniture, fixtures and equipment, are valued using the cost approach, which is based on replacement or reproduction costs of the asset less depreciation. For purposes of our comparative fiscal 2020 and 2019 reporting requirements in this Form 10-K, the following presents summarized unaudited pro forma operating results of the Company for the year ended September 27, 2019 assuming that the June 12, 2019 acquisition of KeyW had occurred at the beginning of fiscal 2018 for pro forma purposes. These pro forma operating results are presented for illustrative purposes only and are not indicative of the operating results that would have been achieved had the related events occurred on such date (in millions, except per share data): For the Year Ended September 27, 2019 Revenues $ 13,068.7 Net earnings of the Group from Continuing Operations $ 326.0 Net earnings (loss) attributable to Jacobs from continuing operations $ 303.0 Net earnings (loss) attributable to Jacobs from continuing operations per share: Basic earnings (loss) from continuing operations per share $ 2.19 Diluted earnings (loss) from continuing operations per share $ 2.17 Included in the table above are the unaudited pro forma operating results of continuing operations. Also, income tax expense (benefit) for the fiscal year pro forma period ended September 27, 2019 was $41.3 million. CH2M On December 15, 2017, the Company completed the acquisition of CH2M HILL Companies, Ltd. ("CH2M"), an international provider of engineering, construction and technical services, by acquiring 100% of the outstanding shares of CH2M common stock and preferred stock (the "CH2M acquisition"). The purpose of the CH2M acquisition was to further diversify the Company’s presence in the water, nuclear and environmental remediation sectors and to further the Company’s profitable growth strategy. The Company paid total consideration of approximately $1.8 billion in cash (excluding $315.2 million of cash acquired) and issued approximately $1.4 billion of Jacobs’ common stock, or 20.7 million shares, to the former stockholders and certain equity award holders of CH2M. In connection with the CH2M acquisition, the Company also assumed CH2M’s revolving credit facility and second lien notes, including a $20.0 million prepayment penalty, which totaled approximately $700 million of long-term debt. Immediately following the effective time of the CH2M acquisition, the Company repaid CH2M’s revolving credit facility and second lien notes including the related prepayment penalty. The following summarizes the estimated fair values of CH2M assets acquired and liabilities assumed as of the acquisition date (in millions): Assets Cash and cash equivalents $ 315.2 Receivables 1,120.6 Prepaid expenses and other 72.7 Property, equipment and improvements, net 175.1 Goodwill 3,165.5 Identifiable intangible assets: Customer relationships, contracts and backlog 412.3 Lease intangible assets 4.4 Total identifiable intangible assets 416.7 Miscellaneous 530.8 Total Assets $ 5,796.6 Liabilities Notes payable $ 2.2 Accounts payable 309.6 Accrued liabilities 787.4 Contract liabilities 260.8 Identifiable intangible liabilities: Lease intangible liabilities 9.6 Long-term debt 706.0 Other deferred liabilities 659.0 Total Liabilities $ 2,734.6 Noncontrolling interests (37.3) Net assets acquired $ 3,024.7 Goodwill recognized results from a substantial assembled workforce, which does not qualify for separate recognition, as well as expected future synergies from combining operations. None of the goodwill recognized is expected to be deductible for tax purposes. During the first quarter of fiscal 2019, the Company completed its final assessment of the fair values of the acquired assets and liabilities of CH2M. Accrued liabilities and other deferred liabilities include approximately $404.7 million related to estimates for various legal and other pre-acquisition contingent liabilities accounted for under ASC 450. See Note 18- Contractual Guarantees, Litigation, Investigations and Insurance relating to CH2M contingencies. Customer relationships, contracts and backlog represent the fair value of existing contracts, the underlying customer relationships and backlog of consolidated subsidiaries and have lives ranging from 9 to 11 years (weighted average life of approximately 10 years). Other intangible assets and liabilities primarily consist of the fair value of office leases and have a weighted average life of approximately 10 years. Fair value measurements relating to the CH2M acquisition are made using Level 3 inputs including discounted cash flow techniques. Fair value is estimated using inputs primarily from the income approach, which include the use of both the multiple period excess earnings method and the relief from royalties method. The significant assumptions used in estimating fair value include (i) the estimated life the asset will contribute to cash flows, such as attrition rate of customers or remaining contractual terms, (ii) profitability and (iii) the estimated discount rate that reflect the level of risk associated with receiving future cash flows. The estimated fair value of land has been determined using the market approach, which arrives at an indication of value by comparing the site being valued to sites that have been recently acquired in arm’s-length transactions. Personal property assets with an active and identifiable secondary market are valued using the market approach. Buildings and land improvements are valued using the cost approach using a direct cost model built on estimates of replacement cost. Other personal property assets such as furniture, fixtures and equipment are valued using the cost approach which is based on replacement or reproduction costs of the asset less depreciation. From the acquisition date of December 15, 2017 through September 28, 2018, CH2M consolidated, including both continuing and discontinued operations, contributed approximately $3.8 billion in revenue and $185.9 million in pretax income included in the accompanying consolidated statement of earnings. Included in these results were approximately $99.3 million in pre-tax restructuring and transaction costs. Transaction costs associated with the CH2M acquisition in the accompanying consolidated statements of earnings for the year ended September 28, 2018 are comprised of the following (in millions): For the Year Ended September 28, 2018 Personnel costs $ 50.2 Professional services and other expenses 27.5 Total $ 77.7 Personnel costs above include change of control payments and related severance costs. The following presents summarized unaudited pro forma operating results assuming that the Company had acquired CH2M at October 1, 2016. These pro forma operating results are presented for illustrative purposes only and are not indicative of the operating results that would have been achieved had the related events occurred (in millions). Additionally, these pro forma operating results have not been recast for the sale of our ECR business. For the Year Ended September 28, 2018 Revenues $ 16,012.4 Net earnings $ 196.3 Net earnings (loss) attributable to Jacobs $ 184.5 Net earnings (loss) attributable to Jacobs per share: Basic earnings (loss) per share $ 1.28 Diluted earnings (loss) per share $ 1.27 Included in the unaudited pro forma operating results are charges relating to transaction expenses, severance expense and other items that are removed from the year ended September 28, 2018 and are reflected in the year ended September 29, 2017 due to the assumed timing of the transaction. Also, income tax expense (benefit) for the twelve- month pro forma period ended September 28, 2018 was $409.7 million. |
Sale of Energy, Chemicals and R
Sale of Energy, Chemicals and Resources ("ECR") Business | 12 Months Ended |
Oct. 02, 2020 | |
Discontinued Operations and Disposal Groups [Abstract] | |
Sale of Energy, Chemicals and Resources (ECR) Business | Sale of Energy, Chemicals and Resources ("ECR") Business On April 26, 2019, Jacobs completed the sale of its ECR business to Worley for a purchase price of $3.4 billion consisting of (i) $2.8 billion in cash plus (ii) 58.2 million ordinary shares of Worley, subject to adjustments for changes in working capital and certain other items (the “ECR sale”). The stock and asset purchase agreement for the ECR sale contained a restriction on our ability to sell the Worley shares received in the transaction, which expired in the first fiscal quarter of 2020. Discontinued Operations As a result of the ECR sale, substantially all ECR-related assets and liabilities have been sold (the "Disposal Group"). We determined that the Disposal Group should be reported as discontinued operations in accordance with ASC 210-05, Discontinued Operations because their disposal represents a strategic shift that had a major effect on our operations and financial results. As such, the financial results of the ECR business are reflected in our Consolidated Statements of Earnings as discontinued operations for all periods presented. As of the year ended October 2, 2020, all of the ECR business to be sold under the terms of the sale has been conveyed to Worley and as such, no amounts remain held for sale. Summarized Financial Information of Discontinued Operations The following table represents earnings (loss) from discontinued operations, net of tax (in thousands): For the Years Ended (1) October 2, 2020 September 27, 2019 September 28, 2018 Revenues $ 11,235 $ 2,725,699 $ 4,404,873 Direct cost of contracts (6,152) (2,338,113) (3,756,263) Gross profit 5,083 387,586 648,610 Selling, general and administrative expenses 32,668 (320,264) (412,282) Operating Profit (Loss) 37,751 67,322 236,328 Gain on sale of ECR business 110,236 935,110 — Other (expense) income, net 515 (47,390) (12,604) Earnings Before Taxes from Discontinued Operations 148,502 955,042 223,724 Income Tax Expense (10,518) (395,828) (55,931) Net Earnings of the Group from Discontinued Operations $ 137,984 $ 559,214 $ 167,793 (1) The ECR business was sold April 26, 2019, therefore the year ended September 27, 2019 includes only seven months of results. Selling, general and administrative expenses includes a reduction for net insurance recoveries of approximately $40.0 million for the year ended October 2, 2020 recorded in connection with the Nui Phao ("NPMC") legal matter described in Note 18- Contractual Guarantees, Litigations, Investigations and Insurance. Additionally, the year ended September 27, 2019 includes a charge for the award and recovery of costs, estimated related interest and attorneys' fees related to the NPMC legal matter. For the year ended October 2, 2020, the gain on sale of $110.2 million relates mainly to the recognition of the deferred gain for the delayed transfer of the ECR-related assets and liabilities of the two international entities discussed below, adjustments for working capital and certain other items in connection with the ECR sale and additional income for the release of a deferred gain upon achievement of the IT Migration Date described below in connection with the delivery to Worley of certain IT application and hardware assets related to the ECR business. For the year ended September 27, 2019, other expense (income), net was comprised of $35.0 million in interest expense relating to the Nui Phao settlement, $6.0 million in foreign currency revaluations, $9.6 million in loss on the sale of a joint venture which is offset by $4.4 million in miscellaneous income. For the year ended September 28, 2018, other expense (income), net was comprised of an approximate $21.0 million loss on the sale of the Guimar joint venture, offset by $8.4 million in miscellaneous income. The following tables represent the assets and liabilities held for sale (in thousands): September 27, 2019 Cash and cash equivalents $ — Receivables and contract assets 871 Prepaid expenses and other 81 Current assets held for sale (1) $ 952 Property, Equipment and Improvements, net $ 1,643 Goodwill 24,896 Intangibles, net — Miscellaneous 439 Noncurrent assets held for sale (1) $ 26,978 Notes payable $ — Accounts payable — Accrued liabilities 2,495 Contract liabilities 78 Current liabilities held for sale (1) $ 2,573 (1) At September 27, 2019, current assets held for sale and noncurrent assets held for sale were included in the within prepaid expenses and other and miscellaneous, respectively. At September 27, 2019, current liabilities held for sale and noncurrent liabilities held for sale were included within accrued liabilities and other deferred liabilities, respectively. The significant components included in our Consolidated Statements of Cash Flows for discontinued operations are as follows (in thousands): For the Year Ended September 27, 2019 Depreciation and amortization: Property, equipment and improvements $ 2,110 Intangible assets $ 614 Additions to property and equipment $ (9,204) Stock based compensation $ 10,852 Gain on Sale and Deferred Gain As a result of the ECR sale, the Company recognized a pre-tax gain of $1.0 billion, $935.1 million of which was recognized in fiscal 2019 and $110.2 million of which is included in Net Earnings of the Group from Discontinued Operations on the consolidated statement of earnings for the year ended October 2, 2020, which is further discussed below. Upon closing the ECR sale, the Company retained a noncontrolling interest (with significant influence) in P&PS-related activities in one international legal entity acquired by Worley. The fair value of the Company’s retained interest in the net assets and liabilities of this entity was estimated at $33.0 million and recorded at closing. For another international legal entity, the closing and transfer of ECR-related assets to Worley were set to occur at a future date. At the time of the ECR sale, the Company allocated proceeds received to these deferred closing items on a relative fair value basis and recognized a deferred gain of $34.4 million. During the second fiscal quarter of 2020, the delayed transfer of the ECR-related assets and liabilities of these two international entities occurred, and as a result, previously deferred gain amounts were recognized. In addition to consideration received for the sale of the ECR business, the proceeds received included advanced consideration for the Company to deliver IT application and related hardware assets at a future date (“IT Migration Date”) to Worley upon completion of the interim transition services provided under the TSA, described further below. This deliverable of IT assets is considered to be a separate element of the ECR business sale transaction, and accordingly, we have allocated a portion of the proceeds received of $95.3 million on a relative fair value basis to this separate deliverable and recognized deferred income. Upon completion and acceptance of this deliverable by Worley in December 2019, the deferred proceeds were recognized in earnings from discontinued operations, along with expenses associated with any costs incurred and deferred by the Company for this deliverable. Investment in Worley Stock As discussed above, the Company received 58.2 million in ordinary shares of Worley in connection with the ECR sale. Pursuant to the purchase agreement for the ECR sale, 51.4 million of the shares were considered "restricted" during a lock-up period ending in December 2019. During the lock-up period, Jacobs could not, without Worley's consent, directly or indirectly dispose of the "restricted" shares. The remaining 6.8 million shares not considered "restricted" were sold in fiscal 2019, netting a loss of $4.9 million, which was recognized in miscellaneous income (expense), net. Dividend income and unrealized gains and losses on changes in fair value of Worley shares are recognized in miscellaneous income (expense), net in continuing operations. The Company's investment in Worley is measured at fair value through net income as it is an equity investment with a readily determinable fair value based on quoted market prices. The 51.4 million ordinary shares currently held are recorded within investment in equity securities in the Company's Consolidated Balance Sheets at their estimated fair value, which is $347.5 million as of October 2, 2020 and $451.1 million as of September 27, 2019. For the years ended October 2, 2020 and September 27, 2019, the Company recognized a loss of $103.6 million and a loss of $78.1 million, respectively, associated with share price and currency changes on this investment, as well as dividend income related to the equity investment in the amount of $16.9 million and $5.2 million, respectively. Quoted market prices are available for these securities in an active market and therefore categorized as a Level 1 input. Transition Services Agreement Upon closing of the ECR sale, the Company entered into a Transition Services Agreement (the "TSA") with Worley pursuant to which the Company, on an interim basis, provided various services to Worley including executive consultation, corporate, information technology, and project services. The initial term of the TSA began immediately following the closing of the ECR sale on April 26, 2019 and expired in April 2020, although the parties mutually agreed to extend certain of the services for additional time periods beyond the initial term. All services under the TSA were terminated in October 2020. Pursuant to the terms of the TSA, the Company received payments for the interim services which approximate costs incurred to perform the services. The Company has recognized costs recorded in SG&A expense incurred to perform the TSA, offset by $15.8 million and $35.4 million in TSA related income for such services that is reported in miscellaneous income (expense) in continuing operations for the year ended October 2, 2020 and September 27, 2019, respectively, before inclusion of certain incremental outside service support costs agreed to be shared equally by the parties. |
Restructuring and Other Charges
Restructuring and Other Charges | 12 Months Ended |
Oct. 02, 2020 | |
Restructuring and Related Activities [Abstract] | |
Restructuring and Other Charges | Restructuring and Other Charges During fiscal 2020, the Company implemented certain restructuring and separation initiatives, including the Company's fourth quarter fiscal 2020 transformation initiatives relating to real estate and other staffing programs. The activities of these initiatives are expected to continue into fiscal 2023. During fiscal 2019 and continuing into fiscal 2020, the Company implemented certain restructuring and separation initiatives associated with the ECR sale, the KeyW acquisition, and other related cost reduction initiatives. Additionally, in fiscal 2020, the Company implemented certain restructuring and separation initiatives associated with the acquisition of John Wood Group's nuclear business. The restructuring activities and related costs were comprised mainly of separation and lease abandonment and sublease programs, while the separation activities and costs were mainly related to the engagement of consulting services and internal personnel and other related costs dedicated to the Company’s ECR-business separation. The activities of these initiatives are expected to be substantially completed before the end of fiscal 2021. During the fourth fiscal quarter of 2017, the Company implemented certain restructuring and pre-integration plans associated with the then-pending acquisition of CH2M, which closed on December 15, 2017. The restructuring activities and related costs under these plans were comprised mainly of severance and lease abandonment programs, while the integration activities and costs were mainly related to the engagement of professional services and internal personnel and other related costs dedicated to the Company’s integration management efforts. Following the closing of the CH2M acquisition, these activities have continued through fiscal 2020 and are expected to be substantially completed before the end of fiscal 2022. Collectively, the above-mentioned restructuring activities are referred to as “Restructuring and other charges”. The following table summarizes the impacts of the Restructuring and other charges by LOB in connection with the CH2M, KeyW and John Wood Group nuclear business acquisitions, the ECR sale and the Company's fourth quarter fiscal 2020 transformation initiatives relating to real estate and other staffing programs for the year ended October 2, 2020, the CH2M and KeyW acquisitions and the ECR sale for the year ended September 27, 2019 and the CH2M acquisition for the year ended September 28, 2018 (in thousands): October 2, 2020 September 27, 2019 September 28, 2018 Critical Mission Solutions $ 24,083 $ 17,989 20,254 People & Places Solutions 170,631 108,835 56,238 Corporate 129,469 184,646 77,148 Continuing Operations (1) 324,183 311,470 153,640 Energy, Chemicals and Resources (included in Discontinued Operations) — (138) 37,166 Total $ 324,183 $ 311,332 $ 190,806 (1) For the years ended October 2, 2020, September 27, 2019 and September 28, 2018, amounts include $321.6 million, $337.0 million and $154.0 million, respectively, in items impacting operating profit, along with items recorded in other income (expense), net, which are the loss on settlement of the CH2M portion of the U.S. pension plan of $2.1 million for the year ended October 2, 2020, the gain on the settlement of the CH2M retiree medical plans of $35.0 million for the year ended September 27, 2019 and the write-off of fixed assets related to restructured leases of $10 million for the year ended September 27, 2019 and other miscellaneous adjustments of $(0.5) million, $0.5 million and $0.3 million for the years ended October 2, 2020, September 27, 2019 and September 28, 2018, respectively. See Note 19- Segment Information. The activity in the Company’s accrual for the Restructuring and other charges including the program activities described above for the year ended October 2, 2020 is as follows (in thousands): Balance at September 27, 2019 $ 162,702 Transfer to lease right-of-use asset as a result of adoption of ASC 842 (1) (116,797) Net Charges 324,183 Payments & Usage (317,234) Balance at October 2, 2020 $ 52,854 (1) In addition, there was $24.6 million in lease cease-use liabilities relating to 2015 restructuring initiatives which were reclassified to ROU asset balances in accordance with the adoption of ASC 842, see Note 10- Leases . The 2015 restructuring initiatives are no longer active and therefore activity associated with lease cease-use liabilities for those initiatives is not included in the table. The following table summarizes the Restructuring and other charges by major type of costs for the years ended October 2, 2020, September 27, 2019 and September 28, 2018 (in thousands): October 2, 2020 September 27, 2019 September 28, 2018 Lease Abandonments and Impairments $ 151,150 $ 99,976 $ 61,526 Voluntary and Involuntary Terminations 53,484 33,742 29,056 Outside Services 88,476 133,148 35,987 Other (1) 31,073 44,604 27,071 Total $ 324,183 $ 311,470 $ 153,640 (1) Includes $35.0 million in pre-tax gains associated with the Company's CH2M retiree medical plan settlement during the year ended September 27, 2019. Cumulative amounts since 2017 incurred to date under our various restructuring and other activities described above by each major type of cost as of October 2, 2020 are as follows (in thousands): Lease Abandonments and Impairments $ 313,517 Voluntary and Involuntary Terminations 128,969 Outside Services 259,124 Other (1) 100,314 Total $ 801,924 |
Commitments and Contingencies a
Commitments and Contingencies and Derivative Financial Instruments | 12 Months Ended |
Oct. 02, 2020 | |
Commitments and Contingencies Disclosure [Abstract] | |
Commitments and Contingencies and Derivative Financial Instruments | Commitments and Contingencies and Derivative Financial Instruments Derivative Financial Instruments The Company is exposed to interest rate risk under its variable rate borrowings and additionally, due to the nature of the Compan y's international operations, we are at times exposed to foreign currency risk. As such, we sometimes enter into foreign exchange contracts and interest rate contracts in order to limit our exposure to fluctuating foreign currencies and interest rates. In fiscal 2020 we entered into interest rate swap agreements with a notional va lue of $783.7 million as of October 2, 2020 to manage the interest rate exposure on our variable rate loans. Additionally, we entered into a cross-currency swap agreement with a notional value of $127.8 million to manage the interest rate and foreign currency exposure on our USD borrowings by a European subsidiary. By entering into the swap agreements, the Company converted the LIBOR rate based liability into a fixed rate liability and, for the cross currency swap, our LIBOR rate based borrowing in USD to a fixed rate Euro liability, for periods ranging from three and a half to ten years. Under the interest rate swap agreements, the Company receives the one month LIBOR rate and pays monthly a fixed rate ranging from .704% to 1.116%, and under the cross currency swap agreement, the Company receives the one month LIBOR rate plus 0.875% in USD and pays monthly a Euro fixed rate of .726% to .746% for the term of the swaps. The swaps were designated as cash-flow hedges in accordance with ASC 815, Derivatives and Hedging . The fair value of the interest rate and cross currency swaps at October 2, 2020 was $(31.5) million, which is included in other deferred liabilities on the consolidated balance sheet. The unrealized net losses on these interest rate and cross currency swaps was $14.6 million, net of tax, and was included in accumulated other comprehensive income as of October 2, 2020. Additionally, at October 2, 2020, the Company held foreign exchange forward contracts in currencies that support our operations, including British Pound, Euro, Australian Dollar and other currencies, with notional values of $393.7 million at October 2, 2020. The length of these contracts currently ranges from one The fair value measurements of these derivatives are being made using Level 2 inputs under ASC 820, Fair Value Measurement, as the measurements are based on observable inputs other than quoted prices in active markets. We are exposed to risk from credit-related losses resulting from nonperformance by counterparties to our financial instruments. We perform credit evaluations of our counterparties under forward exchange and interest rate contracts and expect all counterparties to meet their obligations. We have not experienced credit losses from our counterparties. Letters of Credit At October 2, 2020, the Company had issued and outstanding approximately $263.0 million in LOCs and $2.3 billion in surety bonds. Of the outstanding LOC amount, $2.3 million has been issued under the Revolving Credit Facility and $260.7 million are issued under separate, committed and uncommitted letter-of-credit facilities. |
Contractual Guarantees, Litigat
Contractual Guarantees, Litigation, Investigations, and Insurance | 12 Months Ended |
Oct. 02, 2020 | |
Contractual Guarantees, Litigation, Investigations, and Insurance [Abstract] | |
Contractual Guarantees Litigation Investigations And Insurance | Contractual Guarantees, Litigation, Investigations and Insurance In the normal course of business, we make contractual commitments some of which are supported by separate guarantees; and on occasion we are a party in a litigation or arbitration proceeding. The litigation or arbitration in which we are involved primarily includes personal injury claims, professional liability claims and breach of contract claims. Where we provide a separate guarantee it is strictly in support of the underlying contractual commitment. Guarantees take various forms including surety bonds required by law, or standby letters of credit ("LOC") (also referred to as “bank guarantees”) or corporate guarantees given to induce a party to enter into a contract with a subsidiary. Standby LOCs are also used as security for advance payments or in various other transactions. The guarantees have various expiration dates ranging from an arbitrary date to completion of our work (e.g., engineering only) to completion of the overall project. See Note 17- Commitments and Contingencies and Derivative Financial Instruments for more information surrounding LOCs and surety bonds. We maintain insurance coverage for most insurable aspects of our business and operations. Our insurance programs have varying coverage limits depending upon the type of insurance, and include certain conditions and exclusions which insurance companies may raise in response to any claim that the Company brings. We have also elected to retain a portion of losses and liabilities that occur through the use of various deductibles, limits, and retentions under our insurance programs. As a result, we may be subject to a future liability for which we are only partially insured or completely uninsured. We intend to mitigate any such future liability by continuing to exercise prudent business judgment in negotiating the terms and conditions of the contracts which the Company enters with its clients. Our insurers are also subject to business risk and, as a result, one or more of them may be unable to fulfill their insurance obligations due to insolvency or otherwise. Additionally, as a contractor providing services to the U.S. federal government we are subject to many types of audits, investigations and claims by, or on behalf of, the government including with respect to contract performance, pricing, cost allocations, procurement practices, labor practices and socioeconomic obligations. Furthermore, our income, franchise and similar tax returns and filings are also subject to audit and investigation by the Internal Revenue Service, most states within the U.S., as well as by various government agencies representing jurisdictions outside the U.S. Our Consolidated Balance Sheets include amounts representing our probable estimated liability relating to such claims, guarantees, litigation, audits and investigations. We perform an analysis to determine the level of reserves to establish for insurance-related claims that are known and have been asserted against us, and for insurance-related claims that are believed to have been incurred based on actuarial analysis, but have not yet been reported to our claims administrators as of the respective balance sheet dates. We include any adjustments to such insurance reserves in our consolidated results of operations. Insurance recoveries are recorded as assets if recovery is probable and estimated liabilities are not reduced by expected insurance recoveries. The Company believes, after consultation with counsel, that such guarantees, litigation, U.S. government contract-related audits, investigations and claims and income tax audits and investigations should not have a material adverse effect on our consolidated financial statements, beyond amounts currently accrued. On September 30, 2015, Nui Phao Mining Company Limited (“NPMC”) commenced arbitration proceedings against Jacobs E&C Australia Pty Limited (“Jacobs E&C”) in Singapore before the Singapore International Arbitration Centre. Jacobs E&C was engaged by NPMC for the provision of management, design, engineering, and procurement services for a Nui Phao mine/mineral processing project in Vietnam as part of the Company’s former Energy, Chemicals & Resources (“ECR”) line of business. A three-week hearing on the merits concluded on December 15, 2017, and on March 28, 2019, the arbitration panel issued a decision finding against Jacobs E&C. On August 30, 2019, NPMC and Jacobs E&C settled all of the proceedings related to this matter. Under the terms of the settlement, Jacobs E&C made a payment to NPMC in the amount of $130.0 million in the fourth fiscal quarter of 2019. The settlement otherwise remains confidential. During the year ended October 2, 2020, the Company recognized the reduction of $40.0 million of selling, general and administrative expenses in discontinued operations as a result of the realization of related net insurance recoveries. Under the terms of the sale of the Company's ECR business to Worley on April 26, 2019, the Company retained liability with respect to this matter. In 2012, CH2M HILL Australia Pty Limited, a subsidiary of CH2M, entered into a 50/50 integrated joint venture with Australian construction contractor UGL Infrastructure Pty Limited. The joint venture entered into a Consortium Agreement with General Electric and GE Electrical International Inc. The Consortium was awarded a subcontract by JKC Australia LNG Pty Limited ("JKC") for the engineering, procurement, construction and commissioning of a 360 MW Combined Cycle Power Plant for INPEX Operations Australia Pty Limited at Blaydin Point, Darwin, NT, Australia. In January 2017, the Consortium terminated the Subcontract because of JKC’s repudiatory breach and demobilized from the work site. JKC claimed the Consortium abandoned the work and itself purported to terminate the Subcontract. The Consortium and JKC are now in dispute over the termination. In August 2017, the Consortium filed an International Chamber of Commerce arbitration against JKC and is seeking compensatory damages in the amount of approximately $530.0 million for repudiatory breach or, in the alternative, seeking damages for unresolved contract claims and change orders. JKC is seeking damages in excess of $1.7 billion and has drawn on the bonds. In light of the COVID-19 pandemic, a November 2020 date for commencement of the hearing has been vacated and the hearing has been rescheduled for opening arguments in April and the remaining proceedings in July and August 2021. Although an earlier decision is possible, no decision is expected before 2022. In September 2018, JKC filed a declaratory judgment action in Western Australia alleging that the entities which executed parent company guaranties for the Consortium, including CH2M Hill Companies, Ltd., have an obligation to pay JKC’s ongoing costs to complete the project after termination. A hearing on that matter was held in March 2019, and a decision in favor of the Consortium was issued. JKC appealed the decision, a hearing on the appeal took place in March 2020 and a decision was handed down on July 22, 2020 denying JKC’s appeal in its entirety. If the Consortium is found liable, these matters could have a material adverse effect on the Company’s business, financial condition, results of operations and /or cash flows, particularly in the short term. However, the Consortium has denied liability and is vigorously defending these claims and pursuing its affirmative claims against JKC, and based on the information currently available, the Company does not expect the resolution of this matter to have a material adverse effect on the Company’s business, financial condition, results of operations or cash flows, in excess of the current reserve for this matter. See Note 14- Business Combinations, for further information related to CH2M contingencies. On December 22, 2008, a coal fly ash pond at the Kingston Power Plant of the Tennessee Valley Authority ("TVA") was breached, releasing fly ash waste into the Emory River and surrounding community. In February 2009, TVA awarded a contract to the Company to provide project management services associated with the clean-up. All remediation and dredging were completed in August 2013 by other contractors under direct contracts with TVA. The Company did not perform the remediation, and its scope was limited to program management services. Certain employees of the contractors performing the cleanup work on the project filed lawsuits against the Company beginning in August 2013, alleging they were injured due to the Company's failure to protect the plaintiffs from exposure to fly ash, and asserting related personal injuries. There are currently six separate cases pending against the Company. The primary case, Greg Adkisson, et al. v. Jacobs Engineering Group Inc., case No. 3:13-CV-505-TAV-HBG, filed in the U.S. District Court for the Eastern District of Tennessee, consists of 10 consolidated cases. This case and the related cases involve several hundred plaintiffs that have been filed against the Company by employees of the contractors that completed the remediation and dredging work. The cases are at various stages of litigation, and several of the cases are currently stayed pending resolution of other cases. Separately, in May 2019, Roane County and the cities of King and Herriman filed a claim against TVA and the Company alleging that they misled the public about risks associated with the released fly ash. In October 2020, the Court granted Jacobs and TVA’s motion to dismiss with prejudice the Roane County litigation based on the expiration of the applicable statute of limitations. In addition, in November 2019, a resident of Roane County filed a putative class action against TVA and the Company alleging they failed to adequately warn local residents about risks associated with the released fly ash. In February 2020, the Company learned that the district attorney in Roane County recommended that the Tennessee Bureau of Investigation investigate issues pertaining to clean up worker safety at Kingston, with that investigation still pending. There has been no finding of liability against the Company or that any of the alleged illnesses are the result of exposure to fly ash in any of the above matters. The Company disputes the claims asserted in all of the above matters and is vigorously defending these claims. The Company does not expect the resolution of these matters to have a material adverse effect on the Company's business, financial condition, results of operations or cash flows. On October 31, 2019, the Company received a request from the Enforcement Division of the Securities and Exchange Commission (the "SEC") for the voluntary production of certain information and documents. The information and documents sought by the SEC primarily relate to the operations of a joint venture in Morocco which was at one time partially-owned by the Company (and subsequently divested), including in respect of possible corrupt practices. The Company is fully cooperating with the SEC and is producing the requested information and documents in its possession. The Company does not expect the resolution of this matter to have a material adverse effect on the Company's business, financial condition, results of operations or cash flows. |
