(State or other jurisdiction of incorporation or organization) | (I.R.S. Employer Identification Number) | |||||||||||||
(Address of principal executive offices) | (Zip Code) |
Title of Each Class | Trading Symbol(s) | Name of Each Exchange on Which Registered | |||||||||
$1 par value |
☒ | Accelerated filer | ☐ | ||||||||||||
Non-accelerated filer | ☐ | Smaller reporting company | ||||||||||||
Emerging growth company |
Page No. | |||||||||||
PART I | |||||||||||
Item 1. | |||||||||||
Item 2. | |||||||||||
Item 3. | |||||||||||
Item 4. | |||||||||||
PART II | |||||||||||
Item 1. | |||||||||||
Item 1A. | |||||||||||
Item 2. | |||||||||||
Item 3. | |||||||||||
Item 4. | |||||||||||
Item 5. | |||||||||||
Item 6. | |||||||||||
March 29, 2024 | September 29, 2023 | ||||||||||
(Unaudited) | |||||||||||
ASSETS | |||||||||||
Current Assets: | |||||||||||
Cash and cash equivalents | $ | $ | |||||||||
Receivables and contract assets | |||||||||||
Prepaid expenses and other | |||||||||||
Total current assets | |||||||||||
Property, Equipment and Improvements, net | |||||||||||
Other Noncurrent Assets: | |||||||||||
Goodwill | |||||||||||
Intangibles, net | |||||||||||
Deferred income tax assets | |||||||||||
Operating lease right-of-use assets | |||||||||||
Miscellaneous | |||||||||||
Total other noncurrent assets | |||||||||||
$ | $ | ||||||||||
LIABILITIES AND STOCKHOLDERS’ EQUITY | |||||||||||
Current Liabilities: | |||||||||||
Current maturities of long-term debt | $ | $ | |||||||||
Accounts payable | |||||||||||
Accrued liabilities | |||||||||||
Operating lease liability | |||||||||||
Contract liabilities | |||||||||||
Total current liabilities | |||||||||||
Long-term debt | |||||||||||
Liabilities relating to defined benefit pension and retirement plans | |||||||||||
Deferred income tax liabilities | |||||||||||
Long-term operating lease liability | |||||||||||
Other deferred liabilities | |||||||||||
Commitments and Contingencies | |||||||||||
Redeemable Noncontrolling interests | |||||||||||
Stockholders’ Equity: | |||||||||||
Capital stock: | |||||||||||
Preferred stock, $ | |||||||||||
Common stock, $ | |||||||||||
Additional paid-in capital | |||||||||||
Retained earnings | |||||||||||
Accumulated other comprehensive loss | ( | ( | |||||||||
Total Jacobs stockholders’ equity | |||||||||||
Noncontrolling interests | |||||||||||
Total Group stockholders’ equity | |||||||||||
$ | $ |
For the Three Months Ended | For the Six Months Ended | ||||||||||||||||||||||
March 29, 2024 | March 31, 2023 | March 29, 2024 | March 31, 2023 | ||||||||||||||||||||
Revenues | $ | $ | $ | $ | |||||||||||||||||||
Direct cost of contracts | ( | ( | ( | ( | |||||||||||||||||||
Gross profit | |||||||||||||||||||||||
Selling, general and administrative expenses | ( | ( | ( | ( | |||||||||||||||||||
Operating Profit | |||||||||||||||||||||||
Other Income (Expense): | |||||||||||||||||||||||
Interest income | |||||||||||||||||||||||
Interest expense | ( | ( | ( | ( | |||||||||||||||||||
Miscellaneous expense, net | ( | ( | ( | ( | |||||||||||||||||||
Total other expense, net | ( | ( | ( | ( | |||||||||||||||||||
Earnings from Continuing Operations Before Taxes | |||||||||||||||||||||||
Income Tax expense from Continuing Operations | ( | ( | ( | ( | |||||||||||||||||||
Net Earnings of the Group from Continuing Operations | |||||||||||||||||||||||
Net Loss of the Group from Discontinued Operations | ( | ( | ( | ( | |||||||||||||||||||
Net Earnings of the Group | |||||||||||||||||||||||
Net Earnings Attributable to Noncontrolling Interests from Continuing Operations | ( | ( | ( | ( | |||||||||||||||||||
Net Earnings Attributable to Redeemable Noncontrolling interests | ( | ( | ( | ( | |||||||||||||||||||
Net Earnings Attributable to Jacobs from Continuing Operations | |||||||||||||||||||||||
Net Earnings Attributable to Jacobs | $ | $ | $ | $ | |||||||||||||||||||
Net Earnings Per Share: | |||||||||||||||||||||||
Basic Net Earnings from Continuing Operations Per Share | $ | $ | $ | $ | |||||||||||||||||||
Basic Net Loss from Discontinued Operations Per Share | $ | ( | $ | $ | ( | $ | ( | ||||||||||||||||
Basic Earnings Per Share | $ | $ | $ | $ | |||||||||||||||||||
Diluted Net Earnings from Continuing Operations Per Share | $ | $ | $ | $ | |||||||||||||||||||
Diluted Net Loss from Discontinued Operations Per Share | $ | ( | $ | $ | ( | $ | ( | ||||||||||||||||
Diluted Earnings Per Share | $ | $ | $ | $ |
For the Three Months Ended | For the Six Months Ended | ||||||||||||||||||||||
March 29, 2024 | March 31, 2023 | March 29, 2024 | March 31, 2023 | ||||||||||||||||||||
Net Earnings of the Group | $ | $ | $ | $ | |||||||||||||||||||
Other Comprehensive Income: | |||||||||||||||||||||||
Foreign currency translation adjustment | ( | ||||||||||||||||||||||
Change in cash flow hedges | ( | ( | ( | ||||||||||||||||||||
Change in pension plan liabilities | ( | ( | |||||||||||||||||||||
Other comprehensive (loss) income before taxes | ( | ||||||||||||||||||||||
Income Tax (Expense) Benefit: | |||||||||||||||||||||||
Foreign currency translation adjustment | ( | ||||||||||||||||||||||
Cash flow hedges | ( | ||||||||||||||||||||||
Change in pension plan liabilities | ( | ( | ( | ( | |||||||||||||||||||
Income Tax (Expense) Benefit: | ( | ||||||||||||||||||||||
Net other comprehensive (loss) income | ( | ||||||||||||||||||||||
Net Comprehensive Income of the Group | |||||||||||||||||||||||
Net Earnings Attributable to Noncontrolling Interests | ( | ( | ( | ( | |||||||||||||||||||
Net Earnings Attributable to Redeemable Noncontrolling interests | ( | ( | ( | ( | |||||||||||||||||||
Net Comprehensive Income Attributable to Jacobs | $ | $ | $ | $ |
Common Stock | Additional Paid-in Capital | Retained Earnings | Accumulated Other Comprehensive Income (Loss) | Total Jacobs Stockholders’ Equity | Noncontrolling Interests | Total Group Stockholders’ Equity | |||||||||||||||||||||||||||||||||||
Balances at December 30, 2022 | $ | $ | $ | $ | ( | $ | $ | $ | |||||||||||||||||||||||||||||||||
Net earnings | — | — | — | ||||||||||||||||||||||||||||||||||||||
Foreign currency translation adjustments, net of deferred taxes of $( | — | — | — | — | |||||||||||||||||||||||||||||||||||||
Pension plan liability, net of deferred taxes of $ | — | — | — | ( | ( | — | ( | ||||||||||||||||||||||||||||||||||
Change in cash flow hedges, net of deferred taxes of $( | — | — | — | ( | ( | — | ( | ||||||||||||||||||||||||||||||||||
Dividends | — | — | ( | — | ( | — | ( | ||||||||||||||||||||||||||||||||||
Redeemable Noncontrolling interests redemption value adjustment | — | — | ( | — | ( | — | ( | ||||||||||||||||||||||||||||||||||
Noncontrolling interests - distributions and other | — | — | — | — | — | ( | ( | ||||||||||||||||||||||||||||||||||
Stock based compensation | — | — | — | — | |||||||||||||||||||||||||||||||||||||
Issuances of equity securities including shares withheld for taxes | ( | — | — | ||||||||||||||||||||||||||||||||||||||
Balances at March 31, 2023 | $ | $ | $ | $ | ( | $ | $ | $ | |||||||||||||||||||||||||||||||||
Balances at December 29, 2023 | $ | $ | $ | $ | ( | $ | $ | $ | |||||||||||||||||||||||||||||||||
Net earnings | — | — | — | ||||||||||||||||||||||||||||||||||||||
Foreign currency translation adjustments | — | — | — | ( | ( | — | ( | ||||||||||||||||||||||||||||||||||
Pension plan liability, net of deferred taxes of $ | — | — | — | — | |||||||||||||||||||||||||||||||||||||
Change in cash flow hedges, net of deferred taxes of $ | — | — | — | — | |||||||||||||||||||||||||||||||||||||
Dividends | — | — | ( | — | ( | — | ( | ||||||||||||||||||||||||||||||||||
Redeemable Noncontrolling interests redemption value adjustment | — | — | ( | — | ( | — | ( | ||||||||||||||||||||||||||||||||||
Noncontrolling interests - distributions and other | — | — | — | — | — | ( | ( | ||||||||||||||||||||||||||||||||||
Stock based compensation | — | — | — | — | |||||||||||||||||||||||||||||||||||||
Issuances of equity securities including shares withheld for taxes | ( | — | — | ||||||||||||||||||||||||||||||||||||||
Repurchases of equity securities | ( | ( | ( | — | ( | — | ( | ||||||||||||||||||||||||||||||||||
Balances at March 29, 2024 | $ | $ | $ | $ | ( | $ | $ | $ |
Common Stock | Additional Paid-in Capital | Retained Earnings | Accumulated Other Comprehensive Income (Loss) | Total Jacobs Stockholders’ Equity | Noncontrolling Interests | Total Group Stockholders’ Equity | |||||||||||||||||||||||||||||||||||
Balances at September 30, 2022 | $ | $ | $ | $ | ( | $ | $ | $ | |||||||||||||||||||||||||||||||||
Net earnings | — | — | — | ||||||||||||||||||||||||||||||||||||||
Foreign currency translation adjustments, net of deferred taxes of $ | — | — | — | — | |||||||||||||||||||||||||||||||||||||
Pension liability, net of deferred taxes of $ | — | — | — | ( | ( | — | ( | ||||||||||||||||||||||||||||||||||
Change in cash flow hedges, net of deferred taxes of $( | — | — | — | ( | ( | — | ( | ||||||||||||||||||||||||||||||||||
Dividends | — | — | ( | — | ( | — | ( | ||||||||||||||||||||||||||||||||||
Redeemable Noncontrolling interests redemption value adjustment | — | — | ( | — | ( | — | ( | ||||||||||||||||||||||||||||||||||
Repurchase of redeemable noncontrolling interests | — | — | — | — | |||||||||||||||||||||||||||||||||||||
Noncontrolling interests - distributions and other | — | — | — | — | — | ( | ( | ||||||||||||||||||||||||||||||||||
Stock based compensation | — | — | — | — | |||||||||||||||||||||||||||||||||||||
Issuances of equity securities including shares withheld for taxes | ( | — | — | ||||||||||||||||||||||||||||||||||||||
Repurchases of equity securities | ( | ( | ( | — | ( | — | ( | ||||||||||||||||||||||||||||||||||
Balances at March 31, 2023 | $ | $ | $ | $ | ( | $ | $ | $ | |||||||||||||||||||||||||||||||||
Balances at September 29, 2023 | $ | $ | $ | $ | ( | $ | $ | $ | |||||||||||||||||||||||||||||||||
Net earnings | — | — | — | ||||||||||||||||||||||||||||||||||||||
Foreign currency translation adjustments | — | — | — | — | |||||||||||||||||||||||||||||||||||||
Pension liability, net of deferred taxes of $ | — | — | — | ( | ( | — | ( | ||||||||||||||||||||||||||||||||||
Change in cash flow hedges, net of deferred taxes of $( | — | — | — | ( | ( | — | ( | ||||||||||||||||||||||||||||||||||
Dividends | — | — | ( | — | ( | — | ( | ||||||||||||||||||||||||||||||||||
Redeemable Noncontrolling interests redemption value adjustment | — | — | ( | — | ( | — | ( | ||||||||||||||||||||||||||||||||||
Repurchase and issuance of redeemable noncontrolling interests | — | — | — | — | |||||||||||||||||||||||||||||||||||||
Noncontrolling interests - distributions and other | — | — | — | — | — | ( | ( | ||||||||||||||||||||||||||||||||||
Stock based compensation | — | — | — | — | |||||||||||||||||||||||||||||||||||||
Issuances of equity securities including shares withheld for taxes | ( | ( | — | ( | — | ( | |||||||||||||||||||||||||||||||||||
Repurchases of equity securities | ( | ( | ( | — | ( | — | ( | ||||||||||||||||||||||||||||||||||
Balances at March 29, 2024 | $ | $ | $ | $ | ( | $ | $ | $ |
For the Six Months Ended | |||||||||||
March 29, 2024 | March 31, 2023 | ||||||||||
Cash Flows from Operating Activities: | |||||||||||
Net earnings attributable to the Group | $ | $ | |||||||||
Adjustments to reconcile net earnings to net cash flows provided by operations: | |||||||||||
Depreciation and amortization: | |||||||||||
Property, equipment and improvements | |||||||||||
Intangible assets | |||||||||||
Stock based compensation | |||||||||||
Equity in earnings of operating ventures, net of return on capital distributions | ( | ( | |||||||||
Loss on disposals of assets, net | |||||||||||
Impairment of long-lived assets | |||||||||||
Deferred income taxes | ( | ||||||||||
Changes in assets and liabilities, excluding the effects of businesses acquired: | |||||||||||
Receivables and contract assets, net of contract liabilities | ( | ||||||||||
Prepaid expenses and other current assets | ( | ||||||||||
Miscellaneous other assets | |||||||||||
Accounts payable | ( | ||||||||||
Accrued liabilities | ( | ( | |||||||||
Other deferred liabilities | ( | ||||||||||
Other, net | |||||||||||
Net cash provided by operating activities | |||||||||||
Cash Flows from Investing Activities: | |||||||||||
Additions to property and equipment | ( | ( | |||||||||
Disposals of property and equipment and other assets | |||||||||||
Capital contributions to equity investees, net of return of capital distributions | |||||||||||
Acquisitions of businesses, net of cash acquired | ( | ( | |||||||||
Net cash used for investing activities | ( | ( | |||||||||
Cash Flows from Financing Activities: | |||||||||||
Proceeds from long-term borrowings | |||||||||||
Repayments of long-term borrowings | ( | ( | |||||||||
Repayments of short-term borrowings | ( | ||||||||||
Debt issuance costs | ( | ( | |||||||||
Proceeds from issuances of common stock | |||||||||||
Common stock repurchases | ( | ( | |||||||||
Taxes paid on vested restricted stock | ( | ( | |||||||||
Cash dividends to shareholders | ( | ( | |||||||||
Net dividends associated with noncontrolling interests | ( | ( | |||||||||
Repurchase of redeemable noncontrolling interests | ( | ( | |||||||||
Net cash used for financing activities | ( | ( | |||||||||
Effect of Exchange Rate Changes | |||||||||||
Net Increase in Cash and Cash Equivalents and Restricted Cash | |||||||||||
Cash and Cash Equivalents, including Restricted Cash, at the Beginning of the Period | |||||||||||
Cash and Cash Equivalents, including Restricted Cash, at the End of the Period | $ | $ | |||||||||
Three Months Ended | Six Months Ended | ||||||||||||||||||||||
March 29, 2024 | March 31, 2023 | March 29, 2024 | March 31, 2023 | ||||||||||||||||||||
Revenues: | |||||||||||||||||||||||
United States | $ | $ | $ | $ | |||||||||||||||||||
Europe | |||||||||||||||||||||||
Canada | |||||||||||||||||||||||
Asia | |||||||||||||||||||||||
India | |||||||||||||||||||||||
Australia and New Zealand | |||||||||||||||||||||||
Middle East and Africa | |||||||||||||||||||||||
Total | $ | $ | $ | $ |
Three Months Ended | Six Months Ended | ||||||||||||||||||||||
March 29, 2024 | March 31, 2023 | March 29, 2024 | March 31, 2023 | ||||||||||||||||||||
Numerator for Basic and Diluted EPS: | |||||||||||||||||||||||
Net earnings attributable to Jacobs from continuing operations | $ | $ | $ | $ | |||||||||||||||||||
Preferred Redeemable Noncontrolling interests redemption value adjustment (See Note 15- PA Consulting Redeemable Noncontrolling Interests) | |||||||||||||||||||||||
Net earnings from continuing operations allocated to common stock for EPS calculation | $ | $ | $ | $ | |||||||||||||||||||
Net loss from discontinued operations allocated to common stock for EPS calculation | $ | ( | $ | ( | $ | ( | $ | ( | |||||||||||||||
Net earnings allocated to common stock for EPS calculation | $ | $ | $ | $ | |||||||||||||||||||
Denominator for Basic and Diluted EPS: | |||||||||||||||||||||||
Shares used for calculating basic EPS attributable to common stock | |||||||||||||||||||||||
Effect of dilutive securities: | |||||||||||||||||||||||
Stock compensation plans | |||||||||||||||||||||||
Shares used for calculating diluted EPS attributable to common stock | |||||||||||||||||||||||
Net Earnings Per Share: | |||||||||||||||||||||||
Basic Net Earnings from Continuing Operations Per Share | $ | $ | $ | $ | |||||||||||||||||||
Basic Net Loss from Discontinued Operations Per Share | $ | ( | $ | $ | ( | $ | ( | ||||||||||||||||
Basic Earnings Per Share | $ | $ | $ | $ | |||||||||||||||||||
Diluted Net Earnings from Continuing Operations Per Share | $ | $ | $ | $ | |||||||||||||||||||
Diluted Net Loss from Discontinued Operations Per Share | $ | ( | $ | $ | ( | $ | ( | ||||||||||||||||
Diluted Earnings Per Share | $ | $ | $ | $ |
On January 16, 2020, the Company's Board of Directors authorized a share repurchase program of up to $ |
Amount Authorized (2023 Repurchase Authorization) | Average Price Per Share (1) | Total Shares Retired | Shares Repurchased | |||||||||||||||||
$ | $ |
Our share repurchase program does not obligate the Company to purchase any shares. Share repurchases may be executed through various means including, without limitation, accelerated share repurchases, open market transactions, privately negotiated transactions, purchases pursuant to Rule 10b5-1 plans or otherwise. The authorization for the share repurchase programs may be terminated, increased or decreased by the Company’s Board of Directors in its discretion at any time. The timing, amount and manner of share repurchases may depend upon market conditions and economic circumstances, availability of investment opportunities, the availability and costs of financing, currency fluctuations, the market price of the Company's common stock, other uses of capital and other factors. |
