Document and Entity Information
Document and Entity Information - USD ($) $ in Billions | 12 Months Ended | ||
Sep. 30, 2019 | Nov. 30, 2019 | Mar. 29, 2019 | |
Document and Entity Information | |||
Document Type | 10-K | ||
Document Annual Report | true | ||
Document Period End Date | Sep. 30, 2019 | ||
Document Transition Report | false | ||
Entity File Number | 0-52423 | ||
Entity Registrant Name | AECOM | ||
Entity Incorporation, State or Country Code | DE | ||
Entity Tax Identification Number | 61-1088522 | ||
Entity Address, Address Line One | 1999 Avenue of the Stars, Suite 2600 | ||
Entity Address, City or Town | Los Angeles | ||
Entity Address, State or Province | CA | ||
Entity Address, Postal Zip Code | 90067 | ||
City Area Code | 213 | ||
Local Phone Number | 593-8000 | ||
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 | ||
Entity Shell Company | false | ||
Title of 12(b) Security | Common Stock | ||
Trading Symbol | ACM | ||
Security Exchange Name | NYSE | ||
Entity Common Stock, Shares Outstanding | 157,086,194 | ||
Entity Well-known Seasoned Issuer | Yes | ||
Entity Voluntary Filers | No | ||
Entity Public Float | $ 4.4 | ||
Current Fiscal Year End Date | --09-30 | ||
Document Fiscal Year Focus | 2019 | ||
Document Fiscal Period Focus | FY | ||
Amendment Flag | false | ||
Entity Central Index Key | 0000868857 |
Consolidated Balance Sheets
Consolidated Balance Sheets - USD ($) $ in Thousands | Sep. 30, 2019 | Sep. 30, 2018 |
CURRENT ASSETS: | ||
Cash and cash equivalents | $ 834,835 | $ 642,168 |
Cash in consolidated joint ventures | 245,519 | 244,565 |
Total cash and cash equivalents | 1,080,354 | 886,733 |
Accounts receivable-net | 3,517,072 | 3,307,851 |
Contract assets | 2,260,580 | 2,160,970 |
Prepaid expenses and other current assets | 627,550 | 585,152 |
Current assets held for sale | 59,800 | |
Income taxes receivable | 49,089 | 126,816 |
TOTAL CURRENT ASSETS | 7,534,645 | 7,127,322 |
PROPERTY AND EQUIPMENT-NET | 559,399 | 614,062 |
DEFERRED TAX ASSETS-NET | 245,331 | 159,396 |
INVESTMENTS IN UNCONSOLIDATED JOINT VENTURES | 405,225 | 310,661 |
GOODWILL | 5,275,281 | 5,921,116 |
INTANGIBLE ASSETS-NET | 233,018 | 319,892 |
OTHER NON-CURRENT ASSETS | 208,692 | 228,682 |
TOTAL ASSETS | 14,461,591 | 14,681,131 |
CURRENT LIABILITIES: | ||
Short-term debt | 47,835 | 8,353 |
Accounts payable | 2,954,719 | 2,726,047 |
Accrued expenses and other current liabilities | 2,390,418 | 2,267,046 |
Income taxes payable | 59,541 | 39,802 |
Contract liabilities | 939,891 | 931,431 |
Current liabilities held for sale | 22,300 | |
Current portion of long-term debt | 69,350 | 134,698 |
TOTAL CURRENT LIABILITIES | 6,461,754 | 6,129,677 |
OTHER LONG-TERM LIABILITIES | 304,606 | 329,457 |
DEFERRED TAX LIABILITY-NET | 4,292 | 47,273 |
PENSION BENEFIT OBLIGATIONS | 505,834 | 412,604 |
LONG-TERM DEBT | 3,285,755 | 3,483,746 |
TOTAL LIABILITIES | 10,562,241 | 10,402,757 |
COMMITMENTS AND CONTINGENCIES (Note 18) | ||
AECOM STOCKHOLDERS' EQUITY: | ||
Common stock-authorized, 300,000,000 shares of $0.01 par value as of September 30, 2019 and 2018; issued and outstanding 157,482,983 and 156,983,356 shares as of September 30, 2019 and 2018, respectively | 1,575 | 1,570 |
Additional paid-in capital | 3,953,650 | 3,846,392 |
Accumulated other comprehensive loss | (864,197) | (703,330) |
Retained earnings | 599,548 | 948,148 |
TOTAL AECOM STOCKHOLDERS' EQUITY | 3,690,576 | 4,092,780 |
Noncontrolling interests | 208,774 | 185,594 |
TOTAL STOCKHOLDERS' EQUITY | 3,899,350 | 4,278,374 |
TOTAL LIABILITIES AND STOCKHOLDERS' EQUITY | $ 14,461,591 | $ 14,681,131 |
Consolidated Balance Sheets (Pa
Consolidated Balance Sheets (Parenthetical) - $ / shares | Sep. 30, 2019 | Sep. 30, 2018 |
Consolidated Balance Sheets | ||
Common stock, authorized shares | 300,000,000 | 300,000,000 |
Common stock, par value (in dollars per share) | $ 0.01 | $ 0.01 |
Common stock, issued shares | 157,482,983 | 156,983,356 |
Common stock, outstanding shares | 157,482,983 | 156,983,356 |
Consolidated Statements of Oper
Consolidated Statements of Operations - USD ($) shares in Thousands, $ in Thousands | 3 Months Ended | 12 Months Ended | |||||||||
Sep. 30, 2019 | Jun. 30, 2019 | Mar. 31, 2019 | Dec. 31, 2018 | Sep. 30, 2018 | Jun. 30, 2018 | Mar. 31, 2018 | Dec. 31, 2017 | Sep. 30, 2019 | Sep. 30, 2018 | Sep. 30, 2017 | |
Consolidated Statements of Operations | |||||||||||
Revenue | $ 5,115,600 | $ 4,980,200 | $ 5,040,000 | $ 5,037,500 | $ 5,305,800 | $ 5,148,000 | $ 4,790,900 | $ 4,910,800 | $ 20,173,329 | $ 20,155,512 | $ 18,203,402 |
Cost of revenue | 4,877,400 | 4,771,000 | 4,844,600 | 4,866,900 | 5,117,800 | 4,962,800 | 4,649,700 | 4,774,600 | 19,359,884 | 19,504,863 | 17,519,682 |
Gross profit | 238,200 | 209,200 | 195,400 | 170,600 | 188,000 | 185,200 | 141,200 | 136,200 | 813,445 | 650,649 | 683,720 |
Equity in earnings of joint ventures | 14,000 | 28,600 | 25,900 | 12,500 | 25,500 | 12,800 | 13,100 | 29,700 | 80,990 | 81,133 | 141,582 |
General and administrative expenses | (37,300) | (37,500) | (37,400) | (35,900) | (35,700) | (35,100) | (30,200) | (34,700) | (148,123) | (135,787) | (133,309) |
Restructuring costs | 16,200 | 15,900 | 63,300 | (95,446) | |||||||
(Loss) gain on disposal activities | (3,000) | (7,400) | (800) | (2,100) | (10,381) | (2,949) | 572 | ||||
Impairment of long-lived assets, including goodwill | (615,400) | (168,200) | (168,200) | (615,400) | (168,178) | ||||||
Acquisition and integration expenses | (38,709) | ||||||||||
Income from operations | (419,700) | 192,900 | 168,000 | 83,900 | 177,000 | 160,800 | (44,100) | 131,200 | 25,085 | 424,868 | 653,856 |
Other income | 4,100 | 4,800 | 4,300 | 3,600 | 2,600 | 2,700 | 12,500 | 2,300 | 16,789 | 20,135 | 6,636 |
Interest expense | (56,400) | (55,700) | (57,900) | (56,000) | (55,500) | (55,300) | (100,500) | (56,200) | (225,994) | (267,519) | (231,310) |
(Loss) income before income tax (benefit) expense | (472,000) | 142,000 | 114,400 | 31,500 | 124,100 | 108,200 | (132,100) | 77,300 | (184,120) | 177,484 | 429,182 |
Income tax (benefit) expense | (24,000) | 36,600 | 20,900 | (33,600) | 18,700 | 33,100 | (24,400) | (47,100) | (130) | (19,643) | 7,706 |
Net (loss) income | (448,000) | 105,400 | 93,500 | 65,100 | 105,400 | 75,100 | (107,700) | 124,400 | (183,990) | 197,127 | 421,476 |
Noncontrolling interest in income of consolidated subsidiaries, net of tax | (26,200) | (21,700) | (15,600) | (13,600) | (21,400) | (14,200) | (12,000) | (13,100) | (77,060) | (60,659) | (82,086) |
Net (loss) income attributable to AECOM | $ (474,200) | $ 83,700 | $ 77,900 | $ 51,500 | $ 84,000 | $ 60,900 | $ (119,700) | $ 111,300 | $ (261,050) | $ 136,468 | $ 339,390 |
Net (loss) income attributable to AECOM per share: | |||||||||||
Basic (in dollars per share) | $ (3.01) | $ 0.53 | $ 0.50 | $ 0.33 | $ 0.53 | $ 0.38 | $ (0.75) | $ 0.70 | $ (1.66) | $ 0.86 | $ 2.18 |
Diluted (in dollars per share) | $ (3.01) | $ 0.52 | $ 0.49 | $ 0.32 | $ 0.52 | $ 0.37 | $ (0.75) | $ 0.69 | $ (1.66) | $ 0.84 | $ 2.13 |
Weighted average shares outstanding: | |||||||||||
Basic (in shares) | 157,700 | 157,400 | 156,600 | 156,400 | 158,600 | 160,400 | 159,500 | 157,900 | 157,044 | 159,101 | 155,728 |
Diluted (in shares) | 157,700 | 159,800 | 158,400 | 159,600 | 161,800 | 163,200 | 159,500 | 161,800 | 157,044 | 162,261 | 159,135 |
Consolidated Statements of Comp
Consolidated Statements of Comprehensive (Loss) Income - USD ($) $ in Thousands | 3 Months Ended | 12 Months Ended | |||||||||
Sep. 30, 2019 | Jun. 30, 2019 | Mar. 31, 2019 | Dec. 31, 2018 | Sep. 30, 2018 | Jun. 30, 2018 | Mar. 31, 2018 | Dec. 31, 2017 | Sep. 30, 2019 | Sep. 30, 2018 | Sep. 30, 2017 | |
Consolidated Statements of Comprehensive Income | |||||||||||
Net (loss) income | $ (448,000) | $ 105,400 | $ 93,500 | $ 65,100 | $ 105,400 | $ 75,100 | $ (107,700) | $ 124,400 | $ (183,990) | $ 197,127 | $ 421,476 |
Other comprehensive (loss) income, net of tax: | |||||||||||
Net unrealized (loss) gain on derivatives, net of tax | (13,972) | 1,693 | 4,605 | ||||||||
Foreign currency translation adjustments | (46,628) | (82,717) | 65,389 | ||||||||
Pension adjustments, net of tax | (100,367) | 79,523 | 87,061 | ||||||||
Other comprehensive (loss) income, net of tax | (160,967) | (1,501) | 157,055 | ||||||||
Comprehensive (loss) income, net of tax | (344,957) | 195,626 | 578,531 | ||||||||
Noncontrolling interests in comprehensive income of consolidated subsidiaries, net of tax | (76,960) | (61,827) | (82,220) | ||||||||
Comprehensive (loss) income attributable to AECOM, net of tax | $ (421,917) | $ 133,799 | $ 496,311 |
Consolidated Statements of Stoc
Consolidated Statements of Stockholders' Equity - USD ($) $ in Thousands | Common Stock | Additional Paid-In Capital | Accumulated Other Comprehensive Loss | Retained Earnings | Total AECOM Stockholders' Equity | Non-Controlling Interests | Total |
BALANCE at Sep. 30, 2016 | $ 1,539 | $ 3,604,519 | $ (857,582) | $ 618,445 | $ 3,366,921 | $ 185,568 | $ 3,552,489 |
Increase (Decrease) in Stockholders' Equity | |||||||
Net (loss) income | 339,390 | 339,390 | 82,086 | 421,476 | |||
Other comprehensive income (loss) | 156,921 | 156,921 | 134 | 157,055 | |||
Issuance of stock | 41 | 66,624 | 66,665 | 66,665 | |||
Repurchases of stock | (7) | (25,071) | (25,078) | (25,078) | |||
Proceeds from exercise of options | 2 | 4,876 | 4,878 | 4,878 | |||
Stock based compensation | 83,774 | 83,774 | 83,774 | ||||
Acquisition of noncontrolling interests | (1,150) | (1,150) | (1,150) | ||||
Other transactions with noncontrolling interests | 9,808 | 9,808 | |||||
Contributions from noncontrolling interests | 2,282 | 2,282 | |||||
Distributions to noncontrolling interests | (61,318) | (61,318) | |||||
BALANCE at Sep. 30, 2017 | 1,575 | 3,733,572 | (700,661) | 961,640 | 3,996,126 | 218,560 | 4,214,686 |
Increase (Decrease) in Stockholders' Equity | |||||||
Cumulative effect of accounting standard adoption | 3,805 | 3,805 | 3,805 | ||||
Net (loss) income | 136,468 | 136,468 | 60,659 | 197,127 | |||
Other comprehensive income (loss) | (2,669) | (2,669) | 1,168 | (1,501) | |||
Issuance of stock | 42 | 68,069 | 68,111 | 68,111 | |||
Repurchases of stock under stock repurchase program | (40) | (149,960) | (150,000) | (150,000) | |||
Repurchases of stock | (8) | (31,093) | (31,101) | (31,101) | |||
Proceeds from exercise of options | 1 | 2,749 | 2,750 | 2,750 | |||
Stock based compensation | 73,095 | 73,095 | 73,095 | ||||
Other transactions with noncontrolling interests | (5,012) | (5,012) | |||||
Contributions from noncontrolling interests | 7,729 | 7,729 | |||||
Distributions to noncontrolling interests | (97,510) | (97,510) | |||||
BALANCE at Sep. 30, 2018 | 1,570 | 3,846,392 | (703,330) | 948,148 | 4,092,780 | 185,594 | 4,278,374 |
Increase (Decrease) in Stockholders' Equity | |||||||
Net (loss) income | (261,050) | (261,050) | 77,060 | (183,990) | |||
Other comprehensive income (loss) | (160,867) | (160,867) | (100) | (160,967) | |||
Issuance of stock | 44 | 66,517 | 66,561 | 66,561 | |||
Repurchases of stock | (39) | (23,071) | (75,098) | (98,208) | (98,208) | ||
Stock based compensation | 63,812 | 63,812 | 63,812 | ||||
Other transactions with noncontrolling interests | 16,208 | 16,208 | |||||
Contributions from noncontrolling interests | 5,069 | 5,069 | |||||
Distributions to noncontrolling interests | (75,057) | (75,057) | |||||
BALANCE at Sep. 30, 2019 | $ 1,575 | $ 3,953,650 | $ (864,197) | 599,548 | 3,690,576 | $ 208,774 | 3,899,350 |
Increase (Decrease) in Stockholders' Equity | |||||||
Cumulative effect of accounting standard adoption | $ (12,452) | $ (12,452) | $ (12,452) |
Consolidated Statements of Cash
Consolidated Statements of Cash Flows - USD ($) $ in Thousands | 12 Months Ended | ||
Sep. 30, 2019 | Sep. 30, 2018 | Sep. 30, 2017 | |
CASH FLOWS FROM OPERATING ACTIVITIES: | |||
Net (loss) income | $ (183,990) | $ 197,127 | $ 421,476 |
Adjustments to reconcile net (loss) income to net cash provided by operating activities: | |||
Depreciation and amortization | 261,185 | 267,570 | 278,631 |
Equity in earnings of unconsolidated joint ventures | (80,990) | (81,133) | (141,582) |
Distribution of earnings from unconsolidated joint ventures | 65,954 | 118,712 | 137,031 |
Non-cash stock compensation | 63,812 | 73,095 | 83,774 |
Prepayment premium on redemption of unsecured senior notes | 34,504 | ||
Impairment of long-lived assets | 615,400 | 168,178 | |
Foreign currency translation | (19,099) | (48,270) | 6,007 |
Write-off of debt issuance costs | 7,048 | ||
Deferred income tax (benefit) expense | (98,015) | 36,746 | (49,856) |
Loss (gain) on disposal activities | 10,381 | 2,949 | (572) |
Other | 5,899 | (472) | (15,062) |
Changes in operating assets and liabilities, net of effects of acquisitions: | |||
Accounts receivable and contract assets | (316,487) | (381,787) | (432,769) |
Prepaid expenses and other assets | (16,576) | (75,980) | (21,780) |
Accounts payable | 251,410 | 474,950 | 292,496 |
Accrued expenses and other current liabilities | 239,781 | 16,848 | (53,126) |
Contract liabilities | 7,559 | 2,729 | 234,116 |
Other long-term liabilities | (48,399) | (39,887) | (68,714) |
Income taxes payable | 19,791 | 1,626 | 26,584 |
Net cash provided by operating activities | 777,616 | 774,553 | 696,654 |
CASH FLOWS FROM INVESTING ACTIVITIES: | |||
Payment for business acquisitions, net of cash acquired | (103,075) | ||
Proceeds from purchase price adjustment on business acquisition | 2,203 | ||
Cash acquired from consolidation of joint venture | 7,630 | ||
Proceeds from disposal of businesses, net of cash disposed | 46,490 | 19,537 | 2,200 |
Investment in unconsolidated joint ventures | (141,769) | (91,030) | (59,684) |
Return of investment in unconsolidated joint ventures | 22,750 | 105,769 | 35,407 |
Proceeds from sale of investments | 12,365 | 7,174 | 900 |
Payments for purchase of investments | (3,223) | (23,492) | |
Proceeds from disposal of property and equipment | 17,291 | 26,401 | 7,895 |
Payments for capital expenditures | (100,664) | (113,279) | (86,354) |
Net cash used in investing activities | (146,760) | (59,087) | (202,711) |
CASH FLOWS FROM FINANCING ACTIVITIES: | |||
Proceeds from borrowings under credit agreements | 7,700,774 | 8,529,014 | 5,953,249 |
Repayments of borrowings under credit agreements | (7,984,624) | (8,040,262) | (7,071,602) |
Issuance of unsecured senior notes | 1,000,000 | ||
Redemption of unsecured senior notes | (800,000) | (179,208) | |
Prepayment premium on redemption of unsecured senior notes | (34,504) | ||
Cash paid for debt issuance costs | (12,181) | (13,041) | |
Proceeds from issuance of common stock | 30,448 | 35,233 | 30,093 |
Proceeds from exercise of stock options | 2,750 | 4,878 | |
Payments to repurchase common stock | (98,208) | (179,466) | (25,078) |
Net distributions to noncontrolling interests | (69,988) | (89,781) | (59,036) |
Other financing activities | (11,681) | (35,671) | (26,745) |
Net cash used in financing activities | (433,279) | (624,868) | (386,490) |
EFFECT OF EXCHANGE RATE CHANGES ON CASH | (3,956) | (6,227) | 2,764 |
NET INCREASE IN CASH AND CASH EQUIVALENTS | 193,621 | 84,371 | 110,217 |
CASH AND CASH EQUIVALENTS AT BEGINNING OF YEAR | 886,733 | 802,362 | 692,145 |
CASH AND CASH EQUIVALENTS AT END OF YEAR | 1,080,354 | 886,733 | 802,362 |
SUPPLEMENTAL CASH FLOW INFORMATION: | |||
Common stock issued in acquisitions | 36,611 | ||
Debt assumed from acquisitions | 31,353 | ||
Interest paid | (222,263) | (271,842) | (226,090) |
Net income taxes refund (taxes paid) | $ 2,500 | $ (40,589) | $ (11,540) |
Significant Accounting Policies
Significant Accounting Policies | 12 Months Ended |
Sep. 30, 2019 | |
Significant Accounting Policies | |
Significant Accounting Policies | 1. Significant Accounting Policies Organization Fiscal Year Use of Estimates Principles of Consolidation and Presentation Government Contract Matters Audits by the DCAA and other agencies consist of reviews of the Company’s overhead rates, operating systems and cost proposals to ensure that the Company accounted for such costs in accordance with the Cost Accounting Standards of the FAR (CAS). If the DCAA determines the Company has not accounted for such costs consistent with CAS, the DCAA may disallow these costs. There can be no assurance that audits by the DCAA or other governmental agencies will not result in material cost disallowances in the future. Cash and Cash Equivalents Allowance for Doubtful Accounts ● Client type—federal or state and local government or commercial client; ● Historical contract performance; ● Historical collection and delinquency trends; ● Client credit worthiness; and ● General economic conditions. Derivative Financial Instruments For derivative instruments that hedge the exposure to variability in expected future cash flows that are designated as cash flow hedges, the effective portion of the gain or loss on the derivative instrument is reported as a component of accumulated other comprehensive income in stockholders’ equity and reclassified into income in the same period or periods during which the hedged transaction affects earnings. The ineffective portion of the gain or loss on the derivative instrument, if any, is recognized in current income. To receive hedge accounting treatment, cash flow hedges must be highly effective in offsetting changes to expected future cash flows on hedged transactions. The net gain or loss on the effective portion of a derivative instrument that is designated as an economic hedge of the foreign currency translation exposure generated by the re-measurement of certain assets and liabilities denominated in a non-functional currency in a foreign operation is reported in the same manner as a foreign currency translation adjustment. Accordingly, any gains or losses related to these derivative instruments are recognized in current income. Derivatives that do not qualify as hedges are adjusted to fair value through current income. Fair Value of Financial Instruments The carrying amounts of cash and cash equivalents, accounts receivable and accounts payable approximate fair value because of the short maturities of these instruments. The carrying amount of the revolving credit facility approximates fair value because the interest rates are based upon variable reference rates. The Company’s fair value measurement methods may produce a fair value calculation that may not be indicative of net realizable value or reflective of future fair values. Although the Company believes its valuation methods are appropriate and consistent with those used by other market participants, the use of different methodologies or assumptions to determine fair value could result in a different fair value measurement at the reporting date. Property and Equipment Long-Lived Assets amount over the fair value of the asset. For long-lived assets to be disposed, impairment losses are recognized at the lower of the carrying amount or fair value less cost to sell. Goodwill and Acquired Intangible Assets The Company tests goodwill for impairment annually for each reporting unit in the fourth quarter of the fiscal year and between annual tests, if events occur or circumstances change which suggest that goodwill should be evaluated. Such events or circumstances include significant changes in legal factors and business climate, recent losses at a reporting unit, and industry trends, among other factors. A reporting unit is defined as an operating segment or one level below an operating segment. The Company’s impairment tests are performed at the operating segment level as they represent the Company’s reporting units. During the impairment test, the Company estimates the fair value of the reporting unit using income and market approaches, and compares that amount to the carrying value of that reporting unit. In the event the fair value of the reporting unit is determined to be less than the carrying value, goodwill is impaired, and an impairment loss is recognized equal to the excess, limited to the total amount of goodwill allocated to the reporting unit. See also Note 3. Pension Plans Insurance Reserves Foreign Currency Translation The Company uses foreign currency forward contracts from time to time to mitigate foreign currency risk. The Company limits exposure to foreign currency fluctuations in most of its contracts through provisions that require client payments in currencies corresponding to the currency in which costs are incurred. As a result of this natural hedge, the Company generally does not need to hedge foreign currency cash flows for contract work performed. Noncontrolling Interests Income Taxes expense items differently for financial reporting and income tax purposes. Deferred tax assets and liabilities are determined based on the difference between the financial statement and tax basis of assets and liabilities, applying enacted statutory tax rates in effect for the year in which the differences are expected to reverse. In determining the need for a valuation allowance, management reviews both positive and negative evidence, including the nature, frequency, and severity of cumulative financial reporting losses in recent years, the future reversal of existing temporary differences, predictability of future taxable income exclusive of reversing temporary differences of the character necessary to realize the asset, relevant carryforward periods, taxable income in carry-back years if carry-back is permitted under tax law, and prudent and feasible tax planning strategies that would be implemented, if necessary, to protect against the loss of the deferred tax asset that would otherwise expire. Based upon management’s assessment of all available evidence, the Company has concluded that it is more likely than not that the deferred tax assets, net of valuation allowance, will be realized. |
New Accounting Pronouncements a
New Accounting Pronouncements and Changes in Accounting | 12 Months Ended |
Sep. 30, 2019 | |
New Accounting Pronouncements and Changes in Accounting | |
New Accounting Pronouncements and Changes in Accounting | 2. New Accounting Pronouncements and Changes in Accounting In May 2014, the Financial Accounting Standards Board (FASB) issued new accounting guidance which amended the existing accounting standards for revenue recognition. The new accounting guidance establishes principles for recognizing revenue upon the transfer of promised goods or services to customers, in an amount that reflects the expected consideration received in exchange for those goods or services. The Company adopted the new standard on October 1, 2018, using the modified retrospective method, which resulted in an adjustment to retained earnings of $7.0 million, net of tax. Detailed disclosures regarding the adoption and other required disclosures can be found in Note 4. In February 2016, the FASB issued new accounting guidance which changes accounting requirements for leases. The new guidance requires lessees to recognize the assets and liabilities arising from all leases, including those classified as operating leases under previous accounting guidance, on the balance sheet. It also requires disclosure of key information about leasing arrangements to increase transparency and comparability among organizations. The new guidance is effective for the Company’s fiscal year beginning October 1, 2019. The new guidance must be adopted using a modified retrospective transition approach and provides for some practical expedients. The Company will apply the guidance of the new standard as of the date of adoption, and will not recast prior periods. While the Company expects to expand its current disclosures as a result of adopting the new standard, it does not expect adoption to have a material impact on the consolidated results of operations. The Company expects to record approximately $0.7 billion of leased assets and $1.0 billion of lease liabilities related to its operating leases and an adjustment to retained earnings of $0.1 billion related to transition upon adoption. In June 2016, the FASB issued a new credit loss standard that changes the impairment model for most financial assets and some other instruments. The new guidance will replace the current “incurred loss” approach with an “expected loss” model for instruments measured at amortized cost. It also simplifies the accounting model for purchased credit-impaired debt securities and loans. The guidance will be effective for the Company’s fiscal year starting October 1, 2020. The Company is currently evaluating the impact that the new guidance will have on its consolidated financial statements. In August 2016, the FASB issued new accounting guidance clarifying how entities should classify cash receipts and cash payments on the statement of cash flows. The new guidance also clarifies how the predominance principle should be applied when cash receipts and cash payments have aspects of more than one class of cash flows. The Company adopted the new standard on October 1, 2018 and the adoption of the standard did not have a material impact on its statement of cash flows. In October 2016, the FASB issued additional guidance regarding accounting for intra-entity transfers of assets other than inventory. The new guidance will require companies to account for the income tax consequences of intra-entity transfers of assets other than inventory in the period the transfer occurs. The Company adopted this guidance on October 1, 2018, and the adoption resulted in a $5.5 million reduction to other non-current assets and retained earnings. In January 2017, the FASB issued new accounting guidance that changes the definition of a business to assist companies with evaluating when a set of transferred assets and activities is a business. This guidance requires the buyer to evaluate if substantially all of the fair value of the gross assets acquired is concentrated in a single identifiable asset or group of assets. The Company elected to adopt this guidance on July 1, 2018 and the adoption of this guidance did not have a material impact on the Company’s consolidated financial statements. In January 2017, the FASB issued new accounting guidance to simplify the test for goodwill impairment. This guidance eliminates step two from the goodwill impairment test. Under the new guidance, an entity should recognize an impairment charge for the amount by which the carrying amount of a reporting unit exceeds its fair value. However, the loss recognized should not exceed the total amount of goodwill allocated to the reporting unit. The Company early adopted the new guidance on January 1, 2018 and the adoption of this guidance did not have a material impact on the Company’s consolidated financial statements. In March 2017, the FASB issued new guidance on how employers that sponsor defined benefit pension or other postretirement benefit plans present the net periodic benefit cost in the income statement. Under the new guidance, employers will present the service cost component of net periodic benefit cost in the same income statement line items as other employee compensation costs. The new guidance was effective for the Company on October 1, 2018. Adoption of the new guidance did not have a material impact on the Company’s consolidated financial statements. In August 2017, the FASB issued new accounting guidance on derivatives and hedging. This guidance better aligns an entity’s risk management activities and financial reporting for hedging relationships through change to both the designation and measurement guidance for qualifying hedging relationships and the presentation of hedging results. The Company early adopted the guidance on January 1, 2018 and the adoption of this guidance did not have a material impact on the Company’s consolidated financial statements. |
Business Acquisitions, Goodwill
Business Acquisitions, Goodwill and Intangible Assets | 12 Months Ended |
Sep. 30, 2019 | |
Business Acquisitions, Goodwill and Intangible Assets | |
Business Acquisitions, Goodwill and Intangible Assets | 3. Business Acquisitions, Goodwill, and Intangible Assets The Company completed one acquisition during the year ended September 30, 2018 for a total consideration of $5.6 million, which was accounted for under the acquisition method. Acquired tangible and intangible assets and liabilities were recognized on the acquisition date based upon their fair values. The determination of fair values of assets and liabilities acquired requires the Company to make estimates and use valuation techniques when market value is not readily available. Transaction costs associated with business acquisitions are expensed as they are incurred. In the fourth quarter of fiscal 2019, the Company recorded a goodwill impairment in its self-perform at-risk construction businesses in its Construction Services segment. Total goodwill impairment was $588.0 million, which was recorded within Impairment of long-lived assets, including goodwill. Fair value was estimated using Level 3 inputs, such as forecasted cash flows, and Level 2 inputs, such as observed non-active market prices. The Company observed a reduction in the estimated fair value of the impaired reporting unit in connection with its continuing review of at-risk construction projects and reduction in its self-perform at-risk construction exposure. The Company identified incremental unfavorable trends in its cash flow expectations compared to prior periods, which resulted in a quantitative impairment assessment. In the second quarter of fiscal 2018, management approved a plan to sell non-core oil and gas assets in North America, included in the Company’s Construction Services segment (the Disposal Group). The Company classified the related assets and liabilities of the Disposal Group as held for sale in the consolidated balance sheet. In the third quarter of fiscal 2018, the Company sold a portion of the assets in the Disposal Group and recognized a $2.1 million loss on disposal. The remaining portion of the Disposal Group was sold in the third quarter of fiscal 2019 and the Company recognized a $7.4 million loss on disposal. The changes in the carrying value of goodwill by reportable segment for the fiscal years ended September 30, 2019 and 2018 were as follows: Fiscal Year 2019 Foreign September 30, Exchange September 30, 2018 Disposal Impairment Impact 2019 (in millions) Design and Consulting Services $ 3,189.2 $ (5.8) $ — $ (22.2) $ 3,161.2 Construction Services 1,008.9 — (588.0) (3.3) 417.6 Management Services 1,723.0 (12.5) — (14.0) 1,696.5 Total $ 5,921.1 $ (18.3) $ (588.0) $ (39.5) $ 5,275.3 Fiscal Year 2018 Measurement Foreign September 30, Period Exchange September 30, 2017 Adjustment Impairment Impact 2018 (in millions) Design and Consulting Services $ 3,218.9 $ — $ — $ (29.7) $ 3,189.2 Construction Services 1,049.9 91.0 (125.4) (6.6) 1,008.9 Management Services 1,724.1 — — (1.1) 1,723.0 Total $ 5,992.9 $ 91.0 $ (125.4) $ (37.4) $ 5,921.1 The gross amounts and accumulated amortization of the Company’s acquired identifiable intangible assets with finite useful lives as of September 30, 2019 and 2018, included in intangible assets—net, in the accompanying consolidated balance sheets, were as follows: September 30, 2019 September 30, 2018 Amortization Gross Accumulated Intangible Gross Accumulated Intangible Period Amount Amortization Assets, Net Amount Amortization Assets, Net (years) (in millions) Backlog and customer relationships $ 1,284.2 $ (1,051.2) $ 233.0 $ 1,285.1 $ (966.0) $ 319.1 1 - 11 Trademark / tradename 18.3 (18.3) — 18.3 (17.5) 0.8 0.3 - 2 Total $ 1,302.5 $ (1,069.5) $ 233.0 $ 1,303.4 $ (983.5) $ 319.9 Amortization expense of acquired intangible assets included within cost of revenue was $86.0 million, $96.7 million, and $102.7 million for the years ended September 30, 2019, 2018 and 2017, respectively. The following table presents estimated amortization expense of existing intangible assets for the succeeding years: Fiscal Year (in millions) 2020 $ 68.9 2021 56.1 2022 43.4 2023 39.0 2024 20.2 Thereafter 5.4 Total $ 233.0 |
Revenue Recognition
Revenue Recognition | 12 Months Ended |
Sep. 30, 2019 | |
Revenue Recognition | |