Segment Information
Segment Information | 12 Months Ended |
Oct. 02, 2020 | |
Segment Reporting [Abstract] | |
Segment Information | Segment Information The Company's two operating segments and global lines of business ("LOBs") are as follows: Critical Mission Solutions ("CMS") and People & Places Solutions ("P&PS"), with the previous Energy, Chemicals and Resources ("ECR") LOB reported as discontinued operations. For further information on ECR, refer to Note 15- Sale of Energy, Chemicals and Resources ("ECR") Business. The Company’s Chair and Chief Executive Officer is the Chief Operating Decision Maker (“CODM”) and can evaluate the performance of each of these segments and make appropriate resource allocations among each of the segments. For purposes of the Company’s goodwill impairment testing, it has been determined that the Company’s operating segments are also its reporting units based on management’s conclusion that the components comprising each of its operating segments share similar economic characteristics and meet the aggregation criteria for reporting units in accordance with ASC 350, Intangibles-Goodwill and Other. Under this organization, the sales function is managed by LOB, and accordingly, the associated cost is embedded in the segments and reported to the respective head of each LOB. In addition, a portion of the costs of other support functions (e.g., finance, legal, human resources, and information technology) is allocated to each LOB using methodologies which, we believe, effectively attribute the cost of these support functions to the revenue generating activities of the Company on a rational basis. The cost of the Company’s cash incentive plan, the Leadership Performance Plan ("LPP"), formerly named the Management Incentive Plan, and the expense associated with the Jacobs Engineering Group Inc. 1999 Stock Incentive Plan (“1999 SIP”) have likewise been charged to the LOBs except for those amounts determined to relate to the business as a whole (which amounts remain in other corporate expenses). Financial information for each LOB is reviewed by the CODM to assess performance and make decisions regarding the allocation of resources. The Company generally does not track assets by LOB, nor does it provide such information to the CODM. The CODM evaluates the operating performance of our LOBs using segment operating profit, which is defined as margin less “corporate charges” (e.g., the allocated amounts described above). The Company incurs certain Selling, General and Administrative costs (“SG&A”) that relate to its business as a whole which are not allocated to the LOBs. The following tables present total revenues and segment operating profit for each reportable segment (in thousands) and includes a reconciliation of segment operating profit to total U.S. GAAP operating profit by including certain corporate-level expenses and expenses relating to the restructuring and other charges and transaction costs associated with the CH2M transaction and integration costs and the ECR sale (in thousands). For the Years Ended October 2, 2020 September 27, 2019 September 28, 2018 Revenues from External Customers: Critical Mission Solutions $ 4,965,952 $ 4,551,162 $ 3,725,365 People & Places Solutions 8,601,023 8,186,706 6,854,408 Total $ 13,566,975 $ 12,737,868 $ 10,579,773 For the Years Ended October 2, 2020 September 27, 2019 September 28, 2018 Segment Operating Profit: Critical Mission Solutions (1) $ 372,070 $ 310,043 $ 255,718 People & Places Solutions (2) 740,707 714,394 527,900 Total Segment Operating Profit 1,112,777 1,024,437 783,618 Other Corporate Expenses (3) (249,391) (264,351) (161,788) Restructuring, Transaction and Other Charges (327,413) (355,235) (234,387) Total U.S. GAAP Operating Profit 535,973 404,851 387,443 Total Other (Expense) Income, net (4) (94,770) (53,892) (56,462) Earnings from Continuing Operations Before Taxes $ 441,203 $ 350,959 $ 330,981 (1) Includes $15.0 million in charges during the year ended September 28, 2018 associated with a legal matter. (2) Includes $25.0 million in charges associated with a certain project for the year ended September 27, 2019. (3) Other corporate expenses include costs that were previously allocated to the ECR segment prior to discontinued operations presentation in connection with the ECR sale in the approximate amount of $— million, $14.8 million and $25.6 million for the years ended October 2, 2020, September 27, 2019 and September 28, 2018, respectively. Also includes intangibles amortization of $90.6 million, $79.1 million and $68.1 million for the years ended October 2, 2020 , September 27, 2019 and September 28, 2018, respectively. (4) For the years ended October 2, 2020 and September 27, 2019, other expenses includes revenues under the Company's TSA with Worley of $15.8 million and $35.4 million, respectively, $74.3 million and $64.8 million in fair value adjustments related to our investment in Worley stock (net of Worley Stock dividends) and certain foreign currency revaluations relating to ECR sale proceeds, respectively. Also included for the years ended October 2, 2020, September 27, 2019 and September 28, 2018 is amortization of deferred financing fees related to the CH2M acquisition of $0.7 million, $3.2 million and $1.8 million respectively. Lastly, includes loss on settlement of U.S. pension plan of $2.7 million for the year ended October 2, 2020 and includes gain on settlement of the CH2M retiree medical plans of $35.0 million for the year ended September 27, 2019. |
Selected Quarterly Information
Selected Quarterly Information - Unaudited | 12 Months Ended |
Oct. 02, 2020 | |
Quarterly Financial Information Disclosure [Abstract] | |
Selected Quarterly Information - Unaudited | Selected Quarterly Information — Unaudited The following table presents selected quarterly financial information. (in thousands, except for per share amounts): First Second Third Fourth Fiscal October 2, 2020 Revenues $ 3,360,049 $ 3,427,180 $ 3,260,057 $ 3,519,689 $ 13,566,975 Operating profit (a) $ 151,345 (b) $ 167,778 (b) $ 194,376 (b) $ 22,474 (b) $ 535,973 Earnings (Loss) from Continuing Operations Before Taxes $ 254,169 $ (176,805) $ 303,681 $ 60,158 $ 441,203 Net Earnings (Loss) of the Group from Continuing Operations $ 185,680 $ (115,683) $ 236,007 $ 79,879 $ 385,883 Net Earnings (Loss) Attributable to Jacobs from Continuing Operations $ 179,423 (b) $ (121,967) (b) $ 226,886 (b) $ 69,519 (b) $ 353,861 Net Earnings (Loss) Attributable to Jacobs $ 257,010 (b) $ (92,087) (b) $ 244,929 (b) $ 81,993 (b) $ 491,845 Earnings per share: Basic Net Earnings (Loss) from Continuing Operations Per Share $ 1.35 $ (0.92) $ 1.74 $ 0.53 $ 2.69 Basic Net Earnings from Discontinued Operations Per Share $ 0.58 $ 0.23 $ 0.14 $ 0.10 $ 1.05 Basic Earnings (Loss) Per Share $ 1.93 $ (0.69) $ 1.88 $ 0.63 $ 3.74 Diluted Net Earnings (Loss) from Continuing Operations Per Share $ 1.33 (b) $ (0.92) (b) $ 1.73 (b) $ 0.53 (b) $ 2.67 Diluted Net Earnings (Loss) from Discontinued Operations Per Share $ 0.58 $ 0.23 $ 0.14 $ 0.09 (c) $ 1.04 Diluted Earnings (Loss) Per Share $ 1.91 $ (0.69) $ 1.87 $ 0.62 $ 3.71 September 27, 2019 Revenues $ 3,083,788 $ 3,091,596 $ 3,169,622 $ 3,392,862 $ 12,737,868 Operating profit (a) $ 113,130 (c) $ 102,681 (c) $ 89,954 (c) $ 99,086 (c) $ 404,851 Earnings from Continuing Operations Before Taxes $ 92,191 $ 111,832 $ 93,399 $ 53,537 $ 350,959 Net Earnings of the Group from Continuing Operations $ 69,433 $ 119,779 $ 95,380 $ 29,413 $ 314,005 Net Earnings Attributable to Jacobs from Continuing Operations $ 64,894 (c) $ 114,755 (c) $ 89,365 (c) $ 21,946 (c) $ 290,960 Net Earnings Attributable to Jacobs $ 124,296 (c) $ 56,917 (c) $ 524,442 (c) $ 142,324 (c) $ 847,979 Earnings per share: Basic Net Earnings from Continuing Operations Per Share $ 0.45 $ 0.83 $ 0.65 $ 0.16 $ 2.11 Basic Net Earnings (Loss) from Discontinued Operations Per Share $ 0.42 $ (0.42) $ 3.18 $ 0.89 $ 4.03 Basic Earnings Per Share $ 0.87 $ 0.41 $ 3.83 $ 1.06 $ 6.14 Diluted Net Earnings from Continuing Operations Per Share $ 0.45 (c) $ 0.82 (c) $ 0.65 (c) $ 0.16 (c) $ 2.09 Diluted Net Earnings (Loss) from Discontinued Operations Per Share $ 0.41 $ (0.41) $ 3.15 $ 0.88 (d) $ 4.00 Diluted Earnings Per Share $ 0.86 $ 0.41 $ 3.80 $ 1.04 $ 6.08 (a) Operating profit represents revenues less (i) direct costs of contracts and (ii) selling, general and administrative expenses. (b) Includes $85.2 million in operating profit and $(17.7) million in net earnings from continuing operations attributable to Jacobs, or $(0.13) per diluted share from continuing operations in the first quarter of fiscal 2020; includes $68.7 million in operating profit, $308.2 million in net loss from continuing operations attributable to Jacobs, or $2.31 per diluted share from continuing operations in the second quarter of fiscal 2020; includes $44.6 million in operating profit and $(61.6) million in net earnings from continuing operations attributable to Jacobs, or $(0.47) per diluted share from continuing operations in the third quarter of fiscal 2020; includes $235.4 million in operating profit and $144.8 million in both net earnings from continuing operations attributable to Jacobs, and net earnings attributable to Jacobs, or $1.10 per diluted share in the fourth quarter of fiscal 2020 related to restructuring, transaction and other charges (including the Company's fourth quarter fiscal 2020 transformation initiatives relating to real estate and other staffing programs), amortization of intangibles and fair value adjustments related to our investment in Worley stock (net of Worley stock dividend) and certain foreign currency revaluations relating to ECR sale. On a year to date basis, impacts on net earnings from continuing operations attributable to Jacobs were (i) $248.2 million in restructuring, transaction and other charges (includes $146.6 million related to charges for the Company's fourth quarter fiscal 2020 transformation initiatives relating to real estate and other staffing programs,), (ii) $68.3 million of intangible asset amortization and (iii) $56.9 million in fair value adjustments related to our investment in Worley stock (net of Worley stock dividend) and certain foreign currency revaluations relating to the ECR sale. (c) Includes $47.2 million in operating profit and $46.8 million in net earnings from continuing operations attributable to Jacobs, or $0.33 per diluted share from continuing operations in the first quarter of fiscal 2019; includes $119.0 million in operating profit, $50.8 million in net earnings from continuing operations attributable to Jacobs, or $0.36 per diluted share from continuing operations in the second quarter of fiscal 2019; includes $142.8 million in operating profit and $103.8 million in net earnings from continuing operations attributable to Jacobs, or $0.75 per diluted share from continuing operations in the third quarter of fiscal 2019; includes $154.2 million in operating profit, $179.3 million in both net earnings from continuing operations attributable to Jacobs and net earnings attributable to Jacobs, or $1.32 per diluted share in the fourth quarter of fiscal 2019 related to restructuring, transaction and other charges, amortization of intangibles and fair value adjustments related to our investment in Worley stock (net of Worley stock dividend) and certain foreign currency revaluations relating to the ECR sale. On a year to date basis, impacts on net earnings from continuing operations attributable to Jacobs were (i) $259.8 million in restructuring, transaction and other charges, (ii) $59.0 million of intangible asset amortization and (iii) $48.6 million in fair value adjustments related to our investment in Worley stock (net of Worley stock dividend) and certain foreign currency revaluations relating to the ECR sale. (d) For the three-month period ended September 27, 2019, diluted net earnings (loss) per share from discontinued operations included $89.7 million related to revisions to previous income tax expense estimates, $17.4 million in finalization of the pre-tax gain on the sale of our ECR business and $9.8 million related to the difference between Nui Phao loss contingency as originally recorded and fourth quarter 2019 settlement amount. |
Significant Accounting Polici_2
Significant Accounting Policies (Policies) | 12 Months Ended |
Oct. 02, 2020 | |
Accounting Policies [Abstract] | |
Revenue Accounting For Contracts and Use of Joint Ventures | Revenue Accounting for Contracts Engineering, Procurement & Construction Contracts and Service Contracts On September 29, 2018, the Company adopted ASC Topic 606, Revenue from Contracts with Customers, including the subsequent ASUs that amended and clarified the related guidance. The Company recognizes engineering, procurement, and construction contract revenue over time, as performance obligations are satisfied, due to the continuous transfer of control to the customer. Upon adoption of ASC Topic 606, contracts which include engineering, procurement and construction services are generally accounted for as a single deliverable (a single performance obligation) and are no longer segmented between types of services. In some instances, the Company’s services associated with a construction activity are limited to specific tasks such as customer support, consulting or supervisory services. In these instances, the services are typically identified as separate performance obligations. The Company recognizes revenue using the percentage-of-completion method, based primarily on contract costs incurred to date compared to total estimated contract costs. The percentage-of-completion method (an input method) is the most representative depiction of the Company’s performance because it directly measures the value of the services transferred to the customer. Subcontractor materials, labor and equipment and, in certain cases, customer-furnished materials and labor and equipment are included in revenue and cost of revenue when management believes that the company is acting as a principal rather than as an agent (e.g., the company integrates the materials, labor and equipment into the deliverables promised to the customer or is otherwise primarily responsible for fulfillment and acceptability of the materials, labor and/or equipment). The Company recognizes revenue, but not profit, on certain uninstalled materials that are not specifically produced, fabricated, or constructed for a project. Revenue on these uninstalled materials is recognized when control is transferred. Changes to total estimated contract cost or losses, if any, are recognized in the period in which they are determined as assessed at the contract level. Pre-contract costs are expensed as incurred unless they are expected to be recovered from the client. Project mobilization costs are generally charged to project costs as incurred when they are an integrated part of the performance obligation being transferred to the client. Under the typical payment terms of our engineering, procurement and construction contracts, amounts are billed as work progresses in accordance with agreed-upon contractual terms at periodic intervals (e.g., biweekly or monthly) and customer payments are typically due within 30 to 60 days of billing, depending on the contract. For service contracts, the Company recognizes revenue over time using the cost-to-cost percentage-of-completion method. Service contracts that include multiple performance obligations are segmented between types of services. For contracts with multiple performance obligations, the Company allocates the transaction price to each performance obligation using an estimate of the stand-alone selling price of each distinct service in the contract. In some instances where the Company is standing ready to provide services, the Company recognizes revenue ratably over the service period. Under the typical payment terms of our service contracts, amounts are billed as work progresses in accordance with agreed-upon contractual terms, and customer payments are typically due within 30 to 60 days of billing, depending on the contract. Direct costs of contracts include all costs incurred in connection with and directly for the benefit of client contracts, including depreciation and amortization relating to assets used in providing the services required by the related projects. The level of direct costs of contracts may fluctuate between reporting periods due to a variety of factors, including the amount of pass-through costs we incur during a period. On those projects where we are acting as principal for subcontract labor or third-party materials and equipment, we reflect the amounts of such items in both revenues and costs (and we refer to such costs as “pass-through costs”). Back charges to suppliers or subcontractors are recognized as a reduction of cost when it is determined that recovery of such cost is probable and the amounts can be reliably estimated. Disputed back charges are recognized when the same requirements described above have been satisfied. Variable Consideration The nature of the Company’s contracts gives rise to several types of variable consideration, including claims and unpriced change orders; awards and incentive fees; and liquidated damages and penalties. The Company recognizes revenue for variable consideration when it is probable that a significant reversal in the amount of cumulative revenue recognized will not occur. The Company estimates the amount of revenue to be recognized on variable consideration using the expected value (i.e., the sum of a probability-weighted amount) or the most likely amount method, whichever is expected to better predict the amount. Factors considered in determining whether revenue associated with claims (including change orders in dispute and unapproved change orders in regard to both scope and price) should be recognized include the following: (a) the contract or other evidence provides a legal basis for the claim, (b) additional costs were caused by circumstances that were unforeseen at the contract date and not the result of deficiencies in the company’s performance, (c) claim-related costs are identifiable and considered reasonable in view of the work performed, and (d) evidence supporting the claim is objective and verifiable. If the requirements for recognizing revenue for claims or unapproved change orders are met, revenue is recorded only when the costs associated with the claims or unapproved change orders have been incurred and only up to the amount of cost incurred. The Company generally provides limited warranties for work performed under its engineering and construction contracts. The warranty periods typically extend for a limited duration following substantial completion of the Company’s work on the project. Historically, warranty claims have not resulted in material costs incurred for which the Company was not compensated for by the customer. Practical Expedient If the Company has a right to consideration from a customer in an amount that corresponds directly with the value of the Company’s performance completed to date (a service contract in which the company bills a fixed amount for each hour of service provided), the Company recognizes revenue in the amount to which it has a right to invoice for services performed. The Company does not adjust the contract price for the effects of a significant financing component if the Company expects, at contract inception, that the period between when the Company transfers a service to a customer and when the customer pays for that service will be one year or less. See Note 3- Revenue Accounting for Contracts for further discussion. Joint Ventures and VIEs As is common to the industry, we execute certain contracts jointly with third parties through various forms of joint ventures. Although the joint ventures own and hold the contracts with the clients, the services required by the contracts are typically performed by us and our joint venture partners, or by other subcontractors under subcontracting agreements with the joint ventures. Many of these joint ventures are formed for a specific project. The assets of our joint ventures generally consist almost entirely of cash and receivables (representing amounts due from clients), and the liabilities of our joint ventures generally consist almost entirely of amounts due to the joint venture partners (for services provided by the partners to the joint ventures under their individual subcontracts) and other subcontractors. In general, at any given time, the equity of our joint ventures represents the undistributed profits earned on contracts the joint ventures hold with clients. Very few of our joint ventures have employees or third-party debt or credit facilities. The debt held by the joint ventures is non-recourse to the general credit of Jacobs. The assets of a joint venture are restricted for use to the obligations of the particular joint venture and are not available for general operations of the Company. Our risk of loss on these arrangements is usually shared with our partners. The liability of each partner is usually joint and several, which means that each partner may become liable for the entire risk of loss on the project. Furthermore, on some of our projects, the Company has granted guarantees which may encumber both our contracting subsidiary company and the Company for the entire risk of loss on the project. The Company is unable to estimate the maximum potential amount of future payments that we could be required to make under outstanding performance guarantees related to joint venture projects due to a number of factors, including but not limited to, the nature and extent of any contractual defaults by our joint venture partners, resource availability, potential performance delays caused by the defaults, the location of the projects, and the terms of the related contracts. See Note 18- Contractual Guarantees, Litigation, Investigations and Insurance for further discussion. Most of the joint ventures are deemed to be variable interest entities (“VIE”) because they lack sufficient equity to finance the activities of the joint venture. The Company uses a qualitative approach to determine if the Company is the primary beneficiary of the VIE, which considers factors that indicate a party has the power to direct the activities that most significantly impact the joint venture’s economic performance. These factors include the composition of the governing board, how board decisions are approved, the powers granted to the operational manager(s) and partner that holds that position(s), and to a certain extent, the partner’s economic interest in the joint venture. The Company analyzes each joint venture initially to determine if it should be consolidated or unconsolidated. • Consolidated if the Company is the primary beneficiary of a VIE, or holds the majority of voting interests of a non-VIE (and no significant participative rights are available to the other partners). • Unconsolidated if the Company is not the primary beneficiary of a VIE, or does not hold the majority of voting interest of a non-VIE. Our unconsolidated joint ventures (including equity method investments) are reviewed for impairment whenever events or changes in circumstances indicate that the carrying amount of the investment might not be recoverable, and impairment losses are recognized for such investments if there is a decline in fair value below carrying value that is considered to be other-than-temporary. See Note 8- Joint Ventures and VIEs for further discussion. |
Fair Value Measurements | Fair Value Measurements Certain amounts included in the accompanying consolidated financial statements are presented at “fair value.” Fair value is defined as the price that would be received from selling an asset or paid to transfer a liability in an orderly transaction between market participants as of the date fair value is determined (the “measurement date”). When determining fair value, we consider the principal or most advantageous market in which we would transact, and we consider only those assumptions we believe a typical market participant would consider when pricing an asset or liability. In measuring fair value, we use the following inputs in the order of priority indicated: Level 1 - Quoted prices in active markets for identical assets or liabilities. Level 2 - Observable inputs other than quoted prices in active markets included in Level 1, such as (i) quoted prices for similar assets or liabilities; (ii) quoted prices in markets that have insufficient volume or infrequent transactions (e.g., less active markets); and (iii) model-driven valuations in which all significant inputs are observable or can be derived principally from, or corroborated with, observable market data for substantially the full term of the asset or liability. Level 3 - Unobservable inputs to the valuation methodology that are significant to the fair value measurement. The net carrying amounts of cash and cash equivalents, trade receivables and payables and short-term debt approximate fair value due to the short-term nature of these instruments. See Note 9- Borrowings for a discussion of the fair value of long-term debt. Certain other assets and liabilities, such as forward contracts and interest rate swap agreements we purchased as cash-flow hedges discussed in Note 17- Commitments and Contingencies and Derivative Financial Instruments and the Company's investment in Worley ordinary shares discussed in Note 15- Sale of Energy, Chemicals and Resources are required to be carried in our Consolidated Financial Statements at Fair Value. The fair value of the Company’s reporting units (used for purposes of determining whether there is an indication of possible impairment of the carrying value of goodwill) is determined using an income and market approach. Both approaches require us to make certain estimates and judgments. Under the income approach, fair value is determined by using the discounted cash flows of our reporting units. Under the market approach, the fair values of our reporting units are determined by reference to guideline companies that are reasonably comparable to our reporting units; the fair values are estimated based on the valuation multiples of the invested capital associated with the guideline companies. In assessing whether there is an indication that the carrying value of goodwill has been impaired, we utilize the results of both valuation techniques and consider the range of fair values indicated. With respect to equity-based compensation (i.e., share-based payments), we estimate the fair value of stock options granted to employees and directors using the Black-Scholes option-pricing model. Like all option-pricing models, the Black-Scholes model requires the use of subjective assumptions including (i) the expected volatility of the market price of the underlying stock, and (ii) the expected term of the award, among others. Accordingly, changes in assumptions and any subsequent adjustments to those assumptions can cause different fair values to be assigned to our future stock option awards. For restricted stock awards (including restricted stock units) containing market conditions, compensation expense is based on the fair value of such awards using a Monte Carlo simulation. For restricted stock awards (including restricted stock units) containing service and performance conditions, compensation expense is based on the closing stock price on the date of grant. The fair values of the assets owned by the various pension plans that the Company sponsors are determined based on the type of asset, consistent with U.S. GAAP. Equity securities are valued by using market observable data such as quoted prices. Publicly traded corporate equity securities are valued at the last reported sale price on the last business day of the year. Securities not traded on the last business day are valued at the last reported bid price. Fixed income investment funds categorized as Level 2 are valued by the trustee using pricing models that use verifiable observable market data (e.g., interest rates and yield curves observable at commonly quoted intervals), bids provided by brokers or dealers, or quoted prices of securities with similar characteristics. Real estate consists primarily of common or collective trusts, with underlying investments in real estate. These investments are valued using the best information available, including quoted market price, market prices for similar assets when available, internal cash flow estimates discounted at an appropriate interest rate, or independent appraisals, as appropriate. Management values insurance contracts and hedge funds using actuarial assumptions and certain values reported by fund managers. The methodologies described above and elsewhere in these Notes to Consolidated Financial Statements may produce a fair value measure that may not be indicative of net realizable value or reflective of future fair values. Furthermore, while the Company believes its valuation methods are appropriate and consistent with other market participants, the use of different methodologies or assumptions to determine the fair value of certain financial instruments could result in a different fair value measurement. |