Declaration Date | Record Date | Payment Date | Cash Amount (per share) | |||||||||||||||||
January 25, 2024 | February 23, 2024 | March 22, 2024 | $ | |||||||||||||||||
September 28, 2023 | October 27, 2023 | November 9, 2023 | $ | |||||||||||||||||
July 6, 2023 | July 28, 2023 | August 25, 2023 | $ | |||||||||||||||||
April 27, 2023 | May 26, 2023 | June 23, 2023 | $ | |||||||||||||||||
January 25, 2023 | February 24, 2023 | March 24, 2023 | $ | |||||||||||||||||
September 15, 2022 | September 30, 2022 | October 28, 2022 | $ | |||||||||||||||||
Critical Mission Solutions | People & Places Solutions | Divergent Solutions | PA Consulting | Total | |||||||||||||||||||||||||
Balance September 29, 2023 | $ | $ | $ | $ | $ | ||||||||||||||||||||||||
Foreign currency translation and other | |||||||||||||||||||||||||||||
Balance March 29, 2024 | $ | $ | $ | $ | $ |
Customer Relationships, Contracts and Backlog | Developed Technology | Trade Names | Total | ||||||||||||||||||||
Balance September 29, 2023 | $ | $ | $ | $ | |||||||||||||||||||
Amortization | ( | ( | ( | ( | |||||||||||||||||||
Acquired | |||||||||||||||||||||||
Foreign currency translation and other | |||||||||||||||||||||||
Balance March 29, 2024 | $ | $ | $ | $ |
Fiscal Year | (in millions) | |||||||
2024 | $ | |||||||
2025 | ||||||||
2026 | ||||||||
2027 | ||||||||
2028 | ||||||||
Thereafter | ||||||||
Total | $ |
March 29, 2024 | September 29, 2023 | ||||||||||
Components of receivables and contract assets: | |||||||||||
Amounts billed, net | $ | $ | |||||||||
Unbilled receivables and other | |||||||||||
Contract assets | |||||||||||
Total receivables and contract assets, net | $ | $ | |||||||||
Other information about receivables: | |||||||||||
Amounts due from the United States federal government, included above, net of contract liabilities | $ | $ |
Change in Net Pension Obligation | Foreign Currency Translation Adjustment (1) | Gain/(Loss) on Cash Flow Hedges (2) | Total | ||||||||||||||||||||
Balance at September 29, 2023 | $ | ( | $ | ( | $ | $ | ( | ||||||||||||||||
Other comprehensive (loss) income | ( | ||||||||||||||||||||||
Reclassifications from accumulated other comprehensive income (loss) | ( | ( | |||||||||||||||||||||
Balance at March 29, 2024 | $ | ( | $ | ( | $ | $ | ( |
The Company’s effective tax rates from continuing operations for the three months ended March 29, 2024 and March 31, 2023 were | ||
The Company's effective tax rates from continuing operations for the six months ended March 29, 2024 and March 31, 2023 were | ||
The amount of income taxes the Company pays is subject to ongoing audits by tax jurisdictions around the world. In the normal course of business, the Company is subject to examination by tax authorities throughout the world, including such major jurisdictions as Australia, Canada, India, the Netherlands, the United Kingdom and the United States. Our estimate of the potential outcome of any uncertain tax issue is subject to our assessment of the relevant risks, facts, and circumstances existing at the time. The Company believes that it has adequately provided for reasonably foreseeable outcomes related to these matters. However, future results may include favorable or unfavorable adjustments to our estimated tax liabilities in the period the assessments are made or resolved, which may impact our effective tax rate. |
Interest Rate | Maturity | March 29, 2024 | September 29, 2023 | ||||||||||||||||||||
Revolving Credit Facility | Benchmark + applicable margin (1) (2) | February 2028 | $ | $ | |||||||||||||||||||
2021 Term Loan Facility - USD Portion | Benchmark + applicable margin (1) (3) | February 2026 | |||||||||||||||||||||
2021 Term Loan Facility - GBP Portion | Benchmark + applicable margin (1) (3) | September 2025 | |||||||||||||||||||||
2020 Term Loan Facility | Benchmark + applicable margin (1) (4) | March 2025 (6) | |||||||||||||||||||||
Fixed-rate: | |||||||||||||||||||||||
March 2033 | |||||||||||||||||||||||
August 2028 | |||||||||||||||||||||||
Less: Current Portion (6) | ( | ( | |||||||||||||||||||||
Less: Deferred Financing Fees | ( | ( | |||||||||||||||||||||
Total Long-term debt, net | $ | $ |
Three Months Ended | Six Months Ended | |||||||||||||||||||||||||
March 29, 2024 | March 31, 2023 | March 29, 2024 | March 31, 2023 | |||||||||||||||||||||||
Lease expense | ||||||||||||||||||||||||||
Operating lease expense | $ | $ | $ | $ | ||||||||||||||||||||||
Variable lease expense | ||||||||||||||||||||||||||
Sublease income | ( | ( | ( | ( | ||||||||||||||||||||||
Total lease expense | $ | $ | $ | $ |
Six Months Ended | ||||||||||||||
March 29, 2024 | March 31, 2023 | |||||||||||||
Cash paid for amounts included in the measurements of lease liabilities | $ | $ | ||||||||||||
Right-of-use assets obtained in exchange for new operating lease liabilities | $ | $ | ||||||||||||
Weighted average remaining lease term - operating leases | ||||||||||||||
Weighted average discount rate - operating leases | ||||||||||||||
Fiscal Year | Operating Leases | |||||||
2024 | $ | |||||||
2025 | ||||||||
2026 | ||||||||
2027 | ||||||||
2028 | ||||||||
Thereafter | ||||||||
Less Interest | ( | |||||||
$ |
Three Months Ended | Six Months Ended | ||||||||||||||||||||||
March 29, 2024 | March 31, 2023 | March 29, 2024 | March 31, 2023 | ||||||||||||||||||||
Component: | |||||||||||||||||||||||
Service cost | $ | $ | $ | $ | |||||||||||||||||||
Interest cost | |||||||||||||||||||||||
Expected return on plan assets | ( | ( | ( | ( | |||||||||||||||||||
Amortization of previously unrecognized items | |||||||||||||||||||||||
Total net periodic pension benefit expense recognized | $ | $ | $ | $ |
Cash contributions made during the first six months of fiscal 2024 | $ | ||||
Cash contributions projected for the remainder of fiscal 2024 | |||||
Total | $ |
Balance at September 29, 2023 | $ | ||||
Accrued Preferred Dividend to Preference Shareholders | |||||
Attribution of Preferred Dividend to Common Shareholders | ( | ||||
Net earnings attributable to redeemable noncontrolling interests to Common Shareholders | |||||
Redeemable Noncontrolling interests redemption value adjustment | |||||
Repurchase of redeemable noncontrolling interests | ( | ||||
Cumulative translation adjustment and other | |||||
Balance at March 29, 2024 | $ |
Three Months Ended | Six Months Ended | ||||||||||||||||||||||
March 29, 2024 | March 31, 2023 | March 29, 2024 | March 31, 2023 | ||||||||||||||||||||
Critical Mission Solutions | $ | $ | $ | $ | |||||||||||||||||||
People & Places Solutions | |||||||||||||||||||||||
Divergent Solutions | |||||||||||||||||||||||
PA Consulting | |||||||||||||||||||||||
Corporate | |||||||||||||||||||||||
Total | $ | $ | $ | $ | |||||||||||||||||||
Amounts included in: | |||||||||||||||||||||||
Operating profit (mainly SG&A) (1) | $ | $ | $ | $ | |||||||||||||||||||
Other Income, net | ( | ( | |||||||||||||||||||||
$ | $ | $ | $ |
Balance at September 29, 2023 | $ | ||||
Net Charges (Credits) (1) | |||||
Payments and other | ( | ||||
Balance at March 29, 2024 | $ |
Three Months Ended | Six Months Ended | ||||||||||||||||||||||
March 29, 2024 | March 31, 2023 | March 29, 2024 | March 31, 2023 | ||||||||||||||||||||
Lease Abandonments and Impairments | $ | $ | $ | $ | |||||||||||||||||||
Terminations | |||||||||||||||||||||||
Outside Services (1) | |||||||||||||||||||||||
Other (2) | ( | ||||||||||||||||||||||
Total | $ | $ | $ | $ |
Lease Abandonments and Impairments | $ | ||||
Terminations | |||||
Outside Services | |||||
Other | |||||
Total | $ |
For the Three Months Ended | For the Six Months Ended | ||||||||||||||||||||||
March 29, 2024 | March 31, 2023 | March 29, 2024 | March 31, 2023 | ||||||||||||||||||||
Revenues from External Customers: | |||||||||||||||||||||||
Critical Mission Solutions | $ | $ | $ | $ | |||||||||||||||||||
People & Places Solutions | |||||||||||||||||||||||
Divergent Solutions | |||||||||||||||||||||||
PA Consulting | |||||||||||||||||||||||
Total | $ | $ | $ | $ |
For the Three Months Ended | For the Six Months Ended | ||||||||||||||||||||||
March 29, 2024 | March 31, 2023 | March 29, 2024 | March 31, 2023 | ||||||||||||||||||||
Segment Operating Profit: | |||||||||||||||||||||||
Critical Mission Solutions | $ | $ | $ | $ | |||||||||||||||||||
People & Places Solutions | |||||||||||||||||||||||
Divergent Solutions (1) | |||||||||||||||||||||||
PA Consulting | |||||||||||||||||||||||
Total Segment Operating Profit | |||||||||||||||||||||||
Other Corporate Expenses (2) | ( | ( | ( | ( | |||||||||||||||||||
Restructuring, Transaction and Other Charges (3) | ( | ( | ( | ( | |||||||||||||||||||
Total U.S. GAAP Operating Profit | |||||||||||||||||||||||
Total Other Expense, net | ( | ( | ( | ( | |||||||||||||||||||
Earnings from Continuing Operations Before Taxes | $ | $ | $ | $ |
(1) | For the six months ended March 29, 2024, operating profit included an approximate $ | ||||
(2) | Other corporate expenses included intangibles amortization of $ | ||||
(3) | The three months and six months ended March 29, 2024 included $ | ||||
For the Three Months Ended | For the Six Months Ended | ||||||||||||||||||||||
March 29, 2024 | March 31, 2023 | March 29, 2024 | March 31, 2023 | ||||||||||||||||||||
Revenues | $ | 4,269,093 | $ | 4,078,332 | $ | 8,428,318 | $ | 7,877,001 | |||||||||||||||
Direct cost of contracts | (3,364,478) | (3,188,038) | (6,673,165) | (6,171,994) | |||||||||||||||||||
Gross profit | 904,615 | 890,294 | 1,755,153 | 1,705,007 | |||||||||||||||||||
Selling, general and administrative expenses | (623,627) | (600,431) | (1,270,101) | (1,177,339) | |||||||||||||||||||
Operating Profit | 280,988 | 289,863 | 485,052 | 527,668 | |||||||||||||||||||
Other Income (Expense): | |||||||||||||||||||||||
Interest income | 9,405 | 7,630 | 17,639 | 10,637 | |||||||||||||||||||
Interest expense | (44,232) | (40,613) | (87,584) | (80,690) | |||||||||||||||||||
Miscellaneous expense, net | (4,576) | (4,567) | (7,771) | (7,820) | |||||||||||||||||||
Total other expense, net | (39,403) | (37,550) | (77,716) | (77,873) | |||||||||||||||||||
Earnings from Continuing Operations Before Taxes | 241,585 | 252,313 | 407,336 | 449,795 | |||||||||||||||||||
Income Tax expense from Continuing Operations | (67,283) | (19,060) | (51,005) | (69,163) | |||||||||||||||||||
Net Earnings of the Group from Continuing Operations | 174,302 | 233,253 | 356,331 | 380,632 | |||||||||||||||||||
Net Loss of the Group from Discontinued Operations | (768) | (75) | (1,342) | (783) | |||||||||||||||||||
Net Earnings of the Group | 173,534 | 233,178 | 354,989 | 379,849 | |||||||||||||||||||
Net Earnings Attributable to Noncontrolling Interests from Continuing Operations | (7,340) | (7,803) | (14,567) | (14,834) | |||||||||||||||||||
Net Earnings Attributable to Redeemable Noncontrolling interests | (4,082) | (8,863) | (6,700) | (12,855) | |||||||||||||||||||
Net Earnings Attributable to Jacobs from Continuing Operations | 162,880 | 216,587 | 335,064 | 352,943 | |||||||||||||||||||
Net Earnings Attributable to Jacobs | $ | 162,112 | $ | 216,512 | $ | 333,722 | $ | 352,160 | |||||||||||||||
Net Earnings Per Share: | |||||||||||||||||||||||
Basic Net Earnings from Continuing Operations Per Share | $ | 1.30 | $ | 1.71 | $ | 2.68 | $ | 2.78 | |||||||||||||||
Basic Net Loss from Discontinued Operations Per Share | $ | (0.01) | $ | — | $ | (0.01) | $ | (0.01) | |||||||||||||||
Basic Earnings Per Share | $ | 1.29 | $ | 1.71 | $ | 2.66 | $ | 2.78 | |||||||||||||||
Diluted Net Earnings from Continuing Operations Per Share | $ | 1.29 | $ | 1.70 | $ | 2.66 | $ | 2.77 | |||||||||||||||
Diluted Net Loss from Discontinued Operations Per Share | $ | (0.01) | $ | — | $ | (0.01) | $ | (0.01) | |||||||||||||||
Diluted Earnings Per Share | $ | 1.28 | $ | 1.70 | $ | 2.65 | $ | 2.76 |
Three Months Ended | Six Months Ended | ||||||||||||||||||||||
March 29, 2024 | March 31, 2023 | March 29, 2024 | March 31, 2023 | ||||||||||||||||||||
Revenues from External Customers: | |||||||||||||||||||||||
Critical Mission Solutions | $ | 1,229,226 | $ | 1,191,056 | $ | 2,357,829 | $ | 2,266,231 | |||||||||||||||
People & Places Solutions | 2,521,860 | 2,345,065 | 4,992,301 | 4,572,050 | |||||||||||||||||||
Divergent Solutions | 224,040 | 241,224 | 478,220 | 455,690 | |||||||||||||||||||
PA Consulting | 293,967 | 300,987 | 599,968 | 583,030 | |||||||||||||||||||
Total | $ | 4,269,093 | $ | 4,078,332 | $ | 8,428,318 | $ | 7,877,001 |
Three Months Ended | Six Months Ended | ||||||||||||||||||||||
March 29, 2024 | March 31, 2023 | March 29, 2024 | March 31, 2023 | ||||||||||||||||||||
Segment Operating Profit: | |||||||||||||||||||||||
Critical Mission Solutions | $ | 103,649 | $ | 93,943 | $ | 197,056 | $ | 176,163 | |||||||||||||||
People & Places Solutions | 267,765 | 232,205 | 492,763 | 458,825 | |||||||||||||||||||
Divergent Solutions (1) | 18,973 | 24,861 | 26,556 | 36,828 | |||||||||||||||||||
PA Consulting | 60,169 | 65,631 | 114,624 | 116,658 | |||||||||||||||||||
Total Segment Operating Profit | 450,556 | 416,640 | 830,999 | 788,474 | |||||||||||||||||||
Other Corporate Expenses (2) | (117,313) | (107,623) | (238,373) | (201,309) | |||||||||||||||||||
Restructuring, Transaction and Other Charges (3) | (52,255) | (19,154) | (107,574) | (59,497) | |||||||||||||||||||
Total U.S. GAAP Operating Profit | 280,988 | 289,863 | 485,052 | 527,668 | |||||||||||||||||||
Total Other Expense, net | (39,403) | (37,550) | (77,716) | (77,873) | |||||||||||||||||||
Earnings Before Taxes from Continuing Operations | $ | 241,585 | $ | 252,313 | $ | 407,336 | $ | 449,795 |
(1) | For the six months ended March 29, 2024, operating profit included an approximate $15 million pre-tax non-cash charge associated with an inventory write down during the fiscal 2024 period comprised of cumulative adjustments of immaterial inventory misstatements previously reported which would not have been material to any prior period financial statements nor to any amounts reported in the current period. | ||||
(2) | Other corporate expenses included intangibles amortization of $52.6 million and $50.5 million for the three months ended March 29, 2024 and March 31, 2023, respectively, and $103.8 million and $100.2 million, for the six months ended March 29, 2024 and March 31, 2023, respectively, along with approximately $11.0 million intangibles impairment charge in the six month period ended, March 29, 2024 . Additionally, the comparison of the six month period of fiscal 2024 to the corresponding 2023 period was unfavorably impacted by the one-time net favorable impact of $41 million relating mainly to changes in employee benefits programs in the prior year, partly offset by year over year favorable department spending as well as favorable impacts of corporate functional overhead cost recovery by our lines of business. | ||||
(3) | The three months and six months ended March 29, 2024 included $38.9 million and $79.1 million, respectively, in restructuring and other charges and $8.4 million and $19.4 million, respectively, of transaction charges, mainly relating to the Separation Transaction (primarily professional services and employee separation costs). Included in the three months and six months ended March 31, 2023 were $10.1 million and $37.2 million, respectively, mainly in real estate impairment charges related to the Company's transformation initiatives. | ||||
Three Months Ended | Six Months Ended | ||||||||||||||||||||||
March 29, 2024 | March 31, 2023 | March 29, 2024 | March 31, 2023 | ||||||||||||||||||||
Revenue | $ | 1,229,226 | $ | 1,191,056 | $ | 2,357,829 | $ | 2,266,231 | |||||||||||||||
Operating Profit | $ | 103,649 | $ | 93,943 | $ | 197,056 | $ | 176,163 |
Critical Mission Solutions segment revenues for the three and six months ended March 29, 2024 were $1.23 billion and $2.36 billion respectively, an increase of $38.2 million and $91.6 million, or 3.2% and 4.0%, from reported amounts of $1.19 billion and $2.27 billion for the corresponding periods last year. During the three and six months ended March 29, 2024, revenue benefited from increased volume in the nuclear remediation and energy sectors in the United Kingdom as well as strong performance in the U.S. space, defense, and energy markets. Foreign currency translation had approximately $9.6 million and $22.6 million in favorable impacts on revenues for the three and six months ended March 29, 2024, respectively, compared to $25.5 million and $58.6 million in unfavorable impacts in the corresponding prior year periods. | ||
