1-7567
|
94-1381538
|
|
(Commission File No.)
|
(IRS Employer Identification No.)
|
o
|
Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425)
|
o
|
Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12)
|
o
|
Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b))
|
o
|
Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c))
|
(c) | Exhibits | |||
99.1 |
URS CORPORATION
|
|||
Dated: November 8, 2011
|
By:
|
/s/ Reed N. Brimhall | |
Reed N. Brimhall
|
|||
Vice President, Controller and Chief Accounting Officer
|
|||
Exhibit No.
|
Description
|
|
Contacts:
|
||
URS Corporation
Sam Ramraj
Vice President,
Investor Relations
(415) 774-2700
|
Sard Verbinnen & Co
Hugh Burns/Jamie Tully/Briana Kelly
(212) 687-8080
|
|
September 30, 2011
|
December 31, 2010
|
||||||
ASSETS
|
|
|
||||||
Current assets:
|
|
|
||||||
Cash and cash equivalents
|
$ | 427.1 | $ | 573.8 | ||||
Accounts receivable, including retentions of $65.7 and $69.1, respectively
|
1,059.4 | 1,102.8 | ||||||
Costs and accrued earnings in excess of billings on contracts
|
1,390.6 | 1,157.1 | ||||||
Less receivable allowances
|
(47.8 | ) | (42.8 | ) | ||||
Net accounts receivable
|
2,402.2 | 2,217.1 | ||||||
Deferred tax assets
|
81.5 | 83.3 | ||||||
Other current assets
|
149.1 | 134.8 | ||||||
Total current assets
|
3,059.9 | 3,009.0 | ||||||
Investments in and advances to unconsolidated joint ventures
|
94.8 | 65.5 | ||||||
Property and equipment at cost, net
|
278.7 | 266.1 | ||||||
Intangible assets, net
|
537.7 | 514.1 | ||||||
Goodwill
|
2,793.3 | 3,393.2 | ||||||
Other assets
|
171.7 | 103.5 | ||||||
Total assets
|
$ | 6,936.1 | $ | 7,351.4 | ||||
LIABILITIES AND EQUITY
|
||||||||
Current liabilities:
|
||||||||
Current portion of long-term debt
|
$ | 70.9 | $ | 60.5 | ||||
Accounts payable and subcontractors payable, including retentions of $38.9 and $46.5, respectively
|
673.0 | 673.9 | ||||||
Accrued salaries and employee benefits
|
573.9 | 441.6 | ||||||
Billings in excess of costs and accrued earnings on contracts
|
335.5 | 275.8 | ||||||
Other current liabilities
|
180.6 | 213.3 | ||||||
Total current liabilities
|
1,833.9 | 1,665.1 | ||||||
Long-term debt
|
690.8 | 641.3 | ||||||
Deferred tax liabilities
|
261.8 | 326.9 | ||||||
Self-insurance reserves
|
102.6 | 105.9 | ||||||
Pension and post-retirement benefit obligations
|
205.5 | 230.8 | ||||||
Other long-term liabilities
|
220.8 | 180.4 | ||||||
Total liabilities
|
3,315.4 | 3,150.4 | ||||||
URS stockholders’ equity:
|
||||||||
Preferred stock, authorized 3.0 shares; no shares outstanding
|
— | — | ||||||