Cash Equivalents | Cash Equivalents We consider all highly liquid investments with original maturities of less than three months to be cash equivalents. Cash equivalents at October 2, 2020 and September 27, 2019 consisted primarily of money market mutual funds and overnight bank deposits. |
Receivables and Billings In Excess of Costs | Receivables, Contract Assets and Contract Liabilities Receivables include amounts billed, net and unbilled receivables. Amounts billed, net consist of amounts invoiced to clients in accordance with the terms of our client contracts and are shown net of an allowance for doubtful accounts. We anticipate that substantially all of such billed amounts will be collected over the next twelve months. Unbilled receivables and other, which represent an unconditional right to payment subject only to the passage of time in connection with our client contracts, are reclassified to amounts billed when they are billed under the terms of the contract. Prior to adoption of ASC 606, receivables related to contractual milestones or achievement of performance-based targets were included in unbilled receivables. These are now included in contract assets. We anticipate that substantially all of such unbilled amounts will be billed and collected over the next twelve months. Contract assets represent unbilled amounts where the right to payment is subject to more than merely the passage of time and includes performance-based incentives and services provided ahead of agreed contractual milestones. Contract assets are transferred to unbilled receivables when the right to consideration becomes unconditional and are transferred to amounts billed upon invoicing. Contract liabilities represent amounts billed to clients in excess of revenue recognized to date. We anticipate that substantially all such amounts will be earned over the next twelve months. In order to manage short-term liquidity and credit exposure, Jacobs may sell current customer receivables to third parties. When Jacobs sells customer receivables to third parties it accelerates the receipt of cash that would otherwise have been collected from customers and records these transactions as reductions to the receivable amounts. Jacobs does not maintain continuing involvement in these arrangements. |
Property, Equipment and Improvements | Property, Equipment, and Improvements Property, equipment and improvements are carried at cost, and are shown net of accumulated depreciation and amortization in the accompanying Consolidated Balance Sheets. Depreciation and amortization is computed primarily by using the straight-line method over the estimated useful lives of the assets. The cost of leasehold improvements is amortized using the straight-line method over the lesser of the estimated useful life of the asset or the remaining term of the related lease. Estimated useful lives range from 20 to 40 years for buildings, from 3 to 10 years for equipment and from 4 to 10 years for leasehold improvements. |
Goodwill and Other Intangible Assets | Goodwill and Other Intangible Assets Goodwill represents the excess of the cost of an acquired business over the fair value of the net tangible and intangible assets acquired. Goodwill and intangible assets with indefinite lives are not amortized; instead, on an annual basis we test goodwill and intangible assets with indefinite lives for possible impairment. Intangible assets with finite lives are amortized on a straight-line basis over the useful lives of those assets. Interim testing for impairment is performed if indicators of potential impairment exist. For purposes of impairment testing, goodwill is assigned to the applicable reporting units based on the current reporting structure. We have determined that our operating segments are also our reporting units based on management’s conclusion that the components comprising each of our operating segments share similar economic characteristics and meet the aggregation criteria in accordance with ASC 350. |
Impairment of Long-Lived Assets | Impairment of Long-Lived Assets Our long-lived assets other than goodwill principally consist of right-of-use lease assets, property, equipment and improvements, and finite-lived intangible assets. These long-lived assets are evaluated for impairment for each of our asset groups in accordance with ASC 360 by first identifying whether indicators of impairment exist. If such indicators are present, we assess long-lived asset groups for recoverability based on estimated future undiscounted cash flows. For asset groups where the recoverability test fails, the fair value of each asset group is then estimated and compared to its carrying amount. An impairment loss is recognized for the amount by which an asset group’s carrying value exceeds its fair value. |
Foreign Currencies | Foreign Currencies In preparing our Consolidated Financial Statements, it is necessary to translate the financial statements of our subsidiaries operating outside the U.S., which are denominated in currencies other than the U.S. dollar, into the U.S. dollar. In accordance with U.S. GAAP, revenues and expenses of operations outside the U.S. are translated into U.S. dollars using weighted-average exchange rates for the applicable periods being translated while the assets and liabilities of operations outside the U.S. are generally translated into U.S. dollars using period-end exchange rates. The net effect of foreign currency translation adjustments is included in stockholders’ equity as a component of accumulated other comprehensive income (loss) in the accompanying Consolidated Balance Sheets. |
Share-based Payments | Share-Based Payments We measure the value of services received from employees and directors in exchange for an award of an equity instrument based on the grant-date fair value of the award. The computed value is recognized as a non-cash cost on a straight-line basis over the period the individual provides services, which is typically the vesting period of the award with the exception of awards containing an internal performance measure, such as Earnings Per Share growth and Return on Invested Capital, which is recognized on a straight-line basis over the vesting period subject to the probability of meeting the performance requirements and adjusted for the number of shares expected to be earned. The cost of these awards is recorded in selling, general and administrative expense in the accompanying Consolidated Statements of Earnings. |
Concentration of Credit Risk | Concentrations of Credit Risk Our cash balances and cash equivalents are maintained in accounts held by major banks and financial institutions located in North America, South America, Europe, the Middle East, India, Australia, Africa and Asia. In the normal course of business, and consistent with industry practices, we grant credit to our clients without requiring collateral. Concentrations of credit risk is the risk that, if we extend a significant amount of credit to clients in a specific geographic area or industry, we may experience disproportionately high levels of default if those clients are adversely affected by factors particular to their geographic area or industry. Concentrations of credit risk relative to trade receivables are limited due to our diverse client base, which includes the U.S. federal government and multi-national corporations operating in a broad range of industries and geographic areas. Additionally, in order to mitigate credit risk, we continually evaluate the credit worthiness of our major commercial clients. |
Leases | Leases On September 28, 2019 the Company adopted ASU 2016-02, Leases ("ASC 842") , along with ASU 2018-01, ASU 2018-10, ASU 2018-11, ASU 2018-20 and ASU 2019-01, which amended and clarified the related guidance. ASC 842 requires lessees to recognize assets and liabilities for most leases. The Company determines if an arrangement is a lease at contract inception. A lease exists when a contract conveys to the customer the right to control the use of an identified asset for a period of time in exchange for consideration. The definition of a lease embodies two conditions: (1) there is an identified asset in the contract, and (2) the customer has the right to control the use of the identified asset. Lessees are required to classify leases as either finance or operating leases. This classification will determine whether lease expense is recognized based on an effective interest method or on a straight-line basis over the term of the lease. ASC 842 provided several optional practical expedients for use in transition to and ongoing application of ASC 842. The Company elected to utilize the package of practical expedients in ASC 842-10-65-1(f) that, upon adoption of ASC 842, allows entities to (1) not reassess whether any expired or existing contracts are or contain leases, (2) retain the classification of leases (e.g., operating or finance lease) existing as of the date of adoption and (3) not reassess initial direct costs for any existing leases. The Company did not elect the practical expedient pertaining to the use of hindsight. The Company elected to utilize the practical expedient in ASC 842-10-15-37 in which the Company has chosen to account for each separate lease component of a contract and its associated non-lease components as a single lease component. The Company adopted ASC 842 using the modified retrospective method, and accordingly, the new guidance was applied to leases that existed as of September 28, 2019 (the date of initial application) without adjusting the comparative periods presented. As a result, as of September 28, 2019, the Company has recorded total right-of-use ("ROU") assets of $767.0 million, which is comprised of approximately $82.3 million in reclassifications of previously recorded lease incentives and deferred rent, offset by $141.4 million in restructured lease cease-use liability. Additionally, the Company has recorded total current lease liabilities of $180.7 million, and total noncurrent lease liabilities of $810.1 million. The adoption of ASC 842 did not have a material impact on the Company’s results of operations or any impact on the Company’s cash flows. The Company’s right-of use assets and lease liabilities relate to real estate, project assets used in connection with long-term construction contracts, IT assets and vehicles. The Company’s leases have remaining lease terms of one year to thirteen years. The Company’s lease obligations are primarily for the use of office space and are primarily operating leases. Certain of the Company’s leases contain renewal, extension, or termination options. The Company assesses each option on an individual basis and will only include options reasonably certain of exercise in the lease term. The Company generally considers the base term to be the term provided in the contract. None of the Company’s lease agreements contain material options to purchase the leased property, material residual value guarantees, or material restrictions or covenants. Long-term project asset and vehicle leases (leases with terms greater than twelve months), along with all real estate and IT asset leases, are recorded on the consolidated balance sheet at the present value of the minimum lease payments not yet paid. Because the Company primarily acts as a lessee and the rates implicit in its leases are not readily determinable, the Company generally uses its incremental borrowing rate on the lease commencement date to calculate the present value of future lease payments. Certain leases include payments that are based solely on an index or rate. These variable lease payments are included in the calculation of the ROU asset and lease liability and are initially measured using the index or rate at the lease commencement date. Other variable lease payments, such as payments based on use and for property taxes, insurance, or common area maintenance that are based on actual assessments are excluded from the ROU asset and lease liability and are expensed as incurred. In addition to the present value of the future lease payments, the calculation of the ROU asset also includes any deferred rent, lease pre-payments and initial direct costs of obtaining the lease, such as commissions. Certain lease contracts contain nonlease components such as maintenance and utilities. The Company has made an accounting policy election, as allowed under ASC 842-10-15-37 and discussed above, to capitalize both the lease component and nonlease components of its contracts as a single lease component for all of its right-of-use assets. Short-term project asset and vehicle leases (project asset and vehicle leases with an initial term of twelve months or less or leases that are cancellable by the lessee and lessor without significant penalties) are not recorded on the consolidated balance sheet and are expensed on a straight-line basis over the lease term. The majority of the Company’s short-term leases relate to equipment used on construction projects. These leases are entered into at agreed upon hourly, daily, weekly or monthly rental rates for an unspecified duration and typically have a termination for convenience provision. Such equipment leases are considered short-term in nature unless it is reasonably certain that the equipment will be leased for a term greater than twelve months. |
Pensions | Pensions We use certain assumptions and estimates in order to calculate periodic pension cost and the value of the assets and liabilities of our pension plans. These assumptions involve discount rates, investment returns and projected salary increases, among others. Changes in the actuarial assumptions may have a material effect on the plans’ liabilities and the projected pension expense. We use a corridor approach to amortize actuarial gains and losses. Under this approach, net gains or losses in excess of ten percent of the larger of the pension benefit obligation or the market-related value of the assets are amortized on a straight-line basis. The period of amortization is the average remaining service of active participants who are expected to receive benefits under certain plans and the average remaining future lifetime of plan participants for certain plans. We measure our defined benefit plan assets and obligations as of the end of the month closest to their fiscal year end, which is September 30, 2020 as the alternative measurement date in accordance with FASB guidance ASU 2015-04, Compensation Retirement Benefit (Topic 715): Practical Expedient for the Measurement Date of an Employer’s Defined Benefit Obligation and Plan Asset |
Income Taxes | Income Taxes We determine our consolidated income tax expense using the asset and liability method prescribed by U.S. GAAP. Under this method, deferred tax assets and liabilities are recognized for the temporary differences between the carrying amounts of assets and liabilities for financial reporting purposes and income tax purposes. Such deferred tax assets and liabilities are adjusted, as appropriate, to reflect changes in tax rates expected to be in effect when the temporary differences reverse. If and when we determine that a deferred tax asset will not be realized for its full amount, we will recognize and record a valuation allowance with a corresponding charge to earnings. Judgment is required in determining our provision for income taxes. In the normal course of business, we may engage in numerous transactions every day for which the ultimate tax outcome (including the period in which the transaction will ultimately be included in taxable income or deducted as an expense) is uncertain. Additionally, we file income, franchise, gross receipts and similar tax returns in many jurisdictions. Our tax returns are subject to audit and investigation by the Internal Revenue Service, most states in the U.S., and by various government agencies representing many jurisdictions outside the U.S. |
Contractual Guarantees, Litigation, Investigations and Insurance | Contractual Guarantees, Litigation, Investigations and Insurance In the normal course of business we are subject to certain contractual guarantees and litigation. We record in the Consolidated Balance Sheets amounts representing our estimated liability relating to such guarantees, litigation and insurance claims. Guarantees are accounted for in accordance with ASC 460-10, Guarantees , at fair value at the inception of the guarantee. We perform an analysis to determine the level of reserves to establish for both insurance-related claims that are known and have been asserted against us as well as for insurance-related claims that are believed to have been incurred based on actuarial analysis, but have not yet been reported to our claims administrators as of the respective balance sheet dates. We include any adjustments to such insurance reserves in our Consolidated Statements of Earnings. In addition, as a contractor providing services to various agencies of the U.S. federal government, we are subject to many levels of audits, investigations, and claims by, or on behalf of, the U.S. federal government with respect to contract performance, pricing, costs, cost allocations and procurement practices. We adjust revenues based upon the amounts we expect to realize considering the effects of any client audits or governmental investigations. |
Business Combinations | Business Combinations U.S. GAAP requires that the purchase price paid for business combinations accounted for using the acquisition method be allocated to the assets and liabilities acquired based on their respective Fair Values. Determining the Fair Value of contract assets and liabilities acquired often requires estimates and judgments regarding, among other things, the estimated cost to complete such contracts. The Company must also make certain estimates and judgments relating to other assets and liabilities acquired as well as any identifiable intangible assets acquired. |
Use of Estimates and Assumptions | Use of Estimates and Assumptions The preparation of financial statements in conformity with U.S. GAAP requires us to employ estimates and make assumptions that affect the reported amounts of certain assets and liabilities; the revenues and expenses reported for the periods covered by the financial statements; and certain amounts disclosed in these Notes to the Consolidated Financial Statements. Although such estimates and assumptions are based on management’s most recent assessment of the underlying facts and circumstances utilizing the most current information available and past experience, actual results could differ significantly from those estimates and assumptions. Our estimates, judgments and assumptions are evaluated periodically and adjusted accordingly. |
New Accounting Pronouncements | New Accounting Pronouncements ASU 2017-04, Simplifying the Test for Goodwill Impairment, is effective for fiscal years beginning after December 15, 2019 with early adoption permitted. ASU 2017-04 removes the second step of the goodwill impairment test, which requires a hypothetical purchase price allocation. An entity will now recognize a goodwill impairment charge for the amount by which a reporting unit's carrying value exceeds its fair value, not to exceed the amount of goodwill allocated to the reporting unit. Management does not expect the adoption of ASU 2017-04 to have any impact on the Company's financial position, results of operations or cash flows. ASU No. 2016-13, Financial Instruments - Credit Losses (Topic 326): Measurement of Credit Losses on Financial Instruments requires entities to use a current lifetime expected credit loss methodology to measure impairments of certain financial assets. Using this methodology will result in earlier recognition of losses than under the current incurred loss approach, which requires waiting to recognize a loss until it is probable of having been incurred. There are other provisions within the standard that affect how impairments of other financial assets may be recorded and presented, and that expand disclosures. This standard will be effective for our interim and annual periods beginning with the first quarter of fiscal 2021, and must be applied on a modified retrospective basis. Management does not expect the adoption of ASU 326 to have a material impact on the Company's financial position, results of operations or cash flows. |
Description of Business and B_2
Description of Business and Basis of Presentation (Tables) | 12 Months Ended |
Oct. 02, 2020 | |
Organization, Consolidation and Presentation of Financial Statements [Abstract] | |
Revenues Realized from Each of These Types of Contracts | The percentage of revenues realized from each of these types of contracts for the fiscal years ended October 2, 2020, September 27, 2019 and September 28, 2018 was as follows: For the Years Ended October 2, 2020 September 27, 2019 September 28, 2018 Cost-reimbursable 76% 76% 74% Fixed-price 24% 24% 26% |
Revenue Accounting for Contra_2
Revenue Accounting for Contracts and Adoption of ASC Topic 606 (Tables) | 12 Months Ended |
Oct. 02, 2020 | |
Revenue from Contract with Customer [Abstract] | |
Disaggregation of Revenue | The following table further disaggregates our revenue by geographic area for the years ended October 2, 2020, September 27, 2019 and September 28, 2018 (in thousands): For the Years Ended October 2, 2020 September 27, 2019 September 28, 2018 Revenues: United States $ 10,158,508 $ 9,006,730 $ 6,908,988 Europe 2,253,284 2,242,976 2,495,805 Canada 227,067 213,172 189,865 Asia 117,698 195,023 163,761 India 50,618 62,543 52,533 Australia and New Zealand 537,076 533,251 578,108 South America and Mexico 11 7,416 17,656 Middle East and Africa 222,713 476,757 173,057 Total $ 13,566,975 $ 12,737,868 $ 10,579,773 |
Schedules of Concentration of Risk | The following table presents the revenues earned directly or indirectly from the U.S. federal government and its agencies, expressed as a percentage of total revenues: For the Years Ended October 2, 2020 September 27, 2019 September 28, 2018 33% 27% 32% |
Earnings Per Share and Certai_2
Earnings Per Share and Certain Related Information (Tables) | 12 Months Ended |
Oct. 02, 2020 | |
Earnings Per Share Reconciliation [Abstract] | |
Earnings Per Share | The following table reconciles the denominator used to compute basic EPS to the denominator used to compute diluted EPS for the years ended October 2, 2020, September 27, 2019 and September 28, 2018 (in thousands): For the Years Ended October 2, 2020 September 27, 2019 September 28, 2018 Numerator for Basic and Diluted EPS: Net earnings (loss) attributable to Jacobs from continuing operations $ 353,861 $ 290,960 $ (4,185) Net earnings from continuing operations allocated to participating securities (72) (415) — Net earnings (loss) from continuing operations allocated to common stock for EPS calculation $ 353,789 $ 290,545 $ (4,185) Net earnings attributable to Jacobs from discontinued operations $ 137,984 $ 557,019 $ 167,616 Net earnings from discontinued operations allocated to participating securities (28) (795) (808) Net earnings from discontinued operations allocated to common stock for EPS calculation $ 137,956 $ 556,224 $ 166,808 Net earnings allocated to common stock for EPS calculation $ 491,745 $ 846,769 $ 162,623 Denominator for Basic and Diluted EPS: Weighted average basic shares 131,541 138,104 138,182 Shares allocated to participating securities (27) (197) (646) Shares used for calculating basic EPS attributable to common stock 131,514 137,907 137,536 Effect of dilutive securities: Stock compensation plans (1) 1,207 1,299 — Shares used for calculating diluted EPS attributable to common stock 132,721 139,206 137,536 Net Earnings Per Share: Basic Net Earnings (Loss) from Continuing Operations Per Share $ 2.69 $ 2.11 $ (0.03) Basic Net Earnings from Discontinued Operations Per Share $ 1.05 $ 4.03 $ 1.21 Basic EPS $ 3.74 $ 6.14 $ 1.18 Diluted Net Earnings (Loss) from Continuing Operations Per Share $ 2.67 $ 2.09 $ (0.03) Diluted Net Earnings from Discontinued Operations Per Share $ 1.04 $ 4.00 $ 1.21 Diluted EPS $ 3.71 $ 6.08 $ 1.18 (1) For the fiscal 2018 period, because net earnings (loss) from continuing operations was a loss, the effect of antidilutive securities of 1,176 was excluded from the denominator in calculating diluted EPS. |
Share Repurchases | The following table summarizes the activity under the 2019 Repurchase Authorization during fiscal 2020: Amount Authorized Average Price Per Share (1) Shares Repurchased Total Shares Retired $1,000,000,000 $81.68 4,129,003 4,129,003 (1) Includes commissions paid and calculated at the average price per share |
Dividends Paid | Dividends paid through October 2, 2020 and the preceding fiscal year are as follows: Declaration Date Record Date Payment Date Cash Amount (per share) July 9, 2020 July 24, 2020 August 21, 2020 $0.19 May 5, 2020 May 20, 2020 June 17, 2020 $0.19 January 16, 2020 January 31, 2020 February 28, 2020 $0.19 September 19, 2019 October 4, 2019 November 1, 2019 $0.17 July 11, 2019 July 26, 2019 August 23, 2019 $0.17 May 2, 2019 May 17, 2019 June 14, 2019 $0.17 January 17, 2019 February 15, 2019 March 15, 2019 $0.17 |
Goodwill and Intangibles (Table
Goodwill and Intangibles (Tables) | 12 Months Ended |
Oct. 02, 2020 | |
Goodwill and Intangible Assets Disclosure [Abstract] | |
Schedule of Carrying Value of Goodwill by Reportable Segment Appearing in Accompanying Consolidated Balance Sheets | The carrying value of goodwill associated with continuing operations and appearing in the accompanying Consolidated Balance Sheets October 2, 2020 and September 27, 2019 was as follows (in millions): Critical Mission Solutions People & Places Solutions Total Balance September 27, 2019 $ 2,202 $ 3,231 $ 5,433 Acquired 206 — 206 Post-Acquisition Adjustments 2 — 2 Disposed — (6) (6) Foreign Exchange Impact (1) 5 4 Balance October 2, 2020 $ 2,409 $ 3,230 $ 5,639 |
Schedule of Acquired Intangibles in Accompanying Consolidated Balance Sheets | The following table provides a roll-forward of the Company’s acquired intangibles in the accompanying Consolidated Balance Sheets for the year ended October 2, 2020 (in thousands): Customer Relationships, Contracts and Backlog Developed Technology Trade Names Other Total Balances, September 27, 2019 $ 622,392 $ 40,833 $ 1,183 $ 668 $ 665,076 Acquired 73,558 6,452 — — 80,010 Transfer to lease right-of-use asset as a result of adoption of ASC 842 — — — (668) (668) Amortization (86,401) (3,734) (428) — (90,563) Foreign currency translation 4,496 21 (32) — 4,485 Balances, October 2, 2020 $ 614,045 $ 43,572 $ 723 $ — $ 658,340 Weighted Average Amortization Period (years) 8 11 10 — 8 |
Schedule of Estimated Amortization Expense of Intangible Assets | The following table presents estimated amortization expense of intangible assets for fiscal 2021 and for the succeeding years. The amounts below include preliminary amortization estimates for the Wood Group opening balance sheet fair values that are still preliminary and are subject to change. Fiscal Year (in millions) 2021 $ 90.7 2022 89.7 2023 89.4 2024 89.2 2025 88.8 Thereafter 210.5 Total $ 658.3 |
Other Financial Information Oth
Other Financial Information Other Financial Information (Tables) | 12 Months Ended |
Oct. 02, 2020 | |
Other Financial Information [Abstract] | |
Schedule of Accounts, Notes, Loans and Financing Receivable | The following table presents the components of receivables appearing in the accompanying Consolidated Balance Sheets at October 2, 2020 and September 27, 2019 as well as certain other related information (in thousands): October 2, 2020 September 27, 2019 Components of receivables: Amounts billed, net $ 1,294,204 $ 1,222,339 Unbilled receivables and other 1,449,184 1,216,028 Contract assets 423,922 401,842 Total receivables and contract assets, net $ 3,167,310 $ 2,840,209 Other information about receivables: Amounts due from the United States federal government included above, net of advanced billings $ 600,207 $ 630,975 |
Property, Plant and Equipment | The following table presents the components of our property, equipment and improvements, net at October 2, 2020 and September 27, 2019 (in thousands): October 2, 2020 September 27, 2019 Land $ 966 $ 355 Buildings 21,550 14,331 Equipment 560,352 533,804 Leasehold improvements 187,980 247,660 Construction in progress 16,410 8,781 787,258 804,931 Accumulated depreciation and amortization (467,887) (496,788) $ 319,371 $ 308,143 |
Schedule of Disclosure on Geographic Areas, Long-Lived Assets in Individual Foreign Countries by Country | The following table presents our property, equipment and improvements, net by geographic area for the years ended October 2, 2020 and September 27, 2019 (in thousands): For the Years Ended October 2, 2020 September 27, 2019 Property, equipment and improvements, net: United States $ 230,881 $ 230,476 Europe 59,321 52,775 Canada 2,599 3,199 Asia 3,817 5,652 India 10,710 2,379 Australia and New Zealand 10,492 12,091 Middle East and Africa 1,551 1,571 Total $ 319,371 $ 308,143 |
Accrued Liabilities | The following table presents the components of “Accrued liabilities” shown in the accompanying Consolidated Balance Sheets at October 2, 2020 and September 27, 2019 (in thousands): October 2, 2020 September 27, 2019 Accrued payroll and related liabilities $ 746,637 $ 677,313 Project-related accruals 60,531 58,835 Non project-related accruals 237,204 258,312 Insurance liabilities 75,267 83,968 Sales and other similar taxes 104,720 34,390 Deferred rent — 68,914 Dividends payable 25,524 23,439 Deferred gain on ECR disposition (1) — 179,208 Current liabilities held for sale — 2,573 Total $ 1,249,883 $ 1,386,952 (1) See Note 15- Sale of Energy, Chemicals and Resource ("ECR") Business for discussion regarding deferred gain. |
Schedule of Accumulated Other Comprehensive Income (Loss) | The following table presents the Company's roll forward of accumulated income (loss) after-tax for the years ended October 2, 2020 and September 27, 2019 (in thousands): Change in Pension and Retiree Medical Plan Liabilities Foreign Currency Translation Adjustment Gain/(Loss) on Cash Flow Hedges Total Balance at September 28, 2018 $ (309,867) $ (496,017) $ (819) $ (806,703) Other comprehensive income (loss) (104,434) (84,456) 990 (187,900) Reclassifications from other comprehensive income (loss) (22,448) 100,428 (189) 77,791 Balance at September 27, 2019 $ (436,749) $ (480,045) $ (18) $ (916,812) Other comprehensive income (loss) (61,994) 60,330 (17,569) (19,233) Reclassifications from other comprehensive income (loss) 17 — 2,971 2,988 Balance at October 2, 2020 $ (498,726) $ (419,715) $ (14,616) $ (933,057) |
Income Taxes (Tables)
Income Taxes (Tables) | 12 Months Ended |
Oct. 02, 2020 | |
Income Tax Disclosure [Abstract] | |
Components of Consolidated Income Tax Expense | The following table presents the components of our consolidated income taxes for continuing operations for years ended October 2, 2020, September 27, 2019 and September 28, 2018 (in thousands): For the Years Ended October 2, 2020 September 27, 2019 September 28, 2018 Current income tax (benefit) expense from continuing operations: Federal $ (37,030) $ 25,549 $ 49,829 State (5,021) 6,639 (1,546) Foreign 41,616 57,156 20,858 Total current tax expense from continuing operations (435) 89,344 69,141 Deferred income tax expense (benefit) from continuing operations: Federal 53,485 6,607 230,358 State 7,133 20,408 17,318 Foreign (4,863) (79,405) 8,815 Total deferred tax expense (benefit) from continuing operations 55,755 (52,390) 256,491 Consolidated income tax expense from continuing operations $ 55,320 $ 36,954 $ 325,632 |
Components of Deferred Tax Assets | The following table presents the components of our net deferred tax assets at October 2, 2020 and September 27, 2019 (in thousands): October 2, 2020 September 27, 2019 Deferred tax assets: Obligations relating to: Defined benefit pension plans $ 55,949 $ 56,854 Other employee benefit plans 132,613 149,276 Net operating losses 197,987 241,033 Foreign tax credit 87,259 84,553 Other credits 6,808 13,881 Contract revenues and costs 70,733 51,579 Investments 49,848 23,204 Lease liability 154,979 — Deferred rent — 21,847 Restructuring 11,974 8,205 Valuation allowance (140,578) (153,257) Gross deferred tax assets 627,572 497,175 Deferred tax liabilities: Depreciation and amortization (240,097) (177,002) Lease right of use asset (89,824) — Unremitted earnings (17,295) (29,761) Partnership investment (66,082) — Other, net (6,593) (8,890) Gross deferred tax liabilities (419,891) (215,653) Net deferred tax assets $ 207,681 $ 281,522 |
Income Tax Benefits Realized from the Exercise of Nonqualified Stock Options, and Disqualifying Dispositions of Stock Sold Under our Employee Stock Purchase Plans | The following table presents the income tax benefits from continuing operations realized from the exercise of non-qualified stock options and disqualifying dispositions of stock sold under our employee stock purchase plans for the years ended October 2, 2020, September 27, 2019 and September 28, 2018 (in millions): For the Years Ended October 2, 2020 September 27, 2019 September 28, 2018 $ 10.2 $ 7.9 $ 2.2 |