Revenue Recognition | 4. Revenue Recognition On October 1, 2018, the Company adopted FASB Accounting Standards Codification (ASC) 606 on a modified retrospective basis, which amended the accounting standards for revenue recognition. As a result, the new guidance was applied retrospectively to contracts which were not completed as of October 1, 2018. Contracts completed prior to October 1, 2018 were accounted for using the guidance in effect at that time. The cumulative effect of applying the new guidance was recorded as a reduction to retained earnings at October 1, 2018 of $7.0 million, net of tax. Consistent with the modified retrospective transition approach, the comparative period was not adjusted to conform with current period presentation. The adjustment was primarily related to segmenting or combining contracts by performance obligations identified under the criteria of the new standard. Revenue recognized during the year ended September 30, 2019 increased $4.8 million, net of tax, due to the adoption of the new standard primarily in the Construction Services segment. The new accounting guidance establishes principles for recognizing revenue upon the transfer of control of promised goods or services to customers, in an amount that reflects the expected consideration received in exchange for those goods or services. The Company generally recognizes revenues over time as performance obligations are satisfied. The Company generally measures its progress to completion using an input measure of total costs incurred divided by total costs expected to be incurred. In the course of providing its services, the Company routinely subcontracts for services and incurs other direct costs on behalf of its clients. These costs are passed through to clients and, in accordance with GAAP, are included in the Company’s revenue and cost of revenue. These subcontractor and other direct costs for the years ended September 30, 2019, 2018 and 2017 were $10.3 billion, $10.7 billion and $9.2 billion, respectively. Recognition of revenue and profit is dependent upon a number of factors, including the accuracy of a variety of estimates made at the balance sheet date, such as engineering progress, material quantities, the achievement of milestones, penalty provisions, labor productivity and cost estimates. Additionally, the Company is required to make estimates for the amount of consideration to be received, including bonuses, awards, incentive fees, claims, unpriced change orders, penalties, and liquidated damages. Variable consideration is included in the estimate of the transaction price only to the extent that a significant reversal would not be probable. Management continuously monitors factors that may affect the quality of its estimates, and material changes in estimates are disclosed accordingly. The following summarizes the Company’s major contract types: Cost Reimbursable Contracts Cost reimbursable contracts include cost-plus fixed fee, cost-plus fixed rate, and time-and-materials price contracts. Under cost-plus contracts, the Company charges clients for its costs, including both direct and indirect costs, plus a negotiated fee or rate. The Company recognizes revenue based on actual direct costs incurred and the applicable fixed rate or portion of the fixed fee earned as of the balance sheet date. Under time-and-materials price contracts, the Company negotiates hourly billing rates and charges its clients based on the actual time that it expends on a project. In addition, clients reimburse the Company for materials and other direct incidental expenditures incurred in connection with its performance under the contract. The Company may apply a practical expedient to recognize revenue in the amount in which it has the right to invoice if its right to consideration is equal to the value of performance completed to date. Guaranteed Maximum Price Contracts (GMP) GMP contracts share many of the same contract provisions as cost-plus and fixed-price contracts. As with cost-plus contracts, clients are provided a disclosure of all the project costs, and a lump sum or percentage fee is separately identified. The Company provides clients with a guaranteed price for the overall project (adjusted for change orders issued by clients) and a schedule including the expected completion date. Cost overruns or costs associated with project delays in completion could generally be the Company’s responsibility. For many of the Company’s commercial or residential GMP contracts, the final price is generally not established until the Company has subcontracted a substantial percentage of the trade contracts with terms consistent with the master contract, and it has negotiated additional contractual limitations, such as waivers of consequential damages as well as aggregate caps on liabilities and liquidated damages. Revenue is recognized for GMP contracts as project costs are incurred relative to total estimated project costs. Fixed-Price Contracts Fixed price contracts include both lump-sum and fixed-unit price contracts. Under lump-sum contracts, the Company performs all the work under the contract for a specified fee. Lump-sum contracts are typically subject to price adjustments if the scope of the project changes or unforeseen conditions arise. Under fixed-unit price contracts, the Company performs a number of units of work at an agreed price per unit with the total payment under the contract determined by the actual number of units delivered. Revenue is recognized for fixed-price contracts using the input method measured on a cost-to-cost basis. The following tables present the Company’s revenues disaggregated by revenue sources: Fiscal Year Ended September 30, September 30, September 30, 2019 2018 2017 (in millions) Cost reimbursable $ 10,414.2 $ 9,474.8 $ 8,737.6 Guaranteed maximum price 3,956.3 4,722.0 4,186.8 Fixed price 5,802.8 5,958.7 5,279.0 Total revenue $ 20,173.3 $ 20,155.5 $ 18,203.4 Fiscal Year Ended September 30, September 30, September 30, 2019 2018 2017 (in millions) Americas $ 16,191.1 $ 15,951.4 $ 14,202.5 Europe, Middle East, Africa 2,213.1 2,727.0 2,648.2 Asia Pacific 1,769.1 1,477.1 1,352.7 Total revenue $ 20,173.3 $ 20,155.5 $ 18,203.4 Revenues in Europe, Middle East, Africa and Asia Pacific are primarily reported in the Company's Design and Consulting Services segment. As of September 30, 2019, the Company had allocated $23.6 billion of transaction price to unsatisfied or partially satisfied performance obligations, of which approximately 60% is expected to be satisfied within the next twelve months. The Company’s timing of revenue recognition may not be consistent with its rights to bill and collect cash from its clients. Those rights are generally dependent upon advance billing terms, milestone billings based on the completion of certain phases of work or when services are performed. The Company’s accounts receivable represent amounts billed to clients that have yet to be collected and represent an unconditional right to cash from its clients. Contract assets represent the amount of contract revenue recognized but not yet billed pursuant to contract terms or accounts billed after the balance sheet date. Contract liabilities represent billings as of the balance sheet date, as allowed under the terms of a contract, but not yet recognized as contract revenue pursuant to the Company’s revenue recognition policy. Net accounts receivable consisted of the following: Fiscal Year Ended September 30, September 30, 2019 2018 (in millions) Billed $ 2,931.7 $ 2,697.7 Contract retentions 641.5 661.7 Total accounts receivable—gross 3,573.2 3,359.4 Allowance for doubtful accounts (56.1) (51.6) Total accounts receivable—net $ 3,517.1 $ 3,307.8 Substantially all contract assets as of September 30, 2019 and 2018 are expected to be billed and collected within twelve months, except for claims. Significant claims recorded in contract assets and other non-current assets were approximately $340 million and $266 million as of September 30, 2019 and 2018, respectively, and included amounts related to the Department of Energy Deactivation, Demolition, and Removal Project and the Refinery Turnaround Project discussed further in Note 18. Contract retentions represent amounts invoiced to clients where payments have been withheld from progress payments until the contracted work has been completed and approved by the client. These retention agreements vary from project to project and could be outstanding for several months or years. Allowances for doubtful accounts have been determined through specific identification of amounts considered to be uncollectible and potential write-offs, plus a non-specific allowance for other amounts for which some potential loss has been determined to be probable based on current and past experience. Other than the U.S. government, no single client accounted for more than 10% of the Company’s outstanding receivables at September 30, 2019 and 2018. The Company sold trade receivables and contract assets to financial institutions, of which $364.5 million and $334.2 million were outstanding as of September 30, 2019 and 2018, respectively. The Company does not retain financial or legal obligations for these receivables that would result in material losses. The Company’s ongoing involvement is limited to the remittance of customer payments to the financial institutions with respect to the sold trade receivables. |
Property and Equipment
Property and Equipment | 12 Months Ended |
Sep. 30, 2019 | |
Property and Equipment | |
Property and Equipment | 5. Property and Equipment Property and equipment, at cost, consists of the following: Fiscal Year Ended September 30, September 30, Useful Lives 2019 2018 (years) (in millions) Building and land $ 44.7 $ 75.2 10 - 45 Leasehold improvements 394.9 399.2 1 - 20 Computer systems and equipment 788.2 741.2 3 - 12 Furniture and fixtures 138.3 132.5 3 - 10 Total 1,366.1 1,348.1 Accumulated depreciation and amortization (806.7) (734.0) Property and equipment, net $ 559.4 $ 614.1 Depreciation expense for the fiscal years ended September 30, 2019, 2018 and 2017 were $164.5 million, $158.5 million, and $157.1 million, respectively. Depreciation is calculated using primarily the straight-line method over the estimated useful lives of the assets, or in the case of leasehold improvements and capitalized leases, the lesser of the remaining term of the lease or its estimated useful life. |
Joint Ventures and Variable Int
Joint Ventures and Variable Interest Entities | 12 Months Ended |
Sep. 30, 2019 | |
Joint Ventures and Variable Interest Entities | |
Joint Ventures and Variable Interest Entities | 6. Joint Ventures and Variable Interest Entities The Company’s joint ventures provide architecture, engineering, program management, construction management, operations and maintenance services and invests in real estate, public-private partnership (P3) and infrastructure projects. Joint ventures, the combination of two or more partners, are generally formed for a specific project. Management of the joint venture is typically controlled by a joint venture executive committee, comprised of representatives from the joint venture partners. The joint venture executive committee normally provides management oversight and controls decisions which could have a significant impact on the joint venture. Some of the Company’s joint ventures have no employees and minimal operating expenses. For these joint ventures, the Company’s employees perform work for the joint venture, which is then billed to a third-party customer by the joint venture. These joint ventures function as pass through entities to bill the third-party customer. For consolidated joint ventures of this type, the Company records the entire amount of the services performed and the costs associated with these services, including the services provided by the other joint venture partners, in the Company’s result of operations. For certain of these joint ventures where a fee is added by an unconsolidated joint venture to client billings, the Company’s portion of that fee is recorded in equity in earnings of joint ventures. The Company also has joint ventures that have their own employees and operating expenses, and to which the Company generally makes a capital contribution. The Company accounts for these joint ventures either as consolidated entities or equity method investments based on the criteria further discussed below. The Company follows guidance on the consolidation of variable interest entities (VIEs) that requires companies to utilize a qualitative approach to determine whether it is the primary beneficiary of a VIE. The process for identifying the primary beneficiary of a VIE requires consideration of the factors that indicate a party has the power to direct the activities that most significantly impact the joint venture’s economic performance, including powers granted to the joint venture’s program manager, powers contained in the joint venture governing board and, to a certain extent, a company’s economic interest in the joint venture. The Company analyzes its joint ventures and classifies them as either: ● a VIE that must be consolidated because the Company is the primary beneficiary or the joint venture is not a VIE and the Company holds the majority voting interest with no significant participative rights available to the other partners; or ● a VIE that does not require consolidation and is treated as an equity method investment because the Company is not the primary beneficiary or the joint venture is not a VIE and the Company does not hold the majority voting interest. As part of the above analysis, if it is determined that the Company has the power to direct the activities that most significantly impact the joint venture’s economic performance, the Company considers whether or not it has the obligation to absorb losses or rights to receive benefits of the VIE that could potentially be significant to the VIE. Contractually required support provided to the Company’s joint ventures is discussed in Note 18. Summary of financial information of the consolidated joint ventures is as follows: September 30, September 30, 2019 2018 (in millions) Current assets $ 956.0 $ 1,013.7 Non-current assets 166.8 192.7 Total assets $ 1,122.8 $ 1,206.4 Current liabilities $ 646.9 $ 724.2 Non-current liabilities 12.3 12.7 Total liabilities 659.2 736.9 Total AECOM equity 255.6 284.2 Noncontrolling interests 208.0 185.3 Total owners’ equity 463.6 469.5 Total liabilities and owners’ equity $ 1,122.8 $ 1,206.4 Total revenue of the consolidated joint ventures was $2,463.6 million, $2,525.0 million, and $1,933.5 million for the years ended September 30, 2019, 2018 and 2017, respectively. The assets of the Company’s consolidated joint ventures are restricted for use only by the particular joint venture and are not available for the general operations of the Company. Summary of financial information of the unconsolidated joint ventures, as derived from their unaudited financial statements, is as follows: September 30, September 30, 2019 2018 (in millions) Current assets $ 1,914.5 $ 1,903.3 Non-current assets 1,004.3 938.3 Total assets $ 2,918.8 $ 2,841.6 Current liabilities $ 1,443.8 $ 1,658.5 Non-current liabilities 183.4 224.3 Total liabilities 1,627.2 1,882.8 Joint ventures’ equity 1,291.6 958.8 Total liabilities and joint ventures’ equity $ 2,918.8 $ 2,841.6 AECOM’s investment in joint ventures $ 405.2 $ 310.7 Twelve Months Ended September 30, September 30, 2019 2018 (in millions) Revenue $ 4,463.3 $ 5,571.9 Cost of revenue 4,285.9 5,325.4 Gross profit $ 177.4 $ 246.5 Net income $ 176.8 $ 238.6 Summary of AECOM’s equity in earnings of unconsolidated joint ventures is as follows: Fiscal Year Ended September 30, September 30, September 30, 2019 2018 2017 (in millions) Pass through joint ventures $ 31.6 $ 34.1 $ 36.6 Other joint ventures 49.4 47.0 105.0 Total $ 81.0 $ 81.1 $ 141.6 Included in equity of earnings above, the Company recorded a gain of $52 million from a sale of its 50% equity interest in Provost Square I LLC, an unconsolidated joint venture that invested in a real estate development in New Jersey, in fiscal year ended September 30, 2017. |
Pension Benefit Obligations
Pension Benefit Obligations | 12 Months Ended |
Sep. 30, 2019 | |
Pension Benefit Obligations | |
Pension Benefit Obligations | 7. Pension Benefit Obligations In the U.S., the Company sponsors various qualified defined benefit pension plans. Benefits under these plans generally are based on the employee’s years of creditable service and compensation; however, all U.S. defined benefit plans are closed to new participants and have frozen accruals. The Company also sponsors various non-qualified plans in the U.S.; all of these plans are frozen. Outside the U.S., the Company sponsors various pension plans, which are appropriate to the country in which the Company operates, some of which are government mandated. The following tables provide reconciliations of the changes in the U.S. and international plans’ benefit obligations, reconciliations of the changes in the fair value of assets for the last three years ended September 30, and reconciliations of the funded status as of September 30 of each year. Fiscal Year Ended September 30, September 30, September 30, 2019 2018 2017 U.S. Int’l U.S. Int’l U.S. Int’l (in millions) Change in benefit obligation: Benefit obligation at beginning of year $ 633.1 $ 1,188.8 $ 683.0 $ 1,333.5 $ 720.0 $ 1,406.2 Service cost — 0.5 4.9 1.1 4.3 1.3 Participant contributions 0.2 0.3 0.2 0.4 0.1 0.4 Interest cost 23.8 29.7 20.7 32.0 19.2 28.3 Benefits and expenses paid (36.0) (41.2) (37.8) (53.7) (37.9) (48.3) Actuarial (gain) loss 80.7 206.5 (38.5) (87.7) (22.7) (98.6) Plan settlements (1.3) (3.7) — (3.0) — — Plan amendments — 5.2 0.6 — — — Plan curtailments — — — (0.1) — — Foreign currency translation (gain) loss — (74.8) — (33.7) — 44.2 Benefit obligation at end of year $ 700.5 $ 1,311.3 $ 633.1 $ 1,188.8 $ 683.0 $ 1,333.5 Fiscal Year Ended September 30, September 30, September 30, 2019 2018 2017 U.S. Int’l U.S. Int’l U.S. Int’l (in millions) Change in plan assets Fair value of plan assets at beginning of year $ 455.5 $ 965.9 $ 470.4 $ 993.1 $ 456.9 $ 973.2 Actual return on plan assets 26.2 180.3 11.1 29.3 39.0 9.6 Employer contributions 14.5 28.1 11.6 27.8 12.3 25.8 Participant contributions 0.2 0.3 0.2 0.4 0.1 0.4 Benefits and expenses paid (36.0) (41.2) (37.8) (53.7) (37.9) (48.3) Plan settlements (1.3) (3.7) — (3.0) — — Foreign currency translation gain (loss) — (60.9) — (28.0) — 32.4 Fair value of plan assets at end of year $ 459.1 $ 1,068.8 $ 455.5 $ 965.9 $ 470.4 $ 993.1 Fiscal Year Ended September 30, 2019 September 30, 2018 September 30, 2017 U.S. Int’l U.S. Int’l U.S. Int’l (in millions) Reconciliation of funded status: Funded status at end of year $ (241.4) $ (242.5) $ (177.6) $ (222.9) $ (212.6) $ (340.4) Contribution made after measurement date N/A N/A N/A N/A N/A N/A Net amount recognized at end of year $ (241.4) $ (242.5) $ (177.6) $ (222.9) $ (212.6) $ (340.4) The following table sets forth the amounts recognized in the consolidated balance sheets as of September 30, 2019, 2018 and 2017: Fiscal Year Ended September 30, 2019 September 30, 2018 September 30, 2017 U.S. Int’l U.S. Int’l U.S. Int’l (in millions) Amounts recognized in the consolidated balance sheets: Other non-current assets $ 2.7 $ 28.3 $ 2.5 $ 19.1 $ 2.3 $ 13.9 Accrued expenses and other current liabilities (9.1) — (9.5) — (10.1) — Pension benefit obligations (235.0) (270.8) (170.6) (242.0) (204.8) (354.3) Net amount recognized in the balance sheet $ (241.4) $ (242.5) $ (177.6) $ (222.9) $ (212.6) $ (340.4) The following table details the reconciliation of amounts in the consolidated statements of stockholders’ equity for the fiscal years ended September 30, 2019, 2018 and 2017: Fiscal Year Ended September 30, 2019 September 30, 2018 September 30, 2017 U.S. Int’l U.S. Int’l U.S. Int’l (in millions) Reconciliation of amounts in consolidated statements of stockholders’ equity: Prior service (cost) credit $ (0.7) $ (1.2) $ (0.8) $ 4.1 $ (0.2) $ 4.4 Net loss (150.7) (233.0) (72.5) (186.4) (94.6) (263.7) Total recognized in accumulated other comprehensive loss $ (151.4) $ (234.2) $ (73.3) $ (182.3) $ (94.8) $ (259.3) The components of net periodic benefit cost other than the service cost component are included in other income (expense) in the consolidated statement of operations. The following table details the components of net periodic benefit cost for the Company’s pension plans for fiscal years ended September 30, 2019, 2018 and 2017: Fiscal Year Ended September 30, 2019 September 30, 2018 September 30, 2017 U.S. Int’l U.S. Int’l U.S. Int’l (in millions) Components of net periodic benefit cost: Service costs $ — $ 0.5 $ 4.9 $ 1.1 $ 4.3 $ 1.3 Interest cost on projected benefit obligation 23.8 29.7 20.7 32.0 19.2 28.3 Expected return on plan assets (27.5) (38.1) (31.5) (43.1) (31.0) (41.5) Amortization of prior service costs (credits) 0.1 (0.1) 0.1 (0.1) — (0.2) Amortization of net loss 3.6 4.1 4.0 8.2 4.3 13.0 Settlement loss recognized 0.2 0.8 — 0.3 — — Net periodic benefit cost $ 0.2 $ (3.1) $ (1.8) $ (1.6) $ (3.2) $ 0.9 The amount of applicable deferred income taxes included in other comprehensive income arising from a change in net prior service cost and net gain/loss was $29.7 million, $19.1 million, and $27.6 million in the years ended September 30, 2019, 2018 and 2017, respectively. Amounts included in accumulated other comprehensive loss as of September 30, 2019 that are expected to be recognized as components of net periodic benefit cost during fiscal 2020 are (in millions): U.S. Int’l Amortization of prior service credit $ (0.1) $ (0.1) Amortization of net actuarial losses (5.0) (8.3) Total $ (5.1) $ (8.4) The table below provides additional year-end information for pension plans with accumulated benefit obligations in excess of plan assets. Fiscal Year Ended September 30, September 30, September 30, 2019 2018 2017 U.S. Int’l U.S. Int’l U.S. Int’l (in millions) Projected benefit obligation $ 679.5 $ 1,141.9 $ 610.4 $ 1,002.6 $ 658.4 $ 1,158.3 Accumulated benefit obligation 679.5 1,132.7 610.4 991.9 658.4 1,145.7 Fair value of plan assets 454.8 871.2 451.5 760.7 466.4 804.2 Funding requirements for each pension plan are determined based on the local laws of the country where such pension plan resides. In certain countries, the funding requirements are mandatory while in other countries, they are discretionary. The Company currently intends to contribute $26.6 million to the international plans in fiscal 2020. The required minimum contributions for U.S. plans are not significant. In addition, the Company may make discretionary contributions. The Company currently intends to contribute $14.7 million to U.S. plans in fiscal 2020. The table below provides the expected future benefit payments, in millions: Year Ending September 30, U.S. Int’l 2020 $ 43.1 $ 46.6 2021 42.7 42.8 2022 41.1 43.9 2023 41.3 45.6 2024 41.3 46.5 2025-2029 203.2 250.7 Total $ 412.7 $ 476.1 The underlying assumptions for the pension plans are as follows: Fiscal Year Ended September 30, September 30, September 30, 2019 2018 2017 U.S. Int’l U.S. Int’l U.S. Int’l Weighted-average assumptions to determine benefit obligation: Discount rate 3.00 % 1.81 % 4.15 % 2.91 % 3.64 % 2.67 % Salary increase rate N/A 2.52 % N/A 2.79 % N/A 2.76 % Weighted-average assumptions to determine net periodic benefit cost: Discount rate 4.15 % 2.91 % 3.60 % 2.67 % 3.41 % 2.35 % Salary increase rate N/A 2.79 % N/A 2.76 % N/A 2.61 % Expected long-term rate of return on plan assets 7.00 % 4.43 % 7.00 % 4.73 % 7.00 % 5.10 % Pension costs are determined using the assumptions as of the beginning of the plan year. The funded status is determined using the assumptions as of the end of the plan year. The following table summarizes the Company’s target allocation for 2019 and pension plan asset allocation, both U.S. and international, as of September 30, 2019 and 2018: Percentage of Plan Assets as of September 30, Target Allocations 2019 2018 U.S. Int’l U.S. Int’l U.S. Int’l Asset Category: Equities 45 % 37 % 45 % 36 % 40 % 38 % Debt 42 36 45 31 50 36 Cash 3 6 1 3 1 7 Property and other 10 21 9 30 9 19 Total 100 % 100 % 100 % 100 % 100 % 100 % The Company’s domestic and foreign plans seek a competitive rate of return relative to an appropriate level of risk depending on the funded status and obligations of each plan and typically employ both active and passive investment management strategies. The Company’s risk management practices include diversification across asset classes and investment styles and periodic rebalancing toward asset allocation targets. The target asset allocation selected for each plan reflects a risk/return profile that the Company believes is appropriate relative to each plan’s liability structure and return goals. To develop the expected long-term rate of return on assets assumption, the Company considered the historical returns and the future expectations for returns for each asset class, as well as the target asset allocation of the pension portfolio and the diversification of the portfolio. This resulted in the selection of a 7.00% and 4.43% weighted-average long-term rate of return on assets assumption for the fiscal year ended September 30, 2019 for U.S. and non-U.S. plans, respectively. As of September 30, 2019, the fair values of the Company’s pension plan assets by major asset categories were as follows: Fair Value Measurement as of September 30, 2019 Total Quoted Significant Carrying Prices in Other Significant Value as of Active Observable Unobservable Investments September 30, Markets Inputs Inputs measured at 2019 (Level 1) (Level 2) (Level 3) NAV (in millions) Cash and cash equivalents $ 41.0 $ 26.4 $ 14.6 $ — $ — Equity and debt securities 115.5 115.5 — — — Investment funds Diversified and equity funds 192.8 179.0 13.8 — — Fixed income funds 95.7 22.0 73.7 — — Common collective funds 897.0 — — — 897.0 Assets held by insurance company 26.8 — — 26.8 — Derivative instruments 159.1 — 159.1 — — Total $ 1,527.9 $ 342.9 $ 261.2 $ 26.8 $ 897.0 As of September 30, 2018, the fair values of the Company’s pension plan assets by major asset categories were as follows: Fair Value Measurement as of September 30, 2018 Total Quoted Significant Carrying Prices in Other Significant Value as of Active Observable Unobservable Investments September 30, Markets Inputs Inputs measured at 2018 (Level 1) (Level 2) (Level 3) NAV (in millions) Cash and cash equivalents $ 71.7 $ 37.1 $ 34.6 $ — $ — Equity and debt securities 153.4 153.4 — — — Investment funds Diversified and equity funds 152.0 82.4 69.6 — — Fixed income funds 55.3 3.6 51.7 — — Hedge funds 15.0 — — 15.0 — Common collective funds 951.0 — — — 951.0 Assets held by insurance company 30.0 — — 30.0 — Derivative instruments (7.0) — (7.0) — — Total $ 1,421.4 $ 276.5 $ 148.9 $ 45.0 $ 951.0 Changes for the year ended September 30, 2019 in the fair value of the Company’s recurring post-retirement plan Level 3 assets are as follows: Actual return Actual return on on plan assets, Change September 30, plan assets, relating to Transfer due to 2018 relating to assets assets sold Purchases, into / exchange September 30, Beginning still held at during the sales and (out of) rate 2019 balance reporting date period settlements Level 3 changes Ending balance (in millions) Level 3 Assets $ 45.0 $ 0.4 $ (0.1) $ (17.0) $ — $ (1.5) $ 26.8 Changes for the year ended September 30, 2018, in the fair value of the Company’s recurring post-retirement plan Level 3 assets are as follows: Actual return Actual return on on plan assets, Change September 30, plan assets, relating to Transfer due to 2017 relating to assets assets sold Purchases, into / exchange September 30, Beginning still held at during the sales and (out of) rate 2018 balance reporting date period settlements Level 3 changes Ending balance (in millions) Level 3 Assets $ 45.3 $ 0.4 $ — $ 0.2 $ — $ (0.9) $ 45.0 Cash equivalents are mostly comprised of short-term money-market instruments and are valued at cost, which approximates fair value. For equity investment funds not traded on an active exchange, or if the closing price is not available, the trustee obtains indicative quotes from a pricing vendor, broker, or investment manager. These funds are categorized as Level 2 if the custodian obtains corroborated quotes from a pricing vendor or categorized as Level 3 if the custodian obtains uncorroborated quotes from a broker or investment manager. 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. Hedge funds categorized as Level 3 are valued based on valuation models that include significant unobservable inputs and cannot be corroborated using verifiable observable market data. Hedge funds are valued by independent administrators. Depending on the nature of the assets, the general partners or independent administrators use both the income and market approaches in their models. The market approach consists of analyzing market transactions for comparable assets while the income approach uses earnings or the net present value of estimated future cash flows adjusted for liquidity and other risk factors. As of September 30, 2019, there were no material changes to the valuation techniques. Common collective funds are valued based on net asset value (NAV) per share or unit as a practical expedient as reported by the fund manager, multiplied by the number of shares or units held as of the measurement date. Accordingly, these NAV-based investments have been excluded from the fair value hierarchy. These collective investment funds have minimal redemption notice periods and are redeemable daily at the NAV, less transaction fees, without significant restrictions. There are no significant unfunded commitments related to these investments. Multiemployer Pension Plans The Company participates in over 200 construction-industry multiemployer pension plans. Generally, the plans provide defined benefits to substantially all employees covered by collective bargaining agreements. Under the Employee Retirement Income Security Act, a contributor to a multiemployer plan is liable, upon termination or withdrawal from a plan, for its proportionate share of a plan’s unfunded vested liability. The Company’s aggregate contributions to these multiemployer plans were $52.3 million and $49.8 million for the years ended September 30, 2019 and 2018, respectively. At September 30, 2019 and 2018, none of the plans in which the Company participates are individually significant to its consolidated financial statements. |
Debt
Debt | 12 Months Ended |
Sep. 30, 2019 | |
Debt | |
Debt | 8. Debt Debt consisted of the following: September 30, September 30, 2019 2018 (in millions) 2014 Credit Agreement $ 1,182.2 $ 1,433.8 2014 Senior Notes 800.0 800.0 2017 Senior Notes 1,000.0 1,000.0 URS Senior Notes 248.1 247.9 Other debt 208.8 191.8 Total debt 3,439.1 3,673.5 Less: Current portion of debt and short-term borrowings (117.2) (143.1) Less: Unamortized debt issuance costs (36.1) (46.7) Long-term debt $ 3,285.8 $ 3,483.7 The following table presents, in millions, scheduled maturities of the Company’s debt as of September 30, 2019: Fiscal Year 2020 $ 117.2 2021 216.1 2022 317.5 2023 450.9 2024 15.4 Thereafter 2,322.0 Total $ 3,439.1 2014 Credit Agreement The Company entered into a credit agreement (Credit Agreement) on October 17, 2014, which, as amended to date, consists of (i) a term loan A facility that includes a $510 million (US) term loan A facility with a term expiring on March 13, 2021 and a $500 million Canadian dollar (CAD) term loan A facility and a $250 million Australian dollar (AUD) term loan A facility, each with terms expiring on March 13, 2023; (ii) a $600 million term loan B facility with a term expiring on March 13, 2025; and (iii) a revolving credit facility in an aggregate principal amount of $1.35 billion with a term expiring on March 13, 2023. Some of subsidiaries of the Company (Guarantors) have guaranteed the obligations of the borrowers under the Credit Agreement. The borrowers’ obligations under the Credit Agreement are secured by a lien on substantially all of the assets of the Company and the Guarantors pursuant to a security and pledge agreement (Security Agreement). The collateral under the Security Agreement is subject to release upon fulfillment of conditions specified in the Credit Agreement and Security Agreement. The Credit Agreement contains covenants that limit the ability of the Company and the ability of some of its subsidiaries to, among other things: (i) create, incur, assume, or suffer to exist liens; (ii) incur or guarantee indebtedness; (iii) pay dividends or repurchase stock; (iv) enter into transactions with affiliates; (v) consummate asset sales, acquisitions or mergers; (vi) enter into various types of burdensome agreements; or (vii) make investments. On July 1, 2015, the Credit Agreement was amended to revise the definition of “Consolidated EBITDA” to increase the allowance for acquisition and integration expenses related to the Company’s acquisition of URS. On December 22, 2015, the Credit Agreement was amended to further revise the definition of “Consolidated EBITDA” by further increasing the allowance for acquisition and integration expenses related to the acquisition of URS and to allow for an internal corporate restructuring primarily involving the Company’s international subsidiaries. On September 29, 2016, the Credit Agreement and the Security Agreement were amended to (1) lower the applicable interest rate margins for the term loan A and the revolving credit facilities, and lower the applicable letter of credit fees and commitment fees to the revised consolidated leverage levels; (2) extend the term of the term loan A and the revolving credit facility to September 29, 2021; (3) add a new delayed draw term loan A facility tranche in the amount of $185.0 million; (4) replace the then existing $500 million performance letter of credit facility with a $500 million basket to enter into secured letters of credit outside the Credit Agreement; and (5) revise covenants, including the Maximum Consolidated Leverage Ratio so that the step down from a 5.00 to a 4.75 leverage ratio is effective as of March 31, 2017 as well as the investment basket for the Company’s AECOM Capital business. On March 31, 2017, the Credit Agreement was amended to (1) expand the ability of restricted subsidiaries to borrow under “Incremental Term Loans;” (2) revise the definition of “Working Capital” as used in “Excess Cash Flow;” (3) revise the definitions for “Consolidated EBITDA” and “Consolidated Funded Indebtedness” to reflect the expected gain and debt repayment of an AECOM Capital disposition, which disposition was completed on April 28, 2017; and (4) amend provisions relating to the Company’s ability to undertake internal restructuring steps to accommodate changes in tax laws. On March 13, 2018, the Credit Agreement was amended to (1) refinance the existing term loan A facility to include a $510 million (US) term loan A facility with a term expiring on March 13, 2021 and a $500 million CAD term loan A facility and a $250 million AUD term loan A facility each with terms expiring on March 13, 2023; (2) issue a new $600 million term loan B facility to institutional investors with a term expiring on March 13, 2025; (3) increase the capacity of the Company’s revolving credit facility from $1.05 billion to $1.35 billion and extend its term until March 13, 2023; (4) reduce the Company’s interest rate borrowing costs as follows: (a) the term loan B facility, at the Company’s election, Base Rate (as defined in the Credit Agreement) plus 0.75% or Eurocurrency Rate (as defined in the Credit Agreement) plus 1.75%, (b) the (US) term loan A facility, at the Company’s election, Base Rate plus 0.50% or Eurocurrency Rate plus 1.50%, and (c) the Canadian (CAD) term loan A facility, the Australian (AUD) term loan A facility, and the revolving credit facility, an initial rate of, at the Company’s election, Base Rate plus 0.75% or Eurocurrency Rate plus 1.75%, and after the end of the Company’s fiscal quarter ended June 30, 2018, Base Rate loans plus a margin ranging from 0.25% to 1.00% or Eurocurrency Rate plus a margin from 1.25% to 2.00%, based on the Consolidated Leverage Ratio (as defined in the Credit Agreement); (5) revise covenants including increasing the amounts available under the restricted payment negative covenant and revising the Maximum Consolidated Leverage Ratio (as defined in the Credit Agreement) to include a 4.5 leverage ratio through September 30, 2019 after which the leverage ratio steps down to 4.0. Under the Credit Agreement, the Company is subject to a maximum consolidated leverage ratio and minimum consolidated interest coverage ratio at the end of each fiscal quarter. The Company’s Consolidated Leverage Ratio was 3.4 at September 30, 2019. The Company’s Consolidated Interest Coverage Ratio was 4.9 at September 30, 2019. As of September 30, 2019, the Company was in compliance with the covenants of the Credit Agreement. At September 30, 2019 and 2018, outstanding standby letters of credit totaled $22.8 million and $28.7 million, respectively, under the Company’s revolving credit facilities. As of September 30, 2019 and 2018, the Company had $1,327.2 million and $1,321.3 million, respectively, available under its revolving credit facility. 2014 Senior Notes On October 6, 2014, the Company completed a private placement offering of $800,000,000 aggregate principal amount of the unsecured 5.750% Senior Notes due 2022 (2022 Notes) and $800,000,000 aggregate principal amount of the unsecured 5.875% Senior Notes due 2024 (the 2024 Notes and, together with the 2022 Notes, the 2014 Senior Notes). On November 2, 2015, the Company completed an exchange offer to exchange the unregistered 2014 Senior Notes for registered notes, as well as all related guarantees. On March 16, 2018, the Company redeemed all of the 2022 Notes at a redemption price that was 104.313% of the principal amount outstanding plus accrued and unpaid interest. The March 16, 2018 redemption resulted in a $34.5 million prepayment premium, which was included in interest expense. As of September 30, 2019, the estimated fair value of the 2024 Notes was approximately $866.0 million. The fair value of the 2024 Notes as of September 30, 2019 was derived by taking the mid-point of the trading prices from an observable market input (Level 2) in the secondary bond market and multiplying it by the outstanding balance of the 2024 Notes. At any time prior to July 15, 2024, the Company may redeem on one or more occasions all or part of the 2024 Notes at a redemption price equal to the sum of (i) 100% of the principal amount thereof, plus (ii) a “make-whole” premium as of the date of the redemption, plus any accrued and unpaid interest to the date of redemption. In addition, on or after July 15, 2024, the 2024 Notes may be redeemed at a redemption price of 100% of the principal amount thereof, plus accrued and unpaid interest to the date of redemption. The indenture pursuant to which the 2024 Notes were issued contains customary events of default, including, among other things, payment default, exchange default, failure to provide notices thereunder and provisions related to bankruptcy events. The indenture also contains customary negative covenants. The Company was in compliance with the covenants relating to the 2024 Notes as of September 30, 2019. 2017 Senior Notes On February 21, 2017, the Company completed a private placement offering of $1,000,000,000 aggregate principal amount of its unsecured 5.125% Senior Notes due 2027 (the 2017 Senior Notes) and used the proceeds to immediately retire the remaining $127.6 million outstanding on the then existing term loan B facility as well as repay $600 million of the term loan A facility and $250 million of the revolving credit facility under its Credit Agreement. On June 30, 2017, the Company completed an exchange offer to exchange the unregistered 2017 Senior Notes for registered notes, as well as related guarantees. As of September 30, 2019, the estimated fair value of the 2017 Senior Notes was approximately $1,041.3 million. The fair value of the 2017 Senior Notes as of September 30, 2019 was derived by taking the mid-point of the trading prices from an observable market input (Level 2) in the secondary bond market and multiplying it by the outstanding balance of the 2017 Senior Notes. Interest will be payable on the 2017 Senior Notes at a rate of 5.125% per annum. Interest on the 2017 Senior Notes is payable semi-annually on March 15 and September 15 of each year, commencing on September 15, 2017. The 2017 Senior Notes will mature on March 15, 2027. At any time and from time to time prior to December 15, 2026, the Company may redeem all or part of the 2017 Senior Notes, at a redemption price equal to 100% of their principal amount, plus a “make whole” premium as of the redemption date, and accrued and unpaid interest to the redemption date. In addition, at any time and from time to time prior to March 15, 2020, the Company may redeem up to 35% of the original aggregate principal amount of the 2017 Senior Notes with the proceeds of one or more qualified equity offerings, at a redemption price equal to 105.125%, plus accrued and unpaid interest. Furthermore, at any time on or after December 15, 2026, the Company may redeem on one or more occasions all or part of the 2017 Senior Notes at a redemption price equal to 100% of their principal amount, plus accrued and unpaid interest. The indenture pursuant to which the 2017 Senior Notes were issued contains customary events of default, including, among other things, payment default, exchange default, failure to provide notices thereunder and provisions related to bankruptcy events. The indenture also contains customary negative covenants. The Company was in compliance with the covenants relating to the 2017 Senior Notes as of September 30, 2019. URS Senior Notes In connection with the URS acquisition, the Company assumed the URS 3.85% Senior Notes due 2017 (2017 URS Senior Notes) and the URS 5.00% Senior Notes due 2022 (2022 URS Senior Notes), totaling $1.0 billion (URS Senior Notes). The URS acquisition triggered change in control provisions in the URS Senior Notes that allowed the holders of the URS Senior Notes to redeem their URS Senior Notes at a cash price equal to 101% of the principal amount and, accordingly, the Company redeemed $572.3 million of the URS Senior Notes on October 24, 2014. The remaining 2017 URS Senior Notes matured and were fully redeemed on April 3, 2017 for $179.2 million using proceeds from a $185 million delayed draw term loan A facility tranche under the Credit Agreement. The 2022 URS Senior Notes are general unsecured senior obligations of AECOM Global II, LLC as successor in interest to URS) and are fully and unconditionally guaranteed on a joint-and-several basis by some former URS domestic subsidiary guarantors. As of September 30, 2019, the estimated fair value of the 2022 URS Senior Notes was approximately $256.0 million. The carrying value of the 2022 URS Senior Notes on the Company’s Consolidated Balance Sheets as of September 30, 2019 was $248.1 million. The fair value of the 2022 URS Senior Notes as of September 30, 2019 was derived by taking the mid-point of the trading prices from an observable market input (Level 2) in the secondary bond market and multiplying it by the outstanding balance of the 2022 URS Senior Notes. As of September 30, 2019, the Company were in compliance with the covenants relating to the 2022 URS Senior Notes. Other Debt and Other Items Other debt consists primarily of obligations under capital leases and loans, and unsecured credit facilities. The Company’s unsecured credit facilities are primarily used for standby letters of credit issued in connection with general and professional liability insurance programs and for contract performance guarantees. At September 30, 2019 and 2018, these outstanding standby letters of credit totaled $470.9 million and $486.4 million, respectively. As of September 30, 2019, the Company had $473.2 million available under these unsecured credit facilities. Effective Interest Rate The Company’s average effective interest rate on its total debt, including the effects of the interest rate swap agreements, during the years ended September 30, 2019, 2018 and 2017 was 4.8%, 4.6% and 4.6%, respectively. Interest expense in the consolidated statements of operations for the year ended September 30, 2019 included amortization of deferred debt issuance costs for the year ended September 30, 2019, 2018 and 2017 was $10.7 million, $18.1 million and $17.5 million, respectively. |