Operating profit for the segment was $103.6 million and $197.1 million respectively, for the three and six months ended March 29, 2024, which was an increase of $9.7 million and $20.9 million, or 10.3% and 11.9%, from $93.9 million and $176.2 million compared to the corresponding periods in the prior year. Operating profit level and margin trends for the year-over-year periods were favorably impacted by increased profitability in the United Kingdom and U.S. nuclear remediation markets, and U.S. commercial markets. Foreign currency translation had approximately $1.3 million and $3.1 million in favorable impacts on operating profit for the three and six months ended March 29, 2024, as compared to $3.3 million and $7.2 million in unfavorable impacts in the corresponding prior year periods. |
Three Months Ended | Six Months Ended | ||||||||||||||||||||||
March 29, 2024 | March 31, 2023 | March 29, 2024 | March 31, 2023 | ||||||||||||||||||||
Revenue | $ | 2,521,860 | $ | 2,345,065 | $ | 4,992,301 | $ | 4,572,050 | |||||||||||||||
Operating Profit | $ | 267,765 | $ | 232,205 | $ | 492,763 | $ | 458,825 |
Revenues for the People & Places Solutions segment for the three and six months ended March 29, 2024 was $2.52 billion and $4.99 billion respectively, an increase of $176.8 million and $420.3 million, or 7.5% and 9.2%, from reported amounts of $2.35 billion and $4.57 billion for the corresponding periods last year. The increase in revenue for the three and six months ended March 29, 2024 was driven by net revenue growth across all sectors, specifically in water, life sciences and energy. Foreign currency translation had approximately $8.9 million and $29.6 million in favorable impacts on revenues for the three and six months ended March 29, 2024, as compared to $51.2 million and $134.5 million in unfavorable impacts in the corresponding prior year periods. | ||
Operating profit for the People & Places Solutions segment for the three and six month period ended March 29, 2024 was $267.8 million and $492.8 million respectively, an increase of $35.6 million and $33.9 million, or 15.3% and 7.4%, from $232.2 million and $458.8 million for the corresponding period last year. The increase in the three and six month periods is a result of higher year over year segment revenues mentioned above with partially offsetting impacts from higher corporate cost allocations versus the prior year period. Foreign currency translation had approximately $1.9 million and $5.4 million in favorable impacts on operating profit for the three and six months ended March 29, 2024, as compared to $9.5 million and $25.4 million in unfavorable impacts in the corresponding prior year periods. |
Three Months Ended | Six Months Ended | ||||||||||||||||||||||
March 29, 2024 | March 31, 2023 | March 29, 2024 | March 31, 2023 | ||||||||||||||||||||
Revenue | $ | 224,040 | $ | 241,224 | $ | 478,220 | $ | 455,690 | |||||||||||||||
Operating Profit | $ | 18,973 | $ | 24,861 | $ | 26,556 | $ | 36,828 |
Revenues for the Divergent Solutions segment for the three and six months ended March 29, 2024 were $224.0 million and $478.2 million, respectively, a change of $(17.2) million and $22.5 million, or (7.1)% and 4.9%, from $241.2 million and $455.7 million for the corresponding periods last year. The decrease in revenue for the three months ended March 29, 2024 was mainly due to a national government program ending. The six month increase is due to a startup of new programs previously won in fiscal 2023. Foreign currency translation did not have a material impact on revenue in our Divergent Solutions segment for either period presented. | ||
Operating profit for the segment was $19.0 million and $26.6 million, for the three and six months ended March 29, 2024, respectively, a decrease of $5.9 million and $10.3 million, or 23.7% and 27.9%, from $24.9 million and $36.8 million for the corresponding periods last year. The three month decrease is driven by higher software licensing revenue in the second quarter of fiscal 2023. Operating profit for the six month period reflected strong underlying performance in the Cyber & Intelligence business unit and the new programs previously won in fiscal 2023, although fully offset by an approximate one-time $15 million pre-tax non-cash charge associated with an inventory write down during the fiscal 2024 period. Foreign currency translation had an immaterial impact on operating profit in our Divergent Solutions segment for both periods presented. |
Three Months Ended | Six Months Ended | ||||||||||||||||||||||
March 29, 2024 | March 31, 2023 | March 29, 2024 | March 31, 2023 | ||||||||||||||||||||
Revenue | $ | 293,967 | $ | 300,987 | $ | 599,968 | $ | 583,030 | |||||||||||||||
Operating Profit | $ | 60,169 | $ | 65,631 | $ | 114,624 | $ | 116,658 |
Revenues for the PA Consulting segment for the three and six months ended March 29, 2024 were $294.0 million and $600.0 million, respectively, a change of $(7.0) million and $16.9 million, or (2.3)% and 2.9%, from $301.0 million and $583.0 million in the corresponding periods last year. The three and six month changes are primarily due to growth in PA Consulting's Defence & Security, Public Sector, Energy & Utilities, and Advanced Facilities businesses with stronger growth during the first fiscal quarter. Foreign currency translation had approximately $12.4 million and $29.1 million in favorable impacts on revenues for the three and six months ended March 29, 2024, respectively, as compared to $30.7 million and $72.3 million in unfavorable impacts in the corresponding prior year periods. | ||
Operating profit for the segment for the three and six months ended March 29, 2024 was $60.2 million and $114.6 million, respectively, a decrease of $5.5 million and $2.0 million, or 8.3% and 1.7%, from $65.6 million and $116.7 million in the corresponding periods last year, due mainly to impacts from changes in revenue noted above as well as impacts from timing of certain personnel related expenses incurred in connection with our cost management programs. |
March 29, 2024 | March 31, 2023 | ||||||||||
Critical Mission Solutions | $ | 8,453 | $ | 8,136 | |||||||
People & Places Solutions | 17,929 | 17,563 | |||||||||
Divergent Solutions | 2,682 | 2,956 | |||||||||
PA Consulting | 344 | 319 | |||||||||
Total | $ | 29,408 | $ | 28,974 |
The increase in backlog in Critical Mission Solutions from March 31, 2023 was primarily driven by growth and increased funding levels in the United Kingdom and U.S. nuclear remediation markets along with growth in the U.K. defense sector that offset slower growth in the U.S. Defense sector. | ||
The increase in backlog in People & Places Solutions from March 31, 2023 was predominantly driven by growth in the Life Sciences and Energy markets. | ||
The decrease in backlog in Divergent Solutions (DVS) from March 31, 2023 was primarily due to a major program ending prior than expected, as discussed above. | ||
The increase in backlog in PA Consulting from March 31, 2023 was primarily driven by strategic focus on long-term projects as well as organic year-over-year growth of the business. | ||
Six Months Ended | |||||
(in thousands) | March 29, 2024 | ||||
Summarized Statement of Earnings Data | |||||
Revenue | $ | 1,922,302 | |||
Direct Costs | $ | 1,601,264 | |||
Selling, General and Administrative Expenses | $ | 275,859 | |||
Net loss attributable to Guarantor Subsidiaries from continuing operations | $ | (17,360) | |||
Noncontrolling interests | $ | 1,126 |
(in thousands) | March 29, 2024 | September 29, 2023 | |||||||||
Summarized Balance Sheet Data | |||||||||||
Current assets, less receivables from Non-Guarantor Subsidiaries | $ | 1,018,317 | $ | 693,037 | |||||||
Current receivables from Non-Guarantor Subsidiaries | $ | — | $ | — | |||||||
Noncurrent assets, less noncurrent receivables from Non-Guarantor Subsidiaries | $ | 469,574 | $ | 459,276 | |||||||
Noncurrent receivables from Non-Guarantor Subsidiaries | $ | 582,498 | $ | 610,900 | |||||||
Current liabilities | $ | 1,154,781 | $ | 616,140 | |||||||
Current liabilities to Non-Guarantor Subsidiaries | $ | 617,497 | $ | 387,461 | |||||||
Long-term Debt | $ | 2,164,932 | $ | 2,561,590 | |||||||
Other Noncurrent liabilities, less amounts payable to Non-Guarantor Subsidiaries | $ | 242,663 | $ | 248,852 | |||||||
Noncurrent liabilities to Non-Guarantor Subsidiaries | $ | 435,868 | $ | 343,674 | |||||||
Noncontrolling interests | $ | 873 | $ | 577 | |||||||
Accumulated deficit | $ | (2,546,225) | $ | (2,395,081) |
Period | Total Number of Shares Purchased | Average Price Per Share (1) | Total Number of Shares Purchased under the 2023 Repurchase Authorization | Approximate Dollar Value of Shares that May Yet Be Purchased Under the 2023 Repurchase Authorization | ||||||||||||||||||||||
February 14, 2024 - February 23, 2024 | 150,475 | $145.66 | 150,475 | $752,900,871 | ||||||||||||||||||||||
February 26, 2024 - March 28, 2024 | 488,947 | $150.38 | 488,947 | $679,372,362 |
3.1 | |||||
3.2 | |||||
3.3 | |||||
10.1#* | |||||
22.1* | |||||
101 | The following financial statements from the Company’s Quarterly Report on Form 10-Q for the quarter ended March 29, 2024, formatted in Inline XBRL: (i) Consolidated Balance Sheets, (ii) Consolidated Statements of Earnings, (iii) Consolidated Statements of Comprehensive Income (Loss), (iv) Consolidated Statements of Stockholders’ Equity, (v) Consolidated Statements of Cash Flows and (vi) Notes to Consolidated Financial Statements, tagged as blocks of text and including detailed tags. | ||||
104 | The cover page from the Company’s Quarterly Report on Form 10-Q for the quarter ended March 29, 2024, (formatted as Inline XBRL and contained in Exhibit 101). | ||||
By: | /s/ Kevin C. Berryman | ||||
Kevin C. Berryman | |||||
Chief Financial Officer | |||||
(Principal Financial Officer) | |||||
Date: | May 7, 2024 |
Table 1 – Two Year Period Post-Change in Control Qualifying Termination | ||||||||
Participation Level | Severance Multiple | |||||||
Base Salary | Annual Incentive | |||||||
Chief Executive Officer and Executive Chair Level | 2 | 2 | ||||||
Executive Level (non-CEO/non-Executive Chair) | 1 | 1 |
Table 2 - Non-Change in Control Qualifying Termination | |||||
Participation Level | Severance Multiple | ||||
Base Salary plus Target Annual Incentive Award | |||||
Chief Executive Officer and Executive Chair Level | 1.5 | ||||
Executive Level (non-CEO/non-Executive Chair) | 1 |
Name of Subsidiary | Jurisdiction of Incorporation | ||||
Jacobs Engineering Group Inc. | Delaware |
/s/ Bob Pragada | ||
Bob Pragada | ||
Chief Executive Officer | ||
May 7, 2024 |
/s/Kevin C. Berryman | ||
Kevin Berryman | ||
Chief Financial Officer | ||
May 7, 2024 |
/s/Bob Pragada | ||
Bob Pragada | ||
Chief Executive Officer | ||
May 7, 2024 |
/s/Kevin C. Berryman | ||
Kevin C. Berryman | ||
Chief Financial Officer | ||
May 7, 2024 |
CONSOLIDATED BALANCE SHEETS (Parenthetical) - $ / shares |
Mar. 29, 2024 |
Sep. 29, 2023 |
---|---|---|
Statement of Financial Position [Abstract] | ||
Preferred stock, par value (in dollars per share) | $ 1 | $ 1 |
Preferred stock, authorized (in shares) | 1,000,000 | 1,000,000 |
Preferred stock, issued (in shares) | 0 | 0 |
Preferred stock, outstanding (in shares) | 0 | 0 |
Common stock, par value (in dollars per share) | $ 1 | $ 1 |
Common stock, authorized (in shares) | 240,000,000 | 240,000,000 |
Common stock, issued (in shares) | 125,216,293 | 125,976,998 |
Common stock, outstanding (in shares) | 125,216,293 | 125,976,998 |
CONSOLIDATED STATEMENTS OF STOCKHOLDERS’ EQUITY (Parenthetical) - USD ($) $ in Thousands |
3 Months Ended | 6 Months Ended | ||
---|---|---|---|---|
Mar. 29, 2024 |
Mar. 31, 2023 |
Mar. 29, 2024 |
Mar. 31, 2023 |
|
Statement of Stockholders' Equity [Abstract] | ||||
Foreign currency translation adjustment | $ 0 | $ (968) | $ 0 | $ 5,641 |
Pension and retiree medical plan liability, deferred taxes | 473 | 351 | 935 | 659 |
Derivative gains (losses), deferred tax expense (benefit) | $ 526 | $ (5,047) | $ (6,669) | $ (8,317) |
Basis of Presentation |
6 Months Ended |
---|---|
Mar. 29, 2024 | |
Organization, Consolidation and Presentation of Financial Statements [Abstract] | |
Basis of Presentation | Basis of Presentation Unless the context otherwise requires: •References herein to “Jacobs” are to Jacobs Solutions Inc. and its predecessors; •References herein to the “Company”, “we”, “us” or “our” are to Jacobs Solutions Inc. and its consolidated subsidiaries; and •References herein to the “Group” are to the combined economic interests and activities of the Company and the persons and entities holding noncontrolling interests in our consolidated subsidiaries. On August 29, 2022, Jacobs Engineering Group Inc. ("JEGI"), the predecessor to Jacobs Solutions Inc., implemented a holding company structure, which resulted in Jacobs Solutions Inc. becoming the parent company of, and successor issuer to, JEGI (the "Holding Company Reorganization"). For purposes of this report, references to Jacobs and the "Company", "we", "us" or "our" or our management or business at any point prior to the Holding Company Implementation Date refer to JEGI, or JEGI and its consolidated subsidiaries as the predecessor to Jacobs Solutions Inc. The accompanying consolidated financial statements and financial information included herein have been prepared pursuant to the interim period reporting requirements of Form 10-Q. Consequently, certain information and note disclosures normally included in financial statements prepared in accordance with accounting principles generally accepted in the United States (“U.S. GAAP”) have been condensed or omitted. Readers of this Quarterly Report on Form 10-Q should also read our consolidated financial statements and the notes thereto included in our Annual Report on Form 10-K for the fiscal year ended September 29, 2023 (“2023 Form 10-K”). In the opinion of management, the accompanying unaudited consolidated financial statements contain all adjustments (consisting of normal recurring adjustments) necessary for a fair presentation of our consolidated financial statements as of March 29, 2024, and for the three and six months ended March 29, 2024. Our interim results of operations are not necessarily indicative of the results to be expected for the full fiscal year. On November 20, 2023, Jacobs entered into a definitive agreement to spin-off and combine our Critical Mission Solutions ("CMS") and portions of our Divergent Solutions business, including Cyber & Intelligence (the "Separated Businesses") with Amentum Parent Holdings LLC ("Amentum"), in a Reverse Morris Trust transaction intended to be tax-free to Jacobs’ shareholders for U.S. federal income tax purposes (hereinafter referred to as the “Separation Transaction”). The Separation Transaction, which is expected to close in fiscal year 2024, is subject to regulatory approvals and other customary closing conditions. On April 26, 2019, Jacobs completed the sale of its Energy, Chemicals and Resources ("ECR") business to Worley Limited ("Worley"), a company incorporated in Australia, for a purchase price of $3.4 billion consisting of (i) $2.8 billion in cash plus (ii) 58.2 million ordinary shares of Worley, subject to adjustments for changes in working capital and certain other items (the “ECR sale”). As a result of the ECR sale, substantially all ECR-related assets and liabilities were sold (the "Disposal Group"). We determined that the Disposal Group should be reported as discontinued operations in accordance with ASC 210-05, Discontinued Operations because their disposal represents a strategic shift that had a major effect on our operations and financial results. As such, the financial results of the ECR business are reflected in our unaudited Consolidated Statements of Earnings as discontinued operations for all periods presented and all of the ECR business to be sold under the terms of the ECR sale had been conveyed to Worley and as such, no amounts remain held for sale.
|
Use of Estimates and Assumptions |
6 Months Ended |
---|---|
Mar. 29, 2024 | |
Organization, Consolidation and Presentation of Financial Statements [Abstract] | |
Use of Estimates and Assumptions | Use of Estimates and Assumptions The preparation of financial statements in conformity with U.S. GAAP requires us to employ estimates and make assumptions that affect the reported amounts of certain assets and liabilities; the revenues and expenses reported for the periods covered by the financial statements; and certain amounts disclosed in these Notes to the Consolidated Financial Statements. Although such estimates and assumptions are based on management’s most recent assessment of the underlying facts and circumstances utilizing the most current information available and past experience, actual results could differ significantly from those estimates and assumptions. Our estimates, judgments and assumptions are evaluated periodically and adjusted accordingly. Please refer to Note 2- Significant Accounting Policies of Notes to Consolidated Financial Statements included in our 2023 Form 10-K for a discussion of other significant estimates and assumptions affecting our consolidated financial statements.