Income Tax Expense in Consolidated Statements of Earnings | The following table reconciles total income tax expense from continuing operations using the statutory U.S. federal income tax rate to the consolidated income tax expense for continuing operations shown in the accompanying Consolidated Statements of Earnings for the years ended October 2, 2020, September 27, 2019 and September 28, 2018 (dollars in thousands): For the Years Ended October 2, 2020 % September 27, 2019 % September 28, 2018 % Statutory amount $ 92,652 21.0 % $ 73,701 21.0 % $ 81,421 24.6 % State taxes, net of the federal benefit 7,254 1.6 % 10,183 2.9 % 15,772 4.8 % Exclusion of tax on non-controlling interests (6,622) (1.5) % (4,839) (1.4) % (2,389) (0.7) % Foreign: Difference in tax rates of foreign operations (6,267) (1.4) % 1,083 0.3 % 2,815 0.9 % Benefit from foreign valuation allowance release (16,861) (3.8) % (29,125) (8.3) % (5,088) (1.5) % U.S. tax cost (benefit) of foreign operations 42,992 9.7 % (17,760) (5.1) % 4,030 1.2 % Tax differential on foreign earnings 19,864 4.5 % (45,802) (13.1) % 1,757 0.6 % Foreign tax credits (26,471) (6.0) % (15,682) (4.5) % (21,735) (6.6) % Tax Rate Change (6,811) (1.5) % — — — — Tax reform — — % 36,674 10.4 % 155,756 47.1 % Valuation allowance — — % (207) (0.1) % 104,221 31.5 % Uncertain tax positions (11,338) (2.6) % (6,883) (2.0) % (1,402) (0.4) % Other items: IRS §179D deduction (7,267) (1.6) % (2,957) (0.8) % (4,557) (1.4) % Disallowed officer compensation 5,081 1.2 % 5,568 1.6 % 1,510 0.5 % Stock compensation (10,234) (2.3) % (7,864) (2.2) % (2,158) (0.7) % Other items – net (788) (0.2) % (4,938) (1.4) % (2,564) (0.8) % Total other items (13,208) (3.0) % (10,191) (2.8) % (7,769) (2.4) % Taxes on income from continuing operations $ 55,320 12.5 % $ 36,954 10.5 % $ 325,632 98.4 % |
Income Tax Payments | The following table presents income tax payments made during the years ended October 2, 2020, September 27, 2019 and September 28, 2018 (in millions): October 2, 2020 September 27, 2019 September 28, 2018 $ 39.8 $ 291.7 $ 44.3 |
Components of our Consolidated Earnings Before Taxes | The following table presents the components of our consolidated earnings from continuing operations before taxes for the years ended October 2, 2020, September 27, 2019 and September 28, 2018 (in thousands): For the Years Ended October 2, 2020 September 27, 2019 September 28, 2018 United States earnings $ 208,302 $ 225,898 $ 263,991 Foreign earnings 232,901 125,061 66,990 $ 441,203 $ 350,959 $ 330,981 |
Schedule of Unrecognized Tax Benefits Roll Forward | The following table presents the reconciliation of the beginning and ending amount of unrecognized tax benefits for both continuing and discontinued operations, with ECR-sale related impacts removed in the Acquisitions/Divestitures row, for the years ended October 2, 2020, September 27, 2019 and September 28, 2018 (in thousands): For the Years Ended October 2, 2020 September 27, 2019 September 28, 2018 Balance, beginning of year $ 104,355 $ 179,140 $ 38,580 Acquisitions/Divestitures — (31,004) 137,912 Additions based on tax positions related to the current year 1,064 7,455 9,780 Additions for tax positions of prior years 7,472 1,994 5,561 Reductions for tax positions of prior years (6,695) (49,849) (8,962) Settlement (3,712) (3,381) (3,731) Balance, end of year $ 102,484 $ 104,355 $ 179,140 |
Joint Ventures and VIE's (Table
Joint Ventures and VIE's (Tables) | 12 Months Ended |
Oct. 02, 2020 | |
Equity Method Investments and Joint Ventures [Abstract] | |
Schedule of Variable Interest Entities | Summary financial information of consolidated VIEs is as follows (in millions): October 2, 2020 September 27, 2019 Current assets $ 261.6 $ 192.6 Non-Current assets 0.2 — Total assets $ 261.8 $ 192.6 Current liabilities $ 190.3 $ 138.5 Non-current liabilities — — Total liabilities $ 190.3 $ 138.5 For the Years Ended October 2, 2020 September 27, 2019 September 28, 2018 Revenue $ 912.9 $ 571.6 $ 481.4 Direct cost of contracts (807.9) (526.7) (452.9) Gross profit 105.0 44.9 28.5 Net earnings $ 72.6 $ 45.2 $ 28.4 |
Equity Method Investments | Summary financial information of unconsolidated joint ventures accounted for under the equity method, as derived from their unaudited financial statements, is as follows (in millions): October 2, 2020 September 27, 2019 Current assets $ 1,697.0 $ 1,443.5 Non-Current assets 34.9 29.9 Total assets $ 1,731.9 $ 1,473.4 Current liabilities $ 889.7 $ 692.1 Non-current liabilities 631.0 473.6 Total liabilities 1,520.7 1,165.7 Joint ventures' equity 211.2 307.7 Total liabilities & joint venture equity $ 1,731.9 $ 1,473.4 For the Years Ended October 2, 2020 September 27, 2019 September 28, 2018 Revenue $ 3,447.0 $ 3,533.1 $ 3,165.0 Direct cost of contracts (3,126.6) (3,176.2) (2,902.5) Gross profit $ 320.4 $ 356.9 $ 262.5 Net earnings $ 245.3 $ 227.0 $ 221.1 |
Borrowings (Tables)
Borrowings (Tables) | 12 Months Ended |
Oct. 02, 2020 | |
Debt Disclosure [Abstract] | |
Schedule of Long-term Debt | The following table presents certain information regarding the Company’s long-term debt at October 2, 2020 and September 27, 2019 (dollars in thousands): Interest Rate Maturity October 2, 2020 September 27, 2019 Revolving Credit Facility LIBOR + applicable margin (1) March 2024 $ 152,794 $ 303,780 2020 Term Loan Facility LIBOR + applicable margin (2) March 2025 1,025,826 — 2017 Term Loan Facility LIBOR + applicable margin (3) December 2020 — 400,000 Fixed-rate notes due: Senior Notes, Series A 4.27% May 2025 190,000 190,000 Senior Notes, Series B 4.42% May 2028 180,000 180,000 Senior Notes, Series C 4.52% May 2030 130,000 130,000 Less: Deferred Financing Fees (1,679) (2,535) Total Long-term debt, net $ 1,676,941 $ 1,201,245 (1) Depending on the Company’s Consolidated Leverage Ratio (as defined in the credit agreement governing the Revolving Credit Facility (defined below)), borrowings under the Revolving Credit Facility bear interest at either a eurocurrency rate plus a margin of between 0.875% and 1.5% or a base rate plus a margin of between 0% and 0.5%. The applicable LIBOR rates, including applicable margins, at October 2, 2020 and September 27, 2019 were approximately 1.39% and 2.97%. (2) Depending on the Company’s Consolidated Leverage Ratio (as defined in the credit agreement governing the 2020 Term Loan Facility (defined below)), borrowings under the 2020 Term Loan Facility bear interest at either a eurocurrency rate plus a margin of between 0.875% and 1.5% or a base rate plus a margin of between 0% and 0.5%. The applicable LIBOR rate, including applicable margin, at October 2, 2020 was approximately 1.37%. (3) Depending on the Company’s Consolidated Leverage Ratio (as defined in the credit agreement governing the 2017 Term Loan Facility (defined below)), borrowings under the 2017 Term Loan Facility bear interest at either a eurocurrency rate plus a margin of between 1.0% and 1.5% or a base rate plus a margin of between 0% and 0.5%. The applicable LIBOR rate, including applicable margin, at September 27, 2019 was approximately 3.05%. |
Schedule of Interest Expense | The following table presents the amount of interest paid by the Company during October 2, 2020, September 27, 2019 and September 28, 2018 (in thousands): For the Years Ended October 2, 2020 September 27, 2019 September 28, 2018 $58,257 $81,582 $68,467 |
Leases (Tables)
Leases (Tables) | 12 Months Ended |
Oct. 02, 2020 | |
Leases [Abstract] | |
Schedule of Lease Cost | The components of lease expense (reflected in selling, general and administrative expenses) for th e year ended October 2, 2020 were as follows (in thousands): Year Ended Lease cost Operating lease cost $ 169,967 Variable lease cost 35,083 Sublease income (14,719) Total lease cost $ 190,331 Supplemental information related to the Company's leases for the year ended October 2, 2020 was as follows (in thousands): Year Ended Cash paid for amounts included in the measurements of lease liabilities $ 195,345 Right-of-use assets obtained in exchange for new operating lease liabilities $ 66,761 Weighted average remaining lease term - operating leases 7 years Weighted average discount rate - operating leases 2.7% |
Schedule of Operating Lease Maturity | Total remaining lease payments under the Company's leases for each of the succeeding years is as follows (in thousands): Fiscal Year Operating Leases 2021 $ 184,967 2022 163,166 2023 144,668 2024 127,472 2025 107,866 Thereafter 266,539 994,678 Less Interest (95,164) $ 899,514 |
Employee Stock Purchase and S_2
Employee Stock Purchase and Stock Incentive Plans (Tables) | 12 Months Ended |
Oct. 02, 2020 | |
Share-based Payment Arrangement [Abstract] | |
Employee Stock Ownership Plan (ESOP) Disclosures | The following table summarizes the stock issuance activity under the 1989 ESPP and the GESPP for the fiscal years ended October 2, 2020, September 27, 2019 and September 28, 2018: For the Years Ended October 2, 2020 September 27, 2019 September 28, 2018 Aggregate Purchase Price Paid for Shares Sold: Under the 1989 ESPP $ 25,364,252 $ 24,824,232 $ 21,590,858 Under the GESPP 2,448,349 2,471,193 2,240,609 Total $ 27,812,601 $ 27,295,425 $ 23,831,467 Aggregate Number of Shares Sold: Under the 1989 ESPP 304,018 354,580 357,899 Under the GESPP 29,060 34,843 36,405 Total 333,078 389,423 394,304 |
Stock-based Compensation Expense by Type of Award | The following table sets forth certain information about the 1999 Plans: 1999 SIP 1999 ODSP Total Number of shares authorized 29,850,000 1,100,000 30,950,000 Number of remaining shares reserved for issuance at October 2, 2020 5,272,572 359,875 5,632,447 Number of shares relating to outstanding stock options at October 2, 2020 568,114 138,375 706,489 Number of shares available for future awards: At October 2, 2020 4,704,458 221,500 4,925,958 At September 27, 2019 4,963,761 256,252 5,220,013 The following table presents the number and weighted average grant-date fair value of restricted stock and restricted stock units at October 2, 2020: Number of Shares Weighted Average Grant-Date Fair Value Outstanding at September 27, 2019 1,723,037 $ 65.80 Granted 728,478 $ 85.61 Vested (850,054) $ 60.37 Canceled (75,935) $ 75.86 Outstanding at October 2, 2020 1,525,526 $ 77.88 |
Share-based Compensation Arrangements by Share-based Payment Award, Options, Vested and Expected to Vest, Outstanding | The following table presents the fair value of shares (of restricted stock and restricted stock units) vested for the years ended October 2, 2020, September 27, 2019 and September 28, 2018 (in thousands): For the Years Ended October 2, 2020 September 27, 2019 September 28, 2018 Restricted Stock and Restricted Stock Units (service condition) $ 29,209 $ 37,864 $ 64,121 Restricted Stock Units (service, market, and performance conditions at target) 20,998 17,124 2,626 Total $ 50,207 $ 54,988 $ 66,747 |
Share-based Compensation, Stock Options, Activity | The following table summarizes the stock option activity for the years ended October 2, 2020, September 27, 2019 and September 28, 2018: Number of Stock Options Weighted Average Outstanding at September 29, 2017 2,516,825 $ 46.19 Exercised (636,019) $ 46.93 Cancelled or expired (114,047) $ 52.26 Outstanding at September 28, 2018 1,766,759 $ 45.53 Exercised (828,529) $ 45.63 Cancelled or expired (11,624) $ 42.10 Outstanding at September 27, 2019 926,606 $ 45.48 Exercised (212,467) $ 44.05 Cancelled or expired (7,650) $ 45.31 Outstanding at October 2, 2020 706,489 $ 45.91 |
Schedule Of Intrinsic Value Of Options | The following table presents the total intrinsic value of stock options exercised for the fiscal years ended October 2, 2020, September 27, 2019 and September 28, 2018 (in thousands): For the Years Ended October 2, 2020 September 27, 2019 September 28, 2018 $9,986 $27,720 $13,931 |
Schedule of Share-based Compensation, Shares Authorized under Stock Option Plans, by Exercise Price Range | The following table presents certain other information regarding our 1999 SIP and 1999 OSDP for the fiscal years ended October 2, 2020, September 27, 2019 and September 28, 2018: October 2, 2020 September 27, 2019 September 28, 2018 At fiscal year end: Range of exercise prices for options exercisable $32.51–$60.43 $32.51–$60.43 $32.51–$60.43 Number of options exercisable 706,489 860,114 1,557,900 For the fiscal year: Range of prices relating to options exercised $37.03–$60.08 $36.88-$60.43 $35.93-$61.26 |
Schedule Of Information Options Outstanding And Exercisable | The following table presents certain information regarding stock options outstanding and stock options exercisable at October 2, 2020: October 2, 2020 Options Outstanding Options Exercisable Range of Exercise Prices Number Weighted Average Remaining Contractual Life (years) Weighted Average Price Number Weighted Average Exercise Price $32.51 - $37.03 36,500 1.63 $ 36.97 36,500 $ 36.97 $37.43 - $46.09 468,077 4.51 $ 43.08 468,077 $ 43.08 $47.11 - $55.13 173,537 2.72 $ 53.05 173,537 $ 53.05 $60.08 - $80.63 28,375 3.35 $ 60.39 28,375 $ 60.39 706,489 3.88 $ 45.91 706,489 $ 45.91 |
Schedule of Share-based Compensation, Restricted Stock and Restricted Stock Units Activity | The following table presents the number of shares of restricted stock and restricted stock units issued as common stock under the 1999 SIP for the years ended October 2, 2020, September 27, 2019 and September 28, 2018: For the Years Ended October 2, 2020 September 27, 2019 September 28, 2018 Restricted stock — — — Restricted stock units (service condition) 351,670 318,056 1,087,724 Restricted stock units (service and performance conditions) 202,792 240,068 254,784 The following table presents the number of shares of restricted stock and restricted stock units canceled and withheld for taxes under the 1999 SIP for the years ended October 2, 2020, September 27, 2019 and September 28, 2018: For the Years Ended October 2, 2020 September 27, 2019 September 28, 2018 Restricted stock 34,417 105,301 284,254 Restricted stock units (service condition) 183,099 295,122 336,516 Restricted stock units (service, market and performance conditions) 160,781 183,654 95,063 The following table provides the number of restricted stock units outstanding at October 2, 2020 under the 1999 SIP. No shares of restricted stock were issued under the 1999 ODSP during such periods. October 2, 2020 Restricted stock — Restricted stock units (service condition) 756,054 Restricted stock units (service, market and performance conditions) 647,262 The following table presents the number of shares of restricted stock and restricted stock units issued under the 1999 ODSP for the years ended October 2, 2020, September 27, 2019 and September 28, 2018: For the Years Ended October 2, 2020 September 27, 2019 September 28, 2018 Restricted stock units (service condition) 18,100 26,372 21,620 The following table provides the number of shares of restricted stock and restricted stock units outstanding at October 2, 2020 under the 1999 ODSP: October 2, 2020 Restricted stock 34,000 Restricted stock units (service condition) 88,210 |
Savings and Deferred Compensa_2
Savings and Deferred Compensation Plans Savings and Deferred Compensation Plans (Tables) | 12 Months Ended |
Oct. 02, 2020 | |
Savings And Deferred Compensation Plans [Abstract] | |
Schedule of Savings Plans Contributions | The following table presents the Company’s contributions to these savings plans for the years ended October 2, 2020, September 27, 2019 and September 28, 2018 (in thousands): October 2, 2020 September 27, 2019 September 28, 2018 $ 91,833 $ 114,006 $ 113,135 |
Schedule of Deferred Compensation Plans Expense | The following table presents the amount charged to expense for the Company’s deferred compensation plans for the years ended October 2, 2020, September 27, 2019 and September 28, 2018 (in thousands): October 2, 2020 September 27, 2019 September 28, 2018 $ 203 $ 2,395 $ 4,445 The following table presents the amount relating to assets held as deferred compensation arrangement investments for the years ended October 2, 2020 and September 27, 2019 (in thousands): October 2, 2020 September 27, 2019 Deferred compensation arrangement investments $194,933 $219,948 |
Pension and Other Postretirem_2
Pension and Other Postretirement Benefit Plans (Tables) | 12 Months Ended |
Oct. 02, 2020 | |
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items] | |
Schedule of Change In Plans' Combined Net Benefit Obligations | The following table sets forth the changes in the plans’ combined net benefit obligation (segregated between plans existing within and outside the U.S.) for the years ended October 2, 2020 and September 27, 2019 (in thousands): U.S. Plans Non-U.S. Plans October 2, 2020 September 27, 2019 October 2, 2020 September 27, 2019 Net benefit obligation at the beginning of the year $ 448,540 $ 448,402 $ 2,258,129 $ 2,149,246 Service cost 409 2,784 5,710 7,171 Interest cost 12,673 16,697 39,469 52,627 Participants’ contributions — 243 167 367 Actuarial (gains)/losses 15,584 52,720 35,626 314,889 Benefits paid (22,836) (30,648) (64,395) (72,453) Curtailments/settlements/plan amendments (16,450) (39,388) (4,782) 30,124 Disposition of ECR Plans — — — (99,504) Effect of exchange rate changes and other, net — (2,270) 118,153 (124,338) Net benefit obligation at the end of the year $ 437,920 $ 448,540 $ 2,388,077 $ 2,258,129 |
Schedule of Change in Combined Fair Value of the Plans' Assets | The following table sets forth the changes in the combined Fair Value of the plans’ assets (segregated between plans existing within and outside the U.S.) for the years ended October 2, 2020 and September 27, 2019 (in thousands): U.S. Plans Non-U.S. Plans October 2, 2020 September 27, 2019 October 2, 2020 September 27, 2019 Fair value of plan assets at the beginning of the year $ 390,210 $ 390,829 $ 1,916,637 $ 1,867,481 Actual return on plan assets 33,345 31,140 61,221 280,785 Employer contributions 88 10,668 33,192 32,063 Participants’ contributions — 243 167 367 Gross benefits paid (22,836) (30,648) (64,395) (72,453) Curtailments/settlements/plan amendments (18,557) (9,751) (4,782) (5,814) Disposition of ECR Plans — — — (76,111) Effect of exchange rate changes and other, net — (2,271) 101,316 (109,681) Fair value of plan assets at the end of the year $ 382,250 $ 390,210 $ 2,043,356 $ 1,916,637 |
Reconciliation of Combined Funded Status of Plans and Recognized in Consolidated Balance Sheet | The following table reconciles the combined funded statuses of the plans recognized in the accompanying Consolidated Balance Sheets at October 2, 2020 and September 27, 2019 (segregated between plans existing within and outside the U.S.) (in thousands): U.S. Plans Non-U.S. Plans October 2, 2020 September 27, 2019 October 2, 2020 September 27, 2019 Net benefit obligation at the end of the year $ 437,920 $ 448,540 $ 2,388,077 $ 2,258,129 Fair value of plan assets at the end of the year 382,250 390,210 2,043,356 1,916,637 Underfunded amount recognized at the end of the year $ 55,670 $ 58,330 $ 344,721 $ 341,492 |
Schedule of Accumulated and Projected Benefit Obligations | The following table presents the accumulated benefit obligation at October 2, 2020 and September 27, 2019 (segregated between plans existing within and outside the U.S.) (in thousands): U.S. Plans Non-U.S. Plans October 2, 2020 September 27, 2019 October 2, 2020 September 27, 2019 Accumulated benefit obligation at the end of the year $ 436,770 $ 447,609 $ 2,376,059 $ 2,244,710 |
Schedule of Amount Recognized in Accompanying Balance Sheets | The following table presents the amounts recognized in the accompanying Consolidated Balance Sheets at October 2, 2020 and September 27, 2019 (segregated between plans existing within and outside the U.S.) (in thousands): U.S. Plans Non-U.S. Plans October 2, 2020 September 27, 2019 October 2, 2020 September 27, 2019 Prepaid benefit cost included in noncurrent assets $ — $ — $ 1,037 $ 2,939 Accrued benefit cost included in current liabilities 85 85 4,375 4,177 Accrued benefit cost included in noncurrent liabilities 57,919 58,245 339,049 340,254 Net amount recognized at the end of the year $ 58,004 $ 58,330 $ 342,387 $ 341,492 |
Schedule of Pension Plans Recorded In Accumulated Other Comprehensive Loss Not Yet Recognized As Component of Net Periodic Pension Cost | The following table presents certain amounts relating to our plans recorded in accumulated other comprehensive loss that have not yet been recognized as components of net periodic benefit cost at October 2, 2020 and September 27, 2019 (segregated between U.S. and non-U.S. plans) (in thousands): U.S. Plans Non-U.S. Plans October 2, 2020 September 27, 2019 October 2, 2020 September 27, 2019 Net actuarial loss $ 67,530 $ 71,083 $ 401,930 $ 365,661 Prior service cost 1,345 — 27,921 28,346 Total $ 68,875 $ 71,083 $ 429,851 $ 394,007 |
Schedule of Accumulated Comprehensive Income Amortized Against Earnings In Next Year | The following table presents the amount of accumulated comprehensive income that will be amortized against earnings as part of our net periodic benefit cost in fiscal 2021 based on 2020 exchange rates (segregated between U.S. and non-U.S. plans) (in thousands): U.S. Plans Non-U.S. Plans Unrecognized net actuarial loss $ 4,249 $ 10,016 Unrecognized prior service cost 431 1,431 Accumulated comprehensive loss to be recorded against earnings $ 4,680 $ 11,447 |
Schedule of Weighted Average Measurement Of Assets And Liabilities | The plans’ weighted average asset allocations at October 2, 2020 and September 27, 2019 (the measurement dates used in valuing the plans’ assets and liabilities) were as follows: U.S. Plans Non-U.S. Plans October 2, 2020 September 27, 2019 October 2, 2020 September 27, 2019 Equity securities 3 % 3 % 21 % 20 % Debt securities 58 % 58 % 56 % 52 % Real estate investments — % — % 7 % 7 % Other 39 % 39 % 17 % 21 % |
Anticipated Cash Contributions | The following table presents the amount of cash contributions we anticipate making into the plans during fiscal 2021 (in thousands): U.S. Plans Non-U.S. Plans Anticipated cash contributions $ — $ 31,258 |
Schedule of Expected Payments to Participants in Pension Plan | The following table presents the total benefit payments expected to be paid to plan participants during each of the next five fiscal years, and in total for the five years thereafter (in thousands): U.S. Plans Non-U.S. Pans 2021 $ 34,757 $ 70,264 2022 32,690 69,594 2023 32,022 71,386 2024 30,710 72,131 2025 29,312 73,217 For the periods 2026 through 2030 129,516 406,156 |
Schedule of Contribution to Multiemployer Pension Plans | The following table presents the Company’s contributions to these multiemployer plans for the years ended October 2, 2020, September 27, 2019 and September 28, 2018 (in thousands): October 2, 2020 September 27, 2019 September 28, 2018 Canada $ — $ 16,625 $ 36,354 Europe 1,922 9,413 10,677 United States 6,637 7,149 9,536 Contributions to multiemployer pension plans $ 8,559 $ 33,187 $ 56,567 |
U.S. Plans | |
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items] | |
Schedule of Significant Actuarial Assumptions In Determining Funded Status Plans | The following table presents the significant actuarial assumptions used in determining the funded statuses and the following year's benefit cost of the Company’s U.S. plans for the years ended October 2, 2020, September 27, 2019 and September 28, 2018: For the Years Ended October 2, 2020 September 27, 2019 September 28, 2018 Discount rates 2.0% to 2.7% 2.8% to 3.1% 3.9% to 4.2% Rates of compensation increases 3.5% 3.5% 3.5% Expected long-term rates of return on assets 4.6% to 4.7% 5.1% 5.8% to 5.9% |
Schedule of Pension Plans Recognized In Accumulated Other Comprehensive Loss | The following table presents certain amounts relating to our U.S. plans recognized in accumulated other comprehensive (gain) loss at October 2, 2020, September 27, 2019 and September 28, 2018 (in thousands): October 2, 2020 September 27, 2019 September 28, 2018 Arising during the period: Net actuarial (gain) loss $ (900) $ 36,108 $ (7,514) Prior service cost (benefit) 1,589 — — Total 689 36,108 (7,514) Reclassification adjustments: Net actuarial losses (2,653) (2,282) (2,913) Prior service cost (benefit) (244) — — Total (2,897) (2,282) (2,913) Total $ (2,208) $ 33,826 $ (10,427) |
Schedule of Fair Value of Pension Plan Assets | The following table presents the Fair Value of the Company’s Domestic U.S. plan assets at October 2, 2020, segregated by level of Fair Value measurement inputs within the Fair Value hierarchy promulgated by U.S. GAAP (in thousands): October 2, 2020 Fair Value, Determined Using Fair Value Measurement Inputs Level 1 Level 2 Level 3 Investments measured at Net Asset Value Total Domestic equities $ 12,376 $ — $ — $ — $ 12,376 Domestic bonds 68,324 131,534 — — 199,858 Overseas bonds — 19,223 — — 19,223 Cash and equivalents 18,226 — — — 18,226 Mutual funds 132,567 — — — 132,567 Total $ 231,493 $ 150,757 $ — $ — $ 382,250 The following table presents the Fair Value of the Company’s U.S. plan assets at September 27, 2019, segregated by level of Fair Value measurement inputs within the Fair Value hierarchy promulgated by U.S. GAAP (in thousands): September 27, 2019 Fair Value, Determined Using Fair Value Measurement Inputs Level 1 Level 2 Level 3 Investments measured at Net Asset Value Total Domestic equities $ 10,890 $ — $ — $ — $ 10,890 Domestic bonds 65,490 134,594 — — 200,084 Overseas bonds — 20,020 — — 20,020 Cash and equivalents 28,972 — — — 28,972 Mutual funds 130,244 — — — 130,244 Total $ 235,596 $ 154,614 $ — $ — $ 390,210 |
Schedule of Components of Net Periodic Pension Cost Recognized | The following table presents the components of net periodic benefit cost for the Company’s U.S. plans recognized in the accompanying Consolidated Statements of Earnings for the years ended October 2, 2020, September 27, 2019 and September 28, 2018 (in thousands): October 2, 2020 September 27, 2019 September 28, 2018 Service cost $ 409 $ 2,784 $ 4,765 Interest cost 12,673 16,697 13,778 Expected return on plan assets (17,670) (21,508) (19,663) Actuarial loss 3,518 3,026 3,845 Prior service cost 323 — — Net pension cost, before special items $ (747) $ 999 $ 2,725 Curtailment expense/Settlement (gain) loss 3,436 (35,020) 4,146 Total net periodic pension cost recognized $ 2,689 $ (34,021) $ 6,871 |
Non-U.S. Plans | |
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items] | |
Schedule of Significant Actuarial Assumptions In Determining Funded Status Plans | The following table presents the significant actuarial assumptions used in determining the funded statuses and the following year's benefit cost of the Company’s non-U.S. plans for the years ended October 2, 2020, September 27, 2019 and September 28, 2018: For the Years Ended October 2, 2020 September 27, 2019 September 28, 2018 Discount rates 0.4% to 6.6% 0.2% to 7.1% 1.3% to 8.1% Rates of compensation increases 2.7% to 7.5% 3.7% to 7.5% 3.8% to 7.5% Expected long-term rates of return on assets 1.8% to 7.0% 2.3% to 7.5% 3.8% to 7.5% |
Schedule of Pension Plans Recognized In Accumulated Other Comprehensive Loss | The following table presents certain amounts relating to our non-U.S. plans recognized in accumulated other comprehensive (gain) loss at October 2, 2020, September 27, 2019 and September 28, 2018 (in thousands): October 2, 2020 September 27, 2019 September 28, 2018 Arising during the period: Net actuarial (gain) loss $ 71,676 $ 83,368 $ 59,827 Net (gain) loss on Sale of ECR — (12,520) — Prior service cost (benefit) — 29,829 215 Total 71,676 100,677 60,042 Reclassification adjustments: Net actuarial losses (6,322) (6,546) (5,507) Prior service cost (1,169) (1,075) 181 Total (7,491) (7,621) (5,326) Total $ 64,185 $ 93,056 $ 54,716 |
Schedule of Fair Value of Pension Plan Assets | The following table presents the Fair Value of the Company’s non-U.S. plan assets at October 2, 2020, segregated by level of Fair Value measurement inputs within the Fair Value hierarchy promulgated by U.S. GAAP (in thousands): October 2, 2020 Fair Value, Determined Using Fair Value Measurement Inputs Level 1 Level 2 Level 3 Investments measured at Net Asset Value Total Domestic equities $ — $ 103,036 $ — $ 5,745 $ 108,781 Overseas equities — 229,576 — 87,725 317,301 Domestic bonds — 34,469 — 1,175 35,644 Overseas bonds — 1,049,119 — 58,493 1,107,612 Cash and equivalents 24,568 — — — 24,568 Real estate — 10,383 105,422 — 115,805 Insurance contracts — 4,402 67,709 17,909 90,020 Hedge funds — — 171,730 7,153 178,883 Mutual funds — 64,742 — — 64,742 Total $ 24,568 $ 1,495,727 $ 344,861 $ 178,200 $ 2,043,356 September 27, 2019 Fair Value, Determined Using Fair Value Measurement Inputs Level 1 Level 2 Level 3 Investments measured at Net Asset Value Total Domestic equities $ — $ 17,255 $ — $ 19,413 $ 36,668 Overseas equities — 182,600 — 50,127 232,727 Domestic bonds — 306,225 — 34,408 340,633 Overseas bonds — 728,616 — 39,292 767,908 Cash and equivalents 37,811 (16) — — 37,795 Real estate — 24,735 97,539 15,198 137,472 Insurance contracts — 4,478 72,788 — 77,266 Derivatives — — — — — Hedge funds — — 130,200 7,156 137,356 Mutual funds — 148,812 — — 148,812 Total $ 37,811 $ 1,412,705 $ 300,527 $ 165,594 $ 1,916,637 |
Summary of Changes in the Fair Value of Plans Level 3 Assets | The following table summarizes the changes in the Fair Value of the Company’s non-U.S. Pension Plans’ Level 3 assets for the years ended September 27, 2019 and October 2, 2020 (in thousands): Real Estate Insurance Contracts Hedge Funds Balance at Balance at September 28, 2018 $ 99,587 $ 95,782 $ 135,786 Purchases, sales, and settlements (17,902) (5,126) (26,591) Realized and unrealized gains 21,838 9,134 29,161 Disposition of ECR Assets — (22,885) — Effect of exchange rate changes (5,984) (4,117) (8,156) Balance at September 27, 2019 $ 97,539 $ 72,788 $ 130,200 Purchases, sales, and settlements (475) (7,375) 29,999 Realized and unrealized gains (losses) 3,337 (1,399) 5,435 Effect of exchange rate changes 5,021 3,695 6,096 Balance at October 2, 2020 $ 105,422 $ 67,709 $ 171,730 |
Schedule of Components of Net Periodic Pension Cost Recognized | The following table presents the components of net periodic benefit cost for the Company’s Non-U.S. plans recognized in the accompanying Consolidated Statements of Earnings for the years ended October 2, 2020, September 27, 2019 and September 28, 2018 (in thousands): October 2, 2020 September 27, 2019 September 28, 2018 Service cost $ 5,710 $ 7,171 $ 8,269 Interest cost 39,469 52,627 49,324 Expected return on plan assets (93,407) (82,274) (83,328) Actuarial loss 7,578 7,854 6,655 Prior service cost 1,405 1,263 (257) Net pension cost, before special items $ (39,245) $ (13,359) $ (19,337) Curtailment expense/Settlement (gain) loss 1,341 1,933 1,268 Total net periodic pension (income) cost recognized $ (37,904) $ (11,426) $ (18,069) Total net periodic pension (income) cost recognized from Discontinued Operations $ — $ 2,282 $ 3,606 Total net periodic pension (income) cost recognized from Continuing Operations $ (37,904) $ (13,708) $ (21,675) |
Business Combinations (Tables)
Business Combinations (Tables) | 12 Months Ended |
Oct. 02, 2020 | |
Business Combinations [Abstract] | |
Summary of Estimated Fair Values of Assets Acquired and Liabilities Assumed | The following summarizes the fair values of John Wood Group's assets acquired and liabilities assumed as of the acquisition date (in millions): Assets Cash and cash equivalents $ 24.3 Receivables 75.9 Other current assets 5.2 Property, equipment and improvements, net 8.3 Goodwill 205.8 Identifiable intangible assets 80.0 Miscellaneous 19.4 Total Assets $ 418.9 Liabilities Accounts payable, accrued expenses and other current liabilities $ 71.8 Long term liabilities 29.2 Total Liabilities 101.0 Net assets acquired $ 317.9 The following summarizes the fair values of KeyW assets and acquired liabilities assumed as of the acquisition date (in millions): Assets Cash and cash equivalents $ 29.1 Receivables 79.1 Inventories, net 19.3 Prepaid expenses and other 2.4 Property, equipment and improvements, net 24.5 Deferred tax asset and other 37.8 Goodwill 615.6 Identifiable intangible assets 179.0 Total Assets $ 986.8 Liabilities Accounts payable $ 8.3 Accrued expenses 69.1 Short term debt 298.4 Other current liabilities 3.9 Other non-current liabilities 2.9 Total Liabilities 382.6 Net assets acquired $ 604.2 Assets Cash and cash equivalents $ 315.2 Receivables 1,120.6 Prepaid expenses and other 72.7 Property, equipment and improvements, net 175.1 Goodwill 3,165.5 Identifiable intangible assets: Customer relationships, contracts and backlog 412.3 Lease intangible assets 4.4 Total identifiable intangible assets 416.7 Miscellaneous 530.8 Total Assets $ 5,796.6 Liabilities Notes payable $ 2.2 Accounts payable 309.6 Accrued liabilities 787.4 Contract liabilities 260.8 Identifiable intangible liabilities: Lease intangible liabilities 9.6 Long-term debt 706.0 Other deferred liabilities 659.0 Total Liabilities $ 2,734.6 Noncontrolling interests (37.3) Net assets acquired $ 3,024.7 |
Schedule of Transaction Costs Associated with Acquisition | Transaction costs associated with the CH2M acquisition in the accompanying consolidated statements of earnings for the year ended September 28, 2018 are comprised of the following (in millions): For the Year Ended September 28, 2018 Personnel costs $ 50.2 Professional services and other expenses 27.5 Total $ 77.7 |
Summary of Unaudited Proforma Operating Results | These pro forma operating results are presented for illustrative purposes only and are not indicative of the operating results that would have been achieved had the related events occurred on such date (in millions, except per share data): For the Year Ended September 27, 2019 Revenues $ 13,068.7 Net earnings of the Group from Continuing Operations $ 326.0 Net earnings (loss) attributable to Jacobs from continuing operations $ 303.0 Net earnings (loss) attributable to Jacobs from continuing operations per share: Basic earnings (loss) from continuing operations per share $ 2.19 Diluted earnings (loss) from continuing operations per share $ 2.17 For the Year Ended September 28, 2018 Revenues $ 16,012.4 Net earnings $ 196.3 Net earnings (loss) attributable to Jacobs $ 184.5 Net earnings (loss) attributable to Jacobs per share: Basic earnings (loss) per share $ 1.28 Diluted earnings (loss) per share $ 1.27 |
Sale of Energy, Chemicals and_2