Derivative Financial Instrument
Derivative Financial Instruments and Fair Value Measurements | 12 Months Ended |
Sep. 30, 2019 | |
Derivative Financial Instruments and Fair Value Measurements | |
Derivative Financial Instruments and Fair Value Measurements | 9. Derivative Financial Instruments and Fair Value Measurements The Company uses certain interest rate derivative contracts to hedge interest rate exposures on the Company’s variable rate debt. The Company enters into foreign currency derivative contracts with financial institutions to reduce the risk that its cash flows and earnings will be adversely affected by foreign currency exchange rate fluctuations. The Company’s hedging program is not designated for trading or speculative purposes. The Company recognizes derivative instruments as either assets or liabilities on the accompanying consolidated balance sheets at fair value. The Company records changes in the fair value (i.e., gains or losses) of the derivatives that have been designated as accounting hedges in the accompanying consolidated statements of operations as cost of revenue, interest expense or to accumulated other comprehensive loss in the accompanying consolidated balance sheets. Cash Flow Hedges The Company uses interest rate swap agreements designated as cash flow hedges to fix the variable interest rates on portions of the Company’s debt. The Company also uses foreign currency contracts designated as cash flow hedges to hedge forecasted revenue transactions denominated in currencies other than the U.S. dollar. The Company initially reports any gain on the effective portion of a cash flow hedge as a component of accumulated other comprehensive loss. Depending on the type of cash flow hedge, the gain is subsequently reclassified to either interest expense when the interest expense on the variable rate debt is recognized, or to cost of revenue when the hedged revenues are recorded. If the hedged transaction becomes probable of not occurring, any gain or loss related to interest rate swap agreements or foreign currency contracts would be recognized in other income (expense). Further, the Company excludes the change in the time value of the foreign currency contracts from the assessment of hedge effectiveness. The Company records the premium paid or time value of a contract on the date of purchase as an asset. Thereafter, the Company recognizes any change to this time value in cost of revenue. The notional principal in U.S. dollar (USD), Canadian dollar (CAD), and Australian dollar (AUD), fixed rates and related expiration dates of the Company’s outstanding interest rate swap agreements were as follows: September 30, 2019 Notional Amount Notional Amount Fixed Expiration Currency (in millions) Rate Date AUD 200.0 2.19 % February 2021 CAD 400.0 2.49 % September 2022 USD 200.0 2.60 % February 2023 September 30, 2018 Notional Amount Notional Amount Fixed Expiration Currency (in millions) Rate Date AUD 200.0 2.19 % February 2021 CAD 400.0 2.49 % September 2022 USD 200.0 2.60 % February 2023 The notional principal of outstanding foreign currency contracts to purchase AUD was AUD 23.2 million (or $17.4 million) at September 30, 2019. The notional principal of outstanding foreign currency contracts to purchase AUD was AUD 65.2 million (or $49.1 million) at September 30, 2018. Other Foreign Currency Forward Contracts The Company uses foreign currency forward contracts which are not designated as accounting hedges to hedge intercompany transactions and other monetary assets or liabilities denominated in currencies other than the functional currency of a subsidiary. Gains and losses on these contracts were not material for the years ended September 30, 2019, 2018 and 2017. Fair Value Measurements The Company’s non-pension financial assets and liabilities recorded at fair values relate to derivative instruments and were not material at September 30, 2019 or 2018. See Note 17 for accumulated balances and reporting period activities of derivatives related to reclassifications out of accumulated other comprehensive income or loss for the years ended September 30, 2019, 2018 and 2017. Amounts recognized in accumulated other comprehensive loss from the Company’s foreign currency options were immaterial for all years presented. Amounts reclassified from accumulated other comprehensive loss into income from the foreign currency options were immaterial for all years presented. Additionally, there were no material losses recognized in income due to amounts excluded from effectiveness testing from the Company’s interest rate swap agreements. |
Concentration of Credit Risk
Concentration of Credit Risk | 12 Months Ended |
Sep. 30, 2019 | |
Concentration of Credit Risk | |
Concentration of Credit Risk | 10. Concentration of Credit Risk Financial instruments which potentially subject the Company to concentrations of credit risk consist principally of cash investments and trade receivables. The Company’s cash balances and short-term investments are maintained in accounts held by major banks and financial institutions located primarily in the U.S., Canada, Europe, Australia, Middle East and Hong Kong. If the Company extends significant credit to clients in a specific geographic area or industry, the Company 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 with respect to trade receivables are limited due to the large number of customers comprising the Company’s customer base, including, in large part, governments, government agencies and quasi-government organizations, and their dispersion across many different industries and geographies. See Note 4 regarding the Company’s foreign revenues. In order to mitigate credit risk, the Company continually reviews the credit worthiness of its major private clients. |
Leases
Leases | 12 Months Ended |
Sep. 30, 2019 | |
Leases | |
Leases | 11. Leases The Company and its subsidiaries are lessees in non-cancelable leasing agreements for office buildings and equipment. The related payments are expensed on a straight-line basis over the lease term, including, as applicable, any free-rent period during which the Company has the right to use the asset. For leases with renewal options where the renewal is reasonably assured, the lease term, including the renewal period is used to determine the appropriate lease classification and to compute periodic rental expense. The following table presents, in millions, amounts payable under non-cancelable operating lease commitments during the following fiscal years: Year Ending September 30, 2020 $ 236.2 2021 198.3 2022 166.0 2023 131.1 2024 105.0 Thereafter 405.8 Total $ 1,242.4 Rent expense for leases for the years ended September 30, 2019, 2018 and 2017 was approximately $258.1 million, $268.5 million, and $265.9 million, respectively. When the Company is required to restore leased facilities to original condition, provisions are made over the period of the lease. |
Stockholders' Equity
Stockholders' Equity | 12 Months Ended |
Sep. 30, 2019 | |
Stockholders' Equity | |
Stockholders' Equity | 12. Stockholders’ Equity Common Stock Units Accelerated Share Repurchase |
Share-Based Payments
Share-Based Payments | 12 Months Ended |
Sep. 30, 2019 | |
Share-based Payments | |
Share-based Payments | 13. Share-Based Payments Defined Contribution Plans Stock Incentive Plans During the three years in the period ended September 30, 2019, option activity was as follows: Number of Weighted Options Average (in millions) Exercise Price Balance, September 30, 2016 0.9 30.36 Granted — — Exercised (0.2) 26.42 Cancelled — — Balance, September 30, 2017 0.7 31.11 Granted — — Exercised (0.1) 27.79 Cancelled — — Balance, September 30, 2018 0.6 31.62 Granted — — Exercised — — Cancelled (0.5) (31.62) Balance, September 30, 2019 0.1 31.62 Exercisable as of September 30, 2017 0.1 27.79 Exercisable as of September 30, 2018 — N/A Exercisable as of September 30, 2019 0.1 31.62 The aggregate intrinsic value of stock options exercised during the years ended September 30, 2018 and 2017 was $0.9 million and $1.2 million, respectively. The fair value of the Company’s employee stock option awards is estimated on the date of grant. The expected term of awards granted represents the period of time the awards are expected to be outstanding. The risk-free interest rate is based on U.S. Treasury bond rates with maturities equal to the expected term of the option on the grant date. The Company uses historical data as a basis to estimate the probability of forfeitures. No stock options were granted during the years ended September 30, 2019 and 2018. The Company grants stock units to employees under its Performance Earnings Program (PEP), whereby units are earned and issued dependent upon meeting established cumulative performance objectives and vest over a three-year service period. Additionally, the Company issues restricted stock units to employees which are earned based on service conditions. The grant date fair value of PEP awards and restricted stock unit awards is that day’s closing market price of the Company’s common stock. The weighted average grant date fair value of PEP awards was $27.53, $37.69, and $38.15 during the years ended September 30, 2019, 2018 and 2017, respectively. The weighted average grant date fair value of restricted stock unit awards was $27.73, $36.83, and $37.96 during the years ended September 30, 2019, 2018 and 2017, respectively. Total compensation expense related to these share-based payments including stock options was $63.8 million, $73.1 million, and $83.8 million during the years ended September 30, 2019, 2018 and 2017, respectively. Unrecognized compensation expense related to total share-based payments outstanding as of September 30, 2019 and 2018 was $74.6 million and $94.3 million, respectively, to be recognized on a straight-line basis over the awards’ respective vesting periods which are generally three years. |
Income Taxes
Income Taxes | 12 Months Ended |
Sep. 30, 2019 | |
Income Taxes | |
Income Taxes | 14. Income Taxes Income (loss) before income taxes included (loss) income from domestic operations of $(255.6) million, $317.9 million, and $322.2 million for fiscal years ended September 30, 2019, 2018 and 2017 and income (loss) from foreign operations of $71.5 million, $(140.4) million, and $107.0 million for fiscal years ended September 30, 2019, 2018 and 2017. Income tax (benefit) expense was comprised of: Fiscal Year Ended September 30, September 30, September 30, 2019 2018 2017 (in millions) Current: Federal $ 9.2 $ (122.4) $ 10.3 State 45.4 19.0 17.9 Foreign 43.2 47.1 29.3 Total current income tax expense (benefit) 97.8 (56.3) 57.5 Deferred: Federal (67.0) 14.5 (8.3) State (41.7) 39.0 10.4 Foreign 10.8 (16.8) (51.9) Total deferred income tax (benefit) expense (97.9) 36.7 (49.8) Total income tax (benefit) expense $ (0.1) $ (19.6) $ 7.7 The major elements contributing to the difference between the U.S. federal statutory rate of 21% for fiscal year ended September 30, 2019 and 24.5% and 35% for fiscal years ended September 30, 2018 and 2017, respectively, and the effective tax rate are as follows: Fiscal Year Ended September 30, September 30, September 30, 2019 2018 2017 Amount % Amount % Amount % (in millions) Tax at federal statutory rate $ (38.7) 21.0 % $ 43.5 24.5 % $ 150.3 35.0 % State income tax, net of federal benefit 9.0 (4.9) 17.8 10.0 24.3 5.7 Impairment of goodwill, nondeductible for tax 82.7 (44.9) 33.9 19.1 — — Foreign residual income 28.9 (15.7) 10.3 5.8 (9.2) (2.1) Nondeductible costs 9.2 (5.0) 3.5 1.9 5.8 1.4 Change in uncertain tax positions 6.0 (3.3) (31.4) (17.7) 9.5 2.2 Return to provision, primarily foreign tax credits 3.7 (2.0) (18.5) (10.4) — — Income tax credits and incentives (47.6) 25.8 (37.2) (21.0) (56.8) (13.2) Valuation allowance (20.3) 11.0 58.7 33.1 (51.2) (11.9) Exclusion of tax on non-controlling interests (16.3) 8.9 (14.9) (8.4) (28.2) (6.6) Foreign tax rate differential (4.8) 2.6 (1.6) (0.9) (19.2) (4.5) Audit settlement (4.6) 2.5 (27.7) (15.6) — — Tax exempt income (3.9) 2.1 (7.4) (4.2) (17.9) (4.2) Impact of changes in tax law (1.5) 0.8 (47.8) (26.9) — — Other items, net (1.9) 1.2 (0.8) (0.4) 0.3 — Total income tax expense (benefit) $ (0.1) 0.1 % $ (19.6) (11.1) % $ 7.7 1.8 % During fiscal 2018, the Company recorded a valuation allowance of $38.1 million against foreign tax credits related to deferred tax assets in the U.S. In its determination of the realizability of its deferred tax assets, the Company evaluated positive evidence consisting of forecasts of foreign tax credit utilization against future foreign source income, earnings trends over a sustainable period, positive economic conditions in the industries the Company operates in, possible prudent and feasible tax planning strategies (net of costs to implement the tax planning strategies) and actual usage of foreign tax credit carryforwards. The Company also evaluated negative evidence consisting of significant foreign tax credits and U.S. tax law changes that restrict the usage of foreign tax credits. This evaluation was conducted on a tax jurisdictional basis or legal entity basis, as applicable, and based on the weighing of all positive and negative evidence, a determination was made as to the realizability of the deferred tax assets on that same basis. During fiscal 2019, the Company revaluated the valuation allowance based on positive evidence and negative evidence including new positive evidence related to the issuance of regulations during the first quarter related to The Tax Cuts and Jobs Act forecasting the utilization of the foreign tax credits within the foreseeable future. Based on the weighing of all positive and negative evidence the Company determined that a valuation allowance was no longer needed and released the valuation allowance resulting in a tax benefit of $38.1 million. During fiscal 2018, President Trump signed what is commonly referred to as The Tax Cuts and Jobs Act During fiscal 2018, the Company recorded a $32.0 million provisional tax benefit related to the remeasurement of its 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%. In addition, the Company released the deferred tax liability and recorded a tax benefit related to foreign subsidiaries for which the undistributed earnings are not intended to be reinvested indefinitely for $79.8 million and accrued $64 million of tax expense related to the one-time transition tax. During fiscal 2019, the Company completed the calculation of the total foreign earnings and profits of foreign subsidiaries and recorded a tax benefit of $1.5 million. During fiscal 2018, the Company effectively settled a U.S. federal income tax examination for URS pre-acquisition tax years 2012, 2013 and 2014 and recorded a benefit of $27.7 million related to various adjustments, in addition to the favorable settlement for R&D credits of $26.2 million recorded in the second quarter of 2018. The Company is currently under tax audit in several jurisdictions including the U.S and believe the outcomes which are reasonably possible within the next twelve months, including lapses in statutes of limitations, could result in adjustments, but will not result in a material change in the liability for uncertain tax positions. During fiscal 2018, the Company restructured certain operations in Canada which resulted in a release of a valuation allowance of $13.1 million. Certain operations in Canada continue to forecast losses and the valuation allowances could be reduced if the earnings trends reverse. Generally, the Company would reverse its valuation allowance in a particular tax jurisdiction if the positive evidence examined, such as projected and sustainable earnings or a tax-planning strategy that allows for the usage of the deferred tax asset, is sufficient to overcome significant negative evidence, such as large net operating loss carryforwards or a cumulative history of losses in recent years. In the United States, the valued deferred tax assets have a restricted life or use under relevant tax law and, therefore, it is unlikely that the valuation allowance related to these assets will reverse. In addition, the Company is continually investigating tax planning strategies that, if prudent and feasible, may be implemented to realize a deferred tax asset that would otherwise expire unutilized. The identification and internal/external approval (as relevant) of such a prudent and feasible tax planning strategy could cause a reduction in the valuation allowance. The deferred tax assets (liabilities) are as follows: Fiscal Year Ended September 30, September 30, 2019 2018 (in millions) Deferred tax assets: Compensation and benefit accruals not currently deductible $ 132.9 $ 108.3 Net operating loss carryforwards 228.2 252.4 Self-insurance reserves 12.9 13.5 Research and experimentation and other tax credits 120.5 178.1 Pension liability 105.1 88.2 Accrued liabilities 125.4 63.4 Other 28.8 27.8 Total deferred tax assets 753.8 731.7 Deferred tax liabilities: Unearned revenue (106.9) (121.1) Depreciation and amortization (78.5) (135.9) Acquired intangible assets (49.6) (56.0) Investment in subsidiaries (108.7) (109.5) Total deferred tax liabilities (343.7) (422.5) Valuation allowance (169.1) (197.1) Net deferred tax assets $ 241.0 $ 112.1 As of September 30, 2019, the Company has available unused state and foreign net operating loss (NOL) carryforwards of $654.2 million and $945.8 million, respectively, which expire at various dates over the next several years; the federal NOL carryforwards and some foreign NOL carryforwards never expire. In addition, as of September 30, 2019, the Company has unused federal and state research and development credits of $77.6 million and $40.3 million, respectively, and California Enterprise Zone Tax Credits of $6.8 million which expire at various dates over the next several years. As of September 30, 2019 and 2018, gross deferred tax assets were $753.8 million and $731.7 million, respectively. The Company has recorded a valuation allowance of $169.1 million and $197.1 million at September 30, 2019 and 2018, respectively, primarily related to foreign tax credits, state and foreign net operating loss carryforwards and credits and deferred tax assets related to certain pension obligations (primarily in the United Kingdom and Canada). The Company has performed an assessment of positive and negative evidence, including the nature, frequency, and severity of cumulative financial reporting losses in recent years, the future reversal of existing temporary differences, predictability of future taxable income exclusive of reversing temporary differences of the character necessary to realize the asset, relevant carryforward periods, taxable income in carry-back years if carry-back is permitted under tax law, and prudent and feasible tax planning strategies that would be implemented, if necessary, to protect against the loss of the deferred tax asset that would otherwise expire. Although realization is not assured, based on the Company’s assessment, the Company has concluded that it is more likely than not that the remaining gross deferred tax asset (exclusive of deferred tax liabilities) of $584.7 million will be realized and, as such, no additional valuation allowance has been provided. The net decrease in the valuation allowance of $28.0 million is primarily attributable to the release of a valuation allowance of $38.1 million for foreign tax credits and the utilization of $6.0 million of foreign net operating loss carryforwards in the current year, partially offset by increases in valuation allowances for unbenefitable losses. Generally, the Company does not provide for U.S. taxes or foreign withholding taxes on gross book-tax differences in its non-U.S. subsidiaries because such basis differences of approximately $1.8 billion are able to and intended to be reinvested indefinitely. If these basis differences were distributed, foreign tax credits could become available under current law to partially or fully reduce the resulting U.S. income tax liability. There may also be additional U.S. or foreign income tax liability upon repatriation, although the calculation of such additional taxes is not practicable. As of September 30, 2019 and 2018, the Company had a liability for unrecognized tax benefits, including potential interest and penalties, net of related tax benefit, totaling $75.4 million and $71.9 million, respectively. The gross unrecognized tax benefits as of September 30, 2019 and 2018 were $62.4 million and $60.0 million, respectively, excluding interest, penalties, and related tax benefit. Of the $62.4 million, approximately $45.2 million would be included in the effective tax rate if recognized. A reconciliation of the beginning and ending amount of gross unrecognized tax benefits is as follows: Fiscal Year Ended September 30, September 30, 2019 2018 (in millions) Balance at the beginning of the year $ 60.0 $ 102.1 Gross increase in current period’s tax positions 3.4 4.0 Gross increase in prior years’ tax positions 0.8 2.2 Gross decrease in prior years’ tax positions (1.0) (14.4) Decrease due to settlement with tax authorities — (31.9) Decrease due to lapse of statute of limitations — (1.7) Gross change due to foreign exchange fluctuations (0.8) (0.3) Balance at the end of the year $ 62.4 $ 60.0 The Company classifies interest and penalties related to uncertain tax positions within the income tax expense line in the accompanying consolidated statements of operations. As of September 30, 2019, the accrued interest and penalties were $20.3 million and $4.3 million, respectively, excluding any related income tax benefits. At September 30, 2018, the accrued interest and penalties were $15.5 million and $4.1 million, respectively, excluding any related income tax benefits. The Company files income tax returns in numerous tax jurisdictions, including the U.S., and numerous U.S. states and non-U.S. jurisdictions around the world. The statute of limitations varies by jurisdiction in which the Company operates. Because of the number of jurisdictions in which the Company files tax returns, in any given year the statute of limitations in certain jurisdictions may expire without examination within the 12-month period from the balance sheet date. While it is reasonably possible that the total amounts of unrecognized tax benefits could significantly increase or decrease within the next twelve months, an estimate of the range of possible change cannot be made. |
Earnings Per Share
Earnings Per Share | 12 Months Ended |
Sep. 30, 2019 | |
Earnings Per Share | |
Earnings Per Share | 15. Earnings Per Share Basic earnings per share (EPS) excludes dilution and is computed by dividing net income attributable to AECOM by the weighted average number of common shares outstanding for the period. Diluted EPS is computed by dividing net income attributable to AECOM by the weighted average number of common shares outstanding and potential common shares for the period. The Company includes as potential common shares the weighted average dilutive effects of equity awards using the treasury stock method. For the periods presented, equity awards excluded from the calculation of potential common shares were not significant. The computation of diluted loss per share for the year ended September 30, 2019 excludes 2.7 million of potential common shares due to their antidilutive effect. The following table sets forth a reconciliation of the denominators of basic and diluted earnings per share: Fiscal Year Ended September 30, September 30, September 30, 2019 2018 2017 (in millions) Denominator for basic earnings per share 157.0 159.1 155.7 Potential common shares — 3.2 3.4 Denominator for diluted earnings per share 157.0 162.3 159.1 |
Other Financial Information
Other Financial Information | 12 Months Ended |
Sep. 30, 2019 | |
Other Financial Information | |
Other Financial Information | 16. Other Financial Information Accrued expenses and other current liabilities consist of the following: Fiscal Year Ended September 30, September 30, 2019 2018 (in millions) Accrued salaries and benefits $ 1,020.7 $ 1,035.9 Accrued contract costs 913.9 861.0 Other accrued expenses 455.8 370.1 $ 2,390.4 $ 2,267.0 Accrued contract costs above include balances related to professional liability accruals of $573.4 million and $519.5 million as of September 30, 2019 and 2018, respectively. The remaining accrued contract costs primarily relate to costs for services provided by subcontractors and other non-employees. Liabilities recorded related to accrued contract losses were not material as of September 30, 2019 and 2018. The Company did not have material revisions to estimates for contracts where revenue is recognized using the percentage-of-completion method during the twelve months ended September 30, 2019. In the first quarter of fiscal 2019, the Company commenced a restructuring plan to improve profitability. The Company incurred restructuring expenses of $95.4 million, including personnel and other costs of $73.3 million and real estate costs of $22.1 million during the year ended September 30, 2019, of which $26.5 million was accrued and unpaid at September 30, 2019. In connection with this restructuring plan, the Company evaluated its real estate portfolio to better align with the ongoing business. The Company identified certain long-lived assets that were no longer recoverable, and recorded an impairment of $27.4 million in Impairment of long-lived assets, including goodwill during the fourth quarter of fiscal 2019. Fair value of the long-lived assets was determined primarily using Level 3 inputs, such as discounted cash flows. During the twelve months ended September 30, 2016, the Company recorded revenue related to the expected accelerated recovery of a pension related entitlement from the federal government of approximately $50 million. The entitlement resulted from pension costs that are reimbursable through certain government contracts in accordance with Cost Accounting Standards. The accelerated recognition resulted from an amendment to freeze pension benefits under URS Federal Services, Inc. Employees Retirement Plan. During the year ended September 30, 2019, the Company entered into an agreement with the federal government to settle substantially all of the entitlement. |
Reclassifications out of Accumu
Reclassifications out of Accumulated Other Comprehensive Loss | 12 Months Ended |
Sep. 30, 2019 | |
Reclassifications out of Accumulated Other Comprehensive Loss | |
Reclassifications out of Accumulated Other Comprehensive Loss | 17. Reclassifications out of Accumulated Other Comprehensive Loss The accumulated balances and reporting period activities for the years ended September 30, 2019, 2018 and 2017 related to reclassifications out of accumulated other comprehensive loss are summarized as follows (in millions): Foreign Accumulated Pension Currency Gain on Other Related Translation Derivative Comprehensive Adjustments Adjustments Instruments Loss Balances at September 30, 2017 $ (281.9) $ (418.4) $ (0.4) $ (700.7) Other comprehensive income (loss) before reclassification 69.9 (83.8) 0.7 (13.2) Amounts reclassified from accumulated other comprehensive loss 9.7 — 0.9 10.6 Balances at September 30, 2018 $ (202.3) $ (502.2) $ 1.2 $ (703.3) Foreign Accumulated Pension Currency Loss on Other Related Translation Derivative Comprehensive Adjustments Adjustments Instruments Loss Balances at September 30, 2018 $ (202.3) $ (502.2) $ 1.2 $ (703.3) Other comprehensive income (loss) before reclassification (107.2) (46.5) (17.2) (170.9) Amounts reclassified from accumulated other comprehensive loss 6.8 — 3.2 10.0 Balances at September 30, 2019 $ (302.7) $ (548.7) $ (12.8) $ (864.2) |
Commitments and Contingencies
Commitments and Contingencies | 12 Months Ended |
Sep. 30, 2019 | |
Commitments and Contingencies | |
Commitments and Contingencies | 18. Commitments and Contingencies The Company records amounts representing its probable estimated liabilities relating to claims, guarantees, litigation, audits and investigations. The Company relies in part on qualified actuaries to assist it in determining the level of reserves to establish for insurance-related claims that are known and have been asserted against it, and for insurance-related claims that are believed to have been incurred based on actuarial analysis, but have not yet been reported to the Company’s claims administrators as of the respective balance sheet dates. The Company includes any adjustments to such insurance reserves in its consolidated results of operations. The Company’s reasonably possible loss disclosures are presented on a gross basis prior to the consideration of insurance recoveries. The Company does not record gain contingencies until they are realized. In the ordinary course of business, the Company may not be aware that it or its affiliates are under investigation and may not be aware of whether or not a known investigation has been concluded. In the ordinary course of business, the Company may enter into various arrangements providing financial or performance assurance to clients, lenders, or partners. Such arrangements include standby letters of credit, surety bonds, and corporate guarantees to support the creditworthiness or the project execution commitments of its affiliates, partnerships and joint ventures. Performance arrangements typically have various expiration dates ranging from the completion of the project contract and extending beyond contract completion in certain circumstances such as for warranties. The Company may also guarantee that a project, when complete, will achieve specified performance standards. If the project subsequently fails to meet guaranteed performance standards, the Company may incur additional costs, pay liquidated damages or be held responsible for the costs incurred by the client to achieve the required performance standards. The potential payment amount of an outstanding performance arrangement is typically the remaining cost of work to be performed by or on behalf of third parties. Generally, under joint venture arrangements, if a partner is financially unable to complete its share of the contract, the other partner(s) may be required to complete those activities. At September 30, 2019, the Company was contingently liable in the amount of approximately $493.7 million in issued standby letters of credit and $4.8 billion in issued surety bonds primarily to support project execution. In the ordinary course of business, the Company enters into various agreements providing financial or performance assurances to clients on behalf of certain unconsolidated partnerships, joint ventures and other jointly executed contracts. These agreements are entered into primarily to support the project execution commitments of these entities. The Company’s investment adviser jointly manages, sponsors and owns equity interest in the AECOM-Canyon Equity Fund, L.P. (the “Fund”), in which the Company has an ongoing capital commitment to fund investments. At September 30, 2019, the Company has capital commitments of $35 million to the Fund over the next 10 years. In addition, in connection with the investment activities of AECOM Capital, the Company provides guarantees of certain obligations, including guarantees for completion of projects, repayment of debt, environmental indemnity obligations and other lender required guarantees. Department of Energy Deactivation, Demolition, and Removal Project Washington Group International, an Ohio company, the former name of one of the Company’s wholly-owned subsidiaries (AECOM E&C) executed a cost-reimbursable task order with the Department of Energy (DOE) in 2007 to provide deactivation, demolition and removal services at a New York State project site that, during 2010, experienced contamination and performance issues and remains uncompleted. In February 2011, AECOM E&C and the DOE executed a Task Order Modification that changed some cost-reimbursable contract provisions to at-risk. The Task Order Modification, including subsequent amendments, required the DOE to pay all project costs up to $106 million, required AECOM E&C and the DOE to equally share in all project costs incurred from $106 million to $146 million, and required AECOM E&C to pay all project costs exceeding $146 million. Due to unanticipated requirements and permitting delays by federal and state agencies, as well as delays and related ground stabilization activities caused by Hurricane Irene in 2011, AECOM E&C has been required to perform work outside the scope of the Task Order Modification. In December 2014, AECOM E&C submitted claims against the DOE pursuant to the Contracts Disputes Acts seeking recovery of $103 million, including additional fees on changed work scope. AECOM E&C has incurred additional project costs outside the scope of the contract as a result of differing site and ground conditions and intends to submit additional formal claims against the DOE. Due to significant delays and uncertainties about responsibilities for the scope of remaining work, final project completion costs and other associated costs have exceeded $100 million over the contracted and claimed amounts. AECOM E&C assets and liabilities, including the value of the above costs and claims, were measured at their fair value on October 17, 2014, the date the Company acquired AECOM E&C’s parent company, which measurement has been reevaluated to account for developments pertaining to this matter. Deconstruction