Common stock, par value $.01; authorized 200.0 shares; 87.7 and 86.9 shares issued, respectively; and 79.7 and 81.9 shares outstanding, respectively
|
0.9 | 0.9 | ||||||
Treasury stock, 8.0 and 5.0 shares at cost, respectively
|
(348.8 | ) | (212.1 | ) | ||||
Additional paid-in capital
|
2,951.5 | 2,924.3 | ||||||
Accumulated other comprehensive loss
|
(38.3 | ) | (36.9 | ) | ||||
Retained earnings
|
946.9 | 1,441.0 | ||||||
Total URS stockholders’ equity
|
3,512.2 | 4,117.2 | ||||||
Noncontrolling interests
|
108.5 | 83.8 | ||||||
Total stockholders’ equity
|
3,620.7 | 4,201.0 | ||||||
Total liabilities and stockholders’ equity
|
$ | 6,936.1 | $ | 7,351.4 |
Three Months Ended
|
Nine Months Ended
|
|||||||||||||||
September 30,
|
October 1,
|
September 30,
|
October 1,
|
|||||||||||||
2011
|
2010
|
2011
|
2010
|
|||||||||||||
|
|
|||||||||||||||
Revenues
|
$ | 2,471.7 | $ | 2,340.1 | $ | 7,151.8 | $ | 6,796.9 | ||||||||
Cost of revenues
|
(2,300.1 | ) | (2,136.5 | ) | (6,731.2 | ) | (6,345.0 | ) | ||||||||
General and administrative expenses
|
(18.5 | ) | (21.5 | ) | (59.9 | ) | (54.9 | ) | ||||||||
Acquisition-related expenses
|
— | (7.5 | ) | (1.0 | ) | (11.6 | ) | |||||||||
Goodwill impairment
|
(798.1 | ) | — | (798.1 | ) | — | ||||||||||
Equity in income (loss) of unconsolidated joint ventures
|
24.8 | (12.4 | ) | 100.8 | 36.5 | |||||||||||
Operating income (loss)
|
(620.2 | ) | 162.2 | (337.6 | ) | 421.9 | ||||||||||
Interest expense
|
(5.1 | ) | (9.5 | ) | (15.3 | ) | (23.9 | ) | ||||||||
Income (loss) before income taxes
|
(625.3 | ) | 152.7 | (352.9 | ) | 398.0 | ||||||||||
Income tax benefit (expense) (as revised) (1)
|
39.5 | (56.1 | ) | (45.1 | ) | (94.0 | ) | |||||||||
Net income (loss) including noncontrolling interests (as revised) (1)
|
(585.8 | ) | 96.6 | (398.0 | ) | 304.0 | ||||||||||
Noncontrolling interests in income of consolidated subsidiaries (as revised) (1)
|
(37.3 | ) | (26.2 | ) | (96.1 | ) | (76.1 | ) | ||||||||
Net income (loss) attributable to URS
|
$ | (623.1 | ) | $ | 70.4 | $ | (494.1 | ) | $ | 227.9 | ||||||
Earnings (loss) per share
|
||||||||||||||||
Basic
|
$ | (8.05 | ) | $ | 0.87 | $ | (6.36 | ) | $ | 2.81 | ||||||
Diluted
|
$ | (8.05 | ) | $ | 0.87 | $ | (6.36 | ) | $ | 2.79 | ||||||
Weighted-average shares outstanding
|
||||||||||||||||
Basic
|
77.4 | 81.1 | 77.7 | 81.2 | ||||||||||||
Diluted
|
77.4 | 81.3 | 77.7 | 81.6 |
(1)
|
We have corrected the calculation and previously reported presentation of income tax expense, net income including noncontrolling interests and noncontrolling interests in income of consolidated subsidiaries by revising prior year amounts, as discussed on page xiii.