Sale of Energy, Chemicals and Resources ("ECR") Business (Tables) | 12 Months Ended |
Oct. 02, 2020 | |
Discontinued Operations and Disposal Groups [Abstract] | |
Disposal Groups, Including Discontinued Operations | The following table represents earnings (loss) from discontinued operations, net of tax (in thousands): For the Years Ended (1) October 2, 2020 September 27, 2019 September 28, 2018 Revenues $ 11,235 $ 2,725,699 $ 4,404,873 Direct cost of contracts (6,152) (2,338,113) (3,756,263) Gross profit 5,083 387,586 648,610 Selling, general and administrative expenses 32,668 (320,264) (412,282) Operating Profit (Loss) 37,751 67,322 236,328 Gain on sale of ECR business 110,236 935,110 — Other (expense) income, net 515 (47,390) (12,604) Earnings Before Taxes from Discontinued Operations 148,502 955,042 223,724 Income Tax Expense (10,518) (395,828) (55,931) Net Earnings of the Group from Discontinued Operations $ 137,984 $ 559,214 $ 167,793 (1) The ECR business was sold April 26, 2019, therefore the year ended September 27, 2019 includes only seven months of results. September 27, 2019 Cash and cash equivalents $ — Receivables and contract assets 871 Prepaid expenses and other 81 Current assets held for sale (1) $ 952 Property, Equipment and Improvements, net $ 1,643 Goodwill 24,896 Intangibles, net — Miscellaneous 439 Noncurrent assets held for sale (1) $ 26,978 Notes payable $ — Accounts payable — Accrued liabilities 2,495 Contract liabilities 78 Current liabilities held for sale (1) $ 2,573 (1) At September 27, 2019, current assets held for sale and noncurrent assets held for sale were included in the within prepaid expenses and other and miscellaneous, respectively. At September 27, 2019, current liabilities held for sale and noncurrent liabilities held for sale were included within accrued liabilities and other deferred liabilities, respectively. The significant components included in our Consolidated Statements of Cash Flows for discontinued operations are as follows (in thousands): For the Year Ended September 27, 2019 Depreciation and amortization: Property, equipment and improvements $ 2,110 Intangible assets $ 614 Additions to property and equipment $ (9,204) Stock based compensation $ 10,852 |
Restructuring and Other Charg_2
Restructuring and Other Charges (Tables) | 12 Months Ended |
Oct. 02, 2020 | |
Restructuring and Related Activities [Abstract] | |
Summary of Restructuring and Other Charges Impacts on Reportable Segment Income by Line of Business | The following table summarizes the impacts of the Restructuring and other charges by LOB in connection with the CH2M, KeyW and John Wood Group nuclear business acquisitions, the ECR sale and the Company's fourth quarter fiscal 2020 transformation initiatives relating to real estate and other staffing programs for the year ended October 2, 2020, the CH2M and KeyW acquisitions and the ECR sale for the year ended September 27, 2019 and the CH2M acquisition for the year ended September 28, 2018 (in thousands): October 2, 2020 September 27, 2019 September 28, 2018 Critical Mission Solutions $ 24,083 $ 17,989 20,254 People & Places Solutions 170,631 108,835 56,238 Corporate 129,469 184,646 77,148 Continuing Operations (1) 324,183 311,470 153,640 Energy, Chemicals and Resources (included in Discontinued Operations) — (138) 37,166 Total $ 324,183 $ 311,332 $ 190,806 (1) For the years ended October 2, 2020, September 27, 2019 and September 28, 2018, amounts include $321.6 million, $337.0 million and $154.0 million, respectively, in items impacting operating profit, along with items recorded in other income (expense), net, which are the loss on settlement of the CH2M portion of the U.S. pension plan of $2.1 million for the year ended October 2, 2020, the gain on the settlement of the CH2M retiree medical plans of $35.0 million for the year ended September 27, 2019 and the write-off of fixed assets related to restructured leases of $10 million for the year ended September 27, 2019 and other miscellaneous adjustments of $(0.5) million, $0.5 million and $0.3 million for the years ended October 2, 2020, September 27, 2019 and September 28, 2018, respectively. See Note 19- Segment Information. |
Schedule of Restructuring and Other Activities | The activity in the Company’s accrual for the Restructuring and other charges including the program activities described above for the year ended October 2, 2020 is as follows (in thousands): Balance at September 27, 2019 $ 162,702 Transfer to lease right-of-use asset as a result of adoption of ASC 842 (1) (116,797) Net Charges 324,183 Payments & Usage (317,234) Balance at October 2, 2020 $ 52,854 (1) In addition, there was $24.6 million in lease cease-use liabilities relating to 2015 restructuring initiatives which were reclassified to ROU asset balances in accordance with the adoption of ASC 842, see Note 10- Leases . The 2015 restructuring initiatives are no longer active and therefore activity associated with lease cease-use liabilities for those initiatives is not included in the table. |
Summary of Restructuring and Other Activities by Major Type of Costs | The following table summarizes the Restructuring and other charges by major type of costs for the years ended October 2, 2020, September 27, 2019 and September 28, 2018 (in thousands): October 2, 2020 September 27, 2019 September 28, 2018 Lease Abandonments and Impairments $ 151,150 $ 99,976 $ 61,526 Voluntary and Involuntary Terminations 53,484 33,742 29,056 Outside Services 88,476 133,148 35,987 Other (1) 31,073 44,604 27,071 Total $ 324,183 $ 311,470 $ 153,640 (1) Includes $35.0 million in pre-tax gains associated with the Company's CH2M retiree medical plan settlement during the year ended September 27, 2019. |
Summary of Cumulative Amounts Incurred for Restructuring and Other Activities Costs | Cumulative amounts since 2017 incurred to date under our various restructuring and other activities described above by each major type of cost as of October 2, 2020 are as follows (in thousands): Lease Abandonments and Impairments $ 313,517 Voluntary and Involuntary Terminations 128,969 Outside Services 259,124 Other (1) 100,314 Total $ 801,924 |
Segment Information (Tables)
Segment Information (Tables) | 12 Months Ended |
Oct. 02, 2020 | |
Segment Reporting [Abstract] | |
Schedule of Total Revenues, Segment Operating Profit and Total Asset for Reporting Segment | The following tables present total revenues and segment operating profit for each reportable segment (in thousands) and includes a reconciliation of segment operating profit to total U.S. GAAP operating profit by including certain corporate-level expenses and expenses relating to the restructuring and other charges and transaction costs associated with the CH2M transaction and integration costs and the ECR sale (in thousands). For the Years Ended October 2, 2020 September 27, 2019 September 28, 2018 Revenues from External Customers: Critical Mission Solutions $ 4,965,952 $ 4,551,162 $ 3,725,365 People & Places Solutions 8,601,023 8,186,706 6,854,408 Total $ 13,566,975 $ 12,737,868 $ 10,579,773 For the Years Ended October 2, 2020 September 27, 2019 September 28, 2018 Segment Operating Profit: Critical Mission Solutions (1) $ 372,070 $ 310,043 $ 255,718 People & Places Solutions (2) 740,707 714,394 527,900 Total Segment Operating Profit 1,112,777 1,024,437 783,618 Other Corporate Expenses (3) (249,391) (264,351) (161,788) Restructuring, Transaction and Other Charges (327,413) (355,235) (234,387) Total U.S. GAAP Operating Profit 535,973 404,851 387,443 Total Other (Expense) Income, net (4) (94,770) (53,892) (56,462) Earnings from Continuing Operations Before Taxes $ 441,203 $ 350,959 $ 330,981 (1) Includes $15.0 million in charges during the year ended September 28, 2018 associated with a legal matter. (2) Includes $25.0 million in charges associated with a certain project for the year ended September 27, 2019. (3) Other corporate expenses include costs that were previously allocated to the ECR segment prior to discontinued operations presentation in connection with the ECR sale in the approximate amount of $— million, $14.8 million and $25.6 million for the years ended October 2, 2020, September 27, 2019 and September 28, 2018, respectively. Also includes intangibles amortization of $90.6 million, $79.1 million and $68.1 million for the years ended October 2, 2020 , September 27, 2019 and September 28, 2018, respectively. (4) For the years ended October 2, 2020 and September 27, 2019, other expenses includes revenues under the Company's TSA with Worley of $15.8 million and $35.4 million, respectively, $74.3 million and $64.8 million in fair value adjustments related to our investment in Worley stock (net of Worley Stock dividends) and certain foreign currency revaluations relating to ECR sale proceeds, respectively. Also included for the years ended October 2, 2020, September 27, 2019 and September 28, 2018 is amortization of deferred financing fees related to the CH2M acquisition of $0.7 million, $3.2 million and $1.8 million respectively. Lastly, includes loss on settlement of U.S. pension plan of $2.7 million for the year ended October 2, 2020 and includes gain on settlement of the CH2M retiree medical plans of $35.0 million for the year ended September 27, 2019. |
Selected Quarterly Informatio_2
Selected Quarterly Information - Unaudited (Tables) | 12 Months Ended |
Oct. 02, 2020 | |
Quarterly Financial Information Disclosure [Abstract] | |
Schedule of Quarterly Financial Information | The following table presents selected quarterly financial information. (in thousands, except for per share amounts): First Second Third Fourth Fiscal October 2, 2020 Revenues $ 3,360,049 $ 3,427,180 $ 3,260,057 $ 3,519,689 $ 13,566,975 Operating profit (a) $ 151,345 (b) $ 167,778 (b) $ 194,376 (b) $ 22,474 (b) $ 535,973 Earnings (Loss) from Continuing Operations Before Taxes $ 254,169 $ (176,805) $ 303,681 $ 60,158 $ 441,203 Net Earnings (Loss) of the Group from Continuing Operations $ 185,680 $ (115,683) $ 236,007 $ 79,879 $ 385,883 Net Earnings (Loss) Attributable to Jacobs from Continuing Operations $ 179,423 (b) $ (121,967) (b) $ 226,886 (b) $ 69,519 (b) $ 353,861 Net Earnings (Loss) Attributable to Jacobs $ 257,010 (b) $ (92,087) (b) $ 244,929 (b) $ 81,993 (b) $ 491,845 Earnings per share: Basic Net Earnings (Loss) from Continuing Operations Per Share $ 1.35 $ (0.92) $ 1.74 $ 0.53 $ 2.69 Basic Net Earnings from Discontinued Operations Per Share $ 0.58 $ 0.23 $ 0.14 $ 0.10 $ 1.05 Basic Earnings (Loss) Per Share $ 1.93 $ (0.69) $ 1.88 $ 0.63 $ 3.74 Diluted Net Earnings (Loss) from Continuing Operations Per Share $ 1.33 (b) $ (0.92) (b) $ 1.73 (b) $ 0.53 (b) $ 2.67 Diluted Net Earnings (Loss) from Discontinued Operations Per Share $ 0.58 $ 0.23 $ 0.14 $ 0.09 (c) $ 1.04 Diluted Earnings (Loss) Per Share $ 1.91 $ (0.69) $ 1.87 $ 0.62 $ 3.71 September 27, 2019 Revenues $ 3,083,788 $ 3,091,596 $ 3,169,622 $ 3,392,862 $ 12,737,868 Operating profit (a) $ 113,130 (c) $ 102,681 (c) $ 89,954 (c) $ 99,086 (c) $ 404,851 Earnings from Continuing Operations Before Taxes $ 92,191 $ 111,832 $ 93,399 $ 53,537 $ 350,959 Net Earnings of the Group from Continuing Operations $ 69,433 $ 119,779 $ 95,380 $ 29,413 $ 314,005 Net Earnings Attributable to Jacobs from Continuing Operations $ 64,894 (c) $ 114,755 (c) $ 89,365 (c) $ 21,946 (c) $ 290,960 Net Earnings Attributable to Jacobs $ 124,296 (c) $ 56,917 (c) $ 524,442 (c) $ 142,324 (c) $ 847,979 Earnings per share: Basic Net Earnings from Continuing Operations Per Share $ 0.45 $ 0.83 $ 0.65 $ 0.16 $ 2.11 Basic Net Earnings (Loss) from Discontinued Operations Per Share $ 0.42 $ (0.42) $ 3.18 $ 0.89 $ 4.03 Basic Earnings Per Share $ 0.87 $ 0.41 $ 3.83 $ 1.06 $ 6.14 Diluted Net Earnings from Continuing Operations Per Share $ 0.45 (c) $ 0.82 (c) $ 0.65 (c) $ 0.16 (c) $ 2.09 Diluted Net Earnings (Loss) from Discontinued Operations Per Share $ 0.41 $ (0.41) $ 3.15 $ 0.88 (d) $ 4.00 Diluted Earnings Per Share $ 0.86 $ 0.41 $ 3.80 $ 1.04 $ 6.08 (a) Operating profit represents revenues less (i) direct costs of contracts and (ii) selling, general and administrative expenses. (b) Includes $85.2 million in operating profit and $(17.7) million in net earnings from continuing operations attributable to Jacobs, or $(0.13) per diluted share from continuing operations in the first quarter of fiscal 2020; includes $68.7 million in operating profit, $308.2 million in net loss from continuing operations attributable to Jacobs, or $2.31 per diluted share from continuing operations in the second quarter of fiscal 2020; includes $44.6 million in operating profit and $(61.6) million in net earnings from continuing operations attributable to Jacobs, or $(0.47) per diluted share from continuing operations in the third quarter of fiscal 2020; includes $235.4 million in operating profit and $144.8 million in both net earnings from continuing operations attributable to Jacobs, and net earnings attributable to Jacobs, or $1.10 per diluted share in the fourth quarter of fiscal 2020 related to restructuring, transaction and other charges (including the Company's fourth quarter fiscal 2020 transformation initiatives relating to real estate and other staffing programs), amortization of intangibles and fair value adjustments related to our investment in Worley stock (net of Worley stock dividend) and certain foreign currency revaluations relating to ECR sale. On a year to date basis, impacts on net earnings from continuing operations attributable to Jacobs were (i) $248.2 million in restructuring, transaction and other charges (includes $146.6 million related to charges for the Company's fourth quarter fiscal 2020 transformation initiatives relating to real estate and other staffing programs,), (ii) $68.3 million of intangible asset amortization and (iii) $56.9 million in fair value adjustments related to our investment in Worley stock (net of Worley stock dividend) and certain foreign currency revaluations relating to the ECR sale. (c) Includes $47.2 million in operating profit and $46.8 million in net earnings from continuing operations attributable to Jacobs, or $0.33 per diluted share from continuing operations in the first quarter of fiscal 2019; includes $119.0 million in operating profit, $50.8 million in net earnings from continuing operations attributable to Jacobs, or $0.36 per diluted share from continuing operations in the second quarter of fiscal 2019; includes $142.8 million in operating profit and $103.8 million in net earnings from continuing operations attributable to Jacobs, or $0.75 per diluted share from continuing operations in the third quarter of fiscal 2019; includes $154.2 million in operating profit, $179.3 million in both net earnings from continuing operations attributable to Jacobs and net earnings attributable to Jacobs, or $1.32 per diluted share in the fourth quarter of fiscal 2019 related to restructuring, transaction and other charges, amortization of intangibles and fair value adjustments related to our investment in Worley stock (net of Worley stock dividend) and certain foreign currency revaluations relating to the ECR sale. On a year to date basis, impacts on net earnings from continuing operations attributable to Jacobs were (i) $259.8 million in restructuring, transaction and other charges, (ii) $59.0 million of intangible asset amortization and (iii) $48.6 million in fair value adjustments related to our investment in Worley stock (net of Worley stock dividend) and certain foreign currency revaluations relating to the ECR sale. (d) For the three-month period ended September 27, 2019, diluted net earnings (loss) per share from discontinued operations included $89.7 million related to revisions to previous income tax expense estimates, $17.4 million in finalization of the pre-tax gain on the sale of our ECR business and $9.8 million related to the difference between Nui Phao loss contingency as originally recorded and fourth quarter 2019 settlement amount. |
Description of Business and B_3
Description of Business and Basis of Presentation - Schedule of Percentage Revenues Realized by Contract (Details) | 12 Months Ended | ||
Oct. 02, 2020 | Sep. 27, 2019 | Sep. 28, 2018 | |
Organization, Consolidation and Presentation of Financial Statements [Abstract] | |||
Cost-reimbursable | 76.00% | 76.00% | 74.00% |
Fixed-price | 24.00% | 24.00% | 26.00% |
Description of Business and B_4
Description of Business and Basis of Presentation - Basis of Presentation, Acquisition Narrative (Details) £ in Millions, shares in Millions, $ in Millions | Mar. 06, 2020GBP (£) | Mar. 06, 2020USD ($) | Jun. 12, 2019USD ($) | Apr. 26, 2019USD ($)shares | Dec. 15, 2017USD ($)shares | Oct. 02, 2020segment |
Business Acquisition [Line Items] | ||||||
Number of lines of business | segment | 2 | |||||
Worley Stock | ||||||
Business Acquisition [Line Items] | ||||||
Equity instrument consideration, shares | shares | 58.2 | |||||
ECR Business | ||||||
Business Acquisition [Line Items] | ||||||
Consideration transferred | $ 3,400 | |||||
Business combination consideration paid in cash | $ 2,800 | |||||
John Wood Group | ||||||
Business Acquisition [Line Items] | ||||||
Enterprise value on debt-free, cash-free basis (USD, GBP) | £ 246 | $ 317.9 | ||||
Business combination, cash acquired | 24.3 | |||||
Business combination assumed revolving credit facility and second lien notes | $ 29.2 | |||||
KeyW Holding Corporation | ||||||
Business Acquisition [Line Items] | ||||||
Business combination, cash acquired | $ 29.1 | |||||
Percentage of outstanding shares of common and preferred stock acquired | 100.00% | |||||
Consideration transferred | $ 902.6 | |||||
Business combination consideration paid in cash | 604.2 | |||||
Business combinatin, short term debt | $ 298.4 | |||||
CH2M HILL Companies, Ltd. | ||||||
Business Acquisition [Line Items] | ||||||
Business combination, cash acquired | $ 315.2 | |||||
Percentage of outstanding shares of common and preferred stock acquired | 100.00% | |||||
Business combination consideration paid in cash | $ 1,800 | |||||
Business combination consideration equity issued | $ 1,400 | |||||
Business combination consideration equity issued, shares | shares | 20.7 | |||||
Business combination assumed revolving credit facility and second lien notes | $ 706 | |||||
Revolving Credit Facility and Second Lien Notes | CH2M HILL Companies, Ltd. | ||||||
Business Acquisition [Line Items] | ||||||
Business combinatin, short term debt | 20 | |||||
Business combination assumed revolving credit facility and second lien notes | $ 700 |
Significant Accounting Polici_3
Significant Accounting Policies (Narrative) (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Oct. 02, 2020 | Sep. 28, 2019 | Sep. 27, 2019 | |
Significant Accounting Policies [Line Items] | |||
Operating lease right-of-use assets | $ 576,915 | $ 767,000 | $ 0 |
Reclassifications of previously recorded lease incentives and deferred rent | 82,300 | ||
Restructured lease cease-use liabilities | 141,400 | ||
Operating lease liability | 164,312 | 180,700 | 0 |
Long-term operating lease liability | $ 735,202 | $ 810,100 | $ 0 |
Minimum | |||
Significant Accounting Policies [Line Items] | |||
Term of lease contract | 1 year | ||
Minimum | Buildings | |||
Significant Accounting Policies [Line Items] | |||
Estimated useful life of assets | 20 years | ||
Minimum | Equipment | |||
Significant Accounting Policies [Line Items] | |||
Estimated useful life of assets | 3 years | ||
Minimum | Leasehold improvements | |||
Significant Accounting Policies [Line Items] | |||
Estimated useful life of assets | 4 years | ||
Maximum | |||
Significant Accounting Policies [Line Items] | |||
Term of lease contract | 13 years | ||
Maximum | Buildings | |||
Significant Accounting Policies [Line Items] | |||
Estimated useful life of assets | 40 years | ||
Maximum | Equipment | |||
Significant Accounting Policies [Line Items] | |||
Estimated useful life of assets | 10 years | ||
Maximum | Leasehold improvements | |||
Significant Accounting Policies [Line Items] | |||
Estimated useful life of assets | 10 years |
Revenue Accounting for Contra_3
Revenue Accounting for Contracts (Details) - USD ($) $ in Thousands | 3 Months Ended | 12 Months Ended | |||||||||
Oct. 02, 2020 | Jun. 26, 2020 | Mar. 27, 2020 | Dec. 27, 2019 | Sep. 27, 2019 | Jun. 28, 2019 | Mar. 29, 2019 | Dec. 28, 2018 | Oct. 02, 2020 | Sep. 27, 2019 | Sep. 28, 2018 | |
Segment Reporting, Reconciling Item for Operating Profit (Loss) from Segment to Consolidated [Line Items] | |||||||||||
Revenues | $ 3,519,689 | $ 3,260,057 | $ 3,427,180 | $ 3,360,049 | $ 3,392,862 | $ 3,169,622 | $ 3,091,596 | $ 3,083,788 | $ 13,566,975 | $ 12,737,868 | $ 10,579,773 |
Contract liability | $ 410,000 | $ 350,300 | |||||||||
U.S. Federal Government and it's Agencies | Customer Concentration Risk | |||||||||||
Segment Reporting, Reconciling Item for Operating Profit (Loss) from Segment to Consolidated [Line Items] | |||||||||||
Concentration risk, percentage | 33.00% | 27.00% | 32.00% | ||||||||
United States | |||||||||||
Segment Reporting, Reconciling Item for Operating Profit (Loss) from Segment to Consolidated [Line Items] | |||||||||||
Revenues | $ 10,158,508 | $ 9,006,730 | $ 6,908,988 | ||||||||
Europe | |||||||||||
Segment Reporting, Reconciling Item for Operating Profit (Loss) from Segment to Consolidated [Line Items] | |||||||||||
Revenues | 2,253,284 | 2,242,976 | 2,495,805 | ||||||||
Canada | |||||||||||
Segment Reporting, Reconciling Item for Operating Profit (Loss) from Segment to Consolidated [Line Items] | |||||||||||
Revenues | 227,067 | 213,172 | 189,865 | ||||||||
Asia | |||||||||||
Segment Reporting, Reconciling Item for Operating Profit (Loss) from Segment to Consolidated [Line Items] | |||||||||||
Revenues | 117,698 | 195,023 | 163,761 | ||||||||
India | |||||||||||
Segment Reporting, Reconciling Item for Operating Profit (Loss) from Segment to Consolidated [Line Items] | |||||||||||
Revenues | 50,618 | 62,543 | 52,533 | ||||||||
Australia and New Zealand | |||||||||||
Segment Reporting, Reconciling Item for Operating Profit (Loss) from Segment to Consolidated [Line Items] | |||||||||||
Revenues | 537,076 | 533,251 | 578,108 | ||||||||
South America and Mexico | |||||||||||
Segment Reporting, Reconciling Item for Operating Profit (Loss) from Segment to Consolidated [Line Items] | |||||||||||
Revenues | 11 | 7,416 | 17,656 | ||||||||
Middle East and Africa | |||||||||||
Segment Reporting, Reconciling Item for Operating Profit (Loss) from Segment to Consolidated [Line Items] | |||||||||||
Revenues | $ 222,713 | $ 476,757 | $ 173,057 |
Revenue Accounting for Contra_4
Revenue Accounting for Contracts - Narrative (Details) $ in Billions | Oct. 02, 2020USD ($) |
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Start Date [Axis]: 2020-10-03 | |
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction [Line Items] | |
Remaining performance obligation, amount | $ 14.6 |
Remaining performance obligation, percentage | 50.00% |
Remaining performance obligation, expected timing of satisfaction, period | 12 months |
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Start Date [Axis]: 2021-10-01 | |
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction [Line Items] | |
Remaining performance obligation, percentage | 50.00% |
Remaining performance obligation, expected timing of satisfaction, period |
Earnings Per Share and Certai_3
Earnings Per Share and Certain Related Information (Details) | Jan. 17, 2019USD ($)$ / sharesshares | Oct. 02, 2020USD ($)$ / shares | Jun. 26, 2020USD ($)$ / shares | Mar. 27, 2020USD ($)$ / shares | Dec. 27, 2019USD ($)$ / shares | Sep. 27, 2019USD ($)$ / shares | Jun. 28, 2019USD ($)$ / shares | Mar. 29, 2019USD ($)$ / shares | Dec. 28, 2018USD ($)$ / shares | Oct. 02, 2020USD ($)$ / sharesshares | Sep. 27, 2019USD ($)financial_institution$ / sharesshares | Sep. 28, 2018USD ($)$ / sharesshares | Dec. 04, 2019USD ($) | Jun. 05, 2019USD ($) |
Numerator for Basic and Diluted EPS: | ||||||||||||||
Net earnings (loss) attributable to Jacobs from continuing operations | $ 69,519,000 | $ 226,886,000 | $ (121,967,000) | $ 179,423,000 | $ 21,946,000 | $ 89,365,000 | $ 114,755,000 | $ 64,894,000 | $ 353,861,000 | $ 290,960,000 | $ (4,185,000) | |||
Net earnings from continuing operations allocated to participating securities | (72,000) | (415,000) | 0 | |||||||||||
Net earnings (loss) from continuing operations allocated to common stock for EPS calculation | 353,789,000 | 290,545,000 | (4,185,000) | |||||||||||
Net earnings attributable to Jacobs from discontinued operations | 137,984,000 | 557,019,000 | 167,616,000 | |||||||||||
Net earnings from discontinued operations allocated to participating securities | (28,000) | (795,000) | (808,000) | |||||||||||
Net earnings from discontinued operations allocated to common stock for EPS calculation | 137,956,000 | 556,224,000 | 166,808,000 | |||||||||||
Net earnings allocated to common stock for EPS calculation | $ 491,745,000 | $ 846,769,000 | $ 162,623,000 | |||||||||||
Denominator for Basic and Diluted EPS: | ||||||||||||||
Weighted average basic shares (in shares) | shares | 131,541,000 | 138,104,000 | 138,182,000 | |||||||||||
Shares allocated to participating securities (in shares) | shares | (27,000) | (197,000) | (646,000) | |||||||||||
Shares used for calculating basic EPS attributable to common stock (in shares) | shares | 131,514,000 | 137,907,000 | 137,536,000 | |||||||||||
Effect of dilutive securities: | ||||||||||||||
Stock compensation plans (in shares) | shares | 1,207,000 | 1,299,000 | 0 | |||||||||||
Shares used for calculating diluted EPS attributable to common stock (in shares) | shares | 132,721,000 | 139,206,000 | 137,536,000 | |||||||||||
Earnings Per Share, Basic [Abstract] | ||||||||||||||
Basic Net Earnings (Loss) from Continuing Operations Per Share (in dollars per share) | $ / shares | $ 0.53 | $ 1.74 | $ (0.92) | $ 1.35 | $ 0.16 | $ 0.65 | $ 0.83 | $ 0.45 | $ 2.69 | $ 2.11 | $ (0.03) | |||
Basic Net Earnings from Discontinued Operations Per Share (in dollars per share) | $ / shares | 0.10 | 0.14 | 0.23 | 0.58 | 0.89 | 3.18 | (0.42) | 0.42 | 1.05 | 4.03 | 1.21 | |||
Basic EPS (in dollars per share) | $ / shares | 0.63 | 1.88 | (0.69) | 1.93 | 1.06 | 3.83 | 0.41 | 0.87 | 3.74 | 6.14 | 1.18 | |||
Earnings Per Share, Diluted [Abstract] | ||||||||||||||
Diluted Net Earnings (Loss) from Continuing Operations Per Share (in dollars per share) | $ / shares | 0.53 | 1.73 | (0.92) | 1.33 | 0.16 | 0.65 | 0.82 | 0.45 | 2.67 | 2.09 | (0.03) | |||
Diluted Net Earnings from Discontinued Operations Per Share (in dollars per share) | $ / shares | 0.09 | 0.14 | 0.23 | 0.58 | 0.88 | 3.15 | (0.41) | 0.41 | 1.04 | 4 | 1.21 | |||
Diluted EPS (in dollars per share) | $ / shares | 0.62 | $ 1.87 | $ (0.69) | $ 1.91 | 1.04 | $ 3.80 | $ 0.41 | $ 0.86 | 3.71 | $ 6.08 | $ 1.18 | |||
Antidilutive securities excluded from computation of ESP (in shares) | shares | 1,176 | |||||||||||||
Share Repurchases | ||||||||||||||
Amount authorized to be repurchased | $ 1,000,000,000 | |||||||||||||
Accelerated share repurchases, payment | $ 500,000,000 | $ 250,000,000 | $ 250,000,000 | |||||||||||
Number of financial institutions | financial_institution | 2 | |||||||||||||
Average price per share (in dollars per share) | $ / shares | $ 81.68 | |||||||||||||
Number of shares repurchased (in shares) | shares | 4,129,003,000 | |||||||||||||
Common stock, par value (in dollars per share) | $ / shares | 1 | 1 | 1 | $ 1 | ||||||||||
Preferred stock, par value (in dollars per share) | $ / shares | $ 1 | $ 1 | $ 1 | $ 1 | ||||||||||
Remaining authorized repurchase amount | $ 57,900,000 | $ 57,900,000 |
Earnings Per Share and Certai_4
Earnings Per Share and Certain Related Information - Dividends (Details) - $ / shares | Jan. 16, 2020 | Sep. 19, 2019 | Jul. 11, 2019 | May 02, 2019 | Jan. 17, 2019 | Oct. 02, 2020 | Sep. 27, 2019 | Sep. 28, 2018 |
Earnings Per Share Reconciliation [Abstract] | ||||||||
Dividends declared (in dollars per share) | $ 0.17 | $ 0.17 | $ 0.17 | $ 0.19 | ||||
Dividends paid (in dollars per share) | $ 0.19 | $ 0.17 | $ 0.19 | $ 0.19 |
Goodwill and Intangibles - Sche
Goodwill and Intangibles - Schedule of Carrying Value of Goodwill by Reportable Segment Appearing in Accompanying Consolidated Balance Sheets (Details) $ in Thousands | 12 Months Ended |
Oct. 02, 2020USD ($) | |
Goodwill [Roll Forward] | |
Balance September 27, 2019 | $ 5,432,544 |
Acquired | 206,000 |
Post-Acquisition Adjustments | 2,000 |
Disposed | (6,000) |
Foreign Exchange Impact | 4,000 |
Balance October 2, 2020 | 5,639,091 |
Critical Mission Solutions | |
Goodwill [Roll Forward] | |
Balance September 27, 2019 | 2,202,000 |
Acquired | 206,000 |
Post-Acquisition Adjustments | 2,000 |
Disposed | 0 |
Foreign Exchange Impact | (1,000) |
Balance October 2, 2020 | 2,409,000 |
People & Places Solutions | |
Goodwill [Roll Forward] | |
Balance September 27, 2019 | 3,231,000 |
Acquired | 0 |
Post-Acquisition Adjustments | 0 |
Disposed | (6,000) |
Foreign Exchange Impact | 5,000 |
Balance October 2, 2020 | $ 3,230,000 |
Goodwill and Intangibles - Sc_2
Goodwill and Intangibles - Schedule of Acquired Intangibles in Accompanying Consolidated Balance Sheets (Details) $ in Thousands | 12 Months Ended |
Oct. 02, 2020USD ($) | |
Finite-lived Intangible Assets [Roll Forward] | |
Beginning balance | $ 665,076 |
Acquired | 80,010 |
Transfer to lease right-of-use asset as a result of adoption of ASC 842 | (668) |
Amortization | (90,563) |
Foreign currency translation | 4,485 |
Ending balance | $ 658,340 |
Weighted Average Amortization Period (years) | 8 years |
Customer Relationships, Contracts and Backlog | |
Finite-lived Intangible Assets [Roll Forward] | |
Beginning balance | $ 622,392 |
Acquired | 73,558 |
Transfer to lease right-of-use asset as a result of adoption of ASC 842 | 0 |
Amortization | (86,401) |
Foreign currency translation | 4,496 |
Ending balance | $ 614,045 |
Weighted Average Amortization Period (years) | 8 years |
Developed Technology | |
Finite-lived Intangible Assets [Roll Forward] | |
Beginning balance | $ 40,833 |
Acquired | 6,452 |
Transfer to lease right-of-use asset as a result of adoption of ASC 842 | 0 |
Amortization | (3,734) |
Foreign currency translation | 21 |
Ending balance | $ 43,572 |
Weighted Average Amortization Period (years) | 11 years |
Trade Names | |
Finite-lived Intangible Assets [Roll Forward] | |
Beginning balance | $ 1,183 |
Acquired | 0 |
Transfer to lease right-of-use asset as a result of adoption of ASC 842 | 0 |
Amortization | (428) |
Foreign currency translation | (32) |
Ending balance | $ 723 |
Weighted Average Amortization Period (years) | 10 years |
Other Intangible Assets | |
Finite-lived Intangible Assets [Roll Forward] | |
Beginning balance | $ 668 |
Acquired | 0 |
Transfer to lease right-of-use asset as a result of adoption of ASC 842 | (668) |
Amortization | 0 |
Foreign currency translation | 0 |
Ending balance | $ 0 |
Goodwill and Intangibles - Sc_3
Goodwill and Intangibles - Schedule of Estimated Amortization Expense of Intangible Assets (Details) $ in Millions | Oct. 02, 2020USD ($) |
Goodwill and Intangible Assets Disclosure [Abstract] | |
2021 | $ 90.7 |
2022 | 89.7 |
2023 | 89.4 |
2024 | 89.2 |
2025 | 88.8 |
Thereafter | 210.5 |
Total | $ 658.3 |
Other Financial Information O_2
Other Financial Information Other Financial Information (Components of Receivables) (Details) - USD ($) $ in Thousands | Oct. 02, 2020 | Sep. 27, 2019 |
Components of receivables: | ||
Amounts billed, net | $ 1,294,204 | $ 1,222,339 |
Unbilled receivables and other | 1,449,184 | 1,216,028 |
Contract assets | 423,922 | 401,842 |
Total receivables and contract assets, net | 3,167,310 | 2,840,209 |
Other information about receivables: | ||
Amounts due from the United States federal government included above, net of advanced billings | $ 600,207 | $ 630,975 |
Other Financial Information O_3
Other Financial Information Other Financial Information (Property, Plant and Equipment) (Details) - USD ($) $ in Thousands | Oct. 02, 2020 | Sep. 27, 2019 |
Property, Plant and Equipment [Line Items] | ||
Property, equipment and improvements, gross | $ 787,258 | $ 804,931 |
Accumulated depreciation and amortization | (467,887) | (496,788) |
Property, Equipment and Improvements, net | 319,371 | 308,143 |
Land | ||
Property, Plant and Equipment [Line Items] | ||
Property, equipment and improvements, gross | 966 | 355 |
Buildings | ||
Property, Plant and Equipment [Line Items] | ||
Property, equipment and improvements, gross | 21,550 | 14,331 |
Equipment | ||
Property, Plant and Equipment [Line Items] | ||
Property, equipment and improvements, gross | 560,352 | 533,804 |
Leasehold improvements | ||
Property, Plant and Equipment [Line Items] | ||
Property, equipment and improvements, gross | 187,980 | 247,660 |
Construction in progress | ||
Property, Plant and Equipment [Line Items] | ||
Property, equipment and improvements, gross | $ 16,410 | $ 8,781 |
Other Financial Information O_4
Other Financial Information Other Financial Information (Property, Plant and Equipment by Geographic Area) (Details) - USD ($) $ in Thousands | Oct. 02, 2020 | Sep. 27, 2019 |
Property, Plant and Equipment [Line Items] | ||
Long-Lived Assets | $ 319,371 | $ 308,143 |
United States | ||
Property, Plant and Equipment [Line Items] | ||
Long-Lived Assets | 230,881 | 230,476 |
Europe | ||
Property, Plant and Equipment [Line Items] | ||
Long-Lived Assets | 59,321 | 52,775 |
Canada | ||
Property, Plant and Equipment [Line Items] | ||
Long-Lived Assets | 2,599 | 3,199 |
Asia | ||
Property, Plant and Equipment [Line Items] | ||
Long-Lived Assets | 3,817 | 5,652 |
India | ||
Property, Plant and Equipment [Line Items] | ||
Long-Lived Assets | 10,710 | 2,379 |
Australia and New Zealand | ||
Property, Plant and Equipment [Line Items] | ||
Long-Lived Assets | 10,492 | 12,091 |
Middle East and Africa | ||