and decommissioning activities are completed and site restoration activities are completed. AECOM E&C increased its receivable during the quarter ended September 30, 2019. Such amount is included in the significant claims discussed in Note 4. AECOM E&C can provide no certainty that it will recover the claims submitted against the DOE in December 2014, any future claims or any other project costs after December 2014 that AECOM E&C may be obligated to incur, which could have a material adverse effect on the Company’s results of operations. SR-91 One of the Company’s wholly-owned subsidiaries, URS Corporation, a Nevada corporation, entered into a partial fixed cost and partial time and material design agreement in 2012 with a design build contractor for a state route highway construction project in Riverside County and Orange County, California. On April 1, 2017, URS Corporation filed an $8.2 million amended complaint in the Superior Court of California against the design build contractor for its failure to pay for services performed under the design agreement. On July 3, 2017, the design build contractor filed an amended cross-complaint against URS Corporation and the Company in Superior Court alleging breaches of contract, negligent interference and professional negligence pertaining to URS Corporation’s performance of design services under the design agreement, seeking purported damages of $70 million. On May 4, 2018, the design build contractor dismissed its claims for negligent interference. On May 24, 2018, URS Corporation filed an $11.9 million second amended complaint in Superior Court against the design build contractor for its failure to pay for services performed under the design agreement. Jury trial commenced in Superior Court on July 1, 2019 and concluded on October 1, 2019. At the time of trial, URS was owed and claimed $4.9 million against the design build contractor, while the contractor counterclaimed for $103.7 million against URS Corporation and the Company. The jury issued a unanimous verdict awarding URS Corporation $4.9 million and awarding the design build contractor $2.7 million. URS Corporation and AECOM cannot provide assurances that URS Corporation will be successful in the recovery of the amounts owed to it under the design agreement or in their defense against the amounts alleged under the cross-complaint that they believe are without merit and that they intend to continue to vigorously defend against in any further proceedings. The potential range of loss in excess of any current accrual cannot be reasonably estimated at this time primarily because the matter involves complex factual and legal issues; there is uncertainty regarding damages, including due to liability of and payments, by third parties; and the post-trial proceedings are ongoing. New York Department of Environmental Conservation The following separate matters pertain to government environmental allegations against one of the Company’s wholly-owned subsidiaries, AECOM USA, Inc. ● In September 2017, AECOM USA, Inc. was advised by the New York State Department of Environmental Conservation (DEC) of allegations that it committed environmental permit violations pursuant to the New York Environmental Conservation Law (ECL) associated with AECOM USA, Inc.’s oversight of a stream restoration project for Schoharie County which could result in substantial penalties if calculated under the ECL’s maximum civil penalty provisions. AECOM USA, Inc. disputes this claim and intends to continue to defend this matter vigorously; however, AECOM USA, Inc. cannot provide assurances that it will be successful in these efforts. The potential range of loss in excess of any current accrual cannot be reasonably estimated at this time primarily because the matter involves complex and unique environmental and regulatory issues; the project site involves the oversight and involvement of various local, state and federal government agencies; there is substantial uncertainty regarding any alleged damages; and the matter is in its preliminary stage of the government’s claims and any negotiations of a consent order or other resolution. ● In December 2018, AECOM USA, Inc. was advised by DEC of allegations that, during AECOM USA, Inc.’s oversight of a remedial construction project in Poughkeepsie, New York, sheen escaped a containment boom line near the east bank of the Hudson River without proper notification to DEC and an unapproved dispersant was sprayed onto the Hudson River to control odors in violation of ECL. AECOM USA, Inc. denies these allegations but is working cooperatively with DEC to resolve the matter through a consent order. Refinery Turnaround Project AECOM E&C entered into an agreement to perform turnaround maintenance services during a planned shutdown at a refinery in Montana in December 2017. The turnaround project was completed in February 2019. Due to circumstances outside of AECOM E&C’s control, including client directed changes and delays and the refinery’s condition, AECOM E&C performed additional work outside of the original contract over $90 million. In March 2019, the refinery owner sent a letter to AECOM E&C alleging it incurred approximately $79 million in damages due to AECOM E&C’s project performance. In April 2019, AECOM E&C filed and perfected a $132 million construction lien against the refinery owner for unpaid labor and materials costs. In August 2019, following a subcontractor complaint filed in the Thirteen Judicial District Court of Montana asserting claims against the refinery owner and AECOM E&C, the refinery owner crossclaimed against AECOM E&C and the subcontractor. In October 2019, following the subcontractor’s dismissal of its claims, AECOM E&C removed the matter to federal court and cross claimed against the refinery owner for approximately $144 million. The Company’s receivable relating to this claim is included within the significant claims discussed in Note 4, Revenue Recognition, to the financial statements included in this report. AECOM E&C intends to vigorously prosecute and defend this matter; however, AECOM E&C cannot provide assurance that it will be successful in these efforts. The resolution of this matter and any potential range of loss cannot be reasonably determined or estimated at this time, primarily because the matter raises complex legal issues that AECOM E&C is continuing to assess. |
Reportable Segments and Geograp
Reportable Segments and Geographic Information | 12 Months Ended |
Sep. 30, 2019 | |
Reportable Segments and Geographic Information | |
Reportable Segments and Geographic Information | 19. Reportable Segments and Geographic Information The Company’s operations are organized into four reportable segments: Design and Consulting Services (DCS), Construction Services (CS), Management Services (MS), and AECOM Capital (ACAP). During the third quarter of fiscal 2017, operating activities of ACAP achieved a level of significance sufficient to warrant disclosure as a separate reportable segment. Prior to the third quarter of fiscal 2017, ACAP’s operating results were included in the corporate segment, and comparable periods were reclassified to reflect the change. The Company’s DCS reportable segment delivers planning, consulting, architectural, and engineering design services, program management and construction management for industrial, commercial, institutional and government clients worldwide. The Company’s CS reportable segment provides construction, program and construction management services, including building construction and energy, infrastructure and industrial construction, primarily in the Americas. The Company’s MS reportable segment provides program and facilities management, environmental management, training, logistics, consulting, systems engineering and technical assistance, and systems integration and information technology, primarily for agencies of the U.S. government. The Company’s ACAP segment primarily invests in and develops real estate projects. These reportable segments are organized by the types of services provided, the differing specialized needs of the respective clients, and how the Company manages its business. The Company has aggregated various operating segments into its reportable segments based on their similar characteristics, including similar long term financial performance, the nature of services provided, internal processes for delivering those services, and types of customers. The following tables set forth summarized financial information concerning the Company’s reportable segments: Design and Consulting Construction Management AECOM Reportable Segments: Services Services Services Capital Corporate Total (in millions) Fiscal Year Ended September 30, 2019: Revenue $ 8,268.2 $ 7,778.8 $ 4,118.1 $ 8.2 $ — $ 20,173.3 Gross profit 545.9 55.4 203.9 8.2 — 813.4 Equity in earnings of joint ventures 18.0 36.5 8.8 17.7 — 81.0 General and administrative expenses — — — (4.9) (143.2) (148.1) Restructuring costs — — — — (95.4) (95.4) Gain (loss) on disposal activities 3.6 (7.4) (6.6) — — (10.4) Impairment of long-lived assets, including goodwill (15.2) (590.5) — — (9.7) (615.4) Operating income (loss) 552.3 (506.0) 206.1 21.0 (248.3) 25.1 Segment assets 7,136.3 3,804.0 2,648.7 197.8 674.8 14,461.6 Gross profit as a % of revenue 6.6 % 0.7 % 5.0 % 4.0 % Fiscal Year Ended September 30, 2018: Revenue $ 8,223.1 $ 8,238.9 $ 3,693.5 $ — $ — $ 20,155.5 Gross profit 439.2 40.4 171.0 — — 650.6 Equity in earnings of joint ventures 15.8 21.5 28.6 15.2 — 81.1 General and administrative expenses — — — (11.2) (124.5) (135.7) Loss on disposal activities — (2.9) — — — (2.9) Impairment of assets held for sale, including goodwill — (168.2) — — — (168.2) Operating income (loss) 455.0 (109.2) 199.6 4.0 (124.5) 424.9 Segment assets 7,013.8 4,212.0 2,701.2 140.6 613.5 14,681.1 Gross profit as a % of revenue 5.3 % 0.5 % 4.6 % 3.2 % Fiscal Year Ended September 30, 2017: Revenue $ 7,566.8 $ 7,295.6 $ 3,341.0 $ — $ — $ 18,203.4 Gross profit 394.8 92.9 196.0 — — 683.7 Equity in earnings of joint ventures 16.4 22.4 45.1 57.7 — 141.6 General and administrative expenses — — — (8.7) (124.7) (133.4) Gain on disposal activities 0.6 — — — — 0.6 Acquisition and integration expenses — — — — (38.7) (38.7) Operating income 411.8 115.3 241.1 49.0 (163.4) 653.8 Segment assets 6,992.6 4,114.5 2,704.6 199.1 386.2 14,397.0 Gross profit as a % of revenue 5.2 % 1.3 % 5.9 % 3.8 % Geographic Information: Fiscal Year Ended Long-Lived Assets September 30, 2019 September 30, 2018 September 30, 2017 (in millions) Americas 4,473.1 5,357.8 5,379.4 Europe, Middle East, Africa 1,797.2 1,759.5 1,781.1 Asia Pacific 412.5 369.2 382.9 Total 6,682.8 7,486.5 7,543.4 Long-lived assets consist of noncurrent assets excluding deferred tax assets. |
Major Clients
Major Clients | 12 Months Ended |
Sep. 30, 2019 | |
Major Clients | |
Major Clients | 20. Major Clients Other than the U.S. federal government, no single client accounted for 10% or more of the Company’s revenue in any of the past five fiscal years. Approximately 26%, 23%, and 22% of the Company’s revenue was derived through direct contracts with agencies of the U.S. federal government in the years ended September 30, 2019, 2018 and 2017, respectively. One of these contracts accounted for approximately 3%, 2%, and 3% of the Company’s revenue in the years ended September 30, 2019, 2018 and 2017, respectively. |
Quarterly Financial Information
Quarterly Financial Information-Unaudited | 12 Months Ended |
Sep. 30, 2019 | |
Quarterly Financial Information-Unaudited | |
Quarterly Financial Information-Unaudited | 21. Quarterly Financial Information—Unaudited In the opinion of management, the following unaudited quarterly data reflects all adjustments necessary for a fair statement of the results of operations. All such adjustments are of a normal recurring nature. First Second Third Fourth Fiscal Year 2019: Quarter Quarter Quarter Quarter (in millions, except per share data) Revenue $ 5,037.5 $ 5,040.0 $ 4,980.2 $ 5,115.6 Cost of revenue 4,866.9 4,844.6 4,771.0 4,877.4 Gross profit 170.6 195.4 209.2 238.2 Equity in earnings of joint ventures 12.5 25.9 28.6 14.0 General and administrative expenses (35.9) (37.4) (37.5) (37.3) Restructuring costs (63.3) (15.9) — (16.2) Loss on disposal activities — — (7.4) (3.0) Impairment of long-lived assets, including goodwill — — — (615.4) Income (loss) from operations 83.9 168.0 192.9 (419.7) Other income 3.6 4.3 4.8 4.1 Interest expense (56.0) (57.9) (55.7) (56.4) Income (loss) before income tax (benefit) expense 31.5 114.4 142.0 (472.0) Income tax (benefit) expense (33.6) 20.9 36.6 (24.0) Net income (loss) 65.1 93.5 105.4 (448.0) Noncontrolling interest in income of consolidated subsidiaries, net of tax (13.6) (15.6) (21.7) (26.2) Net income (loss) attributable to AECOM $ 51.5 $ 77.9 $ 83.7 $ (474.2) Net income (loss) attributable to AECOM per share: Basic $ 0.33 $ 0.50 $ 0.53 $ (3.01) Diluted $ 0.32 $ 0.49 $ 0.52 $ (3.01) Weighted average common shares outstanding: Basic 156.4 156.6 157.4 157.7 Diluted 159.6 158.4 159.8 157.7 First Second Third Fourth Fiscal Year 2018: Quarter Quarter Quarter Quarter (in millions, except per share data) Revenue $ 4,910.8 $ 4,790.9 $ 5,148.0 $ 5,305.8 Cost of revenue 4,774.6 4,649.7 4,962.8 5,117.8 Gross profit 136.2 141.2 185.2 188.0 Equity in earnings of joint ventures 29.7 13.1 12.8 25.5 General and administrative expenses (34.7) (30.2) (35.1) (35.7) Loss on disposal activities — — (2.1) (0.8) Impairment of assets held for sale, including goodwill — (168.2) — — Income (loss) from operations 131.2 (44.1) 160.8 177.0 Other income 2.3 12.5 2.7 2.6 Interest expense (56.2) (100.5) (55.3) (55.5) Income (loss) before income tax (benefit) expense 77.3 (132.1) 108.2 124.1 Income tax (benefit) expense (47.1) (24.4) 33.1 18.7 Net income (loss) 124.4 (107.7) 75.1 105.4 Noncontrolling interest in income of consolidated subsidiaries, net of tax (13.1) (12.0) (14.2) (21.4) Net income (loss) attributable to AECOM $ 111.3 (119.7) $ 60.9 $ 84.0 Net income (loss) attributable to AECOM per share: Basic $ 0.70 $ (0.75) $ 0.38 $ 0.53 Diluted $ 0.69 $ (0.75) $ 0.37 $ 0.52 Weighted average common shares outstanding: Basic 157.9 159.5 160.4 158.6 Diluted 161.8 159.5 163.2 161.8 |
Condensed Consolidating Financi
Condensed Consolidating Financial Information | 12 Months Ended |
Sep. 30, 2019 | |
Condensed Consolidating Financial Information | |
Condensed Consolidating Financial Information | 22. Condensed Consolidating Financial Information In connection with the registration of the Company’s 2014 Senior Notes that were declared effective by the SEC on September 29, 2015, AECOM became subject to the requirements of Rule 3-10 of Regulation S-X regarding financial statements of guarantors and issuers of guaranteed securities. Both the 2014 Senior Notes and the 2017 Senior Notes are fully and unconditionally guaranteed on a joint and several basis by certain of AECOM’s directly and indirectly 100% owned subsidiaries (the Subsidiary Guarantors). Other than customary restrictions imposed by applicable statutes, there are no restrictions on the ability of the Subsidiary Guarantors to transfer funds to AECOM in the form of cash dividends, loans or advances. The following condensed consolidating financial information, which is presented for AECOM, the Subsidiary Guarantors on a combined basis and AECOM’s non-guarantor subsidiaries on a combined basis, is provided to satisfy the disclosure requirements of Rule 3-10 of Regulation S-X. Condensed Consolidating Balance Sheets (in millions) September 30, 2019 Non- Guarantor Guarantor Parent Subsidiaries Subsidiaries Eliminations Total ASSETS CURRENT ASSETS: Total cash and cash equivalents $ 129.3 $ 315.6 $ 635.5 $ — $ 1,080.4 Accounts receivable and contract assets—net — 2,651.8 3,125.9 — 5,777.7 Intercompany receivable 1,164.7 163.9 176.0 (1,504.6) — Prepaid expenses and other current assets 52.5 270.1 304.8 — 627.4 Income taxes receivable 13.7 — 35.4 — 49.1 TOTAL CURRENT ASSETS 1,360.2 3,401.4 4,277.6 (1,504.6) 7,534.6 PROPERTY AND EQUIPMENT—NET 193.0 179.1 187.3 — 559.4 DEFERRED TAX ASSETS—NET 152.8 45.6 142.1 (95.2) 245.3 INVESTMENTS IN CONSOLIDATED SUBSIDIARIES 5,740.8 1,611.2 — (7,352.0) — INVESTMENTS IN UNCONSOLIDATED JOINT VENTURES 9.9 41.6 353.7 — 405.2 GOODWILL — 3,193.4 2,081.9 — 5,275.3 INTANGIBLE ASSETS—NET — 172.3 60.7 — 233.0 OTHER NON-CURRENT ASSETS 33.1 43.5 132.2 — 208.8 TOTAL ASSETS $ 7,489.8 $ 8,688.1 $ 7,235.5 $ (8,951.8) $ 14,461.6 LIABILITIES AND STOCKHOLDERS’ EQUITY CURRENT LIABILITIES: Short-term debt $ 21.8 $ — $ 26.0 $ — $ 47.8 Accounts payable 50.2 1,946.1 958.4 — 2,954.7 Accrued expenses and other current liabilities 108.0 1,012.1 1,270.3 — 2,390.4 Income taxes payable 23.6 — 36.0 — 59.6 Intercompany payable 116.1 873.9 649.5 (1,639.5) — Contract liabilities — 318.8 621.1 — 939.9 Current portion of long-term debt 12.6 14.8 42.0 — 69.4 TOTAL CURRENT LIABILITIES 332.3 4,165.7 3,603.3 (1,639.5) 6,461.8 OTHER LONG-TERM LIABILITIES 130.7 288.2 391.4 — 810.3 DEFERRED TAX LIABILITY—NET — — 99.5 (95.2) 4.3 NOTE PAYABLE INTERCOMPANY—NON CURRENT 872.6 — 467.5 (1,340.1) — LONG‑TERM DEBT 2,468.9 290.1 526.8 — 3,285.8 TOTAL LIABILITIES 3,804.5 4,744.0 5,088.5 (3,074.8) 10,562.2 TOTAL AECOM STOCKHOLDERS’ EQUITY 3,685.3 3,944.1 1,938.2 (5,877.0) 3,690.6 Noncontrolling interests — — 208.8 — 208.8 TOTAL STOCKHOLDERS’ EQUITY 3,685.3 3,944.1 2,147.0 (5,877.0) 3,899.4 TOTAL LIABILITIES AND STOCKHOLDERS’ EQUITY $ 7,489.8 $ 8,688.1 $ 7,235.5 $ (8,951.8) $ 14,461.6 Condensed Consolidating Balance Sheets (in millions) September 30, 2018 Non- Guarantor Guarantor Parent Subsidiaries Subsidiaries Eliminations Total ASSETS CURRENT ASSETS: Total cash and cash equivalents $ 22.0 $ 270.9 $ 593.8 $ — $ 886.7 Accounts receivable and contract assets—net — 2,544.7 2,924.1 — 5,468.8 Intercompany receivable 951.1 84.9 157.9 (1,193.9) — Prepaid expenses and other current assets 52.9 331.6 200.7 — 585.2 Current assets held for sale — — 59.8 — 59.8 Income taxes receivable 84.6 — 42.2 — 126.8 TOTAL CURRENT ASSETS 1,110.6 3,232.1 3,978.5 (1,193.9) 7,127.3 PROPERTY AND EQUIPMENT—NET 202.6 217.3 194.2 — 614.1 DEFERRED TAX ASSETS—NET 134.0 — 150.0 (124.6) 159.4 INVESTMENTS IN CONSOLIDATED SUBSIDIARIES 6,364.1 1,912.0 — (8,276.1) — INVESTMENTS IN UNCONSOLIDATED JOINT VENTURES 13.4 49.6 247.7 — 310.7 GOODWILL — 3,392.7 2,528.4 — 5,921.1 INTANGIBLE ASSETS—NET — 218.6 101.3 — 319.9 OTHER NON-CURRENT ASSETS 49.9 45.6 133.1 — 228.6 TOTAL ASSETS $ 7,874.6 $ 9,067.9 $ 7,333.2 $ (9,594.6) $ 14,681.1 LIABILITIES AND STOCKHOLDERS’ EQUITY CURRENT LIABILITIES: Short-term debt $ 8.4 $ — $ — $ — $ 8.4 Accounts payable 53.6 1,616.7 1,055.7 — 2,726.0 Accrued expenses and other current liabilities 58.8 1,035.6 1,172.7 — 2,267.1 Income taxes payable 10.4 — 29.4 — 39.8 Intercompany payable 105.5 830.8 416.9 (1,353.2) — Contract liabilities 1.5 316.1 613.8 — 931.4 Current liabilities held for sale — — 22.3 — 22.3 Current portion of long-term debt 43.3 27.0 64.4 — 134.7 TOTAL CURRENT LIABILITIES 281.5 3,826.2 3,375.2 (1,353.2) 6,129.7 OTHER LONG-TERM LIABILITIES 131.6 249.0 361.5 — 742.1 DEFERRED TAX LIABILITY—NET — 63.1 108.9 (124.7) 47.3 NOTE PAYABLE INTERCOMPANY—NON CURRENT 800.9 — 487.5 (1,288.4) — LONG-TERM DEBT 2,627.8 291.4 564.5 — 3,483.7 TOTAL LIABILITIES 3,841.8 4,429.7 4,897.6 (2,766.3) 10,402.8 TOTAL AECOM STOCKHOLDERS’ EQUITY 4,032.8 4,638.2 2,250.1 (6,828.3) 4,092.8 Noncontrolling interests — — 185.5 — 185.5 TOTAL STOCKHOLDERS’ EQUITY 4,032.8 4,638.2 2,435.6 (6,828.3) 4,278.3 TOTAL LIABILITIES AND STOCKHOLDERS’ EQUITY $ 7,874.6 $ 9,067.9 $ 7,333.2 $ (9,594.6) $ 14,681.1 Condensed Consolidating Statements of Operations (in millions) For the Fiscal Year Ended September 30, 2019 Guarantor Non-Guarantor Parent Subsidiaries Subsidiaries Eliminations Total Revenue $ — $ 10,978.7 $ 9,282.4 $ (87.8) $ 20,173.3 Cost of revenue — 10,594.7 8,853.0 (87.8) 19,359.9 Gross profit — 384.0 429.4 — 813.4 Equity in earnings from subsidiaries 82.0 (54.4) — (27.6) — Equity in earnings of joint ventures — 3.6 77.4 — 81.0 General and administrative expenses (143.3) — (4.8) — (148.1) Restructuring costs (95.4) — — — (95.4) Loss on disposal activities (6.6) — (3.8) — (10.4) Impairment of long-lived assets, including goodwill (9.6) (200.2) (405.6) — (615.4) (Loss) income from operations (172.9) 133.0 92.6 (27.6) 25.1 Other income 5.0 48.4 20.4 (57.0) 16.8 Interest expense (202.8) (22.0) (58.2) 57.0 (226.0) (Loss) income before income tax (benefit) expense (370.7) 159.4 54.8 (27.6) (184.1) Income tax (benefit) expense (109.6) 92.1 17.4 — (0.1) Net (loss) income (261.1) 67.3 37.4 (27.6) (184.0) Noncontrolling interests in income of consolidated subsidiaries, net of tax — — (77.1) — (77.1) Net (loss) income attributable to AECOM $ (261.1) $ 67.3 $ (39.7) $ (27.6) $ (261.1) For the Fiscal Year Ended September 30, 2018 Guarantor Non-Guarantor Parent Subsidiaries Subsidiaries Eliminations Total Revenue $ — $ 11,052.9 $ 9,212.9 $ (110.3) $ 20,155.5 Cost of revenue — 10,757.2 8,858.0 (110.3) 19,504.9 Gross profit — 295.7 354.9 — 650.6 Equity in earnings from subsidiaries 460.9 207.2 — (668.1) — Equity in earnings of joint ventures — 37.2 43.9 — 81.1 General and administrative expenses (124.4) — (11.3) — (135.7) Impairment on assets held for sale, including goodwill — — (168.2) — (168.2) Loss on disposal activities — — (2.9) — (2.9) Income from operations 336.5 540.1 216.4 (668.1) 424.9 Other income 12.0 34.5 12.7 (39.1) 20.1 Interest expense (242.9) (25.1) (38.6) 39.1 (267.5) Income before income tax (benefit) expense 105.6 549.5 190.5 (668.1) 177.5 Income tax (benefit) expense (31.1) 98.8 (87.4) — (19.7) Net income 136.7 450.7 277.9 (668.1) 197.2 Noncontrolling interests in income of consolidated subsidiaries, net of tax — — (60.7) — (60.7) Net income attributable to AECOM $ 136.7 $ 450.7 $ 217.2 $ (668.1) $ 136.5 Condensed Consolidating Statements of Operations (in millions) For the Fiscal Year Ended September 30, 2017 Guarantor Non-Guarantor Parent Subsidiaries Subsidiaries Eliminations Total Revenue $ — $ 10,491.6 $ 7,764.1 $ (52.3) $ 18,203.4 Cost of revenue — 10,136.1 7,435.9 (52.3) 17,519.7 Gross profit — 355.5 328.2 — 683.7 Equity in earnings from subsidiaries 439.3 222.4 — (661.7) — Equity in earnings of joint ventures — 43.8 97.8 — 141.6 General and administrative expenses (124.7) — (8.7) — (133.4) Acquisition and integration expenses (38.7) — — — (38.7) Gain on disposal activities — — 0.6 — 0.6 Income from operations 275.9 621.7 417.9 (661.7) 653.8 Other income 2.1 31.9 9.2 (36.5) 6.7 Interest expense (203.7) (31.1) (33.0) 36.5 (231.3) Income before income tax (benefit) expense 74.3 622.5 394.1 (661.7) 429.2 Income tax (benefit) expense (264.9) 182.5 58.4 31.7 7.7 Net income 339.2 440.0 335.7 (693.4) 421.5 Noncontrolling interests in income of consolidated subsidiaries, net of tax — — (82.1) — (82.1) Net income attributable to AECOM $ 339.2 $ 440.0 $ 253.6 $ (693.4) $ 339.4 Consolidating Statements of Comprehensive Income (Loss) (in millions) For the Fiscal Year Ended September 30, 2019 Guarantor Non-Guarantor Parent Subsidiaries Subsidiaries Eliminations Total Net (loss) income $ (261.1) $ 67.3 $ 37.4 $ (27.6) $ (184.0) Other comprehensive loss, net of tax: Net unrealized loss on derivatives, net of tax (7.4) — (6.6) — (14.0) Foreign currency translation adjustments — — (46.6) — (46.6) Pension adjustments, net of tax (15.8) (41.2) (43.4) — (100.4) Other comprehensive loss, net of tax (23.2) (41.2) (96.6) — (161.0) Comprehensive (loss) income, net of tax (284.3) 26.1 (59.2) (27.6) (345.0) Noncontrolling interests in comprehensive income of consolidated subsidiaries, net of tax — — (76.9) — (76.9) Comprehensive (loss) income attributable to AECOM, net of tax $ (284.3) $ 26.1 $ (136.1) $ (27.6) $ (421.9) For the Fiscal Year Ended September 30, 2018 Guarantor Non-Guarantor Parent Subsidiaries Subsidiaries Eliminations Total Net income $ 136.7 $ 450.7 $ 277.9 $ (668.1) $ 197.2 Other comprehensive income (loss), net of tax: Net unrealized gain (loss) on derivatives, net of tax 2.3 — (0.6) — 1.7 Foreign currency translation adjustments — — (82.7) — (82.7) Pension adjustments, net of tax 5.0 10.8 63.7 — 79.5 Other comprehensive income (loss), net of tax 7.3 10.8 (19.6) — (1.5) Comprehensive income, net of tax 144.0 461.5 258.3 (668.1) 195.7 Noncontrolling interests in comprehensive income of consolidated subsidiaries, net of tax — — (61.9) — (61.9) Comprehensive income attributable to AECOM, net of tax $ 144.0 $ 461.5 $ 196.4 $ (668.1) $ 133.8 For the Fiscal Year Ended September 30, 2017 Guarantor Non-Guarantor Parent Subsidiaries Subsidiaries Eliminations Total Net income $ 339.2 $ 440.0 $ 335.7 $ (693.4) $ 421.5 Other comprehensive income (loss), net of tax: Net unrealized gain (loss) on derivatives, net of tax 4.9 — (0.3) — 4.6 Foreign currency translation adjustments — — 65.4 — 65.4 Pension adjustments, net of tax 7.1 13.8 66.1 — 87.0 Other comprehensive income, net of tax 12.0 13.8 131.2 — 157.0 Comprehensive income, net of tax 351.2 453.8 466.9 (693.4) 578.5 Noncontrolling interests in comprehensive income of consolidated subsidiaries, net of tax — — (82.2) — (82.2) Comprehensive income attributable to AECOM, net of tax $ 351.2 $ 453.8 $ 384.7 $ (693.4) $ 496.3 Condensed Consolidating Statements of Cash Flows (in millions) For the Fiscal Year Ended September 30, 2019 Guarantor Non-Guarantor Parent Subsidiaries Subsidiaries Eliminations Total CASH FLOWS FROM OPERATING ACTIVITIES $ (16.7) $ 572.7 $ 221.6 $ — $ 777.6 CASH FLOWS FROM INVESTING ACTIVITIES: Proceeds from disposal of business, net of cash disposed 11.7 (3.0) 37.8 — 46.5 Net investment in unconsolidated joint ventures (4.2) (25.8) (89.0) — (119.0) Net proceeds from sale of investment securities — — 9.1 — 9.1 Payments for capital expenditures, net of disposals (32.9) (24.3) (26.2) — (83.4) Net receipts from (investment in) intercompany notes 54.9 (52.4) (29.7) 27.2 — Other intercompany investing activities 291.9 211.0 — (502.9) — Net cash provided by (used in) investing activities 321.4 105.5 (98.0) (475.7) (146.8) CASH FLOWS FROM FINANCING ACTIVITIES: Proceeds from borrowings under credit agreements 7,524.0 — 176.8 — 7,700.8 Repayments of borrowings under credit agreements (7,734.1) (28.6) (221.9) — (7,984.6) Proceeds from issuance of common stock 30.4 — — — 30.4 Payments to repurchase common stock (98.2) — — — (98.2) Net distributions to noncontrolling interests — — (70.0) — (70.0) Other financing activities 4.8 (0.8) (15.7) — (11.7) Net borrowings (repayments) on intercompany notes 75.7 26.4 (74.9) (27.2) — Other intercompany financing activities — (630.5) 127.6 502.9 — Net cash used in financing activities (197.4) (633.5) (78.1) 475.7 (433.3) EFFECT OF EXCHANGE RATE CHANGES ON CASH — — (3.8) — (3.8) NET INCREASE IN CASH AND CASH EQUIVALENTS 107.3 44.7 41.7 — 193.7 CASH AND CASH EQUIVALENTS AT BEGINNING OF YEAR 22.0 270.9 593.8 — 886.7 CASH AND CASH EQUIVALENTS AT END OF YEAR $ 129.3 $ 315.6 $ 635.5 $ — $ 1,080.4 For the Fiscal Year Ended September 30, 2018 Guarantor Non-Guarantor Parent Subsidiaries Subsidiaries Eliminations Total CASH FLOWS FROM OPERATING ACTIVITIES $ (205.5) $ 640.9 $ 339.1 $ — $ 774.5 CASH FLOWS FROM INVESTING ACTIVITIES: Proceeds from purchase price adjustment to business acquisition — — 2.2 — 2.2 Cash acquired from consolidation of joint venture — — 7.6 — 7.6 Proceeds from disposal of business, net of cash disposed — — 19.5 — 19.5 Net investment in unconsolidated joint ventures (6.1) (9.1) 30.0 — 14.8 Net purchases of investments — — (16.3) — (16.3) Payments for capital expenditures, net of disposals (29.3) (39.1) (18.5) — (86.9) Net investment in intercompany notes (54.3) (778.8) (5.6) 838.7 — Other intercompany investing activities 528.2 1,022.1 — (1,550.3) — Net cash provided by investing activities 438.5 195.1 18.9 (711.6) (59.1) CASH FLOWS FROM FINANCING ACTIVITIES: Proceeds from borrowings under credit agreements 7,770.4 0.2 758.4 — 8,529.0 Repayments of borrowings under credit agreements (7,820.0) (18.0) (202.2) — (8,040.2) Redemption of unsecured senior notes (800.0) — — — (800.0) Prepayment penalty on unsecured senior notes (34.5) — — — (34.5) Cash paid for debt issuance costs (12.2) — — — (12.2) Proceeds from issuance of common stock 35.2 — — — 35.2 Proceeds from exercise of stock options 2.8 — — — 2.8 Payments to repurchase common stock (179.5) — — — (179.5) Net distributions to noncontrolling interests — — (89.8) — (89.8) Other financing activities (3.6) (22.4) (9.7) — (35.7) Net borrowings on intercompany notes 797.8 5.9 35.0 (838.7) — Other intercompany financing activities — (785.7) (764.6) 1,550.3 — Net cash used in financing activities (243.6) (820.0) (272.9) 711.6 (624.9) EFFECT OF EXCHANGE RATE CHANGES ON CASH — — (6.2) — (6.2) NET (DECREASE) INCREASE IN CASH AND CASH EQUIVALENTS (10.6) 16.0 78.9 — 84.3 CASH AND CASH EQUIVALENTS AT BEGINNING OF YEAR 32.6 254.9 514.9 — 802.4 CASH AND CASH EQUIVALENTS AT END OF YEAR $ 22.0 $ 270.9 $ 593.8 $ — $ 886.7 Condensed Consolidating Statements of Cash Flows (in millions) For the Fiscal Year Ended September 30, 2017 Guarantor Non-Guarantor Parent Subsidiaries Subsidiaries Eliminations Total CASH FLOWS FROM OPERATING ACTIVITIES $ (5.9) $ 695.0 $ 7.6 $ — $ 696.7 CASH FLOWS FROM INVESTING ACTIVITIES: Payments for business acquisitions, net of cash acquired — — (103.1) — (103.1) Proceeds from disposal of business, net of cash disposed — — 2.2 — 2.2 Net investment in unconsolidated joint ventures — (2.7) (21.6) — (24.3) Net purchases of investments — — 0.9 — 0.9 Payments for capital expenditures, net of disposals (21.7) (30.6) (26.1) — (78.4) Net (investment in) receipts from intercompany notes (4.6) 102.8 12.2 (110.4) — Other intercompany investing activities 139.0 (233.2) — 94.2 — Net cash provided by (used in) investing activities 112.7 (163.7) (135.5) (16.2) (202.7) CASH FLOWS FROM FINANCING ACTIVITIES: Proceeds from borrowings under credit agreements 5,903.5 13.1 36.6 — 5,953.2 Repayments of borrowings under credit agreements (6,956.3) (51.1) (64.2) — (7,071.6) Issuance of unsecured senior notes 1,000.0 — — — 1,000.0 Redemption of unsecured senior notes — (179.2) — — (179.2) Cash paid for debt and equity issuance costs (13.0) — — — (13.0) Proceeds from issuance of common stock 30.1 — — — 30.1 Proceeds from exercise of stock options 4.9 — — — 4.9 Payments to repurchase common stock (25.1) — — — (25.1) Net distributions to noncontrolling interests — — (59.0) — (59.0) Other financing activities (24.1) (38.3) 35.6 — (26.8) Net borrowings (repayments) on intercompany notes 4.0 (16.3) (98.1) 110.4 — Other intercompany financing activities — (200.9) 295.1 (94.2) — Net cash provided by (used in) financing activities (76.0) (472.7) 146.0 16.2 (386.5) EFFECT OF EXCHANGE RATE CHANGES ON CASH — — 2.8 — 2.8 NET INCREASE IN CASH AND CASH EQUIVALENTS 30.8 58.6 20.9 — 110.3 CASH AND CASH EQUIVALENTS AT BEGINNING OF YEAR 1.8 196.3 494.0 — 692.1 CASH AND CASH EQUIVALENTS AT END OF YEAR $ 32.6 $ 254.9 $ 514.9 $ — $ 802.4 |
Subsequent Events
Subsequent Events | 12 Months Ended |
Sep. 30, 2019 | |
Subsequent Events | |
Subsequent Events | 23. Subsequent Events On October 12, 2019, the Company entered into a purchase and sale agreement (the Purchase Agreement) with Maverick Purchaser Sub, LLC, an affiliate of American Securities LLC and Lindsay Goldberg LLC. Upon the terms and subject to the conditions set forth in the Purchase Agreement, the Company has agreed to transfer the assets and liabilities constituting its Management Services business to the Purchaser for a purchase price of $2.405 billion, subject to customary cash, debt and working capital adjustments. The Purchase Agreement was unanimously approved by the Board of Directors of the Company. The purchase price includes contingent consideration of approximately $150 million attributable to certain claims related to prior work and engagements. The consummation of the transaction is subject to regulatory approvals and other customary closing conditions, and is expected to occur in the first half of fiscal 2020. |
Schedule II_ Valuation and Qual
Schedule II: Valuation and Qualifying Accounts | 12 Months Ended |
Sep. 30, 2019 | |
Schedule II: Valuation and Qualifying Accounts | |
Schedule II: Valuation and Qualifying Accounts | AECOM Technology Corporation Schedule II: Valuation and Qualifying Accounts (amounts in millions) Balance at Additions Other and Balance at Beginning Charged to Cost Foreign the End of of Year of Revenue Deductions (a) Exchange Impact the Year Allowance for Doubtful Accounts Fiscal Year 2019 $ 51.6 $ 26.6 $ (21.5) $ (0.6) $ 56.1 Fiscal Year 2018 $ 52.2 $ 18.3 $ (17.5) $ (1.4) $ 51.6 Fiscal Year 2017 $ 60.4 $ 13.1 $ (20.7) $ (0.6) $ 52.2 (a) Primarily relates to accounts written-off and recoveries |
Significant Accounting Polici_2
Significant Accounting Policies (Policies) | 12 Months Ended |
Sep. 30, 2019 | |
Significant Accounting Policies | |
Fiscal Year | Fiscal Year |
Use of Estimates | Use of Estimates |
Principles of Consolidation and Presentation | Principles of Consolidation and Presentation |
Government Contract Matters | Government Contract Matters Audits by the DCAA and other agencies consist of reviews of the Company’s overhead rates, operating systems and cost proposals to ensure that the Company accounted for such costs in accordance with the Cost Accounting Standards of the FAR (CAS). If the DCAA determines the Company has not accounted for such costs consistent with CAS, the DCAA may disallow these costs. There can be no assurance that audits by the DCAA or other governmental agencies will not result in material cost disallowances in the future. |
Cash and Cash Equivalents | Cash and Cash Equivalents |
Allowance for Doubtful Accounts | Allowance for Doubtful Accounts ● Client type—federal or state and local government or commercial client; ● Historical contract performance; ● Historical collection and delinquency trends; ● Client credit worthiness; and ● General economic conditions. |
Derivative Financial Instruments | Derivative Financial Instruments For derivative instruments that hedge the exposure to variability in expected future cash flows that are designated as cash flow hedges, the effective portion of the gain or loss on the derivative instrument is reported as a component of accumulated other comprehensive income in stockholders’ equity and reclassified into income in the same period or periods during which the hedged transaction affects earnings. The ineffective portion of the gain or loss on the derivative instrument, if any, is recognized in current income. To receive hedge accounting treatment, cash flow hedges must be highly effective in offsetting changes to expected future cash flows on hedged transactions. The net gain or loss on the effective portion of a derivative instrument that is designated as an economic hedge of the foreign currency translation exposure generated by the re-measurement of certain assets and liabilities denominated in a non-functional currency in a foreign operation is reported in the same manner as a foreign currency translation adjustment. Accordingly, any gains or losses related to these derivative instruments are recognized in current income. Derivatives that do not qualify as hedges are adjusted to fair value through current income. |
Fair Value of Financial Instruments | Fair Value of Financial Instruments The carrying amounts of cash and cash equivalents, accounts receivable and accounts payable approximate fair value because of the short maturities of these instruments. The carrying amount of the revolving credit facility approximates fair value because the interest rates are based upon variable reference rates. The Company’s fair value measurement methods may produce a fair value calculation that may not be indicative of net realizable value or reflective of future fair values. Although the Company believes its valuation methods are appropriate and consistent with those used by other market participants, the use of different methodologies or assumptions to determine fair value could result in a different fair value measurement at the reporting date. |
Property and Equipment | Property and Equipment |
Long-Lived Assets | Long-Lived Assets amount over the fair value of the asset. For long-lived assets to be disposed, impairment losses are recognized at the lower of the carrying amount or fair value less cost to sell. |