|
Three Months Ended
|
Nine Months Ended
|
|||||||||||||||
September 30,
|
October 1,
|
September 30,
|
October 1,
|
|||||||||||||
2011
|
2010
|
2011
|
2010
|
|||||||||||||
Cash flows from operating activities:
|
|
|
||||||||||||||
Net income (loss) including noncontrolling interests (as revised) (1)
|
$ | (585.8 | ) | $ | 96.6 | $ | (398.0 | ) | $ | 304.0 | ||||||
Adjustments to reconcile net income (loss) to net cash from operating activities:
|
||||||||||||||||
Depreciation and amortization
|
20.5 | 19.4 | 61.3 | 59.0 | ||||||||||||
Amortization of intangible assets
|
16.3 | 11.7 | 44.4 | 34.0 | ||||||||||||
Amortization of debt issuance costs
|
1.5 | 2.2 | 4.7 | 7.1 | ||||||||||||
Normal profit
|
(5.4 | ) | (0.2 | ) | (1.9 | ) | (0.2 | ) | ||||||||
Goodwill impairment
|
798.1 | — | 798.1 | — | ||||||||||||
Provision for doubtful accounts
|
0.1 | — | 6.7 | 1.9 | ||||||||||||
Deferred income taxes
|
(89.3 | ) | (2.3 | ) | (64.5 | ) | 26.0 | |||||||||
Stock-based compensation
|
11.6 | 11.6 | 34.0 | 32.3 | ||||||||||||
Excess tax benefits from stock-based compensation
|
— | — | (0.8 | ) | (3.4 | ) | ||||||||||
Equity in loss (income) of unconsolidated joint ventures
|
(24.8 | ) | 12.4 | (100.8 | ) | (36.5 | ) | |||||||||
Dividends received from unconsolidated joint ventures
|
47.0 | 35.5 | 88.4 | 70.5 | ||||||||||||
Changes in operating assets, liabilities and other, net of effects of consolidation and/or deconsolidation of joint ventures and business acquisitions:
|
||||||||||||||||
Accounts receivable and costs and accrued earnings in excess of billings on contracts
|
(154.3 | ) | (101.0 | ) | (131.0 | ) | (91.8 | ) | ||||||||
Other current assets
|
(3.1 | ) | 24.2 | (16.3 | ) | 4.9 | ||||||||||
Advances to unconsolidated joint ventures
|
(1.4 | ) | (0.2 | ) | (5.2 | ) | (1.7 | ) | ||||||||
Accounts payable, accrued salaries and employee benefits, and other current liabilities (as revised) (1)
|
91.9 | 126.5 | 47.6 | (18.9 | ) | |||||||||||
Billings in excess of costs and accrued earnings on contracts
|
24.0 | (10.9 | ) | 43.2 | (42.2 | ) | ||||||||||
Other long-term liabilities
|
11.2 | 6.2 | 9.0 | 14.1 | ||||||||||||
Other assets
|
(58.5 | ) | 1.7 | (56.4 | ) | (5.6 | ) | |||||||||
Total adjustments and changes
|
685.4 | 136.8 | 760.5 | 49.5 | ||||||||||||
Net cash from operating activities
|
99.6 | 233.4 | 362.5 | 353.5 | ||||||||||||
Cash flows from investing activities:
|
||||||||||||||||
Payments for business acquisitions, net of cash acquired, and for exercised shares in connection with a prior business acquisition
|
— | (288.0 | ) | (278.8 | ) | (288.0 | ) | |||||||||
Changes in cash related to consolidation and/or deconsolidation of joint ventures
|
— | — | — | 20.7 | ||||||||||||
Proceeds from disposal of property and equipment
|
4.3 | 0.7 | 6.5 | 4.2 | ||||||||||||