Property, Plant and Equipment [Line Items] | ||
Long-Lived Assets | $ 1,551 | $ 1,571 |
Other Financial Information O_5
Other Financial Information Other Financial Information (Components of Accrued Liabilities) (Details) - USD ($) $ in Thousands | Oct. 02, 2020 | Sep. 27, 2019 |
Other Financial Information [Abstract] | ||
Accrued payroll and related liabilities | $ 746,637 | $ 677,313 |
Project-related accruals | 60,531 | 58,835 |
Non project-related accruals | 237,204 | 258,312 |
Insurance liabilities | 75,267 | 83,968 |
Sales and other similar taxes | 104,720 | 34,390 |
Deferred rent | 0 | 68,914 |
Dividends payable | 25,524 | 23,439 |
Deferred gain on ECR disposition | 0 | 179,208 |
Current liabilities held for sale | 0 | 2,573 |
Total | $ 1,249,883 | $ 1,386,952 |
Other Financial Information O_6
Other Financial Information Other Financial Information (Accumulated Other Comprehensive Income) (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Oct. 02, 2020 | Sep. 27, 2019 | Sep. 28, 2018 | |
Accumulated Other Comprehensive Income (Loss) [Line Items] | |||
Beginning balance | $ 5,714,691 | ||
Other comprehensive income (loss) | (16,245) | $ (110,109) | $ (153,189) |
Ending balance | 5,815,712 | 5,714,691 | |
Total | |||
Accumulated Other Comprehensive Income (Loss) [Line Items] | |||
Beginning balance | (916,812) | (806,703) | |
Other comprehensive income (loss) | (19,233) | (187,900) | |
Reclassifications from other comprehensive income (loss) | (2,988) | (77,791) | |
Ending balance | (933,057) | (916,812) | (806,703) |
Change in Pension and Retiree Medical Plan Liabilities | |||
Accumulated Other Comprehensive Income (Loss) [Line Items] | |||
Beginning balance | (436,749) | (309,867) | |
Other comprehensive income (loss) | (61,994) | (104,434) | |
Reclassifications from other comprehensive income (loss) | 17 | (22,448) | |
Ending balance | (498,726) | (436,749) | (309,867) |
Foreign Currency Translation Adjustment | |||
Accumulated Other Comprehensive Income (Loss) [Line Items] | |||
Beginning balance | (480,045) | (496,017) | |
Other comprehensive income (loss) | 60,330 | (84,456) | |
Reclassifications from other comprehensive income (loss) | 0 | 100,428 | |
Ending balance | (419,715) | (480,045) | (496,017) |
Gain/(Loss) on Cash Flow Hedges | |||
Accumulated Other Comprehensive Income (Loss) [Line Items] | |||
Beginning balance | (18) | (819) | |
Other comprehensive income (loss) | (17,569) | 990 | |
Reclassifications from other comprehensive income (loss) | 2,971 | (189) | |
Ending balance | $ (14,616) | $ (18) | $ (819) |
Income Taxes (Narrative) (Detai
Income Taxes (Narrative) (Details) - USD ($) $ in Thousands | Dec. 22, 2018 | Sep. 27, 2019 | Oct. 02, 2020 | Sep. 27, 2019 | Sep. 28, 2018 | Sep. 29, 2017 |
Income Tax Contingency [Line Items] | ||||||
Income tax expense (benefit) measurement period adjustment | $ 144,400 | $ 89,700 | ||||
Change in tax rate effect on income tax expense | $ 24,400 | |||||
Income tax expense resulting from the differential of the losses netted again uncertain tax positions | $ 14,300 | |||||
Stockholders' equity | 5,714,691 | 5,815,712 | 5,714,691 | |||
Valuation allowance | 153,257 | 140,578 | 153,257 | |||
Change in deferred tax assets valuation allowance, amount | 0 | (207) | $ 104,221 | |||
Change in deferred tax asset valuation | (12,700) | |||||
Net operating losses | 241,033 | 197,987 | 241,033 | |||
Repatriation of foreign earnings, income tax expense | 16,200 | |||||
Gross unrecognized tax benefits | 104,355 | 102,484 | 104,355 | $ 179,140 | $ 38,580 | |
Unrecognized tax benefits that would impact effective tax rate | 86,200 | |||||
Accrued interest and penalties | 51,100 | 40,400 | 51,100 | |||
Decrease in unrecognized tax benefits | 5,500 | |||||
Foreign Country | ||||||
Income Tax Contingency [Line Items] | ||||||
Loss carry forwards of foreign subsidiaries | 945,100 | 783,900 | 945,100 | |||
Foreign Country | United Kingdom | ||||||
Income Tax Contingency [Line Items] | ||||||
Change in deferred tax assets valuation allowance, amount | (15,100) | |||||
Expiring Between 2018 and 2037 | Foreign Country | ||||||
Income Tax Contingency [Line Items] | ||||||
Loss carry forwards of foreign subsidiaries | 87,300 | |||||
Accounting Standards Update 2013-11 | ||||||
Income Tax Contingency [Line Items] | ||||||
Gross unrecognized tax benefits | 85,200 | 93,400 | 85,200 | |||
Accounting Standards Update 2013-11 | Cumulative Effect, Period of Adoption, Adjustment | ||||||
Income Tax Contingency [Line Items] | ||||||
Gross unrecognized tax benefits | $ 19,200 | 9,100 | $ 19,200 | |||
Retained Earnings | Accounting Standards Update 2018-02 | Cumulative Effect, Period of Adoption, Adjustment | ||||||
Income Tax Contingency [Line Items] | ||||||
Stockholders' equity | 10,200 | |||||
Current Year Activity | ||||||
Income Tax Contingency [Line Items] | ||||||
Change in deferred tax assets valuation allowance, amount | $ 2,400 |
Income Taxes (Consolidated Inco
Income Taxes (Consolidated Income Tax Expense) (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Oct. 02, 2020 | Sep. 27, 2019 | Sep. 28, 2018 | |
Current income tax expense: | |||
Federal | $ (37,030) | $ 25,549 | $ 49,829 |
State | (5,021) | 6,639 | (1,546) |
Foreign | 41,616 | 57,156 | 20,858 |
Total current tax expense from continuing operations | (435) | 89,344 | 69,141 |
Deferred income tax expense (benefit): | |||
Federal | 53,485 | 6,607 | 230,358 |
State | 7,133 | 20,408 | 17,318 |
Foreign | (4,863) | (79,405) | 8,815 |
Total deferred tax expense (benefit) from continuing operations | 55,755 | (52,390) | 256,491 |
Consolidated income tax expense from continuing operations | $ 55,320 | $ 36,954 | $ 325,632 |
Income Taxes (Components of Net
Income Taxes (Components of Net Deferred Tax Assets) (Details) - USD ($) $ in Thousands | Oct. 02, 2020 | Sep. 27, 2019 |
Obligations related to: | ||
Defined benefit pension plans | $ 55,949 | $ 56,854 |
Other employee benefit plans | 132,613 | 149,276 |
Net operating losses | 197,987 | 241,033 |
Foreign tax credit | 87,259 | 84,553 |
Other credits | 6,808 | 13,881 |
Contract revenues and costs | 70,733 | 51,579 |
Investments | 49,848 | 23,204 |
Lease liability | 154,979 | |
Deferred rent | 0 | 21,847 |
Restructuring | 11,974 | 8,205 |
Valuation allowance | (140,578) | (153,257) |
Gross deferred tax assets | 627,572 | 497,175 |
Deferred tax liabilities: | ||
Depreciation and amortization | (240,097) | (177,002) |
Lease right of use asset | (89,824) | |
Unremitted earnings | (17,295) | (29,761) |
Partnership investment | (66,082) | 0 |
Other, net | (6,593) | (8,890) |
Gross deferred tax liabilities | (419,891) | (215,653) |
Net deferred tax assets | $ 207,681 | $ 281,522 |
Income Taxes (Income Tax Benefi
Income Taxes (Income Tax Benefits Realized from the Exercise of Nonqualified Stock Options, and Disqualifying Dispositions of Stock Sold Under our Employee Stock Purchase Plans) (Details) - USD ($) $ in Millions | 12 Months Ended | ||
Oct. 02, 2020 | Sep. 27, 2019 | Sep. 28, 2018 | |
Income Tax Disclosure [Abstract] | |||
Income tax benefits realized under stock plans | $ 10.2 | $ 7.9 | $ 2.2 |
Income Taxes (Income Tax Expens
Income Taxes (Income Tax Expense in Consolidated Statements of Earnings) (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Oct. 02, 2020 | Sep. 27, 2019 | Sep. 28, 2018 | |
Income Tax Disclosure [Abstract] | |||
Statutory amount | $ 92,652 | $ 73,701 | $ 81,421 |
State taxes, net of the federal benefit | 7,254 | 10,183 | 15,772 |
Exclusion of tax on non-controlling interests | (6,622) | (4,839) | (2,389) |
Foreign: | |||
Difference in tax rates of foreign operations | (6,267) | 1,083 | 2,815 |
Benefit from foreign valuation allowance release | (16,861) | (29,125) | (5,088) |
U.S. tax cost of foreign operations | 42,992 | (17,760) | 4,030 |
Tax differential on foreign earnings | 19,864 | (45,802) | 1,757 |
Foreign tax credits | (26,471) | (15,682) | (21,735) |
Tax Rate Change | (6,811) | 0 | 0 |
Tax Reform | 0 | 36,674 | 155,756 |
Valuation Allowance | 0 | (207) | 104,221 |
Uncertain tax positions | (11,338) | (6,883) | (1,402) |
Other items: | |||
IRS §179D deduction | (7,267) | (2,957) | (4,557) |
Disallowed officer compensation | 5,081 | 5,568 | 1,510 |
Stock compensation | (10,234) | (7,864) | (2,158) |
Other items – net | (788) | (4,938) | (2,564) |
Total other items | (13,208) | (10,191) | (7,769) |
Consolidated income tax expense from continuing operations | $ 55,320 | $ 36,954 | $ 325,632 |
Statutory tax rate | 21.00% | 21.00% | 24.60% |
State taxes, net of the federal benefit | 1.60% | 2.90% | 4.80% |
Exclusion of tax on non-controlling interests | (1.50%) | (1.40%) | (0.70%) |
Foreign: | |||
Difference in tax rates of foreign operations | (1.40%) | 0.30% | 0.90% |
Benefit from foreign valuation allowance release | (3.80%) | (8.30%) | (1.50%) |
Nontaxable income from foreign affiliate | 9.70% | ||
U.S. tax cost of foreign operations | (5.10%) | 1.20% | |
Tax differential on foreign earnings | 4.50% | (13.10%) | 0.60% |
Foreign tax credits | (6.00%) | (4.50%) | (6.60%) |
Tax Rate Change | (1.50%) | 0.00% | 0.00% |
Tax Reform | 0.00% | 10.40% | 47.10% |
Valuation Allowance | 0.00% | (0.10%) | 31.50% |
Uncertain tax positions | (2.60%) | (2.00%) | (0.40%) |
Other items: | |||
IRS §179D deduction | (1.60%) | (0.80%) | (1.40%) |
Disallowed officer compensation | 1.20% | 1.60% | 0.50% |
Stock compensation | (2.30%) | (2.20%) | (0.70%) |
Other items – net | (0.20%) | (1.40%) | (0.80%) |
Total other items | (3.00%) | (2.80%) | (2.40%) |
Taxes on income (percent) | 12.50% | 10.50% | 98.40% |
Income Taxes (Income Tax Paymen
Income Taxes (Income Tax Payments) (Details) - USD ($) $ in Millions | 12 Months Ended | ||
Oct. 02, 2020 | Sep. 27, 2019 | Sep. 28, 2018 | |
Income Tax Disclosure [Abstract] | |||
Income tax payments | $ 39.8 | $ 291.7 | $ 44.3 |
Income Taxes (Components of our
Income Taxes (Components of our Consolidated Earnings Before Taxes) (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Oct. 02, 2020 | Sep. 27, 2019 | Sep. 28, 2018 | |
Income Tax Examination [Line Items] | |||
Results of operations, income before income taxes | $ 441,203 | $ 350,959 | $ 330,981 |
United States Federal Tax Authority | |||
Income Tax Examination [Line Items] | |||
Results of operations, income before income taxes | 208,302 | 225,898 | 263,991 |
Foreign earnings | |||
Income Tax Examination [Line Items] | |||
Results of operations, income before income taxes | $ 232,901 | $ 125,061 | $ 66,990 |
Income Taxes (Reconciliation of
Income Taxes (Reconciliation of Unrecognized Tax Benefits) (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Oct. 02, 2020 | Sep. 27, 2019 | Sep. 28, 2018 | |
Income Tax Disclosure [Abstract] | |||
Balance, beginning of year | $ 104,355 | $ 179,140 | $ 38,580 |
Acquisitions | 0 | 137,912 | |
Divestitures | (31,004) | ||
Additions based on tax positions related to the current year | 1,064 | 7,455 | 9,780 |
Additions for tax positions of prior years | 7,472 | 1,994 | 5,561 |
Reductions for tax positions of prior years | (6,695) | (49,849) | (8,962) |
Settlement | (3,712) | (3,381) | (3,731) |
Balance, end of year | $ 102,484 | $ 104,355 | $ 179,140 |
Joint Ventures and VIE's (Narra
Joint Ventures and VIE's (Narrative) (Details) - USD ($) $ in Thousands | Oct. 02, 2020 | Sep. 27, 2019 | Sep. 28, 2018 |
Variable Interest Entity [Line Items] | |||
VIE unconsolidated assets | $ 12,354,353 | $ 11,462,711 | |
Equity method investments exceeds its share of venture net assets | 71,100 | ||
AWE ML | |||
Variable Interest Entity [Line Items] | |||
Investment in equity securities | $ 38,000 | ||
Ownership percentage | 24.50% | ||
Unconsolidated Joint Venture | VIE, not primary beneficiary | |||
Variable Interest Entity [Line Items] | |||
VIE unconsolidated assets | $ 64,100 | 61,100 | |
VIE unconsolidated liabilities | 63,000 | 63,700 | |
Investment in equity securities | 161,300 | 157,900 | |
Unconsolidated Joint Venture | VIE, not primary beneficiary | |||
Variable Interest Entity [Line Items] | |||
VIE unconsolidated assets | 1,731,900 | 1,473,400 | |
VIE unconsolidated liabilities | 1,520,700 | 1,165,700 | |
Equity method investments exceeds its share of venture net assets | 82,200 | 48,500 | $ 47,900 |
Accounts receivable from unconsolidated joint venture | $ 8,300 | $ 19,500 |
Joint Ventures and VIE's (Sched
Joint Ventures and VIE's (Schedule of Summarized Financial Information) (Details) - USD ($) $ in Thousands | 12 Months Ended | |||
Oct. 02, 2020 | Sep. 27, 2019 | Sep. 28, 2018 | Sep. 29, 2017 | |
Schedule of Equity Method Investments [Line Items] | ||||
Current assets | $ 4,539,599 | $ 4,111,768 | ||
Assets | 12,354,353 | 11,462,711 | ||
Current liabilities | 2,941,597 | 3,073,706 | ||
Joint ventures' equity | 5,855,667 | 5,768,658 | $ 5,944,354 | $ 4,487,351 |
Total liabilities and stockholders' equity | 12,354,353 | 11,462,711 | ||
Gross profit | 2,586,668 | 2,477,028 | 2,158,550 | |
Net earnings | 523,867 | 873,219 | 173,142 | |
Consolidated Entities | ||||
Schedule of Equity Method Investments [Line Items] | ||||
Revenue | 912,900 | 571,600 | 481,400 | |
Direct cost of contracts | (807,900) | (526,700) | (452,900) | |
Gross profit | 105,000 | 44,900 | 28,500 | |
Net earnings | 72,600 | 45,200 | 28,400 | |
VIE, primary beneficiary | Consolidated Entities | ||||
Schedule of Equity Method Investments [Line Items] | ||||
Current assets | 261,600 | 192,600 | ||
Non-Current assets | 200 | 0 | ||
Assets | 261,800 | 192,600 | ||
Current liabilities | 190,300 | 138,500 | ||
Non-current liabilities | 0 | 0 | ||
Total liabilities | 190,300 | 138,500 | ||
VIE, not primary beneficiary | Unconsolidated Joint Venture | ||||
Schedule of Equity Method Investments [Line Items] | ||||
Current assets | 1,697,000 | 1,443,500 | ||
Non-Current assets | 34,900 | 29,900 | ||
Assets | 1,731,900 | 1,473,400 | ||
Current liabilities | 889,700 | 692,100 | ||
Non-current liabilities | 631,000 | 473,600 | ||
Total liabilities | 1,520,700 | 1,165,700 | ||
Joint ventures' equity | 211,200 | 307,700 | ||
Total liabilities and stockholders' equity | 1,731,900 | 1,473,400 | ||
Revenue | 3,447,000 | 3,533,100 | 3,165,000 | |
Direct cost of contracts | (3,126,600) | (3,176,200) | (2,902,500) | |
Gross profit | 320,400 | 356,900 | 262,500 | |
Net earnings | $ 245,300 | $ 227,000 | $ 221,100 |
Borrowings - Short-Term Debt (N
Borrowings - Short-Term Debt (Narrative) (Details) - LIBOR - Senior Subordinated Notes - USD ($) | Mar. 27, 2020 | Sep. 27, 2019 |
Short-term Debt [Line Items] | ||
Short-term debt | $ 200,000,000 | |
Financing fee | $ 100,000 |
Borrowings - Schedule of Long-t
Borrowings - Schedule of Long-term Debt (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Oct. 02, 2020 | Sep. 27, 2019 | Sep. 28, 2018 | |
Debt Instrument [Line Items] | |||
Total Long-term debt, net | $ 1,676,941 | $ 1,201,245 | |
Less: Deferred Financing Fees | (1,679) | (2,535) | |
Term Loan Facility 2020 | |||
Debt Instrument [Line Items] | |||
Total Long-term debt, net | 1,025,826 | $ 0 | |
Term Loan Facility 2017 | |||
Debt Instrument [Line Items] | |||
Total Long-term debt, net | 0 | 400,000 | |
Senior Notes, Series A | |||
Debt Instrument [Line Items] | |||
Total Long-term debt, net | $ 190,000 | 190,000 | |
Stated interest rate | 4.27% | ||
Senior Notes, Series B | |||
Debt Instrument [Line Items] | |||
Total Long-term debt, net | $ 180,000 | 180,000 | |
Stated interest rate | 4.42% | ||
Senior Notes, Series C | |||
Debt Instrument [Line Items] | |||
Total Long-term debt, net | $ 130,000 | 130,000 | |
Stated interest rate | 4.52% | ||
Revolving Credit Facility | |||
Debt Instrument [Line Items] | |||
Total Long-term debt, net | $ 152,794 | $ 303,780 | |
Eurocurrency Interest Rate | Minimum | Term Loan Facility 2020 | |||
Debt Instrument [Line Items] | |||
Margin added to variable rate interest rate | 0.875% | ||
Eurocurrency Interest Rate | Minimum | Term Loan Facility 2017 | |||
Debt Instrument [Line Items] | |||
Margin added to variable rate interest rate | 1.00% | ||
Eurocurrency Interest Rate | Minimum | Revolving Credit Facility | |||
Debt Instrument [Line Items] | |||
Margin added to variable rate interest rate | 0.875% | ||
Eurocurrency Interest Rate | Maximum | Term Loan Facility 2020 | |||
Debt Instrument [Line Items] | |||
Margin added to variable rate interest rate | 1.50% | ||
Eurocurrency Interest Rate | Maximum | Term Loan Facility 2017 | |||
Debt Instrument [Line Items] | |||
Margin added to variable rate interest rate | 1.50% | ||
Eurocurrency Interest Rate | Maximum | Revolving Credit Facility | |||
Debt Instrument [Line Items] | |||
Margin added to variable rate interest rate | 1.50% | ||
Base Interest Rate | Minimum | Term Loan Facility 2020 | |||
Debt Instrument [Line Items] | |||
Margin added to variable rate interest rate | 0.00% | ||
Base Interest Rate | Minimum | Term Loan Facility 2017 | |||
Debt Instrument [Line Items] | |||
Margin added to variable rate interest rate | 0.00% | ||
Base Interest Rate | Minimum | Revolving Credit Facility | |||
Debt Instrument [Line Items] | |||
Margin added to variable rate interest rate | 0.00% | ||
Base Interest Rate | Maximum | Term Loan Facility 2020 | |||
Debt Instrument [Line Items] | |||
Margin added to variable rate interest rate | 50.00% | ||
Base Interest Rate | Maximum | Term Loan Facility 2017 | |||
Debt Instrument [Line Items] | |||
Margin added to variable rate interest rate | 0.50% | ||
Base Interest Rate | Maximum | Revolving Credit Facility | |||
Debt Instrument [Line Items] | |||
Margin added to variable rate interest rate | 0.50% | ||
LIBOR | Term Loan Facility 2020 | |||
Debt Instrument [Line Items] | |||
Margin added to variable rate interest rate | 1.37% | ||
LIBOR | Term Loan Facility 2017 | |||
Debt Instrument [Line Items] | |||
Margin added to variable rate interest rate | 3.05% | ||
LIBOR | Minimum | Revolving Credit Facility | |||
Debt Instrument [Line Items] | |||
Margin added to variable rate interest rate | 1.39% | ||
LIBOR | Maximum | Revolving Credit Facility | |||
Debt Instrument [Line Items] | |||
Margin added to variable rate interest rate | 2.97% |
Borrowings - Long-term Debt (Na
Borrowings - Long-term Debt (Narrative) (Details) | Mar. 27, 2019USD ($)tranche | Oct. 02, 2020USD ($) | Mar. 25, 2020USD ($) | Mar. 25, 2020GBP (£) | Sep. 27, 2019USD ($) | Sep. 28, 2018USD ($) | Mar. 12, 2018USD ($) | Sep. 28, 2017USD ($) | Feb. 07, 2014USD ($) |
Line of Credit Facility [Line Items] | |||||||||
Total long-term debt, net | $ 1,676,941,000 | $ 1,201,245,000 | |||||||
Senior Notes [Member] | |||||||||
Line of Credit Facility [Line Items] | |||||||||
Contingent interest rate (in basis points) | 0.75% | ||||||||
Minimum | |||||||||
Line of Credit Facility [Line Items] | |||||||||
Facility fee percentage | 0.08% | ||||||||
Maximum | |||||||||
Line of Credit Facility [Line Items] | |||||||||
Facility fee percentage | 0.20% | ||||||||
Revolving Credit Facility | |||||||||
Line of Credit Facility [Line Items] | |||||||||
Number of tranches in revolving credit facility | tranche | 2 | ||||||||
Total long-term debt, net | $ 152,794,000 | 303,780,000 | |||||||
Long-term debt fair value | 543,700,000 | ||||||||
Letter of Credit | |||||||||
Line of Credit Facility [Line Items] | |||||||||
Credit facility, maximum borrowing capacity | 400,000,000 | ||||||||
Sub Facility Of Swing Line Loans | |||||||||
Line of Credit Facility [Line Items] | |||||||||
Credit facility, maximum borrowing capacity | 50,000,000 | ||||||||
Senior Notes As Amended Note Purchase Agreement | |||||||||
Line of Credit Facility [Line Items] | |||||||||
Total long-term debt, net | $ 500,000,000 | ||||||||
$1.6 Billion Revolving Credit Facility | |||||||||
Line of Credit Facility [Line Items] | |||||||||
Credit facility, maximum borrowing capacity | $ 1,600,000,000 | ||||||||
Available borrowing capacity | 2,090,000,000 | ||||||||
$1.6 Billion Revolving Credit Facility | Revolving Credit Facility | |||||||||
Line of Credit Facility [Line Items] | |||||||||
Credit facility, maximum borrowing capacity | $ 2,250,000,000 | ||||||||
Accordion feature of loan | $ 3,250,000,000 | ||||||||
$1.6 Billion Revolving Credit Facility | Letter of Credit | |||||||||
Line of Credit Facility [Line Items] | |||||||||
Direct borrowings on credit facility | 2,300,000 | ||||||||
Committed And Uncommitted Letter Of Credit Facility | Letter of Credit | |||||||||
Line of Credit Facility [Line Items] | |||||||||
Direct borrowings on credit facility | 260,700,000 | ||||||||
Term Loan Facility 2017 | |||||||||
Line of Credit Facility [Line Items] | |||||||||
Total long-term debt, net | 0 | $ 400,000,000 | |||||||
Term Loan Facility 2020 | |||||||||
Line of Credit Facility [Line Items] | |||||||||
Aggregate principal amount | $ 730,000,000 | ||||||||
Total long-term debt, net | 1,025,826,000 | $ 0 | |||||||
Term Loan Facility 2020 | Subsidiaries | |||||||||
Line of Credit Facility [Line Items] | |||||||||
Aggregate principal amount | £ | £ 250,000,000 | ||||||||
2017 Term Loan Facility [Member] | |||||||||
Line of Credit Facility [Line Items] | |||||||||
Total long-term debt, net | $ 1,500,000,000 | ||||||||
Line of Credit | |||||||||
Line of Credit Facility [Line Items] | |||||||||
Letters of credit outstanding | $ 263,000,000 |
Borrowings - Schedule of Intere
Borrowings - Schedule of Interest Paid (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Oct. 02, 2020 | Sep. 27, 2019 | Sep. 28, 2018 | |
Debt Disclosure [Abstract] | |||
Interest paid | $ 58,257 | $ 81,582 | $ 68,467 |
Leases - Schedule of Lease Cost
Leases - Schedule of Lease Cost (Details) $ in Thousands | 12 Months Ended |
Oct. 02, 2020USD ($) | |
Leases [Abstract] | |
Operating lease cost | $ 169,967 |
Variable lease cost | 35,083 |
Sublease income | (14,719) |
Total lease cost | $ 190,331 |
Leases - Supplemental Cash Flow
Leases - Supplemental Cash Flow (Details) $ in Thousands | 12 Months Ended |
Oct. 02, 2020USD ($) | |
Leases [Abstract] | |
Cash paid for amounts included in the measurements of lease liabilities | $ 195,345 |
Right-of-use assets obtained in exchange for new operating lease liabilities | $ 66,761 |
Weighted average remaining lease term - operating leases | 7 years |
Weighted average discount rate - operating leases | 2.70% |
Leases - Schedule of Operating
Leases - Schedule of Operating Lease Maturity (Details) $ in Thousands | Oct. 02, 2020USD ($) |
Leases [Abstract] | |
2021 | $ 184,967 |
2022 | 163,166 |
2023 | 144,668 |
2024 | 127,472 |
2025 | 107,866 |
Thereafter | 266,539 |
Remaining lease payments under operating leases | 994,678 |
Less Interest | (95,164) |
Operating lease liabilities | $ 899,514 |
Leases - Narrative (Details)
Leases - Narrative (Details) - USD ($) $ in Thousands | 3 Months Ended | 12 Months Ended | ||
Oct. 02, 2020 | Oct. 02, 2020 | Sep. 27, 2019 | Sep. 28, 2018 | |
Lessee, Lease, Description [Line Items] | ||||
Impairment of long-lived assets | $ 162,238 | $ 0 | $ 0 | |
SG&A Expense | ||||
Lessee, Lease, Description [Line Items] | ||||
Impairment of long-lived assets | $ 162,000 | |||
Right-of-Use Lease Asset | ||||
Lessee, Lease, Description [Line Items] | ||||
Impairment of long-lived assets | 127,000 | |||
Other Long-Lived Assets | ||||
Lessee, Lease, Description [Line Items] | ||||
Impairment of long-lived assets | $ 35,000 |
Employee Stock Purchase and S_3
Employee Stock Purchase and Stock Incentive Plans (Stock Issuance Activity Under the 1989 ESPP and the GESPP) (Details) - USD ($) | Jan. 19, 2017 | Oct. 02, 2020 | Sep. 27, 2019 | Sep. 28, 2018 |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||
Discount (percent) available to employees on the purchase of common stock | 5.00% | |||
Aggregate Purchase Price Paid for Shares Sold: | $ 27,812,601 | $ 27,295,425 | $ 23,831,467 | |
Aggregate Number of Shares Sold: | 333,078 | 389,423 | 394,304 | |
Number of remaining shares reserved for issuance at September 27, 2019 (in shares) | 5,632,447 | |||
Under the 1989 ESPP | ||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||
Aggregate Purchase Price Paid for Shares Sold: | $ 25,364,252 | $ 24,824,232 | $ 21,590,858 | |
Aggregate Number of Shares Sold: | 304,018 | 354,580 | 357,899 | |
Increase in number of shares authorized | 4,350,000 | |||
Number of remaining shares reserved for issuance at September 27, 2019 (in shares) | 3,529,357 | |||
Under the GESPP | ||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||
Aggregate Purchase Price Paid for Shares Sold: | $ 2,448,349 | $ 2,471,193 | $ 2,240,609 | |
Aggregate Number of Shares Sold: | 29,060 | 34,843 | 36,405 | |
Increase in number of shares authorized | 150,000 | |||
Number of remaining shares reserved for issuance at September 27, 2019 (in shares) | 74,672 |
Employee Stock Purchase and S_4
Employee Stock Purchase and Stock Incentive Plans (Stock Purchase and Stock Option Plans Information on the 1999 Plans) (Details) - shares | 12 Months Ended | |
Oct. 02, 2020 | Sep. 27, 2019 | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||
Number of shares authorized (in shares) | 30,950,000 | |
Number of remaining shares reserved for issuance at September 27, 2019 (in shares) | 5,632,447 | |
Number of shares relating to outstanding stock options at September 27, 2019 (in shares) | 706,489 | |
Number of shares available for future awards (in shares) | 4,925,958 | 5,220,013 |
1999 SIP | ||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||
Number of shares authorized (in shares) | 29,850,000 | |
Number of remaining shares reserved for issuance at September 27, 2019 (in shares) | 5,272,572 | |
Number of shares relating to outstanding stock options at September 27, 2019 (in shares) | 568,114 | |
Number of shares available for future awards (in shares) | 4,704,458 | 4,963,761 |
1999 SIP | Other Than Option Stock Appreciation Rights SARS | ||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||
Award number of shares, fungible share basis (in shares) | 1.92 | |
Award number of shares, non-fungible share basis (in shares) | 1 | |
1999 ODSP | ||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||
Number of shares authorized (in shares) | 1,100,000 | |
Number of remaining shares reserved for issuance at September 27, 2019 (in shares) | 359,875 | |
Number of shares relating to outstanding stock options at September 27, 2019 (in shares) | 138,375 | |
Number of shares available for future awards (in shares) | 221,500 | 256,252 |
Award number of shares, non-fungible share basis (in shares) | 1.92 |
Employee Stock Purchase and S_5
Employee Stock Purchase and Stock Incentive Plans (Fair Value of Shares Vested) (Details) - Restricted Stock Units (RSUs) - USD ($) $ in Thousands | 12 Months Ended | ||
Oct. 02, 2020 | Sep. 27, 2019 | Sep. 28, 2018 | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Fair value of shares vested | $ 50,207 | $ 54,988 | $ 66,747 |
Service Condition | |||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Fair value of shares vested | 29,209 | 37,864 | 64,121 |
Service Market And Performance Conditions at Target | |||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Fair value of shares vested | 20,998 | $ 17,124 | $ 2,626 |
1999 SIP | |||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Fair value of awards not yet recognized | $ 61,300 | ||
Exercisable options outstanding, weighted average remaining contractual life (years) | 2 years 1 month 6 days |
Employee Stock Purchase and S_6
Employee Stock Purchase and Stock Incentive Plans (Stock Option Activity Under the 1999 Plans and the 1981 Plan) (Details) - $ / shares | 12 Months Ended | ||
Oct. 02, 2020 | Sep. 27, 2019 | Sep. 28, 2018 | |
Share-based Compensation Arrangement by Share-based Payment Award, Options, Outstanding [Roll Forward] | |||
Number of stock options outstanding, beginning balance (in shares) | 926,606 | 1,766,759 | 2,516,825 |
Number of stock options, Exercised (in shares) | (212,467) | (828,529) | (636,019) |
Number of stock options, Canceled or expired (in shares) | (7,650) | (11,624) | (114,047) |
Number of stock options outstanding, ending balance (in shares) | 706,489 | 926,606 | 1,766,759 |
Share-based Compensation Arrangement by Share-based Payment Award, Options, Outstanding, Weighted Average Exercise Price [Abstract] | |||
Weighted Average Exercise Price, beginning balance (in dollars per share) | $ 45.48 | $ 45.53 | $ 46.19 |
Weighted Average Exercise Price, Exercised (in dollars per share) | 44.05 | 45.63 | 46.93 |
Weighted Average Exercise Price, Canceled or expired (in dollars per share) | 45.31 | 42.10 | 52.26 |
Weighted Average Exercise Price, ending balance (in dollars per share) | $ 45.91 | $ 45.48 | $ 45.53 |
Employee Stock Purchase and S_7
Employee Stock Purchase and Stock Incentive Plans (Total Intrinsic Value of Options Exercised) (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Oct. 02, 2020 | Sep. 27, 2019 | Sep. 28, 2018 | |
Share-based Payment Arrangement [Abstract] | |||
Intrinsic value of stock options exercised | $ 9,986 | $ 27,720 | $ 13,931 |
Intrinsic value of options exercisable | $ 34,100 |
Employee Stock Purchase and S_8
Employee Stock Purchase and Stock Incentive Plans (Information Regarding Stock Option Plans) (Details) - $ / shares | 12 Months Ended | ||
Oct. 02, 2020 | Sep. 27, 2019 | Sep. 28, 2018 | |
At fiscal year end: | |||
Range of exercise prices for options outstanding, minimum (in dollars per share) | $ 32.51 | $ 32.51 | $ 32.51 |
Range of exercise prices for options outstanding, maximum (in dollars per share) | $ 60.43 | $ 60.43 | $ 60.43 |
Number of options exercisable (in shares) | 706,489 | 860,114 | 1,557,900 |
For the fiscal year: | |||
Range of prices relating to options exercised, minimum (in dollars per share) | $ 37.03 | $ 36.88 | $ 35.93 |
Range of prices relating to options exercised, maximum (in dollars per share) | $ 60.08 | $ 60.43 | $ 61.26 |
Employee Stock Purchase and S_9
Employee Stock Purchase and Stock Incentive Plans (Information Regarding Options Outstanding, and Options Exercisable) (Details) - $ / shares | 12 Months Ended | |||
Oct. 02, 2020 | Sep. 27, 2019 | Sep. 28, 2018 | Sep. 29, 2017 | |
Share-based Payment Arrangement, Option, Exercise Price Range [Line Items] | ||||
Options Outstanding, Number (in shares) | 706,489 | 926,606 | 1,766,759 | 2,516,825 |
Options Outstanding, Weighted Average Remaining Contractual Life (years) | 3 years 10 months 17 days | |||
Options Outstanding, Weighted Average Price (in dollars per share) | $ 45.91 | $ 45.48 | $ 45.53 | $ 46.19 |
Options Exercisable, Number (in shares) | 706,489 | |||
Options Exercisable, Weighted Average Exercise Price (in dollars per share) | $ 45.91 | |||
Range of exercise prices for options outstanding, minimum (in dollars per share) | 32.51 | 32.51 | 32.51 | |
Range of exercise prices for options outstanding, maximum (in dollars per share) | $ 60.43 | $ 60.43 | $ 60.43 | |
$32.51 - $37.03 | ||||
Share-based Payment Arrangement, Option, Exercise Price Range [Line Items] | ||||
Options Outstanding, Number (in shares) | 36,500 | |||
Options Outstanding, Weighted Average Remaining Contractual Life (years) | 1 year 7 months 17 days | |||
Options Outstanding, Weighted Average Price (in dollars per share) | $ 36.97 | |||
Options Exercisable, Number (in shares) | 36,500 | |||
Options Exercisable, Weighted Average Exercise Price (in dollars per share) | $ 36.97 | |||
Range of exercise prices for options outstanding, minimum (in dollars per share) | 32.51 | |||
Range of exercise prices for options outstanding, maximum (in dollars per share) | $ 37.03 | |||
$37.43 - $46.09 | ||||
Share-based Payment Arrangement, Option, Exercise Price Range [Line Items] | ||||
Options Outstanding, Number (in shares) | 468,077 | |||
Options Outstanding, Weighted Average Remaining Contractual Life (years) | 4 years 6 months 3 days | |||
Options Outstanding, Weighted Average Price (in dollars per share) | $ 43.08 | |||
Options Exercisable, Number (in shares) | 468,077 | |||
Options Exercisable, Weighted Average Exercise Price (in dollars per share) | $ 43.08 | |||
Range of exercise prices for options outstanding, minimum (in dollars per share) | 37.43 | |||
Range of exercise prices for options outstanding, maximum (in dollars per share) | $ 46.09 | |||
$47.11 - $55.13 | ||||
Share-based Payment Arrangement, Option, Exercise Price Range [Line Items] | ||||
Options Outstanding, Number (in shares) | 173,537 | |||
Options Outstanding, Weighted Average Remaining Contractual Life (years) | 2 years 8 months 19 days | |||
Options Outstanding, Weighted Average Price (in dollars per share) | $ 53.05 | |||
Options Exercisable, Number (in shares) | 173,537 | |||
Options Exercisable, Weighted Average Exercise Price (in dollars per share) | $ 53.05 | |||
Range of exercise prices for options outstanding, minimum (in dollars per share) | 47.11 | |||
Range of exercise prices for options outstanding, maximum (in dollars per share) | $ 55.13 | |||
$60.08 - $80.63 | ||||
Share-based Payment Arrangement, Option, Exercise Price Range [Line Items] | ||||
Options Outstanding, Number (in shares) | 28,375 | |||
Options Outstanding, Weighted Average Remaining Contractual Life (years) | 3 years 4 months 6 days | |||
Options Outstanding, Weighted Average Price (in dollars per share) | $ 60.39 | |||
Options Exercisable, Number (in shares) | 28,375 | |||
Options Exercisable, Weighted Average Exercise Price (in dollars per share) | $ 60.39 | |||
Range of exercise prices for options outstanding, minimum (in dollars per share) | 60.08 | |||
Range of exercise prices for options outstanding, maximum (in dollars per share) | $ 80.63 |
Employee Stock Purchase and _10
Employee Stock Purchase and Stock Incentive Plans (Number of Shares of Restricted Stock and Restricted Stock Units Issued Under the 1999 Plans) (Details) - shares | 12 Months Ended | ||
Oct. 02, 2020 | Sep. 27, 2019 | Sep. 28, 2018 | |
1999 ODSP | |||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Award number of shares, non-fungible share basis (in shares) | 1.92 | ||