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Fair Value and Fair Value Measurements |
6 Months Ended |
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Mar. 29, 2024 | |
Fair Value Disclosures [Abstract] | |
Fair Value and Fair Value Measurements | Fair Value and Fair Value Measurements Certain amounts included in the accompanying consolidated financial statements are presented at fair value. Fair value is defined as the price that would be received from selling an asset or paid to transfer a liability in an orderly transaction between market participants as of the date fair value is determined (the “measurement date”). When determining fair value, we consider the principal or most advantageous market in which we would transact, and we consider only those assumptions we believe a typical market participant would consider when pricing an asset or liability. In measuring fair value, we use the following inputs in the order of priority indicated: Level 1 - Quoted prices in active markets for identical assets or liabilities. Level 2 - Observable inputs other than quoted prices in active markets included in Level 1, such as (i) quoted prices for similar assets or liabilities; (ii) quoted prices in markets that have insufficient volume or infrequent transactions (e.g., less active markets); and (iii) model-driven valuations in which all significant inputs are observable or can be derived principally from, or corroborated with, observable market data for substantially the full term of the asset or liability. Level 3 - Unobservable inputs to the valuation methodology that are significant to the fair value measurement. Please refer to Note 2- Significant Accounting Policies of Notes to Consolidated Financial Statements included in our 2023 Form 10-K for a more complete discussion of the various items within the consolidated financial statements measured at fair value and the methods used to determine fair value. Please also refer to Note 17- Commitments and Contingencies and Derivative Financial Instruments for discussion regarding the Company's derivative instruments. The net carrying amounts of cash and cash equivalents, trade receivables and payables and short-term debt approximate fair value due to the short-term nature of these instruments. See Note 12- Borrowings for a discussion of the fair value of long-term debt. Fair value measurements relating to our business combinations and goodwill allocations related to our Divergent Solutions ("DVS") segment realignment were made primarily using Level 3 inputs including discounted cash flow techniques. Fair value for the identified intangible assets is generally estimated using inputs primarily for the income approach using the multiple period excess earnings method and the relief from royalties method. The significant assumptions used in estimating fair value include (i) revenue projections of the business, including profitability, (ii) attrition rates and (iii) the estimated discount rate that reflects the level of risk associated with receiving future cash flows. Other personal property assets, such as furniture, fixtures and equipment, are valued using the cost approach, which is based on replacement or reproduction costs of the asset less depreciation. The fair value of the contingent consideration is estimated using a Monte Carlo simulation and the significant assumptions used include projections of revenues and probabilities of meeting those projections. Key inputs to the valuation of the noncontrolling interests include projected cash flows and the expected volatility associated with those cash flows.
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New Accounting Pronouncements |
6 Months Ended |
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Mar. 29, 2024 | |
Accounting Standards Update and Change in Accounting Principle [Abstract] | |
New Accounting Pronouncements | New Accounting Pronouncements ASU 2023-09, Income Taxes, (Topic 740): Improvements to Income Tax Disclosures, provides qualitative and quantitative updates to the Company's effective income tax rate reconciliation and income taxes paid disclosures, among others, in order to enhance the transparency of income tax disclosures, including consistent categories and greater disaggregation of information in the rate reconciliation and disaggregation by jurisdiction of income taxes paid. The amendments in ASU 2023-09 are effective for fiscal years beginning after December 15, 2024, with early adoption permitted. The amendments should be applied prospectively; however, retrospective application is also permitted. ASU 2023-09 will be effective for the Company in the first quarter of fiscal 2026. The Company has identified and is implementing changes to processes and internal controls to meet the standard’s updated reporting and disclosure requirements. ASU 2023-07, Segment Reporting, (Topic 280): Improvements to Reportable Segment Disclosures, requires disclosure of significant segment expenses that are regularly provided to the chief operating decision maker (“CODM”) and included within each reported measure of segment profit or loss, an amount and description of its composition for other segment items to reconcile to segment profit or loss, and the title and position of the entity’s CODM. The amendments in this update also expand the interim segment disclosure requirements. ASU 2023-07 is effective for annual periods beginning after December 15, 2023 and interim periods within fiscal years beginning after December 15, 2024. Early adoption is permitted and the amendments in this update are required to be applied on a retrospective basis. ASU 2023-07 will be effective for the Company's annual fiscal 2025 period. The Company is evaluating the impact of this guidance on its consolidated financial statements and related disclosures. ASU 2023-06, Disclosure Improvements: Amendments - Codification Amendments in Response to the Disclosure Update and Simplification Initiative of the Securities and Exchange Commission ("SEC"). The Financial Accounting Standards Board issued the standard to introduce changes to US GAAP that originate in either SEC Regulation S-X or S-K, which are rules about the form and content of financial reports filed with the SEC. The provisions of the standard are contingent upon instances where the SEC removes the related disclosure provisions from Regulation S-X and S-K. The Company does not expect that the application of this standard will have a material impact on our consolidated financial statements and related disclosures.
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Revenue Accounting for Contracts |
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Revenue from Contract with Customer [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Revenue Accounting for Contracts | Revenue Accounting for Contracts Disaggregation of Revenues Our revenues are principally derived from contracts to provide a diverse range of technical, professional, and construction services to a large number of industrial, commercial, and governmental clients. We provide a broad range of engineering, design, and architectural services; construction and construction management services; operations and maintenance services; and technical, digital, process, scientific and systems consulting services. We provide our services through offices and subsidiaries located primarily in North America, Europe, the Middle East, India, Australia, Africa, and Asia. We provide our services under cost-reimbursable and fixed-price contracts. Our contracts are with many different customers in numerous industries. Refer to Note 18- Segment Information for additional information on how we disaggregate our revenues by reportable segment. The following table further disaggregates our revenue by geographic area for the three and six months ended March 29, 2024 and March 31, 2023 (in thousands):
Contract Liabilities Contract liabilities represent amounts billed to clients in excess of revenue recognized to date. Revenue recognized for the three and six months ended March 29, 2024 that was previously included in the contract liability balance on September 29, 2023 was $105.2 million and $474.9 million, respectively. Revenue recognized for the three and six months ended March 31, 2023 that was included in the contract liability balance on September 30, 2022 was $82.7 million and $413.0 million, respectively. Remaining Performance Obligation The Company’s remaining performance obligations as of March 29, 2024 represent a measure of the total dollar value of work to be performed on contracts awarded and in progress. The Company had approximately $17.5 billion in remaining performance obligations as of March 29, 2024. The Company expects to recognize approximately 56% of its remaining performance obligations into revenue within the next twelve months and the remaining 44% thereafter. The majority of the remaining performance obligations after the first twelve months are expected to be recognized over a four year period. Although our remaining performance obligations reflect business volumes that are considered to be firm, normal business activities including scope adjustments, deferrals or cancellations may occur that impact volume or expected timing of their recognition. Remaining performance obligations are adjusted to reflect any known project cancellations, revisions to project scope and cost, foreign currency exchange fluctuations and project deferrals, as appropriate.
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Earnings Per Share and Certain Related Information |
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Earnings Per Share Reconciliation [Abstract] | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Earnings Per Share and Certain Related Information | Earnings Per Share and Certain Related Information Basic and diluted earnings per share (“EPS”) are computed using the two-class method, which is an earnings allocation method that determines EPS for common shares and participating securities. The undistributed earnings are allocated between common shares and participating securities as if all earnings had been distributed during the period. Participating securities and common shares have equal rights to undistributed earnings. Net earnings used for the purpose of determining basic and diluted EPS is determined by taking net earnings, less earnings available to participating securities and the preferred redeemable noncontrolling interests redemption value adjustment associated with the PA Consulting transaction. The following table reconciles the denominator used to compute basic EPS to the denominator used to compute diluted EPS for the three and six months ended March 29, 2024 and March 31, 2023 (in thousands):
Note: Per share amounts may not add due to rounding. Share Repurchases
The following table summarizes repurchase activity under the 2023 Repurchase Authorization through the second fiscal quarter of 2024:
(1)Includes commissions paid and excise tax due under the Inflation Reduction Act of 2022 and calculated at the average price per share.
Dividends On May 2, 2024, the Company’s Board of Directors declared a quarterly dividend of $0.29 per share of the Company’s common stock to be paid on June 21, 2024, to shareholders of record on the close of business on May 24, 2024. Future dividend declarations are subject to review and approval by the Company’s Board of Directors. Dividends paid through the second fiscal quarter of 2024 and the preceding fiscal year are as follows:
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Goodwill and Intangibles |
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Goodwill and Intangible Assets Disclosure [Abstract] | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Goodwill and Intangibles | Goodwill and Intangibles The carrying value of goodwill appearing in the accompanying Consolidated Balance Sheets at March 29, 2024 and September 29, 2023 was as follows (in thousands):
The following table provides certain information related to the Company’s acquired intangibles in the accompanying Consolidated Balance Sheets at March 29, 2024 and September 29, 2023 (in thousands):
The following table presents estimated amortization expense of intangible assets for the remainder of fiscal 2024 and for the succeeding years.
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Receivables and Contract Assets |
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Accounts, Notes, Loans and Financing Receivable, Gross, Allowance, and Net [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Receivables and Contract Assets | Receivables and Contract Assets The following table presents the components of receivables and contract assets appearing in the accompanying Consolidated Balance Sheets at March 29, 2024 and September 29, 2023, as well as certain other related information (in thousands):
Amounts billed, net consist of amounts invoiced to clients in accordance with the terms of our client contracts and are shown net of an allowance for doubtful accounts. We anticipate that substantially all of such billed amounts will be collected over the next twelve months. Unbilled receivables and other, which represent an unconditional right to payment subject only to the passage of time, are reclassified to amounts billed when they are billed under the terms of the contract. We anticipate that substantially all of such unbilled amounts will be billed and collected over the next twelve months. Contract assets represent unbilled amounts where the right to payment is subject to more than merely the passage of time and includes performance-based incentives and services that have been provided in advance of agreed contractual milestones. Contract assets are transferred to unbilled receivables when the right to consideration becomes unconditional and are transferred to amounts billed upon invoicing.
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Accumulated Other Comprehensive Income |
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Equity [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Accumulated Other Comprehensive Income | Accumulated Other Comprehensive Income The following table presents the Company's roll forward of accumulated other comprehensive income (loss) after-tax as of March 29, 2024 (in thousands):
(1) Included in the overall foreign currency translation adjustment for the six months ended March 29, 2024 and March 31, 2023 are $(21.2) million and $(87.2) million, respectively, in unrealized gains (losses) on long-term foreign currency denominated intercompany loans not anticipated to be settled in the foreseeable future. (2) Included in the Company’s cumulative net unrealized gains from interest rate and cross currency swaps recorded in accumulated other comprehensive income as of March 29, 2024 were approximately $20.2 million in unrealized gains, net of taxes, which are expected to be realized in earnings during the twelve months subsequent to March 29, 2024.
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Income Taxes |
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Income Tax Disclosure [Abstract] | |||||||||||||||||||
Income Taxes | Income Taxes
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Joint Ventures, VIEs and Other Investments |
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Mar. 29, 2024 | |
Equity Method Investments and Joint Ventures [Abstract] | |
Joint Ventures, VIEs and Other Investments | Joint Ventures, VIEs and Other Investments For the Company's consolidated variable interest entities ("VIE") joint ventures, the carrying value of assets and liabilities was $391.8 million and $244.3 million, respectively, as of March 29, 2024 and $424.2 million and $279.8 million, respectively, as of September 29, 2023. There are no consolidated VIEs that have debt or credit facilities. For the Company's proportionate consolidated VIEs, the carrying value of assets and liabilities was $128.9 million and $126.0 million, respectively, as of March 29, 2024, and $132.0 million and $128.9 million, respectively, as of September 29, 2023. The carrying values of our investments in equity method joint ventures in the Consolidated Balance Sheets (reported in Other Noncurrent Assets: Miscellaneous) as of March 29, 2024 and September 29, 2023 were $54.4 million and $49.6 million, respectively. Additionally, income from equity method joint ventures (reported in Revenue) was $15.2 million and $7.5 million, respectively, during the three months ended March 29, 2024 and March 31, 2023, with $25.5 million and $17.5 million, respectively, for the corresponding six month periods. As of March 29, 2024, the Company's equity method investment carrying values do not include material amounts exceeding their share of the respective joint ventures' reported net assets. Accounts receivable from unconsolidated joint ventures accounted for under the equity method was $14.4 million and $16.1 million as of March 29, 2024 and September 29, 2023, respectively.