Investments in unconsolidated joint ventures
|
(0.6 | ) | (1.5 | ) | (12.6 | ) | (6.0 | ) | ||||||||
Changes in restricted cash
|
7.0 | (16.2 | ) | 6.7 | (16.5 | ) | ||||||||||
Capital expenditures, less equipment purchased through capital leases and equipment notes
|
(30.4 | ) | (15.3 | ) | (61.7 | ) | (34.1 | ) | ||||||||
Maturity of short-term investment
|
— | — | — | 30.2 | ||||||||||||
Net cash from investing activities
|
(19.7 | ) | (320.3 | ) | (339.9 | ) | (289.5 | ) |
|
Three Months Ended
|
Nine Months Ended
|
||||||||||||||
|
September 30,
|
October 1,
|
September 30,
|
October 1,
|
||||||||||||
|
2011
|
2010
|
2011
|
2010
|
||||||||||||
|
|
|
|
|
||||||||||||
Cash flows from financing activities:
|
|
|
|
|
||||||||||||
Borrowing from revolving line of credit
|
— | — | 100.0 | — | ||||||||||||
Payments on revolving line of credit and long-term debt
|
(1.7 | ) | (77.3 | ) | (56.1 | ) | (82.4 | ) | ||||||||
Net borrowings under lines of credit and short-term notes
|
5.5 | 4.6 | 11.3 | 4.0 | ||||||||||||
Net change in overdrafts
|
(50.5 | ) | (1.1 | ) | (18.2 | ) | (4.5 | ) | ||||||||
Payments on capital lease obligations
|
(1.7 | ) | (1.8 | ) | (5.8 | ) | (5.1 | ) | ||||||||
Excess tax benefits from stock-based compensation
|
— | — | 0.8 | 3.4 | ||||||||||||
Proceeds from employee stock purchases and exercises of stock options
|
0.5 | 0.1 | 6.6 | 6.5 | ||||||||||||
Distributions to noncontrolling interests
|
(53.3 | ) | (33.8 | ) | (77.5 | ) | (71.7 | ) | ||||||||
Contributions and advances from noncontrolling interests
|
14.6 | 0.6 | 6.3 | 7.2 | ||||||||||||
Repurchases of common stock
|
— | (37.0 | ) | (136.7 | ) | (85.5 | ) | |||||||||
Net cash from financing activities
|
(86.6 | ) | (145.7 | ) | (169.3 | ) | (228.1 | ) | ||||||||
Net change in cash and cash equivalents
|
(6.7 | ) | (232.6 | ) | (146.7 | ) | (164.1 | ) | ||||||||
Cash and cash equivalents at beginning of period
|
433.8 | 789.1 | 573.8 | 720.6 | ||||||||||||
Cash and cash equivalents at end of period
|
$ | 427.1 | $ | 556.5 | $ | 427.1 | $ | 556.5 | ||||||||
|
||||||||||||||||
Supplemental information:
|
||||||||||||||||
Interest paid
|
$ | 2.6 | $ | 6.0 | $ | 10.4 | $ | 18.2 | ||||||||
Taxes paid
|
$ | 44.4 | $ | 18.8 | $ | 137.0 | $ | 25.4 | ||||||||
|
||||||||||||||||
Equipment acquired with capital lease obligations and equipment note obligations
|
$ | 3.0 | $ | 6.6 | $ | 8.1 | $ | 10.0 | ||||||||
Loan Notes issued and consideration for vested shares exercisable in connection with an acquisition
|
$ | — | $ | 34.3 | $ | — | $ | 34.3 |
(1)
|
We have corrected the previously reported presentation of net income (loss) including noncontrolling interests, and accounts payable, accrued salaries and employee benefits, and other current liabilities by revising prior year amounts, as discussed on page xiii.