1999 ODSP | Restricted Stock | |||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Restricted stock and restricted stock units outstanding (in shares) | 34,000 | ||
1999 ODSP | Restricted Stock Units (RSUs) | Service Condition | |||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Restricted stock and restricted stock units issued (in shares) | 18,100 | 26,372 | 21,620 |
Restricted stock and restricted stock units outstanding (in shares) | 88,210 | ||
1999 SIP | Restricted Stock | |||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Restricted stock and restricted stock units issued (in shares) | 0 | 0 | 0 |
Restricted stock and restricted stock units canceled (in shares) | 34,417 | 105,301 | 284,254 |
Restricted stock and restricted stock units outstanding (in shares) | 0 | ||
1999 SIP | Restricted Stock Units (RSUs) | Service Condition | |||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Restricted stock and restricted stock units issued (in shares) | 351,670 | 318,056 | 1,087,724 |
Restricted stock and restricted stock units canceled (in shares) | 183,099 | 295,122 | 336,516 |
Restricted stock and restricted stock units outstanding (in shares) | 756,054 | ||
1999 SIP | Restricted Stock Units (RSUs) | Service Market And Performance Conditions at Target | |||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Restricted stock and restricted stock units issued (in shares) | 202,792 | 240,068 | 254,784 |
Restricted stock and restricted stock units canceled (in shares) | 160,781 | 183,654 | 95,063 |
Restricted stock and restricted stock units outstanding (in shares) | 647,262 |
Employee Stock Purchase and _11
Employee Stock Purchase and Stock Incentive Plans (Unvested Restricted Stock and Restricted Stock Units Roll Forward) (Details) - Restricted Stock And Restricted Stock Units | 12 Months Ended |
Oct. 02, 2020$ / sharesshares | |
Share-based Compensation Arrangement by Share-based Payment Award, Options, Nonvested, Number of Shares [Roll Forward] | |
Beginning balance outstanding (in shares) | shares | 1,723,037 |
Granted (in shares) | shares | 728,478 |
Vested (in shares) | shares | (850,054) |
Canceled (in shares) | shares | (75,935) |
Ending balance outstanding (in shares) | shares | 1,525,526 |
Share-based Compensation Arrangement by Share-based Payment Award, Options, Nonvested, Weighted Average Grant Date Fair Value [Abstract] | |
Beginning balance outstanding (in dollars per share) | $ / shares | $ 65.80 |
Granted (in dollars per share) | $ / shares | 85.61 |
Vested (in dollars per share) | $ / shares | 60.37 |
Canceled (in dollars per share) | $ / shares | 75.86 |
Ending balance outstanding (in dollars per share) | $ / shares | $ 77.88 |
Employee Stock Purchase and _12
Employee Stock Purchase and Stock Incentive Plans (Narrative) (Details) $ in Millions | 12 Months Ended |
Oct. 02, 2020USD ($)shares | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |
Proceeds from stock options exercised | $ | $ 9.4 |
1999 SIP | Restricted Stock | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |
Restricted stock and restricted stock units outstanding (in shares) | 0 |
1999 SIP | Restricted Stock Units (RSUs) | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |
Exercisable options outstanding, weighted average remaining contractual life (years) | 2 years 1 month 6 days |
1999 ODSP | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |
Exercisable options outstanding, weighted average remaining contractual life (years) | 3 years 10 months 17 days |
1999 ODSP | Restricted Stock | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |
Restricted stock and restricted stock units outstanding (in shares) | 0 |
Savings and Deferred Compensa_3
Savings and Deferred Compensation Plans Savings and Deferred Compensation Plans (Savings Plans) (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Oct. 02, 2020 | Sep. 27, 2019 | Sep. 28, 2018 | |
Savings And Deferred Compensation Plans [Abstract] | |||
Savings plans contributions | $ 91,833 | $ 114,006 | $ 113,135 |
Savings and Deferred Compensa_4
Savings and Deferred Compensation Plans Savings and Deferred Compensation Plans (Deferred Compensation Plans) (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Oct. 02, 2020 | Sep. 27, 2019 | Sep. 28, 2018 | |
Savings And Deferred Compensation Plans [Abstract] | |||
Deferred compensation plans expense | $ 203 | $ 2,395 | $ 4,445 |
Deferred compensation arrangement investments | $ 194,933 | $ 219,948 |
Pension and Other Postretirem_3
Pension and Other Postretirement Benefit Plans - Narrative (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Oct. 02, 2020 | Sep. 27, 2019 | Sep. 28, 2018 | |
Defined Benefit Plan Disclosure [Line Items] | |||
(Gain) Loss on pension and retiree medical plan changes | $ (4,598) | $ 33,087 | $ (5,414) |
SG&A Expense | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Service cost | 24,200 | ||
U.S. Plans | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Period of annual average returns used in return on plan assets simulation model (in years) | 20 years | ||
Service cost | $ 409 | 2,784 | 4,765 |
Gain on litigation settlement | (2,700) | ||
Curtailments/settlements/plan amendments | 18,557 | 9,751 | |
Non-U.S. Plans | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Service cost | 5,710 | 7,171 | $ 8,269 |
Curtailments/settlements/plan amendments | 4,782 | 5,814 | |
CH2M HILL Companies, Ltd. | Other | Other Expense | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Gain on litigation settlement | 35,000 | ||
United Kingdom | Non-U.S. Plans | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Defined benefit plan, increase (decrease) due to pension ruling | 38,200 | ||
United Kingdom | Non-U.S. Plans | Other Comprehensive Income (Loss) | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Defined benefit plan, increase (decrease) due to pension ruling | 1,500 | ||
Sverdrup and Ireland Pension Plans | CH2M Retiree Medical and Ireland | Non-U.S. Plans | |||
Defined Benefit Plan Disclosure [Line Items] | |||
(Gain) Loss on pension and retiree medical plan changes | $ 4,600 | $ (33,100) |
Pension and Other Postretirem_4
Pension and Other Postretirement Benefit Plans - Schedule of Change in Plans' Combined Net Benefit Obligation (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Oct. 02, 2020 | Sep. 27, 2019 | Sep. 28, 2018 | |
U.S. Plans | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Net benefit obligation at the beginning of the year | $ 448,540 | $ 448,402 | |
Service cost | 409 | 2,784 | $ 4,765 |
Interest cost | 12,673 | 16,697 | 13,778 |
Participants’ contributions | 0 | 243 | |
Actuarial (gains)/losses | 15,584 | 52,720 | |
Benefits paid | (22,836) | (30,648) | |
Curtailments/settlements/plan amendments | (16,450) | (39,388) | |
Disposition of ECR Plans | 0 | 0 | |
Effect of exchange rate changes and other, net | 0 | (2,270) | |
Net benefit obligation at the end of the year | 437,920 | 448,540 | 448,402 |
Non-U.S. Plans | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Net benefit obligation at the beginning of the year | 2,258,129 | 2,149,246 | |
Service cost | 5,710 | 7,171 | 8,269 |
Interest cost | 39,469 | 52,627 | 49,324 |
Participants’ contributions | 167 | 367 | |
Actuarial (gains)/losses | 35,626 | 314,889 | |
Benefits paid | (64,395) | (72,453) | |
Curtailments/settlements/plan amendments | (4,782) | 30,124 | |
Disposition of ECR Plans | 0 | (99,504) | |
Effect of exchange rate changes and other, net | 118,153 | (124,338) | |
Net benefit obligation at the end of the year | $ 2,388,077 | $ 2,258,129 | $ 2,149,246 |
Pension and Other Postretirem_5
Pension and Other Postretirement Benefit Plans - Schedule of Change in Combined Fair Value of Plans' Assets (Details) - USD ($) $ in Thousands | 12 Months Ended | |
Oct. 02, 2020 | Sep. 27, 2019 | |
U.S. Plans | ||
Defined Benefit Plan, Change in Fair Value of Plan Assets [Roll Forward] | ||
Fair value of plan assets at the beginning of the year | $ 390,210 | $ 390,829 |
Actual return on plan assets | 33,345 | 31,140 |
Employer contributions | 88 | 10,668 |
Participants’ contributions | 0 | 243 |
Gross benefits paid | (22,836) | (30,648) |
Curtailments/settlements/plan amendments | (18,557) | (9,751) |
Disposition of ECR Plans | 0 | 0 |
Effect of exchange rate changes and other, net | 0 | (2,271) |
Fair value of plan assets at the end of the year | 382,250 | 390,210 |
Non-U.S. Plans | ||
Defined Benefit Plan, Change in Fair Value of Plan Assets [Roll Forward] | ||
Fair value of plan assets at the beginning of the year | 1,916,637 | 1,867,481 |
Actual return on plan assets | 61,221 | 280,785 |
Employer contributions | 33,192 | 32,063 |
Participants’ contributions | 167 | 367 |
Gross benefits paid | (64,395) | (72,453) |
Curtailments/settlements/plan amendments | (4,782) | (5,814) |
Disposition of ECR Plans | 0 | (76,111) |
Effect of exchange rate changes and other, net | 101,316 | (109,681) |
Fair value of plan assets at the end of the year | $ 2,043,356 | $ 1,916,637 |
Pension and Other Postretirem_6
Pension and Other Postretirement Benefit Plans - Reconciliation of Combined Funded Status of Plans and Recognized in Consolidated Balance Sheet (Details) - USD ($) $ in Thousands | Oct. 02, 2020 | Sep. 27, 2019 | Sep. 28, 2018 |
U.S. Plans | |||
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items] | |||
Net benefit obligation at the end of the year | $ 437,920 | $ 448,540 | $ 448,402 |
Fair value of plan assets at the end of the year | 382,250 | 390,210 | 390,829 |
Underfunded amount recognized at the end of the year | 55,670 | 58,330 | |
Non-U.S. Plans | |||
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items] | |||
Net benefit obligation at the end of the year | 2,388,077 | 2,258,129 | 2,149,246 |
Fair value of plan assets at the end of the year | 2,043,356 | 1,916,637 | $ 1,867,481 |
Underfunded amount recognized at the end of the year | $ 344,721 | $ 341,492 |
Pension and Other Postretirem_7
Pension and Other Postretirement Benefit Plans - Accumulated Benefit Obligation (Details) - USD ($) $ in Thousands | Oct. 02, 2020 | Sep. 27, 2019 |
U.S. Plans | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Accumulated benefit obligation at the end of the year | $ 436,770 | $ 447,609 |
Non-U.S. Plans | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Accumulated benefit obligation at the end of the year | $ 2,376,059 | $ 2,244,710 |
Pension and Other Postretirem_8
Pension and Other Postretirement Benefit Plans - Schedule of Amount Recognized in Accompanying Balance Sheets (Details) - USD ($) $ in Thousands | Oct. 02, 2020 | Sep. 27, 2019 |
Defined Benefit Plan Disclosure [Line Items] | ||
Liabilities relating to defined benefit pension and retirement plans | $ 568,176 | $ 575,897 |
U.S. Plans | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Prepaid benefit cost included in noncurrent assets | 0 | 0 |
Accrued benefit cost included in current liabilities | 85 | 85 |
Liabilities relating to defined benefit pension and retirement plans | 57,919 | 58,245 |
Net amount recognized at the end of the year | 58,004 | 58,330 |
Non-U.S. Plans | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Prepaid benefit cost included in noncurrent assets | 1,037 | 2,939 |
Accrued benefit cost included in current liabilities | 4,375 | 4,177 |
Liabilities relating to defined benefit pension and retirement plans | 339,049 | 340,254 |
Net amount recognized at the end of the year | $ 342,387 | $ 341,492 |
Pension and Other Postretirem_9
Pension and Other Postretirement Benefit Plans - Schedule of Significant Actuarial Assumptions in Determining the Funded Status and Benefit Cost (Details) | 12 Months Ended | ||
Oct. 02, 2020 | Sep. 27, 2019 | Sep. 28, 2018 | |
U.S. Plans | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Rates of compensation increases | 350.00% | 3.50% | 3.50% |
Expected long-term rates of return on assets | 5.10% | ||
U.S. Plans | Minimum | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Discount rates | 2.00% | 2.80% | 3.90% |
Expected long-term rates of return on assets | 4.60% | 5.80% | |
U.S. Plans | Maximum | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Discount rates | 2.70% | 3.10% | 4.20% |
Expected long-term rates of return on assets | 4.70% | 5.90% | |
Non-U.S. Plans | Minimum | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Discount rates | 0.40% | 0.20% | 1.30% |
Rates of compensation increases | 2.70% | 3.70% | 3.80% |
Expected long-term rates of return on assets | 1.80% | 2.30% | 3.80% |
Non-U.S. Plans | Maximum | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Discount rates | 6.60% | 7.10% | 8.10% |
Rates of compensation increases | 7.50% | 7.50% | 7.50% |
Expected long-term rates of return on assets | 7.00% | 7.50% | 7.50% |
Pension and Other Postretire_10
Pension and Other Postretirement Benefit Plans - Schedule of Pension Plans Recognized in Accumulated Other Comprehensive Loss (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Oct. 02, 2020 | Sep. 27, 2019 | Sep. 28, 2018 | |
Reclassification adjustments: | |||
Total | $ 61,977 | $ 139,218 | $ 34,129 |
U.S. Plans | |||
Arising during the period: | |||
Net actuarial (gain) loss | (900) | 36,108 | (7,514) |
Prior service cost (benefit) | 1,589 | 0 | 0 |
Total | 689 | 36,108 | (7,514) |
Reclassification adjustments: | |||
Net actuarial losses | (2,653) | (2,282) | (2,913) |
Prior service cost | (244) | 0 | 0 |
Total | (2,897) | (2,282) | (2,913) |
Total | (2,208) | 33,826 | (10,427) |
Non-U.S. Plans | |||
Arising during the period: | |||
Net actuarial (gain) loss | 71,676 | 83,368 | 59,827 |
Net (gain) loss on Sale of ECR | 0 | (12,520) | 0 |
Prior service cost (benefit) | 0 | 29,829 | 215 |
Total | 71,676 | 100,677 | 60,042 |
Reclassification adjustments: | |||
Net actuarial losses | (6,322) | (6,546) | (5,507) |
Prior service cost | (1,169) | (1,075) | 181 |
Total | (7,491) | (7,621) | (5,326) |
Total | $ 64,185 | $ 93,056 | $ 54,716 |
Pension and Other Postretire_11
Pension and Other Postretirement Benefit Plans - Schedule of Pension Plans Recorded in Accumulated Other Comprehensive Loss Not Yet Recognized as Component of Net Periodic Pension Cost (Details) - USD ($) $ in Thousands | Oct. 02, 2020 | Sep. 27, 2019 |
U.S. Plans | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Net actuarial loss | $ 67,530 | $ 71,083 |
Prior service cost | 1,345 | 0 |
Total | 68,875 | 71,083 |
Non-U.S. Plans | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Net actuarial loss | 401,930 | 365,661 |
Prior service cost | 27,921 | 28,346 |
Total | $ 429,851 | $ 394,007 |
Pension and Other Postretire_12
Pension and Other Postretirement Benefit Plans - Schedule of Accumulated Comprehensive Income Amortized Against Earnings in the Next Year (Details) $ in Thousands | Oct. 02, 2020USD ($) |
U.S. Plans | |
Defined Benefit Plan Disclosure [Line Items] | |
Unrecognized net actuarial loss | $ 4,249 |
Unrecognized prior service cost | 431 |
Accumulated comprehensive loss to be recorded against earnings | 4,680 |
Non-U.S. Plans | |
Defined Benefit Plan Disclosure [Line Items] | |
Unrecognized net actuarial loss | 10,016 |
Unrecognized prior service cost | 1,431 |
Accumulated comprehensive loss to be recorded against earnings | $ 11,447 |
Pension and Other Postretire_13
Pension and Other Postretirement Benefit Plans - Schedule of Weighted Average Measurement of Assets and Liabilities (Details) | Oct. 02, 2020 | Sep. 27, 2019 |
Equity securities | U.S. Plans | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Defined Benefit Plan, Plan Assets, Actual Allocation, Percentage | 3.00% | 3.00% |
Equity securities | Non-U.S. Plans | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Defined Benefit Plan, Plan Assets, Actual Allocation, Percentage | 21.00% | 20.00% |
Debt securities | U.S. Plans | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Defined Benefit Plan, Plan Assets, Actual Allocation, Percentage | 58.00% | 58.00% |
Debt securities | Non-U.S. Plans | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Defined Benefit Plan, Plan Assets, Actual Allocation, Percentage | 56.00% | 52.00% |
Real estate investments | U.S. Plans | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Defined Benefit Plan, Plan Assets, Actual Allocation, Percentage | 0.00% | 0.00% |
Real estate investments | Non-U.S. Plans | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Defined Benefit Plan, Plan Assets, Actual Allocation, Percentage | 7.00% | 7.00% |
Other | U.S. Plans | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Defined Benefit Plan, Plan Assets, Actual Allocation, Percentage | 39.00% | 39.00% |
Other | Non-U.S. Plans | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Defined Benefit Plan, Plan Assets, Actual Allocation, Percentage | 17.00% | 21.00% |
Pension and Other Postretire_14
Pension and Other Postretirement Benefit Plans - Schedule of Fair Value of Pension Plan Assets (Details) - USD ($) $ in Thousands | Oct. 02, 2020 | Sep. 27, 2019 | Sep. 28, 2018 |
U.S. Plans | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Fair value of plan assets at the end of the year | $ 382,250 | $ 390,210 | $ 390,829 |
U.S. Plans | Level 1 | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Fair value of plan assets at the end of the year | 231,493 | 235,596 | |
U.S. Plans | Level 2 | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Fair value of plan assets at the end of the year | 150,757 | 154,614 | |
U.S. Plans | Level 3 | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Fair value of plan assets at the end of the year | 0 | 0 | |
U.S. Plans | Investments measured at Net Asset Value | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Fair value of plan assets at the end of the year | 0 | 0 | |
U.S. Plans | Domestic equities | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Fair value of plan assets at the end of the year | 12,376 | 10,890 | |
U.S. Plans | Domestic equities | Level 1 | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Fair value of plan assets at the end of the year | 12,376 | 10,890 | |
U.S. Plans | Domestic equities | Level 2 | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Fair value of plan assets at the end of the year | 0 | 0 | |
U.S. Plans | Domestic equities | Level 3 | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Fair value of plan assets at the end of the year | 0 | 0 | |
U.S. Plans | Domestic equities | Investments measured at Net Asset Value | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Fair value of plan assets at the end of the year | 0 | 0 | |
U.S. Plans | Domestic bonds | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Fair value of plan assets at the end of the year | 199,858 | 200,084 | |
U.S. Plans | Domestic bonds | Level 1 | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Fair value of plan assets at the end of the year | 68,324 | 65,490 | |
U.S. Plans | Domestic bonds | Level 2 | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Fair value of plan assets at the end of the year | 131,534 | 134,594 | |
U.S. Plans | Domestic bonds | Level 3 | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Fair value of plan assets at the end of the year | 0 | 0 | |
U.S. Plans | Domestic bonds | Investments measured at Net Asset Value | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Fair value of plan assets at the end of the year | 0 | 0 | |
U.S. Plans | Overseas bonds | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Fair value of plan assets at the end of the year | 19,223 | 20,020 | |
U.S. Plans | Overseas bonds | Level 1 | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Fair value of plan assets at the end of the year | 0 | 0 | |
U.S. Plans | Overseas bonds | Level 2 | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Fair value of plan assets at the end of the year | 19,223 | 20,020 | |
U.S. Plans | Overseas bonds | Level 3 | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Fair value of plan assets at the end of the year | 0 | 0 | |
U.S. Plans | Overseas bonds | Investments measured at Net Asset Value | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Fair value of plan assets at the end of the year | 0 | 0 | |
U.S. Plans | Cash and equivalents | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Fair value of plan assets at the end of the year | 18,226 | 28,972 | |
U.S. Plans | Cash and equivalents | Level 1 | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Fair value of plan assets at the end of the year | 18,226 | 28,972 | |
U.S. Plans | Cash and equivalents | Level 2 | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Fair value of plan assets at the end of the year | 0 | 0 | |
U.S. Plans | Cash and equivalents | Level 3 | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Fair value of plan assets at the end of the year | 0 | 0 | |
U.S. Plans | Cash and equivalents | Investments measured at Net Asset Value | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Fair value of plan assets at the end of the year | 0 | 0 | |
U.S. Plans | Mutual funds | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Fair value of plan assets at the end of the year | 132,567 | 130,244 | |
U.S. Plans | Mutual funds | Level 1 | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Fair value of plan assets at the end of the year | 132,567 | 130,244 | |
U.S. Plans | Mutual funds | Level 2 | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Fair value of plan assets at the end of the year | 0 | 0 | |
U.S. Plans | Mutual funds | Level 3 | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Fair value of plan assets at the end of the year | 0 | 0 | |
U.S. Plans | Mutual funds | Investments measured at Net Asset Value | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Fair value of plan assets at the end of the year | 0 | 0 | |
Non-U.S. Plans | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Fair value of plan assets at the end of the year | 2,043,356 | 1,916,637 | 1,867,481 |
Non-U.S. Plans | Level 1 | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Fair value of plan assets at the end of the year | 24,568 | 37,811 | |
Non-U.S. Plans | Level 2 | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Fair value of plan assets at the end of the year | 1,495,727 | 1,412,705 | |
Non-U.S. Plans | Level 3 | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Fair value of plan assets at the end of the year | 344,861 | 300,527 | |
Non-U.S. Plans | Investments measured at Net Asset Value | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Fair value of plan assets at the end of the year | 178,200 | 165,594 | |
Non-U.S. Plans | Domestic equities | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Fair value of plan assets at the end of the year | 108,781 | 36,668 | |
Non-U.S. Plans | Domestic equities | Level 1 | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Fair value of plan assets at the end of the year | 0 | 0 | |
Non-U.S. Plans | Domestic equities | Level 2 | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Fair value of plan assets at the end of the year | 103,036 | 17,255 | |
Non-U.S. Plans | Domestic equities | Level 3 | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Fair value of plan assets at the end of the year | 0 | 0 | |
Non-U.S. Plans | Domestic equities | Investments measured at Net Asset Value | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Fair value of plan assets at the end of the year | 5,745 | 19,413 | |
Non-U.S. Plans | Overseas equities | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Fair value of plan assets at the end of the year | 317,301 | 232,727 | |
Non-U.S. Plans | Overseas equities | Level 1 | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Fair value of plan assets at the end of the year | 0 | 0 | |
Non-U.S. Plans | Overseas equities | Level 2 | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Fair value of plan assets at the end of the year | 229,576 | 182,600 | |
Non-U.S. Plans | Overseas equities | Level 3 | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Fair value of plan assets at the end of the year | 0 | 0 | |
Non-U.S. Plans | Overseas equities | Investments measured at Net Asset Value | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Fair value of plan assets at the end of the year | 87,725 | 50,127 | |
Non-U.S. Plans | Domestic bonds | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Fair value of plan assets at the end of the year | 35,644 | 340,633 | |
Non-U.S. Plans | Domestic bonds | Level 1 | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Fair value of plan assets at the end of the year | 0 | 0 | |
Non-U.S. Plans | Domestic bonds | Level 2 | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Fair value of plan assets at the end of the year | 34,469 | 306,225 | |
Non-U.S. Plans | Domestic bonds | Level 3 | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Fair value of plan assets at the end of the year | 0 | 0 | |
Non-U.S. Plans | Domestic bonds | Investments measured at Net Asset Value | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Fair value of plan assets at the end of the year | 1,175 | 34,408 | |
Non-U.S. Plans | Overseas bonds | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Fair value of plan assets at the end of the year | 1,107,612 | 767,908 | |
Non-U.S. Plans | Overseas bonds | Level 1 | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Fair value of plan assets at the end of the year | 0 | 0 | |
Non-U.S. Plans | Overseas bonds | Level 2 | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Fair value of plan assets at the end of the year | 1,049,119 | 728,616 | |
Non-U.S. Plans | Overseas bonds | Level 3 | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Fair value of plan assets at the end of the year | 0 | 0 | |
Non-U.S. Plans | Overseas bonds | Investments measured at Net Asset Value | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Fair value of plan assets at the end of the year | 58,493 | 39,292 | |
Non-U.S. Plans | Cash and equivalents | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Fair value of plan assets at the end of the year | 24,568 | 37,795 | |
Non-U.S. Plans | Cash and equivalents | Level 1 | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Fair value of plan assets at the end of the year | 24,568 | 37,811 | |
Non-U.S. Plans | Cash and equivalents | Level 2 | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Fair value of plan assets at the end of the year | 0 | (16) | |
Non-U.S. Plans | Cash and equivalents | Level 3 | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Fair value of plan assets at the end of the year | 0 | 0 | |
Non-U.S. Plans | Cash and equivalents | Investments measured at Net Asset Value | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Fair value of plan assets at the end of the year | 0 | 0 | |
Non-U.S. Plans | Real estate | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Fair value of plan assets at the end of the year | 115,805 | 137,472 | |
Non-U.S. Plans | Real estate | Level 1 | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Fair value of plan assets at the end of the year | 0 | 0 | |
Non-U.S. Plans | Real estate | Level 2 | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Fair value of plan assets at the end of the year | 10,383 | 24,735 | |
Non-U.S. Plans | Real estate | Level 3 | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Fair value of plan assets at the end of the year | 105,422 | 97,539 | 99,587 |
Non-U.S. Plans | Real estate | Investments measured at Net Asset Value | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Fair value of plan assets at the end of the year | 0 | 15,198 | |
Non-U.S. Plans | Mutual funds | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Fair value of plan assets at the end of the year | 64,742 | 148,812 | |
Non-U.S. Plans | Mutual funds | Level 1 | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Fair value of plan assets at the end of the year | 0 | 0 | |
Non-U.S. Plans | Mutual funds | Level 2 | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Fair value of plan assets at the end of the year | 64,742 | 148,812 | |
Non-U.S. Plans | Mutual funds | Level 3 | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Fair value of plan assets at the end of the year | 0 | 0 | |
Non-U.S. Plans | Mutual funds | Investments measured at Net Asset Value | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Fair value of plan assets at the end of the year | 0 | 0 | |
Non-U.S. Plans | Hedge funds | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Fair value of plan assets at the end of the year | 178,883 | 137,356 | |
Non-U.S. Plans | Hedge funds | Level 1 | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Fair value of plan assets at the end of the year | 0 | 0 | |
Non-U.S. Plans | Hedge funds | Level 2 | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Fair value of plan assets at the end of the year | 0 | 0 | |
Non-U.S. Plans | Hedge funds | Level 3 | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Fair value of plan assets at the end of the year | 171,730 | 130,200 | 135,786 |
Non-U.S. Plans | Hedge funds | Investments measured at Net Asset Value | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Fair value of plan assets at the end of the year | 7,153 | 7,156 | |
Non-U.S. Plans | Insurance contracts | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Fair value of plan assets at the end of the year | 90,020 | 77,266 | |
Non-U.S. Plans | Insurance contracts | Level 1 | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Fair value of plan assets at the end of the year | 0 | 0 | |
Non-U.S. Plans | Insurance contracts | Level 2 | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Fair value of plan assets at the end of the year | 4,402 | 4,478 | |
Non-U.S. Plans | Insurance contracts | Level 3 | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Fair value of plan assets at the end of the year | 67,709 | 72,788 | $ 95,782 |
Non-U.S. Plans | Insurance contracts | Investments measured at Net Asset Value | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Fair value of plan assets at the end of the year | $ 17,909 | 0 | |
Non-U.S. Plans | Derivatives | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Fair value of plan assets at the end of the year | 0 | ||
Non-U.S. Plans | Derivatives | Level 1 | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Fair value of plan assets at the end of the year | 0 | ||
Non-U.S. Plans | Derivatives | Level 2 | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Fair value of plan assets at the end of the year | 0 | ||
Non-U.S. Plans | Derivatives | Level 3 | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Fair value of plan assets at the end of the year | 0 | ||
Non-U.S. Plans | Derivatives | Investments measured at Net Asset Value | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Fair value of plan assets at the end of the year | $ 0 |
Pension and Other Postretire_15
Pension and Other Postretirement Benefit Plans - Summary of Changes in the Fair Value of Plans' Level 3 Assets (Details) - USD ($) $ in Thousands | 12 Months Ended | |
Oct. 02, 2020 | Sep. 27, 2019 | |
U.S. Plans | ||
Defined Benefit Plan, Change in Fair Value of Plan Assets [Roll Forward] | ||
Fair value of plan assets at the beginning of the year | $ 390,210 | $ 390,829 |
Effect of exchange rate changes | 0 | 2,271 |
Fair value of plan assets at the end of the year | 382,250 | 390,210 |
U.S. Plans | Level 3 | ||
Defined Benefit Plan, Change in Fair Value of Plan Assets [Roll Forward] | ||
Fair value of plan assets at the beginning of the year | 0 | |
Fair value of plan assets at the end of the year | 0 | 0 |
Non-U.S. Plans | ||
Defined Benefit Plan, Change in Fair Value of Plan Assets [Roll Forward] | ||
Fair value of plan assets at the beginning of the year | 1,916,637 | 1,867,481 |
Effect of exchange rate changes | (101,316) | 109,681 |
Fair value of plan assets at the end of the year | 2,043,356 | 1,916,637 |
Non-U.S. Plans | Level 3 | ||
Defined Benefit Plan, Change in Fair Value of Plan Assets [Roll Forward] | ||
Fair value of plan assets at the beginning of the year | 300,527 | |
Fair value of plan assets at the end of the year | 344,861 | 300,527 |
Non-U.S. Plans | Real estate investments | ||
Defined Benefit Plan, Change in Fair Value of Plan Assets [Roll Forward] | ||
Fair value of plan assets at the beginning of the year | 137,472 | |
Fair value of plan assets at the end of the year | 115,805 | 137,472 |
Non-U.S. Plans | Real estate investments | Level 3 | ||
Defined Benefit Plan, Change in Fair Value of Plan Assets [Roll Forward] | ||
Fair value of plan assets at the beginning of the year | 97,539 | 99,587 |
Purchases, sales, and settlements | (475) | (17,902) |
Realized and unrealized gains (losses) | 3,337 | 21,838 |
Disposition of ECR Assets | 0 | |
Effect of exchange rate changes | 5,021 | (5,984) |
Fair value of plan assets at the end of the year | 105,422 | 97,539 |
Non-U.S. Plans | Insurance contracts | ||
Defined Benefit Plan, Change in Fair Value of Plan Assets [Roll Forward] | ||
Fair value of plan assets at the beginning of the year | 77,266 | |
Fair value of plan assets at the end of the year | 90,020 | 77,266 |
Non-U.S. Plans | Insurance contracts | Level 3 | ||
Defined Benefit Plan, Change in Fair Value of Plan Assets [Roll Forward] | ||
Fair value of plan assets at the beginning of the year | 72,788 | 95,782 |
Purchases, sales, and settlements | (7,375) | (5,126) |
Realized and unrealized gains (losses) | (1,399) | 9,134 |
Disposition of ECR Assets | (22,885) | |
Effect of exchange rate changes | 3,695 | (4,117) |
Fair value of plan assets at the end of the year | 67,709 | 72,788 |
Non-U.S. Plans | Hedge funds | ||
Defined Benefit Plan, Change in Fair Value of Plan Assets [Roll Forward] | ||
Fair value of plan assets at the beginning of the year | 137,356 | |