Goodwill and Acquired Intangible Assets | Goodwill and Acquired Intangible Assets The Company tests goodwill for impairment annually for each reporting unit in the fourth quarter of the fiscal year and between annual tests, if events occur or circumstances change which suggest that goodwill should be evaluated. Such events or circumstances include significant changes in legal factors and business climate, recent losses at a reporting unit, and industry trends, among other factors. A reporting unit is defined as an operating segment or one level below an operating segment. The Company’s impairment tests are performed at the operating segment level as they represent the Company’s reporting units. During the impairment test, the Company estimates the fair value of the reporting unit using income and market approaches, and compares that amount to the carrying value of that reporting unit. In the event the fair value of the reporting unit is determined to be less than the carrying value, goodwill is impaired, and an impairment loss is recognized equal to the excess, limited to the total amount of goodwill allocated to the reporting unit. See also Note 3. |
Pension Plans | Pension Plans |
Insurance Reserves | Insurance Reserves |
Foreign Currency Translation | Foreign Currency Translation The Company uses foreign currency forward contracts from time to time to mitigate foreign currency risk. The Company limits exposure to foreign currency fluctuations in most of its contracts through provisions that require client payments in currencies corresponding to the currency in which costs are incurred. As a result of this natural hedge, the Company generally does not need to hedge foreign currency cash flows for contract work performed. |
Noncontrolling Interests | Noncontrolling Interests |
Income Taxes | Income Taxes expense items differently for financial reporting and income tax purposes. Deferred tax assets and liabilities are determined based on the difference between the financial statement and tax basis of assets and liabilities, applying enacted statutory tax rates in effect for the year in which the differences are expected to reverse. In determining the need for a valuation allowance, management reviews both positive and negative evidence, including the nature, frequency, and severity of cumulative financial reporting losses in recent years, the future reversal of existing temporary differences, predictability of future taxable income exclusive of reversing temporary differences of the character necessary to realize the asset, relevant carryforward periods, taxable income in carry-back years if carry-back is permitted under tax law, and prudent and feasible tax planning strategies that would be implemented, if necessary, to protect against the loss of the deferred tax asset that would otherwise expire. Based upon management’s assessment of all available evidence, the Company has concluded that it is more likely than not that the deferred tax assets, net of valuation allowance, will be realized. |
Business Acquisitions, Goodwi_2
Business Acquisitions, Goodwill and Intangible Assets (Tables) | 12 Months Ended |
Sep. 30, 2019 | |
Business Acquisitions, Goodwill and Intangible Assets | |
Schedule of changes in the carrying value of goodwill by reportable segment | Fiscal Year 2019 Foreign September 30, Exchange September 30, 2018 Disposal Impairment Impact 2019 (in millions) Design and Consulting Services $ 3,189.2 $ (5.8) $ — $ (22.2) $ 3,161.2 Construction Services 1,008.9 — (588.0) (3.3) 417.6 Management Services 1,723.0 (12.5) — (14.0) 1,696.5 Total $ 5,921.1 $ (18.3) $ (588.0) $ (39.5) $ 5,275.3 Fiscal Year 2018 Measurement Foreign September 30, Period Exchange September 30, 2017 Adjustment Impairment Impact 2018 (in millions) Design and Consulting Services $ 3,218.9 $ — $ — $ (29.7) $ 3,189.2 Construction Services 1,049.9 91.0 (125.4) (6.6) 1,008.9 Management Services 1,724.1 — — (1.1) 1,723.0 Total $ 5,992.9 $ 91.0 $ (125.4) $ (37.4) $ 5,921.1 |
Schedule of finite-lived intangible assets by major class | September 30, 2019 September 30, 2018 Amortization Gross Accumulated Intangible Gross Accumulated Intangible Period Amount Amortization Assets, Net Amount Amortization Assets, Net (years) (in millions) Backlog and customer relationships $ 1,284.2 $ (1,051.2) $ 233.0 $ 1,285.1 $ (966.0) $ 319.1 1 - 11 Trademark / tradename 18.3 (18.3) — 18.3 (17.5) 0.8 0.3 - 2 Total $ 1,302.5 $ (1,069.5) $ 233.0 $ 1,303.4 $ (983.5) $ 319.9 |
Schedule of estimated future amortization expense of intangible assets | Fiscal Year (in millions) 2020 $ 68.9 2021 56.1 2022 43.4 2023 39.0 2024 20.2 Thereafter 5.4 Total $ 233.0 |
Revenue Recognition (Tables)
Revenue Recognition (Tables) | 12 Months Ended |
Sep. 30, 2019 | |
Revenue Recognition | |
Schedule of revenues disaggregated by revenue sources | Fiscal Year Ended September 30, September 30, September 30, 2019 2018 2017 (in millions) Cost reimbursable $ 10,414.2 $ 9,474.8 $ 8,737.6 Guaranteed maximum price 3,956.3 4,722.0 4,186.8 Fixed price 5,802.8 5,958.7 5,279.0 Total revenue $ 20,173.3 $ 20,155.5 $ 18,203.4 Fiscal Year Ended September 30, September 30, September 30, 2019 2018 2017 (in millions) Americas $ 16,191.1 $ 15,951.4 $ 14,202.5 Europe, Middle East, Africa 2,213.1 2,727.0 2,648.2 Asia Pacific 1,769.1 1,477.1 1,352.7 Total revenue $ 20,173.3 $ 20,155.5 $ 18,203.4 |
Schedule of net accounts receivable | Fiscal Year Ended September 30, September 30, 2019 2018 (in millions) Billed $ 2,931.7 $ 2,697.7 Contract retentions 641.5 661.7 Total accounts receivable—gross 3,573.2 3,359.4 Allowance for doubtful accounts (56.1) (51.6) Total accounts receivable—net $ 3,517.1 $ 3,307.8 |
Property and Equipment (Tables)
Property and Equipment (Tables) | 12 Months Ended |
Sep. 30, 2019 | |
Property and Equipment | |
Schedule of property and equipment, at cost | Fiscal Year Ended September 30, September 30, Useful Lives 2019 2018 (years) (in millions) Building and land $ 44.7 $ 75.2 10 - 45 Leasehold improvements 394.9 399.2 1 - 20 Computer systems and equipment 788.2 741.2 3 - 12 Furniture and fixtures 138.3 132.5 3 - 10 Total 1,366.1 1,348.1 Accumulated depreciation and amortization (806.7) (734.0) Property and equipment, net $ 559.4 $ 614.1 |
Joint Ventures and Variable I_2
Joint Ventures and Variable Interest Entities (Tables) | 12 Months Ended |
Sep. 30, 2019 | |
Joint Ventures and Variable Interest Entities | |
Summary of financial information of the consolidated joint ventures | September 30, September 30, 2019 2018 (in millions) Current assets $ 956.0 $ 1,013.7 Non-current assets 166.8 192.7 Total assets $ 1,122.8 $ 1,206.4 Current liabilities $ 646.9 $ 724.2 Non-current liabilities 12.3 12.7 Total liabilities 659.2 736.9 Total AECOM equity 255.6 284.2 Noncontrolling interests 208.0 185.3 Total owners’ equity 463.6 469.5 Total liabilities and owners’ equity $ 1,122.8 $ 1,206.4 |
Summary of financial information of the unconsolidated joint ventures, as derived from their unaudited financial statements | September 30, September 30, 2019 2018 (in millions) Current assets $ 1,914.5 $ 1,903.3 Non-current assets 1,004.3 938.3 Total assets $ 2,918.8 $ 2,841.6 Current liabilities $ 1,443.8 $ 1,658.5 Non-current liabilities 183.4 224.3 Total liabilities 1,627.2 1,882.8 Joint ventures’ equity 1,291.6 958.8 Total liabilities and joint ventures’ equity $ 2,918.8 $ 2,841.6 AECOM’s investment in joint ventures $ 405.2 $ 310.7 Twelve Months Ended September 30, September 30, 2019 2018 (in millions) Revenue $ 4,463.3 $ 5,571.9 Cost of revenue 4,285.9 5,325.4 Gross profit $ 177.4 $ 246.5 Net income $ 176.8 $ 238.6 |
Summary of AECOM's equity in earnings of unconsolidated joint ventures | Fiscal Year Ended September 30, September 30, September 30, 2019 2018 2017 (in millions) Pass through joint ventures $ 31.6 $ 34.1 $ 36.6 Other joint ventures 49.4 47.0 105.0 Total $ 81.0 $ 81.1 $ 141.6 |
Pension Benefit Obligations (Ta
Pension Benefit Obligations (Tables) | 12 Months Ended |
Sep. 30, 2019 | |
Pension Benefit Obligations | |
Reconciliations of the changes in the U.S. and international plans' benefit obligations | Fiscal Year Ended September 30, September 30, September 30, 2019 2018 2017 U.S. Int’l U.S. Int’l U.S. Int’l (in millions) Change in benefit obligation: Benefit obligation at beginning of year $ 633.1 $ 1,188.8 $ 683.0 $ 1,333.5 $ 720.0 $ 1,406.2 Service cost — 0.5 4.9 1.1 4.3 1.3 Participant contributions 0.2 0.3 0.2 0.4 0.1 0.4 Interest cost 23.8 29.7 20.7 32.0 19.2 28.3 Benefits and expenses paid (36.0) (41.2) (37.8) (53.7) (37.9) (48.3) Actuarial (gain) loss 80.7 206.5 (38.5) (87.7) (22.7) (98.6) Plan settlements (1.3) (3.7) — (3.0) — — Plan amendments — 5.2 0.6 — — — Plan curtailments — — — (0.1) — — Foreign currency translation (gain) loss — (74.8) — (33.7) — 44.2 Benefit obligation at end of year $ 700.5 $ 1,311.3 $ 633.1 $ 1,188.8 $ 683.0 $ 1,333.5 |
Reconciliations of the changes in the fair value of assets | Fiscal Year Ended September 30, September 30, September 30, 2019 2018 2017 U.S. Int’l U.S. Int’l U.S. Int’l (in millions) Change in plan assets Fair value of plan assets at beginning of year $ 455.5 $ 965.9 $ 470.4 $ 993.1 $ 456.9 $ 973.2 Actual return on plan assets 26.2 180.3 11.1 29.3 39.0 9.6 Employer contributions 14.5 28.1 11.6 27.8 12.3 25.8 Participant contributions 0.2 0.3 0.2 0.4 0.1 0.4 Benefits and expenses paid (36.0) (41.2) (37.8) (53.7) (37.9) (48.3) Plan settlements (1.3) (3.7) — (3.0) — — Foreign currency translation gain (loss) — (60.9) — (28.0) — 32.4 Fair value of plan assets at end of year $ 459.1 $ 1,068.8 $ 455.5 $ 965.9 $ 470.4 $ 993.1 |
Reconciliations of the funded status | Fiscal Year Ended September 30, 2019 September 30, 2018 September 30, 2017 U.S. Int’l U.S. Int’l U.S. Int’l (in millions) Reconciliation of funded status: Funded status at end of year $ (241.4) $ (242.5) $ (177.6) $ (222.9) $ (212.6) $ (340.4) Contribution made after measurement date N/A N/A N/A N/A N/A N/A Net amount recognized at end of year $ (241.4) $ (242.5) $ (177.6) $ (222.9) $ (212.6) $ (340.4) |
Amounts recognized in the consolidated balance sheets | Fiscal Year Ended September 30, 2019 September 30, 2018 September 30, 2017 U.S. Int’l U.S. Int’l U.S. Int’l (in millions) Amounts recognized in the consolidated balance sheets: Other non-current assets $ 2.7 $ 28.3 $ 2.5 $ 19.1 $ 2.3 $ 13.9 Accrued expenses and other current liabilities (9.1) — (9.5) — (10.1) — Pension benefit obligations (235.0) (270.8) (170.6) (242.0) (204.8) (354.3) Net amount recognized in the balance sheet $ (241.4) $ (242.5) $ (177.6) $ (222.9) $ (212.6) $ (340.4) |
Reconciliation of amounts in the consolidated statements of stockholders' equity | Fiscal Year Ended September 30, 2019 September 30, 2018 September 30, 2017 U.S. Int’l U.S. Int’l U.S. Int’l (in millions) Reconciliation of amounts in consolidated statements of stockholders’ equity: Prior service (cost) credit $ (0.7) $ (1.2) $ (0.8) $ 4.1 $ (0.2) $ 4.4 Net loss (150.7) (233.0) (72.5) (186.4) (94.6) (263.7) Total recognized in accumulated other comprehensive loss $ (151.4) $ (234.2) $ (73.3) $ (182.3) $ (94.8) $ (259.3) |
Components of net periodic cost for the Company's pension and post-retirement plans | Fiscal Year Ended September 30, 2019 September 30, 2018 September 30, 2017 U.S. Int’l U.S. Int’l U.S. Int’l (in millions) Components of net periodic benefit cost: Service costs $ — $ 0.5 $ 4.9 $ 1.1 $ 4.3 $ 1.3 Interest cost on projected benefit obligation 23.8 29.7 20.7 32.0 19.2 28.3 Expected return on plan assets (27.5) (38.1) (31.5) (43.1) (31.0) (41.5) Amortization of prior service costs (credits) 0.1 (0.1) 0.1 (0.1) — (0.2) Amortization of net loss 3.6 4.1 4.0 8.2 4.3 13.0 Settlement loss recognized 0.2 0.8 — 0.3 — — Net periodic benefit cost $ 0.2 $ (3.1) $ (1.8) $ (1.6) $ (3.2) $ 0.9 |
Amounts included in accumulated other comprehensive loss that are expected to be recognized as components of net periodic benefit cost during the next fiscal year | U.S. Int’l Amortization of prior service credit $ (0.1) $ (0.1) Amortization of net actuarial losses (5.0) (8.3) Total $ (5.1) $ (8.4) |
Additional year-end information for pension plans with accumulated benefit obligations in excess of plan assets | Fiscal Year Ended September 30, September 30, September 30, 2019 2018 2017 U.S. Int’l U.S. Int’l U.S. Int’l (in millions) Projected benefit obligation $ 679.5 $ 1,141.9 $ 610.4 $ 1,002.6 $ 658.4 $ 1,158.3 Accumulated benefit obligation 679.5 1,132.7 610.4 991.9 658.4 1,145.7 Fair value of plan assets 454.8 871.2 451.5 760.7 466.4 804.2 |
Schedule of expected future benefit payments | Year Ending September 30, U.S. Int’l 2020 $ 43.1 $ 46.6 2021 42.7 42.8 2022 41.1 43.9 2023 41.3 45.6 2024 41.3 46.5 2025-2029 203.2 250.7 Total $ 412.7 $ 476.1 |
Schedule of underlying assumptions for the pension plans | Fiscal Year Ended September 30, September 30, September 30, 2019 2018 2017 U.S. Int’l U.S. Int’l U.S. Int’l Weighted-average assumptions to determine benefit obligation: Discount rate 3.00 % 1.81 % 4.15 % 2.91 % 3.64 % 2.67 % Salary increase rate N/A 2.52 % N/A 2.79 % N/A 2.76 % Weighted-average assumptions to determine net periodic benefit cost: Discount rate 4.15 % 2.91 % 3.60 % 2.67 % 3.41 % 2.35 % Salary increase rate N/A 2.79 % N/A 2.76 % N/A 2.61 % Expected long-term rate of return on plan assets 7.00 % 4.43 % 7.00 % 4.73 % 7.00 % 5.10 % |
Summary of the Company's target allocation and pension plan asset allocation, both U.S. and international | Percentage of Plan Assets as of September 30, Target Allocations 2019 2018 U.S. Int’l U.S. Int’l U.S. Int’l Asset Category: Equities 45 % 37 % 45 % 36 % 40 % 38 % Debt 42 36 45 31 50 36 Cash 3 6 1 3 1 7 Property and other 10 21 9 30 9 19 Total 100 % 100 % 100 % 100 % 100 % 100 % |
Fair values of the Company's post-retirement benefit plan assets by major asset categories | Fair Value Measurement as of September 30, 2019 Total Quoted Significant Carrying Prices in Other Significant Value as of Active Observable Unobservable Investments September 30, Markets Inputs Inputs measured at 2019 (Level 1) (Level 2) (Level 3) NAV (in millions) Cash and cash equivalents $ 41.0 $ 26.4 $ 14.6 $ — $ — Equity and debt securities 115.5 115.5 — — — Investment funds Diversified and equity funds 192.8 179.0 13.8 — — Fixed income funds 95.7 22.0 73.7 — — Common collective funds 897.0 — — — 897.0 Assets held by insurance company 26.8 — — 26.8 — Derivative instruments 159.1 — 159.1 — — Total $ 1,527.9 $ 342.9 $ 261.2 $ 26.8 $ 897.0 Fair Value Measurement as of September 30, 2018 Total Quoted Significant Carrying Prices in Other Significant Value as of Active Observable Unobservable Investments September 30, Markets Inputs Inputs measured at 2018 (Level 1) (Level 2) (Level 3) NAV (in millions) Cash and cash equivalents $ 71.7 $ 37.1 $ 34.6 $ — $ — Equity and debt securities 153.4 153.4 — — — Investment funds Diversified and equity funds 152.0 82.4 69.6 — — Fixed income funds 55.3 3.6 51.7 — — Hedge funds 15.0 — — 15.0 — Common collective funds 951.0 — — — 951.0 Assets held by insurance company 30.0 — — 30.0 — Derivative instruments (7.0) — (7.0) — — Total $ 1,421.4 $ 276.5 $ 148.9 $ 45.0 $ 951.0 |
Changes in the fair value of the Company's post-retirement plan Level 3 assets | Actual return Actual return on on plan assets, Change September 30, plan assets, relating to Transfer due to 2018 relating to assets assets sold Purchases, into / exchange September 30, Beginning still held at during the sales and (out of) rate 2019 balance reporting date period settlements Level 3 changes Ending balance (in millions) Level 3 Assets $ 45.0 $ 0.4 $ (0.1) $ (17.0) $ — $ (1.5) $ 26.8 Actual return Actual return on on plan assets, Change September 30, plan assets, relating to Transfer due to 2017 relating to assets assets sold Purchases, into / exchange September 30, Beginning still held at during the sales and (out of) rate 2018 balance reporting date period settlements Level 3 changes Ending balance (in millions) Level 3 Assets $ 45.3 $ 0.4 $ — $ 0.2 $ — $ (0.9) $ 45.0 |
Debt (Tables)
Debt (Tables) | 12 Months Ended |
Sep. 30, 2019 | |
Debt | |
Schedule of debt | September 30, September 30, 2019 2018 (in millions) 2014 Credit Agreement $ 1,182.2 $ 1,433.8 2014 Senior Notes 800.0 800.0 2017 Senior Notes 1,000.0 1,000.0 URS Senior Notes 248.1 247.9 Other debt 208.8 191.8 Total debt 3,439.1 3,673.5 Less: Current portion of debt and short-term borrowings (117.2) (143.1) Less: Unamortized debt issuance costs (36.1) (46.7) Long-term debt $ 3,285.8 $ 3,483.7 |
Schedule of maturities of debt | Fiscal Year 2020 $ 117.2 2021 216.1 2022 317.5 2023 450.9 2024 15.4 Thereafter 2,322.0 Total $ 3,439.1 |
Derivative Financial Instrume_2
Derivative Financial Instruments and Fair Value Measurements (Tables) | 12 Months Ended |
Sep. 30, 2019 | |
Derivative Financial Instruments and Fair Value Measurements | |
Summary of effect of derivative instruments not designated as hedging instruments on income | September 30, 2019 Notional Amount Notional Amount Fixed Expiration Currency (in millions) Rate Date AUD 200.0 2.19 % February 2021 CAD 400.0 2.49 % September 2022 USD 200.0 2.60 % February 2023 September 30, 2018 Notional Amount Notional Amount Fixed Expiration Currency (in millions) Rate Date AUD 200.0 2.19 % February 2021 CAD 400.0 2.49 % September 2022 USD 200.0 2.60 % February 2023 |
Leases (Tables)
Leases (Tables) | 12 Months Ended |
Sep. 30, 2019 | |
Leases | |
Schedule of amounts payable under non-cancelable operating lease commitments | Year Ending September 30, 2020 $ 236.2 2021 198.3 2022 166.0 2023 131.1 2024 105.0 Thereafter 405.8 Total $ 1,242.4 |
Share-based Payments (Tables)
Share-based Payments (Tables) | 12 Months Ended |
Sep. 30, 2019 | |
Share-based Payments | |
Schedule of stock option activity | Number of Weighted Options Average (in millions) Exercise Price Balance, September 30, 2016 0.9 30.36 Granted — — Exercised (0.2) 26.42 Cancelled — — Balance, September 30, 2017 0.7 31.11 Granted — — Exercised (0.1) 27.79 Cancelled — — Balance, September 30, 2018 0.6 31.62 Granted — — Exercised — — Cancelled (0.5) (31.62) Balance, September 30, 2019 0.1 31.62 Exercisable as of September 30, 2017 0.1 27.79 Exercisable as of September 30, 2018 — N/A Exercisable as of September 30, 2019 0.1 31.62 |
Income Taxes (Tables)
Income Taxes (Tables) | 12 Months Ended |
Sep. 30, 2019 | |
Income Taxes | |
Schedule of income tax (benefit) expense | Fiscal Year Ended September 30, September 30, September 30, 2019 2018 2017 (in millions) Current: Federal $ 9.2 $ (122.4) $ 10.3 State 45.4 19.0 17.9 Foreign 43.2 47.1 29.3 Total current income tax expense (benefit) 97.8 (56.3) 57.5 Deferred: Federal (67.0) 14.5 (8.3) State (41.7) 39.0 10.4 Foreign 10.8 (16.8) (51.9) Total deferred income tax (benefit) expense (97.9) 36.7 (49.8) Total income tax (benefit) expense $ (0.1) $ (19.6) $ 7.7 |
Major elements contributing to the difference between the U.S. federal statutory rate of 24.5% for fiscal year 2018 and 35% for fiscal years ended 2017 and 2016 and the effective tax rate | Fiscal Year Ended September 30, September 30, September 30, 2019 2018 2017 Amount % Amount % Amount % (in millions) Tax at federal statutory rate $ (38.7) 21.0 % $ 43.5 24.5 % $ 150.3 35.0 % State income tax, net of federal benefit 9.0 (4.9) 17.8 10.0 24.3 5.7 Impairment of goodwill, nondeductible for tax 82.7 (44.9) 33.9 19.1 — — Foreign residual income 28.9 (15.7) 10.3 5.8 (9.2) (2.1) Nondeductible costs 9.2 (5.0) 3.5 1.9 5.8 1.4 Change in uncertain tax positions 6.0 (3.3) (31.4) (17.7) 9.5 2.2 Return to provision, primarily foreign tax credits 3.7 (2.0) (18.5) (10.4) — — Income tax credits and incentives (47.6) 25.8 (37.2) (21.0) (56.8) (13.2) Valuation allowance (20.3) 11.0 58.7 33.1 (51.2) (11.9) Exclusion of tax on non-controlling interests (16.3) 8.9 (14.9) (8.4) (28.2) (6.6) Foreign tax rate differential (4.8) 2.6 (1.6) (0.9) (19.2) (4.5) Audit settlement (4.6) 2.5 (27.7) (15.6) — — Tax exempt income (3.9) 2.1 (7.4) (4.2) (17.9) (4.2) Impact of changes in tax law (1.5) 0.8 (47.8) (26.9) — — Other items, net (1.9) 1.2 (0.8) (0.4) 0.3 — Total income tax expense (benefit) $ (0.1) 0.1 % $ (19.6) (11.1) % $ 7.7 1.8 % |
Schedule of deferred tax assets (liabilities) | Fiscal Year Ended September 30, September 30, 2019 2018 (in millions) Deferred tax assets: Compensation and benefit accruals not currently deductible $ 132.9 $ 108.3 Net operating loss carryforwards 228.2 252.4 Self-insurance reserves 12.9 13.5 Research and experimentation and other tax credits 120.5 178.1 Pension liability 105.1 88.2 Accrued liabilities 125.4 63.4 Other 28.8 27.8 Total deferred tax assets 753.8 731.7 Deferred tax liabilities: Unearned revenue (106.9) (121.1) Depreciation and amortization (78.5) (135.9) Acquired intangible assets (49.6) (56.0) Investment in subsidiaries (108.7) (109.5) Total deferred tax liabilities (343.7) (422.5) Valuation allowance (169.1) (197.1) Net deferred tax assets $ 241.0 $ 112.1 |
Reconciliation of the beginning and ending amount of gross unrecognized tax benefits | Fiscal Year Ended September 30, September 30, 2019 2018 (in millions) Balance at the beginning of the year $ 60.0 $ 102.1 Gross increase in current period’s tax positions 3.4 4.0 Gross increase in prior years’ tax positions 0.8 2.2 Gross decrease in prior years’ tax positions (1.0) (14.4) Decrease due to settlement with tax authorities — (31.9) Decrease due to lapse of statute of limitations — (1.7) Gross change due to foreign exchange fluctuations (0.8) (0.3) Balance at the end of the year $ 62.4 $ 60.0 |
Earnings Per Share (Tables)
Earnings Per Share (Tables) | 12 Months Ended |
Sep. 30, 2019 | |
Earnings Per Share | |
Reconciliation of the denominators for basic and diluted EPS | Fiscal Year Ended September 30, September 30, September 30, 2019 2018 2017 (in millions) Denominator for basic earnings per share 157.0 159.1 155.7 Potential common shares — 3.2 3.4 Denominator for diluted earnings per share 157.0 162.3 159.1 |
Other Financial Information (Ta
Other Financial Information (Tables) | 12 Months Ended |
Sep. 30, 2019 | |
Other Financial Information | |
Schedule of accrued expenses and other current liabilities | Fiscal Year Ended September 30, September 30, 2019 2018 (in millions) Accrued salaries and benefits $ 1,020.7 $ 1,035.9 Accrued contract costs 913.9 861.0 Other accrued expenses 455.8 370.1 $ 2,390.4 $ 2,267.0 |
Reclassifications out of Accu_2
Reclassifications out of Accumulated Other Comprehensive Loss (Tables) | 12 Months Ended |
Sep. 30, 2019 | |
Reclassifications out of Accumulated Other Comprehensive Loss | |
Schedule of accumulated balances and reporting period activities related to reclassifications out of accumulated other comprehensive loss | Foreign Accumulated Pension Currency Gain on Other Related Translation Derivative Comprehensive Adjustments Adjustments Instruments Loss Balances at September 30, 2017 $ (281.9) $ (418.4) $ (0.4) $ (700.7) Other comprehensive income (loss) before reclassification 69.9 (83.8) 0.7 (13.2) Amounts reclassified from accumulated other comprehensive loss 9.7 — 0.9 10.6 Balances at September 30, 2018 $ (202.3) $ (502.2) $ 1.2 $ (703.3) Foreign Accumulated Pension Currency Loss on Other Related Translation Derivative Comprehensive Adjustments Adjustments Instruments Loss Balances at September 30, 2018 $ (202.3) $ (502.2) $ 1.2 $ (703.3) Other comprehensive income (loss) before reclassification (107.2) (46.5) (17.2) (170.9) Amounts reclassified from accumulated other comprehensive loss 6.8 — 3.2 10.0 Balances at September 30, 2019 $ (302.7) $ (548.7) $ (12.8) $ (864.2) |
Reportable Segments and Geogr_2
Reportable Segments and Geographic Information (Tables) | 12 Months Ended |
Sep. 30, 2019 | |
Reportable Segments and Geographic Information | |
Summarized financial information concerning the Company's reportable segments | Design and Consulting Construction Management AECOM Reportable Segments: Services Services Services Capital Corporate Total (in millions) Fiscal Year Ended September 30, 2019: Revenue $ 8,268.2 $ 7,778.8 $ 4,118.1 $ 8.2 $ — $ 20,173.3 Gross profit 545.9 55.4 203.9 8.2 — 813.4 Equity in earnings of joint ventures 18.0 36.5 8.8 17.7 — 81.0 General and administrative expenses — — — (4.9) (143.2) (148.1) Restructuring costs — — — — (95.4) (95.4) Gain (loss) on disposal activities 3.6 (7.4) (6.6) — — (10.4) Impairment of long-lived assets, including goodwill (15.2) (590.5) — — (9.7) (615.4) Operating income (loss) 552.3 (506.0) 206.1 21.0 (248.3) 25.1 Segment assets 7,136.3 3,804.0 2,648.7 197.8 674.8 14,461.6 Gross profit as a % of revenue 6.6 % 0.7 % 5.0 % 4.0 % Fiscal Year Ended September 30, 2018: Revenue $ 8,223.1 $ 8,238.9 $ 3,693.5 $ — $ — $ 20,155.5 Gross profit 439.2 40.4 171.0 — — 650.6 Equity in earnings of joint ventures 15.8 21.5 28.6 15.2 — 81.1 General and administrative expenses — — — (11.2) (124.5) (135.7) Loss on disposal activities — (2.9) — — — (2.9) Impairment of assets held for sale, including goodwill — (168.2) — — — (168.2) Operating income (loss) 455.0 (109.2) 199.6 4.0 (124.5) 424.9 Segment assets 7,013.8 4,212.0 2,701.2 140.6 613.5 14,681.1 Gross profit as a % of revenue 5.3 % 0.5 % 4.6 % 3.2 % Fiscal Year Ended September 30, 2017: Revenue $ 7,566.8 $ 7,295.6 $ 3,341.0 $ — $ — $ 18,203.4 Gross profit 394.8 92.9 196.0 — — 683.7 Equity in earnings of joint ventures 16.4 22.4 45.1 57.7 — 141.6 General and administrative expenses — — — (8.7) (124.7) (133.4) Gain on disposal activities 0.6 — — — — 0.6 Acquisition and integration expenses — — — — (38.7) (38.7) Operating income 411.8 115.3 241.1 49.0 (163.4) 653.8 Segment assets 6,992.6 4,114.5 2,704.6 199.1 386.2 14,397.0 Gross profit as a % of revenue 5.2 % 1.3 % 5.9 % 3.8 % |
Schedule of geographic information | Fiscal Year Ended Long-Lived Assets September 30, 2019 September 30, 2018 September 30, 2017 (in millions) Americas 4,473.1 5,357.8 5,379.4 Europe, Middle East, Africa 1,797.2 1,759.5 1,781.1 Asia Pacific 412.5 369.2 382.9 Total 6,682.8 7,486.5 7,543.4 |
Quarterly Financial Informati_2
Quarterly Financial Information-Unaudited (Tables) | 12 Months Ended |
Sep. 30, 2019 | |
Quarterly Financial Information-Unaudited | |
Schedule of unaudited quarterly data | First Second Third Fourth Fiscal Year 2019: Quarter Quarter Quarter Quarter (in millions, except per share data) Revenue $ 5,037.5 $ 5,040.0 $ 4,980.2 $ 5,115.6 Cost of revenue 4,866.9 4,844.6 4,771.0 4,877.4 Gross profit 170.6 195.4 209.2 238.2 Equity in earnings of joint ventures 12.5 25.9 28.6 14.0 General and administrative expenses (35.9) (37.4) (37.5) (37.3) Restructuring costs (63.3) (15.9) — (16.2) Loss on disposal activities — — (7.4) (3.0) Impairment of long-lived assets, including goodwill — — — (615.4) Income (loss) from operations 83.9 168.0 192.9 (419.7) Other income 3.6 4.3 4.8 4.1 Interest expense (56.0) (57.9) (55.7) (56.4) Income (loss) before income tax (benefit) expense 31.5 114.4 142.0 (472.0) Income tax (benefit) expense (33.6) 20.9 36.6 (24.0) Net income (loss) 65.1 93.5 105.4 (448.0) Noncontrolling interest in income of consolidated subsidiaries, net of tax (13.6) (15.6) (21.7) (26.2) Net income (loss) attributable to AECOM $ 51.5 $ 77.9 $ 83.7 $ (474.2) Net income (loss) attributable to AECOM per share: Basic $ 0.33 $ 0.50 $ 0.53 $ (3.01) Diluted $ 0.32 $ 0.49 $ 0.52 $ (3.01) Weighted average common shares outstanding: Basic 156.4 156.6 157.4 157.7 Diluted 159.6 158.4 159.8 157.7 First Second Third Fourth Fiscal Year 2018: Quarter Quarter Quarter Quarter (in millions, except per share data) Revenue $ 4,910.8 $ 4,790.9 $ 5,148.0 $ 5,305.8 Cost of revenue 4,774.6 4,649.7 4,962.8 5,117.8 Gross profit 136.2 141.2 185.2 188.0 Equity in earnings of joint ventures 29.7 13.1 12.8 25.5 General and administrative expenses (34.7) (30.2) (35.1) (35.7) Loss on disposal activities — — (2.1) (0.8) Impairment of assets held for sale, including goodwill — (168.2) — — Income (loss) from operations 131.2 (44.1) 160.8 177.0 Other income 2.3 12.5 2.7 2.6 Interest expense (56.2) (100.5) (55.3) (55.5) Income (loss) before income tax (benefit) expense 77.3 (132.1) 108.2 124.1 Income tax (benefit) expense (47.1) (24.4) 33.1 18.7 Net income (loss) 124.4 (107.7) 75.1 105.4 Noncontrolling interest in income of consolidated subsidiaries, net of tax (13.1) (12.0) (14.2) (21.4) Net income (loss) attributable to AECOM $ 111.3 (119.7) $ 60.9 $ 84.0 Net income (loss) attributable to AECOM per share: Basic $ 0.70 $ (0.75) $ 0.38 $ 0.53 Diluted $ 0.69 $ (0.75) $ 0.37 $ 0.52 Weighted average common shares outstanding: Basic 157.9 159.5 160.4 158.6 Diluted 161.8 159.5 163.2 161.8 |
Condensed Consolidating Finan_2
Condensed Consolidating Financial Information (Tables) | 12 Months Ended |
Sep. 30, 2019 | |
Condensed Consolidating Financial Information | |
Schedule of Condensed Consolidating Balance Sheets | Condensed Consolidating Balance Sheets (in millions) September 30, 2019 Non- Guarantor Guarantor Parent Subsidiaries Subsidiaries Eliminations Total ASSETS CURRENT ASSETS: Total cash and cash equivalents $ 129.3 $ 315.6 $ 635.5 $ — $ 1,080.4 Accounts receivable and contract assets—net — 2,651.8 3,125.9 — 5,777.7 Intercompany receivable 1,164.7 163.9 176.0 (1,504.6) — Prepaid expenses and other current assets 52.5 270.1 304.8 — 627.4 Income taxes receivable 13.7 — 35.4 — 49.1 TOTAL CURRENT ASSETS 1,360.2 3,401.4 4,277.6 (1,504.6) 7,534.6 PROPERTY AND EQUIPMENT—NET 193.0 179.1 187.3 — 559.4 DEFERRED TAX ASSETS—NET 152.8 45.6 142.1 (95.2) 245.3 INVESTMENTS IN CONSOLIDATED SUBSIDIARIES 5,740.8 1,611.2 — (7,352.0) — INVESTMENTS IN UNCONSOLIDATED JOINT VENTURES 9.9 41.6 353.7 — 405.2 GOODWILL — 3,193.4 2,081.9 — 5,275.3 INTANGIBLE ASSETS—NET — 172.3 60.7 — 233.0 OTHER NON-CURRENT ASSETS 33.1 43.5 132.2 — 208.8 TOTAL ASSETS $ 7,489.8 $ 8,688.1 $ 7,235.5 $ (8,951.8) $ 14,461.6 LIABILITIES AND STOCKHOLDERS’ EQUITY CURRENT LIABILITIES: Short-term debt $ 21.8 $ — $ 26.0 $ — $ 47.8 Accounts payable 50.2 1,946.1 958.4 — 2,954.7 Accrued expenses and other current liabilities 108.0 1,012.1 1,270.3 — 2,390.4 Income taxes payable 23.6 — 36.0 — 59.6 Intercompany payable 116.1 873.9 649.5 (1,639.5) — Contract liabilities — 318.8 621.1 — 939.9 Current portion of long-term debt 12.6 14.8 42.0 — 69.4 TOTAL CURRENT LIABILITIES 332.3 4,165.7 3,603.3 (1,639.5) 6,461.8 OTHER LONG-TERM LIABILITIES 130.7 288.2 391.4 — 810.3 DEFERRED TAX LIABILITY—NET — — 99.5 (95.2) 4.3 NOTE PAYABLE INTERCOMPANY—NON CURRENT 872.6 — 467.5 (1,340.1) — LONG‑TERM DEBT 2,468.9 290.1 526.8 — 3,285.8 TOTAL LIABILITIES 3,804.5 4,744.0 5,088.5 (3,074.8) 10,562.2 TOTAL AECOM STOCKHOLDERS’ EQUITY 3,685.3 3,944.1 1,938.2 (5,877.0) 3,690.6 Noncontrolling interests — — 208.8 — 208.8 TOTAL STOCKHOLDERS’ EQUITY 3,685.3 3,944.1 2,147.0 (5,877.0) 3,899.4 TOTAL LIABILITIES AND STOCKHOLDERS’ EQUITY $ 7,489.8 $ 8,688.1 $ 7,235.5 $ (8,951.8) $ 14,461.6 Condensed Consolidating Balance Sheets (in millions) September 30, 2018 Non- Guarantor Guarantor Parent Subsidiaries Subsidiaries Eliminations Total ASSETS CURRENT ASSETS: Total cash and cash equivalents $ 22.0 $ 270.9 $ 593.8 $ — $ 886.7 Accounts receivable and contract assets—net — 2,544.7 2,924.1 — 5,468.8 Intercompany receivable 951.1 84.9 157.9 (1,193.9) — Prepaid expenses and other current assets 52.9 331.6 200.7 — 585.2 Current assets held for sale — — 59.8 — 59.8 Income taxes receivable 84.6 — 42.2 — 126.8 TOTAL CURRENT ASSETS 1,110.6 3,232.1 3,978.5 (1,193.9) 7,127.3 PROPERTY AND EQUIPMENT—NET 202.6 217.3 194.2 — 614.1 DEFERRED TAX ASSETS—NET 134.0 — 150.0 (124.6) 159.4 INVESTMENTS IN CONSOLIDATED SUBSIDIARIES 6,364.1 1,912.0 — (8,276.1) — INVESTMENTS IN UNCONSOLIDATED JOINT VENTURES 13.4 49.6 247.7 — 310.7 GOODWILL — 3,392.7 2,528.4 — 5,921.1 INTANGIBLE ASSETS—NET — 218.6 101.3 — 319.9 OTHER NON-CURRENT ASSETS 49.9 45.6 133.1 — 228.6 TOTAL ASSETS $ 7,874.6 $ 9,067.9 $ 7,333.2 $ (9,594.6) $ 14,681.1 LIABILITIES AND STOCKHOLDERS’ EQUITY CURRENT LIABILITIES: Short-term debt $ 8.4 $ — $ — $ — $ 8.4 Accounts payable 53.6 1,616.7 1,055.7 — 2,726.0 Accrued expenses and other current liabilities 58.8 1,035.6 1,172.7 — 2,267.1 Income taxes payable 10.4 — 29.4 — 39.8 Intercompany payable 105.5 830.8 416.9 (1,353.2) — Contract liabilities 1.5 316.1 613.8 — 931.4 Current liabilities held for sale — — 22.3 — 22.3 Current portion of long-term debt 43.3 27.0 64.4 — 134.7 TOTAL CURRENT LIABILITIES 281.5 3,826.2 3,375.2 (1,353.2) 6,129.7 OTHER LONG-TERM LIABILITIES 131.6 249.0 361.5 — 742.1 DEFERRED TAX LIABILITY—NET — 63.1 108.9 (124.7) 47.3 NOTE PAYABLE INTERCOMPANY—NON CURRENT 800.9 — 487.5 (1,288.4) — LONG-TERM DEBT 2,627.8 291.4 564.5 — 3,483.7 TOTAL LIABILITIES 3,841.8 4,429.7 4,897.6 (2,766.3) 10,402.8 TOTAL AECOM STOCKHOLDERS’ EQUITY 4,032.8 4,638.2 2,250.1 (6,828.3) 4,092.8 Noncontrolling interests — — 185.5 — 185.5 TOTAL STOCKHOLDERS’ EQUITY 4,032.8 4,638.2 2,435.6 (6,828.3) 4,278.3 TOTAL LIABILITIES AND STOCKHOLDERS’ EQUITY $ 7,874.6 $ 9,067.9 $ 7,333.2 $ (9,594.6) $ 14,681.1 |
Schedule of Condensed Consolidating Statements of Operations | Condensed Consolidating Statements of Operations (in millions) For the Fiscal Year Ended September 30, 2019 Guarantor Non-Guarantor Parent Subsidiaries Subsidiaries Eliminations Total Revenue $ — $ 10,978.7 $ 9,282.4 $ (87.8) $ 20,173.3 Cost of revenue — 10,594.7 8,853.0 (87.8) 19,359.9 Gross profit — 384.0 429.4 — 813.4 Equity in earnings from subsidiaries 82.0 (54.4) — (27.6) — Equity in earnings of joint ventures — 3.6 77.4 — 81.0 General and administrative expenses (143.3) — (4.8) — (148.1) Restructuring costs (95.4) — — — (95.4) Loss on disposal activities (6.6) — (3.8) — (10.4) Impairment of long-lived assets, including goodwill (9.6) (200.2) (405.6) — (615.4) (Loss) income from operations (172.9) 133.0 92.6 (27.6) 25.1 Other income 5.0 48.4 20.4 (57.0) 16.8 Interest expense (202.8) (22.0) (58.2) 57.0 (226.0) (Loss) income before income tax (benefit) expense (370.7) 159.4 54.8 (27.6) (184.1) Income tax (benefit) expense (109.6) 92.1 17.4 — (0.1) Net (loss) income (261.1) 67.3 37.4 (27.6) (184.0) Noncontrolling interests in income of consolidated subsidiaries, net of tax — — (77.1) — (77.1) Net (loss) income attributable to AECOM $ (261.1) $ 67.3 $ (39.7) $ (27.6) $ (261.1) For the Fiscal Year Ended September 30, 2018 Guarantor Non-Guarantor Parent Subsidiaries Subsidiaries Eliminations Total Revenue $ — $ 11,052.9 $ 9,212.9 $ (110.3) $ 20,155.5 Cost of revenue — 10,757.2 8,858.0 (110.3) 19,504.9 Gross profit — 295.7 354.9 — 650.6 Equity in earnings from subsidiaries 460.9 207.2 — (668.1) — Equity in earnings of joint ventures — 37.2 43.9 — 81.1 General and administrative expenses (124.4) — (11.3) — (135.7) Impairment on assets held for sale, including goodwill — — (168.2) — (168.2) Loss on disposal activities — — (2.9) — (2.9) Income from operations 336.5 540.1 216.4 (668.1) 424.9 Other income 12.0 34.5 12.7 (39.1) 20.1 Interest expense (242.9) (25.1) (38.6) 39.1 (267.5) Income before income tax (benefit) expense 105.6 549.5 190.5 (668.1) 177.5 Income tax (benefit) expense (31.1) 98.8 (87.4) — (19.7) Net income 136.7 450.7 277.9 (668.1) 197.2 Noncontrolling interests in income of consolidated subsidiaries, net of tax — — (60.7) — (60.7) Net income attributable to AECOM $ 136.7 $ 450.7 $ 217.2 $ (668.1) $ 136.5 Condensed Consolidating Statements of Operations (in millions) For the Fiscal Year Ended September 30, 2017 Guarantor Non-Guarantor Parent Subsidiaries Subsidiaries Eliminations Total Revenue $ — $ 10,491.6 $ 7,764.1 $ (52.3) $ 18,203.4 Cost of revenue — 10,136.1 7,435.9 (52.3) 17,519.7 Gross profit — 355.5 328.2 — 683.7 Equity in earnings from subsidiaries 439.3 222.4 — (661.7) — Equity in earnings of joint ventures — 43.8 97.8 — 141.6 General and administrative expenses (124.7) — (8.7) — (133.4) Acquisition and integration expenses (38.7) — — — (38.7) Gain on disposal activities — — 0.6 — 0.6 Income from operations 275.9 621.7 417.9 (661.7) 653.8 Other income 2.1 31.9 9.2 (36.5) 6.7 Interest expense (203.7) (31.1) (33.0) 36.5 (231.3) Income before income tax (benefit) expense 74.3 622.5 394.1 (661.7) 429.2 Income tax (benefit) expense (264.9) 182.5 58.4 31.7 7.7 Net income 339.2 440.0 335.7 (693.4) 421.5 Noncontrolling interests in income of consolidated subsidiaries, net of tax — — (82.1) — (82.1) Net income attributable to AECOM $ 339.2 $ 440.0 $ 253.6 $ (693.4) $ 339.4 |