|
|
Three Months Ended
|
|||||||||||||||
|
September 30, 2011
|
October 1, 2010
|
||||||||||||||
(In millions, except per share data)
|
Amount
|
Diluted EPS
|
Amount
|
Diluted EPS
|
||||||||||||
|
|
|
|
|
||||||||||||
Net income and diluted EPS before the impact of the goodwill impairment charge
|
$ | 76.2 | $ | .98 | $ | 70.4 | $ | .87 | ||||||||
Goodwill impairment charge, net of tax
|
(699.3 | ) | (9.03 | ) | — | — | ||||||||||
Net income (loss) and diluted EPS
|
$ | (623.1 | ) | $ | (8.05 | ) | $ | 70.4 | $ | .87 | ||||||
|
||||||||||||||||
|
Nine Months Ended
|
|||||||||||||||
|
September 30, 2011
|
October 1, 2010
|
||||||||||||||
(In millions, except per share data)
|
Amount
|
Diluted EPS
|
Amount
|
Diluted EPS
|
||||||||||||
|
||||||||||||||||
Net income and diluted EPS before the impact of the goodwill impairment charge and the reduction in income tax expense
|
$ | 205.2 | $ | 2.63 | $ | 185.8 | $ | 2.27 | ||||||||
Goodwill impairment charge, net of tax
|
(699.3 | ) | (8.99 | ) | — | — | ||||||||||
Reduction in income tax expense
|
— | — | 42.1 | .52 | ||||||||||||
Net income (loss) and diluted EPS
|
$ | (494.1 | ) | $ | (6.36 | ) | $ | 227.9 | $ | 2.79 |
|
Three Months Ended September 30, 2011
|
|||||||||||
(In millions)
|
Infrastructure & Environment
|
Federal Services
|
Energy & Construction
|
|||||||||
|
|
|
|
|||||||||
Operating income before the impact of the goodwill impairment charge
|
$ | 60.7 | $ | 60.3 | $ | 75.4 | ||||||
Goodwill impairment charge
|
— | (367.4 | ) | (430.7 | ) | |||||||
Operating income (loss)
|
$ | 60.7 | $ | (307.1 | ) | $ | (355.3 | ) |
|
Fiscal Year Ending December 30, 2011
|
|||||||
|
Diluted EPS Guidance Range
|
|||||||
|
|
|
||||||
Guidance for diluted EPS before the impact of the goodwill impairment charge
|
$ | 3.60 | $ | 3.70 | ||||
Goodwill impairment charge
|
(9.00 | ) | (9.00 | ) | ||||
Guidance for diluted EPS after goodwill impairment charge
|
$ | (5.40 | ) | $ | (5.30 | ) |
|
Three Months Ended
|
Nine Months Ended
|
||||||||||||||||||||||
|
October 1, 2010
|
October 1, 2010
|
||||||||||||||||||||||
|
As Reported
|
Adjustment
|
As Revised
|
As Reported
|
Adjustment
|
As Revised
|
||||||||||||||||||
(In millions, except for percentages)
|
|
|
|
|
|
|
||||||||||||||||||
Condensed Consolidated Statements of Operations Data:
|
|
|
|
|
|
|
||||||||||||||||||
Income before income taxes
|
$ | 152.7 | $ | — | $ | 152.7 | $ | 398.0 | $ | — | $ | 398.0 | ||||||||||||
Income tax expense
|
(64.9 | ) | 8.8 | (56.1 | ) | (117.3 | ) | 23.3 | (94.0 | ) | ||||||||||||||
Net income including noncontrolling interests
|
87.8 | 8.8 | 96.6 | 280.7 | 23.3 | 304.0 | ||||||||||||||||||
Noncontrolling interests in income of consolidated subsidiaries
|
(17.4 | ) | (8.8 | ) | (26.2 | ) | (52.8 | ) | (23.3 | ) | (76.1 | ) | ||||||||||||
Net income attributable to URS
|
$ | 70.4 | $ | — | $ | 70.4 | $ | 227.9 | $ | — | $ | 227.9 |
|
Three Months Ended
|
Nine Months Ended
|
||||||||||||||||||||||
|
October 1, 2010
|
October 1, 2010
|
||||||||||||||||||||||
|
As Reported
|
Adjustment
|
As Revised
|
As Reported
|
Adjustment
|
As Revised
|