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Borrowings |
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Debt Disclosure [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Borrowings | Borrowings At March 29, 2024 and September 29, 2023, long-term debt consisted of the following (principal amounts in thousands):
(1)During the year ended September 29, 2023, the aggregate principal amounts denominated in U.S. dollars under the Revolving Credit Facility, the 2021 Term Loan Facility and the 2020 Term Loan Facility (each as defined below) transitioned from underlying LIBOR benchmarked rates to the Term Secured Overnight Financing Rate ("SOFR"). During fiscal 2022, the aggregate principal amounts denominated in British pounds under the Revolving Credit Facility, 2021 Term Loan Facility and 2020 Term Loan Facility transitioned from underlying LIBOR benchmarked rates to Sterling Overnight Index Average ("SONIA") rates. (2)Depending on the Company’s Consolidated Leverage Ratio or Debt Rating (each as defined in the Revolving Credit Facility (defined below)), U.S. dollar denominated borrowings under the Revolving Credit Facility bear interest at either a SOFR rate plus a margin of between 0.975% and 1.725% or a base rate plus a margin of between 0% and 0.625%. The applicable SOFR rates, or LIBOR rate for the prior fiscal year end, including applicable margins at March 29, 2024 and September 29, 2023 were approximately 6.68% and 8.75%. Borrowings denominated in British pounds bear interest at an adjusted SONIA rate plus a margin of between 0.908% and 1.658%. There were no amounts drawn in British pounds as of March 29, 2024. (3)Depending on the Company’s Consolidated Leverage Ratio or Debt Rating (each as defined in the Amended and Restated Term Loan Agreement (defined below)), U.S. dollar denominated borrowings under the 2021 Term Loan Facility bear interest at either a SOFR rate plus a margin of between 0.975% and 1.725% or a base rate plus a margin of between 0% and 0.625%. The applicable SOFR, or LIBOR rate for the prior fiscal year end, including applicable margins for borrowings denominated in U.S. dollars at March 29, 2024 and September 29, 2023 was approximately 6.67% and 6.68%. Borrowings denominated in British pounds bear interest at an adjusted SONIA rate plus a margin of between 0.908% and 1.658%, which was approximately 6.47% and 6.47% at March 29, 2024 and September 29, 2023, respectively. (4)Depending on the Company’s Consolidated Leverage Ratio or Debt Rating (each as defined in the 2020 Term Loan Agreement), U.S. dollar denominated borrowings under the 2020 Term Loan Facility bear interest at either a SOFR rate plus a margin of between 0.975% and 1.725% or a base rate plus a margin of between 0% and 0.625%. The applicable SOFR, or LIBOR rate for the prior fiscal year end, including applicable margins for borrowings denominated in U.S. dollars at March 29, 2024 and September 29, 2023 were approximately 6.68% and 6.68%. Borrowings denominated in British pounds bear interest at an adjusted SONIA rate plus a margin of between 0.908% and 1.658%, which was approximately 6.47% and 6.47% at March 29, 2024 and September 29, 2023, respectively. (5)From and including September 1, 2028 (the “First Step Up Date”), the interest rate payable on the 5.90% Bonds (as defined below) will be increased by an additional 12.5 basis points to 6.025% per annum (the “First Step Up Interest Rate”) unless the Company notifies the Trustee (as defined below) on or before the date that is 15 days prior to the First Step Up Date that the Percentage of Gender Diversity Performance Target (as defined in the First Supplemental Indenture (as defined below)) has been satisfied and receives a related assurance letter verifying such compliance. From and including September 1, 2030 (the “Second Step Up Date”), the interest rate payable on the 5.90% Bonds will be increased by 12.5 basis points to (x) 6.150% per annum if the First Step Up Interest Rate was in effect immediately prior to the Second Step Up Date or (y) 6.025% per annum if the initial interest rate was in effect immediately prior to the Second Step Up Date, unless the Company notifies the Trustee on or before the date that is 15 days prior to the Second Step Up Date that the GHG Emissions Performance Target (as defined in the First Supplemental Indenture) has been satisfied and receives a related assurance letter verifying such compliance. (6)Balance as of March 29, 2024 is associated with the March 25, 2025 scheduled maturity of the 2020 Term Loan Facility, which was reclassified from long-term debt in March 2024. Previously reported balance as of September 29, 2023 was comprised of the 2020 Term Loan quarterly principal repayments of 1.25%, or $9.1 million and £3.1 million, of the aggregate initial principal amount borrowed, totaling $51.8 million in U.S. dollars for the subsequent twelve months. Revolving Credit Facility and Term Loans The Company and certain of its subsidiaries maintain a sustainability-linked $2.25 billion unsecured revolving credit facility (the “Revolving Credit Facility”) established under a third amended and restated credit agreement, dated February 6, 2023 (the "Revolving Credit Agreement"), among Jacobs and certain of its subsidiaries as borrowers and a syndicate of U.S. and international banks and financial institutions. The credit extensions under the Revolving Credit Facility can be funded in U.S. dollars, British Sterling, Euros, Canadian dollars, Australian dollars, Swedish Krona, Singapore dollars and other agreed upon alternative currencies. The Revolving Credit Agreement also provides for a financial letter of credit sub facility of $400.0 million, permits performance letters of credit, and provides for a $100.0 million sub facility for swing line loans. Letters of credit are subject to fees based on the Company’s Consolidated Leverage Ratio and Debt Rating, whichever is more favorable to the Company. The Revolving Credit Agreement amended and restated the second amended and restated credit agreement dated March 27, 2019, by and among JEGI and certain of its subsidiaries and a syndicate of banks and financial institutions, in order to, among other things, (a) extend the maturity date of the Revolving Credit Facility to February 6, 2028, (b) replace and adjust interest rates based on market conditions and incorporate a sustainability-linked pricing adjustment, (c) revise the commitment fee on the unused portion of the facility to a range of 0.10% to 0.25% depending on the higher of the pricing level associated with JEGI's Debt Rating or the Consolidated Leverage Ratio, (d) increase the Consolidated Leverage Ratio financial covenant to 3.50:1.00 (subject to temporary increases to 4.00:1.00 following the closing of certain material acquisitions), (e) eliminate the net worth financial covenant and (f) add the Company as a guarantor of the obligations of JEGI and its subsidiaries under the Revolving Credit Agreement. The Company and JEGI maintain an unsecured delayed draft term loan facility (the “2021 Term Loan Facility”) established under an amended and restated term loan agreement dated February 6, 2023 (the "Amended and Restated Term Loan Agreement"), by and among the Company and JEGI and a syndicate of banks and financial institutions. JEGI borrowed $200.0 million and £650.0 million of term loans under the 2021 Term Loan Facility (reflecting scheduled maturities in February 2026 and September 2025, respectively) and the proceeds of such term loans were used primarily to fund JEGI's investment in PA Consulting. The Amended and Restated Term Loan Agreement amended and restated the term loan agreement dated January 15, 2021, by and among JEGI and a syndicate of U.S. banks and financial institutions to, among other things: (a) extend the maturity date of the U.S. dollar term loan to February 6, 2026 and the British sterling term loan to September 1, 2025, (b) replace and adjust interest rates based on market conditions and incorporate a sustainability-linked pricing adjustment, (c) increase the Consolidated Leverage Ratio financial covenant to 3.50:1.00 (subject to temporary increases to 4.00:1.00 following the closing of certain material acquisitions), (d) eliminate the net worth financial covenant, and (e) add Jacobs as a guarantor of the obligations of JEGI under the Amended and Restated Term Loan Agreement. During the fourth quarter of fiscal 2023, the Company repaid $80.0 million of the USD portion of the 2021 Term Loan Facility. On March 25, 2020, JEGI and Jacobs U.K., a wholly owned subsidiary of JEGI, entered into a term loan agreement (the "2020 Term Loan Agreement") with a syndicate of banks and financial institutions, which provides for an unsecured term loan facility (the “2020 Term Loan Facility”). Under the 2020 Term Loan Facility, JEGI borrowed an aggregate principal amount of $730.0 million and Jacobs U.K. borrowed an aggregate principal amount of £250.0 million. The proceeds of the term loans were used to repay an existing term loan with a maturity date of June 2020 and for general corporate purposes. On February 6, 2023, the 2020 Term Loan Agreement was amended to, among other things: (a) replace and adjust interest rates based on market conditions and incorporate a sustainability-linked pricing adjustment, (b) increase the Consolidated Leverage Ratio financial covenant to 3.50:1.00 (subject to temporary increases to 4.00:1.00 following the closing of certain material acquisitions), (c) eliminate the net worth financial covenant, and (d) add Jacobs as a guarantor of the obligations of JEGI and Jacobs U.K. The 2020 Term Loan facility matures in March 2025 and the related outstanding balances under this facility have been reclassified to current maturities of long-term debt in the Company’s March 29, 2024 consolidated balance sheet in the current quarter. The 2020 Term Loan Facility and the 2021 Term Loan Facility are together referred to as the "Term Loan Facilities". In the fourth quarter of fiscal 2022, the Revolving Credit Facility and Term Loan Facilities were amended to permit the Holding Company Reorganization. On December 20, 2023, the Revolving Credit Facility and Term Loan Facilities were amended to adjust the point in time at which certain compliance thresholds are tested in connection with the Separation Transaction. We were in compliance with the covenants under the Revolving Credit Facility and Term Loan Facilities at March 29, 2024. 5.90% Bonds, due 2033 On February 16, 2023, JEGI completed an offering of $500 million aggregate principal amount of 5.90% Bonds due 2033 (the “5.90% Bonds”). The 5.90% Bonds are fully and unconditionally guaranteed by the Company (the “5.90% Bonds Guarantee”). The 5.90% Bonds and the 5.90% Bonds Guarantee were offered pursuant to a prospectus supplement, dated February 13, 2023, to the prospectus dated February 6, 2023, that forms a part of the Company's and JEGI’s automatic shelf registration statement on Form S-3ASR previously filed with the SEC, and were issued pursuant to an Indenture, dated as of February 16, 2023, between JEGI, as issuer, the Company, as guarantor, and U.S. Bank Trust Company, National Association, as trustee (the “Trustee”), as amended and supplemented by the First Supplemental Indenture, dated as of February 16, 2023 (the “First Supplemental Indenture”). Interest on the 5.90% Bonds is payable semi-annually in arrears on each March 1 and September 1, commencing on September 1, 2023, until maturity. The 5.90% Bonds bear interest at 5.90% per annum, subject to adjustments as discussed in note (5) to the table above. Prior to December 1, 2032 (the “5.90% Bonds Par Call Date”), JEGI may redeem the 5.90% Bonds at its option, in whole or in part, at any time and from time to time, at the redemption price calculated by JEGI (expressed as a percentage of principal amount and rounded to three decimal places) equal to the greater of: (1) (a) the sum of the present values of the remaining scheduled payments of principal and interest on the 5.90% Bonds being redeemed, assuming that such 5.90% Bonds matured on the 5.90% Bonds Par Call Date, discounted to the redemption date on a semiannual basis (assuming a 360-day year of twelve 30-day months), at the Treasury Rate (as defined in the First Supplemental Indenture) plus 35 basis points, less (b) interest accrued to the redemption date, and (2) 100% of the principal amount of such 5.90% Bonds to be redeemed, plus, in either case, accrued and unpaid interest on the 5.90% Bonds, if any, to, but excluding, the redemption date. At any time and from time to time on or after the 5.90% Bonds Par Call Date, JEGI may redeem the 5.90% Bonds, at its option, in whole or in part, at a redemption price equal to 100% of the principal amount of the 5.90% Bonds to be redeemed, plus accrued and unpaid interest thereon, if any, up to, but excluding, the redemption date. 6.35% Bonds, due 2028 On August 18, 2023, JEGI completed an offering of $600 million aggregate principal amount of 6.35% Bonds due 2028 (the “6.35% Bonds”). The 6.35% Bonds are fully and unconditionally guaranteed by the Company (the “6.35% Bonds Guarantee”). The 6.35% Bonds and the 6.35% Bonds Guarantee were offered pursuant to a prospectus supplement, dated August 15, 2023, to the prospectus dated February 6, 2023, that forms a part of the Company and JEGI’s automatic shelf registration statement on Form S-3ASR previously filed with the SEC, and were issued pursuant to the Indenture, as amended and supplemented by the Second Supplemental Indenture, dated as of August 18, 2023 (the “Second Supplemental Indenture”). Interest on the 6.35% Bonds is payable semi-annually in arrears on each February 18 and August 18, commencing on February 18, 2024, until maturity. The Notes will bear interest at a rate of 6.35% per annum and will mature on August 18, 2028. The 6.35% Bonds bear interest at 6.35% per annum. Prior to July 18, 2028 (the “6.35% Bonds Par Call Date”), JEGI may redeem the 6.35% Bonds at its option, in whole or in part, at any time and from time to time, at the redemption price calculated by JEGI (expressed as a percentage of principal amount and rounded to three decimal places) equal to the greater of: (1) (a) the sum of the present values of the remaining scheduled payments of principal and interest on the 6.35% Bonds being redeemed, assuming that such 6.35% Bonds matured on the 6.35% Bonds Par Call Date, discounted to the redemption date on a semiannual basis (assuming a 360-day year of twelve 30-day months), at the Treasury Rate (as defined in the Second Supplemental Indenture) plus 30 basis points, less (b) interest accrued to the redemption date, and (2) 100% of the principal amount of such 6.35% Bonds to be redeemed, plus, in either case, accrued and unpaid interest on the 6.35% Bonds, if any, to, but excluding, the redemption date. At any time and from time to time on or after the 6.35% Bonds Par Call Date, JEGI may redeem the 6.35% Bonds, at its option, in whole or in part, at a redemption price equal to 100% of the principal amount of the 6.35% Bonds to be redeemed, plus accrued and unpaid interest thereon, if any, to, but excluding, the redemption date. Other arrangements During fiscal 2022, the Company entered into two treasury lock agreements with an aggregate notional value of $500.0 million to manage its expected interest rate exposure in anticipation of issuing up to $500.0 million of fixed rate debt. On February 13, 2023 and with the issuance of the 5.90% Bonds, the Company settled these treasury lock agreements. See Note 17- Commitments and Contingencies and Derivative Financial Instruments for more discussion around this transaction. During fiscal 2020, the Company entered into interest rate and cross currency derivative contracts to swap a portion of our variable rate debt to fixed rate debt. See Note 17- Commitments and Contingencies and Derivative Financial Instruments for discussion regarding the Company's derivative instruments. The Company has issued $0.5 million in letters of credit under the Revolving Credit Facility, leaving $2.11 billion of available borrowing capacity under the Revolving Credit Facility at March 29, 2024. In addition, the Company had issued $289.2 million under various separate, committed and uncommitted letter-of-credit facilities for issued letters of credit totaling $289.7 million at March 29, 2024.
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Leases |
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Leases [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Leases | Leases The components of lease expense (reflected in selling, general and administrative expenses) for the three and six months ended March 29, 2024 and March 31, 2023 were as follows (in thousands):
Supplemental information related to the Company's leases for the six months ended March 29, 2024 and March 31, 2023 was as follows (in thousands):
Total remaining lease payments under the Company's leases for the remainder of fiscal 2024 and for the succeeding years is as follows (in thousands):
Right-of-Use and Other Long-Lived Asset Impairment During fiscal 2023, as a result of the Company's transformation initiatives, including the changing nature of the Company's use of office space for its workforce, the Company evaluated its existing real estate lease portfolio. These initiatives resulted in the abandonment of certain leased office spaces and the establishment of a formal plan to sublease certain other leased spaces that will no longer be utilized by the Company. In connection with the Company’s actions related to these initiatives, the Company evaluated certain of its lease right-of-use assets and related property, equipment and leasehold improvements for impairment under ASC 360. As a result of the analysis, the Company recognized impairment losses during the three and six months ended March 31, 2023 of $10.1 million and $37.2 million, respectively, which are included in selling, general, and administrative expenses in the accompanying statement of earnings. The impairment losses recorded include $32.4 million related to the right-of-use lease assets and $4.8 million related to the other long-lived assets, including property, equipment, and improvements and leasehold improvements for the fiscal 2023 period. The fair values for the asset groups relating to the impaired long-lived assets were estimated primarily using discounted cash flow models (income approach) with Level 3 inputs. The significant assumptions used in estimating fair value include the expected downtime prior to the commencement of future subleases, projected sublease income over the remaining lease periods and discount rates that reflect the level of risk associated with receiving future cash flows.
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Leases | Leases The components of lease expense (reflected in selling, general and administrative expenses) for the three and six months ended March 29, 2024 and March 31, 2023 were as follows (in thousands):
Supplemental information related to the Company's leases for the six months ended March 29, 2024 and March 31, 2023 was as follows (in thousands):
Total remaining lease payments under the Company's leases for the remainder of fiscal 2024 and for the succeeding years is as follows (in thousands):
Right-of-Use and Other Long-Lived Asset Impairment During fiscal 2023, as a result of the Company's transformation initiatives, including the changing nature of the Company's use of office space for its workforce, the Company evaluated its existing real estate lease portfolio. These initiatives resulted in the abandonment of certain leased office spaces and the establishment of a formal plan to sublease certain other leased spaces that will no longer be utilized by the Company. In connection with the Company’s actions related to these initiatives, the Company evaluated certain of its lease right-of-use assets and related property, equipment and leasehold improvements for impairment under ASC 360. As a result of the analysis, the Company recognized impairment losses during the three and six months ended March 31, 2023 of $10.1 million and $37.2 million, respectively, which are included in selling, general, and administrative expenses in the accompanying statement of earnings. The impairment losses recorded include $32.4 million related to the right-of-use lease assets and $4.8 million related to the other long-lived assets, including property, equipment, and improvements and leasehold improvements for the fiscal 2023 period. The fair values for the asset groups relating to the impaired long-lived assets were estimated primarily using discounted cash flow models (income approach) with Level 3 inputs. The significant assumptions used in estimating fair value include the expected downtime prior to the commencement of future subleases, projected sublease income over the remaining lease periods and discount rates that reflect the level of risk associated with receiving future cash flows.
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Pension and Other Postretirement Benefit Plans |
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Retirement Benefits [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Pension and Other Postretirement Benefit Plans | Pension and Other Postretirement Benefit Plans The following table presents the components of net periodic pension benefit expense recognized in earnings during the three and six months ended March 29, 2024 and March 31, 2023 (in thousands):
The service cost component of net periodic pension benefit is presented in the same line item as other compensation costs (direct cost of contracts and selling, general and administrative expenses) and the other components of net periodic pension expense are presented in miscellaneous income (expense), net on the Consolidated Statements of Earnings. The following table presents certain information regarding the Company’s cash contributions to our pension plans for fiscal 2024 (in thousands):
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PA Consulting Redeemable Noncontrolling Interests |
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PA Consulting Group Limited | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Business Acquisition [Line Items] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
PA Consulting Redeemable Noncontrolling Interests | PA Consulting Redeemable Noncontrolling Interests On March 2, 2021, Jacobs completed the strategic investment of a 65% interest in PA Consulting, a UK-based leading innovation and transformation consulting firm. PA Consulting is accounted for as a consolidated subsidiary and as a separate operating segment. In connection with the PA Consulting investment, the Company recorded redeemable noncontrolling interests, including subsequent purchase accounting adjustments, representing the noncontrolling interest holders' equity interests in the form of preferred and common shares of PA Consulting, with substantially all of the value associated with these interests allocable to the preferred shares. During the first half of 2024 and 2023, PA Consulting repurchased certain shares of the redeemable noncontrolling interest holders for cash amounts of $24.4 million and $58.4 million, respectively. The difference between the cash purchase prices and the recorded book values of these repurchased interests was recorded in the Company’s consolidated retained earnings. The Company held 70% and 69% of the outstanding ownership of PA Consulting as of March 29, 2024 and September 29, 2023, respectively. During the first half of 2024, the Company recognized approximately $1.8 million in redemption value adjustments associated with redeemable noncontrolling interests preference share repurchase and reissuance activities that were recorded as an increase in consolidated retained earnings and a $0.01 increase in earnings per share, the results of which had no impact on the Company’s overall results of operations, financial position or cash flows. See Note 6- Earnings Per Share and Certain Related Information for more information. Changes in the redeemable noncontrolling interests during the six months ended March 29, 2024 are as follows (in thousands):
In addition, certain employees and non-employees of PA Consulting are eligible to receive equity-based incentive grants in the future under the terms of the applicable agreements. During the first six months of fiscal 2024 and 2023, the Company recorded $6.8 million and $1.1 million, respectively, in expenses associated with these agreements which is reflected in selling, general and administrative expenses in the consolidated statements of earnings. The Company, through its investment in PA Consulting, held $1.0 million and $2.8 million at March 29, 2024 and September 29, 2023, respectively, in cash that is restricted from general use and is included in Prepaid expenses and other in the Company's Consolidated Balance Sheets.