Schedule of Consolidating Statements of Comprehensive Income (Loss) | Consolidating Statements of Comprehensive Income (Loss) (in millions) For the Fiscal Year Ended September 30, 2019 Guarantor Non-Guarantor Parent Subsidiaries Subsidiaries Eliminations Total Net (loss) income $ (261.1) $ 67.3 $ 37.4 $ (27.6) $ (184.0) Other comprehensive loss, net of tax: Net unrealized loss on derivatives, net of tax (7.4) — (6.6) — (14.0) Foreign currency translation adjustments — — (46.6) — (46.6) Pension adjustments, net of tax (15.8) (41.2) (43.4) — (100.4) Other comprehensive loss, net of tax (23.2) (41.2) (96.6) — (161.0) Comprehensive (loss) income, net of tax (284.3) 26.1 (59.2) (27.6) (345.0) Noncontrolling interests in comprehensive income of consolidated subsidiaries, net of tax — — (76.9) — (76.9) Comprehensive (loss) income attributable to AECOM, net of tax $ (284.3) $ 26.1 $ (136.1) $ (27.6) $ (421.9) For the Fiscal Year Ended September 30, 2018 Guarantor Non-Guarantor Parent Subsidiaries Subsidiaries Eliminations Total Net income $ 136.7 $ 450.7 $ 277.9 $ (668.1) $ 197.2 Other comprehensive income (loss), net of tax: Net unrealized gain (loss) on derivatives, net of tax 2.3 — (0.6) — 1.7 Foreign currency translation adjustments — — (82.7) — (82.7) Pension adjustments, net of tax 5.0 10.8 63.7 — 79.5 Other comprehensive income (loss), net of tax 7.3 10.8 (19.6) — (1.5) Comprehensive income, net of tax 144.0 461.5 258.3 (668.1) 195.7 Noncontrolling interests in comprehensive income of consolidated subsidiaries, net of tax — — (61.9) — (61.9) Comprehensive income attributable to AECOM, net of tax $ 144.0 $ 461.5 $ 196.4 $ (668.1) $ 133.8 For the Fiscal Year Ended September 30, 2017 Guarantor Non-Guarantor Parent Subsidiaries Subsidiaries Eliminations Total Net income $ 339.2 $ 440.0 $ 335.7 $ (693.4) $ 421.5 Other comprehensive income (loss), net of tax: Net unrealized gain (loss) on derivatives, net of tax 4.9 — (0.3) — 4.6 Foreign currency translation adjustments — — 65.4 — 65.4 Pension adjustments, net of tax 7.1 13.8 66.1 — 87.0 Other comprehensive income, net of tax 12.0 13.8 131.2 — 157.0 Comprehensive income, net of tax 351.2 453.8 466.9 (693.4) 578.5 Noncontrolling interests in comprehensive income of consolidated subsidiaries, net of tax — — (82.2) — (82.2) Comprehensive income attributable to AECOM, net of tax $ 351.2 $ 453.8 $ 384.7 $ (693.4) $ 496.3 |
Schedule on Condensed Consolidating Statements of Cash Flows | Condensed Consolidating Statements of Cash Flows (in millions) For the Fiscal Year Ended September 30, 2019 Guarantor Non-Guarantor Parent Subsidiaries Subsidiaries Eliminations Total CASH FLOWS FROM OPERATING ACTIVITIES $ (16.7) $ 572.7 $ 221.6 $ — $ 777.6 CASH FLOWS FROM INVESTING ACTIVITIES: Proceeds from disposal of business, net of cash disposed 11.7 (3.0) 37.8 — 46.5 Net investment in unconsolidated joint ventures (4.2) (25.8) (89.0) — (119.0) Net proceeds from sale of investment securities — — 9.1 — 9.1 Payments for capital expenditures, net of disposals (32.9) (24.3) (26.2) — (83.4) Net receipts from (investment in) intercompany notes 54.9 (52.4) (29.7) 27.2 — Other intercompany investing activities 291.9 211.0 — (502.9) — Net cash provided by (used in) investing activities 321.4 105.5 (98.0) (475.7) (146.8) CASH FLOWS FROM FINANCING ACTIVITIES: Proceeds from borrowings under credit agreements 7,524.0 — 176.8 — 7,700.8 Repayments of borrowings under credit agreements (7,734.1) (28.6) (221.9) — (7,984.6) Proceeds from issuance of common stock 30.4 — — — 30.4 Payments to repurchase common stock (98.2) — — — (98.2) Net distributions to noncontrolling interests — — (70.0) — (70.0) Other financing activities 4.8 (0.8) (15.7) — (11.7) Net borrowings (repayments) on intercompany notes 75.7 26.4 (74.9) (27.2) — Other intercompany financing activities — (630.5) 127.6 502.9 — Net cash used in financing activities (197.4) (633.5) (78.1) 475.7 (433.3) EFFECT OF EXCHANGE RATE CHANGES ON CASH — — (3.8) — (3.8) NET INCREASE IN CASH AND CASH EQUIVALENTS 107.3 44.7 41.7 — 193.7 CASH AND CASH EQUIVALENTS AT BEGINNING OF YEAR 22.0 270.9 593.8 — 886.7 CASH AND CASH EQUIVALENTS AT END OF YEAR $ 129.3 $ 315.6 $ 635.5 $ — $ 1,080.4 For the Fiscal Year Ended September 30, 2018 Guarantor Non-Guarantor Parent Subsidiaries Subsidiaries Eliminations Total CASH FLOWS FROM OPERATING ACTIVITIES $ (205.5) $ 640.9 $ 339.1 $ — $ 774.5 CASH FLOWS FROM INVESTING ACTIVITIES: Proceeds from purchase price adjustment to business acquisition — — 2.2 — 2.2 Cash acquired from consolidation of joint venture — — 7.6 — 7.6 Proceeds from disposal of business, net of cash disposed — — 19.5 — 19.5 Net investment in unconsolidated joint ventures (6.1) (9.1) 30.0 — 14.8 Net purchases of investments — — (16.3) — (16.3) Payments for capital expenditures, net of disposals (29.3) (39.1) (18.5) — (86.9) Net investment in intercompany notes (54.3) (778.8) (5.6) 838.7 — Other intercompany investing activities 528.2 1,022.1 — (1,550.3) — Net cash provided by investing activities 438.5 195.1 18.9 (711.6) (59.1) CASH FLOWS FROM FINANCING ACTIVITIES: Proceeds from borrowings under credit agreements 7,770.4 0.2 758.4 — 8,529.0 Repayments of borrowings under credit agreements (7,820.0) (18.0) (202.2) — (8,040.2) Redemption of unsecured senior notes (800.0) — — — (800.0) Prepayment penalty on unsecured senior notes (34.5) — — — (34.5) Cash paid for debt issuance costs (12.2) — — — (12.2) Proceeds from issuance of common stock 35.2 — — — 35.2 Proceeds from exercise of stock options 2.8 — — — 2.8 Payments to repurchase common stock (179.5) — — — (179.5) Net distributions to noncontrolling interests — — (89.8) — (89.8) Other financing activities (3.6) (22.4) (9.7) — (35.7) Net borrowings on intercompany notes 797.8 5.9 35.0 (838.7) — Other intercompany financing activities — (785.7) (764.6) 1,550.3 — Net cash used in financing activities (243.6) (820.0) (272.9) 711.6 (624.9) EFFECT OF EXCHANGE RATE CHANGES ON CASH — — (6.2) — (6.2) NET (DECREASE) INCREASE IN CASH AND CASH EQUIVALENTS (10.6) 16.0 78.9 — 84.3 CASH AND CASH EQUIVALENTS AT BEGINNING OF YEAR 32.6 254.9 514.9 — 802.4 CASH AND CASH EQUIVALENTS AT END OF YEAR $ 22.0 $ 270.9 $ 593.8 $ — $ 886.7 Condensed Consolidating Statements of Cash Flows (in millions) For the Fiscal Year Ended September 30, 2017 Guarantor Non-Guarantor Parent Subsidiaries Subsidiaries Eliminations Total CASH FLOWS FROM OPERATING ACTIVITIES $ (5.9) $ 695.0 $ 7.6 $ — $ 696.7 CASH FLOWS FROM INVESTING ACTIVITIES: Payments for business acquisitions, net of cash acquired — — (103.1) — (103.1) Proceeds from disposal of business, net of cash disposed — — 2.2 — 2.2 Net investment in unconsolidated joint ventures — (2.7) (21.6) — (24.3) Net purchases of investments — — 0.9 — 0.9 Payments for capital expenditures, net of disposals (21.7) (30.6) (26.1) — (78.4) Net (investment in) receipts from intercompany notes (4.6) 102.8 12.2 (110.4) — Other intercompany investing activities 139.0 (233.2) — 94.2 — Net cash provided by (used in) investing activities 112.7 (163.7) (135.5) (16.2) (202.7) CASH FLOWS FROM FINANCING ACTIVITIES: Proceeds from borrowings under credit agreements 5,903.5 13.1 36.6 — 5,953.2 Repayments of borrowings under credit agreements (6,956.3) (51.1) (64.2) — (7,071.6) Issuance of unsecured senior notes 1,000.0 — — — 1,000.0 Redemption of unsecured senior notes — (179.2) — — (179.2) Cash paid for debt and equity issuance costs (13.0) — — — (13.0) Proceeds from issuance of common stock 30.1 — — — 30.1 Proceeds from exercise of stock options 4.9 — — — 4.9 Payments to repurchase common stock (25.1) — — — (25.1) Net distributions to noncontrolling interests — — (59.0) — (59.0) Other financing activities (24.1) (38.3) 35.6 — (26.8) Net borrowings (repayments) on intercompany notes 4.0 (16.3) (98.1) 110.4 — Other intercompany financing activities — (200.9) 295.1 (94.2) — Net cash provided by (used in) financing activities (76.0) (472.7) 146.0 16.2 (386.5) EFFECT OF EXCHANGE RATE CHANGES ON CASH — — 2.8 — 2.8 NET INCREASE IN CASH AND CASH EQUIVALENTS 30.8 58.6 20.9 — 110.3 CASH AND CASH EQUIVALENTS AT BEGINNING OF YEAR 1.8 196.3 494.0 — 692.1 CASH AND CASH EQUIVALENTS AT END OF YEAR $ 32.6 $ 254.9 $ 514.9 $ — $ 802.4 |
Significant Accounting Polici_3
Significant Accounting Policies - Fiscal Year (Details) | 12 Months Ended | ||
Sep. 30, 2019 | Sep. 30, 2018 | Sep. 30, 2017 | |
Length of fiscal year | 364 days | 364 days | 364 days |
Minimum | |||
Length of fiscal year | 364 days | ||
Maximum | |||
Length of fiscal year | 371 days |
Significant Accounting Polici_4
Significant Accounting Policies - Property and Equipment (Details) | 12 Months Ended |
Sep. 30, 2019 | |
Minimum | Building and land | |
Property, Plant and Equipment | |
Estimated useful live (in years) | 10 years |
Minimum | Furniture and Fixtures | |
Property, Plant and Equipment | |
Estimated useful live (in years) | 3 years |
Minimum | Computer systems and equipment | |
Property, Plant and Equipment | |
Estimated useful live (in years) | 3 years |
Maximum | Building and land | |
Property, Plant and Equipment | |
Estimated useful live (in years) | 45 years |
Maximum | Furniture and Fixtures | |
Property, Plant and Equipment | |
Estimated useful live (in years) | 10 years |
Maximum | Computer systems and equipment | |
Property, Plant and Equipment | |
Estimated useful live (in years) | 12 years |
Significant Accounting Polici_5
Significant Accounting Policies - Pension Plans (Details) | 12 Months Ended |
Sep. 30, 2019 | |
Significant Accounting Policies | |
Market-related valuation calculation period (in years) | 5 years |
Net unrecognized gain (loss) threshold subject to amortization (in percent) | 10.00% |
New Accounting Pronouncements_2
New Accounting Pronouncements and Changes in Accounting (Details) - USD ($) $ in Thousands | Sep. 30, 2019 | Oct. 01, 2018 | Sep. 30, 2018 |
New Accounting Pronouncements and Changes in Accounting | |||
Other non-current assets | $ 208,692 | $ 228,682 | |
Retained earnings | 599,548 | $ 948,148 | |
ASU 2014-09 | |||
New Accounting Pronouncements and Changes in Accounting | |||
Retained earnings | $ (7,000) | ||
ASU 2016-02 | |||
New Accounting Pronouncements and Changes in Accounting | |||
Leased assets | 700,000 | ||
Lease liabilities | 1,000,000 | ||
ASU 2016-16 | |||
New Accounting Pronouncements and Changes in Accounting | |||
Other non-current assets | (5,500) | ||
Retained earnings | $ 100,000 | $ (5,500) |
Business Acquisitions, Goodwi_3
Business Acquisitions, Goodwill and Intangible Assets (Details) $ in Millions | 12 Months Ended | |
Sep. 30, 2019USD ($) | Sep. 30, 2018USD ($)item | |
Business Acquisitions, Goodwill and Intangible Assets | ||
Number of acquisitions | item | 1 | |
Total consideration | $ 5.6 | |
Impairment of goodwill | $ 588 | $ 125.4 |
Business Acquisitions, Goodwi_4
Business Acquisitions, Goodwill and Intangible Assets - Disposal Group (Details) - USD ($) $ in Thousands | 3 Months Ended | 12 Months Ended | |||||||
Sep. 30, 2019 | Jun. 30, 2019 | Mar. 31, 2019 | Sep. 30, 2018 | Jun. 30, 2018 | Mar. 31, 2018 | Sep. 30, 2019 | Sep. 30, 2018 | Sep. 30, 2017 | |
Business acquisitions, goodwill and intangible assets | |||||||||
Loss (gain) on disposal activities | $ 3,000 | $ 7,400 | $ 800 | $ 2,100 | $ 10,381 | $ 2,949 | $ (572) | ||
Impairment of long-lived assets | $ 615,400 | $ 168,200 | $ 168,200 | 615,400 | 168,178 | ||||
Construction Services | |||||||||
Business acquisitions, goodwill and intangible assets | |||||||||
Loss (gain) on disposal activities | 7,400 | 2,900 | |||||||
Impairment of long-lived assets | $ 590,500 | $ 168,200 | |||||||
Construction Services | Disposal Group as held for sale | |||||||||
Business acquisitions, goodwill and intangible assets | |||||||||
Loss (gain) on disposal activities | $ 7,400 | $ 2,100 |
Business Acquisitions, Goodwi_5
Business Acquisitions, Goodwill and Intangible Assets - Goodwill (Details) - USD ($) $ in Thousands | 12 Months Ended | |
Sep. 30, 2019 | Sep. 30, 2018 | |
Changes in the carrying value of goodwill by reporting segment | ||
Goodwill at the beginning of the period | $ 5,921,116 | $ 5,992,900 |
Measurement Period Adjustment | 91,000 | |
Impairment | (588,000) | (125,400) |
Disposal | (18,300) | |
Foreign Exchange Impact | (39,500) | (37,400) |
Goodwill at the end of the period | 5,275,281 | 5,921,116 |
Design and Consulting Services | ||
Changes in the carrying value of goodwill by reporting segment | ||
Goodwill at the beginning of the period | 3,189,200 | 3,218,900 |
Disposal | (5,800) | |
Foreign Exchange Impact | (22,200) | (29,700) |
Goodwill at the end of the period | 3,161,200 | 3,189,200 |
Construction Services | ||
Changes in the carrying value of goodwill by reporting segment | ||
Goodwill at the beginning of the period | 1,008,900 | 1,049,900 |
Measurement Period Adjustment | 91,000 | |
Impairment | (588,000) | (125,400) |
Foreign Exchange Impact | (3,300) | (6,600) |
Goodwill at the end of the period | 417,600 | 1,008,900 |
Management Services | ||
Changes in the carrying value of goodwill by reporting segment | ||
Goodwill at the beginning of the period | 1,723,000 | 1,724,100 |
Disposal | (12,500) | |
Foreign Exchange Impact | (14,000) | (1,100) |
Goodwill at the end of the period | $ 1,696,500 | $ 1,723,000 |
Business Acquisitions, Goodwi_6
Business Acquisitions, Goodwill and Intangible Assets - Intangible Assets (Details) - USD ($) $ in Thousands | 12 Months Ended | |
Sep. 30, 2019 | Sep. 30, 2018 | |
Identifiable intangible assets with finite useful lives | ||
Gross Amount | $ 1,302,500 | $ 1,303,400 |
Accumulated Amortization | (1,069,500) | (983,500) |
Intangible Assets, Net | 233,018 | 319,892 |
Backlog and customer relationships | ||
Identifiable intangible assets with finite useful lives | ||
Gross Amount | 1,284,200 | 1,285,100 |
Accumulated Amortization | (1,051,200) | (966,000) |
Intangible Assets, Net | $ 233,000 | 319,100 |
Backlog and customer relationships | Minimum | ||
Identifiable intangible assets with finite useful lives | ||
Amortization Period | 1 year | |
Backlog and customer relationships | Maximum | ||
Identifiable intangible assets with finite useful lives | ||
Amortization Period | 11 years | |
Trademark / tradename | ||
Identifiable intangible assets with finite useful lives | ||
Gross Amount | $ 18,300 | 18,300 |
Accumulated Amortization | $ (18,300) | (17,500) |
Intangible Assets, Net | $ 800 | |
Trademark / tradename | Minimum | ||
Identifiable intangible assets with finite useful lives | ||
Amortization Period | 3 months 18 days | |
Trademark / tradename | Maximum | ||
Identifiable intangible assets with finite useful lives | ||
Amortization Period | 2 years |
Business Acquisitions, Goodwi_7
Business Acquisitions, Goodwill and Intangible Assets - Amortization Expense (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Sep. 30, 2019 | Sep. 30, 2018 | Sep. 30, 2017 | |
Business Acquisitions, Goodwill and Intangible Assets | |||
Amortization expense | $ 86,000 | $ 96,700 | $ 102,700 |
Estimated amortization expense for the succeeding years | |||
2020 | 68,900 | ||
2021 | 56,100 | ||
2022 | 43,400 | ||
2023 | 39,000 | ||
2024 | 20,200 | ||
Thereafter | 5,400 | ||
Intangible Assets, Net | $ 233,018 | $ 319,892 |
Revenue Recognition (Details)
Revenue Recognition (Details) - USD ($) $ in Thousands | 3 Months Ended | 12 Months Ended | ||||||||||
Sep. 30, 2019 | Jun. 30, 2019 | Mar. 31, 2019 | Dec. 31, 2018 | Sep. 30, 2018 | Jun. 30, 2018 | Mar. 31, 2018 | Dec. 31, 2017 | Sep. 30, 2019 | Sep. 30, 2018 | Sep. 30, 2017 | Oct. 01, 2018 | |
Revenue Recognition | ||||||||||||
Retained earnings | $ 599,548 | $ 948,148 | $ 599,548 | $ 948,148 | ||||||||
Revenue | $ 5,115,600 | $ 4,980,200 | $ 5,040,000 | $ 5,037,500 | $ 5,305,800 | $ 5,148,000 | $ 4,790,900 | $ 4,910,800 | 20,173,329 | 20,155,512 | $ 18,203,402 | |
Construction Services | ||||||||||||
Revenue Recognition | ||||||||||||
Revenue | 7,778,800 | 8,238,900 | 7,295,600 | |||||||||
ASU 2014-09 | ||||||||||||
Revenue Recognition | ||||||||||||
Retained earnings | $ (7,000) | |||||||||||
Subcontractor and other direct costs | 10,300,000 | $ 10,700,000 | $ 9,200,000 | |||||||||
ASU 2014-09 | Construction Services | ||||||||||||
Revenue Recognition | ||||||||||||
Revenue | $ 4,800 |
Revenue Recognition - Disaggreg
Revenue Recognition - Disaggregated revenues (Details) - USD ($) $ in Thousands | 3 Months Ended | 12 Months Ended | |||||||||
Sep. 30, 2019 | Jun. 30, 2019 | Mar. 31, 2019 | Dec. 31, 2018 | Sep. 30, 2018 | Jun. 30, 2018 | Mar. 31, 2018 | Dec. 31, 2017 | Sep. 30, 2019 | Sep. 30, 2018 | Sep. 30, 2017 | |
Revenue Recognition | |||||||||||
Revenue | $ 5,115,600 | $ 4,980,200 | $ 5,040,000 | $ 5,037,500 | $ 5,305,800 | $ 5,148,000 | $ 4,790,900 | $ 4,910,800 | $ 20,173,329 | $ 20,155,512 | $ 18,203,402 |
Cost reimbursable | |||||||||||
Revenue Recognition | |||||||||||
Revenue | 10,414,200 | 9,474,800 | 8,737,600 | ||||||||
Guaranteed maximum price | |||||||||||
Revenue Recognition | |||||||||||
Revenue | 3,956,300 | 4,722,000 | 4,186,800 | ||||||||
Fixed price | |||||||||||
Revenue Recognition | |||||||||||
Revenue | 5,802,800 | 5,958,700 | 5,279,000 | ||||||||
Americas | |||||||||||
Revenue Recognition | |||||||||||
Revenue | 16,191,100 | 15,951,400 | 14,202,500 | ||||||||
Europe, Middle East, Africa | |||||||||||
Revenue Recognition | |||||||||||
Revenue | 2,213,100 | 2,727,000 | 2,648,200 | ||||||||
Asia Pacific | |||||||||||
Revenue Recognition | |||||||||||
Revenue | $ 1,769,100 | $ 1,477,100 | $ 1,352,700 |
Revenue Recognition - Performan
Revenue Recognition - Performance obligations (Details) $ in Billions | Sep. 30, 2019USD ($) |
Revenue, remaining performance obligations | |
Performance obligation | $ 23.6 |
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Start Date [Axis]: 2019-01-01 | |
Revenue, remaining performance obligations | |
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Period (Deprecated 2018-01-31) | 12 months |
Performance obligation, percent to be satisfied | 60.00% |
Revenue Recognition - Accounts
Revenue Recognition - Accounts receivable, net (Details) $ in Thousands | 12 Months Ended | |
Sep. 30, 2019USD ($)customer | Sep. 30, 2018USD ($)customer | |
Billed | $ 2,931,700 | $ 2,697,700 |
Contract retentions | 641,500 | 661,700 |
Total accounts receivable-gross | 3,573,200 | 3,359,400 |
Allowance for doubtful accounts | (56,100) | (51,600) |
Total accounts receivable-net | $ 3,517,072 | $ 3,307,851 |
Additional disclosures | ||
Unbilled receivables are expected to be billed and collected (in months) | 12 months | 12 months |
Significant claims recorded in contract assets and other non-current assets | $ 340,000 | $ 266,000 |
Trade receivables sold, outstanding | 364,500 | 334,200 |
Total | ||
Total accounts receivable-net | $ 3,517,100 | $ 3,307,800 |
Other than U.S government outstanding receivables | ||
Additional disclosures | ||
Number of clients | customer | 0 | 0 |
Outstanding receivables (as a percent) | 10.00% | 10.00% |
Property and Equipment (Details
Property and Equipment (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Sep. 30, 2019 | Sep. 30, 2018 | Sep. 30, 2017 | |
Property and equipment | |||
Property and equipment, gross | $ 1,366,100 | $ 1,348,100 | |
Accumulated depreciation and amortization | (806,700) | (734,000) | |
Property and equipment, net | 559,399 | 614,062 | |
Depreciation expense | 164,500 | 158,500 | $ 157,100 |
Building and land | |||
Property and equipment | |||
Property and equipment, gross | 44,700 | 75,200 | |
Leasehold improvements | |||
Property and equipment | |||
Property and equipment, gross | 394,900 | 399,200 | |
Computer systems and equipment | |||
Property and equipment | |||
Property and equipment, gross | 788,200 | 741,200 | |
Furniture and Fixtures | |||
Property and equipment | |||
Property and equipment, gross | $ 138,300 | $ 132,500 |
Property and Equipment - Useful
Property and Equipment - Useful Lives (Details) | 12 Months Ended |
Sep. 30, 2019 | |
Building and land | Minimum | |
Property and equipment | |
Useful Lives | 10 years |
Building and land | Maximum | |
Property and equipment | |
Useful Lives | 45 years |
Leasehold improvements | Minimum | |
Property and equipment | |
Useful Lives | 1 year |
Leasehold improvements | Maximum | |
Property and equipment | |
Useful Lives | 20 years |
Computer systems and equipment | Minimum | |
Property and equipment | |
Useful Lives | 3 years |
Computer systems and equipment | Maximum | |
Property and equipment | |
Useful Lives | 12 years |
Furniture and Fixtures | Minimum | |
Property and equipment | |
Useful Lives | 3 years |
Furniture and Fixtures | Maximum | |
Property and equipment | |
Useful Lives | 10 years |
Joint Ventures and Variable I_3
Joint Ventures and Variable Interest Entities - Consolidated (Details) - USD ($) $ in Thousands | 3 Months Ended | 12 Months Ended | ||||||||||
Sep. 30, 2019 | Jun. 30, 2019 | Mar. 31, 2019 | Dec. 31, 2018 | Sep. 30, 2018 | Jun. 30, 2018 | Mar. 31, 2018 | Dec. 31, 2017 | Sep. 30, 2019 | Sep. 30, 2018 | Sep. 30, 2017 | Sep. 30, 2016 | |
Financial Information | ||||||||||||
Current assets | $ 7,534,645 | $ 7,127,322 | $ 7,534,645 | $ 7,127,322 | ||||||||
TOTAL ASSETS | 14,461,591 | 14,681,131 | 14,461,591 | 14,681,131 | ||||||||
Current liabilities | 6,461,754 | 6,129,677 | 6,461,754 | 6,129,677 | ||||||||
TOTAL LIABILITIES | 10,562,241 | 10,402,757 | 10,562,241 | 10,402,757 | ||||||||
Total AECOM equity | 3,690,576 | 4,092,780 | 3,690,576 | 4,092,780 | ||||||||
Noncontrolling interests | 208,774 | 185,594 | 208,774 | 185,594 | ||||||||
TOTAL STOCKHOLDERS' EQUITY | 3,899,350 | 4,278,374 | 3,899,350 | 4,278,374 | $ 4,214,686 | $ 3,552,489 | ||||||
TOTAL LIABILITIES AND STOCKHOLDERS' EQUITY | 14,461,591 | 14,681,131 | 14,461,591 | 14,681,131 | ||||||||
Revenue | 5,115,600 | $ 4,980,200 | $ 5,040,000 | $ 5,037,500 | 5,305,800 | $ 5,148,000 | $ 4,790,900 | $ 4,910,800 | 20,173,329 | 20,155,512 | 18,203,402 | |
Consolidated Joint Ventures | ||||||||||||
Financial Information | ||||||||||||
Current assets | 956,000 | 1,013,700 | 956,000 | 1,013,700 | ||||||||
Non-current assets | 166,800 | 192,700 | 166,800 | 192,700 | ||||||||
TOTAL ASSETS | 1,122,800 | 1,206,400 | 1,122,800 | 1,206,400 | ||||||||
Current liabilities | 646,900 | 724,200 | 646,900 | 724,200 | ||||||||
Non-current liabilities | 12,300 | 12,700 | 12,300 | 12,700 | ||||||||
TOTAL LIABILITIES | 659,200 | 736,900 | 659,200 | 736,900 | ||||||||
Total AECOM equity | 255,600 | 284,200 | 255,600 | 284,200 | ||||||||
Noncontrolling interests | 208,000 | 185,300 | 208,000 | 185,300 | ||||||||
TOTAL STOCKHOLDERS' EQUITY | 463,600 | 469,500 | 463,600 | 469,500 | ||||||||
TOTAL LIABILITIES AND STOCKHOLDERS' EQUITY | $ 1,122,800 | $ 1,206,400 | 1,122,800 | 1,206,400 | ||||||||
Revenue | $ 2,463,600 | $ 2,525,000 | $ 1,933,500 |
Joint Ventures and Variable I_4
Joint Ventures and Variable Interest Entities - Unconsolidated (Details) - USD ($) $ in Thousands | 3 Months Ended | 12 Months Ended | ||||||||||
Sep. 30, 2019 | Jun. 30, 2019 | Mar. 31, 2019 | Dec. 31, 2018 | Sep. 30, 2018 | Jun. 30, 2018 | Mar. 31, 2018 | Dec. 31, 2017 | Sep. 30, 2019 | Sep. 30, 2018 | Sep. 30, 2017 | Sep. 30, 2016 | |
Financial Information | ||||||||||||
Current assets | $ 7,534,645 | $ 7,127,322 | $ 7,534,645 | $ 7,127,322 | ||||||||
TOTAL ASSETS | 14,461,591 | 14,681,131 | 14,461,591 | 14,681,131 | ||||||||
Current liabilities | 6,461,754 | 6,129,677 | 6,461,754 | 6,129,677 | ||||||||
TOTAL LIABILITIES | 10,562,241 | 10,402,757 | 10,562,241 | 10,402,757 | ||||||||
Joint ventures' equity | 3,899,350 | 4,278,374 | 3,899,350 | 4,278,374 | $ 4,214,686 | $ 3,552,489 | ||||||
TOTAL LIABILITIES AND STOCKHOLDERS' EQUITY | 14,461,591 | 14,681,131 | 14,461,591 | 14,681,131 | ||||||||
AECOM's investment in joint ventures | 405,225 | 310,661 | 405,225 | 310,661 | ||||||||
Joint ventures summarized financial information | ||||||||||||
Revenue | 5,115,600 | $ 4,980,200 | $ 5,040,000 | $ 5,037,500 | 5,305,800 | $ 5,148,000 | $ 4,790,900 | $ 4,910,800 | 20,173,329 | 20,155,512 | 18,203,402 | |
Cost of revenue | 4,877,400 | 4,771,000 | 4,844,600 | 4,866,900 | 5,117,800 | 4,962,800 | 4,649,700 | 4,774,600 | 19,359,884 | 19,504,863 | 17,519,682 | |
Gross profit | 238,200 | 209,200 | 195,400 | 170,600 | 188,000 | 185,200 | 141,200 | 136,200 | 813,445 | 650,649 | 683,720 | |
Net income | (448,000) | $ 105,400 | $ 93,500 | $ 65,100 | 105,400 | $ 75,100 | $ (107,700) | $ 124,400 | (183,990) | 197,127 | $ 421,476 | |
Unconsolidated Joint Ventures | ||||||||||||
Financial Information | ||||||||||||
Current assets | 1,914,500 | 1,903,300 | 1,914,500 | 1,903,300 | ||||||||
Non-current assets | 1,004,300 | 938,300 | 1,004,300 | 938,300 | ||||||||
TOTAL ASSETS | 2,918,800 | 2,841,600 | 2,918,800 | 2,841,600 | ||||||||
Current liabilities | 1,443,800 | 1,658,500 | 1,443,800 | 1,658,500 | ||||||||
Non-current liabilities | 183,400 | 224,300 | 183,400 | 224,300 | ||||||||
TOTAL LIABILITIES | 1,627,200 | 1,882,800 | 1,627,200 | 1,882,800 | ||||||||
Joint ventures' equity | 1,291,600 | 958,800 | 1,291,600 | 958,800 | ||||||||
TOTAL LIABILITIES AND STOCKHOLDERS' EQUITY | 2,918,800 | 2,841,600 | 2,918,800 | 2,841,600 | ||||||||
AECOM's investment in joint ventures | $ 405,200 | $ 310,700 | 405,200 | 310,700 | ||||||||
Joint ventures summarized financial information | ||||||||||||
Revenue | 4,463,300 | 5,571,900 | ||||||||||
Cost of revenue | 4,285,900 | 5,325,400 | ||||||||||
Gross profit | 177,400 | 246,500 | ||||||||||
Net income | $ 176,800 | $ 238,600 |
Joint Ventures and Variable I_5
Joint Ventures and Variable Interest Entities - Equity in Earnings (Details) - USD ($) $ in Thousands | 3 Months Ended | 12 Months Ended | ||||||||||
Sep. 30, 2019 | Jun. 30, 2019 | Mar. 31, 2019 | Dec. 31, 2018 | Sep. 30, 2018 | Jun. 30, 2018 | Mar. 31, 2018 | Dec. 31, 2017 | Sep. 30, 2019 | Sep. 30, 2018 | Dec. 31, 2017 | Sep. 30, 2017 | |
Financial Information | ||||||||||||
Equity in earnings of joint ventures | $ 14,000 | $ 28,600 | $ 25,900 | $ 12,500 | $ 25,500 | $ 12,800 | $ 13,100 | $ 29,700 | $ 80,990 | $ 81,133 | $ 141,582 | |
Additional information unconsolidated joint ventures | ||||||||||||
Gain from sale of interest in joint venture | $ 52,000 | |||||||||||
Equity interest (in percent) | 50.00% | 50.00% | ||||||||||
Unconsolidated Joint Ventures | Pass through joint ventures | ||||||||||||
Financial Information | ||||||||||||
Equity in earnings of joint ventures | 31,600 | 34,100 | 36,600 | |||||||||
Unconsolidated Joint Ventures | Other joint ventures | ||||||||||||
Financial Information | ||||||||||||
Equity in earnings of joint ventures | $ 49,400 | $ 47,000 | $ 105,000 |
Pension Benefit Obligations (De
Pension Benefit Obligations (Details) - USD ($) $ in Millions | 12 Months Ended | ||
Sep. 30, 2019 | Sep. 30, 2018 | Sep. 30, 2017 | |
United States | |||
Change in benefit obligation: | |||
Benefit obligation at beginning of year | $ 633.1 | $ 683 | $ 720 |
Service costs | 4.9 | 4.3 | |
Participant contributions | 0.2 | 0.2 | 0.1 |
Interest cost | 23.8 | 20.7 | 19.2 |
Benefits and expenses paid | (36) | (37.8) | (37.9) |
Actuarial (gain) loss | 80.7 | (38.5) | (22.7) |
Plan settlements | (1.3) | ||
Plan amendments | 0.6 | ||
Benefit obligation at end of year | 700.5 | 633.1 | 683 |
International | |||
Change in benefit obligation: | |||
Benefit obligation at beginning of year | 1,188.8 | 1,333.5 | 1,406.2 |
Service costs | 0.5 | 1.1 | 1.3 |
Participant contributions | 0.3 | 0.4 | 0.4 |
Interest cost | 29.7 | 32 | 28.3 |
Benefits and expenses paid | (41.2) | (53.7) | (48.3) |
Actuarial (gain) loss | 206.5 | (87.7) | (98.6) |
Plan settlements | (3.7) | (3) | |
Plan amendments | 5.2 | ||
Plan curtailments | (0.1) | ||
Foreign currency translation (gain) loss | (74.8) | (33.7) | 44.2 |
Benefit obligation at end of year | $ 1,311.3 | $ 1,188.8 | $ 1,333.5 |
Pension Benefit Obligations - A
Pension Benefit Obligations - Asset Changes (Details) - USD ($) $ in Millions | 12 Months Ended | ||
Sep. 30, 2019 | Sep. 30, 2018 | Sep. 30, 2017 | |
Change in plan assets | |||
Fair value of plan assets at beginning of year | $ 1,421.4 | ||
Fair value of plan assets at end of year | 1,527.9 | $ 1,421.4 | |
United States | |||
Change in plan assets | |||
Fair value of plan assets at beginning of year | 455.5 | 470.4 | $ 456.9 |
Actual return on plan assets | 26.2 | 11.1 | 39 |
Employer contributions | 14.5 | 11.6 | 12.3 |
Participant contributions | 0.2 | 0.2 | 0.1 |
Benefits and expenses paid | (36) | (37.8) | (37.9) |
Plan settlements | (1.3) | ||
Fair value of plan assets at end of year | 459.1 | 455.5 | 470.4 |
International | |||
Change in plan assets | |||
Fair value of plan assets at beginning of year | 965.9 | 993.1 | 973.2 |
Actual return on plan assets | 180.3 | 29.3 | 9.6 |
Employer contributions | 28.1 | 27.8 | 25.8 |
Participant contributions | 0.3 | 0.4 | 0.4 |
Benefits and expenses paid | (41.2) | (53.7) | (48.3) |
Plan settlements | (3.7) | (3) | |
Foreign currency translation gain (loss) | (60.9) | (28) | 32.4 |
Fair value of plan assets at end of year | $ 1,068.8 | $ 965.9 | $ 993.1 |
Pension Benefit Obligations - F
Pension Benefit Obligations - Funded Status (Details) - USD ($) $ in Millions | Sep. 30, 2019 | Sep. 30, 2018 | Sep. 30, 2017 |
United States | |||
Reconciliation of funded status: | |||
Funded status at end of year | $ (241.4) | $ (177.6) | $ (212.6) |
Net amount recognized at end of year | (241.4) | (177.6) | (212.6) |
International | |||
Reconciliation of funded status: | |||
Funded status at end of year | (242.5) | (222.9) | (340.4) |
Net amount recognized at end of year | $ (242.5) | $ (222.9) | $ (340.4) |
Pension Benefit Obligations - B
Pension Benefit Obligations - Balance Sheet Recognition (Details) - USD ($) $ in Thousands | Sep. 30, 2019 | Sep. 30, 2018 | Sep. 30, 2017 |
Amounts recognized in the consolidated balance sheets: | |||
Pension benefit obligations | $ (505,834) | $ (412,604) | |
United States | |||
Amounts recognized in the consolidated balance sheets: | |||
Other non-current assets | 2,700 | 2,500 | $ 2,300 |
Accrued expenses and other current liabilities | (9,100) | (9,500) | (10,100) |
Pension benefit obligations | (235,000) | (170,600) | (204,800) |
Net amount recognized in the balance sheet | (241,400) | (177,600) | (212,600) |
International | |||
Amounts recognized in the consolidated balance sheets: | |||
Other non-current assets | 28,300 | 19,100 | 13,900 |
Pension benefit obligations | (270,800) | (242,000) | (354,300) |
Net amount recognized in the balance sheet | $ (242,500) | $ (222,900) | $ (340,400) |
Pension Benefit Obligations - E
Pension Benefit Obligations - Equity Recognition (Details) - USD ($) $ in Millions | Sep. 30, 2019 | Sep. 30, 2018 | Sep. 30, 2017 |
United States | |||
Reconciliation of amounts in consolidated statements of stockholders' equity: | |||
Prior service (cost) credit | $ (0.7) | $ (0.8) | $ (0.2) |
Net loss | (150.7) | (72.5) | (94.6) |
Total recognized in accumulated other comprehensive loss | (151.4) | (73.3) | (94.8) |
International | |||
Reconciliation of amounts in consolidated statements of stockholders' equity: | |||
Prior service (cost) credit | (1.2) | 4.1 | 4.4 |
Net loss | (233) | (186.4) | (263.7) |
Total recognized in accumulated other comprehensive loss | $ (234.2) | $ (182.3) | $ (259.3) |
Pension Benefit Obligations - P
Pension Benefit Obligations - Periodic Cost (Details) - USD ($) $ in Millions | 12 Months Ended | ||
Sep. 30, 2019 | Sep. 30, 2018 | Sep. 30, 2017 | |
Pension Plan, Defined Benefit | |||
Components of net periodic benefit cost: | |||
Applicable deferred income taxes, included in OCI arising from net prior service cost and net gain/loss | $ 29.7 | $ 19.1 | $ 27.6 |
United States | |||
Components of net periodic benefit cost: | |||
Service costs | 4.9 | 4.3 | |
Interest cost on projected benefit obligation | 23.8 | 20.7 | 19.2 |
Expected return on plan assets | (27.5) | (31.5) | (31) |
Amortization of prior service costs (credits) | 0.1 | 0.1 | |
Amortization of net loss | 3.6 | 4 | 4.3 |
Settlement loss recognized | 0.2 | ||
Net periodic benefit cost | 0.2 | (1.8) | (3.2) |
International | |||
Components of net periodic benefit cost: | |||
Service costs | 0.5 | 1.1 | 1.3 |
Interest cost on projected benefit obligation | 29.7 | 32 | 28.3 |
Expected return on plan assets | (38.1) | (43.1) | (41.5) |
Amortization of prior service costs (credits) | (0.1) | (0.1) | (0.2) |
Amortization of net loss | 4.1 | 8.2 | 13 |
Settlement loss recognized | 0.8 | 0.3 | |
Net periodic benefit cost | $ (3.1) | $ (1.6) | $ 0.9 |
Pension Benefit Obligations -_2
Pension Benefit Obligations - AOCI (Details) $ in Millions | Sep. 30, 2019USD ($) |
United States | |
Amounts included in AOCI that are expected to be recognized as components of net periodic benefit cost during the next fiscal year | |
Amortization of prior service credit | $ (0.1) |
Amortization of net actuarial losses | (5) |
Total | (5.1) |
International | |
Amounts included in AOCI that are expected to be recognized as components of net periodic benefit cost during the next fiscal year | |
Amortization of prior service credit | (0.1) |
Amortization of net actuarial losses | (8.3) |
Total | $ (8.4) |
Pension Benefit Obligations -_3
Pension Benefit Obligations - Excess of Plan Assets (Details) - USD ($) $ in Millions | Sep. 30, 2019 | Sep. 30, 2018 | Sep. 30, 2017 |
United States | |||
Additional year-end information for pension plans with accumulated benefit obligations in excess of plan assets | |||
Projected benefit obligation | $ 679.5 | $ 610.4 | $ 658.4 |
Accumulated benefit obligation | 679.5 | 610.4 | 658.4 |
Fair values of plan assets | 454.8 | 451.5 | 466.4 |
Expected employer contributions in next fiscal year | 14.7 | ||
International | |||
Additional year-end information for pension plans with accumulated benefit obligations in excess of plan assets | |||
Projected benefit obligation | 1,141.9 | 1,002.6 | 1,158.3 |
Accumulated benefit obligation | 1,132.7 | 991.9 | 1,145.7 |
Fair values of plan assets | 871.2 | $ 760.7 | $ 804.2 |
Expected employer contributions in next fiscal year | $ 26.6 |
Pension Benefit Obligations -_4
Pension Benefit Obligations - Future payments (Details) $ in Millions | Sep. 30, 2019USD ($) |
United States | |
Expected future benefit payments | |
2020 | $ 43.1 |
2021 | 42.7 |
2022 | 41.1 |
2023 | 41.3 |
2024 | 41.3 |
2025-2029 | 203.2 |
Total | 412.7 |
International | |
Expected future benefit payments | |
2020 | 46.6 |
2021 | 42.8 |
2022 | 43.9 |
2023 | 45.6 |
2024 | 46.5 |
2025-2029 | 250.7 |
Total | $ 476.1 |
Pension Benefit Obligations - U
Pension Benefit Obligations - Underlying assumptions (Details) | 12 Months Ended | ||
Sep. 30, 2019 | Sep. 30, 2018 | Sep. 30, 2017 | |
United States | |||
Weighted-average assumptions to determine benefit obligation: | |||
Discount rate (as a percent) | 3.00% | 4.15% | 3.64% |
Weighted-average assumptions to determine net periodic benefit cost: | |||
Discount rate (as a percent) | 4.15% | 3.60% | 3.41% |
Expected long-term rate of return on plan assets (as a percent) | 7.00% | 7.00% | 7.00% |
International | |||
Weighted-average assumptions to determine benefit obligation: | |||
Discount rate (as a percent) | 1.81% | 2.91% | 2.67% |
Salary increase rate (as a percent) | 2.52% | 2.79% | 2.76% |
Weighted-average assumptions to determine net periodic benefit cost: | |||
Discount rate (as a percent) | 2.91% | 2.67% | 2.35% |
Salary increase rate (as a percent) | 2.79% | 2.76% | 2.61% |
Expected long-term rate of return on plan assets (as a percent) | 4.43% | 4.73% | 5.10% |
Pension Benefit Obligations - T
Pension Benefit Obligations - Target Allocation and Plan Assets (Details) | Sep. 30, 2019 | Sep. 30, 2018 |
United States | ||
Components of net periodic benefit cost: | ||
Target allocations (as a percent) | 100.00% | |
Plan assets (as a percent) | 100.00% | 100.00% |
United States | Equity securities | ||
Components of net periodic benefit cost: | ||
Target allocations (as a percent) | 45.00% | |
Plan assets (as a percent) | 45.00% | 40.00% |
United States | Debt | ||
Components of net periodic benefit cost: | ||
Target allocations (as a percent) | 42.00% | |
Plan assets (as a percent) | 45.00% | 50.00% |
United States | Cash and cash equivalents | ||
Components of net periodic benefit cost: | ||
Target allocations (as a percent) | 3.00% | |
Plan assets (as a percent) | 1.00% | 1.00% |
United States | Property And Other | ||
Components of net periodic benefit cost: | ||
Target allocations (as a percent) | 10.00% | |
Plan assets (as a percent) | 9.00% | 9.00% |
International | ||
Components of net periodic benefit cost: | ||
Target allocations (as a percent) | 100.00% | |
Plan assets (as a percent) | 100.00% | 100.00% |
International | Equity securities | ||
Components of net periodic benefit cost: | ||
Target allocations (as a percent) | 37.00% | |
Plan assets (as a percent) | 36.00% | 38.00% |
International | Debt | ||
Components of net periodic benefit cost: | ||
Target allocations (as a percent) | 36.00% | |
Plan assets (as a percent) | 31.00% | 36.00% |
International | Cash and cash equivalents | ||
Components of net periodic benefit cost: | ||
Target allocations (as a percent) | 6.00% | |
Plan assets (as a percent) | 3.00% | 7.00% |
International | Property And Other | ||
Components of net periodic benefit cost: | ||
Target allocations (as a percent) | 21.00% | |
Plan assets (as a percent) | 30.00% | 19.00% |
Pension Benefit Obligations -_5
Pension Benefit Obligations - Asset Categories (Details) - USD ($) $ in Millions | Sep. 30, 2019 | Sep. 30, 2018 | Sep. 30, 2017 |
Post-retirement plan | |||
Fair values of plan assets | $ 1,527.9 | $ 1,421.4 | |