||||||||||||||||||
(In millions)
|
|
|
|
|
|
|
||||||||||||||||||
Condensed Consolidated Statements of Cash Flows Data:
|
|
|
|
|
|
|
||||||||||||||||||
Cash flows from operating activities:
|
|
|
|
|
|
|
||||||||||||||||||
Net income including noncontrolling interests
|
$ | 87.8 | $ | 8.8 | $ | 96.6 | $ | 280.7 | $ | 23.3 | $ | 304.0 | ||||||||||||
Accounts payable, accrued salaries and employee benefits, and other current liabilities
|
$ | 135.3 | $ | (8.8 | ) | $ | 126.5 | $ | 4.4 | $ | (23.3 | ) | $ | (18.9 | ) |
|
Infrastructure
|
|
Energy
|
|
||||||||||||
|
&
|
Federal
|
&
|
|
||||||||||||
(In millions)
|
Environment
|
Services
|
Construction
|
Total
|
||||||||||||
As of September 30, 2011
|
|
|
|
|
||||||||||||
Backlog
|
$ | 3,266.7 | $ | 5,269.1 | $ | 7,475.0 | $ | 16,010.8 | ||||||||
Option years
|
329.8 | 2,806.6 | 2,026.2 | 5,162.6 | ||||||||||||
Indefinite delivery contracts
|
2,854.7 | 3,087.8 | 1,848.0 | 7,790.5 | ||||||||||||
Total book of business
|
$ | 6,451.2 | $ | 11,163.5 | $ | 11,349.2 | $ | 28,963.9 | ||||||||
|
||||||||||||||||
As of December 31, 2010
|
||||||||||||||||
Backlog
|
$ | 3,259.1 | $ | 6,002.2 | $ | 7,346.4 | $ | 16,607.7 | ||||||||
Option years
|
342.6 | 2,288.1 | 2,117.7 | 4,748.4 | ||||||||||||
Indefinite delivery contracts
|
3,436.3 | 3,208.9 | 1,071.2 | 7,716.4 | ||||||||||||
Total book of business
|
$ | 7,038.0 | $ | 11,499.2 | $ | 10,535.3 | $ | 29,072.5 |
|
September 30,
|
December 31,
|
||||||
(In millions)
|
2011
|
2010
|
||||||
Backlog by market sector:
|
|
|
||||||
Power
|
$ | 1,719.0 | $ | 1,407.7 | ||||
Infrastructure
|
3,008.3 | 2,564.5 | ||||||
Industrial and commercial
|
1,427.4 | 1,347.3 | ||||||
Federal
|
9,856.1 | 11,288.2 | ||||||
Total backlog
|
$ | 16,010.8 | $ | 16,607.7 |
Three Months Ended
|
Nine Months Ended
|
|||||||||||||||
(In millions)
|
September 30,
|
October 1,
|
September 30,
|
October 1,
|
||||||||||||
2011
|
2010
|
2011
|
2010
|
|||||||||||||
Revenues
|
|
|
|
|
||||||||||||
Infrastructure & Environment (1)
|
$ | 950.8 | $ | 818.2 | $ | 2,790.2 | $ | 2,344.4 | ||||||||
Federal Services (2)
|
718.7 | 645.2 | 1,968.5 | 1,934.8 | ||||||||||||
Energy & Construction
|
844.6 | 898.6 | 2,521.4 | 2,566.2 | ||||||||||||
Inter-segment, eliminations and other
|
(42.4 | ) | (21.9 | ) | (128.3 | ) | (48.5 | ) | ||||||||
Total revenues
|
$ | 2,471.7 | $ | 2,340.1 | $ | 7,151.8 | $ | 6,796.9 | ||||||||
Operating income (loss)
|
||||||||||||||||
Infrastructure & Environment (1)
|
$ | 60.7 | $ | 66.4 | $ | 170.6 | $ | 172.3 | ||||||||
Federal Services (2)
|
(307.1 | ) | 50.5 | (225.5 | ) | 123.8 | ||||||||||
Energy & Construction (3)
|
(355.3 | ) | 66.8 | (222.8 | ) | 180.7 | ||||||||||
General and administrative expenses
|
(18.5 | ) | (21.5 | ) | (59.9 | ) | (54.9 | ) | ||||||||
Total operating income (loss)
|
$ | (620.2 | ) | $ | 162.2 | $ | (337.6 | ) | $ | 421.9 |
(1)
|
The operating results of Scott Wilson were included in the three and nine months ended September 30, 2011, but were only partially included in the corresponding periods ended October 1, 2010, as we completed the acquisition in September 2010.