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Restructuring and Other Charges |
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Restructuring and Related Activities [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Restructuring and Other Charges | Restructuring and Other Charges During fiscal 2023, the Company implemented restructuring and separation initiatives relating to the Separation Transaction which are expected to continue through fiscal 2025. Restructuring initiatives were also implemented during fiscal 2023 relating to our investment in PA Consulting, which are expected to continue through fiscal 2024, and the DVS segment reorganization, which is substantially completed. While restructuring activities for each of these programs are comprised mainly of employee termination costs, the separation activities and costs are primarily related to the engagement of outside services, dedicated internal personnel and other related costs dedicated to the Company’s Separation Transaction. During fiscal 2022, the Company implemented certain restructuring and integration initiatives relating to the acquisitions of (i) BlackLynx, Inc. (“BlackLynx”) in November 2021, and (ii) StreetLight Data, Inc. (“StreetLight”) in February 2022. Also, during fiscal 2022 and continuing into fiscal 2023, the Company implemented further real estate rescaling efforts that were associated with its fiscal 2020 transformation program relating to real estate and other staffing initiatives. These initiatives are substantially complete. During the fiscal year ended October 1, 2021, the Company recorded other-than-temporary impairment charges on its equity method investment in AWE Management Ltd (“AWE”) which were included in miscellaneous income (expense), net in the consolidated statement of earnings. During fiscal year 2022, the contractual operating arrangement with UK Ministry of Defence was terminated which has resulted in the wind down and full impairment of the AWE Joint Venture with immaterial activity expected going forward. During fiscal 2021, the Company implemented certain integration initiatives associated with our PA Consulting investment. The activities are substantially completed. During fiscal 2019 and continuing into fiscal 2020, the Company implemented certain restructuring and separation initiatives associated with the ECR sale and other related cost reduction initiatives. The restructuring activities and related costs were comprised mainly of separation and lease abandonment and sublease programs, while the separation activities and costs were mainly related to the engagement of consulting services and dedicated internal personnel and other related costs dedicated to the Company’s ECR-business separation. The activities of these initiatives have been substantially completed. As part of the Company's acquisition of CH2M Hill Companies, Ltd. ("CH2M") during fiscal 2018, the Company implemented certain restructuring plans that were comprised mainly of severance and lease abandonment programs as well as integration activities involving the engagement of professional services and internal personnel dedicated to the Company's integration management efforts. The activities of these initiatives have been substantially completed. Collectively, the above-mentioned restructuring activities are referred to as “Restructuring and other charges.” The following table summarizes the impacts of the Restructuring and other charges by reportable segment in connection with the Separation Transaction, PA Consulting investment, DVS segment reorganization, StreetLight and BlackLynx acquisitions, the Company’s transformation initiatives relating to real estate and other staffing programs, the ECR sale, and CH2M acquisition for the three and six months ended March 29, 2024 and March 31, 2023 (in thousands):
(1)The three and six months ended March 29, 2024 included approximately $38.9 million and $79.1 million, respectively, in restructuring and other charges mainly relating to the Separation Transaction (primarily professional services and employee separation costs). The three and six months ended March 31, 2023, included approximately $11.0 million and $38.7 million, respectively, in charges associated mainly with real estate impairments and related charges, the majority of which related to People and Places Solutions. The activity in the Company’s accruals for Restructuring and other charges for the six months ended March 29, 2024 is as follows (in thousands):
(1) Excludes other net charges associated mainly with the real estate related impairments during the six months ended March 29, 2024. The following table summarizes the Restructuring and other charges by major type of costs for the three and six months ended March 29, 2024 and March 31, 2023 (in thousands):
(1) Amounts in the three and six months ended March 29, 2024 are comprised of outside services relating to the Separation Transaction. (2) Amounts in the three and six months ended March 29, 2024 are comprised of charges relating to the Separation Transaction. Cumulative amounts incurred to date under our various Restructuring and other activities described above by each major type of cost as of March 29, 2024 are as follows (in thousands):
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Commitments and Contingencies and Derivative Financial Instruments |
6 Months Ended |
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Mar. 29, 2024 | |
Commitments and Contingencies Disclosure [Abstract] | |
Commitments and Contingencies and Derivative Financial Instruments | Commitments and Contingencies and Derivative Financial Instruments Derivative Financial Instruments The Company is exposed to interest rate risk under its variable rate borrowings and additionally, due to the nature of the Company's international operations, we are at times exposed to foreign currency risk. As such, we sometimes enter into foreign exchange hedging contracts and interest rate hedging contracts in order to limit our exposure to fluctuating foreign currencies and interest rates. During fiscal 2022, the Company entered into two treasury lock agreements with a total notional value of $500 million to manage its interest rate exposure to the anticipated issuance of fixed rate debt before December 2023. On February 13, 2023, the Company settled these treasury lock agreements and issued the 5.90% Bonds in the aggregate principal amount of $500 million, which resulted in the receipt of cash and a gain of $37.4 million, before tax, which is being amortized to interest expense and recognized over the term of the 5.90% Bonds. See Note 12- Borrowings for further discussion relating to the terms of the 5.90% Bonds. The unrealized net gain on these instruments was $25.1 million and $26.5 million, net of tax, and is included in accumulated other comprehensive income as of March 29, 2024 and September 29, 2023, respectively. In fiscal 2020 we entered into interest rate swap agreements with a notional value of $745.9 million as of March 29, 2024 to manage the interest rate exposure on our variable rate loans. By entering into the swap agreements, the Company converted the LIBOR and SONIA rate based liabilities into fixed rate liabilities, for periods ranging from to ten years. The fair value of the interest rate swaps at March 29, 2024 was $79.1 million of which $66.2 million is included within miscellaneous other assets and $12.9 million is included within current assets on the consolidated balance sheet as of March 29, 2024. The fair value of interest rate swaps at September 29, 2023 was $102.6 million, which are included in miscellaneous other assets on the consolidated balance sheet as of September 29, 2023. The unrealized net gain on these interest rate swaps as of March 29, 2024 and September 29, 2023 was $59.6 million and $77.2 million, respectively, net of tax, and was included in accumulated other comprehensive income. Additionally, in fiscal 2020, we entered into a cross currency swap agreement with a notional value of $127.8 million to manage the interest rate and foreign currency exposure on our USD borrowings by a European subsidiary. By entering into the cross currency swap, the Company converted our LIBOR rate based borrowing in USD to a fixed rate Euro liability for three and a half years. During the fourth quarter of fiscal 2023, the Company paid down the borrowings hedged by the cross currency swap and settled the cross currency swap agreement. During fiscal 2023, the aggregate liability amounts denominated in U.S. dollars transitioned from underlying LIBOR benchmarked rates to the SOFR and the terms of the swaps were amended accordingly. The swaps were designated as cash-flow hedges in accordance with ASC 815, Derivatives and Hedging. Additionally, the Company held foreign exchange forward contracts in currencies that support our operations, including British Pound, Euro, Australian Dollar and other currencies, with notional values of $946.1 million at March 29, 2024 and $857.7 million at September 29, 2023. The length of these contracts currently ranges from one week to 10 months. The fair value of the foreign exchange contracts at March 29, 2024 was $(4.3) million, of which $(4.9) million is included within current liabilities and $0.6 million is included within current assets on the consolidated balance sheet as of March 29, 2024. The fair value of the contracts as of September 29, 2023 was $9.5 million, of which $16.1 million is included within current assets and $(6.6) million is included within current liabilities on the consolidated balance sheet as of September 29, 2023. Associated income statement impacts are included in miscellaneous income (expense) in the consolidated statements of earnings for both periods. The fair value measurements of these derivatives are being made using Level 2 inputs under ASC 820, Fair Value Measurement, as the measurements are based on observable inputs other than quoted prices in active markets. We are exposed to risk from credit-related losses resulting from nonperformance by counterparties to our financial instruments. We perform credit evaluations of our counterparties under forward exchange and interest rate contracts and expect all counterparties to meet their obligations. We have not experienced credit losses from our counterparties. Contractual Guarantees and Insurance In the normal course of business, we make contractual commitments (some of which are supported by separate guarantees) and on occasion we are a party in a litigation or arbitration proceeding. The litigation or arbitration in which we are involved includes personal injury claims, professional liability claims and breach of contract claims. Where we provide a separate guarantee, it is strictly in support of the underlying contractual commitment. Guarantees take various forms including surety bonds required by law, or standby letters of credit ("LOC" and also referred to as “bank guarantees”) or corporate guarantees given to induce a party to enter into a contract with a subsidiary. Standby LOCs are also used as security for advance payments or in various other transactions. The guarantees have various expiration dates ranging from an arbitrary date to completion of our work (e.g., engineering only) to completion of the overall project. We record in the Consolidated Balance Sheets amounts representing our estimated liability relating to such guarantees, litigation and insurance claims. Guarantees are accounted for in accordance with ASC 460-10, Guarantees, at fair value at the inception of the guarantee. At March 29, 2024 and September 29, 2023, the Company had issued and outstanding approximately $289.7 million and $322.0 million, respectively, in LOCs and $2.2 billion and $2.0 billion, respectively, in surety bonds. We maintain insurance coverage for most insurable aspects of our business and operations. Our insurance programs have varying coverage limits depending upon the type of insurance and include certain conditions and exclusions which insurance companies may raise in response to any claim that is asserted by or against the Company. We have also elected to retain a portion of losses and liabilities that occur through using various deductibles, limits, and retentions under our insurance programs. As a result, we may be subject to a future liability for which we are only partially insured or completely uninsured. We intend to mitigate any such future liability by continuing to exercise prudent business judgment in negotiating the terms and conditions of the contracts which the Company enters with its clients. Our insurers are also subject to business risk and, as a result, one or more of them may be unable to fulfill their insurance obligations due to insolvency or otherwise. Additionally, as a contractor providing services to the U.S. federal government, we are subject to many types of audits, investigations, and claims by, or on behalf of, the government including with respect to contract performance, pricing, cost allocations, procurement practices, labor practices, and socioeconomic obligations. Furthermore, our income, franchise, and similar tax returns and filings are also subject to audit and investigation by the Internal Revenue Service, most states within the United States, as well as by various government agencies representing jurisdictions outside the United States. Our Consolidated Balance Sheets include amounts representing our probable estimated liability relating to such claims, guarantees, litigation, audits, and investigations. We perform an analysis to determine the level of reserves to establish for insurance-related claims that are known and have been asserted against us, as well as for insurance-related claims that are believed to have been incurred based on actuarial analysis but have not yet been reported to our claims administrators as of the respective balance sheet dates. We include any adjustments to such insurance reserves in our consolidated results of operations. Insurance recoveries are recorded as assets if recovery is probable and estimated liabilities are not reduced by expected insurance recoveries. The Company believes, after consultation with counsel, that such guarantees, litigation, U.S. government contract-related audits, investigations and claims, and income tax audits and investigations should not have a material adverse effect on our consolidated financial statements, beyond amounts currently accrued. Litigation and Investigations In 2012, CH2M HILL Australia PTY Limited, a subsidiary of CH2M, entered into a 50/50 integrated joint venture with Australian construction contractor UGL Infrastructure Pty Limited. The joint venture entered into a Consortium Agreement with General Electric and GE Electrical International Inc. The Consortium was awarded a subcontract by JKC Australia LNG Pty Limited ("JKC") for the engineering, procurement, construction and commissioning of a 360 MW Combined Cycle Power Plant for INPEX Operations Australia Pty Limited at Blaydin Point, Darwin, NT, Australia (the "Legacy CH2M Matter"). The subcontract was terminated in January 2017. In or around August 2017, the Consortium commenced an arbitration. On April 12, 2022, JKC and the Consortium entered into a confidential deed of settlement (“Settlement Agreement”). Under the terms of the Settlement Agreement, CH2M, as guarantor of CH2M Australia PTY Limited’s obligations with respect to the subcontract with JKC, made a cash payment to JKC in April 2022 of AUD 640 million (or approximately $475 million using mid-April 2022 exchange rates). As a result of the settlement agreement, additional pre-tax charges of $91.3 million were recorded during the year ended September 30, 2022 for this matter (over amounts previously reserved and reported in long-term Other Deferred Liabilities in the Company's Consolidated Balance Sheet). The Settlement Agreement provided for a release of claims between JKC and each member of the Consortium, and in connection with this agreement the members of the Consortium also waived all claims against each other and their respective parent guarantors relating to the project. On December 22, 2008, a coal fly ash pond at the Kingston Power Plant of the Tennessee Valley Authority ("TVA") was breached, releasing fly ash waste into the Emory River and surrounding community. In February 2009, TVA awarded a contract to the Company to provide project management services associated with the clean-up. All remediation and dredging were completed in August 2013 by other contractors under direct contracts with TVA. The Company did not perform the remediation, and its scope was limited to program management services. Certain employees of the contractors performing the cleanup work on the project filed lawsuits against the Company beginning in August 2013, alleging they were injured due to the Company's failure to protect the plaintiffs from exposure to fly ash, and asserting related personal injuries. The primary case, Greg Adkisson, et al. v. Jacobs Engineering Group Inc., case No. 3:13-CV-505-TAV-HBG, filed in the U.S. District Court for the Eastern District of Tennessee, consisted of 10 consolidated cases. This case and the related cases involved several hundred plaintiffs that were employees of the contractors that completed the remediation and dredging work. In the second quarter of fiscal 2023, the Company entered into a settlement agreement with the plaintiffs whose cases had not been previously dismissed. As of the third quarter of fiscal 2023, all conditions to the settlement had been satisfied, and the cases dismissed. The amount of the settlement was not material to the Company's business, financial condition, results of operations or cash flows. During the fourth quarter of fiscal 2022, the Company recorded a receivable for certain expected third-party recoveries equal to approximately $27 million before tax, which was collected during first half of fiscal 2023.
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Segment Information |
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Segment Reporting [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Segment Information | Segment Information The Company's four operating segments are comprised of its two global lines of business ("LOBs"): Critical Mission Solutions ("CMS") and People & Places Solutions ("P&PS"), its business unit Divergent Solutions ("DVS") and its majority investment in PA Consulting. The Company’s Chief Executive Officer is the Chief Operating Decision Maker (“CODM”) and can evaluate the performance of each of these segments and make appropriate resource allocations among each of the segments. Under this organization, the sales function is managed by segment, and accordingly, the associated cost is embedded in the segments and reported to the respective head of each segment. In addition, a portion of the costs of other support functions (e.g., finance, legal, human resources, and information technology) is allocated to each segment using methodologies which, we believe, effectively attribute the cost of these support functions to the revenue generating activities of the Company on a rational basis. The cost of the Company’s cash incentive plan, the Leadership Performance Plan ("LPP"), formerly named the Management Incentive Plan, and the expense associated with the Jacobs 1999 Stock Incentive Plan, which was amended and restated in the second quarter of 2023 and is now referred to as the Jacobs 2023 Stock Incentive Plan (the "2023 SIP") have likewise been charged to the segments except for those amounts determined to relate to the business as a whole (which amounts remain in other corporate expenses). Financial information for each segment is reviewed by the CODM to assess performance and make decisions regarding the allocation of resources. The CODM evaluates the operating performance of our operating segments using segment operating profit, which is defined as margin less “corporate charges” (e.g., the allocated amounts described above). The Company incurs certain Selling, General and Administrative costs (“SG&A”) that relate to its business as a whole which are not allocated to the segments. The following tables present total revenues and segment operating profit from continuing operations for each reportable segment (in thousands) and includes a reconciliation of segment operating profit to total U.S. GAAP operating profit by including certain corporate-level expenses, Restructuring and other charges (as defined in Note 16- Restructuring and Other Charges) and transaction and integration costs (in thousands).
(1)Included in other corporate expenses in the above table are costs and expenses, which relate to general corporate activities as well as corporate-managed benefit and insurance programs. Such costs and expenses include: (i) those elements of SG&A expenses relating to the business as a whole; (ii) those elements of our incentive compensation plans relating to corporate personnel whose other compensation costs are not allocated to the LOBs; (iii) the amortization of intangible assets acquired as part of business combinations; (iv) the quarterly variances between the Company’s actual costs of certain of its self-insured integrated risk and employee benefit programs and amounts charged to the LOBs; and (v) certain adjustments relating to costs associated with the Company’s international defined benefit pension plans. In addition, other corporate expenses may also include from time to time certain adjustments to contract margins (both positive and negative) associated with projects, as well as other items, where it has been determined that such adjustments are not indicative of the performance of the related LOB. See also the further description of results of operations for our operating segments in Item 2- Management’s Discussion and Analysis of Financial Condition and Results of Operations.