Cash and cash equivalents | |||
Post-retirement plan | |||
Fair values of plan assets | 41 | 71.7 | |
Equity and debt securities | |||
Post-retirement plan | |||
Fair values of plan assets | 115.5 | 153.4 | |
Diversified and equity funds | |||
Post-retirement plan | |||
Fair values of plan assets | 192.8 | 152 | |
Fixed Income Funds | |||
Post-retirement plan | |||
Fair values of plan assets | 95.7 | 55.3 | |
Hedge Funds | |||
Post-retirement plan | |||
Fair values of plan assets | 15 | ||
Common collective funds | |||
Post-retirement plan | |||
Fair values of plan assets | 897 | 951 | |
Assets held by Insurance Company | |||
Post-retirement plan | |||
Fair values of plan assets | 26.8 | 30 | |
Derivative instruments | |||
Post-retirement plan | |||
Fair values of plan assets | 159.1 | (7) | |
Level 1 | |||
Post-retirement plan | |||
Fair values of plan assets | 342.9 | 276.5 | |
Level 1 | Cash and cash equivalents | |||
Post-retirement plan | |||
Fair values of plan assets | 26.4 | 37.1 | |
Level 1 | Equity and debt securities | |||
Post-retirement plan | |||
Fair values of plan assets | 115.5 | 153.4 | |
Level 1 | Diversified and equity funds | |||
Post-retirement plan | |||
Fair values of plan assets | 179 | 82.4 | |
Level 1 | Fixed Income Funds | |||
Post-retirement plan | |||
Fair values of plan assets | 22 | 3.6 | |
Level 2 | |||
Post-retirement plan | |||
Fair values of plan assets | 261.2 | 148.9 | |
Level 2 | Cash and cash equivalents | |||
Post-retirement plan | |||
Fair values of plan assets | 14.6 | 34.6 | |
Level 2 | Diversified and equity funds | |||
Post-retirement plan | |||
Fair values of plan assets | 13.8 | 69.6 | |
Level 2 | Fixed Income Funds | |||
Post-retirement plan | |||
Fair values of plan assets | 73.7 | 51.7 | |
Level 2 | Derivative instruments | |||
Post-retirement plan | |||
Fair values of plan assets | 159.1 | (7) | |
Level 3 | |||
Post-retirement plan | |||
Fair values of plan assets | 26.8 | 45 | $ 45.3 |
Level 3 | Hedge Funds | |||
Post-retirement plan | |||
Fair values of plan assets | 15 | ||
Level 3 | Assets held by Insurance Company | |||
Post-retirement plan | |||
Fair values of plan assets | 26.8 | 30 | |
Investments measured at NAV | |||
Post-retirement plan | |||
Fair values of plan assets | 897 | 951 | |
Investments measured at NAV | Common collective funds | |||
Post-retirement plan | |||
Fair values of plan assets | $ 897 | $ 951 |
Pension Benefit Obligations - L
Pension Benefit Obligations - Level 3 (Details) - USD ($) $ in Millions | 12 Months Ended | |
Sep. 30, 2019 | Sep. 30, 2018 | |
Changes in the fair value of Level 3 assets | ||
Fair value of plan assets at beginning of year | $ 1,421.4 | |
Fair value of plan assets at end of year | 1,527.9 | $ 1,421.4 |
Level 3 | ||
Changes in the fair value of Level 3 assets | ||
Fair value of plan assets at beginning of year | 45 | 45.3 |
Actual return on plan assets, relating to assets still held at reporting date | 0.4 | 0.4 |
Actual return on plan assets, relating to assets sold during the period | (0.1) | |
Purchases, sales and settlements | (17) | 0.2 |
Change due to exchange rate changes | (1.5) | (0.9) |
Fair value of plan assets at end of year | $ 26.8 | $ 45 |
Pension Benefit Obligations - M
Pension Benefit Obligations - Multiemployer (Details) - Multiemployer Pension Plans $ in Millions | 12 Months Ended | |
Sep. 30, 2019USD ($)plan | Sep. 30, 2018USD ($) | |
Multiemployer Pension Plans | ||
Number of minimum construction-industry pension plans participated | plan | 200 | |
Aggregate contributions to plans | $ | $ 52.3 | $ 49.8 |
Debt (Details)
Debt (Details) - USD ($) $ in Thousands | Sep. 30, 2019 | Sep. 30, 2018 | Oct. 17, 2014 |
Debt | |||
Total debt | $ 3,439,100 | $ 3,673,500 | |
Less: Current portion of debt and short-term borrowings | (117,200) | (143,100) | |
Less: Unamortized debt issuance costs | (36,100) | (46,700) | |
Long-term debt | 3,285,755 | 3,483,746 | |
2014 Credit Agreement | |||
Debt | |||
Total debt | 1,182,200 | 1,433,800 | |
2014 Senior Notes | |||
Debt | |||
Total debt | 800,000 | 800,000 | |
2017 Senior Notes | |||
Debt | |||
Total debt | 1,000,000 | 1,000,000 | |
URS Senior Notes | |||
Debt | |||
Total debt | 248,100 | 247,900 | $ 1,000,000 |
Other Debt | |||
Debt | |||
Total debt | $ 208,800 | $ 191,800 |
Debt - Scheduled Maturities (De
Debt - Scheduled Maturities (Details) - USD ($) $ in Millions | Sep. 30, 2019 | Sep. 30, 2018 |
Debt | ||
2020 | $ 117.2 | |
2021 | 216.1 | |
2022 | 317.5 | |
2023 | 450.9 | |
2024 | 15.4 | |
Thereafter | 2,322 | |
Total debt | $ 3,439.1 | $ 3,673.5 |
Debt - 2014 Credit Agreement (D
Debt - 2014 Credit Agreement (Details) $ in Millions, $ in Millions, $ in Millions | Jul. 01, 2018 | Mar. 13, 2018CAD ($) | Sep. 30, 2019USD ($) | Oct. 01, 2019 | Sep. 30, 2018USD ($) | Mar. 13, 2018AUD ($) | Mar. 13, 2018USD ($) | Mar. 31, 2017 | Sep. 29, 2016USD ($) | Oct. 17, 2014USD ($) |
Term loan A | ||||||||||
Debt agreements | ||||||||||
Borrowing capacity | $ 185 | |||||||||
2014 Credit Agreement | Minimum | Base Rate | ||||||||||
Debt agreements | ||||||||||
Interest rate, basis spread (as a percent) | 0.25% | |||||||||
2014 Credit Agreement | Minimum | Euro currency rate | ||||||||||
Debt agreements | ||||||||||
Interest rate, basis spread (as a percent) | 1.25% | |||||||||
2014 Credit Agreement | Maximum | Base Rate | ||||||||||
Debt agreements | ||||||||||
Interest rate, basis spread (as a percent) | 1.00% | |||||||||
2014 Credit Agreement | Maximum | Euro currency rate | ||||||||||
Debt agreements | ||||||||||
Interest rate, basis spread (as a percent) | 2.00% | |||||||||
2014 Credit Agreement | Term loan A | ||||||||||
Debt agreements | ||||||||||
Borrowing capacity | $ 500 | $ 250 | $ 510 | 185 | ||||||
2014 Credit Agreement | Term loan A | Base Rate | USD | ||||||||||
Debt agreements | ||||||||||
Interest rate, basis spread (as a percent) | 0.50% | |||||||||
2014 Credit Agreement | Term loan A | Euro currency rate | USD | ||||||||||
Debt agreements | ||||||||||
Interest rate, basis spread (as a percent) | 1.50% | |||||||||
2014 Credit Agreement | Term loan B | ||||||||||
Debt agreements | ||||||||||
Borrowing capacity | 600 | |||||||||
2014 Credit Agreement | Term loan B | Base Rate | ||||||||||
Debt agreements | ||||||||||
Interest rate, basis spread (as a percent) | 0.75% | |||||||||
2014 Credit Agreement | Term loan B | Euro currency rate | ||||||||||
Debt agreements | ||||||||||
Interest rate, basis spread (as a percent) | 1.75% | |||||||||
2014 Credit Agreement | Revolving credit facility | ||||||||||
Debt agreements | ||||||||||
Borrowing capacity | $ 1,350 | $ 1,050 | ||||||||
Outstanding letters of credit | $ 22.8 | $ 28.7 | ||||||||
Remaining borrowing capacity under credit facility | $ 1,327.2 | $ 1,321.3 | ||||||||
2014 Credit Agreement | Revolving credit facility | Base Rate | ||||||||||
Debt agreements | ||||||||||
Interest rate, basis spread (as a percent) | 0.75% | |||||||||
2014 Credit Agreement | Revolving credit facility | Euro currency rate | ||||||||||
Debt agreements | ||||||||||
Interest rate, basis spread (as a percent) | 1.75% | |||||||||
2014 Credit Agreement | Line of credit | ||||||||||
Debt agreements | ||||||||||
Borrowing capacity | $ 500 | |||||||||
Consolidated leverage ratio | 4.5 | 3.4 | 4 | 4.5 | 4.5 | 4.75 | 5 | |||
Consolidated interest coverage ratio | 4.9 |
Debt - 2014 Senior Notes (Detai
Debt - 2014 Senior Notes (Details) - USD ($) | Mar. 16, 2018 | Oct. 06, 2014 | Sep. 30, 2019 | Jun. 30, 2019 | Mar. 31, 2019 | Dec. 31, 2018 | Sep. 30, 2018 | Jun. 30, 2018 | Mar. 31, 2018 | Dec. 31, 2017 | Sep. 30, 2019 | Sep. 30, 2018 | Sep. 30, 2017 |
Debt | |||||||||||||
Interest expense | $ (56,400,000) | $ (55,700,000) | $ (57,900,000) | $ (56,000,000) | $ (55,500,000) | $ (55,300,000) | $ (100,500,000) | $ (56,200,000) | $ (225,994,000) | $ (267,519,000) | $ (231,310,000) | ||
2014 Senior Notes | The 2022 Notes | |||||||||||||
Debt | |||||||||||||
Principal amount | $ 800,000,000 | ||||||||||||
Interest rate (as a percent) | 5.75% | ||||||||||||
Redemption price (in percent) | 104.313% | ||||||||||||
2014 Senior Notes | The 2024 Notes | |||||||||||||
Debt | |||||||||||||
Principal amount | $ 800,000,000 | ||||||||||||
Interest rate (as a percent) | 5.875% | ||||||||||||
Fair value of debt instrument | $ 866,000,000 | $ 866,000,000 | |||||||||||
Interest expense | $ 34,500,000 | ||||||||||||
2014 Senior Notes | The 2024 Notes | Prior to July 15 2024 | |||||||||||||
Debt | |||||||||||||
Redemption price (in percent) | 100.00% | ||||||||||||
2014 Senior Notes | The 2024 Notes | On or after July 15, 2024 | |||||||||||||
Debt | |||||||||||||
Redemption price (in percent) | 100.00% |
Debt - 2017 Senior Notes (Detai
Debt - 2017 Senior Notes (Details) - USD ($) | Feb. 21, 2017 | Sep. 30, 2019 |
Term loan B | ||
Debt | ||
Amount of debt redeemed | $ 127,600,000 | |
Term loan A | ||
Debt | ||
Amount of debt redeemed | 600,000,000 | |
Revolving credit facility | ||
Debt | ||
Amount of debt redeemed | 250,000,000 | |
2017 Senior Notes | ||
Debt | ||
Principal amount | $ 1,000,000,000 | |
Fair value of debt instrument | $ 1,041,300,000 | |
Interest rate (as a percent) | 5.125% | |
2017 Senior Notes | At any time and from time to time prior to December 15, 2026 | ||
Debt | ||
Redemption price (in percent) | 100.00% | |
2017 Senior Notes | At any time and from time to time prior to March 15, 2020 | ||
Debt | ||
Redemption price (in percent) | 105.125% | |
Redemption price (as percent of principal) | 35.00% | |
2017 Senior Notes | At any time on or after December 15, 2026 | ||
Debt | ||
Redemption price (in percent) | 100.00% |
Debt - URS Senior Notes (Detail
Debt - URS Senior Notes (Details) - USD ($) $ in Millions | Oct. 24, 2014 | Sep. 30, 2019 | Sep. 30, 2018 | Apr. 03, 2017 | Feb. 21, 2017 | Sep. 29, 2016 | Oct. 17, 2014 |
Debt | |||||||
Debt | $ 3,439.1 | $ 3,673.5 | |||||
Term loan A | |||||||
Debt | |||||||
Amount of debt redeemed | $ 600 | ||||||
Borrowing capacity | $ 185 | ||||||
URS Senior Notes | |||||||
Debt | |||||||
Debt | 248.1 | $ 247.9 | $ 1,000 | ||||
Redemption price (as percent of principal) | 101.00% | ||||||
Amount of debt redeemed | $ 572.3 | ||||||
URS Senior Notes | 2017 URS Senior Notes | |||||||
Debt | |||||||
Interest rate (as a percent) | 3.85% | ||||||
Amount of debt redeemed | $ 179.2 | ||||||
URS Senior Notes | 2022 URS Senior Notes | |||||||
Debt | |||||||
Interest rate (as a percent) | 5.00% | ||||||
Debt | 248.1 | ||||||
Fair value of debt instrument | $ 256 |
Debt - Other Debt and Other Ite
Debt - Other Debt and Other Items (Details) - Other Debt - Standby letter of credit - Unsecured - USD ($) $ in Millions | Sep. 30, 2019 | Sep. 30, 2018 |
Debt | ||
Outstanding letters of credit | $ 470.9 | $ 486.4 |
Remaining borrowing capacity under credit facility | $ 473.2 |
Debt - Effective Interest Rate
Debt - Effective Interest Rate (Details) - USD ($) $ in Millions | 12 Months Ended | ||
Sep. 30, 2019 | Sep. 30, 2018 | Sep. 30, 2017 | |
Debt | |||
Effective interest rate including effects of interest rate swap agreements | 4.8% | 4.6% | 4.6% |
Amortization of deferred debt issuance costs | $ 10.7 | $ 18.1 | $ 17.5 |
Derivative Financial Instrume_3
Derivative Financial Instruments and Fair Value Measurements - Cash Flow Hedges (Details) $ in Millions, $ in Millions, $ in Millions | Sep. 30, 2019AUD ($) | Sep. 30, 2019USD ($) | Sep. 30, 2018CAD ($) | Sep. 30, 2018AUD ($) | Sep. 30, 2018USD ($) |
Interest rate swap agreements | AUD | |||||
Derivative financial instruments | |||||
Notional Amount | $ 200 | $ 200 | |||
Fixed Rate (as a percent) | 2.19% | 2.19% | 2.19% | 2.19% | 2.19% |
Interest rate swap agreements | CAD | |||||
Derivative financial instruments | |||||
Notional Amount | $ 400 | $ 400 | |||
Fixed Rate (as a percent) | 2.49% | 2.49% | 2.49% | 2.49% | 2.49% |
Interest rate swap agreements | USD | |||||
Derivative financial instruments | |||||
Notional Amount | $ 200 | $ 200 | |||
Fixed Rate (as a percent) | 2.60% | 2.60% | 2.60% | 2.60% | 2.60% |
Designated as Hedging Instrument | Cash Flow Hedging | Foreign currency forward contracts | AUD | |||||
Derivative financial instruments | |||||
Notional Amount | $ 23.2 | $ 17.4 | $ 65.2 | $ 49.1 |
Derivative Financial Instrume_4
Derivative Financial Instruments and Fair Value Measurements - Fair Value Measurements (Details) $ in Millions | 12 Months Ended |
Sep. 30, 2019USD ($) | |
Designated as Hedging Instrument | Cash Flow Hedging | Interest rate swap agreements | |
Derivative financial instruments | |
Losses recognized in income | $ 0 |
Leases (Details)
Leases (Details) - USD ($) $ in Millions | 12 Months Ended | ||
Sep. 30, 2019 | Sep. 30, 2018 | Sep. 30, 2017 | |
Amounts payable under non-cancelable operating lease commitments | |||
2020 | $ 236.2 | ||
2021 | 198.3 | ||
2022 | 166 | ||
2023 | 131.1 | ||
2024 | 105 | ||
Thereafter | 405.8 | ||
Total | 1,242.4 | ||
Leases, additional disclosures | |||
Rent expense for all leases | $ 258.1 | $ 268.5 | $ 265.9 |
Stockholders' Equity (Details)
Stockholders' Equity (Details) - USD ($) shares in Millions, $ in Millions | Oct. 11, 2018 | Sep. 30, 2018 | Aug. 31, 2018 |
Stockholders' Equity | |||
Authorized shares to be repurchased (in shares) | $ 150 | ||
Shares repurchased and retired (in shares) | 0.6 | 4 |
Share-Based Payments - Incentiv
Share-Based Payments - Incentive Plans (Details) - USD ($) $ / shares in Units, shares in Millions, $ in Millions | 12 Months Ended | |||
Dec. 31, 2019 | Sep. 30, 2019 | Sep. 30, 2018 | Sep. 30, 2017 | |
Stock Incentive Plans | ||||
Employer contributions, compensation expense | $ 32.3 | $ 32.3 | $ 32.9 | |
Employee Stock Option | ||||
Stock Incentive Plans | ||||
Securities available for future issuance (in shares) | 11.6 | |||
Expiration term of unexercised options | 7 years | |||
Number of Options | ||||
Balance at the beginning of the period (in shares) | 0.6 | 0.7 | 0.9 | |
Exercised (in shares) | (0.1) | (0.2) | ||
Cancelled (in shares) | (0.5) | |||
Balance at the end of the period (in shares) | 0.1 | 0.6 | 0.7 | |
Exercisable at the end of the period (in shares) | 0.1 | 0.1 | ||
Stock options, Weighted Average Exercise Price | ||||
Balance at the beginning of the period (in dollars per share) | $ 31.62 | $ 31.11 | $ 30.36 | |
Exercised (in dollars per share) | 27.79 | 26.42 | ||
Cancelled (in dollars per share) | $ (31.62) | |||
Balance at the end of the period (in dollars per share) | 31.62 | $ 31.62 | 31.11 | |
Exercisable at the end of the period (in dollars per share) | $ 31.62 | $ 27.79 |
Share-Based Payments - Exercisa
Share-Based Payments - Exercisable Options (Details) - USD ($) $ / shares in Units, $ in Millions | 12 Months Ended | ||
Sep. 30, 2019 | Sep. 30, 2018 | Sep. 30, 2017 | |
Information concerning outstanding and exercisable options | |||
Aggregate intrinsic value of stock options exercised | $ 0.9 | $ 1.2 | |
Allocated Share-based Compensation Expense | $ 63.8 | 73.1 | $ 83.8 |
Unrecognized compensation expense | $ 74.6 | $ 94.3 | |
Vesting period | 3 years | ||
Employee Stock Option | |||
Information concerning outstanding and exercisable options | |||
Number of stock options granted during the period | 0 | 0 | |
Performance Earnings Program | |||
Information concerning outstanding and exercisable options | |||
Weighted average grant-date fair value of stock options granted (in dollars per share) | $ 27.53 | $ 37.69 | $ 38.15 |
Restricted Stock Units (RSUs) | |||
Information concerning outstanding and exercisable options | |||
Weighted average grant-date fair value of stock options granted (in dollars per share) | $ 27.73 | $ 36.83 | $ 37.96 |
Income Taxes - Tax (Benefit) Ex
Income Taxes - Tax (Benefit) Expense (Details) - USD ($) $ in Thousands | 3 Months Ended | 12 Months Ended | |||||||||
Sep. 30, 2019 | Jun. 30, 2019 | Mar. 31, 2019 | Dec. 31, 2018 | Sep. 30, 2018 | Jun. 30, 2018 | Mar. 31, 2018 | Dec. 31, 2017 | Sep. 30, 2019 | Sep. 30, 2018 | Sep. 30, 2017 | |
Loss (income) from domestic operations before income tax expense | $ (255,600) | $ 317,900 | $ 322,200 | ||||||||
Income (loss) from foreign operations before income tax expense | 71,500 | (140,400) | 107,000 | ||||||||
Current: | |||||||||||
Federal | 9,200 | (122,400) | 10,300 | ||||||||
State | 45,400 | 19,000 | 17,900 | ||||||||
Foreign | 43,200 | 47,100 | 29,300 | ||||||||
Total current income tax expense (benefit) | 97,800 | (56,300) | 57,500 | ||||||||
Deferred: | |||||||||||
Federal | (67,000) | 14,500 | (8,300) | ||||||||
State | (41,700) | 39,000 | 10,400 | ||||||||
Foreign | 10,800 | (16,800) | (51,900) | ||||||||
Total deferred income tax (benefit) expense | (98,015) | 36,746 | (49,856) | ||||||||
Total income tax expense (benefit) | $ (24,000) | $ 36,600 | $ 20,900 | $ (33,600) | $ 18,700 | $ 33,100 | $ (24,400) | $ (47,100) | (130) | (19,643) | 7,706 |
Total | |||||||||||
Deferred: | |||||||||||
Total deferred income tax (benefit) expense | (97,900) | 36,700 | (49,800) | ||||||||
Total income tax expense (benefit) | $ (100) | $ (19,700) | $ 7,700 |
Income Taxes - Federal Rate Rec
Income Taxes - Federal Rate Reconciliation (Details) - USD ($) $ in Thousands | 3 Months Ended | 12 Months Ended | |||||||||
Sep. 30, 2019 | Jun. 30, 2019 | Mar. 31, 2019 | Dec. 31, 2018 | Sep. 30, 2018 | Jun. 30, 2018 | Mar. 31, 2018 | Dec. 31, 2017 | Sep. 30, 2019 | Sep. 30, 2018 | Sep. 30, 2017 | |
Rate reconciliation | |||||||||||
Tax at federal statutory rate | $ (38,700) | $ 43,500 | $ 150,300 | ||||||||
State income tax, net of federal benefit | 9,000 | 17,800 | 24,300 | ||||||||
Impairment of goodwill, nondeductible for tax | 82,700 | 33,900 | |||||||||
Foreign residual income | 28,900 | 10,300 | |||||||||
Foreign residual income | (9,200) | ||||||||||
Nondeductible costs | 9,200 | 3,500 | 5,800 | ||||||||
Change in uncertain tax positions | 6,000 | (31,400) | 9,500 | ||||||||
Return to provision, primarily foreign tax credits | 3,700 | (18,500) | |||||||||
Income tax credits and incentives | (47,600) | (37,200) | (56,800) | ||||||||
Valuation allowance | (20,300) | 58,700 | (51,200) | ||||||||
Exclusion of tax on non-controlling interests | (16,300) | (14,900) | (28,200) | ||||||||
Foreign tax rate differential | (4,800) | (1,600) | (19,200) | ||||||||
Audit settlement | (4,600) | (27,700) | |||||||||
Tax exempt income | (3,900) | (7,400) | (17,900) | ||||||||
Impact of changes in tax law | (1,500) | (47,800) | |||||||||
Other items, net | (1,900) | (800) | 300 | ||||||||
Total income tax expense (benefit) | $ (24,000) | $ 36,600 | $ 20,900 | $ (33,600) | $ 18,700 | $ 33,100 | $ (24,400) | $ (47,100) | $ (130) | $ (19,643) | $ 7,706 |
Major elements contributing to the difference between the U.S. federal statutory rate of 24.5% for fiscal year 2018 and 35% for fiscal years ended 2017 and 2016 and the effective tax rate | |||||||||||
Federal statutory rate (as a percent) | 21.00% | 24.50% | 35.00% | ||||||||
State income tax, net of federal benefit (as a percent) | (4.90%) | 10.00% | 5.70% | ||||||||
Impairment of goodwill, nondeductible for tax | (44.90%) | 19.10% | |||||||||
Foreign residual income (as a percent) | (15.70%) | (2.10%) | |||||||||
Foreign residual income (as a percent) | (5.80%) | ||||||||||
Nondeductible costs (as a percent) | (5.00%) | 1.90% | 1.40% | ||||||||
Change in uncertain tax positions (as a percent) | (3.30%) | (17.70%) | 2.20% | ||||||||
Return to provision, primarily foreign tax credits (as a percent) | (2.00%) | (10.40%) | |||||||||
Income tax credits and incentive (as a percent) | 25.80% | (21.00%) | (13.20%) | ||||||||
Valuation allowance (as a percent) | 11.00% | 33.10% | (11.90%) | ||||||||
Exclusion of tax on non-controlling interests (as a percent) | 8.90% | (8.40%) | (6.60%) | ||||||||
Foreign tax rate differential (as a percent) | 2.60% | (0.90%) | (4.50%) | ||||||||
Audit settlement (as a percent) | 2.50% | (15.60%) | |||||||||
Tax exempt income (as a percent) | 2.10% | (4.20%) | (4.20%) | ||||||||
Change in tax rates (as a percent) | 0.80% | (26.90%) | |||||||||
Other items, net (as a percent) | 1.20% | (0.40%) | |||||||||
Total income tax expense (as a percent) | 0.10% | (11.10%) | 1.80% |
Income Taxes - Additional infor
Income Taxes - Additional information (Details) - USD ($) $ in Millions | 3 Months Ended | 12 Months Ended | ||
Mar. 31, 2018 | Sep. 30, 2019 | Sep. 30, 2018 | Sep. 30, 2017 | |
Income taxes | ||||
Valuation allowance | $ 169.1 | $ 197.1 | ||
Federal corporate tax rate (as a percent) | 21.00% | 24.50% | 35.00% | |
Provisional income tax (benefit) | $ (32) | |||
Undistributed earnings from foreign subsidiaries | 79.8 | |||
One-time transition tax on accumulated foreign earnings | 64 | |||
Tax benefit from foreign earnings and profits | $ (1.5) | |||
Tax benefit from income tax examination | 27.7 | |||
Tax benefit from income tax examination, R&D credits | $ 26.2 | |||
Tax benefit from foreign subsidiaries | (43.2) | (47.1) | $ (29.3) | |
Change in valuation allowance | 28 | |||
Amount of uncertain tax positions for future years | $ 26.2 | |||
United States | ||||
Income taxes | ||||
Valuation allowance | 38.1 | |||
Tax benefit from income tax examination | (38.1) | |||
Canada | ||||
Income taxes | ||||
Valuation allowance | $ 6 | |||
Change in valuation allowance | $ 13.1 |
Income Taxes - Deferred tax (De
Income Taxes - Deferred tax (Details) - USD ($) $ in Millions | 12 Months Ended | |||
Sep. 30, 2019 | Sep. 30, 2018 | Dec. 31, 2019 | Sep. 30, 2017 | |
Deferred tax assets: | ||||
Compensation and benefit accruals not currently deductible | $ 132.9 | $ 108.3 | ||
Net operating loss carryforwards | 228.2 | 252.4 | ||
Self insurance reserves | 12.9 | 13.5 | ||
Research and experimentation and other tax credits | 120.5 | 178.1 | ||
Pension liability | 105.1 | 88.2 | ||
Accrued liabilities | 125.4 | 63.4 | ||
Other | 28.8 | 27.8 | ||
Total deferred tax assets | 753.8 | 731.7 | ||
Deferred tax liabilities: | ||||
Unearned revenue | (106.9) | (121.1) | ||
Depreciation and amortization | (78.5) | (135.9) | ||
Acquired intangible assets | (49.6) | (56) | ||
Investment in subsidiaries | (108.7) | (109.5) | ||
Total deferred tax liabilities | (343.7) | (422.5) | ||
Valuation allowance | (169.1) | (197.1) | ||
Net deferred tax assets | 241 | 112.1 | ||
Income Taxes, additional disclosures | ||||
Remaining gross tax asset exclusive of tax liabilities realized | 584.7 | |||
Change in valuation allowance | 28 | |||
Change in valuation allowance for foreign tax credits | 38.1 | |||
Gross book-tax differences from non-U.S. subsidiaries | 1,800 | |||
Liability for unrecognized tax benefits, including potential interest and penalties, net of related tax benefit | 75.4 | 71.9 | ||
Unrecognized tax benefits | 62.4 | 60 | $ 102.1 | |
Unrecognized tax benefits that would be included in the effective tax rate if recognized | $ 45.2 | |||
Canada | ||||
Deferred tax liabilities: | ||||
Valuation allowance | (6) | |||
Income Taxes, additional disclosures | ||||
Change in valuation allowance | 13.1 | |||
United States | ||||
Deferred tax liabilities: | ||||
Valuation allowance | $ (38.1) | |||
California Franchise Tax Board | Enterprise Zone Tax Credits | ||||
Income Taxes, additional disclosures | ||||
Unused tax credits | 6.8 | |||
Federal | ||||
Income Taxes, additional disclosures | ||||
Net operating loss carryforwards | 654.2 | |||
Federal | Research and development | ||||
Income Taxes, additional disclosures | ||||
Unused tax credits | 77.6 | |||
State | Research and development | ||||
Income Taxes, additional disclosures | ||||
Unused tax credits | 40.3 | |||
Foreign | ||||
Income Taxes, additional disclosures | ||||
Net operating loss carryforwards | $ 945.8 |
Income Taxes - Gross Unrecogniz
Income Taxes - Gross Unrecognized (Details) - USD ($) $ in Millions | 12 Months Ended | |
Sep. 30, 2019 | Sep. 30, 2018 | |
Reconciliation of the beginning and ending amount of gross unrecognized tax benefits | ||
Balance at the beginning of the year | $ 60 | $ 102.1 |
Gross increase in current period's tax positions | 3.4 | 4 |
Gross increase in prior years' tax positions | 0.8 | 2.2 |
Gross decrease in prior years' tax positions | (1) | (14.4) |
Decrease due to settlement with tax authorities | (31.9) | |
Decrease due to lapse of statute of limitations | (1.7) | |
Gross change due to foreign exchange fluctuations | (0.8) | (0.3) |
Balance at the end of the year | 62.4 | 60 |
Income Taxes, additional disclosures | ||
Accrued interest, excluding any related income tax benefits | 20.3 | 15.5 |
Accrued penalties, excluding any related income tax benefits | $ 4.3 | $ 4.1 |
Earnings Per Share (Details)
Earnings Per Share (Details) - shares shares in Thousands | 3 Months Ended | 12 Months Ended | |||||||||
Sep. 30, 2019 | Jun. 30, 2019 | Mar. 31, 2019 | Dec. 31, 2018 | Sep. 30, 2018 | Jun. 30, 2018 | Mar. 31, 2018 | Dec. 31, 2017 | Sep. 30, 2019 | Sep. 30, 2018 | Sep. 30, 2017 | |
Earnings Per Share | |||||||||||
Exclusion of potential common shares due to their antidilutive effect | 2,700 | ||||||||||
Denominator for basic earnings per share (in shares) | 157,700 | 157,400 | 156,600 | 156,400 | 158,600 | 160,400 | 159,500 | 157,900 | 157,044 | 159,101 | 155,728 |
Potential common shares (in shares) | 3,200 | 3,400 | |||||||||
Denominator for diluted earnings per share (in shares) | 157,700 | 159,800 | 158,400 | 159,600 | 161,800 | 163,200 | 159,500 | 161,800 | 157,044 | 162,261 | 159,135 |
Other Financial Information (De
Other Financial Information (Details) - USD ($) $ in Thousands | 3 Months Ended | 12 Months Ended | |||||
Sep. 30, 2019 | Mar. 31, 2019 | Dec. 31, 2018 | Mar. 31, 2018 | Sep. 30, 2019 | Sep. 30, 2018 | Sep. 30, 2016 | |
Accrued expenses and other current liabilities | |||||||
Accrued salaries and benefits | $ 1,020,700 | $ 1,020,700 | $ 1,035,900 | ||||
Accrued contract costs | 913,900 | 913,900 | 861,000 | ||||
Other accrued expenses | 455,800 | 455,800 | 370,100 | ||||
Total accrued expenses | 2,390,418 | 2,390,418 | 2,267,046 | ||||
Accounts receivable-net | 3,517,072 | 3,517,072 | 3,307,851 | ||||
Restructuring costs | (16,200) | $ (15,900) | $ (63,300) | 95,446 | |||
Impairment of long-lived assets | 615,400 | $ 168,200 | $ 168,200 | 615,400 | 168,178 | ||
Accrued restructuring expenses | 26,500 | 26,500 | |||||
Personnel and other costs | |||||||
Accrued expenses and other current liabilities | |||||||
Restructuring costs | 73,300 | ||||||
Real estate costs | |||||||
Accrued expenses and other current liabilities | |||||||
Restructuring costs | 22,100 | ||||||
Impairment of long-lived assets | 27,400 | ||||||
Accelerated recovery of pension entitlement | |||||||
Accrued expenses and other current liabilities | |||||||
Accounts receivable-net | $ 50,000 | ||||||
Professional liability accrual | |||||||
Accrued expenses and other current liabilities | |||||||
Accrued contract costs | $ 573,400 | $ 573,400 | $ 519,500 |
Reclassifications out of Accu_3
Reclassifications out of Accumulated Other Comprehensive Loss (Details) - USD ($) $ in Thousands | 12 Months Ended | |
Sep. 30, 2019 | Sep. 30, 2018 | |
Accumulated balances | ||
Balance at the beginning of the period | $ (703,330) | $ (700,700) |
Other comprehensive (loss) income before reclassification | (170,900) | (13,200) |
Amounts reclassified from accumulated other comprehensive loss | 10,000 | 10,600 |
Balance at the end of the period | (864,197) | (703,330) |
Pension Related Adjustments | ||
Accumulated balances | ||
Balance at the beginning of the period | (202,300) | (281,900) |
Other comprehensive (loss) income before reclassification | (107,200) | 69,900 |
Amounts reclassified from accumulated other comprehensive loss | 6,800 | 9,700 |
Balance at the end of the period | (302,700) | (202,300) |
Foreign Currency Translation Adjustments | ||
Accumulated balances | ||
Balance at the beginning of the period | (502,200) | (418,400) |
Other comprehensive (loss) income before reclassification | (46,500) | (83,800) |
Balance at the end of the period | (548,700) | (502,200) |
Gain(/Loss) on Derivative Instruments | ||
Accumulated balances | ||
Balance at the beginning of the period | 1,200 | (400) |
Other comprehensive (loss) income before reclassification | (17,200) | 700 |
Amounts reclassified from accumulated other comprehensive loss | 3,200 | 900 |
Balance at the end of the period | $ (12,800) | $ 1,200 |
Commitments and Contingencies (
Commitments and Contingencies (Details) - USD ($) $ in Millions | Oct. 31, 2019 | May 24, 2018 | Jul. 03, 2017 | Apr. 01, 2017 | Apr. 30, 2019 | Dec. 31, 2014 | Oct. 01, 2019 | Sep. 30, 2019 | Apr. 25, 2019 | Mar. 31, 2019 | Mar. 26, 2019 | Feb. 28, 2019 |
URS | Design build contractor | ||||||||||||
Commitments and Contingencies | ||||||||||||
Damages claimed, value | $ 11.9 | $ 70 | $ 8.2 | |||||||||
Advatech LLC | Genco | ||||||||||||
Commitments and Contingencies | ||||||||||||
Damages claimed, value | $ 132 | |||||||||||
Department of Energy Deactivation, Demolition, and Removal Project | Department of Energy | ||||||||||||
Commitments and Contingencies | ||||||||||||
Cost-reimbursement at risk | $ 106 | |||||||||||
Department of Energy Deactivation, Demolition, and Removal Project | AECOM E&C and DOE | ||||||||||||
Commitments and Contingencies | ||||||||||||
Cost-reimbursement at risk | 146 | |||||||||||
Department of Energy Deactivation, Demolition, and Removal Project | AECOM E&C and DOE | Minimum | ||||||||||||
Commitments and Contingencies | ||||||||||||
Cost-reimbursement at risk | 106 | |||||||||||
Department of Energy Deactivation, Demolition, and Removal Project | AECOM E&C | ||||||||||||
Commitments and Contingencies | ||||||||||||
Cost-reimbursement at risk | 146 | |||||||||||
Claim to DOE, including additional fees | $ 103 | |||||||||||
Possible costs which may exceed contracted amounts | $ 100 | |||||||||||
Refinery Turnaround Project | AECOM E&C | ||||||||||||
Commitments and Contingencies | ||||||||||||
Damages claimed, value | $ 144 | |||||||||||
Recoverable from refinery owner | 90 | $ 90 | ||||||||||
Loss contingency, receivable amount | $ 132 | $ 79 | $ 79 | |||||||||
AECOM-Canyon Equity Fund, L.P | ||||||||||||
Commitments and Contingencies | ||||||||||||
Capital commitments | $ 35 | |||||||||||
Term (in years) | 10 years | |||||||||||
URS | Design build contractor | ||||||||||||
Commitments and Contingencies | ||||||||||||
Damages claimed, value | $ 103.7 | |||||||||||
Damage claimed | 4.9 | |||||||||||
Amount awarded | 4.9 | |||||||||||
Amount awarded to contractor | $ 2.7 | |||||||||||
Standby letter of credit | ||||||||||||
Commitments and Contingencies | ||||||||||||
Contingency liability | $ 493.7 | |||||||||||
Surety Bond | ||||||||||||
Commitments and Contingencies | ||||||||||||
Contingency liability | $ 4,800 |
Reportable Segments and Geogr_3
Reportable Segments and Geographic Information (Details) $ in Thousands | 3 Months Ended | 12 Months Ended | |||||||||
Sep. 30, 2019USD ($) | Jun. 30, 2019USD ($) | Mar. 31, 2019USD ($) | Dec. 31, 2018USD ($) | Sep. 30, 2018USD ($) | Jun. 30, 2018USD ($) | Mar. 31, 2018USD ($) | Dec. 31, 2017USD ($) | Sep. 30, 2019USD ($)segment | Sep. 30, 2018USD ($) | Sep. 30, 2017USD ($) | |
Summarized financial information concerning the Company's reportable segments | |||||||||||
Number of reportable segments | segment | 4 | ||||||||||
Revenue | $ 5,115,600 | $ 4,980,200 | $ 5,040,000 | $ 5,037,500 | $ 5,305,800 | $ 5,148,000 | $ 4,790,900 | $ 4,910,800 | $ 20,173,329 | $ 20,155,512 | $ 18,203,402 |
Gross profit (loss) | 238,200 | 209,200 | 195,400 | 170,600 | 188,000 | 185,200 | 141,200 | 136,200 | 813,445 | 650,649 | 683,720 |
Equity in earnings of joint ventures | 14,000 | 28,600 | 25,900 | 12,500 | 25,500 | 12,800 | 13,100 | 29,700 | 80,990 | 81,133 | 141,582 |
General and administrative expenses | (37,300) | (37,500) | (37,400) | (35,900) | (35,700) | (35,100) | (30,200) | (34,700) | (148,123) | (135,787) | (133,309) |
Restructuring costs | 16,200 | 15,900 | 63,300 | (95,446) | |||||||
Gain (loss) on disposal activities | (3,000) | (7,400) | (800) | (2,100) | (10,381) | (2,949) | 572 | ||||
Impairment on of long-lived assets/assets held for sale, including goodwill | (615,400) | (168,200) | (168,200) | (615,400) | (168,178) | ||||||
Acquisition and integration expenses | (38,709) | ||||||||||
Operating income (loss) | (419,700) | $ 192,900 | $ 168,000 | $ 83,900 | 177,000 | $ 160,800 | $ (44,100) | $ 131,200 | 25,085 | 424,868 | 653,856 |
Segment assets | 14,461,591 | 14,681,131 | 14,461,591 | 14,681,131 | |||||||
Total | |||||||||||
Summarized financial information concerning the Company's reportable segments | |||||||||||
Revenue | 20,173,300 | 20,155,500 | 18,203,400 | ||||||||
Gross profit (loss) | 813,400 | 650,600 | 683,700 | ||||||||
Equity in earnings of joint ventures | 81,000 | 81,100 | 141,600 | ||||||||
General and administrative expenses | (148,100) | (135,700) | (133,400) | ||||||||
Restructuring costs | (95,400) | ||||||||||
Gain (loss) on disposal activities | (10,400) | (2,900) | 600 | ||||||||
Impairment on of long-lived assets/assets held for sale, including goodwill | (615,400) | (168,200) | |||||||||
Acquisition and integration expenses | (38,700) | ||||||||||
Operating income (loss) | 25,100 | 424,900 | 653,800 | ||||||||
Segment assets | 14,461,600 | 14,681,100 | $ 14,461,600 | $ 14,681,100 | $ 14,397,000 | ||||||
Gross profit (loss) as a % of revenue | 4.00% | 3.20% | 3.80% | ||||||||
Corporate | |||||||||||
Summarized financial information concerning the Company's reportable segments | |||||||||||
General and administrative expenses | $ (143,200) | $ (124,500) | $ (124,700) | ||||||||
Restructuring costs | (95,400) | ||||||||||
Impairment on of long-lived assets/assets held for sale, including goodwill | (9,700) | ||||||||||
Acquisition and integration expenses | (38,700) | ||||||||||
Operating income (loss) | (248,300) | (124,500) | (163,400) | ||||||||
Segment assets | 674,800 | 613,500 | 674,800 | 613,500 | 386,200 | ||||||
Design and Consulting Services | |||||||||||
Summarized financial information concerning the Company's reportable segments | |||||||||||
Revenue | 8,268,200 | 8,223,100 | 7,566,800 | ||||||||
Gross profit (loss) | 545,900 | 439,200 | 394,800 | ||||||||
Equity in earnings of joint ventures | 18,000 | 15,800 | 16,400 | ||||||||
Gain (loss) on disposal activities | 3,600 | 600 | |||||||||
Impairment on of long-lived assets/assets held for sale, including goodwill | (15,200) | ||||||||||
Operating income (loss) | 552,300 | 455,000 | 411,800 | ||||||||
Segment assets | 7,136,300 | 7,013,800 | $ 7,136,300 | $ 7,013,800 | $ 6,992,600 | ||||||
Gross profit (loss) as a % of revenue | 6.60% | 5.30% | 5.20% | ||||||||
Construction Services | |||||||||||
Summarized financial information concerning the Company's reportable segments | |||||||||||
Revenue | $ 7,778,800 | $ 8,238,900 | $ 7,295,600 | ||||||||
Gross profit (loss) | 55,400 | 40,400 | 92,900 | ||||||||
Equity in earnings of joint ventures | 36,500 | 21,500 | 22,400 | ||||||||
Gain (loss) on disposal activities | (7,400) | (2,900) | |||||||||
Impairment on of long-lived assets/assets held for sale, including goodwill | (590,500) | (168,200) | |||||||||
Operating income (loss) | (506,000) | (109,200) | 115,300 | ||||||||
Segment assets | 3,804,000 | 4,212,000 | $ 3,804,000 | $ 4,212,000 | $ 4,114,500 | ||||||
Gross profit (loss) as a % of revenue | 0.70% | 0.50% | 1.30% | ||||||||
Management Services | |||||||||||
Summarized financial information concerning the Company's reportable segments | |||||||||||
Revenue | $ 4,118,100 | $ 3,693,500 | $ 3,341,000 | ||||||||
Gross profit (loss) | 203,900 | 171,000 | 196,000 | ||||||||
Equity in earnings of joint ventures | 8,800 | 28,600 | 45,100 | ||||||||
Gain (loss) on disposal activities | (6,600) | ||||||||||
Operating income (loss) | 206,100 | 199,600 | 241,100 | ||||||||
Segment assets | 2,648,700 | 2,701,200 | $ 2,648,700 | $ 2,701,200 | $ 2,704,600 | ||||||
Gross profit (loss) as a % of revenue | 5.00% | 4.60% | 5.90% | ||||||||
AECOM Capital | |||||||||||
Summarized financial information concerning the Company's reportable segments | |||||||||||
Revenue | $ 8,200 | ||||||||||
Gross profit (loss) | 8,200 | ||||||||||
Equity in earnings of joint ventures | 17,700 | $ 15,200 | $ 57,700 | ||||||||
General and administrative expenses | (4,900) | (11,200) | (8,700) | ||||||||
Operating income (loss) | 21,000 | 4,000 | 49,000 | ||||||||
Segment assets | $ 197,800 | $ 140,600 | $ 197,800 | $ 140,600 | $ 199,100 |
Reportable Segments and Geogr_4
Reportable Segments and Geographic Information - Geographic (Details) - USD ($) $ in Millions | Sep. 30, 2019 | Sep. 30, 2018 | Sep. 30, 2017 |
Geographic Information | |||
Long-Lived Assets | $ 6,682.8 | $ 7,486.5 | $ 7,543.4 |
Americas | |||
Geographic Information | |||
Long-Lived Assets | 4,473.1 | 5,357.8 | 5,379.4 |
Europe, Middle East, Africa | |||