|
(2)
|
The operating results of Apptis were included in the three months and partially included in the nine months ended September 30, 2011, but not in the corresponding periods ended October 1, 2010, as we completed the acquisition in June 2011. During the quarter ended September 30, 2011, the Federal Services business recorded a goodwill impairment charge of $367.4 million.
|
(3)
|
During the quarter ended September 30, 2011, the Energy & Construction business recorded a goodwill impairment charge of $430.7 million.
|
Three months ended September 30, 2011 (In millions)
|
Power
|
Infrastructure
|
Federal
|
Industrial and Commercial
|
Total
|
|||||||||||||||
Infrastructure & Environment (1)
|
$ | 40.1 | $ | 376.1 | $ | 164.8 | $ | 341.1 | $ | 922.1 | ||||||||||
Federal Services (2)
|
— | — | 718.5 | — | 718.5 | |||||||||||||||
Energy & Construction
|
234.8 | 67.0 | 378.4 | 150.9 | 831.1 | |||||||||||||||
Total
|
$ | 274.9 | $ | 443.1 | $ | 1,261.7 | $ | 492.0 | $ | 2,471.7 | ||||||||||
Nine months ended September 30, 2011 (In millions)
|
Power
|
Infrastructure
|
Federal
|
Industrial and Commercial
|
Total
|
|||||||||||||||
Infrastructure & Environment (1)
|
$ | 141.3 | $ | 1,166.3 | $ | 475.1 | $ | 948.6 | $ | 2,731.3 | ||||||||||
Federal Services (2)
|
— | — | 1,967.8 | — | 1,967.8 | |||||||||||||||
Energy & Construction
|
690.2 | 255.5 | 1,043.2 | 463.8 | 2,452.7 | |||||||||||||||
Total
|
$ | 831.5 | $ | 1,421.8 | $ | 3,486.1 | $ | 1,412.4 | $ | 7,151.8 | ||||||||||
Three months ended October 1, 2010 (In millions)
|
Power
|
Infrastructure
|
Federal
|
Industrial and Commercial
|
Total
|
|||||||||||||||
Infrastructure & Environment (1)
|
$ | 40.0 | $ | 343.0 | $ | 177.3 | $ | 249.3 | $ | 809.6 | ||||||||||
Federal Services (2)
|
— | — | 644.9 | — | 644.9 | |||||||||||||||
Energy & Construction
|
234.7 | 133.4 | 356.6 | 160.9 | 885.6 | |||||||||||||||
Total
|
$ | 274.7 | $ | 476.4 | $ | 1,178.8 | $ | 410.2 | $ | 2,340.1 | ||||||||||
Nine months ended October 1, 2010 (In millions)
|
Power
|
Infrastructure
|
Federal
|
Industrial and Commercial
|
Total
|
|||||||||||||||
Infrastructure & Environment (1)
|
$ | 108.3 | $ | 1,033.9 | $ | 512.3 | $ | 664.5 | $ | 2,319.0 | ||||||||||
Federal Services (2)
|
— | — | 1,933.4 | — | 1,933.4 | |||||||||||||||
Energy & Construction
|
735.0 | 394.6 | 913.5 | 501.4 | 2,544.5 | |||||||||||||||
Total
|
$ | 843.3 | $ | 1,428.5 | $ | 3,359.2 | $ | 1,165.9 | $ | 6,796.9 |
(1)
|
The operating results of Scott Wilson were included in the three and nine months ended September 30, 2011, but were only partially included in the corresponding periods ended October 1, 2010 as we completed the acquisition in September 2010.
|
(2)
|
The operating results of Apptis were included in the three months and partially included in the nine months ended September 30, 2011, but not in the corresponding periods ended October 1, 2010 as we completed the acquisition in June 2011.
|