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Pay vs Performance Disclosure - USD ($) $ in Thousands |
3 Months Ended | 6 Months Ended | ||
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Mar. 29, 2024 |
Mar. 31, 2023 |
Mar. 29, 2024 |
Mar. 31, 2023 |
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Pay vs Performance Disclosure | ||||
Net Income (Loss) | $ 162,112 | $ 216,512 | $ 333,722 | $ 352,160 |
Insider Trading Arrangements |
3 Months Ended |
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Mar. 29, 2024 | |
Trading Arrangements, by Individual | |
Rule 10b5-1 Arrangement Adopted | false |
Non-Rule 10b5-1 Arrangement Adopted | false |
Rule 10b5-1 Arrangement Terminated | false |
Non-Rule 10b5-1 Arrangement Terminated | false |
Use of Estimates and Assumptions (Policies) |
6 Months Ended |
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Mar. 29, 2024 | |
Organization, Consolidation and Presentation of Financial Statements [Abstract] | |
Use of Estimates and Assumptions | Please refer to Note 2- Significant Accounting Policies of Notes to Consolidated Financial Statements included in our 2023 Form 10-K for a discussion of other significant estimates and assumptions affecting our consolidated financial statements. |
Fair Value and Fair Value Measurements | Certain amounts included in the accompanying consolidated financial statements are presented at fair value. Fair value is defined as the price that would be received from selling an asset or paid to transfer a liability in an orderly transaction between market participants as of the date fair value is determined (the “measurement date”). When determining fair value, we consider the principal or most advantageous market in which we would transact, and we consider only those assumptions we believe a typical market participant would consider when pricing an asset or liability. In measuring fair value, we use the following inputs in the order of priority indicated: Level 1 - Quoted prices in active markets for identical assets or liabilities. Level 2 - Observable inputs other than quoted prices in active markets included in Level 1, such as (i) quoted prices for similar assets or liabilities; (ii) quoted prices in markets that have insufficient volume or infrequent transactions (e.g., less active markets); and (iii) model-driven valuations in which all significant inputs are observable or can be derived principally from, or corroborated with, observable market data for substantially the full term of the asset or liability. Level 3 - Unobservable inputs to the valuation methodology that are significant to the fair value measurement. Please refer to Note 2- Significant Accounting Policies of Notes to Consolidated Financial Statements included in our 2023 Form 10-K for a more complete discussion of the various items within the consolidated financial statements measured at fair value and the methods used to determine fair value. Please also refer to Note 17- Commitments and Contingencies and Derivative Financial Instruments for discussion regarding the Company's derivative instruments. The net carrying amounts of cash and cash equivalents, trade receivables and payables and short-term debt approximate fair value due to the short-term nature of these instruments. See Note 12- Borrowings for a discussion of the fair value of long-term debt. Fair value measurements relating to our business combinations and goodwill allocations related to our Divergent Solutions ("DVS") segment realignment were made primarily using Level 3 inputs including discounted cash flow techniques. Fair value for the identified intangible assets is generally estimated using inputs primarily for the income approach using the multiple period excess earnings method and the relief from royalties method. The significant assumptions used in estimating fair value include (i) revenue projections of the business, including profitability, (ii) attrition rates and (iii) the estimated discount rate that reflects the level of risk associated with receiving future cash flows. Other personal property assets, such as furniture, fixtures and equipment, are valued using the cost approach, which is based on replacement or reproduction costs of the asset less depreciation. The fair value of the contingent consideration is estimated using a Monte Carlo simulation and the significant assumptions used include projections of revenues and probabilities of meeting those projections. Key inputs to the valuation of the noncontrolling interests include projected cash flows and the expected volatility associated with those cash flows.
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New Accounting Pronouncements | New Accounting Pronouncements ASU 2023-09, Income Taxes, (Topic 740): Improvements to Income Tax Disclosures, provides qualitative and quantitative updates to the Company's effective income tax rate reconciliation and income taxes paid disclosures, among others, in order to enhance the transparency of income tax disclosures, including consistent categories and greater disaggregation of information in the rate reconciliation and disaggregation by jurisdiction of income taxes paid. The amendments in ASU 2023-09 are effective for fiscal years beginning after December 15, 2024, with early adoption permitted. The amendments should be applied prospectively; however, retrospective application is also permitted. ASU 2023-09 will be effective for the Company in the first quarter of fiscal 2026. The Company has identified and is implementing changes to processes and internal controls to meet the standard’s updated reporting and disclosure requirements. ASU 2023-07, Segment Reporting, (Topic 280): Improvements to Reportable Segment Disclosures, requires disclosure of significant segment expenses that are regularly provided to the chief operating decision maker (“CODM”) and included within each reported measure of segment profit or loss, an amount and description of its composition for other segment items to reconcile to segment profit or loss, and the title and position of the entity’s CODM. The amendments in this update also expand the interim segment disclosure requirements. ASU 2023-07 is effective for annual periods beginning after December 15, 2023 and interim periods within fiscal years beginning after December 15, 2024. Early adoption is permitted and the amendments in this update are required to be applied on a retrospective basis. ASU 2023-07 will be effective for the Company's annual fiscal 2025 period. The Company is evaluating the impact of this guidance on its consolidated financial statements and related disclosures. ASU 2023-06, Disclosure Improvements: Amendments - Codification Amendments in Response to the Disclosure Update and Simplification Initiative of the Securities and Exchange Commission ("SEC"). The Financial Accounting Standards Board issued the standard to introduce changes to US GAAP that originate in either SEC Regulation S-X or S-K, which are rules about the form and content of financial reports filed with the SEC. The provisions of the standard are contingent upon instances where the SEC removes the related disclosure provisions from Regulation S-X and S-K. The Company does not expect that the application of this standard will have a material impact on our consolidated financial statements and related disclosures.
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Revenue Accounting for Contracts (Tables) |
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Mar. 29, 2024 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Revenue from Contract with Customer [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Schedule of Disaggregation of Revenue | The following table further disaggregates our revenue by geographic area for the three and six months ended March 29, 2024 and March 31, 2023 (in thousands):
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Earnings Per Share and Certain Related Information (Tables) |
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Mar. 29, 2024 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Earnings Per Share Reconciliation [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Schedule of Earnings Per Share | The following table reconciles the denominator used to compute basic EPS to the denominator used to compute diluted EPS for the three and six months ended March 29, 2024 and March 31, 2023 (in thousands):
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Schedule of Share Repurchases | The following table summarizes repurchase activity under the 2023 Repurchase Authorization through the second fiscal quarter of 2024:
(1)Includes commissions paid and excise tax due under the Inflation Reduction Act of 2022 and calculated at the average price per share.
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Schedule of Dividends Declared | Dividends paid through the second fiscal quarter of 2024 and the preceding fiscal year are as follows:
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Goodwill and Intangibles (Tables) |
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Mar. 29, 2024 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Goodwill and Intangible Assets Disclosure [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Schedule of Carrying Value of Goodwill by Reportable Segment Appearing in Accompanying Consolidated Balance Sheets | The carrying value of goodwill appearing in the accompanying Consolidated Balance Sheets at March 29, 2024 and September 29, 2023 was as follows (in thousands):
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Schedule of Acquired Intangibles in Accompanying Consolidated Balance Sheets | The following table provides certain information related to the Company’s acquired intangibles in the accompanying Consolidated Balance Sheets at March 29, 2024 and September 29, 2023 (in thousands):
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Schedule of Estimated Amortization Expense of Intangible Assets | The following table presents estimated amortization expense of intangible assets for the remainder of fiscal 2024 and for the succeeding years.
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Receivables and Contract Assets (Tables) |
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Accounts, Notes, Loans and Financing Receivable, Gross, Allowance, and Net [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Schedule of Receivables | The following table presents the components of receivables and contract assets appearing in the accompanying Consolidated Balance Sheets at March 29, 2024 and September 29, 2023, as well as certain other related information (in thousands):
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Accumulated Other Comprehensive Income (Tables) |
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Mar. 29, 2024 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Equity [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Schedule of Reclassification out of Accumulated Other Comprehensive Income | The following table presents the Company's roll forward of accumulated other comprehensive income (loss) after-tax as of March 29, 2024 (in thousands):
(1) Included in the overall foreign currency translation adjustment for the six months ended March 29, 2024 and March 31, 2023 are $(21.2) million and $(87.2) million, respectively, in unrealized gains (losses) on long-term foreign currency denominated intercompany loans not anticipated to be settled in the foreseeable future. (2) Included in the Company’s cumulative net unrealized gains from interest rate and cross currency swaps recorded in accumulated other comprehensive income as of March 29, 2024 were approximately $20.2 million in unrealized gains, net of taxes, which are expected to be realized in earnings during the twelve months subsequent to March 29, 2024.
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Borrowings (Tables) |
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Debt Disclosure [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Schedule of Long-term Debt | At March 29, 2024 and September 29, 2023, long-term debt consisted of the following (principal amounts in thousands):
(1)During the year ended September 29, 2023, the aggregate principal amounts denominated in U.S. dollars under the Revolving Credit Facility, the 2021 Term Loan Facility and the 2020 Term Loan Facility (each as defined below) transitioned from underlying LIBOR benchmarked rates to the Term Secured Overnight Financing Rate ("SOFR"). During fiscal 2022, the aggregate principal amounts denominated in British pounds under the Revolving Credit Facility, 2021 Term Loan Facility and 2020 Term Loan Facility transitioned from underlying LIBOR benchmarked rates to Sterling Overnight Index Average ("SONIA") rates. (2)Depending on the Company’s Consolidated Leverage Ratio or Debt Rating (each as defined in the Revolving Credit Facility (defined below)), U.S. dollar denominated borrowings under the Revolving Credit Facility bear interest at either a SOFR rate plus a margin of between 0.975% and 1.725% or a base rate plus a margin of between 0% and 0.625%. The applicable SOFR rates, or LIBOR rate for the prior fiscal year end, including applicable margins at March 29, 2024 and September 29, 2023 were approximately 6.68% and 8.75%. Borrowings denominated in British pounds bear interest at an adjusted SONIA rate plus a margin of between 0.908% and 1.658%. There were no amounts drawn in British pounds as of March 29, 2024. (3)Depending on the Company’s Consolidated Leverage Ratio or Debt Rating (each as defined in the Amended and Restated Term Loan Agreement (defined below)), U.S. dollar denominated borrowings under the 2021 Term Loan Facility bear interest at either a SOFR rate plus a margin of between 0.975% and 1.725% or a base rate plus a margin of between 0% and 0.625%. The applicable SOFR, or LIBOR rate for the prior fiscal year end, including applicable margins for borrowings denominated in U.S. dollars at March 29, 2024 and September 29, 2023 was approximately 6.67% and 6.68%. Borrowings denominated in British pounds bear interest at an adjusted SONIA rate plus a margin of between 0.908% and 1.658%, which was approximately 6.47% and 6.47% at March 29, 2024 and September 29, 2023, respectively. (4)Depending on the Company’s Consolidated Leverage Ratio or Debt Rating (each as defined in the 2020 Term Loan Agreement), U.S. dollar denominated borrowings under the 2020 Term Loan Facility bear interest at either a SOFR rate plus a margin of between 0.975% and 1.725% or a base rate plus a margin of between 0% and 0.625%. The applicable SOFR, or LIBOR rate for the prior fiscal year end, including applicable margins for borrowings denominated in U.S. dollars at March 29, 2024 and September 29, 2023 were approximately 6.68% and 6.68%. Borrowings denominated in British pounds bear interest at an adjusted SONIA rate plus a margin of between 0.908% and 1.658%, which was approximately 6.47% and 6.47% at March 29, 2024 and September 29, 2023, respectively. (5)From and including September 1, 2028 (the “First Step Up Date”), the interest rate payable on the 5.90% Bonds (as defined below) will be increased by an additional 12.5 basis points to 6.025% per annum (the “First Step Up Interest Rate”) unless the Company notifies the Trustee (as defined below) on or before the date that is 15 days prior to the First Step Up Date that the Percentage of Gender Diversity Performance Target (as defined in the First Supplemental Indenture (as defined below)) has been satisfied and receives a related assurance letter verifying such compliance. From and including September 1, 2030 (the “Second Step Up Date”), the interest rate payable on the 5.90% Bonds will be increased by 12.5 basis points to (x) 6.150% per annum if the First Step Up Interest Rate was in effect immediately prior to the Second Step Up Date or (y) 6.025% per annum if the initial interest rate was in effect immediately prior to the Second Step Up Date, unless the Company notifies the Trustee on or before the date that is 15 days prior to the Second Step Up Date that the GHG Emissions Performance Target (as defined in the First Supplemental Indenture) has been satisfied and receives a related assurance letter verifying such compliance. (6)Balance as of March 29, 2024 is associated with the March 25, 2025 scheduled maturity of the 2020 Term Loan Facility, which was reclassified from long-term debt in March 2024. Previously reported balance as of September 29, 2023 was comprised of the 2020 Term Loan quarterly principal repayments of 1.25%, or $9.1 million and £3.1 million, of the aggregate initial principal amount borrowed, totaling $51.8 million in U.S. dollars for the subsequent twelve months.
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Leases (Tables) |
6 Months Ended | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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Mar. 29, 2024 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Leases [Abstract] | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Schedule of Lease Cost | The components of lease expense (reflected in selling, general and administrative expenses) for the three and six months ended March 29, 2024 and March 31, 2023 were as follows (in thousands):
Supplemental information related to the Company's leases for the six months ended March 29, 2024 and March 31, 2023 was as follows (in thousands):
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Schedule of Operating Lease Maturity | Total remaining lease payments under the Company's leases for the remainder of fiscal 2024 and for the succeeding years is as follows (in thousands):
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Pension and Other Postretirement Benefit Plans (Tables) |
6 Months Ended | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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Mar. 29, 2024 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Retirement Benefits [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Schedule of Pension Plans' Net Benefit Obligation | The following table presents the components of net periodic pension benefit expense recognized in earnings during the three and six months ended March 29, 2024 and March 31, 2023 (in thousands):
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Schedule of Certain Information Regarding Cash Contributions | The following table presents certain information regarding the Company’s cash contributions to our pension plans for fiscal 2024 (in thousands):
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PA Consulting Redeemable Noncontrolling Interests (Tables) |
6 Months Ended | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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Mar. 29, 2024 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
PA Consulting Group Limited | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Business Acquisition [Line Items] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Schedule of Redeemable Noncontrolling Interest | Changes in the redeemable noncontrolling interests during the six months ended March 29, 2024 are as follows (in thousands):
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Restructuring and Other Charges (Tables) |
6 Months Ended | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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Mar. 29, 2024 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Restructuring and Related Activities [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Schedule of Restructuring and Other Charges Impacts on Reportable Segment Income by Line of Business | The following table summarizes the impacts of the Restructuring and other charges by reportable segment in connection with the Separation Transaction, PA Consulting investment, DVS segment reorganization, StreetLight and BlackLynx acquisitions, the Company’s transformation initiatives relating to real estate and other staffing programs, the ECR sale, and CH2M acquisition for the three and six months ended March 29, 2024 and March 31, 2023 (in thousands):
(1)The three and six months ended March 29, 2024 included approximately $38.9 million and $79.1 million, respectively, in restructuring and other charges mainly relating to the Separation Transaction (primarily professional services and employee separation costs). The three and six months ended March 31, 2023, included approximately $11.0 million and $38.7 million, respectively, in charges associated mainly with real estate impairments and related charges, the majority of which related to People and Places Solutions.
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Schedule of Restructuring and Other Activities | The activity in the Company’s accruals for Restructuring and other charges for the six months ended March 29, 2024 is as follows (in thousands):
(1) Excludes other net charges associated mainly with the real estate related impairments during the six months ended March 29, 2024.
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Schedule of Restructuring and Other Activities by Major Type of Costs | The following table summarizes the Restructuring and other charges by major type of costs for the three and six months ended March 29, 2024 and March 31, 2023 (in thousands):
(1) Amounts in the three and six months ended March 29, 2024 are comprised of outside services relating to the Separation Transaction. (2) Amounts in the three and six months ended March 29, 2024 are comprised of charges relating to the Separation Transaction.
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Schedule of Cumulative Amounts Incurred for Restructuring and Other Activities Costs | Cumulative amounts incurred to date under our various Restructuring and other activities described above by each major type of cost as of March 29, 2024 are as follows (in thousands):
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Segment Information (Tables) |
6 Months Ended | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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Mar. 29, 2024 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Segment Reporting [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Schedule of Total Revenues, Segment Operating Profit and Total Asset for Reporting Segment | The following tables present total revenues and segment operating profit from continuing operations for each reportable segment (in thousands) and includes a reconciliation of segment operating profit to total U.S. GAAP operating profit by including certain corporate-level expenses, Restructuring and other charges (as defined in Note 16- Restructuring and Other Charges) and transaction and integration costs (in thousands).