Geographic Information | |||
Long-Lived Assets | 1,797.2 | 1,759.5 | 1,781.1 |
Asia Pacific | |||
Geographic Information | |||
Long-Lived Assets | $ 412.5 | $ 369.2 | $ 382.9 |
Major Clients (Details)
Major Clients (Details) - Revenue - Customer Concentration Risk | 12 Months Ended | ||
Sep. 30, 2019 | Sep. 30, 2018 | Sep. 30, 2017 | |
Percentage of total revenue | |||
Period for which criteria of threshold percentage for disclosure not met in past | 5 years | ||
Maximum | |||
Percentage of total revenue | |||
Percentage of revenue accounted for by no other single client (as a percent) | 10.00% | ||
Agencies of U.S. Federal Government | |||
Percentage of total revenue | |||
Concentration (as a percent) | 26.00% | 23.00% | 22.00% |
Agencies of U.S. Federal Government | Management Services | |||
Percentage of total revenue | |||
Concentration (as a percent) | 3.00% | 2.00% | 3.00% |
Quarterly Financial Informati_3
Quarterly Financial Information-Unaudited (Details) - USD ($) $ / shares in Units, shares in Thousands, $ in Thousands | 3 Months Ended | 12 Months Ended | |||||||||
Sep. 30, 2019 | Jun. 30, 2019 | Mar. 31, 2019 | Dec. 31, 2018 | Sep. 30, 2018 | Jun. 30, 2018 | Mar. 31, 2018 | Dec. 31, 2017 | Sep. 30, 2019 | Sep. 30, 2018 | Sep. 30, 2017 | |
Quarterly Financial Information-Unaudited | |||||||||||
Revenue | $ 5,115,600 | $ 4,980,200 | $ 5,040,000 | $ 5,037,500 | $ 5,305,800 | $ 5,148,000 | $ 4,790,900 | $ 4,910,800 | $ 20,173,329 | $ 20,155,512 | $ 18,203,402 |
Cost of revenue | 4,877,400 | 4,771,000 | 4,844,600 | 4,866,900 | 5,117,800 | 4,962,800 | 4,649,700 | 4,774,600 | 19,359,884 | 19,504,863 | 17,519,682 |
Gross profit | 238,200 | 209,200 | 195,400 | 170,600 | 188,000 | 185,200 | 141,200 | 136,200 | 813,445 | 650,649 | 683,720 |
Equity in earnings of joint ventures | 14,000 | 28,600 | 25,900 | 12,500 | 25,500 | 12,800 | 13,100 | 29,700 | 80,990 | 81,133 | 141,582 |
General and administrative expenses | (37,300) | (37,500) | (37,400) | (35,900) | (35,700) | (35,100) | (30,200) | (34,700) | (148,123) | (135,787) | (133,309) |
Restructuring costs | (16,200) | (15,900) | (63,300) | 95,446 | |||||||
(Loss) gain on disposal activities | (3,000) | (7,400) | (800) | (2,100) | (10,381) | (2,949) | 572 | ||||
Impairment of long-lived assets, including goodwill | (615,400) | (168,200) | (168,200) | (615,400) | (168,178) | ||||||
Income from operations | (419,700) | 192,900 | 168,000 | 83,900 | 177,000 | 160,800 | (44,100) | 131,200 | 25,085 | 424,868 | 653,856 |
Other income | 4,100 | 4,800 | 4,300 | 3,600 | 2,600 | 2,700 | 12,500 | 2,300 | 16,789 | 20,135 | 6,636 |
Interest expense | (56,400) | (55,700) | (57,900) | (56,000) | (55,500) | (55,300) | (100,500) | (56,200) | (225,994) | (267,519) | (231,310) |
(Loss) income before income tax (benefit) expense | (472,000) | 142,000 | 114,400 | 31,500 | 124,100 | 108,200 | (132,100) | 77,300 | (184,120) | 177,484 | 429,182 |
Income tax (benefit) expense | (24,000) | 36,600 | 20,900 | (33,600) | 18,700 | 33,100 | (24,400) | (47,100) | (130) | (19,643) | 7,706 |
Net (loss) income | (448,000) | 105,400 | 93,500 | 65,100 | 105,400 | 75,100 | (107,700) | 124,400 | (183,990) | 197,127 | 421,476 |
Noncontrolling interest in income of consolidated subsidiaries, net of tax | (26,200) | (21,700) | (15,600) | (13,600) | (21,400) | (14,200) | (12,000) | (13,100) | (77,060) | (60,659) | (82,086) |
Net (loss) income attributable to AECOM | $ (474,200) | $ 83,700 | $ 77,900 | $ 51,500 | $ 84,000 | $ 60,900 | $ (119,700) | $ 111,300 | $ (261,050) | $ 136,468 | $ 339,390 |
Net income (loss) attributable to AECOM per share: | |||||||||||
Basic (in dollars per share) | $ (3.01) | $ 0.53 | $ 0.50 | $ 0.33 | $ 0.53 | $ 0.38 | $ (0.75) | $ 0.70 | $ (1.66) | $ 0.86 | $ 2.18 |
Diluted (in dollars per share) | $ (3.01) | $ 0.52 | $ 0.49 | $ 0.32 | $ 0.52 | $ 0.37 | $ (0.75) | $ 0.69 | $ (1.66) | $ 0.84 | $ 2.13 |
Weighted average shares outstanding: | |||||||||||
Basic (in shares) | 157,700 | 157,400 | 156,600 | 156,400 | 158,600 | 160,400 | 159,500 | 157,900 | 157,044 | 159,101 | 155,728 |
Diluted (in shares) | 157,700 | 159,800 | 158,400 | 159,600 | 161,800 | 163,200 | 159,500 | 161,800 | 157,044 | 162,261 | 159,135 |
Condensed Consolidating Finan_3
Condensed Consolidating Financial Information - Debt (Details) | Oct. 06, 2014 |
Condensed Consolidating Financial Information | |
Ownership of directly and indirectly owned subsidiaries (as a percent) | 100.00% |
Condensed Consolidating Finan_4
Condensed Consolidating Financial Information - Balance Sheets (Details) - USD ($) $ in Thousands | Sep. 30, 2019 | Sep. 30, 2018 | Sep. 30, 2017 | Sep. 30, 2016 |
CURRENT ASSETS: | ||||
Total cash and cash equivalents | $ 1,080,354 | $ 886,733 | ||
Accounts receivable-net | 3,517,072 | 3,307,851 | ||
Prepaid expenses and other current assets | 627,550 | 585,152 | ||
Current assets held for sale | 59,800 | |||
Income taxes receivable | 49,089 | 126,816 | ||
TOTAL CURRENT ASSETS | 7,534,645 | 7,127,322 | ||
PROPERTY AND EQUIPMENT-NET | 559,399 | 614,062 | ||
DEFERRED TAX ASSETS-NET | 245,331 | 159,396 | ||
INVESTMENTS IN UNCONSOLIDATED JOINT VENTURES | 405,225 | 310,661 | ||
GOODWILL | 5,275,281 | 5,921,116 | $ 5,992,900 | |
INTANGIBLE ASSETS-NET | 233,018 | 319,892 | ||
OTHER NON-CURRENT ASSETS | 208,692 | 228,682 | ||
TOTAL ASSETS | 14,461,591 | 14,681,131 | ||
CURRENT LIABILITIES: | ||||
Short-term debt | 47,835 | 8,353 | ||
Accounts payable | 2,954,719 | 2,726,047 | ||
Accrued expenses and other current liabilities | 2,390,418 | 2,267,046 | ||
Income taxes payable | 59,541 | 39,802 | ||
Contract liabilities | 939,891 | 931,431 | ||
Current liabilities held for sale | 22,300 | |||
Current portion of long-term debt | 69,350 | 134,698 | ||
TOTAL CURRENT LIABILITIES | 6,461,754 | 6,129,677 | ||
DEFERRED TAX LIABILITY-NET | 4,292 | 47,273 | ||
LONG-TERM DEBT | 3,285,755 | 3,483,746 | ||
TOTAL LIABILITIES | 10,562,241 | 10,402,757 | ||
TOTAL AECOM STOCKHOLDERS' EQUITY | 3,690,576 | 4,092,780 | ||
Noncontrolling interests | 208,774 | 185,594 | ||
TOTAL STOCKHOLDERS' EQUITY | 3,899,350 | 4,278,374 | 4,214,686 | $ 3,552,489 |
TOTAL LIABILITIES AND STOCKHOLDERS' EQUITY | 14,461,591 | 14,681,131 | ||
Eliminations | ||||
CURRENT ASSETS: | ||||
Intercompany receivable | (1,504,600) | (1,193,900) | ||
TOTAL CURRENT ASSETS | (1,504,600) | (1,193,900) | ||
DEFERRED TAX ASSETS-NET | (95,200) | (124,600) | ||
INVESTMENTS IN CONSOLIDATED SUBSIDIARIES | (7,352,000) | (8,276,100) | ||
TOTAL ASSETS | (8,951,800) | (9,594,600) | ||
CURRENT LIABILITIES: | ||||
Intercompany payable | (1,639,500) | (1,353,200) | ||
TOTAL CURRENT LIABILITIES | (1,639,500) | (1,353,200) | ||
DEFERRED TAX LIABILITY-NET | (95,200) | (124,700) | ||
NOTE PAYABLE INTERCOMPANY-NON CURRENT | (1,340,100) | (1,288,400) | ||
TOTAL LIABILITIES | (3,074,800) | (2,766,300) | ||
TOTAL AECOM STOCKHOLDERS' EQUITY | (5,877,000) | (6,828,300) | ||
TOTAL STOCKHOLDERS' EQUITY | (5,877,000) | (6,828,300) | ||
TOTAL LIABILITIES AND STOCKHOLDERS' EQUITY | (8,951,800) | (9,594,600) | ||
Parent | Reportable Legal Entities | ||||
CURRENT ASSETS: | ||||
Total cash and cash equivalents | 129,300 | 22,000 | ||
Intercompany receivable | 1,164,700 | 951,100 | ||
Prepaid expenses and other current assets | 52,500 | 52,900 | ||
Income taxes receivable | 13,700 | 84,600 | ||
TOTAL CURRENT ASSETS | 1,360,200 | 1,110,600 | ||
PROPERTY AND EQUIPMENT-NET | 193,000 | 202,600 | ||
DEFERRED TAX ASSETS-NET | 152,800 | 134,000 | ||
INVESTMENTS IN CONSOLIDATED SUBSIDIARIES | 5,740,800 | 6,364,100 | ||
INVESTMENTS IN UNCONSOLIDATED JOINT VENTURES | 9,900 | 13,400 | ||
OTHER NON-CURRENT ASSETS | 33,100 | 49,900 | ||
TOTAL ASSETS | 7,489,800 | 7,874,600 | ||
CURRENT LIABILITIES: | ||||
Short-term debt | 21,800 | 8,400 | ||
Accounts payable | 50,200 | 53,600 | ||
Accrued expenses and other current liabilities | 108,000 | 58,800 | ||
Income taxes payable | 23,600 | 10,400 | ||
Intercompany payable | 116,100 | 105,500 | ||
Billings in excess of costs on uncompleted contracts | 1,500 | |||
Current portion of long-term debt | 12,600 | 43,300 | ||
TOTAL CURRENT LIABILITIES | 332,300 | 281,500 | ||
OTHER LONG-TERM LIABILITIES | 130,700 | 131,600 | ||
NOTE PAYABLE INTERCOMPANY-NON CURRENT | 872,600 | 800,900 | ||
LONG-TERM DEBT | 2,468,900 | 2,627,800 | ||
TOTAL LIABILITIES | 3,804,500 | 3,841,800 | ||
TOTAL AECOM STOCKHOLDERS' EQUITY | 3,685,300 | 4,032,800 | ||
TOTAL STOCKHOLDERS' EQUITY | 3,685,300 | 4,032,800 | ||
TOTAL LIABILITIES AND STOCKHOLDERS' EQUITY | 7,489,800 | 7,874,600 | ||
Guarantor Subsidiaries | Reportable Legal Entities | ||||
CURRENT ASSETS: | ||||
Total cash and cash equivalents | 315,600 | 270,900 | ||
Accounts receivable and contract assets-net | 2,651,800 | 2,544,700 | ||
Intercompany receivable | 163,900 | 84,900 | ||
Prepaid expenses and other current assets | 270,100 | 331,600 | ||
TOTAL CURRENT ASSETS | 3,401,400 | 3,232,100 | ||
PROPERTY AND EQUIPMENT-NET | 179,100 | 217,300 | ||
DEFERRED TAX ASSETS-NET | 45,600 | |||
INVESTMENTS IN CONSOLIDATED SUBSIDIARIES | 1,611,200 | 1,912,000 | ||
INVESTMENTS IN UNCONSOLIDATED JOINT VENTURES | 41,600 | 49,600 | ||
GOODWILL | 3,193,400 | 3,392,700 | ||
INTANGIBLE ASSETS-NET | 172,300 | 218,600 | ||
OTHER NON-CURRENT ASSETS | 43,500 | 45,600 | ||
TOTAL ASSETS | 8,688,100 | 9,067,900 | ||
CURRENT LIABILITIES: | ||||
Accounts payable | 1,946,100 | 1,616,700 | ||
Accrued expenses and other current liabilities | 1,012,100 | 1,035,600 | ||
Intercompany payable | 873,900 | 830,800 | ||
Billings in excess of costs on uncompleted contracts | 316,100 | |||
Contract liabilities | 318,800 | |||
Current portion of long-term debt | 14,800 | 27,000 | ||
TOTAL CURRENT LIABILITIES | 4,165,700 | 3,826,200 | ||
OTHER LONG-TERM LIABILITIES | 288,200 | 249,000 | ||
DEFERRED TAX LIABILITY-NET | 63,100 | |||
LONG-TERM DEBT | 290,100 | 291,400 | ||
TOTAL LIABILITIES | 4,744,000 | 4,429,700 | ||
TOTAL AECOM STOCKHOLDERS' EQUITY | 3,944,100 | 4,638,200 | ||
TOTAL STOCKHOLDERS' EQUITY | 3,944,100 | 4,638,200 | ||
TOTAL LIABILITIES AND STOCKHOLDERS' EQUITY | 8,688,100 | 9,067,900 | ||
Non-Guarantor Subsidiaries | Reportable Legal Entities | ||||
CURRENT ASSETS: | ||||
Total cash and cash equivalents | 635,500 | 593,800 | ||
Accounts receivable and contract assets-net | 3,125,900 | 2,924,100 | ||
Intercompany receivable | 176,000 | 157,900 | ||
Prepaid expenses and other current assets | 304,800 | 200,700 | ||
Current assets held for sale | 59,800 | |||
Income taxes receivable | 35,400 | 42,200 | ||
TOTAL CURRENT ASSETS | 4,277,600 | 3,978,500 | ||
PROPERTY AND EQUIPMENT-NET | 187,300 | 194,200 | ||
DEFERRED TAX ASSETS-NET | 142,100 | 150,000 | ||
INVESTMENTS IN UNCONSOLIDATED JOINT VENTURES | 353,700 | 247,700 | ||
GOODWILL | 2,081,900 | 2,528,400 | ||
INTANGIBLE ASSETS-NET | 60,700 | 101,300 | ||
OTHER NON-CURRENT ASSETS | 132,200 | 133,100 | ||
TOTAL ASSETS | 7,235,500 | 7,333,200 | ||
CURRENT LIABILITIES: | ||||
Short-term debt | 26,000 | |||
Accounts payable | 958,400 | 1,055,700 | ||
Accrued expenses and other current liabilities | 1,270,300 | 1,172,700 | ||
Income taxes payable | 36,000 | 29,400 | ||
Intercompany payable | 649,500 | 416,900 | ||
Billings in excess of costs on uncompleted contracts | 613,800 | |||
Contract liabilities | 621,100 | |||
Current liabilities held for sale | 22,300 | |||
Current portion of long-term debt | 42,000 | 64,400 | ||
TOTAL CURRENT LIABILITIES | 3,603,300 | 3,375,200 | ||
OTHER LONG-TERM LIABILITIES | 391,400 | 361,500 | ||
DEFERRED TAX LIABILITY-NET | 99,500 | 108,900 | ||
NOTE PAYABLE INTERCOMPANY-NON CURRENT | 467,500 | 487,500 | ||
LONG-TERM DEBT | 526,800 | 564,500 | ||
TOTAL LIABILITIES | 5,088,500 | 4,897,600 | ||
TOTAL AECOM STOCKHOLDERS' EQUITY | 1,938,200 | 2,250,100 | ||
Noncontrolling interests | 208,800 | 185,500 | ||
TOTAL STOCKHOLDERS' EQUITY | 2,147,000 | 2,435,600 | ||
TOTAL LIABILITIES AND STOCKHOLDERS' EQUITY | 7,235,500 | 7,333,200 | ||
Total | ||||
CURRENT ASSETS: | ||||
Total cash and cash equivalents | 1,080,400 | 886,700 | ||
Accounts receivable and contract assets-net | 5,777,700 | 5,468,800 | ||
Accounts receivable-net | 3,517,100 | 3,307,800 | ||
Prepaid expenses and other current assets | 627,400 | 585,200 | ||
Current assets held for sale | 59,800 | |||
Income taxes receivable | 49,100 | 126,800 | ||
TOTAL CURRENT ASSETS | 7,534,600 | 7,127,300 | ||
PROPERTY AND EQUIPMENT-NET | 559,400 | 614,100 | ||
DEFERRED TAX ASSETS-NET | 245,300 | 159,400 | ||
INVESTMENTS IN UNCONSOLIDATED JOINT VENTURES | 405,200 | 310,700 | ||
GOODWILL | 5,275,300 | 5,921,100 | ||
INTANGIBLE ASSETS-NET | 233,000 | 319,900 | ||
OTHER NON-CURRENT ASSETS | 208,800 | 228,600 | ||
TOTAL ASSETS | 14,461,600 | 14,681,100 | $ 14,397,000 | |
CURRENT LIABILITIES: | ||||
Short-term debt | 47,800 | 8,400 | ||
Accounts payable | 2,954,700 | 2,726,000 | ||
Accrued expenses and other current liabilities | 2,390,400 | 2,267,100 | ||
Income taxes payable | 59,600 | 39,800 | ||
Billings in excess of costs on uncompleted contracts | 931,400 | |||
Contract liabilities | 939,900 | |||
Current liabilities held for sale | 22,300 | |||
Current portion of long-term debt | 69,400 | 134,700 | ||
TOTAL CURRENT LIABILITIES | 6,461,800 | 6,129,700 | ||
OTHER LONG-TERM LIABILITIES | 810,300 | 742,100 | ||
DEFERRED TAX LIABILITY-NET | 4,300 | 47,300 | ||
LONG-TERM DEBT | 3,285,800 | 3,483,700 | ||
TOTAL LIABILITIES | 10,562,200 | 10,402,800 | ||
TOTAL AECOM STOCKHOLDERS' EQUITY | 3,690,600 | 4,092,800 | ||
Noncontrolling interests | 208,800 | 185,500 | ||
TOTAL STOCKHOLDERS' EQUITY | 3,899,400 | 4,278,300 | ||
TOTAL LIABILITIES AND STOCKHOLDERS' EQUITY | $ 14,461,600 | $ 14,681,100 |
Condensed Consolidating Finan_5
Condensed Consolidating Financial Information - Operations (Details) - USD ($) $ in Thousands | 3 Months Ended | 12 Months Ended | |||||||||
Sep. 30, 2019 | Jun. 30, 2019 | Mar. 31, 2019 | Dec. 31, 2018 | Sep. 30, 2018 | Jun. 30, 2018 | Mar. 31, 2018 | Dec. 31, 2017 | Sep. 30, 2019 | Sep. 30, 2018 | Sep. 30, 2017 | |
Condensed Consolidating Statements of Operations | |||||||||||
Revenue | $ 5,115,600 | $ 4,980,200 | $ 5,040,000 | $ 5,037,500 | $ 5,305,800 | $ 5,148,000 | $ 4,790,900 | $ 4,910,800 | $ 20,173,329 | $ 20,155,512 | $ 18,203,402 |
Cost of revenue | 4,877,400 | 4,771,000 | 4,844,600 | 4,866,900 | 5,117,800 | 4,962,800 | 4,649,700 | 4,774,600 | 19,359,884 | 19,504,863 | 17,519,682 |
Gross profit | 238,200 | 209,200 | 195,400 | 170,600 | 188,000 | 185,200 | 141,200 | 136,200 | 813,445 | 650,649 | 683,720 |
Equity in earnings of joint ventures | 14,000 | 28,600 | 25,900 | 12,500 | 25,500 | 12,800 | 13,100 | 29,700 | 80,990 | 81,133 | 141,582 |
General and administrative expenses | (37,300) | (37,500) | (37,400) | (35,900) | (35,700) | (35,100) | (30,200) | (34,700) | (148,123) | (135,787) | (133,309) |
Restructuring costs | 16,200 | 15,900 | 63,300 | (95,446) | |||||||
Acquisition and integration expenses | (38,709) | ||||||||||
Impairment on of long-lived assets/assets held for sale, including goodwill | (615,400) | (168,200) | (168,200) | (615,400) | (168,178) | ||||||
(Loss) gain on disposal activities | (3,000) | (7,400) | (800) | (2,100) | (10,381) | (2,949) | 572 | ||||
Income from operations | (419,700) | 192,900 | 168,000 | 83,900 | 177,000 | 160,800 | (44,100) | 131,200 | 25,085 | 424,868 | 653,856 |
Other income | 4,100 | 4,800 | 4,300 | 3,600 | 2,600 | 2,700 | 12,500 | 2,300 | 16,789 | 20,135 | 6,636 |
Interest expense | (56,400) | (55,700) | (57,900) | (56,000) | (55,500) | (55,300) | (100,500) | (56,200) | (225,994) | (267,519) | (231,310) |
(Loss) income before income tax (benefit) expense | (472,000) | 142,000 | 114,400 | 31,500 | 124,100 | 108,200 | (132,100) | 77,300 | (184,120) | 177,484 | 429,182 |
Income tax (benefit) expense | (24,000) | 36,600 | 20,900 | (33,600) | 18,700 | 33,100 | (24,400) | (47,100) | (130) | (19,643) | 7,706 |
Net (loss) income | (448,000) | 105,400 | 93,500 | 65,100 | 105,400 | 75,100 | (107,700) | 124,400 | (183,990) | 197,127 | 421,476 |
Noncontrolling interest in income of consolidated subsidiaries, net of tax | (26,200) | (21,700) | (15,600) | (13,600) | (21,400) | (14,200) | (12,000) | (13,100) | (77,060) | (60,659) | (82,086) |
Net (loss) income attributable to AECOM | $ (474,200) | $ 83,700 | $ 77,900 | $ 51,500 | $ 84,000 | $ 60,900 | $ (119,700) | $ 111,300 | (261,050) | 136,468 | 339,390 |
Eliminations | |||||||||||
Condensed Consolidating Statements of Operations | |||||||||||
Revenue | (87,800) | (110,300) | (52,300) | ||||||||
Cost of revenue | (87,800) | (110,300) | (52,300) | ||||||||
Equity in earnings from subsidiaries | (27,600) | (668,100) | (661,700) | ||||||||
Income from operations | (27,600) | (668,100) | (661,700) | ||||||||
Other income | (57,000) | (39,100) | (36,500) | ||||||||
Interest expense | 57,000 | 39,100 | 36,500 | ||||||||
(Loss) income before income tax (benefit) expense | (27,600) | (668,100) | (661,700) | ||||||||
Income tax (benefit) expense | 31,700 | ||||||||||
Net (loss) income | (27,600) | (668,100) | (693,400) | ||||||||
Net (loss) income attributable to AECOM | (27,600) | (668,100) | (693,400) | ||||||||
Parent | Reportable Legal Entities | |||||||||||
Condensed Consolidating Statements of Operations | |||||||||||
Equity in earnings from subsidiaries | 82,000 | 460,900 | 439,300 | ||||||||
General and administrative expenses | (143,300) | (124,400) | (124,700) | ||||||||
Restructuring costs | (95,400) | ||||||||||
Acquisition and integration expenses | (38,700) | ||||||||||
Impairment on of long-lived assets/assets held for sale, including goodwill | (9,600) | ||||||||||
(Loss) gain on disposal activities | (6,600) | ||||||||||
Income from operations | (172,900) | 336,500 | 275,900 | ||||||||
Other income | 5,000 | 12,000 | 2,100 | ||||||||
Interest expense | (202,800) | (242,900) | (203,700) | ||||||||
(Loss) income before income tax (benefit) expense | (370,700) | 105,600 | 74,300 | ||||||||
Income tax (benefit) expense | (109,600) | (31,100) | (264,900) | ||||||||
Net (loss) income | (261,100) | 136,700 | 339,200 | ||||||||
Net (loss) income attributable to AECOM | (261,100) | 136,700 | 339,200 | ||||||||
Guarantor Subsidiaries | Reportable Legal Entities | |||||||||||
Condensed Consolidating Statements of Operations | |||||||||||
Revenue | 10,978,700 | 11,052,900 | 10,491,600 | ||||||||
Cost of revenue | 10,594,700 | 10,757,200 | 10,136,100 | ||||||||
Gross profit | 384,000 | 295,700 | 355,500 | ||||||||
Equity in earnings from subsidiaries | (54,400) | 207,200 | 222,400 | ||||||||
Equity in earnings of joint ventures | 3,600 | 37,200 | 43,800 | ||||||||
Impairment on of long-lived assets/assets held for sale, including goodwill | (200,200) | ||||||||||
Income from operations | 133,000 | 540,100 | 621,700 | ||||||||
Other income | 48,400 | 34,500 | 31,900 | ||||||||
Interest expense | (22,000) | (25,100) | (31,100) | ||||||||
(Loss) income before income tax (benefit) expense | 159,400 | 549,500 | 622,500 | ||||||||
Income tax (benefit) expense | 92,100 | 98,800 | 182,500 | ||||||||
Net (loss) income | 67,300 | 450,700 | 440,000 | ||||||||
Net (loss) income attributable to AECOM | 67,300 | 450,700 | 440,000 | ||||||||
Non-Guarantor Subsidiaries | Reportable Legal Entities | |||||||||||
Condensed Consolidating Statements of Operations | |||||||||||
Revenue | 9,282,400 | 9,212,900 | 7,764,100 | ||||||||
Cost of revenue | 8,853,000 | 8,858,000 | 7,435,900 | ||||||||
Gross profit | 429,400 | 354,900 | 328,200 | ||||||||
Equity in earnings of joint ventures | 77,400 | 43,900 | 97,800 | ||||||||
General and administrative expenses | (4,800) | (11,300) | (8,700) | ||||||||
Impairment on of long-lived assets/assets held for sale, including goodwill | (405,600) | (168,200) | |||||||||
(Loss) gain on disposal activities | (3,800) | (2,900) | 600 | ||||||||
Income from operations | 92,600 | 216,400 | 417,900 | ||||||||
Other income | 20,400 | 12,700 | 9,200 | ||||||||
Interest expense | (58,200) | (38,600) | (33,000) | ||||||||
(Loss) income before income tax (benefit) expense | 54,800 | 190,500 | 394,100 | ||||||||
Income tax (benefit) expense | 17,400 | (87,400) | 58,400 | ||||||||
Net (loss) income | 37,400 | 277,900 | 335,700 | ||||||||
Noncontrolling interest in income of consolidated subsidiaries, net of tax | (77,100) | (60,700) | (82,100) | ||||||||
Net (loss) income attributable to AECOM | (39,700) | 217,200 | 253,600 | ||||||||
Total | |||||||||||
Condensed Consolidating Statements of Operations | |||||||||||
Revenue | 20,173,300 | 20,155,500 | 18,203,400 | ||||||||
Cost of revenue | 19,359,900 | 19,504,900 | 17,519,700 | ||||||||
Gross profit | 813,400 | 650,600 | 683,700 | ||||||||
Equity in earnings of joint ventures | 81,000 | 81,100 | 141,600 | ||||||||
General and administrative expenses | (148,100) | (135,700) | (133,400) | ||||||||
Restructuring costs | (95,400) | ||||||||||
Acquisition and integration expenses | (38,700) | ||||||||||
Impairment on of long-lived assets/assets held for sale, including goodwill | (615,400) | (168,200) | |||||||||
(Loss) gain on disposal activities | (10,400) | (2,900) | 600 | ||||||||
Income from operations | 25,100 | 424,900 | 653,800 | ||||||||
Other income | 16,800 | 20,100 | 6,700 | ||||||||
Interest expense | (226,000) | (267,500) | (231,300) | ||||||||
(Loss) income before income tax (benefit) expense | (184,100) | 177,500 | 429,200 | ||||||||
Income tax (benefit) expense | (100) | (19,700) | 7,700 | ||||||||
Net (loss) income | (184,000) | 197,200 | 421,500 | ||||||||
Noncontrolling interest in income of consolidated subsidiaries, net of tax | (77,100) | (60,700) | (82,100) | ||||||||
Net (loss) income attributable to AECOM | $ (261,100) | $ 136,500 | $ 339,400 |
Condensed Consolidating Finan_6
Condensed Consolidating Financial Information - Comprehensive Income (Loss) (Details) - USD ($) $ in Thousands | 3 Months Ended | 12 Months Ended | |||||||||
Sep. 30, 2019 | Jun. 30, 2019 | Mar. 31, 2019 | Dec. 31, 2018 | Sep. 30, 2018 | Jun. 30, 2018 | Mar. 31, 2018 | Dec. 31, 2017 | Sep. 30, 2019 | Sep. 30, 2018 | Sep. 30, 2017 | |
Consolidated Statements of Comprehensive Income | |||||||||||
Net (loss) income | $ (448,000) | $ 105,400 | $ 93,500 | $ 65,100 | $ 105,400 | $ 75,100 | $ (107,700) | $ 124,400 | $ (183,990) | $ 197,127 | $ 421,476 |
Other comprehensive (loss) income, net of tax: | |||||||||||
Net unrealized gain (loss) on derivatives, net of tax | (13,972) | 1,693 | 4,605 | ||||||||
Foreign currency translation adjustments | (46,628) | (82,717) | 65,389 | ||||||||
Pension adjustments, net of tax | (100,367) | 79,523 | 87,061 | ||||||||
Other comprehensive (loss) income, net of tax | (160,967) | (1,501) | 157,055 | ||||||||
Comprehensive (loss) income, net of tax | (344,957) | 195,626 | 578,531 | ||||||||
Noncontrolling interests in comprehensive income of consolidated subsidiaries, net of tax | (76,960) | (61,827) | (82,220) | ||||||||
Comprehensive (loss) income attributable to AECOM, net of tax | (421,917) | 133,799 | 496,311 | ||||||||
Eliminations | |||||||||||
Consolidated Statements of Comprehensive Income | |||||||||||
Net (loss) income | (27,600) | (668,100) | (693,400) | ||||||||
Other comprehensive (loss) income, net of tax: | |||||||||||
Comprehensive (loss) income, net of tax | (27,600) | (668,100) | (693,400) | ||||||||
Comprehensive (loss) income attributable to AECOM, net of tax | (27,600) | (668,100) | (693,400) | ||||||||
Parent | Reportable Legal Entities | |||||||||||
Consolidated Statements of Comprehensive Income | |||||||||||
Net (loss) income | (261,100) | 136,700 | 339,200 | ||||||||
Other comprehensive (loss) income, net of tax: | |||||||||||
Net unrealized gain (loss) on derivatives, net of tax | (7,400) | 2,300 | 4,900 | ||||||||
Pension adjustments, net of tax | (15,800) | 5,000 | 7,100 | ||||||||
Other comprehensive (loss) income, net of tax | (23,200) | 7,300 | 12,000 | ||||||||
Comprehensive (loss) income, net of tax | (284,300) | 144,000 | 351,200 | ||||||||
Comprehensive (loss) income attributable to AECOM, net of tax | (284,300) | 144,000 | 351,200 | ||||||||
Guarantor Subsidiaries | Reportable Legal Entities | |||||||||||
Consolidated Statements of Comprehensive Income | |||||||||||
Net (loss) income | 67,300 | 450,700 | 440,000 | ||||||||
Other comprehensive (loss) income, net of tax: | |||||||||||
Pension adjustments, net of tax | (41,200) | 10,800 | 13,800 | ||||||||
Other comprehensive (loss) income, net of tax | (41,200) | 10,800 | 13,800 | ||||||||
Comprehensive (loss) income, net of tax | 26,100 | 461,500 | 453,800 | ||||||||
Comprehensive (loss) income attributable to AECOM, net of tax | 26,100 | 461,500 | 453,800 | ||||||||
Non-Guarantor Subsidiaries | Reportable Legal Entities | |||||||||||
Consolidated Statements of Comprehensive Income | |||||||||||
Net (loss) income | 37,400 | 277,900 | 335,700 | ||||||||
Other comprehensive (loss) income, net of tax: | |||||||||||
Net unrealized gain (loss) on derivatives, net of tax | (6,600) | (600) | (300) | ||||||||
Foreign currency translation adjustments | (46,600) | (82,700) | 65,400 | ||||||||
Pension adjustments, net of tax | (43,400) | 63,700 | 66,100 | ||||||||
Other comprehensive (loss) income, net of tax | (96,600) | (19,600) | 131,200 | ||||||||
Comprehensive (loss) income, net of tax | (59,200) | 258,300 | 466,900 | ||||||||
Noncontrolling interests in comprehensive income of consolidated subsidiaries, net of tax | (76,900) | (61,900) | (82,200) | ||||||||
Comprehensive (loss) income attributable to AECOM, net of tax | (136,100) | 196,400 | 384,700 | ||||||||
Total | |||||||||||
Consolidated Statements of Comprehensive Income | |||||||||||
Net (loss) income | (184,000) | 197,200 | 421,500 | ||||||||
Other comprehensive (loss) income, net of tax: | |||||||||||
Net unrealized gain (loss) on derivatives, net of tax | (14,000) | 1,700 | 4,600 | ||||||||
Foreign currency translation adjustments | (46,600) | (82,700) | 65,400 | ||||||||
Pension adjustments, net of tax | (100,400) | 79,500 | 87,000 | ||||||||
Other comprehensive (loss) income, net of tax | (161,000) | (1,500) | 157,000 | ||||||||
Comprehensive (loss) income, net of tax | (345,000) | 195,700 | 578,500 | ||||||||
Noncontrolling interests in comprehensive income of consolidated subsidiaries, net of tax | (76,900) | (61,900) | (82,200) | ||||||||
Comprehensive (loss) income attributable to AECOM, net of tax | $ (421,900) | $ 133,800 | $ 496,300 |
Condensed Consolidating Finan_7
Condensed Consolidating Financial Information - Cash Flows (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Sep. 30, 2019 | Sep. 30, 2018 | Sep. 30, 2017 | |
Condensed Consolidating Statements of Cash Flows | |||
CASH FLOWS FROM OPERATING ACTIVITIES | $ 777,616 | $ 774,553 | $ 696,654 |
CASH FLOWS FROM INVESTING ACTIVITIES: | |||
Proceeds from purchase price adjustment to business acquisition | 2,203 | ||
Cash acquired from consolidation of joint venture | 7,630 | ||
Proceeds from disposal of businesses, net of cash disposed | 46,490 | 19,537 | 2,200 |
Payment for business acquisitions, net of cash acquired | 103,075 | ||
Net cash used in investing activities | (146,760) | (59,087) | (202,711) |
CASH FLOWS FROM FINANCING ACTIVITIES: | |||
Proceeds from borrowings under credit agreements | 7,700,774 | 8,529,014 | 5,953,249 |
Repayments of borrowings under credit agreements | (7,984,624) | (8,040,262) | (7,071,602) |
Issuance of unsecured senior notes | 1,000,000 | ||
Cash paid for debt issuance costs | (12,181) | (13,041) | |
Redemption of unsecured senior notes | (800,000) | (179,208) | |
Prepayment penalty on unsecured senior notes | (34,504) | ||
Proceeds from issuance of common stock | 30,448 | 35,233 | 30,093 |
Proceeds from exercise of stock options | 2,750 | 4,878 | |
Payments to repurchase common stock | (98,208) | (179,466) | (25,078) |
Net distributions to noncontrolling interests | (69,988) | (89,781) | (59,036) |
Other financing activities | (11,681) | (35,671) | (26,745) |
Net cash used in financing activities | (433,279) | (624,868) | (386,490) |
EFFECT OF EXCHANGE RATE CHANGES ON CASH | (3,956) | (6,227) | 2,764 |
NET INCREASE (DECREASE) IN CASH AND CASH EQUIVALENTS | 193,621 | 84,371 | 110,217 |
CASH AND CASH EQUIVALENTS AT BEGINNING OF YEAR | 886,733 | 802,362 | 692,145 |
CASH AND CASH EQUIVALENTS AT END OF YEAR | 1,080,354 | 886,733 | 802,362 |
Eliminations | |||
CASH FLOWS FROM INVESTING ACTIVITIES: | |||
Net (investment in) receipts from intercompany notes | 27,200 | 838,700 | (110,400) |
Other intercompany investing activities | 502,900 | (1,550,300) | 94,200 |
Net cash used in investing activities | (475,700) | (711,600) | (16,200) |
CASH FLOWS FROM FINANCING ACTIVITIES: | |||
Net borrowings (repayments) on intercompany notes | (27,200) | (838,700) | 110,400 |
Other intercompany financing activities | (502,900) | 1,550,300 | (94,200) |
Net cash used in financing activities | 475,700 | 711,600 | 16,200 |
Parent | Reportable Legal Entities | |||
Condensed Consolidating Statements of Cash Flows | |||
CASH FLOWS FROM OPERATING ACTIVITIES | (16,700) | (205,500) | (5,900) |
CASH FLOWS FROM INVESTING ACTIVITIES: | |||
Proceeds from disposal of businesses, net of cash disposed | 11,700 | ||
Net investment in unconsolidated joint ventures | (4,200) | (6,100) | |
Payments for capital expenditures, net of disposals | (32,900) | (29,300) | (21,700) |
Net (investment in) receipts from intercompany notes | 54,900 | (54,300) | (4,600) |
Other intercompany investing activities | (291,900) | 528,200 | 139,000 |
Net cash used in investing activities | 321,400 | 438,500 | 112,700 |
CASH FLOWS FROM FINANCING ACTIVITIES: | |||
Proceeds from borrowings under credit agreements | 7,524,000 | 7,770,400 | 5,903,500 |
Repayments of borrowings under credit agreements | (7,734,100) | (7,820,000) | (6,956,300) |
Cash paid for debt issuance costs | 1,000,000 | ||
Redemption of unsecured senior notes | (800,000) | ||
Prepayment penalty on unsecured senior notes | (34,500) | ||
Cash paid for debt issuance costs | (12,200) | (13,000) | |
Proceeds from issuance of common stock | 30,400 | 35,200 | 30,100 |
Proceeds from exercise of stock options | 2,800 | 4,900 | |
Payments to repurchase common stock | (98,200) | (25,100) | |
Payments to repurchase common stock | (179,500) | ||
Other financing activities | 4,800 | (3,600) | (24,100) |
Net borrowings (repayments) on intercompany notes | 75,700 | 797,800 | 4,000 |
Net cash used in financing activities | (197,400) | (243,600) | (76,000) |
NET INCREASE (DECREASE) IN CASH AND CASH EQUIVALENTS | 107,300 | (10,600) | 30,800 |
CASH AND CASH EQUIVALENTS AT BEGINNING OF YEAR | 22,000 | 32,600 | 1,800 |
CASH AND CASH EQUIVALENTS AT END OF YEAR | 129,300 | 22,000 | 32,600 |
Guarantor Subsidiaries | Reportable Legal Entities | |||
Condensed Consolidating Statements of Cash Flows | |||
CASH FLOWS FROM OPERATING ACTIVITIES | 572,700 | 640,900 | 695,000 |
CASH FLOWS FROM INVESTING ACTIVITIES: | |||
Proceeds from disposal of businesses, net of cash disposed | (3,000) | ||
Net investment in unconsolidated joint ventures | (25,800) | (9,100) | (2,700) |
Payments for capital expenditures, net of disposals | (24,300) | (39,100) | (30,600) |
Net (investment in) receipts from intercompany notes | (52,400) | (778,800) | 102,800 |
Other intercompany investing activities | (211,000) | 1,022,100 | (233,200) |
Net cash used in investing activities | 105,500 | 195,100 | (163,700) |
CASH FLOWS FROM FINANCING ACTIVITIES: | |||
Proceeds from borrowings under credit agreements | 200 | 13,100 | |
Repayments of borrowings under credit agreements | (28,600) | (18,000) | (51,100) |
Redemption of unsecured senior notes | (179,200) | ||
Other financing activities | (800) | (22,400) | (38,300) |
Net borrowings (repayments) on intercompany notes | 26,400 | 5,900 | (16,300) |
Other intercompany financing activities | 630,500 | (785,700) | (200,900) |
Net cash used in financing activities | (633,500) | (820,000) | (472,700) |
NET INCREASE (DECREASE) IN CASH AND CASH EQUIVALENTS | 44,700 | 16,000 | 58,600 |
CASH AND CASH EQUIVALENTS AT BEGINNING OF YEAR | 270,900 | 254,900 | 196,300 |
CASH AND CASH EQUIVALENTS AT END OF YEAR | 315,600 | 270,900 | 254,900 |
Non-Guarantor Subsidiaries | Reportable Legal Entities | |||
Condensed Consolidating Statements of Cash Flows | |||
CASH FLOWS FROM OPERATING ACTIVITIES | 221,600 | 339,100 | 7,600 |
CASH FLOWS FROM INVESTING ACTIVITIES: | |||
Proceeds from purchase price adjustment to business acquisition | 2,200 | ||
Cash acquired from consolidation of joint venture | 7,600 | ||
Proceeds from disposal of businesses, net of cash disposed | 37,800 | 19,500 | 2,200 |
Net investment in unconsolidated joint ventures | (89,000) | 30,000 | (21,600) |
Net proceeds from sale of investment securities | 9,100 | ||
Net purchases of investments | (16,300) | 900 | |
Payments for capital expenditures, net of disposals | (26,200) | (18,500) | (26,100) |
Net (investment in) receipts from intercompany notes | (29,700) | (5,600) | 12,200 |
Payment for business acquisitions, net of cash acquired | 103,100 | ||
Net cash used in investing activities | (98,000) | 18,900 | (135,500) |
CASH FLOWS FROM FINANCING ACTIVITIES: | |||
Proceeds from borrowings under credit agreements | 176,800 | 758,400 | 36,600 |
Repayments of borrowings under credit agreements | (221,900) | (202,200) | (64,200) |
Net distributions to noncontrolling interests | (70,000) | (89,800) | (59,000) |
Other financing activities | (15,700) | (9,700) | 35,600 |
Net borrowings (repayments) on intercompany notes | (74,900) | 35,000 | (98,100) |
Other intercompany financing activities | (127,600) | (764,600) | 295,100 |
Net cash used in financing activities | (78,100) | (272,900) | 146,000 |
EFFECT OF EXCHANGE RATE CHANGES ON CASH | (3,800) | (6,200) | 2,800 |
NET INCREASE (DECREASE) IN CASH AND CASH EQUIVALENTS | 41,700 | 78,900 | 20,900 |
CASH AND CASH EQUIVALENTS AT BEGINNING OF YEAR | 593,800 | 514,900 | 494,000 |
CASH AND CASH EQUIVALENTS AT END OF YEAR | 635,500 | 593,800 | 514,900 |
Total | |||
Condensed Consolidating Statements of Cash Flows | |||
CASH FLOWS FROM OPERATING ACTIVITIES | 777,600 | 774,500 | 696,700 |
CASH FLOWS FROM INVESTING ACTIVITIES: | |||
Proceeds from purchase price adjustment to business acquisition | 2,200 | ||
Cash acquired from consolidation of joint venture | 7,600 | ||
Proceeds from disposal of businesses, net of cash disposed | 46,500 | 19,500 | 2,200 |
Net investment in unconsolidated joint ventures | (119,000) | 14,800 | (24,300) |
Net proceeds from sale of investment securities | 9,100 | ||
Net purchases of investments | (16,300) | 900 | |
Payments for capital expenditures, net of disposals | (83,400) | (86,900) | (78,400) |
Payment for business acquisitions, net of cash acquired | 103,100 | ||
Net cash used in investing activities | (146,800) | (59,100) | (202,700) |
CASH FLOWS FROM FINANCING ACTIVITIES: | |||
Proceeds from borrowings under credit agreements | 7,700,800 | 8,529,000 | 5,953,200 |
Repayments of borrowings under credit agreements | (7,984,600) | (8,040,200) | (7,071,600) |
Issuance of unsecured senior notes | 1,000,000 | ||
Redemption of unsecured senior notes | (800,000) | (179,200) | |
Prepayment penalty on unsecured senior notes | (34,500) | ||
Cash paid for debt issuance costs | (12,200) | (13,000) | |
Proceeds from issuance of common stock | 30,400 | 35,200 | 30,100 |
Proceeds from exercise of stock options | 2,800 | 4,900 | |
Payments to repurchase common stock | (98,200) | (25,100) | |
Payments to repurchase common stock | (179,500) | ||
Net distributions to noncontrolling interests | (70,000) | (89,800) | (59,000) |
Other financing activities | (11,700) | (35,700) | (26,800) |
Net cash used in financing activities | (433,300) | (624,900) | (386,500) |
EFFECT OF EXCHANGE RATE CHANGES ON CASH | (3,800) | (6,200) | 2,800 |
NET INCREASE (DECREASE) IN CASH AND CASH EQUIVALENTS | 193,700 | 84,300 | 110,300 |
CASH AND CASH EQUIVALENTS AT BEGINNING OF YEAR | 886,700 | 802,400 | 692,100 |
CASH AND CASH EQUIVALENTS AT END OF YEAR | $ 1,080,400 | $ 886,700 | $ 802,400 |
Subsequent events (Details)
Subsequent events (Details) - Subsequent Event - Discontinued operations - Management Services $ in Millions | Oct. 12, 2019USD ($) |
Subsequent Events | |
Consideration received | $ 2,405 |
Contingent consideration, prior work claims | $ 150 |
Schedule II_ Valuation and Qu_2
Schedule II: Valuation and Qualifying Accounts (Details) - Allowance for Doubtful Accounts - USD ($) $ in Millions | 12 Months Ended | ||
Sep. 30, 2019 | Sep. 30, 2018 | Sep. 30, 2017 | |
Changes in valuation and qualifying accounts | |||
Balance at Beginning of Year | $ 51.6 | $ 52.2 | $ 60.4 |
Additions Charged to Cost of Revenue | 26.6 | 18.3 | 13.1 |
Deductions | (21.5) | (17.5) | (20.7) |
Other and Foreign Exchange Impact | (0.6) | (1.4) | (0.6) |
Balance at the End of the Year | $ 56.1 | $ 51.6 | $ 52.2 |