Fair value of plan assets at the end of the year | 178,883 | 137,356 |
Non-U.S. Plans | Hedge funds | Level 3 | ||
Defined Benefit Plan, Change in Fair Value of Plan Assets [Roll Forward] | ||
Fair value of plan assets at the beginning of the year | 130,200 | 135,786 |
Purchases, sales, and settlements | 29,999 | (26,591) |
Realized and unrealized gains (losses) | 5,435 | 29,161 |
Disposition of ECR Assets | 0 | |
Effect of exchange rate changes | 6,096 | (8,156) |
Fair value of plan assets at the end of the year | $ 171,730 | $ 130,200 |
Pension and Other Postretire_16
Pension and Other Postretirement Benefit Plans - Anticipated Cash Contributions (Details) $ in Thousands | 12 Months Ended |
Oct. 02, 2020USD ($) | |
U.S. Plans | |
Defined Benefit Plan Disclosure [Line Items] | |
Anticipated cash contributions | $ 0 |
Non-U.S. Plans | |
Defined Benefit Plan Disclosure [Line Items] | |
Anticipated cash contributions | $ 31,258 |
Pension and Other Postretire_17
Pension and Other Postretirement Benefit Plans - Schedule of Expected Payments to Participants in Pension Plan (Details) $ in Thousands | Oct. 02, 2020USD ($) |
U.S. Plans | |
Defined Benefit Plan Disclosure [Line Items] | |
2021 | $ 34,757 |
2022 | 32,690 |
2023 | 32,022 |
2024 | 30,710 |
2025 | 29,312 |
For the periods 2026 through 2030 | 129,516 |
Non-U.S. Plans | |
Defined Benefit Plan Disclosure [Line Items] | |
2021 | 70,264 |
2022 | 69,594 |
2023 | 71,386 |
2024 | 72,131 |
2025 | 73,217 |
For the periods 2026 through 2030 | $ 406,156 |
Pension and Other Postretire_18
Pension and Other Postretirement Benefit Plans - Schedule of Components of Net Periodic Pension Cost (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Oct. 02, 2020 | Sep. 27, 2019 | Sep. 28, 2018 | |
Non-U.S. Plans | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Service cost | $ 5,710 | $ 7,171 | $ 8,269 |
Interest cost | 39,469 | 52,627 | 49,324 |
Expected return on plan assets | (93,407) | (82,274) | (83,328) |
Actuarial loss | 7,578 | 7,854 | 6,655 |
Prior service cost | 1,405 | 1,263 | (257) |
Net pension cost, before special items | (39,245) | (13,359) | (19,337) |
Curtailment expense/Settlement (gain) loss | 1,341 | 1,933 | 1,268 |
Total net periodic pension (income) cost recognized | (37,904) | (11,426) | (18,069) |
Total net periodic pension (income) cost recognized from Discontinued Operations | 0 | 2,282 | 3,606 |
Total net periodic pension (income) cost recognized from Continuing Operations | (37,904) | (13,708) | (21,675) |
U.S. Plans | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Service cost | 409 | 2,784 | 4,765 |
Interest cost | 12,673 | 16,697 | 13,778 |
Expected return on plan assets | (17,670) | (21,508) | (19,663) |
Actuarial loss | 3,518 | 3,026 | 3,845 |
Prior service cost | 323 | 0 | 0 |
Net pension cost, before special items | (747) | 999 | 2,725 |
Curtailment expense/Settlement (gain) loss | 3,436 | (35,020) | 4,146 |
Total net periodic pension (income) cost recognized | $ 2,689 | $ (34,021) | $ 6,871 |
Pension and Other Postretire_19
Pension and Other Postretirement Benefit Plans - Schedule of Contribution to Multiemployer Pension Plans (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Oct. 02, 2020 | Sep. 27, 2019 | Sep. 28, 2018 | |
U.S. Plans | |||
Multiemployer Plans [Line Items] | |||
Contributions to multiemployer pension plans | $ 8,559 | $ 33,187 | $ 56,567 |
Canada | Non-U.S. Plans | |||
Multiemployer Plans [Line Items] | |||
Contributions to multiemployer pension plans | 0 | 16,625 | 36,354 |
Europe | Non-U.S. Plans | |||
Multiemployer Plans [Line Items] | |||
Contributions to multiemployer pension plans | 1,922 | 9,413 | 10,677 |
United States | U.S. Plans | |||
Multiemployer Plans [Line Items] | |||
Contributions to multiemployer pension plans | $ 6,637 | $ 7,149 | $ 9,536 |
Business Combinations - Narrati
Business Combinations - Narrative (Details) - USD ($) shares in Millions | Mar. 06, 2020 | Jun. 12, 2019 | Dec. 15, 2017 | Sep. 28, 2018 | Oct. 02, 2020 |
Contracts And Backlog Intangible | |||||
Business Acquisition [Line Items] | |||||
Acquired finite-lived intangible assets, weighted average useful life | 10 years | ||||
Other Intangible Assets | |||||
Business Acquisition [Line Items] | |||||
Acquired finite-lived intangible assets, weighted average useful life | 9 years | ||||
Developed Technology | |||||
Business Acquisition [Line Items] | |||||
Acquired finite-lived intangible assets, weighted average useful life | 12 years | ||||
KeyW Holding Corporation | |||||
Business Acquisition [Line Items] | |||||
Percentage of outstanding shares of common and preferred stock acquired | 100.00% | ||||
Business combination consideration paid in cash | $ 604,200,000 | ||||
Business combination, cash acquired | 29,100,000 | ||||
Short term debt | 298,400,000 | ||||
Goodwill recognized expected to be deductible for tax purposes | 136,300,000 | ||||
Consideration transferred | 902,600,000 | ||||
Short term debt | $ 298,400,000 | ||||
CH2M HILL Companies, Ltd. | |||||
Business Acquisition [Line Items] | |||||
Percentage of outstanding shares of common and preferred stock acquired | 100.00% | ||||
Business combination consideration paid in cash | $ 1,800,000,000 | ||||
Business combination, cash acquired | 315,200,000 | ||||
Business combination consideration equity issued | $ 1,400,000,000 | ||||
Business combination consideration equity issued, shares | 20.7 | ||||
Business combination assumed revolving credit facility and second lien notes | $ 706,000,000 | ||||
Goodwill recognized expected to be deductible for tax purposes | 0 | ||||
Adjustments to accrued liabilities and other deferred liabilities | 404,700,000 | ||||
Revenue contributed by acquiree from acquisition date | $ 3,800,000,000 | ||||
Net earnings contributed by acquiree from acquisition date | 185,900,000 | ||||
Pre-tax restructuring and transaction costs | $ 99,300,000 | ||||
CH2M HILL Companies, Ltd. | Customer relationships, contracts and backlog | |||||
Business Acquisition [Line Items] | |||||
Acquired finite-lived intangible assets, weighted average useful life | 10 years | ||||
CH2M HILL Companies, Ltd. | Customer relationships, contracts and backlog | Minimum | |||||
Business Acquisition [Line Items] | |||||
Finite-lived intangible asset, useful life | 9 years | ||||
CH2M HILL Companies, Ltd. | Customer relationships, contracts and backlog | Maximum | |||||
Business Acquisition [Line Items] | |||||
Finite-lived intangible asset, useful life | 11 years | ||||
CH2M HILL Companies, Ltd. | Other Intangible Assets and Liabilities | |||||
Business Acquisition [Line Items] | |||||
Acquired finite-lived intangible assets, weighted average useful life | 10 years | ||||
CH2M HILL Companies, Ltd. | Revolving Credit Facility and Second Lien Notes | |||||
Business Acquisition [Line Items] | |||||
Short term debt | 20,000,000 | ||||
Business combination assumed revolving credit facility and second lien notes | $ 700,000,000 | ||||
John Wood Group | |||||
Business Acquisition [Line Items] | |||||
Business combination, enterprise value | $ 246,000,000 | ||||
Business combinations, less cash | 317,900,000 | ||||
Business combination, cash acquired | 24,300,000 | ||||
Business combination assumed revolving credit facility and second lien notes | $ 29,200,000 | ||||
John Wood Group | Contracts And Backlog Intangible | |||||
Business Acquisition [Line Items] | |||||
Acquired finite-lived intangible assets, weighted average useful life | 12 years | ||||
John Wood Group | Developed Technology | |||||
Business Acquisition [Line Items] | |||||
Acquired finite-lived intangible assets, weighted average useful life | 15 years |
Business Combinations - Summary
Business Combinations - Summary of Estimated Fair Values of Assets Acquired and Liabilities Assumed (Details) - USD ($) $ in Thousands | Oct. 02, 2020 | Mar. 06, 2020 | Sep. 27, 2019 | Jun. 12, 2019 | Dec. 15, 2017 |
Assets | |||||
Goodwill | $ 5,639,091 | $ 5,432,544 | |||
CH2M HILL Companies, Ltd. | |||||
Assets | |||||
Cash and cash equivalents | $ 315,200 | ||||
Receivables | 1,120,600 | ||||
Prepaid expenses and other | 72,700 | ||||
Property, equipment and improvements, net | 175,100 | ||||
Goodwill | 3,165,500 | ||||
Identifiable intangible assets | 416,700 | ||||
Miscellaneous | 530,800 | ||||
Total Assets | 5,796,600 | ||||
Liabilities | |||||
Notes payable | 2,200 | ||||
Accounts payable | 309,600 | ||||
Accrued liabilities | 787,400 | ||||
Contract liabilities | 260,800 | ||||
Lease intangible liabilities | 9,600 | ||||
Long-term debt | 706,000 | ||||
Other deferred liabilities | 659,000 | ||||
Total Liabilities | 2,734,600 | ||||
Noncontrolling interests | (37,300) | ||||
Net assets acquired | 3,024,700 | ||||
CH2M HILL Companies, Ltd. | Customer relationships, contracts and backlog | |||||
Assets | |||||
Identifiable intangible assets | 412,300 | ||||
CH2M HILL Companies, Ltd. | Lease intangible assets | |||||
Assets | |||||
Identifiable intangible assets | $ 4,400 | ||||
KeyW Holding Corporation | |||||
Assets | |||||
Cash and cash equivalents | $ 29,100 | ||||
Receivables | 79,100 | ||||
Inventories, net | 19,300 | ||||
Prepaid expenses and other | 2,400 | ||||
Property, equipment and improvements, net | 24,500 | ||||
Deferred tax asset and other | 37,800 | ||||
Goodwill | 615,600 | ||||
Identifiable intangible assets | 179,000 | ||||
Total Assets | 986,800 | ||||
Liabilities | |||||
Accounts payable | 8,300 | ||||
Accrued liabilities | 69,100 | ||||
Short term debt | 298,400 | ||||
Other current liabilities | 3,900 | ||||
Other deferred liabilities | 2,900 | ||||
Total Liabilities | 382,600 | ||||
Net assets acquired | $ 604,200 | ||||
John Wood Group | |||||
Assets | |||||
Cash and cash equivalents | $ 24,300 | ||||
Receivables | 75,900 | ||||
Other current assets | 5,200 | ||||
Property, equipment and improvements, net | 8,300 | ||||
Goodwill | 205,800 | ||||
Identifiable intangible assets | 80,000 | ||||
Miscellaneous | 19,400 | ||||
Total Assets | 418,900 | ||||
Liabilities | |||||
Accounts payable | 71,800 | ||||
Long-term debt | 29,200 | ||||
Total Liabilities | 101,000 | ||||
Net assets acquired | $ 317,900 |
Business Combinations - Schedul
Business Combinations - Schedule of Transaction Costs Associated with Acquisition (Details) - CH2M HILL Companies, Ltd. $ in Millions | 12 Months Ended |
Sep. 28, 2018USD ($) | |
Business Acquisition [Line Items] | |
Personnel costs | $ 50.2 |
Professional services and other expenses | 27.5 |
Total | $ 77.7 |
Business Combinations - Summa_2
Business Combinations - Summary of Unaudited Proforma Operating Results (Details) - USD ($) $ / shares in Units, $ in Millions | 12 Months Ended | |
Sep. 27, 2019 | Sep. 28, 2018 | |
KeyW Holding Corporation | ||
Business Acquisition [Line Items] | ||
Revenues | $ 13,068.7 | |
Net earnings | 326 | |
Net earnings (loss) attributable to Jacobs | $ 303 | |
Net earnings (loss) attributable to Jacobs per share: | ||
Basic earnings (loss) per share (in dollars per share) | $ 2.19 | |
Diluted earnings (loss) per share (in dollars per share) | $ 2.17 | |
Business acquisitions pro forma income tax expense (benefit) | $ 41.3 | |
CH2M HILL Companies, Ltd. | ||
Business Acquisition [Line Items] | ||
Revenues | $ 16,012.4 | |
Net earnings | 196.3 | |
Net earnings (loss) attributable to Jacobs | $ 184.5 | |
Net earnings (loss) attributable to Jacobs per share: | ||
Basic earnings (loss) per share (in dollars per share) | $ 1.28 | |
Diluted earnings (loss) per share (in dollars per share) | $ 1.27 | |
Business acquisitions pro forma income tax expense (benefit) | $ 409.7 |
Sale of Energy, Chemicals and_3
Sale of Energy, Chemicals and Resources ("ECR") Business (Details) - USD ($) $ in Thousands | Apr. 26, 2019 | Sep. 27, 2019 | Oct. 02, 2020 | Sep. 27, 2019 | Sep. 28, 2018 |
Disposal Group, Including Discontinued Operation, Income Statement Disclosures [Abstract] | |||||
Other expense | $ (14,800) | $ (25,600) | |||
Net Earnings of the Group from Discontinued Operations | $ 137,984 | 559,214 | 167,793 | ||
Disposal Group, Including Discontinued Operation, Liabilities, Current [Abstract] | |||||
Current liabilities held for sale | $ 2,573 | 0 | 2,573 | ||
Depreciation and amortization: | |||||
Intangibles amortization | 90,600 | 79,100 | 68,100 | ||
Intangible assets | 90,563 | ||||
Stock based compensation | 48,150 | 69,137 | 79,242 | ||
ECR Business | Discontinued Operations | |||||
Disposal Group, Including Discontinued Operation, Income Statement Disclosures [Abstract] | |||||
Revenues | $ 95,300 | 11,235 | 2,725,699 | 4,404,873 | |
Direct cost of contracts | (6,152) | (2,338,113) | (3,756,263) | ||
Gross profit | 5,083 | 387,586 | 648,610 | ||
Selling, general and administrative expenses | 32,668 | (320,264) | (412,282) | ||
Operating Profit (Loss) | 37,751 | 67,322 | 236,328 | ||
Gain on sale of businesses | $ (1,000,000) | (17,400) | (110,236) | (935,110) | 0 |
Other expense | (47,390) | (12,604) | |||
Other income | 515 | ||||
Earnings Before Taxes from Discontinued Operations | 148,502 | 955,042 | 223,724 | ||
Income Tax Expense | (10,518) | (395,828) | (55,931) | ||
Net Earnings of the Group from Discontinued Operations | $ 137,984 | 559,214 | $ 167,793 | ||
Disposal Group, Including Discontinued Operation, Assets, Current [Abstract] | |||||
Cash and cash equivalents | 0 | 0 | |||
Receivables and contract assets | 871 | 871 | |||
Prepaid expenses and other | 81 | 81 | |||
Current assets held for sale | 952 | 952 | |||
Disposal Group, Including Discontinued Operation, Assets, Noncurrent [Abstract] | |||||
Property, Equipment and Improvements, net | 1,643 | 1,643 | |||
Goodwill | 24,896 | 24,896 | |||
Intangibles, net | 0 | 0 | |||
Miscellaneous | 439 | 439 | |||
Noncurrent assets held for sale | 26,978 | 26,978 | |||
Disposal Group, Including Discontinued Operation, Liabilities, Current [Abstract] | |||||
Notes payable | 0 | 0 | |||
Accounts payable | 0 | 0 | |||
Accrued liabilities | 2,495 | 2,495 | |||
Contract liabilities | 78 | 78 | |||
Current liabilities held for sale | $ 2,573 | 2,573 | |||
Depreciation and amortization: | |||||
Intangibles amortization | 2,110 | ||||
Intangible assets | 614 | ||||
Additions to property and equipment | 9,204 | ||||
Stock based compensation | $ 10,852 |
Sale of Energy, Chemicals and_4
Sale of Energy, Chemicals and Resources ("ECR") Business (Narrative) (Details) - USD ($) $ in Thousands, shares in Millions | Dec. 27, 2019 | Apr. 26, 2019 | Sep. 27, 2019 | Oct. 02, 2020 | Sep. 27, 2019 | Sep. 28, 2018 |
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items] | ||||||
Selling, general and administrative expenses | $ 2,050,695 | $ 2,072,177 | $ 1,771,107 | |||
Interest expense | 62,206 | 83,847 | 76,760 | |||
Loss on investment in equity securities | 103,623 | 78,108 | 0 | |||
Nui Phao Mining Company | ||||||
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items] | ||||||
Selling, general and administrative expenses | $ 40,000 | $ 40,000 | ||||
Worley Stock | ||||||
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items] | ||||||
Equity instrument consideration, shares | 58.2 | |||||
Number of shares issued in transaction | 6.8 | |||||
Loss on sale of investments | $ 4,900 | |||||
Worley Stock | Level 1 | ||||||
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items] | ||||||
Prepaid expense and other assets estimated fair value | $ 451,100 | 347,500 | 451,100 | |||
Worley Stock | Restricted Stock | ||||||
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items] | ||||||
Equity instrument consideration, shares | 51.4 | |||||
Dividend income | 16,900 | 5,200 | ||||
Loss on investment in equity securities | 103,600 | 78,100 | ||||
Other (Expense) Income, Net | ||||||
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items] | ||||||
Other operating expense | $ (35,400) | |||||
SG&A Expense | ||||||
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items] | ||||||
Transaction costs | 15,800 | |||||
Discontinued Operations | Nui Phao Mining Company | ||||||
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items] | ||||||
Interest expense | 35,000 | |||||
Foreign currency revaluations | 6,000 | |||||
Miscellaneous Income | 4,400 | |||||
Other operating expense | 9,600 | |||||
ECR Business | ||||||
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items] | ||||||
Consideration transferred | 3,400,000 | |||||
Business combination consideration paid in cash | 2,800,000 | |||||
ECR Business | Other (Expense) Income, Net | ||||||
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items] | ||||||
Miscellaneous Income | 8,400 | |||||
ECR Business | Other (Expense) Income, Net | Guimar Joint Venture | ||||||
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items] | ||||||
Gain on sale of businesses | 21,000 | |||||
ECR Business | Discontinued Operations | ||||||
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items] | ||||||
Gain on sale of businesses | 1,000,000 | $ 17,400 | 110,236 | 935,110 | 0 | |
Equity method investment retained after disposal | 33,000 | |||||
Deferred gain on disposal | 34,400 | |||||
Revenues | $ 95,300 | $ 11,235 | $ 2,725,699 | $ 4,404,873 |
Restructuring and Other Charg_3
Restructuring and Other Charges - Narrative (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Oct. 02, 2020 | Sep. 27, 2019 | Sep. 28, 2018 | |
Restructuring Cost and Reserve [Line Items] | |||
Gain (loss) on sale of business and investments | $ 110,236 | $ 935,110 | $ 0 |
Restructuring charges | 324,183 | ||
CH2M HILL Companies, Ltd. | |||
Restructuring Cost and Reserve [Line Items] | |||
Restructuring charges | 324,183 | $ 311,332 | $ 190,806 |
Other | Other Expense | CH2M HILL Companies, Ltd. | |||
Restructuring Cost and Reserve [Line Items] | |||
Gain (loss) related to settlement | 2,100 | ||
Write off of Deferred Tax Asset | CH2M HILL Companies, Ltd. | |||
Restructuring Cost and Reserve [Line Items] | |||
Restructuring charges | $ 10,000 |
Restructuring and Other Charg_4
Restructuring and Other Charges - Summary of Restructuring and Other Charges Impacts on Reportable Segment Income by Line of Business (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Oct. 02, 2020 | Sep. 27, 2019 | Sep. 28, 2018 | |
Restructuring Cost and Reserve [Line Items] | |||
Restructuring charges | $ 324,183 | ||
CH2M HILL Companies, Ltd. | |||
Restructuring Cost and Reserve [Line Items] | |||
Restructuring charges | 324,183 | $ 311,332 | $ 190,806 |
CH2M HILL Companies, Ltd. | Continuing Operations | |||
Restructuring Cost and Reserve [Line Items] | |||
Restructuring charges | 324,183 | 311,470 | 153,640 |
CH2M HILL Companies, Ltd. | Other Expense | Continuing Operations | |||
Restructuring Cost and Reserve [Line Items] | |||
Restructuring charges | 321,600 | 337,000 | 154,000 |
Other miscellaneous adjustments | (500) | 500 | 300 |
CH2M HILL Companies, Ltd. | Operating Segments | Critical Mission Solutions | |||
Restructuring Cost and Reserve [Line Items] | |||
Restructuring charges | 24,083 | 17,989 | 20,254 |
CH2M HILL Companies, Ltd. | Operating Segments | People & Places Solutions | |||
Restructuring Cost and Reserve [Line Items] | |||
Restructuring charges | 170,631 | 108,835 | 56,238 |
CH2M HILL Companies, Ltd. | Operating Segments | Energy, Chemicals and Resources (included in Discontinued Operations) | |||
Restructuring Cost and Reserve [Line Items] | |||
Restructuring charges | 0 | (138) | 37,166 |
CH2M HILL Companies, Ltd. | Corporate | |||
Restructuring Cost and Reserve [Line Items] | |||
Restructuring charges | $ 129,469 | $ 184,646 | $ 77,148 |
Restructuring and Other Charg_5
Restructuring and Other Charges - Schedule of Restructuring and Other Activities (Details) - USD ($) $ in Thousands | 12 Months Ended | |
Oct. 02, 2020 | Sep. 28, 2019 | |
Restructuring Reserve [Roll Forward] | ||
Balance at September 28, 2018 | $ 162,702 | |
Transfer to lease right-of-use asset as a result of adoption of ASC 842 (1) | (116,797) | |
Restructuring charges | 324,183 | |
Payments & Usage | (317,234) | |
Balance at September 27, 2019 | 52,854 | |
Restructuring Cost and Reserve [Line Items] | ||
Restructured lease cease-use liabilities | $ 141,400 | |
2015 Restructuring Plan | ||
Restructuring Cost and Reserve [Line Items] | ||
Restructured lease cease-use liabilities | $ 24,600 |
Restructuring and Other Charg_6
Restructuring and Other Charges - Summary of Restructuring and Other Activities by Major Type of Costs (Details) - CH2M HILL Companies, Ltd. - USD ($) $ in Thousands | 12 Months Ended | ||
Oct. 02, 2020 | Sep. 27, 2019 | Sep. 28, 2018 | |
Restructuring Cost and Reserve [Line Items] | |||
Restructuring costs | $ 324,183 | $ 311,470 | $ 153,640 |
Lease Abandonments and Impairments | |||
Restructuring Cost and Reserve [Line Items] | |||
Restructuring costs | 151,150 | 99,976 | 61,526 |
Voluntary and Involuntary Terminations | |||
Restructuring Cost and Reserve [Line Items] | |||
Restructuring costs | 53,484 | 33,742 | 29,056 |
Outside Services | |||
Restructuring Cost and Reserve [Line Items] | |||
Restructuring costs | 88,476 | 133,148 | 35,987 |
Other | |||
Restructuring Cost and Reserve [Line Items] | |||
Restructuring costs | $ 31,073 | $ 44,604 | $ 27,071 |
Restructuring and Other Charg_7
Restructuring and Other Charges - Summary of Cumulative Amounts Incurred for Restructuring and Other Activities Costs (Details) $ in Thousands | Oct. 02, 2020USD ($) |
Restructuring Cost and Reserve [Line Items] | |
Cumulative amounts incurred to date | $ 801,924 |
Lease Abandonments and Impairments | |
Restructuring Cost and Reserve [Line Items] | |
Cumulative amounts incurred to date | 313,517 |
Voluntary and Involuntary Terminations | |
Restructuring Cost and Reserve [Line Items] | |
Cumulative amounts incurred to date | 128,969 |
Outside Services | |
Restructuring Cost and Reserve [Line Items] | |
Cumulative amounts incurred to date | 259,124 |
Other | |
Restructuring Cost and Reserve [Line Items] | |
Cumulative amounts incurred to date | $ 100,314 |
Commitments and Contingencies_2
Commitments and Contingencies and Derivative Financial Instruments (Narrative) (Details) $ in Millions | 12 Months Ended |
Oct. 02, 2020USD ($) | |
Letter of Credit | $1.6 Billion Revolving Credit Facility | |
Loss Contingencies [Line Items] | |
Line of credit facility, amount outstanding | $ 2.3 |
Letter of Credit | Committed And Uncommitted Letter Of Credit Facility | |
Loss Contingencies [Line Items] | |
Line of credit facility, amount outstanding | 260.7 |
Line of Credit | |
Loss Contingencies [Line Items] | |
Letters of credit outstanding | 263 |
Surety Bond | |
Loss Contingencies [Line Items] | |
Letters of credit outstanding | 2,300 |
Interest Rate Swap | |
Loss Contingencies [Line Items] | |
Derivative, notional amount | $ 783.7 |
Interest Rate Swap | Minimum | |
Loss Contingencies [Line Items] | |
Derivative, fixed interest rate | 0.704% |
Interest Rate Swap | Maximum | |
Loss Contingencies [Line Items] | |
Derivative, fixed interest rate | 1.116% |
Cross Currency Interest Rate Contract | |
Loss Contingencies [Line Items] | |
Derivative, notional amount | $ 127.8 |
Cross Currency Interest Rate Contract | LIBOR | |
Loss Contingencies [Line Items] | |
Derivative, basis spread on variable rate | 87.50% |
Cross Currency Interest Rate Contract | Minimum | |
Loss Contingencies [Line Items] | |
Term of contract | 3 years 6 months |
Derivative, fixed interest rate | 0.726% |
Cross Currency Interest Rate Contract | Maximum | |
Loss Contingencies [Line Items] | |
Term of contract | 10 years |
Derivative, fixed interest rate | 0.746% |
Cross Currency Interest Rate Contract and Interest Rate Swamp | |
Loss Contingencies [Line Items] | |
Derivative asset | $ (31.5) |
Derivative liability | 14.6 |
Foreign Exchange Forward | |
Loss Contingencies [Line Items] | |
Derivative, notional amount | 393.7 |
Derivative asset | $ 53.5 |
Foreign Exchange Forward | Minimum | |
Loss Contingencies [Line Items] | |
Term of contract | 1 month |
Foreign Exchange Forward | Maximum | |
Loss Contingencies [Line Items] | |
Term of contract | 12 months |
Contractual Guarantees, Litig_2
Contractual Guarantees, Litigation, Investigations, and Insurance (Details) | Dec. 27, 2019USD ($) | Aug. 30, 2019USD ($) | Aug. 31, 2017USD ($) | Oct. 02, 2020USD ($)case | Sep. 27, 2019USD ($) | Sep. 28, 2018USD ($) | Sep. 28, 2012MW |
Loss Contingencies [Line Items] | |||||||
Selling, general and administrative expenses | $ 2,050,695,000 | $ 2,072,177,000 | $ 1,771,107,000 | ||||
Nui Phao Mining Company | |||||||
Loss Contingencies [Line Items] | |||||||
Litigation settlement amount awarded to other party | $ 130,000,000 | ||||||
Selling, general and administrative expenses | $ 40,000,000 | $ 40,000,000 | |||||
JKC Australia L N G Pty Limited | Pending Litigation | |||||||
Loss Contingencies [Line Items] | |||||||
Damages sought | $ 1,700,000,000 | ||||||
General Electric And G E Electrical International Incorporation | Pending Litigation | |||||||
Loss Contingencies [Line Items] | |||||||
Plant capacity (in MW) | MW | 360 | ||||||
General Electric And G E Electrical International Incorporation | Pending Litigation | Minimum | |||||||
Loss Contingencies [Line Items] | |||||||
Damages sought | $ 530,000,000 | ||||||
Kingston Power Plant of the TVA, Primary Case Greg Adkisson, ET AL v. Jacobs Engineering Group Inc. | |||||||
Loss Contingencies [Line Items] | |||||||
Number of cases | case | 6 | ||||||
Kingston Power Plant of the TVA, Secondary Case No. 3:13CV-505-TAV-HBG | |||||||
Loss Contingencies [Line Items] | |||||||
Number of cases | case | 10 |
Segment Information - Narrative
Segment Information - Narrative (Details) | 12 Months Ended |
Oct. 02, 2020segment | |
Segment Reporting [Abstract] | |
Number of operating and reporting segments | 2 |
Segment Information - Schedule
Segment Information - Schedule of Total Services Revenues for Reportable Segment (Details) - USD ($) $ in Thousands | 3 Months Ended | 12 Months Ended | |||||||||
Oct. 02, 2020 | Jun. 26, 2020 | Mar. 27, 2020 | Dec. 27, 2019 | Sep. 27, 2019 | Jun. 28, 2019 | Mar. 29, 2019 | Dec. 28, 2018 | Oct. 02, 2020 | Sep. 27, 2019 | Sep. 28, 2018 | |
Segment Reporting Information [Line Items] | |||||||||||
Revenues | $ 3,519,689 | $ 3,260,057 | $ 3,427,180 | $ 3,360,049 | $ 3,392,862 | $ 3,169,622 | $ 3,091,596 | $ 3,083,788 | $ 13,566,975 | $ 12,737,868 | $ 10,579,773 |
Operating Segments | Critical Mission Solutions | |||||||||||
Segment Reporting Information [Line Items] | |||||||||||
Revenues | 4,965,952 | 4,551,162 | 3,725,365 | ||||||||
Operating Segments | People & Places Solutions | |||||||||||
Segment Reporting Information [Line Items] | |||||||||||
Revenues | $ 8,601,023 | $ 8,186,706 | $ 6,854,408 |
Segment Information - Schedul_2
Segment Information - Schedule of Total Revenues, Segment Operating Profit and Total Asset for Reporting Segment (Details) - USD ($) $ in Thousands | 3 Months Ended | 12 Months Ended | |||||||||
Oct. 02, 2020 | Jun. 26, 2020 | Mar. 27, 2020 | Dec. 27, 2019 | Sep. 27, 2019 | Jun. 28, 2019 | Mar. 29, 2019 | Dec. 28, 2018 | Oct. 02, 2020 | Sep. 27, 2019 | Sep. 28, 2018 | |
Segment Reporting Information [Line Items] | |||||||||||
Total Segment Operating Profit | $ 22,474 | $ 194,376 | $ 167,778 | $ 151,345 | $ 99,086 | $ 89,954 | $ 102,681 | $ 113,130 | $ 535,973 | $ 404,851 | $ 387,443 |
Restructuring, Transaction and Other Charges | (327,413) | (355,235) | (234,387) | ||||||||
Total Other (Expense) Income, net | (94,770) | (53,892) | (56,462) | ||||||||
Earnings from Continuing Operations Before Taxes | $ 60,158 | $ 303,681 | $ (176,805) | $ 254,169 | $ 53,537 | $ 93,399 | $ 111,832 | $ 92,191 | 441,203 | 350,959 | 330,981 |
Restructuring charges excluded segment profit | 324,183 | ||||||||||
Other expense income | 14,800 | 25,600 | |||||||||
Intangibles amortization | 90,600 | 79,100 | 68,100 | ||||||||
U.S. Plans | |||||||||||
Segment Reporting Information [Line Items] | |||||||||||
Gain (loss) on litigation settlement | (2,700) | ||||||||||
ECR Business | |||||||||||
Segment Reporting Information [Line Items] | |||||||||||
Amortization of deferred financing fees | 74,300 | 64,800 | |||||||||
CH2M HILL Companies, Ltd. | |||||||||||
Segment Reporting Information [Line Items] | |||||||||||
Restructuring charges excluded segment profit | 324,183 | 311,332 | 190,806 | ||||||||
Amortization of deferred financing fees | 700 | 3,200 | 1,800 | ||||||||
Operating Segments | |||||||||||
Segment Reporting Information [Line Items] | |||||||||||
Total Segment Operating Profit | 1,112,777 | 1,024,437 | 783,618 | ||||||||
Corporate Non Segment | |||||||||||
Segment Reporting Information [Line Items] | |||||||||||
Other Corporate Expenses | (249,391) | (264,351) | (161,788) | ||||||||
Corporate Non Segment | CH2M HILL Companies, Ltd. | |||||||||||
Segment Reporting Information [Line Items] | |||||||||||
Restructuring charges excluded segment profit | 129,469 | 184,646 | 77,148 | ||||||||
Critical Mission Solutions | Operating Segments | |||||||||||
Segment Reporting Information [Line Items] | |||||||||||
Total Segment Operating Profit | 372,070 | 310,043 | 255,718 | ||||||||
Litigation expenses included in segment profit | 15,000 | ||||||||||
People & Places Solutions | Operating Segments | |||||||||||
Segment Reporting Information [Line Items] | |||||||||||
Total Segment Operating Profit | 740,707 | 714,394 | $ 527,900 | ||||||||
Restructuring charges excluded segment profit | 25,000 | ||||||||||
Other Expense | ECR Business | |||||||||||
Segment Reporting Information [Line Items] | |||||||||||
TSA related income | $ 15,800 | $ 35,400 |
Selected Quarterly Informatio_3
Selected Quarterly Information - Unaudited - Schedule of Quarterly Infomration (Details) - USD ($) $ / shares in Units, $ in Thousands | Apr. 26, 2019 | Dec. 22, 2018 | Oct. 02, 2020 | Jun. 26, 2020 | Mar. 27, 2020 | Dec. 27, 2019 | Sep. 27, 2019 | Jun. 28, 2019 | Mar. 29, 2019 | Dec. 28, 2018 | Oct. 02, 2020 | Sep. 27, 2019 | Sep. 28, 2018 |
Selected Quarterly Financial Information [Line Items] | |||||||||||||
Revenues | $ 3,519,689 | $ 3,260,057 | $ 3,427,180 | $ 3,360,049 | $ 3,392,862 | $ 3,169,622 | $ 3,091,596 | $ 3,083,788 | $ 13,566,975 | $ 12,737,868 | $ 10,579,773 | ||
Operating profit | 22,474 | 194,376 | 167,778 | 151,345 | 99,086 | 89,954 | 102,681 | 113,130 | 535,973 | 404,851 | 387,443 | ||
Earnings from Continuing Operations Before Taxes | 60,158 | 303,681 | (176,805) | 254,169 | 53,537 | 93,399 | 111,832 | 92,191 | 441,203 | 350,959 | 330,981 | ||
Net Earnings of the Group from Continuing Operations | 79,879 | 236,007 | (115,683) | 185,680 | 29,413 | 95,380 | 119,779 | 69,433 | 385,883 | 314,005 | 5,349 | ||
Net earnings (loss) attributable to Jacobs from continuing operations | 69,519 | 226,886 | (121,967) | 179,423 | 21,946 | 89,365 | 114,755 | 64,894 | 353,861 | 290,960 | (4,185) | ||
Net Earnings Attributable to Jacobs | $ 81,993 | $ 244,929 | $ (92,087) | $ 257,010 | $ 142,324 | $ 524,442 | $ 56,917 | $ 124,296 | $ 491,845 | $ 847,979 | $ 163,431 | ||
Earnings per share: | |||||||||||||
Basic Net Earnings (Loss) from Continuing Operations Per Share (in dollars per share) | $ 0.53 | $ 1.74 | $ (0.92) | $ 1.35 | $ 0.16 | $ 0.65 | $ 0.83 | $ 0.45 | $ 2.69 | $ 2.11 | $ (0.03) | ||
Basic Net Earnings from Discontinued Operations Per Share (in dollars per share) | 0.10 | 0.14 | 0.23 | 0.58 | 0.89 | 3.18 | (0.42) | 0.42 | 1.05 | 4.03 | 1.21 | ||
Basic Earnings Per Share (in dollars per share) | 0.63 | 1.88 | (0.69) | 1.93 | 1.06 | 3.83 | 0.41 | 0.87 | 3.74 | 6.14 | 1.18 | ||
Diluted Net Earnings (Loss) from Continuing Operations Per Share (in dollars per share) | 0.53 | 1.73 | (0.92) | 1.33 | 0.16 | 0.65 | 0.82 | 0.45 | 2.67 | 2.09 | (0.03) | ||
Diluted Net Earnings from Discontinued Operations Per Share (in dollars per share) | 0.09 | 0.14 | 0.23 | 0.58 | 0.88 | 3.15 | (0.41) | 0.41 | 1.04 | 4 | 1.21 | ||
Diluted Earnings Per Share (in dollars per share) | 0.62 | 1.87 | (0.69) | 1.91 | 1.04 | 3.80 | 0.41 | 0.86 | $ 3.71 | $ 6.08 | $ 1.18 | ||
Restructuring and other charges | $ 327,413 | $ 355,235 | $ 234,387 | ||||||||||
Effect of restructuring and other charges on earnings per diluted share (in dollars per share) | $ 1.10 | $ (0.47) | $ 2.31 | $ (0.13) | $ 1.32 | $ 0.75 | $ 0.36 | $ 0.33 | |||||
Intangible assets | 90,563 | ||||||||||||
Income tax expense (benefit) measurement period adjustment | $ 144,400 | $ 89,700 | |||||||||||
ECR Business | Continuing Operations | |||||||||||||
Earnings per share: | |||||||||||||
Restructuring and other charges | $ 248,200 | 259,800 | |||||||||||
Fair value adjustment of stock and foreign currency reevaluations | 56,900 | 48,600 | |||||||||||
Intangible assets | 68,300 | 59,000 | |||||||||||
Discontinued Operations | ECR Business | |||||||||||||
Earnings per share: | |||||||||||||
Intangible assets | 614 | ||||||||||||
Gain on sale of businesses | $ 1,000,000 | 17,400 | $ 110,236 | 935,110 | $ 0 | ||||||||
2020 Transformation Initiative | Continuing Operations | |||||||||||||
Earnings per share: | |||||||||||||
Restructuring and other charges | $ 146,600 | ||||||||||||
Nui Phao Mining Company | |||||||||||||
Earnings per share: | |||||||||||||
Loss contingency adjustment | 9,800 | ||||||||||||
Operating Profit | |||||||||||||
Earnings per share: | |||||||||||||
Restructuring and other charges | 235,400 | $ 44,600 | $ 68,700 | $ 85,200 | 154,200 | $ 142,800 | $ 119,000 | $ 47,200 | |||||
Net Earnings Attributable to Jacobs | |||||||||||||
Earnings per share: | |||||||||||||
Restructuring and other charges | $ 144,800 | $ (61,600) | $ 308,200 | $ (17,700) | $ 179,300 | $ 103,800 | $ 50,800 | $ 46,800 |
Uncategorized Items - jec-20201
Label | Element | Value |
Cash, Cash Equivalents, Restricted Cash and Restricted Cash Equivalents, Disposal Group, Including Discontinued Operations | us-gaap_CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalentsDisposalGroupIncludingDiscontinuedOperations | $ 158,488,000 |