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Basis of Presentation (Details) - USD ($) shares in Millions |
Apr. 26, 2019 |
Mar. 29, 2024 |
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Worley Stock | ||
Business Acquisition [Line Items] | ||
Ordinary shares included in purchase price (in shares) | 58.2 | |
Worley | ||
Business Acquisition [Line Items] | ||
Consideration transferred | $ 3,400,000,000 | |
Consideration paid in cash | $ 2,800,000,000 | |
Worley | Discontinued Operations | ||
Business Acquisition [Line Items] | ||
Assets held for sale | $ 0 |
Revenue Accounting for Contracts - Schedule of Disaggregation of Revenue (Details) - USD ($) $ in Thousands |
3 Months Ended | 6 Months Ended | ||
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Mar. 29, 2024 |
Mar. 31, 2023 |
Mar. 29, 2024 |
Mar. 31, 2023 |
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Disaggregation of Revenue [Line Items] | ||||
Revenues | $ 4,269,093 | $ 4,078,332 | $ 8,428,318 | $ 7,877,001 |
United States | ||||
Disaggregation of Revenue [Line Items] | ||||
Revenues | 2,878,888 | 2,694,735 | 5,676,979 | 5,231,013 |
Europe | ||||
Disaggregation of Revenue [Line Items] | ||||
Revenues | 957,651 | 931,093 | 1,882,798 | 1,785,666 |
Canada | ||||
Disaggregation of Revenue [Line Items] | ||||
Revenues | 61,654 | 61,887 | 125,030 | 123,716 |
Asia | ||||
Disaggregation of Revenue [Line Items] | ||||
Revenues | 34,673 | 35,641 | 65,613 | 70,463 |
India | ||||
Disaggregation of Revenue [Line Items] | ||||
Revenues | 37,274 | 46,829 | 73,017 | 87,173 |
Australia and New Zealand | ||||
Disaggregation of Revenue [Line Items] | ||||
Revenues | 164,351 | 170,069 | 338,135 | 331,109 |
Middle East and Africa | ||||
Disaggregation of Revenue [Line Items] | ||||
Revenues | $ 134,602 | $ 138,078 | $ 266,746 | $ 247,861 |
Revenue Accounting for Contracts - Contract Liabilities (Details) - USD ($) $ in Millions |
3 Months Ended | 6 Months Ended | ||
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Mar. 29, 2024 |
Mar. 31, 2023 |
Mar. 29, 2024 |
Mar. 31, 2023 |
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Revenue from Contract with Customer [Abstract] | ||||
Revenue recognized included in contract liability | $ 105.2 | $ 82.7 | $ 474.9 | $ 413.0 |
Earnings Per Share and Certain Related Information - Narrative (Details) - USD ($) |
May 02, 2024 |
Jan. 25, 2024 |
Sep. 28, 2023 |
Jul. 06, 2023 |
Apr. 27, 2023 |
Jan. 25, 2023 |
Sep. 15, 2022 |
Mar. 29, 2024 |
Jan. 16, 2020 |
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Class of Stock [Line Items] | |||||||||
Dividend declared (in dollars per share) | $ 0.29 | $ 0.26 | $ 0.26 | $ 0.26 | $ 0.26 | $ 0.23 | |||
Subsequent Event | |||||||||
Class of Stock [Line Items] | |||||||||
Dividend declared (in dollars per share) | $ 0.29 | ||||||||
2020 Stock Repurchase Program | |||||||||
Class of Stock [Line Items] | |||||||||
Amount authorized to be repurchased | $ 1,000,000,000 | ||||||||
2023 Stock Repurchase Program | |||||||||
Class of Stock [Line Items] | |||||||||
Amount authorized to be repurchased | $ 1,000,000,000 | $ 1,000,000,000 | |||||||
Remaining authorized repurchase amount | $ 679,400,000 |
Earnings Per Share and Certain Related Information - Schedule of Share Repurchases (Details) - 2023 Stock Repurchase Program - USD ($) |
3 Months Ended | |
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Mar. 29, 2024 |
Jan. 25, 2023 |
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Class of Stock [Line Items] | ||
Amount authorized to be repurchased | $ 1,000,000,000 | $ 1,000,000,000 |
Average Price Per Share (in dollars per share) | $ 136.86 | |
Total Shares Retired (in shares) | 1,428,180 | |
Shares Repurchased (in shares) | 1,428,180 |
Earnings Per Share and Certain Related Information - Schedule of Dividends (Details) - $ / shares |
Mar. 22, 2024 |
Jan. 25, 2024 |
Nov. 09, 2023 |
Sep. 28, 2023 |
Aug. 25, 2023 |
Jul. 06, 2023 |
Jun. 23, 2023 |
Apr. 27, 2023 |
Mar. 24, 2023 |
Jan. 25, 2023 |
Oct. 28, 2022 |
Sep. 15, 2022 |
---|---|---|---|---|---|---|---|---|---|---|---|---|
Earnings Per Share Reconciliation [Abstract] | ||||||||||||
Dividend declared (in dollars per share) | $ 0.29 | $ 0.26 | $ 0.26 | $ 0.26 | $ 0.26 | $ 0.23 | ||||||
Dividends paid (in dollars per share) | $ 0.29 | $ 0.26 | $ 0.26 | $ 0.26 | $ 0.26 | $ 0.23 |
Goodwill and Intangibles - Schedule of Acquired Intangibles in Accompanying Consolidated Balance Sheets (Details) $ in Thousands |
6 Months Ended |
---|---|
Mar. 29, 2024
USD ($)
| |
Finite-lived Intangible Assets [Roll Forward] | |
Beginning balance | $ 1,271,943 |
Amortization | (103,763) |
Acquired | 14,000 |
Foreign currency translation and other | 27,060 |
Ending balance | 1,209,240 |
Customer Relationships, Contracts and Backlog | |
Finite-lived Intangible Assets [Roll Forward] | |
Beginning balance | 1,022,401 |
Amortization | (89,669) |
Acquired | 0 |
Foreign currency translation and other | 20,544 |
Ending balance | 953,276 |
Developed Technology | |
Finite-lived Intangible Assets [Roll Forward] | |
Beginning balance | 74,791 |
Amortization | (7,946) |
Acquired | 0 |
Foreign currency translation and other | 203 |
Ending balance | 67,048 |
Trade Names | |
Finite-lived Intangible Assets [Roll Forward] | |
Beginning balance | 174,751 |
Amortization | (6,148) |
Acquired | 14,000 |
Foreign currency translation and other | 6,313 |
Ending balance | $ 188,916 |
Goodwill and Intangibles - Schedule of Estimated Amortization Expense of Intangible Assets (Details) - USD ($) $ in Thousands |
Mar. 29, 2024 |
Sep. 29, 2023 |
---|---|---|
Goodwill and Intangible Assets Disclosure [Abstract] | ||
2024 | $ 105,100 | |
2025 | 209,800 | |
2026 | 187,000 | |
2027 | 154,600 | |
2028 | 143,700 | |
Thereafter | 409,000 | |
Total | $ 1,209,240 | $ 1,271,943 |
Receivables and Contract Assets (Details) - USD ($) $ in Thousands |
Mar. 29, 2024 |
Sep. 29, 2023 |
---|---|---|
Components of receivables and contract assets: | ||
Amounts billed, net | $ 1,517,480 | $ 1,457,333 |
Unbilled receivables and other | 1,577,510 | 1,442,486 |
Contract assets | 677,494 | 658,987 |
Total receivables and contract assets, net | 3,772,484 | 3,558,806 |
Related Party | ||
Other information about receivables: | ||
Amounts due from the United States federal government, included above, net of contract liabilities | $ 799,371 | $ 802,566 |
Income Taxes (Details) - USD ($) $ in Millions |
3 Months Ended | 6 Months Ended | ||
---|---|---|---|---|
Mar. 29, 2024 |
Mar. 31, 2023 |
Mar. 29, 2024 |
Mar. 31, 2023 |
|
Income Tax Contingency [Line Items] | ||||
Effective income tax rate | 27.90% | 7.60% | 12.60% | 15.40% |
U.S state income tax expense | $ 4.0 | $ 5.9 | $ 7.3 | $ 10.5 |
U.S tax on foreign earnings | $ 5.5 | 4.6 | 8.6 | 8.2 |
Deferred income tax benefit, change in indefinite reinvestment assertion in foreign subsidiary | 40.2 | $ 61.6 | ||
Foreign tax credits | 8.6 | 8.6 | ||
Settled tax benefit related to uncertain tax positions | $ 39.0 | |||
Domestic Tax Authority | ||||
Income Tax Contingency [Line Items] | ||||
Reductions for tax positions of prior years | $ 30.8 |
Joint Ventures, VIEs and Other Investments (Details) - USD ($) $ in Thousands |
3 Months Ended | 6 Months Ended | |||
---|---|---|---|---|---|
Mar. 29, 2024 |
Mar. 31, 2023 |
Mar. 29, 2024 |
Mar. 31, 2023 |
Sep. 29, 2023 |
|
Variable Interest Entity [Line Items] | |||||
Consolidated assets | $ 14,897,577 | $ 14,897,577 | $ 14,617,109 | ||
Income from equity method investments | 6,983 | $ 2,931 | |||
Variable Interest Entity, Primary Beneficiary | |||||
Variable Interest Entity [Line Items] | |||||
Consolidated assets | 391,800 | 391,800 | 424,200 | ||
Consolidated liabilities | 244,300 | 244,300 | 279,800 | ||
VIE, not primary beneficiary | |||||
Variable Interest Entity [Line Items] | |||||
Consolidated assets | 128,900 | 128,900 | 132,000 | ||
Consolidated liabilities | 126,000 | 126,000 | 128,900 | ||
Equity method investments | 54,400 | 54,400 | 49,600 | ||
Income from equity method investments | 15,200 | $ 7,500 | 25,500 | $ 17,500 | |
Accounts receivable from unconsolidated joint ventures accounted for under the equity method | $ 14,400 | $ 14,400 | $ 16,100 |
Leases - Schedule of Lease Cost (Details) - USD ($) $ in Thousands |
3 Months Ended | 6 Months Ended | ||
---|---|---|---|---|
Mar. 29, 2024 |
Mar. 31, 2023 |
Mar. 29, 2024 |
Mar. 31, 2023 |
|
Leases [Abstract] | ||||
Operating lease expense | $ 33,992 | $ 35,539 | $ 68,192 | $ 70,821 |
Variable lease expense | 9,799 | 9,416 | 19,136 | 18,762 |
Sublease income | (4,757) | (4,414) | (9,468) | (8,820) |
Total lease expense | $ 39,034 | $ 40,541 | $ 77,860 | $ 80,763 |
Leases - Schedule of Supplemental Cash Flow (Details) - USD ($) $ in Thousands |
6 Months Ended | |
---|---|---|
Mar. 29, 2024 |
Mar. 31, 2023 |
|
Leases [Abstract] | ||
Cash paid for amounts included in the measurements of lease liabilities | $ 91,565 | $ 92,142 |
Right-of-use assets obtained in exchange for new operating lease liabilities | $ 23,742 | $ 42,150 |
Weighted average remaining lease term - operating leases | 5 years 8 months 12 days | 6 years 1 month 6 days |
Weighted average discount rate - operating leases | 3.40% | 3.00% |
Leases - Schedule of Operating Lease Maturity (Details) $ in Thousands |
Mar. 29, 2024
USD ($)
|
---|---|
Leases [Abstract] | |
2024 | $ 89,020 |
2025 | 149,091 |
2026 | 125,476 |
2027 | 102,627 |
2028 | 84,734 |
Thereafter | 166,659 |
Remaining lease payments under operating leases | 717,607 |
Less Interest | (66,212) |
Operating lease liabilities | $ 651,395 |
Leases - Narrative (Details) - USD ($) $ in Thousands |
3 Months Ended | 6 Months Ended | |
---|---|---|---|
Mar. 31, 2023 |
Mar. 29, 2024 |
Mar. 31, 2023 |
|
Lessee, Lease, Description [Line Items] | |||
Recognized impairment charges | $ 10,100 | $ 37,200 | |
Impairment of long-lived assets | $ 0 | 37,217 | |
Right-of-Use Lease Asset | |||
Lessee, Lease, Description [Line Items] | |||
Impairment of long-lived assets | 32,400 | ||
Other Long-Lived Assets | |||
Lessee, Lease, Description [Line Items] | |||
Impairment of long-lived assets | $ 4,800 |
Pension and Other Postretirement Benefit Plans - Schedule of Pension Plans' Expense (Details) - USD ($) $ in Thousands |
3 Months Ended | 6 Months Ended | ||
---|---|---|---|---|
Mar. 29, 2024 |
Mar. 31, 2023 |
Mar. 29, 2024 |
Mar. 31, 2023 |
|
Component: | ||||
Service cost | $ 2,261 | $ 1,748 | $ 4,522 | $ 3,496 |
Interest cost | 21,560 | 20,233 | 43,120 | 40,466 |
Expected return on plan assets | (23,726) | (21,091) | (47,452) | (42,182) |
Amortization of previously unrecognized items | 1,949 | 1,304 | 3,898 | 2,608 |
Total net periodic pension benefit expense recognized | $ 2,044 | $ 2,194 | $ 4,088 | $ 4,388 |
Pension and Other Postretirement Benefit Plans - Schedule of Certain Information Regarding Cash Contributions (Details) $ in Thousands |
6 Months Ended |
---|---|
Mar. 29, 2024
USD ($)
| |
Retirement Benefits [Abstract] | |
Cash contributions made during the first six months of fiscal 2024 | $ 10,076 |
Cash contributions projected for the remainder of fiscal 2024 | 9,205 |
Total | $ 19,281 |
PA Consulting Redeemable Noncontrolling Interests - Narrative (Details) - USD ($) $ / shares in Units, $ in Thousands |
3 Months Ended | 6 Months Ended | ||||
---|---|---|---|---|---|---|
Mar. 29, 2024 |
Mar. 31, 2023 |
Mar. 29, 2024 |
Mar. 31, 2023 |
Sep. 29, 2023 |
Mar. 02, 2021 |
|
Business Acquisition [Line Items] | ||||||
Repurchase of redeemable noncontrolling interests | $ 24,360 | $ 58,353 | ||||
Preferred redeemable noncontrolling interests redemption value adjustment | $ 0 | $ 0 | $ 1,766 | 0 | ||
Preference share effect on basic earnings per share (in dollars per share) | $ 0.01 | |||||
PA Consulting Employees | ||||||
Business Acquisition [Line Items] | ||||||
Ownership interest of employees | 70.00% | 70.00% | 69.00% | |||
PA Consulting Group Limited | ||||||
Business Acquisition [Line Items] | ||||||
Percentage of outstanding shares of common and preferred stock acquired | 65.00% | |||||
Allocated share-based compensation expense | $ 6,800 | $ 1,100 | ||||
Cash in employee benefit trust | $ 1,000 | $ 1,000 | $ 2,800 |
Restructuring and Other Charges - Schedule of Restructuring and Other Activities (Details) $ in Thousands |
6 Months Ended |
---|---|
Mar. 29, 2024
USD ($)
| |
Restructuring Reserve [Roll Forward] | |
Beginning balance | $ 37,318 |
Net Charges (Credits) | 83,248 |
Payments and other | (75,112) |
Ending balance | $ 45,454 |
Restructuring and Other Charges - Schedule of Restructuring and Other Activities by Major Type of Costs (Details) - CH2M Hill, KeyM, John Wood Group Acquisitions and ECR Sale - USD ($) $ in Thousands |
3 Months Ended | 6 Months Ended | ||
---|---|---|---|---|
Mar. 29, 2024 |
Mar. 31, 2023 |
Mar. 29, 2024 |
Mar. 31, 2023 |
|
Restructuring Cost and Reserve [Line Items] | ||||
Restructuring costs | $ 41,928 | $ 12,840 | $ 83,297 | $ 47,284 |
Lease Abandonments and Impairments | ||||
Restructuring Cost and Reserve [Line Items] | ||||
Restructuring costs | 0 | 10,443 | 49 | 37,273 |
Terminations | ||||
Restructuring Cost and Reserve [Line Items] | ||||
Restructuring costs | 11,823 | 1,939 | 23,551 | 8,509 |
Outside Services | ||||
Restructuring Cost and Reserve [Line Items] | ||||
Restructuring costs | 22,083 | 802 | 47,066 | 1,478 |
Other | ||||
Restructuring Cost and Reserve [Line Items] | ||||
Restructuring costs | $ 8,022 | $ (344) | $ 12,631 | $ 24 |
Restructuring and Other Charges - Schedule of Cumulative Amounts Incurred for Restructuring and Other Activities Costs (Details) $ in Thousands |
Mar. 29, 2024
USD ($)
|
---|---|
Restructuring Cost and Reserve [Line Items] | |
Cumulative amounts incurred to date | $ 1,225,961 |
Lease Abandonments and Impairments | |
Restructuring Cost and Reserve [Line Items] | |
Cumulative amounts incurred to date | 432,773 |
Terminations | |
Restructuring Cost and Reserve [Line Items] | |
Cumulative amounts incurred to date | 191,867 |
Outside Services | |
Restructuring Cost and Reserve [Line Items] | |
Cumulative amounts incurred to date | 392,756 |
Other | |
Restructuring Cost and Reserve [Line Items] | |
Cumulative amounts incurred to date | $ 208,565 |
Segment Information - Narrative (Details) |
6 Months Ended |
---|---|
Mar. 29, 2024
line_of_business
segment
| |
Segment Reporting [Abstract] | |
Number of operating segments | segment | 4 |
Number of lines business | line_of_business | 2 |
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